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THE ANTI-MONEY LAUNDERING COUNCIL (AMLC) has tweaked rules on administrative cases to cover casinos -- including their officers, directors and employees -- and introduced gradation of fines according to gravity of violation.
HONG KONG is one of the Philippines’ bigger investment and trading partners, but a recession there -- as warned last week -- will likely have limited direct impact on the latter’s economy, ranking state as well as private sector economists said in recent interviews.
THE COUNTRY’s external financial position turned around in July from the preceding month and a year ago, fueled by dollar inflows from the central bank’s foreign exchange operations and income from its investments abroad, the Bangko Sentral ng Pilipinas (BSP) said in a press release on Monday.
THE PESO depreciated on Thursday as fears of a global recession gripped financial markets following the inversion of the US Treasury yield curve.
YIELDS ON term deposits dropped further on Wednesday as demand increased after the policy rate cuts implemented by the central bank last week.
THE BANGKO SENTRAL ng Pilipinas (BSP) has received “below 10” applications from banks for adjustments of fees for transactions coursed through automated teller machines (ATM) after the moratorium on such tweaks was lifted last month, a senior official said on Wednesday.
THE BANGKO SENTRAL ng Pilipinas (BSP) will “pre-announce on a quarterly basis” its intention on banks’ reserve requirement ratio (RRR) in order to prepare markets, BSP Governor Benjamin E. Diokno said on Tuesday.
THE CENTRAL BANK chief quelled market speculations of an impending hike in fees for transactions conducted through banks’ automated teller machines (ATMs).
THE PESO is seen to move sideways this week amid a lack of fresh leads, with the market to be on the lookout for the latest currency news from China.
DEBT WATCHER S&P Global Ratings sees Philippine banks’ loan growth at double digits this year as the banking sector and the Asia-Pacific region’s stable outlook is seen steady despite headwinds arising from trade tensions between the world’s two largest economies.
THE CENTRAL BANK’s policy-setting body on Thursday cut benchmark interest rates by a quarter percentage point, as well as the inflation forecast this year and next, hours after the Philippine Statistics Authority (PSA) reported that the economy grew at the weakest pace in four years in the second quarter and two days after the PSA said that July inflation was the slowest in two-and-a-half years.
THE PESO weakened further, returning to the P52-per-dollar level, as markets continued to react to lingering US-China trade tensions.
GROWTH prospects from Universal Robina Corp.’s (URC) coffee business made the Gokongwei-led firm one of the most actively traded issues in the local bourse last week.
INVESTORS bought Megaworld Corp. shares last week given the company’s attractive growth prospects amid its aggressive expansion plans and its insulation from the moratorium on the economic zone development in Metro Manila that would put Information Technology and Business Process Management (IT-BPM) projects on hold.
HEADLINE INFLATION this month — to be reported on July 5 — likely slowed from a year ago and from May amid lower rice prices, an electricity rate reduction and a stronger peso that made imports cheaper, the Bangko Sentral ng Pilipinas (BSP) Department of Economic Research said in an e-mail on Friday.
IN THE PHILIPPINES, one would have to get used to brownouts, or the drop in voltage in an electrical power supply system. Whether or not it is intentional, these outages have wide-ranging effects on the economy: households would experience no electricity for a few minutes or even for hours, causing great inconvenience; businesses would incur higher costs by way of lost revenue and reduced productivity; and investors would be hesitant to do business, leading to reduced investments.
A DAY after the release of the 2019 World Competitiveness Report showing the Philippines partially recovering from a nine-notch fall on a list of 63 economies but still second to the last in Asia and the Pacific, President Rodrigo R. Duterte assured a gathering of Japanese businessmen in Tokyo of a “corruption-free” business environment in which he would meet “in 24 hours” with anyone who has a complaint about “hindrances, obstruction or outright corruption.”