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Tag: Karl Angelo N. Vidal

Fiscal data bear imprint of budget delay

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.

Gov’t makes partial T-bills award

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.

PNB books higher net income in 2018

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

Key meetings set in Beijing to nail down infrastructure funding

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

Peso ends flat vs dollar

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

Rates of T-bills to move sideways as retail bond issue saps...

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.

Peso to weaken ahead of BSP meeting

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

SSS now accepting penalty condonation applications

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.

Foreign debt rises 8%

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.

Record-high current account gap marks 2018

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.

Cash remittances, a key economic support, off to strong start

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.

DBM recommends amendment to EO to activate salary increases for gov’t...

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.

Remittance impact on peso flagged

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.

‘Investor optimism’ makes hot money rebound in Feb.

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.

Metrobank set to absorb its credit card subsidiary

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

Peso weakens in ‘muted’ trading session

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

PSBank to raise P40B via peso bond program

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

EastWest Bank books lower income in 2018

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

DoF sees 2018 FDI slump as temporary

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.

Peso rebounds on selling

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

Gov’t fully awards 10-year bonds as yield drops on easing inflation

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.

RCBC files defamation suit vs Bangladesh central bank

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.

DoF bats for simpler 5% mining royalty scheme

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.

Peso plunges to six-week low vs dollar

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.

BTr makes full award of T-bills

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.

Peso rises versus dollar on weak US labor data

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

T-bill, T-bond rates seen mixed

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.

Peso to move within slim range on US data, dim global...

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.

Gov’t borrowing rises 3.2% in 2018

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

BDOLF to divest from Mitsubishi financing JV

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.

Philippine banks boosting guards versus cyber threats

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.

Peso inches up vs dollar

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

Diokno says to ‘expedite’ RRR cut

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

Infrastructure, other capital outlays breach 2018 program

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.

Dooc resigns as amended SSS charter takes effect

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.

Peso recovers as Diokno eyes RRR cuts

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.

Financial industry awaits Diokno’s first signals

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.

PSBank books flat net earnings in 2018

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

Gender gap in remittance senders narrows

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.

Peso plunges on BSP chief pick

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.

Duterte picks Diokno as new 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.

SSS targets to implement hike in contribution rate within first half

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.

Jan. government debt rises 2.8% vs Dec.

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.

Peso declines on profit taking

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

T-bill rates to end mixed ahead of RTB offer’s end

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.