Home Tags Reicelene Joy N. Ignacio

Tag: Reicelene Joy N. Ignacio

PHL growth outlook eases with rest of the world

SIMMERING trade tensions between the world’s two biggest economies, the United States and China, will weigh on global economic prospects, the United Nations (UN) and the Organization for Economic Cooperation and Development (OECD) reported on Wednesday -- a factor that led Fitch Solutions Macro Research to slash its own gross domestic product (GDP) growth projection for the Philippines in particular for this year.

Bids for term deposits decline

APPETITE for term deposits declined on Wednesday ahead of the implementation of the first stage of a phased reduction in big banks’ reserve requirement ratio (RRR) announced by the Bangko Sentral ng Pilipinas (BSP) last week.

NEDA expects China pushback on priority hiring of Filipinos

SOCIOECONOMIC Planning Secretary Ernesto M. Pernia said donor countries like China are likely to resist hiring mostly Filipinos in any projects funded by Official Development Assistance (ODA), after Senator Sherwin T. Gatchalian filed a bill calling for priority hiring.

Gov’t targets to increase microinsurance coverage

THE GOVERNMENT targets to increase the number of individuals covered by microinsurance in the country to 50 million by 2022 from the current 39.8 million, a Finance official said.

SoKor digital invoicing seen as a model for tax reform

THE Philippines will model parts of tax reform on a South Korean (SoKor) digital invoicing program, the Department of Finance (DoF) said.

BoP marks 6th month of surplus in April

THE COUNTRY’s balance of payments (BoP) -- a summary of the Philippines’ economic transactions with the rest of the world for a given period -- registered a surplus for the sixth month in a row in April due to inflows from the central bank’s foreign exchange operations and income from its investments abroad that were partially offset by state foreign debt payments, the Bangko Sentral ng Pilipinas (BSP) reported on Monday.

POGOs without valid work permits for foreign workers to be shut...

FINANCE SECRETARY Carlos G. Dominguez said that he will pursue the closure of Philippine Offshore Gaming Operator (POGO) companies employing foreign nationals without work permits, after learning that 12,000 foreigners are currently in the country without the proper authorization.

Cigarette industry targeted for death by sin tax

THE PROPOSED INCREASE in sin tax from the current P35 to P60 per pack is intended to “kill” the Philippine cigarette industry, according to Finance Secretary Carlos G. Dominguez III.

BSP cuts big banks’ reserve requirement

FRESH from slashing benchmark interest rates just a week ago by 25 basis points in the face of easing inflation and slowing economic growth, the Bangko Sentral ng Pilipinas (BSP) on Thursday fired off a 200-basis-point (bp) phased reduction in big banks’ reserve requirement ratio (RRR).

DBM releases P1.3 trillion during Congressional budget impasse

THE Department of Budget and management (DBM) said it released P1.323 trillion in the four months to April while the government was operating mostly under a re-enacted 2018 budget, including a record unprogrammed release for transportation projects.

EastWest Bank earnings rise 36% in first quarter

EAST WEST Banking Corp. (EastWest Bank) booked a 36% increase in net income in the first quarter on the back of improved lending and trading gains.

March OFW remittances rise 6.6% after end of Kuwait worker ban

REMITTANCES from overseas Filipino workers (OFWs) surged in March after a low base from a year earlier, when money sent home was dampened by the government-imposed ban on deployment to Kuwait.

Crunch time for gov’t spending as DBM pressed to issue budget...

THE Department of Budget and Management (DBM) needs to issue a circular for the next budget in order immediately to get the ball rolling on government programs that were stalled by the delays in Congress passing the 2019 budget, the Department of Finance (DoF) said Wednesday.

Prudential tops non-life firms in net premiums

PRUDENTIAL Guarantee & Assurance Inc. (PGA) continued to top non-life insurance companies in terms of net premiums written in 2018, data from the Insurance Commission (IC) showed.

