Oil versus rice
By Reynaldo C. Lugtu, Jr.
LIKE the proverbial oil and water, oil and rice shouldn’t mix as it will spell disaster. Increasing prices of oil and rice in the world and local markets, respectively, have hit the Philippines hard which caused the prices of goods to climb.
Peso recovers vs dollar ahead of BSP rate decision
THE PESO recovered on Thursday as investors reduced their dollar positions ahead of policy tightening by the local central bank.
Term deposit yields surge to all-time high
YIELDS under the term deposit facility (TDF) surged to all-time highs yesterday, with strong demand seen for the week-long papers as banks avoided long placements ahead of an expected rate hike from the central bank.
Banks to remain stable amid rate hikes
PHILIPPINE BANKS are likely to maintain generally stable credit fundamentals amid rising interest rates and choppy market conditions, Fitch said, even as it flagged concerns over a modest deterioration in asset quality and softening loan growth.
Peso to weaken further next year on trade gap
THE PESO will likely weaken further against the dollar in 2019 as the country’s trade deficit is seen to widen brought by the Duterte administration’s infrastructure push, an economist from Bank of the Philippine Islands (BPI) said.
UnionBank joins int’l blockchain network
UNIONBANK of the Philippines is now part of an international bank network that uses the blockchain technology to minimize friction in global payments process.
China unlikely to follow Fed hike
CHINA’S central bank is expected to keep borrowing costs on hold through the end of this year despite further Federal Reserve rate hikes from this week, as economic growth slows and the trade war with the US gets worse.
Peso drops ahead of BSP
THE PESO weakened by a tad to a fresh 12-year low on Wednesday as the market awaits the policy decisions of the local and US central banks.
RCBC to absorb thrift unit into commercial bank
THE Rizal Commercial Banking Corp. (RCBC) will absorb the operations of its thrift bank subsidiary to reduce operating costs and consolidate capital, providing the lender with a bigger retail base.
NPL growth rises 8% in July after banks’ loan book expands over 18%
BAD debt held by big banks grew further in July but remained subdued relative to the over 18% pace of loan growth, the central bank said.
Treasury makes partial award of 7-year bonds, yield 7.085%
THE government made a partial award of the reissued seven-year Treasury bonds (T-bond) at the auction yesterday amid high rates following the central bank’s latest policy tightening.
UCPB launches PESONet fund transfer service
UNITED COCONUT PLANTERS BANK (UCPB) has launched the Philippine Electronic Fund Transfer System and Operations Network (PESONet) service on its mobile application, allowing clients to transfer funds electronically.