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Peso inches higher as oil prices drop sharply

THE PESO started the week slightly stronger against the dollar as oil prices hit an 18-year low and despite cautious trading due to market jitters over the enhanced community quarantine in Luzon.

PHL may go into recession — Diokno

THE Philippine economy could go into recession this year, central bank Governor Benjamin E. Diokno said on Sunday, as the coronavirus pandemic brings everything to a standstill.

Peso seen weakening on coronavirus outbreak

THE PESO may weaken against the dollar this week, with more infections of coronavirus disease 2019 (COVID-19) reported around the world and amid market volatility due to fears of the outbreak’s economic impact.

BSP may pump more money into system amid outbreak

THE Philippine central bank is expected to pump more money into the financial system as low lending rates fail to stimulate an economy that has been put into a standstill by a novel coronavirus pandemic.

Peso strengthens as confidence improves after US stimulus package passes

THE peso strengthened Friday as market sentiment improved following the passage of a substantial US stimulus package as well as policy easing by the Federal Reserve.

Bigger budget deficit not expected to hurt Philippines’ credit profile

THE PHILIPPINES still has room for a more aggressive fiscal response to blunt the impact of the coronavirus disease 2019 (COVID-19) pandemic, according to credit raters who said that the expected widening of the budget deficit will not affect the country’s credit standing as long as the debt rise is temporary.

BSP remits P20 billion in dividends to Treasury

THE CENTRAL BANK has remitted P20 billion in dividends to the government to support its programs amid the disruptions caused by the coronavirus disease 2019 (COVID-19) outbreak.

Peso gains ground versus dollar on PSEi’s strength, US stimulus

THE PESO appreciated against the greenback on Thursday, reflecting gains in the local stock market and better market sentiment amid measures unveiled by the US government to mitigate the impact of the coronavirus disease 2019 (COVID-19).

Tighter overseas lending seen as main risk to PHL economy

A WIDER COVID-19 quarantine and more restrictive lending conditions worldwide pose the main risks to the Philippine economy, threatening to bring growth to their lowest levels since 2011, Fitch Solutions Macro Research said.

RCBC closes offer of two-year peso bonds

RIZAL COMMERCIAL Banking Corp. (RCBC) closed its offering of two-year fixed-rate bonds ahead of schedule as orders reached more than double its P3-billion program.

Peso weakens versus the dollar as oil prices correct

THE PESO depreciated against the greenback on Wednesday as oil prices corrected and due to dollar demand from corporate clients.

BSP pumps more cash into economy with cut in banks’ reserve...

THE Bangko Sentral ng Pilipinas (BSP) will slash the reserve requirement ratio (RRR) of universal and commercial banks by 200 basis points (bps) to release additional liquidity into the market amid the coronavirus disease 2019 (COVID-19) outbreak.

Fitch outlook on banking industry turns negative

FITCH RATINGS downgraded its outlook on the Philippine banking industry to “negative,” from “stable,” citing the growing fallout from the coronavirus disease 2019 (COVID-19) outbreak.

Peso strengthens anew on RRR cut

THE PESO strengthened versus the dollar on Tuesday as the central bank cut banks’ reserve ratio anew and on the US Federal Reserve’s aggressive initiatives to lessen the economic impact of coronavirus disease 2019 (COVID-19).

BSP throws P300-B lifeline to gov’t

THE Bangko Sentral ng Pilipinas (BSP) will buy short-term securities from the Bureau of the Treasury (BTr) to support the government in lessening the impact of the coronavirus disease 2019 (COVID-19) outbreak on the economy.

Lockdown to further drag growth this year

PHILIPPINE economic growth may slow to 4.3% if the coronavirus disease 2019 (COVID-19) continues to spread and the Luzon-wide lockdown extends into the second semester, Socioeconomic Planning Secretary Ernesto M. Pernia said on Monday.

United States court dismisses Bangladesh Bank case vs RCBC, Bloomberry for...

THE COMPLAINT filed against Rizal Commercial Banking Corp. (RCBC) and a local casino by Bangladesh Bank in relation to the 2016 heist has been junked by a US court as it cited the failure of the petitioner to state a federal racketeering claim and as the court refused to exercise jurisdiction over all other state law claims by the petitioner.

Think tank proposes gov’t ditch growth targets, focus on health care

THE GOVERNMENT should abandon its growth targets and focus resources on mitigating the impact of COVID-19 (coronavirus disease 2019) via emergency financial and non-financial aid for affected households and businesses, according to an Ateneo de Manila University think tank.

Peso weakens anew in thin trade due to virus

THE PESO weakened anew against the dollar on Monday amid risk-off sentiment in the market after a stimulus bill to battle the economic impact of the coronavirus disease 2019 (COVID-19) was blocked in the US Senate.

Economic recovery possible by 2021 — Diokno

THE GOVERNMENT could miss its growth target this year after Luzon was locked down to contain a coronavirus disease 2019 (COVID-19) outbreak, even as growth is expected to pick up in the third quarter and recovery by 2021, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

Improved sentiment, lower oil prices to boost peso

THE PESO could find support from better market sentiment this week, as governments around the world announced more measures to help cushion the impact of the coronavirus disease 2019 (COVID-19) pandemic.

BSP targets to issue bonds by second half

THE BANGKO SENTRAL ng Pilipinas (BSP) will go ahead with its planned issuance of its own securities in the second half of the year, despite some pre-launch activities being postponed due to the enhanced community quarantine in Luzon.

External debt at end of 2019 rises 1.1% vs end-Sept.