NEDA sees rice tariffs exceeding P10 billion quota for RCEF

THE NATIONAL Economic and Development Authority (NEDA) said it is expecting more than the authorized P10 billion total to be collected from rice import tariffs under the Rice Tariffication Law, with the excess to be used to help farmers diversify into other crops.

PAGCOR remits record P16.17 billion dividend to Treasury

THE Philippine Amusement and Gaming Corp. (PAGCOR) remitted a record dividend of P16.17 billion to the National Treasury on Tuesday.

Moody’s Analytics sees faster growth

PHILIPPINE gross domestic product (GDP) expansion should pick up this year despite disappointing first-quarter growth, Moody’s Analytics said over the weekend, citing a boost from continued monetary policy loosening that can be expected from the Bangko Sentral ng Pilipinas (BSP) as inflation eases further.

Finance dep’t eyes approval of bank secrecy easing this year

THE DEPARTMENT of Finance (DoF) is hopeful the easing of bank secrecy laws, which was lacking in the provisions of the partly vetoed Tax Amnesty Act signed earlier this year, will be implemented within 2019.

Philippine financial system grows in 2018 as lenders’ assets expand

THE PHILIPPINE financial system sustained its growth in the second half of 2018 on the back of the banking industry’s expansion, ending the year with an uptrend in assets, loans, deposits, and capital, according to the Bangko Sentral ng Pilipinas (BSP).

Foreign direct investments climb in February

FOREIGN DIRECT investments (FDI) climbed in February on investor optimism over the country’s growth prospects and fundamentals, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

BSP to look at growth as it considers further rate cuts

THE COUNTRY’S economic outlook and the peso’s stability will be the key deciding factors for the Bangko Sentral ng Pilipinas (BSP) in further cutting its policy rates and reducing banks’ reserve requirement, think tank Fitch Solutions said in an analysis.

Peso strengthens after BSP rate cut

THE PESO strengthened against the greenback on Friday after the central bank cut policy rates amid easing inflation expectations.

MB cuts rates, adjusts inflation forecasts

THE CENTRAL BANK’s Monetary Board (MB) on Thursday cut benchmark interest rates by 25 basis points (bps) in its third policy review for the year, hours after the Philippine Statistics Authority (PSA) reported that the economy grew at the slowest clip in four years last quarter and two days after the PSA said inflation eased to the slowest pace in 16 months in April.

Q1 GDP growth slowest in 4 years

PHILIPPINE gross domestic product (GDP) grew by 5.6% in the first quarter, its worst performance in four years, the Philippine Statistics Authority reported on Thursday.

TRAIN’s hike in disposable income felt by retail sector, restaurants —...

TAXPAYERS saved about P111.7 billion in 2018 after the reduction in personal income due to the implementation of the tax reform law, the Department of Finance (DoF) said Thursday.

Inflation slowest in 16 months in April

INFLATION eased for the sixth straight month to its slowest pace in 16 months in April, the Philippine Statistics Authority (PSA) reported on Tuesday, giving more room for the central bank to loosen monetary policy.

Reserves climb further in April

GROSS international reserves (GIR) in the country climbed further in April for the fifth straight month on higher inflows from the central bank’s foreign exchange operations, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.

Corporate tax reform OK seen in 2 years

THE EXECUTIVE is aiming for the country to bag another credit upgrade within two years by enacting remaining tax reforms, the Finance chief said on Monday, but the Senate president said he could commit approval of only the corporate tax component of that program within that period.

DoF cites foreign aid funding for disaster resiliency projects

THE GOVERNMENT is currently implementing a number of disaster resiliency initiatives to prepare the country for future calamities, with the help of funding from foreign governments.

RRR could be cut should inflation slow

INFLATION likely slowed in April as food prices continued to drop, analysts said, even as they were divided on the central bank’s next policy move, with some expecting a steady stance despite room to ease and a cut in banks’ reserve requirement ratio (RRR) instead.

