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THE PHILIPPINES will have to rely on domestic activity to boost growth at a time of a global economic slowdown, but a foreign consultancy flagged that the current deadlock on 2019’s national budget will likely weigh on the country’s economic prospects.
TERM DEPOSITS offered by the Bangko Sentral ng Pilipinas (BSP) saw mixed movements in yields this week, which comes a day ahead of a rate-setting meeting.
FILIPINOS GENERALLY trust banks with their personal data but security remains their top concern for financial firms, according to a recent report by Unisys.
THE COUNTRY’s external position remained in surplus in February to mark the fourth straight month of net dollar inflows, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.
THE PHILIPPINES is among the economies least affected by simmering trade tensions between the United States and China, Moody’s Investors Service said in a March 19 note, citing its relatively low exports to Beijing compared to those of other Asian economies.
STATE ECONOMIC MANAGERS on Wednesday slashed gross domestic product (GDP) expansion targets for this year and 2020, citing 2019 constraints from the delayed enactment of the national budget that will make it “very difficult” to catch up with spending which, in turn, could even push growth to an eight-year low.
THE Bureau of Internal Revenue (BIR) has published draft rules on availing of the tax amnesty for delinquencies in specific cases, which will give eligible taxpayers one year to settle all outstanding payments and avoid tax evasion cases.
FOREIGN direct investment (FDI) net inflows this year will likely match 2018’s level, two senior central bank officials said, citing the May 13 midterm polls and rollout of more infrastructure projects as factors prospective investors will be watching.
THE CENTRAL BANK is looking to launch a new clearing house that will allow digital payments for government services, as part of a stronger push for online transactions.
THE BANGKO SENTRAL ng Pilipinas (BSP) has pushed back full implementation of two liquidity measures, covering subsidiaries of big banks, to next year, giving them time to raise more funds for compliance.
THE government has raised P235.935 billion from its latest offering of retail Treasury bonds (RTBs), National Treasurer Rosalia V. De Leon said on Friday.
THE Finance department has asked the Department of the Interior and Local Government (DILG) to crack down on towns and provinces that fail to keep residents from building homes in mining and quarrying areas.
THE Government Service Insurance System (GSIS) has recommended a P1,000 increase in the monthly pensions paid to retirees, it announced Friday.
THE PESO slipped to two-week low versus the dollar on Friday, reeling from negative market sentiment following a dimmer global outlook from the European Central Bank (ECB).
THE BANGKO SENTRAL ng Pilipinas (BSP) expects economic growth to remain above six percent this quarter, with the view that strong government spending will prop up domestic activity despite budget delays and as inflation slows.
YIELDS ON term deposits fell across the board this week, supported by stronger demand as banks appear to remain awash with cash.
THE BANGKO SENTRAL ng Pilipinas (BSP) has approved the entry of another Taiwanese bank into the Philippines, marking broader presence of these foreign lenders here.
THE COUNTRY’S financial sector awaits clear cues from newly appointed Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno, with expectations that his outsider view will make monetary policy more supportive of the state’s growth goals by way of lower interest rates.
PRESIDENT Rodrigo R. Duterte has chosen Budget Secretary Benjamin E. Diokno to replace the late Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr., who died of cancer last Feb. 23, top administration officials announced on Monday night.
THE PHILIPPINE ECONOMY can be expected to grow faster this quarter and for the full year as slowing inflation spurs consumer spending, while state infrastructure spending and private construction should be able to sustain “their elevated trajectory,” according to separate analyses released on Monday.
THE BUREAU of Customs (BoC) will be setting up a special desk that will track alerted shipments, as the agency intensifies its watch on illegal imports.
THE CENTRAL BANK will seek further amendments to its charter to relax deposit secrecy rules and look into conglomerates that own banks to further boost their regulatory powers.
THE Department of Finance (DoF) said it will seek to compile a database of foreign workers hired by Philippine offshore gaming operators (POGOs) to help ensure that they pay the correct taxes.
THE DEPARTMENT of Finance (DoF) expects to generate around P27 billion from the tax amnesty measures that were not vetoed, or less than half of its earlier projections, with the implementing rules for the law to be released soon.