OUTSTANDING external debt rose 1.1% quarter-on-quarter at the end of 2019, according to the Bangko Sentral ng Pilipinas (BSP), with debt levels remaining within prudent levels by government norms.

Hot money turns around in February despite volatility

MORE foreign capital entered than left the country in February to yield a net inflow of $40 million in February, despite the brewing volatility over the spread of the coronavirus disease (COVID-19).

Current account deficit shrinks in 2019

THE country’s current account deficit shrank to $464 million in 2019, due to “lower trade in goods deficit combined with higher net receipts in the trade in services, and in the primary and secondary income accounts, the Bangko Sentral ng Pilipinas said on Friday.

BSP outlines additional relief measures for banks

THE CENTRAL BANK is giving additional regulatory to financial institutions, including the imposition of a higher single borrower’s limit (SBL), removing penalties for reserve deficiencies, and providing leeway for some notification requirements amid disruptions caused by the coronavirus disease 2019 (COVID-19).

Peso returns to P50:$1 level

THE PESO climbed to return to the P50-per-dollar level on Friday after the central bank cut rates as well as some profit-taking.

BSP slashes rates to counter virus

THE Bangko Sentral ng Pilipinas (BSP) fired a widely expected rate cut on Thursday to shield the economy against the impact of the coronavirus disease 2019 (COVID-19) outbreak, joining central banks around the world that have eased to help boost activity amid an expected slowdown.

Moody’s affirms LANDBANK credit rating

MOODY’S Investors Service affirmed its credit rating for Land Bank of the Philippines (LANDBANK), citing its “healthy” metrics on solvency and liquidity.

Peso declines versus dollar ahead of BSP rate decision

THE PESO weakened anew against the greenback on Thursday as players anticipated a rate cut from the central bank and amid risk-off sentiment due to the sell-off in the stock market.

Asia-Pacific faces imminent recession

A RECESSION across Asia-Pacific is “now guaranteed” amid an unprecedented disruption in the flow of people, trade and supply chains in large economies like China and the United States, with emerging countries in the region like the Philippines also likely to see spillover effects, according to S&P Global Ratings.

Pag-IBIG grants extension for borrowers’ payments

RESIDENTS OF Luzon and the National Capital Region will be given a three-month payment extension to repay loans from the Home Development Mutual Fund (Pag-IBIG Fund) as the region has been placed under enhanced community quarantine, which has forced some businesses to shut down, leaving employees with no wages.

Banks waive fees, give grace periods for loans

AMID THE enhanced community quarantine that has caused business disruption and some job losses, more banks are giving their customers leeway, with some extending payment deadlines to up to two months.

Peso rebounds as governments work to combat COVID-19 impact

THE PESO bounced back on Wednesday after a trading halt on the back of positive market sentiment, with the United States baring fiscal strategies to cushion the impact of the coronavirus disease 2019 (COVID-19) outbreak.

Lockdown may push growth below 6%

MOODY’S Investors Service slashed its economic growth outlook for the Philippines to below six percent this year, factoring in the impact of the Luzon lockdown and the rising number of coronavirus disease 2019 (COVID-19) cases.

Banks ready to provide services, cash during ‘enhanced’ lockdown

BANKS WILL CONTINUE to provide basic financial services amid the enhanced community quarantine in the whole of Luzon, a central bank official said, while assuring a bank run is unlikely even as people look to hold cash during the lockdown period.

BSP to boost oversight of payment systems

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to boost its oversight of payment systems under a draft circular which will establish a framework for the sector.

DoH says 45 more got infected; one more patient has recovered

THE Department of Health on Tuesday reported 45 new infections from the novel coronavirus, bringing the total to 187.

Jan. remittance growth fastest in nearly 2 years

MONEY sent home by overseas Filipino workers (OFW) climbed at its quickest pace in nearly two years in January as diversified deployments helped boost inflows amid global uncertainties.

BSP may consider 50-bp rate cut on Thursday

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno on Monday said they may consider a 50-basis point (bp) policy rate cut at its meeting on Thursday, after the US Federal Reserve’s emergency rate cut triggered policy easing by other central banks as they try to soften the blow of the coronavirus disease 2019 (COVID-19) to the global economy.

Gov’t makes partial T-bills award on uncertainties over COVID-19

THE GOVERNMENT partially awarded the P20 billion in Treasury bills (T-bills) it offered on Monday, with the market veering away from the three-month papers as they opt to hold cash due to heightened fears over the escalation of the coronavirus disease 2019 (COVID-19) outbreak in the Philippines and its impact on the economy.

Banks see lower loans, more bad debt on virus

BANKS HAVE NOW activated their business continuity plans (BCP) and are allowing flexible work arrangements as they brace for the impact of the coronavirus disease 2019 (COVID-19).

Peso sinks further as coronavirus continues to spread

THE PESO dropped on Monday and settled at the P51-per-dollar level for the second straight day as more investors opted for safer havens amid fears due to the spread of the coronavirus disease 2019 (COVID-19), which has now triggered an “enhanced community quarantine” for the whole of Luzon island.

Central bank seen to cut rates by 25 basis points this...

THE Bangko Sentral ng Pilipinas (BSP) may cut rates anew this week following the move of global central banks to ease policy amid fears of slower economic growth and lower demand for key commodities including oil due to the coronavirus disease 2019 (COVID-19) pandemic.

Currency counterfeiting declines

CASES OF currency counterfeiting dropped in 2019, with the central bank ramping up efforts to curtail these illegal operations.