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BSP forecasts December inflation at 2.9-3.7%

HEADLINE INFLATION likely rose by 2.9% to 3.7% in December on the back of a quicker rise in the price of oil and agricultural products, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said on Tuesday.

QC extends relief for real property, business taxpayers

THE local government of Quezon City is giving an amnesty to delinquent property owners until end-March 2021. 

BSP won’t impose sanctions on foreign bank branches for SBL breach

THE central bank will not impose sanctions on the branches of foreign banks for the breach of the single borrower’s limit (SBL) until Dec. 31, 2021, in a bid to boost lending amid the pandemic.

Foreign currency loans down as firms cut working capital

FOREIGN CURRENCY loans slipped in the third quarter amid continued tepid business activities and stricter lending standards as the pandemic crisis stretched on.

Budget approval, dollar flows boost peso

THE PESO strengthened against the greenback on Tuesday, its last trading day for the year, backed by year-end flows and positive market sentiment on the legislation of the 2021 budget.

More banks waive fund transfer fees into 2021

MORE LENDERS are extending fee waivers for fund transfers in a bid to boost digital banking and to provide safer ways for carrying out financial transactions during the pandemic.

November budget gap swells

THE government’s budget deficit continued to widen in November due to higher spending, while tax collections dropped.

Philippine house prices fall for first time in 4 years

HOUSING PRICES fell for the first time in four years in the third quarter, reflecting low consumer confidence amid a coronavirus pandemic, according to the Philippine central bank.

TDF yields end mixed on dovish BSP signals

YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) on Wednesday were mixed following signals that the regulator could maintain a low interest rate environment and on window-dressing ahead of the year’s close.

SSS contribution rate hike to offset pension increase, prolong fund life

THE HIKE in the Social Security System’s (SSS) contribution rate is meant to guard the fund’s long-term viability and to offset the increase in monthly pension implemented in 2017, the state-run pension fund said.

Peso strengthens on seasonal surge in remittances

THE PESO appreciated against the greenback on Wednesday on the back of remittance flows for the holiday season.

BSP to keep rates low until end-2022

THE CENTRAL BANK is committed to keeping interest rates low until the end of 2022 to provide support for the economy as it recovers...

CitySavings Bank raises P5 billion from corporate note issuance

CITYSAVINGS Bank, Inc. has raised P5 billion from its corporate note issuance meant to finance its asset expansion.

Peso slips vs dollar on new virus strain in UK

THE PESO inched down against the greenback on Tuesday amid risk-off sentiment due to the new coronavirus strain seen in the United Kingdom.

BPI sees prolonged ‘W-shaped’ recovery for PHL, lagging region

THE recovery is expected to be prolonged and “W-shaped” in 2021, strengthening the case for more fiscal stimulus, according to Bank of the Philippine Islands (BPI) Lead Economist Emilo S. Neri, Jr.

Gov’t seeks $325-M loan for vaccines

THE government is seeking a $325-million (P15.63 billion) loan from the Asian Development Bank (ADB) to purchase coronavirus disease 2019 (COVID-19) vaccines, ADB Country Director for the Philippines Kelly Bird said on Monday.

Central bank waives transaction fees under PhilPaSS until 2021

THE CENTRAL BANK has extended further the waiving of fund transfer fees for transactions made via the PhilPaSS or Philippine Payment and Settlement System facility until next year as part of their continuing relief measures amid the coronavirus crisis.

Peso steady on subdued trade ahead of holidays

THE PESO ended steady against the greenback on Monday, backed by remittance flows despite some uncertainties on a US stimulus bill as well as the rise in coronavirus infections.

BIR sets lower, P5M threshold for withholding agents in some RDOs

THE Bureau of Internal Revenue (BIR) said Friday that its withholding rates for major suppliers of goods and services are at 1% and 2% respectively, but the qualifying threshold for serving as an agent has been lowered in some districts to P5 million worth of gross sales or receipts of gross purchases.

Policy makers eye GDP-linked bonds

THE Financial Stability Coordination Council (FSCC) is evaluating the possibility of issuing securities linked to the country’s gross domestic product (GDP) as a new instrument to manage liquidity in the financial system, FSCC Chairman and Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

‘Manageable’ inflation seen in next four years

THE inflation environment is expected to remain “manageable” in the next four years, with the central bank taking into account the economy’s recovery trajectory after the pandemic.

PHL lost 2.1 million jobs this year — ADB

THE Asian Development Bank (ADB) estimated at least two million Filipino workers may have lost their jobs by the end of the year as the pandemic continued, with the steepest drop in employment seen in services sector that depend heavily on tourism.

Peso may strengthen vs dollar on inflows, budget enactment

THE PESO could appreciate against the greenback this week on the back of holiday flows and optimism on the timely passage of the 2021 budget.

