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Virtual currency ATMs need BSP approval

FINANCIAL FIRMS that will provide virtual exchange conversions via automated teller machines (ATMs) must get the central bank’s approval before offering such service to the public.

Peso surges as BSP keeps policy settings steady

THE PESO surged versus the dollar on Friday, boosted by the central bank’s decision to keep both interest rates and bank reserve levels steady during this week’s meeting.

BSP steadies rates, cuts inflation outlook

THE CENTRAL BANK kept benchmark interest rates steady on Thursday, citing the need to stay cautious given risks to economic growth even as inflation has been easing steadily.

PHL bond market growth fastest in E. Asia

THE PHILIPPINES recorded the fastest bond market growth in emerging East Asia in the last three months of 2018 as regulators relaxed rules for capital raising, the Asian Development Bank (ADB) said.

Growth seen hinging largely on domestic demand

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.

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

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.

Study shows Filipinos trust banks with personal data

FILIPINOS GENERALLY trust banks with their personal data but security remains their top concern for financial firms, according to a recent report by Unisys.

Peso edges up ahead of Fed, BSP

THE PESO traded sideways versus the dollar yesterday, with the mild strength reflecting profit taking as investors await the results of rate-setting meetings by the United States and Philippine central banks.

Bad debts outpace total bank loans’ rise

SOURED DEBTS held by Philippine banks rose in 2018 to outpace the growth in total loans at a time of higher interest rates and rising commodity prices.

Feb. marks fourth straight month of BoP surplus — BSP

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.

Moody’s: PHL among least affected by Sino-US trade row

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.

Dev’t planners turn cautious on outlook

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.

TDF demand drops with just two tenors on offer

DEMAND for term deposits slipped this week as the central bank didn’t offer any one-month papers, although yields continued to drop for the shorter instruments.

Revenue bureau releases draft tax amnesty rules

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.

Central bank sees FDI net inflows steady in 2019

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.

Inflation, tax perk jitters weigh on FDIs

FOREIGN direct investment (FDI) net inflows fell short of expectation last year after five straight months of decline from 2017 amid rising prices and jitters due to planned changes to tax perks.

Central bank to launch new clearing house for gov’t

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.

Rediscount loans climb

BANKS TOOK more loans out of the central bank’s rediscount window in February, with the amounts poured into capital purchases and import payments.

Gov’t to revive push vs investment caps

THE EXECUTIVE BRANCH will pitch a fresh proposal to the next Congress to lift foreign ownership limits under the 1987 Constitution, the head of the Finance department told reporters last week.

BSP defers full implementation of liquidity rules for bank units

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.

Standard Chartered sees 100bp rate cut this year

THERE IS ROOM for the central bank to cut interest rates by as much as 100 basis points (bp) this year, an analyst at a global bank said, noting that inflation could slow to below two percent in the third quarter.

China’s biggest lender starts local operations

THE INDUSTRIAL and Commercial Bank of China (ICBC) Ltd. has started operations in the Philippines, two months after it secured its license from the central bank.

BSP chief sees room for monetary policy easing

By Melissa Luz T. Lopez, Senior Reporter THE central bank can start considering cuts in policy rates, new Governor Benjamin E. Diokno said Friday, but...

Gov’t raises P236 billion from retail Treasury bonds

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.

BIR reminds candidates of tax obligations

THE BUREAU of Internal Revenue (BIR) outlined the tax duties of candidates for the midterm elections, which covers their campaign expenses and contributions.

DILG told to crack down on LGUs that allow building in...

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.

GSIS recommends to Duterte P1,000 hike in month pensions

THE Government Service Insurance System (GSIS) has recommended a P1,000 increase in the monthly pensions paid to retirees, it announced Friday.

Peso drops to two-week low on weak global growth prospects

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).

FX reserves grow for fourth month

FOREIGN CURRENCY reserves rose in February for the fourth straight month, the central bank reported on Thursday, marked by higher investment income at a time of a stronger peso.

Growth to stay above 6% in Q1 on spending, slower inflation

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.

Diokno says to ‘expedite’ RRR cut

MONETARY POLICY easing could well be on the horizon in the face of easing headline inflation, central bank officials signalled on Wednesday.

Yields on term deposits decline as demand rebounds after RTBs

YIELDS ON term deposits fell across the board this week, supported by stronger demand as banks appear to remain awash with cash.

Land Bank of Taiwan to set up PHL representative office

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.

Inflation back on track at one-year low

INFLATION eased for the fourth straight month and on to target in February to post the lowest reading in 12 months, helped by milder increases in the prices of food and beverages, the Philippine Statistics Authority (PSA) reported on Tuesday.

Financial industry awaits Diokno’s first signals

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.

Duterte picks Diokno as new BSP chief

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.

GDP growth to pick up as inflation slows

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.

Customs moves to speed up action on flagged shipments

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.

Gov’t partially awards six-month T-bills

THE GOVERNMENT went with a partial award of the Treasury bills (T-bill) it offered yesterday, finding room to reject higher yields as its retail bond sale has chalked up P173 billion so far.

Inflation likely slowed further in Feb.

INFLATION likely maintained its descent in February as rice prices continued to drop, analysts said in a BusinessWorld poll, with some even betting the rate slid to below four percent.

BSP targets further charter amendments to look into deposits, conglomerates

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.

Offshore gaming workers targeted for tax enforcement

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.

BSP sees even slower Feb. inflation

INFLATION likely eased further in February, the Bangko Sentral ng Pilipinas (BSP) said on Thursday, citing chances that the overall increase in prices of widely used goods fell below four percent as rice prices dropped.

M3, lending growth slow in Jan.

MONEY SUPPLY growth eased in January to post the slowest pace in over six years, matching a softer pickup in bank loans, the Bangko Sentral ng Pilipinas (BSP) said yesterday.

Veto halves expected take from tax amnesty bill, DoF says

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.