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Term deposit yields up on oil price gains

YIELDS ON the Bangko Sentral ng Pilipinas’ (BSP) term deposits continued to pick up following the recent climb in global oil prices.

New central bank sector to support efforts toward cash-lite economy

THE BANGKO SENTRAL ng Pilipinas (BSP) has set up a Payments and Currency Management Sector (PCMS) headed by financial inclusion expert Mamerto E. Tangonan as deputy governor as it aims to make the country a cash-lite society by 2023.

Peso rises on dovish Fed 

THE PESO appreciated further against the dollar as the US central bank said it would continue to support the world’s largest economy amid the coronavirus crisis.

House open to ‘safe harbor’ provision in Bank Secrecy Law amendments

THE HOUSE of Representatives is open to the banking industry’s request for a “safe harbor” clause in the proposed amendments to the Bank Secrecy Law.

RCBC income down 7% in 2020

RIZAL COMMERCIAL Banking Corp. (RCBC) booked a lower net profit last year as it boosted its loan loss reserves amid the coronavirus crisis.

BSP moves to tighten cryptocurrency regulations to boost industry, market

MOVES BY THE central bank to tighten regulations for virtual asset service providers will help increase consumer confidence so the local cryptocurrency market can grow further, an industry player said.

Peso climbs vs dollar ahead of Powell remarks

THE PESO strengthened against the greenback on Tuesday as the dollar sank to a one-month low and amid expectations of supportive monetary policy from the US Federal Reserve.

New virus surge to delay PHL recovery

A FRESH SURGE in coronavirus disease 2019 (COVID-19) infections will likely further delay the Philippine economy’s recovery, S&P Global Ratings said on Monday.

PNB to infuse P515M into leasing arm

PHILIPPINE NATIONAL Bank (PNB) is looking to infuse capital into its joint venture with Japan’s Mizuho Bank, which will boost its shareholdings in the firm, as it anticipates opportunities in the leasing business amid the government’s infrastructure drive.

Peso to rise on hopes of eased quarantine

THE PESO could bounce back against the greenback this week on hopes that more businesses could reopen by March.

PHL regulation seen favorable for digital payments growth

THE regulatory environment in the Philippines will help accelerate the entry of more digital banks and payments companies, helping the country rise from low penetration rates in a region where the potential market is projected at $1.5 trillion, JP Morgan said.

Diokno rules out asset price bubbles

THE Philippine central bank does not expect financial stability concerns to cause asset price bubbles and excessive credit growth after a coronavirus pandemic forced it to cut benchmark interest rates to a record.

Moody’s cites risk of lower revenue from tax measure

A MEASURE that seeks to lower corporate income taxes could buoy Philippine economic recovery through investment flows, but could lower revenue collections in the coming months, according to Moody’s Investors Service.

China Bank raises P20 billion from three-year bonds

CHINA BANKING Corp. (China Bank) raised P20 billion from its issuance of three-year bonds to be used for its expansion programs and other strategic initiatives.

Banking industry groups welcome FIST law

BANKING GROUPS welcomed the signing of the Financial Institutions Strategic Transfer (FIST) Act and hope it will spur bolster credit growth as the crisis continues.

Peso weakens on positive US data, import recovery bets

THE PESO depreciated versus the greenback on Thursday as the market anticipates a recovery in imports and preference for the dollar following upbeat US economic data.

‘Too early’ to raise rates now — Diokno

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno said it is “too early” to raise interest rates, as the central bank is keen on keeping an accommodative policy to support recovery.

FIST law to bring down banks’ bad loan ratio

THE BANKING industry’s nonperforming loan (NPL) ratio is expected to be reduced, with the implementation of the Financial Institution Strategic Transfer (FIST) law, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said.

TDF yields rise after BSP decision

YIELDS ON THE Bangko Sentral ng Pilipinas’ (BSP) term deposits inched up on Wednesday despite higher demand following the central bank’s decision to leave its policy settings untouched and also tracking the rise in US government bond rates.

UnionBank sets sights on mass market, small firms

UNIONBANK of the Philippines Inc. is looking to expand its client base to include more micro-, small-, and medium-sized (MSMEs) enterprises as these firms move to digitize their operations amid the coronavirus pandemic.

Peso sinks to weakest close in 3 months

THE PESO weakened further against the greenback on Wednesday on risk-off sentiment following the stock market’s decline and amid concerns over rising commodity prices.

Consumption seen to recover once quarantine restrictions eased

CONSUMER SPENDING in the Philippines is likely to rebound this year when lockdown restrictions are gradually lifted and the coronavirus disease 2019 (COVID-19) vaccine rollout is implemented, Fitch Solutions Country Risk and Industry Research said.