BSP to take measured policy steps — S&P

THE PHILIPPINE ECONOMY is not overheating, but this does not mean the central bank will dial back the cumulative 175-basis-point interest rate hike it fired off last year to ease inflation pressures.

DoF touts stronger BIR collections under Duterte

THE Department of Finance (DoF) said the Bureau of Internal Revenue (BIR) collections have grown sharply in the first two full years of the Duterte administration, while remaining just a few percentage points below target in each of the two years.

Factory expansion slowest in 9 months

MANUFACTURERS in the Philippines marked the smallest improvement in business conditions in nine months as the second quarter began as output growth dropped to a 19-month low, according to the latest monthly survey IHS Markit conducted for Nikkei, Inc. that also showed new orders rose at the weakest rate in nine months and a “sustained fall” in orders from abroad that was “notably faster than that seen in March.”

Demand for BSP’s TDF drops ahead of review

APPETITE FOR term deposits declined at this week’s auction ahead of the meeting of the Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board.

AIA to invest P3B in Philam Life

AIA GROUP Ltd. is investing P3 billion in its local subsidiary Philippine American Life and General Insurance Co. Inc. (Philam Life) over the next three years to boost agency distribution, officials said on Thursday.

PAGCOR income up in Q1

THE PHILIPPINE Amusement and Gaming Corp. (PAGCOR) booked a higher net income in the first quarter as earnings from gaming operations increased despite higher expenses, its income statement showed.

Liquidity growth slows further in March as loan demand drops

MONEY SUPPLY growth further eased in March to post the slowest pace in over six years, with demand for loans also slowing following the central bank’s tighter monetary policy, the Bangko Sentral ng Pilipinas (BSP) reported late Tuesday.

AMRO expects PHL economic growth to pick up

THE PHILIPPINES will remain “resilient” with the rest of Southeast Asia and the region’s three major neighbors in the north, “heightened global risks and stronger external headwinds” notwithstanding, with the country’s economic growth picking up this year and the next, according to latest assessments the ASEAN+3 Macroeconomic Research Office (AMRO) released early this morning.

Inflation could have eased further in April — central bank

THE OVERALL INCREASE in prices of widely used goods could have eased for the sixth straight month to a 20-month low in April as a continued decline in rice prices and the peso’s appreciation offset upward pressures from higher fuel and electricity costs, the Bangko Sentral ng Pilipinas (BSP) Department of Economic Research (DER) said in a statement to journalists on Tuesday.

Central bank to release ESG guidelines

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to release this June guidelines incorporating environmental, social, and governance (ESG) finance in banks’ operations.

PHL to join Southeast Asian disaster insurance program next month

THE PHILIPPINES will sign a Memorandum of Understanding (MoU) in May to participate in the Southeast Asia Disaster Risk Insurance Facility (SEADRIF), joining five other fellow ASEAN members and Japan.

DA has P5B in initial funding pending generation of revenue for...

THE Department of Agriculture (DA) has been advanced P5 billion from the re-enacted 2018 Budget pending the generation of revenue to finance the Rice Competitive Enhancement Fund (RCEF), with another P5 billion from the RCEF proper expected by the third quarter, the National Economic and Development Authority (NEDA) said Monday.

WB, ADB working to eliminate duplication in PHL programs

THE World Bank Group is now working with a coordinated country program to help eliminate project redundancies with the Asian Development Bank (ADB), according to the Department of Finance (DoF) on Monday.

Deficit plunges in March on 2019 budget delay, strong revenue collections

THE budget deficit narrowed by 47.23% year-on-year in March after a strong revenue performance, while spending was dampened by the delay in the passage of the 2019 Budget, the Bureau of the Treasury (BTr) said.

Falling inflation seen undermining rationale for tight monetary stance

KEEPING monetary policy tight in anticipation of higher commodity prices due to El Niño and rising crude oil costs may no longer be appropriate, according to economists.