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WEAKER EXPORTS and the delayed passage of the 2019 Budget triggered the downgrade to the International Monetary Fund’s (IMF) forecast for the economy, an IMF official said.
INFLATION is expected to settle well below four percent this year, two global banks said, with one economist noting that only a steep rise in oil prices will push price increases beyond target.
FOREIGN DIRECT INVESTMENT (FDI) net inflows to the Philippines declined for the sixth straight month in January as more firms plucked out capital, still largely due to fears over global trade tensions, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday.
THE International Monetary Fund (IMF) has also tempered its growth forecast for the Philippines this year, in the face of a projected drop in world output.
THE slower-than-expected March inflation rate bolsters the case for cuts in policy interest rates this year, bank economists said in separate analyses, with the adjustments expected as early as next month.
INFLATION further eased for the fifth straight month in March, the Philippine Statistics Authority (PSA) reported, lending support to the central bank’s view that price increases will ease this year even as officials signaled caution against swift plans to cut policy rates.
THE BANGKO SENTRAL ng Pilipinas (BSP) has forged agreements with the central banks of Indonesia, Malaysia and Thailand as they look to set up direct settlement systems across currencies.
THE PESO strengthened versus the dollar on Friday, bolstered by dovish cues from the Bangko Sentral ng Pilipinas (BSP) despite a slower-than-expected March inflation print.
THE UNITED NATIONS Economic and Social Commission for Asia and the Pacific (UN/ESCAP) on Thursday joined other multilateral groups in scaling down growth forecasts for the Philippines, even as it assured that expansion will be faster than last year as more infrastructure projects go live.
ESTONIAN companies have expressed interest in bidding for supply contracts for the national ID system, the Finance department said.
THE PHILIPPINE ECONOMY will likely grow faster this year with household and state spending on the rise, the Asian Development Bank (ADB) and global debt watcher S&P Global Ratings said in separate reports released on Wednesday, even as global uncertainties have prompted them to slash growth projections for the country and for Asia Pacific in general.
DEMAND FOR term deposits nearly doubled this week, driving yields down as more banks wanted to park their excess funds under the central bank’s watch.
NEW PESO BILLS carrying the signature of Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno will be in circulation in the next few months.
A NEW financial technology (fintech) player is looking to capture a million Filipino borrowers via their digital platform, banking on both online merchants and buyers to drive loan volumes.
MANUFACTURING in the country improved at its slowest pace in eight months in March, as output increased at the softest rate in seven, according to the latest monthly survey IHS Markit conducted for Nikkei, Inc., that blamed softer demand for Philippine goods abroad and port congestion.
FOREIGN CURRENCY LOANS granted by local banks rose as of end-2018 as foreign firms needed additional working capital and funds for big-ticket investments, latest central bank data showed.
INVESTOR and consumer sentiment received a huge lift as the year opened, riding expectations of more business and job opportunities, according to latest results of quarterly surveys which the Bangko Sentral ng Pilipinas (BSP) released on Thursday.
THE PHILIPPINES should be able to weather a US recession and global economic slowdown, a senior central bank official told reporters on Thursday, citing scope for monetary authorities and economic planners to sustain rapid domestic-driven growth.
GLOBAL REMITTANCE FIRM TransUnion is exploring cross-border sharing of credit data, a tool seen to improve access to credit for overseas Filipino workers (OFWs).
DEMAND FOR term deposits was halved this week as the central bank slashed the auction amount, in anticipation of higher cash requirements next month.
THE Department of Budget and Management (DBM) released fresh guidelines on the government’s salary and maintenance funding requirements for the second quarter pending the resolution of the 2019 budget deadlock.
THE FINANCE DEPARTMENT is pressing for a more aggressive campaign against unregistered foreign workers in Philippine offshore gaming operations (POGO) in the belief that the government has been missing out on P22.5 billion in income taxes yearly.
THE PHILIPPINES appears “out of the woods” as far as inflation is concerned, with the overall rise in prices of basic goods seen consistently lower until the last few months of 2019, a senior central bank official said, although rising oil prices and the impact of severe weather may be disruptive.
THE PHILIPPINES is gearing up to secure additional funding support from China for local infrastructure projects, with the two economies enjoying deeper investment ties amid growing “mutual trust.”
THE RECORD current account deficit incurred in 2018 remains “financeable” as the government expects continued investment inflows from abroad, the Department of Finance (DoF) said.