SSS extends loan relief for members in calamity areas
THE Social Security System (SSS) said Friday that it has extended its Loan Restructuring Program (LRP) with penalties condoned for another six months, to provide relief to members living in areas affected by recent calamities.
House Islamic banking bill clears committee
A BILL authorizing the Bangko Sentral ng Pilipinas (BSP) to regulate Islamic Banks cleared two House committees, putting the country on track to harmonize rules for the banking segment with oher countries in the region.
Peso stronger after 50-bp BSP rate hike
THE peso strengthened further on Friday even amid a dollar recovery following monetary policy tightening by the Bangko Sentral ng Pilipinas (BSP) and Federal Reserve.
GrabPay to expand PHL mobile wallet services
GRAB PHILIPPINES (MyTaxi.PH, Inc.) is set to expand its GrabPay mobile wallet services here after it obtained central bank approval, a top official said on Thursday.
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.