Reduced interest rate reporting for banks take effect this month
THE Bangko Sentral ng Pilipinas (BSP) said the reduced reporting requirements for banks on their interest rates on loans and deposits (IRLD), eliminating daily reports from the industry’s regulatory obligations, take effect this month.
Peso weakens slightly on lack of clarity from US-China trade deal
THE peso moved sideways on Friday on the back of a “disappointing” US-China phase one trade deal and as big data releases next week pushed investors to the sidelines.
Sun Life hits five million clients as millennial market expands
SUN LIFE OF Canada (Philippines), Inc. has hit its customer target one year ahead of its initial plan and is now looking at deepening its relationships with its existing client base for the next few years.
BIR issues rules on BSP’s tax exemption
THE BUREAU OF Internal Revenue (BIR) has issued the implementing rules and regulations (IRR) for the central bank’s tax exemption from all national taxes under its amended charter.
Bangko Sentral net income slips at end-November
THE CENTRAL BANK’S net profit as of November slipped compared to the previous year as gains from currency fluctuations decreased.
Monetary stimulus may disappoint marts
LONDON — Combined stimulus from the world’s biggest central banks is likely to top $1.2 trillion this year, the highest amount since 2017, but it may well disappoint stock markets, which have surfed to successive record highs on the back of this tide of super-easy money.
BoJ to keep policy steady, raise outlook
TOKYO — The Bank of Japan (BoJ) is expected to keep monetary policy steady next week and nudge up its economic growth forecast, as the US-China trade deal and de-escalation in Middle East tensions take some pressure off the central bank for more stimulus.
PDIC pays P1.18 billion in deposit insurance for closed banks in 2019
THE PHILIPPINE Deposit Insurance Corp. (PDIC) paid a total of P1.18 billion in deposit insurance last year to 51,278 valid deposit accounts, it reported on Thursday.
Peso declines further vs dollar despite signing of US-China deal
THE PESO weakened on Thursday even after the signing of the phase one deal between the United States and China, suggesting that markets may not be fully convinced of the positive impact of the landmark agreement on tariffs between the two countries.
TDF yields decline despite lower demand
YIELDS ON term deposits continued to slip on Wednesday despite lower bids, with the market expecting monetary easing this quarter, as hinted on by the central bank chief.
UBS wealth management starts cutting jobs in Asia and Europe
UBS GROUP AG started a sweeping round of job cuts at its global wealth management unit in Europe and Asia, targeting dismissals across-the-board as new co-head Iqbal Khan seeks to make his mark on the business.
Deadline to end use of Libor in doubt as lenders stall on software changes
LONDON — Many banks in Britain are unlikely to hit an October deadline to stop writing loans tied to the discredited Libor benchmark as they grapple with upgrading to crucial new software that allows them to use replacement reference rates, industry sources said.