Tag: Karl Angelo N. Vidal

THE GOVERNMENT posted its first fiscal surplus in nine months in January, according to latest official data the Bureau of the Treasury released on Monday, with a drop in state spending blamed on delayed enactment of 2019’s P3.757-trillion national budget.

THE GOVERNMENT made a partial award of the Treasury bills (T-bill) on offer yesterday amid lukewarm demand as market players sought higher returns ahead of the policy meetings of the local and US central banks.

PHILIPPINE National Bank (PNB) posted a higher net income in 2018 driven by its core businesses.

OFFICIALS are set to meet with the Chinese government this week to discuss infrastructure projects under the Build, Build, Build program.

THE PESO closed flat against the dollar on Monday amid “strong” appetite for the US currency despite trading weaker overnight.

RATES OF THE Treasury bills (T-bill) on offer today will likely move sideways with an upward bias amid tepid demand for the short-term securities following the recent retail Treasury bond (RTB) sale.

THE PESO is seen to weaken against the dollar this week amid expectations of a cut in banks’ reserve requirements and mixed US data.

THE SOCIAL Security System (SSS) has started to accept applications for the condonation of penalties on delinquent contributions following the passage of its amended charter.

OUTSTANDING foreign debt rose 8% in 2018 as companies and the national government resorted to foreign sources for funding, the Bangko Sentral ng Pilipinas (BSP) said.

THE COUNTRY’s current account deficit ballooned in 2018 to exceed an official full-year forecast, fueled by a wider merchandise trade gap, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

MONEY SENT HOME by Filipinos working abroad grew at the fastest clip in three months as this year began, even as the latest amount was less than December’s record-high inflows, according to data the central bank released on Friday.

THE Department of Budget and Management (DBM) has recommended that President Rodrigo R. Duterte amend an executive order (EO) increasing government workers’ salaries, amid the 2019 national budget impasse.

SLOWING growth of remittances from Filipinos abroad is not likely to cause a significant dent in overall economic expansion, although it will make the peso “more vulnerable to sudden shifts in global risk appetite” through a widening current account deficit, Capital Economics said in a March 14 note.

FOREIGN portfolio investments -- referred to also as “hot money” for the ease by which these funds enter and leave the economy at the slightest stimulus -- turned around in February from a year ago on the back of sustained “investor optimism” even as they were more than halved from January, according to latest data which the Bangko Sentral ng Pilipinas (BSP) released on Thursday.

METROPOLITAN BANK & Trust Co. (Metrobank) is set to absorb its wholly owned credit card subsidiary in a bid to improve synergy and increase profitability.

THE PESO weakened against the dollar on Thursday amid “muted” trading as market players await catalysts.

PHILIPPINE SAVINGS Bank (PSBank) is looking to raise P40 billion through peso-denominated bonds to diversify its funding sources.

EAST WEST Banking Corp. (EastWest Bank) booked a lower net income in 2018 as its net revenues declined slightly due to margin compression.

THE Department of Finance (DoF) said the 4.4% drop in foreign direct investment (FDI) net inflows in 2018 is temporary due to uncertain global economic conditions, with the Philippines poised to implement reforms that will improve the investment environment.

THE PESO rebounded against the dollar on Wednesday as agent banks sold their dollars to temper market volatility.

THE GOVERNMENT made a full award of reissued 10-year Treasury bonds (T-bond) on Tuesday as the average yield plunged on the back of easing inflation expectations.

RIZAL COMMERCIAL Banking Corp. (RCBC) filed a defamation lawsuit against the Bank of Bangladesh (Bangladesh Bank) at a lower court in connection with the $81-million cyber heist in February 2016.

THE Department of Finance (DoF) said its proposal to charge a uniform 5% royalty for all mining operations will generate about P7.2 billion worth of revenue in the initial year of implementation.

THE PESO plunged to a six-week low against the dollar following statements from Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno about slashing banks’ reserve requirement ratio (RRR) quarterly.

THE GOVERNMENT raised P20 billion in fresh funds from Treasury bills (T-bill) yesterday, with rates sliding across all tenors as investors priced in recent pronouncements from the local and US central banks.

THE PESO strengthened slightly against the dollar on Monday due to weak labor data in the US and amid “very quiet” trading.

RATES OF government securities on offer this week are expected to end mixed due to expectations of a cut in banks’ reserve requirement ratio, as well as demand for fixed-income securities.

THE PESO is expected to move sideways against the dollar this week as weaker-than-expected labor data may offset negative sentiment due to increasing signs of slowing global growth.

GOVERNMENT borrowing grew 3.2% in 2018 to its highest level in six years, the Bureau of the Treasury said.

BDO LEASING and Finance, Inc. (BDOLF) is set to divest its 40% stake in MMPC Auto Financial Services Corp. (MAFS), enabling the firm to focus on its core business.

A CRISIS MANAGEMENT and security consulting firm said the preparedness of the Philippine banking sector in dealing with cyber threats is “quickly changing” even as financial institutions remain the most vulnerable to these attacks.

THE PESO appreciated slightly against the dollar on Thursday on the back of hawkish statements from a US Federal Reserve official.

MONETARY POLICY easing could well be on the horizon in the face of easing headline inflation, central bank officials signalled on Wednesday.

NATIONAL GOVERNMENT infrastructure and other capital outlays exceeded the 2018 program, driven by road and bridge networks, flood control projects and military modernization among others, despite a drop in December, the Department of Budget and Management (DBM) reported on Wednesday.

SOCIAL SECURITY System (SSS) President and Chief Executive Officer Emmanuel F. Dooc tendered his resignation on Tuesday following the effectivity of the pension fund’s amended charter.

THE PESO rebounded against the dollar on Wednesday as remarks from newly appointed Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno quelled market uncertainties.

THE COUNTRY’S financial sector awaits clear cues from newly appointed Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno, with expectations that his outsider view will make monetary policy more supportive of the state’s growth goals by way of lower interest rates.

PHILIPPINE SAVINGS Bank’s (PSBank) net income was steady in 2018 as its lending and deposit-taking businesses continued to expand.

THE GENDER GAP among senders of remittances to the Philippines narrowed in the last four years, even as female overseas Filipino workers (OFW) tend to earn less than males, a study commissioned by WorldRemit showed.

THE PESO plunged against the dollar on Tuesday, dragged by market uncertainty following the appointment of Budget Secretary Benjamin E. Diokno as the new Bangko Sentral ng Pilipinas (BSP) chief.

PRESIDENT Rodrigo R. Duterte has chosen Budget Secretary Benjamin E. Diokno to replace the late Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr., who died of cancer last Feb. 23, top administration officials announced on Monday night.

THE CONTRIBUTION RATE increase of the Social Security System (SSS) is expected to be implemented within the first half of the year once the implementing rules and regulations (IRR) of the pension fund’s newly amended charter are finalized.

OUTSTANDING government debt rose in January to record levels after increased domestic and foreign debt, tempered by a stronger peso, the Bureau of the Treasury (BTr) said.

THE PESO depreciated slightly against the dollar on Monday as market players took profit following the local unit’s rally last week.

RATES OF Treasury bills (T-bill) on offer today will likely end mixed as market players await the final result of the retail Treasury bond (RTB) sale.