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.
Economic execs turn cautious on targets
THE DEVELOPMENT Budget Coordination Committee (DBCC) on Tuesday slashed economic growth and fiscal goals and raised inflation forecasts in the face of tighter credit conditions, rising oil prices and a worsening Sino-US trade row.
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.
PHL found among most improved in global competitiveness index
THE PHILIPPINES placed fifth among the nine economies of the Association of Southeast Asian Nations (ASEAN) covered by the Global Competitiveness Report 2018-2019, which measures a country’s standing using a set of criteria that determine level of productivity, and 56th globally among 140 economies on the list.
Gov’t eyes cuts in ‘non-infra’ spending
THE GOVERNMENT will cut spending on non-infrastructure items to weather the impact of billions of pesos in revenues to be foregone from the suspension of an oil excise tax hike scheduled in January and to keep the fiscal gap in check, the Finance chief told reporters on Monday.
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.
Emerging economies try to contain capital outflows
NUSA DUA, INDONESIA -- After suffering months of capital outflows, policy makers from emerging markets attending International Monetary Fund (IMF)-World Bank meetings in Indonesia had a message for leading economies: current monetary and trade policies risk undermining us all.
Oil tax hike suspension looms
PRESSURE is building on the Executive and on Congress for suspension of an oil excise tax hike set in January, which a Finance official said will likely happen given current world crude price forecasts.
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.
DoF mulls catastrophe bonds of WB
THE PHILIPPINES is considering participation in the World Bank’s catastrophe (Cat) bonds to support financing of disaster risk management, the Department of Finance (DoF) said in a statement over the weekend.
IMF slashes 2019 Philippine growth forecast as well
THE INTERNATIONAL MONETARY FUND (IMF) has downgraded its economic growth forecast for the Philippines in 2019, over the worsening trade conflict between the US and China.
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.
