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Peso recovers to log fresh one-month high

THE PESO recovered on Friday to its strongest rate in over a month, supported by cues for succeeding rate hikes from the central bank coupled with big fund inflows.

PHL banks on solid ground — S&P

PHILIPPINE BANKS will remain stable despite a weakening peso and global market volatility, S&P Global Ratings said, even as it noted that economic growth will be slower than initially expected over the next two years.

Small lenders not prepared for shift to digital

SMALLER BANKS in the Philippines are not ready to adopt digital technology in offering financial services due to outdated internal systems, according to an industry report, with low willingness to invest for upgrades.

Market unfazed as BSP says Espenilla to take ‘intermittent medical leaves’

BANGKO SENTRAL ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr. has extended his medical leave until the end of the month, adding that he could take “intermittent” leaves in the future.

Term deposit yields decline on demand

YIELDS FETCHED for term deposits declined this week amid strong demand, with banks willing to park more funds with the central bank even for longer periods.

Monetary board member says BSP ready to pause tightening

THE BANGKO SENTRAL ng Pilipinas (BSP) may pause its tightening moves should month-on-month inflation show deceleration, a member of the policy-making Monetary Board said, noting that the impending removal of rice import quotas should help prod overall price increases back to target in 2019.

BSP tightens standards for savings, loan associations

THE CENTRAL BANK is tightening rules covering non-stock savings and loan associations (NSSLAs) by capping service fees and requiring risk management protocols to enhance oversight.

Year-to-date remittances grow despite Aug. decline

CASH remittances slipped in August from a year ago due to lower inflows from the Middle East, the central bank said on Monday, which could signal softer household spending in the third quarter.

IMF: PHL robust for rate hikes, trade gap

THE PHILIPPINE ECONOMY is strong enough to cope with rising interest rates and a growing external trade gap, the International Monetary Fund (IMF) said last weekend.

BSP sets process for grant of regulatory relief

THE BANGKO SENTRAL ng Pilipinas (BSP) has approved new rules which prescribe a standard process for providing relief to bank branches operating in disaster-stricken areas.

S&P says risk buffers sufficient for now

THE PHILIPPINES and other emerging markets have enough buffers to cushion the blow of rising interest rates, slower global growth and weaker currencies, S&P Global Ratings said.

Foreign portfolio investments yield net outflow

MORE FOREIGN CAPITAL exited the Philippines in September, marked by sustained net foreign selling of local stocks amid concerns on surging consumer prices and a weaker peso, the central bank said yesterday.

FDI net inflows more than double in July

NET INFLOWS of foreign direct investments (FDI) more than doubled in July, marked by strong inflows for both intercompany loans and equity capital, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday.

TDF yields hit fresh high

YIELDS fetched for term deposits surged to a fresh high yesterday even as demand cooled from a week ago, with players again crowding the seven-day papers at a time of market uncertainty.

Rediscount loans climb in September

REDISCOUNT LOANS availed by banks surged in September at a time of tighter money supply, which came ahead of another rate hike from the Bangko Sentral ng Pilipinas (BSP).

Espenilla gets B+ in central banker report card

BANGKO SENTRAL ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr. got the third-highest rating for his first year as central bank chief, with the Global Finance magazine touting sustained economic growth while noting the weaker peso and a wider trade gap as setbacks.

Big banks fail to meet required MSME lending

BIG BANKS remained stingy in providing loans to small firms as they continued to miss the mandated credit quotas provided by law, latest data from the Bangko Sentral ng Pilipinas (BSP) showed.

Peso to weaken further as rising oil prices widen trade gap...

SOARING world crude prices will further bloat the country’s trade deficit, which in turn could keep the peso under pressure over the coming year, a global bank said.

Economists watch if inflation has peaked

INFLATION can now go either way towards yearend after September logged a fresh nine-year high, economists said in separate assessments last weekend.

AMRO adds to expectations of PHL growth slowdown as price hikes...

A REGIONAL research group has slashed its growth forecast for the Philippines, noting that surging inflation and consumer pessimism will likely weigh on household spending and dampen overall expansion.

Inflation hits fresh 9-year high in Sept

INFLATION surged anew in September to a fresh nine-year high as the strong typhoon which hit last month worsened supply issues for rice and other crops, spurring calls for further interest rate hikes from the central bank.

Gross international reserves falls to 7-year low

GROSS international reserves (GIR) dropped anew to a seven-year low in September amid lower gold valuations and as the central bank used the stash to defend the currency.

PSA opts for competitive bidding for National ID system

THE government will pursue competitive bidding for the national ID system, with the pilot registration pushed back to next year.

SSS pension loan availments hit over P100M

AVAILMENTS under the pension loan program of the Social Security System (SSS) reached over P100 million during the first month of implementation, the state-run firm said on Friday.

