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House approves bill amending AMLA on 2nd reading

THE House of Representatives on Tuesday evening approved on second reading a measure strengthening the regulations against money laundering, which is key to helping the country avoid being gray-listed by the Financial Action Task Force (FATF).

Yields on term deposits decline sharply on surprise easing move

YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) dropped on Wednesday following the central bank’s surprise rate cut last week.

Banks to continue digital shift in post-pandemic world

BANKS will continue to beef up digital capabilities and rethink branch strategies as consumers are likely to keep engaging in off-the-branch transactions in a post-pandemic world, Bank of the Philippine Islands (BPI) President and Chief Executive Officer Cezar P. Consing said on Wednesday.

BSP approves new ‘dirty money’ risk assessment system

A NEW SYSTEM for assessing “dirty money” and terrorism financing risks in financial institutions has been approved by the Bangko Sentral ng Pilipinas (BSP).

Regional income inequality seen worsening in countries spending less on welfare

INCOME INEQUALITY is expected to worsen in Asia Pacific economies that skimped on social safety nets and welfare spending during the pandemic, according to Moody’s Investors Service.

PHL banks to face asset quality risks until next year —...

Philippine banks will struggle with risks to asset quality going into the first half of 2021, Fitch Ratings said.

BSP lays out proposed liquidity management rules for Islamic banks

THE BANGKO SENTRAL ng Pilipinas (BSP) has released proposed guidelines for the management of liquidity risks by Islamic banks and banking units for Shariah-compliant instruments.

Return to pre-pandemic debt could pose growth risk

DETERIORATING public finances across Asia will be difficult to reverse, with any attempts to return to pre-pandemic debt ratios posing a risk to growth, ANZ Research said.

BSP likely to keep dovish stance

THE Philippine central bank would probably remain dovish and might cut benchmark interest rates again next month and in the next quarter as the recovery outlook remains uncertain, analysts said.

Moody’s cites country’s strong growth outlook

THE country’s midterm growth potential remains strong amid a coronavirus pandemic, and good fundamentals continue to guard its credit rating and outlook, according to Moody’s Investors Service.

Suspicious transactions continue to rise

Suspicious transaction reports (STRs) edged up in the first eight months of the year fueled by the rise of phishing schemes and increased payments...

BSP cuts policy rate to record low

THE Bangko Sentral ng Pilipinas (BSP) unexpectedly cut benchmark rates to new record lows on Thursday, the fifth reduction this year, citing the continued uncertainty caused by a fresh surge in coronavirus cases globally and the impact of recent typhoons on the struggling economy.

Banks resilient, have enough buffers vs shocks, says Diokno

BANKS CONTINUE to be armed by strong buffers as defense versus the impact of the coronavirus pandemic on their asset quality, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

PHL recovery to lag Asia Pacific

ASIA-PACIFIC economies will likely lead the global recovery in 2021, with the Philippines viewed as a laggard due to the outsized impact of the coronavirus on the economy, according to Moody’s Analytics.

TDF yields mixed ahead of BSP review

YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) ended mixed on Wednesday as the market awaited for the central bank’s latest policy decision.

Banks told to detail plans for transition from LIBOR

THE CENTRAL BANK is requiring lenders to submit reports on their transactions that involve the London Interbank Offered Rate (LIBOR) and their transition to the use of alternative reference rates, with the LIBOR set to be sustained only until end-2021.

Financial stability council on alert for ‘slow-burn’ contagion as liquidity pressures...

THE PANDEMIC has stressed corporate finances, raising the possibility of a "slow burn" contagion that could spread across industries as individual firms falter, according to a report issued by the Financial Stability Coordination Council (FSCC).

2021 recovery crucial for banks — S&P

A DEEPER-THAN-EXPECTED recession in the Philippines will increase the downside risks for the banking industry, S&P Global Ratings said.

Gov’t fully awards 10-year bonds at higher rate

THE GOVERNMENT made a full award of the reissued 10-year Treasury bonds (T-bonds) it offered on Tuesday even as investors asked for higher returns amid a projected uptick in inflation and an uncertain economic outlook.

S&P sees Security Bank’s capital deteriorating as credit costs rise

SECURITY BANK Corp. might see a deterioration in its capital strength over the next two years amid rising credit costs, S&P Global Ratings said.

BSP to conduct maiden consumer payments survey

THE Bangko Sentral ng Pilipinas (BSP) will conduct its maiden consumer payments survey (CPS) to gauge online transactions among Filipinos in line with its target to turn the country into a cash-lite economy.

HSBC sees further quarantine easing as trigger for rate cut

THE CENTRAL BANK will likely observe a pause in its rate easing with liquidity ample, but it could be keeping another reduction in reserve to boost growth pending a further easing in the quarantine sometime next year, HSBC (Hongkong and Shanghai Banking Corp. Ltd.) said.

Remittances bounce back in Sept.

CASH REMITTANCES from overseas Filipinos rebounded in September, growing at the fastest pace in more than two years after a decline in August.

