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.
WB flags growth slowdown
THE WORLD BANK has downgraded its 2018 economic growth forecast for the Philippines -- making it the third multilateral lender to do so since last week due to heightened external uncertainties and surging inflation locally -- but overall prospects should remain “strong” enough for it to maintain the country’s projections for 2019-2020.
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.
Investors glum on Asia sovereign bonds as dollar, oil prices bite
ON TRACK for their first annual drop since 2015, emerging Asia’s sovereign bonds look set to call time on a two-year binge fueled by a tide of cheap money.
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).
World’s worst stock mart still not cheap enough to buy
AS the Philippine Stock Exchange Index (PSEi) dipped below 7,100 during Tuesday’s session, taking its valuation to its lowest level since January 2016, Metropolitan Bank & Trust Co. is among the firms that’s staying on the sidelines.
Chambers flag risk from contracting ban
LOCAL AND FOREIGN business groups voiced their opposition to a legislative measure backed by President Rodrigo R. Duterte that bans project and seasonal employment schemes, arguing that it would hit micro-, small- and medium-scale enterprises (MSMEs) hard and could reverse recent employment gains.
ANZ sees inflation hovering above 7% as storm damage stokes price pressures
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.
Final timetable for 3rd major telco set
THE DEPARTMENT of Information and Communications Technology (DICT) presented on Tuesday the final timetable for selection of the country’s third major telecommunications service provider, with documents available for purchase by interested parties starting Oct. 8, Monday.
PHL regains ASEAN factory lead
IMPROVEMENT of Philippine manufacturing activity remained “modest” in September, according to a monthly survey IHS Markit conducted for Nikkei, Inc., but “robust” domestic consumption, a “solid” rise in new orders and “upbeat business confidence” offset muted foreign demand and “strong” inflation to propel the country back to fore among major economies of the Association of Southeast Asian Nations (ASEAN).
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.