THE PESO weakened further versus the dollar on Thursday on recession fears and ahead of the European Central Bank’s (ECB) policy meeting, where it is expected to raise rates for the first time in 11 years.
AS THE PHILIPPINES starts to recover from the pandemic-caused recession, the Bangko Sentral ng Pilipinas (BSP) plans to hike the minimum capital requirement of rural banks in a bid to strengthen and enhance the capacity of these small lenders which could spell the doom for some of them.
In recognizing the part of the banking industry to pursue sustainable financing or green financing in the country, the Bangko Sentral ng Pilipinas (BSP) has released the Philippine Sustainable Finance Roadmap and Sustainable Finance Guiding Principles to serve as the foundation in promoting successful strategies in implementing sustainable finance in the country.
IN THE GROWING SPACE of financial technology (fintech), the proliferation of the Buy Now Pay Later (BNPL) system made its way in the Philippines. The coronavirus disease 2019 (pandemic) accelerated the process of shifting Filipino consumers to digital payment and resulted to its pervasive adoption, particularly in the e-commerce industry.
FINANCIAL MARKETS could experience another volatility in the near term as major central banks turned hawkish amid inflationary pressures due to the ongoing Russia-Ukraine war, analysts said.
THE LISTED BANKS were more resilient in the first quarter despite rising inflation environment worsened by the ongoing Russia’s invasion of Ukraine.
IN THE COMING YEARS, banking for the ordinary and the underbanked Filipino can be made easier and accessible even with minimal resources. The fast pace of digitalization in the banking sector calls for alterative ways and opportunities that consumers should be entitled to.
THE FINANCIAL TECHNOLOGY (fintech) landscape in the Philippines has been growing despite the setbacks experienced due to the coronavirus disease 2019 (COVID-19). The rapid movement of digitalization in the past years paved the way for financial services to expand and be more convenient for the average Filipinos.
FINANCIAL MARKETS may continue to experience volatility in the near term following the Federal Reserve’s start of its tightening cycle and the geopolitical tensions between Russia and Ukraine.
THE BANKING SECTOR’s bottom line could further improve this year as the economy gradually loosens its pandemic movement curbs, analysts said.
WITH ECONOMIC RECOVERY expected to be underway, banks will have to tailor their relief measures accordingly as authorities begin unwinding its support to the financial sector.
THE PAST TWO years have been rough on micro-, small-, and medium-sized enterprises (MSMEs). According to the Philippine Statistics Authority’s (PSA) List of Establishments data, the number of the country’s MSMEs fell by 4.3% to 952,969 in 2020 from 995,745 the year before. The closure of around 43,000 of these firms led to approximately 130,000 jobs lost.