Banks’ bad debts rise, still deemed manageable
BAD DEBTS held by big banks grew in May but accounted for a small share of total lending, according to latest data released by the Bangko Sentral ng Pilipinas (BSP).
Napocor seeking bigger missionary electrification charge for next year
THE NATIONAL POWER CORP. (Napocor) is seeking provisional approval to collect a total of P17.8 billion from electricity users next year, through a P0.1948 per kilowatt-hour (/kWh) charge in their power bills, to cover electrification of “far-flung areas” of the country.
Philippine banking industry explores blockchain use
THE BANGKO SENTRAL ng Pilipinas (BSP) and commercial banks are exploring ways to use blockchain technology to fast-track payment and remittance services.
PHL, US to start free trade talks in September
THE PHILIPPINES will begin negotiations on a free trade agreement (FTA) with the United States in September, its ambassador to Washington said on Thursday, in a bid to expand market access for its agricultural products.
Asia’s newest millionaires swap basket-case economy for fine art
IN THE PHILIPPINES, where a fifth of the country lives beneath the poverty line, locals have a new obsession: fine art.
DBM chief warns of SC ruling’s fiscal risk
THE GOVERNMENT’S fiscal position may be at risk from the Supreme Court (SC) ruling that local governments’ share in state revenues includes all national government taxes, not just those collected by the Bureau of Internal Revenue (BIR), Budget Secretary Benjamin “Ben” E. Diokno said on Wednesday.
BSP check shows most Filipinos unbanked
MAJORITY of Filipinos still did not have bank accounts as of 2017 due to lack of funds to meet required minimum balances, a study of the Bangko Sentral ng Pilipinas (BSP) showed.
Philippines ‘below average’ in regional innovation ranking
THE PHILIPPINES’ rank in terms of innovation was unchanged from a year ago, despite “high scores” in business environment, education and information and communications technology (ICT), according to an annual report of the Cornell University, INSEAD and the World Intellectual Property Organization (WIPO).
Global debt load at a record $247 trillion in Q1 — IIF
NEW YORK -- The amount of debt held by both mature and emerging markets tracked by the Institute of International Finance (IIF) rose to a record $247 trillion in the first quarter of 2018, up 11.1% from the same period a year ago.
May trade gap widest so far for 2018
MERCHANDISE exports slid for the fifth straight month in May while imports grew further, albeit at a slower pace, driving the trade deficit to its widest level so far this year, according to latest trade data the government released on Tuesday.
Net foreign direct investments biggest in six months in April
FOREIGN DIRECT INVESTMENTS (FDI) inflows rose further in April to a six-month peak, the central bank said in a statement on Tuesday, supported by solid investor optimism towards the Philippines.
Duterte OK’s proposed 2019 national budget
PRESIDENT Rodrigo R. Duterte and his Cabinet approved in a July 9 meeting the proposed P3.757-trillion national budget for 2019 that is designed to help spur faster overall economic growth that will also lift more Filipinos out of poverty by the time he ends his six-year term in mid-2022.