BSP works with Singapore’s central bank to promote data connectivity

THE BANGKO SENTRAL ng Pilipinas (BSP) is working with Singapore’s central bank to promote data connectivity among financial institutions to beef up the management of risks related to money laundering, terrorism financing and cyberattacks.

BSP to pause rate cuts for now — poll

BENCHMARK policy rates will likely be maintained by the Bangko Sentral ng Pilipinas (BSP) on Thursday, with the financial system seeing excess liquidity and an anticipated pickup in state spending, according to analysts.

Policy makers to unwind stimulus measures with ‘delicate timing’

OFFICIALS FROM several Asian economies discussed strategies in unwinding stimulus measures fired off amid the coronavirus disease 2019 (COVID-19) pandemic to ensure the stability of their respective financial systems.

IMF backs lifting of bank secrecy

THE Bank Secrecy Law is constraining the Bangko Sentral ng Pilipinas’ (BSP) ability to effectively supervise the banking industry, the International Monetary Fund (IMF) said.

AMLA amendments need to be approved before Christmas, says official

AMENDMENTS to the Anti-Money Laundering Act (AMLA) will need to be approved by Congress before the Christmas break to give enough time for its implementation, if the Philippines wants to avoid being included in the Financial Action Task Force’s (FATF) so-called “gray list.”

JazzyPay looks to diversify partner merchants for e-payments

JAZZYPAY is eyeing to provide cashless payments solutions to health and educational institutions while forging partnerships with other business industries such as tourism and recreation.

FDI inflows up for 4th straight month

FOREIGN INVESTMENTS to the Philippines grew for a fourth straight month in August due to renewed investor confidence despite the coronavirus disease 2019 (COVID-19) pandemic, the central bank said.   

Liquidity growth slows amid sluggish bank lending

MONEY SUPPLY growth continued to ease in September as bank lending slowed to a 13-year low, with lenders turning cautious in granting credit amid the coronavirus pandemic, which has plunged the economy into recession.

Term deposit yields mixed on GDP

YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) ended mixed on Wednesday following the release of third-quarter gross domestic product (GDP) data.

Banks’ earnings down 3.61% at end-Sept.

THE banking system’s overall net profit dropped to P126.782 billion in the first nine months, reflecting the impact of the coronavirus pandemic on lenders’ profitability as they ramped up provisions for credit losses.

Bad loans hit highest level in over seven years

THE NONPERFORMING LOAN (NPL) ratio of Philippine banks rose for the eighth straight month in September, surging to its highest level in over seven years amid the economic slowdown.

Rediscount window untapped in October

LENDERS did not tap the central bank’s rediscount facility in October amid sustained liquidity in the financial system.

BSP weighing scaled-back relief measures as economy recovers

THE Bangko Sentral ng Pilipinas (BSP) said it is evaluating the timing of moves to wind down its stimulus program as the economy recovers, in order to avoid any negative effects from policy action taken during the height of the crisis, such as the persistence of low interest rates.

Moody’s Analytics downgrades PHL growth outlook for 2021

MOODY’S ANALYTICS downgraded its growth outlook for the Philippines for 2021 to 6.2% from its 7.8% estimate issued last month, citing the government’s tepid fiscal response which may result in a recovery weaker than it could have been.

Pandemic restrictions on restaurants seen driving more coffee consumption at home

THE constraints imposed by the pandemic on restaurant operations will force more consumers to prepare coffee at home, providing an opportunity for brands to sell more via groceries, according to Fitch Solutions Country Risk & Industry Research.

Remittance outlook remains bleak amid pandemic

REMITTANCE PLAYERS in the country remain pessimistic on the growth of transactions due to the continued impact of the coronavirus disease 2019 (COVID-19) on the incomes of overseas Filipino workers (OFWs), a study by the Bangko Sentral ng Pilipinas (BSP) showed.

BSP mulls framework on publication of bank offenses

The Bangko Sentral ng Pilipinas (BSP) is considering a framework on publicizing criminal offenses made by supervised financial institutions and their officials as well...

October inflation fastest in 3 months

THE OVERALL year-on-year increase in prices of widely used goods rose to its fastest pace in three months in October, the government reported on Thursday.

Diokno sees economy returning to pre-COVID standing by 2022

THE PHILIPPINE economy might take two years to return to its pre-pandemic level, Bangko Sentral ng Pilipinas Governor (BSP) Benjamin E. Diokno said on Thursday.

BSP to start gathering data for small-business credit system

THE Bangko Sentral ng Pilipinas (BSP) said it will begin work this month compiling a credit risk database (CRD) that will help banks more easily evaluate the creditworthiness of small businesses and wean lenders away from requiring excessive collateral cover.

Term deposit yields inch higher as demand shifts to longer tenor

YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) rose on Wednesday on expectations of faster October inflation.

Asia-Pacific forex buildup to support ratings — Fitch

THE buildup in gross international reserves (GIR) among Asia-Pacific economies will support their credit ratings, but at the same time may result in currency appreciations, according to Fitch Ratings.