CLI secures P3-B loan from DBP

THE Development Bank of the Philippines (DBP) extended a P3-billion loan to a Cebu-based contractor planning to build a commercial center in Mandaue City.

Peso rebounds on lower-than-expected inflation

THE peso recovered on Friday as market players reacted to a lower-than-expected inflation reading for September, which helped ease negative sentiment towards the local currency.

BSP says risks are ‘growing pains’

THE PHILIPPINES has ample policy space to respond to persistent threats of surging inflation, a weaker peso and a growing trade gap, a senior central bank official said, describing such concerns as “growing pains” for the economy.

Banks fail to comply with required Agri-Agra lending

BIG BANKS again failed to comply with required lending to the farming sector in June, which came at a time of robust asset growth, latest central bank data showed.

Bankers see stability ahead in BSP poll

EXECUTIVES of Philippine banks expect the industry to remain stable over the next two years, with most lenders saying they will use financial technology (fintech) to capture more clients and improve services.

Central bank says further FX rule changes to be more gradual

FURTHER RELAXATION of foreign exchange rules can be expected to be more gradual for now as monetary authorities focus more on tempering sharp swings in daily peso-dollar trades, according to a senior official of the Bangko Sentral ng Pilipinas (BSP).

Demand for term deposits surges

BANKS scrambled to get hold of term deposits offered by the Bangko Sentral ng Pilipinas (BSP) yesterday, with the auction marked by overwhelming bids as the central bank accepted higher yields following a strong rate hike last week.

ANZ sees inflation hovering above 7% as storm damage stokes price...

INFLATION will likely hover above seven percent in the remaining months of 2018, ANZ Research said, adding to mounting doubts about government expectations that overall price spikes could have peaked last quarter.

World Bank releases over $496M for calamity relief

THE WORLD BANK has released a $496.25-million aid package for the Philippines to help fund reconstruction and recovery in areas hit by typhoon Ompong (international name: Mangkhut).

DoF: TRABAHO Bill targets abuse of investment perks

TRANSFER pricing schemes employed by companies have resulted in annual revenue losses of at least P43 billion in 2015, the Department of Finance (DoF) said.

Fitch Solutions sees continuing peso weakness

THE PESO’S WEAKNESS is likely to persist amid external headwinds, Fitch Solutions Macro Research said, even as robust domestic growth and a hawkish monetary policy should help buoy the local currency.

UnionBank SRO ‘credit positive’

FRESH CAPITAL raised by the UnionBank of the Philippines bodes well for the lender’s credit rating, Moody’s Investors Service said, noting the additional funding will support brisk lending activity.

IMF cautions gov’t on fiscal deficit

THE PHILIPPINES should aim for a more modest budget deficit by trimming “non-priority” expenses in order to reduce the risk of overheating, the International Monetary Fund (IMF) said.

Analyst poll adds to expectations of even faster Sept. inflation

INFLATION likely clocked in faster in September as a strong typhoon that month pushed food prices even higher, according to a BusinessWorld poll in which analysts cited the need for more interest rate hikes from the central bank to rein in overall price pressures.

Banks’ FCDU loans drop in Q2

FOREIGN CURRENCY loans granted by banks slid during the second quarter as more businesses settled their dues, the Bangko Sentral ng Pilipinas (BSP) said.

BSP hikes rates 50bp, inflation outlook

THE BANGKO SENTRAL ng Pilipinas (BSP) fired off another strong policy action yesterday, bringing interest rates to a nine-year high as the central bank sought to temper surging prices and lend support to the peso.

Dirty money watchdog sets new requirement

THE Anti-Money Laundering Council (AMLC) now requires banks, casinos and other covered businesses to digitize customer records to fast-track reporting and facilitate monitoring.

Expect ‘very strong’ action today — BSP exec

LONDON -- The Bangko Sentral ng Pilipinas (BSP) will take “very strong” action at its meeting on Thursday, BSP Deputy Governor Diwa C. Guinigundo said here on Tuesday, a move likely to be its fourth hike in interest rates in a row.

Term deposit yields surge to all-time high

YIELDS under the term deposit facility (TDF) surged to all-time highs yesterday, with strong demand seen for the week-long papers as banks avoided long placements ahead of an expected rate hike from the central bank.

NPL growth rises 8% in July after banks’ loan book expands...

BAD debt held by big banks grew further in July but remained subdued relative to the over 18% pace of loan growth, the central bank said.

ANZ cuts 2018 PHL GDP growth forecast to 6.5%, citing inflation

ANZ Research once more scaled down its growth forecast for the Philippines, citing the volatile global environment coupled with rapid domestic inflation.