BSP sets reserve rules for the holidays

THE CENTRAL BANK issued guidelines for the computation of reserve requirements for both banks and quasi-lenders for the upcoming holidays amid reduced reserve days.

BTr sells P6.56 billion in Premyo bonds

The Bureau of the Treasury (BTr) on Friday said it has raised P6.56 billion from the latest issuance of one-year peso denominated Premyo bonds. “We...

BSP to develop loan application form for MSMEs

By Luz Wendy T. Noble, Reporter The central bank on Friday unveiled projects that will expand credit accessibility for small businesses next year, including a...

BSP eyes higher threshold for annual PERA contribution

The Bangko Sentral ng Pilipinas (BSP) is backing a suggestion to increase the annual maximum allowable contribution of Filipinos in the Personal Equity and...

BSP makes full award of bills

THE CENTRAL BANK fully awarded its offer of 28-day bills on Friday as demand remained strong, with investors positioning amid expectations of recovery next...

DBP net income down at end-September

The Development Bank of the Philippines (DBP) saw its net profit drop by almost a third in the nine months to September, amid heightened...

BSP holds key interest rate steady

THE BANGKO Sentral ng Pilipinas (BSP) on Thursday kept its benchmark interest rate steady, a move widely expected amid the recent uptick in inflation alongside some signs of economic recovery.

As borders close and employers collapse, OFWs play the waiting game

CRUISE SHIP singer Harry G. Bayona was home for a two-month holiday, which has since dragged on for more than half a year, and counting. 

Moody’s affirms Security Bank’s rating, outlook

MOODY’S INVESTORS Service affirmed Security Bank Corp.’s long-term debt rating of Baa2, citing the lender’s strong capitalization and profitability.

Fintech group wants industry-crafted rules

THE CENTRAL BANK should allow market players to develop their own open finance framework, with the Bangko Sentral ng Pilipinas (BSP) only providing support when needed in the process, an industry group said.

Financial institutions told to tighten guard against dirty money flows related...

THE CENTRAL BANK told financial institutions to address gaps in their risk management capabilities to arrest the emergence of transactions related to the online sexual exploitation of children (OSEC). 

Monitoring of pandemic spending, borrowing urged to verify aid to poor

GOVERNMENT SPENDING and loans obtained for the pandemic response need to be monitored for their actual impact on the vulnerable segments of society, according to non-government organization Social Watch Philippines.

AMLC turns over P18.352 million from forfeited property sale

THE Anti-Money Laundering Council (AMLC) turned over P18.352 million worth of proceeds from the sale of a forfeited property in Laguna to the US government, in compliance with the Mutual Legal Assistance Treaty.

ADB to extend up to $9.4-B loans to PHL in next...

THE ASIAN Development Bank (ADB) on Wednesday said it is looking to extend up to $9.4 billion in loans to the Philippines between 2021 and 2023 to support the economic recovery through infrastructure, health, and employment programs.

Return to strict lockdowns to hurt recovery — Chua

THE GOVERNMENT will avoid reimposing strict quarantine measures even if the number of coronavirus disease 2019 (COVID-19) infections surge, in order to sustain economic recovery throughout 2021, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said on Wednesday.

Palace approves P3.5-B added budget for nat’l ID

MALACAÑANG on Wednesday said President Rodrigo R. Duterte has approved the P3.52-billion additional budget to register 20 million more Filipinos in the Philippine Identification System (PhilSys) by the end of 2021.

Yields on BSP’s term deposits drop ahead of policy meeting

YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) on Wednesday dipped before the Monetary Board’s (MB) policy meeting as investors priced in a possible reduction in banks’ reserve requirements.

Ayala CFO to take helm at BPI in 2021

Ayala Corp.’s Chief Finance Office Jose Teodoro “TG” K. Limcaoco is next in line to lead the conglomerate’s banking arm Bank of the Philippine Islands (BPI) next year.

Central bank releases draft governance framework for payment system operators

THE CENTRAL BANK has come up with a draft framework for the governance policy of operators of payment systems (OPS) to streamline the regulatory approach for the industry.

BSP grants license to Tonik Digital Bank

THE BANGKO SENTRAL ng Pilipinas (BSP) approved the application for license of Tonik Digital Bank, Inc.

Remittances up for 2nd straight month

MONEY SENT HOME by Filipinos abroad rose for a second straight month, albeit at a slower pace as the global economic slowdown continued, the central bank said on Tuesday.   

Dollar reserves hit new record as of end-Nov.

THE COUNTRY’S foreign exchange buffers reached a new all-time high as of end-November, according to the Bangko Sentral ng Pilipinas (BSP).