Peso drops to P48:$1 level as oil prices climb

THE PESO returned to the P48-per-dollar level on Tuesday amid rising oil prices and bargain hunting by investors.

Inflation to ease by H2 as transport prices stabilize — Citi

HEADLINE INFLATION is expected to ease by the second half on subsiding pressure from transport and food prices, Citigroup said.

Remittances dip as OFWs feel the pinch

REMITTANCES slipped by 0.8% in 2020, the first annual contraction in two decades, as some overseas Filipino workers (OFWs) lost their jobs while others tightened their belts amid the pandemic.

PHL dollar reserves slip in January

THE Philippines’ gross international reserves (GIR) dipped in January as the National Government paid its foreign debt obligations and the central bank adjusted the valuation of its gold holdings.

GDP growth may return to the pre-pandemic level by Q4 2022

THE Philippines may continue to see a lackluster economic recovery, returning only to pre-pandemic gross domestic product (GDP) level by the fourth quarter of 2022, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said on Monday.

BSP bills undersubscribed on RTBs

THE CENTRAL BANK sold P99.05 billion in one-month securities on Monday, below its program due to the government’s ongoing offer of retail Treasury bonds (RTBs) and expectations of quicker inflation.

Efficient spending seen needed to plug infrastructure gap

ADDRESSING the Philippines’ infrastructure shortcomings will require more efficient åment of rigid institutional processes to clear up the project pipeline, ANZ Research said.

Developers told to register with AMLC

REAL ESTATE developers and brokers as well as Philippine offshore gaming operators (POGOs) and service providers are required to register with the electronic reporting system of the Anti-Money Laundering Council (AMLC) by mid-March.

FIST law urgently needed as bank relief measures to expire

THE ENACTMENT of the Financial Institutions Strategic Transfer (FIST) Act is urgently needed by the banking industry, as most bank relief measures are only applicable until the end of 2021.

Peso to extend gains vs dollar on BSP decision

THE PESO will likely strengthen versus the dollar this week on the expected arrival of the vaccines in the country and following signals from the central bank that it would keep rates low to support the economy.

Suspicious reports surged after updated terror law — AMLC

SUSPICIOUS transaction reports related to terrorist financing surged in the past quarter after an updated Philippine law against terror took effect, according to the Anti-Money Laundering Council (AMLC).

Central bank keeps rates steady

THE CENTRAL BANK on Thursday kept its benchmark interest rate at a record low to support the Philippine economy’s recovery from the coronavirus pandemic.

FDI flows continue to slide in November

FOREIGN DIRECT investment (FDI) net inflows to the Philippines continued to drop in November, albeit at a slower pace, the Bangko Sentral ng Pilipinas (BSP) said.

PHL needs to prove measures vs money laundering boosted guard

THE PHILIPPINES has to prove its revised anti-money laundering and terrorism financing measures boosted safeguards and ensure it does not go back to the “gray list” of the Financial Action Task Force (FATF), the head of the Anti-Money Laundering Council (AMLC) said.

Robinsons Bank, Pru Life extend bancassurance deal

ROBINSONS BANK Corp. and Pru Life UK have renewed their bancassurance partnership amid an increase in demand for insurance products due to the coronavirus pandemic.

TDF yields mixed ahead of BSP meeting

YIELDS ON THE Bangko Sentral ng Pilipinas’ (BSP) term deposits ended mixed on Wednesday, with investors preferring the shorter seven-day papers ahead of the central bank’s policy decision on Thursday.

CitySavings buys stake in Batangas-based thrift lender

UNIONBANK of the Philippines, Inc. has acquired a majority stake in Batangas-based thrift lender Bangko Kabayan, Inc. (BK) through its own thrift unit, further expanding the Aboitiz group’s banking network.

Rediscount facility left untouched in January on strong market liquidity

BANKS did not tap the central bank’s rediscount facility last month as liquidity in the financial system remained ample.

Peso rises vs dollar on proposed stimulus

THE PESO gained against the greenback on Wednesday, supported by hopes for the timely passage of key measures that could help the economy rebound from the coronavirus crisis.

Banks’ soured loans decline in Dec.

SOURED LOANS held by big banks edged lower in December, reflecting the impact of a temporary grace period for borrowers affected by the coronavirus...

MB’s Medalla says rate hike ‘not on the table’

THE CENTRAL BANK is unlikely to raise key rates as the Philippine economy recovers from the crisis, a Monetary Board (MB) member said on...

Peso closes flat vs dollar on stimulus, Wall Street

The peso closed flat versus the greenback on Tuesday on gains in US stocks and hopes of the passage of a bigger stimulus package...

Inflation yet to reach peak, analysts say

HEADLINE INFLATION may remain elevated in the coming months due to continued supply-side pressures and a low base effect, analysts said.