BSP notes opportunities in fintech for lenders
BANKS are not losing significant business volumes to financial technology (fintech) players just yet as the latter remain largely focused on payments rather than loans, the central bank said, but conventional lenders are well-advised to seek opportunities in this emergent field of business.
Collections under first tax reform ‘pretty good’ so far — DoF chief
THE TAX REFORM for Acceleration and Inclusion (TRAIN) law’s collection performance has been “pretty good” so far, the Department of Finance (DoF) said, citing data in last year’s first three quarters.
Foreign direct investments continue to drop in October
FOREIGN investments to the Philippines sustained a three-month slide in October, the central bank reported on Friday, casting doubt on forecasts of another banner year amid a slump in sentiment.
BSP downplays effect of Hanjin default on banking industry
LOCAL banks’ exposure to embattled firm Hanjin Heavy Industries and Construction Philippines (HHIC-Philippines) is “negligible,” a senior central bank official said, noting that local lenders are well-placed to weather these loan defaults.
Moody’s flags rising political risk
“POLITICAL POSITIONING” ahead of elections -- as signaled by delayed approval of the proposed 2019 national budget and several tax reforms -- could dampen Philippine growth prospects, Moody’s Investors Service said.
Exports drop, imports slow in November; trade gap grows
SOFTENING MERCHANDISE TRADE in November put an end to the country’s five straight months of export growth and pulled import growth down to single-digit level, the Philippine Statistics Authority (PSA) reported on Thursday.
Former RCBC branch manager convicted for money laundering in Bangladesh central bank heist
A MAKATI CITY court on Thursday convicted former Rizal Commercial Banking Corp. (RCBC) branch manager Maia Santos-Deguito of eight counts of money-laundering involving $81 million stolen from Bangladesh Bank’s account with the Federal Reserve Bank of New York in February 2016.
BSP further eases FX transaction rules
THE CENTRAL BANK has announced fresh easing of foreign exchange (FX) transaction rules, which include simpler documentary requirements for investments involving currency trades.
Nov. infrastructure spending, other capital outlays surge
NATIONAL GOVERNMENT disbursements on infrastructure and other capital outlays saw “solid numbers” in November, nearly reaching the full-year program.
WB sees Philippines weathering risks
THE WORLD BANK expects the Philippines to sustain above-average economic growth in the next two years despite a global slowdown triggered largely by the trade spat between the world’s two biggest economies.
Budget chief expects infrastructure spending to have closed in on target
THE COUNTRY’s Budget chief expects infrastructure spending last year to have closed in on the government’s program.
Bulls on a roll as foreign funds trickle back to PHL
PHILIPPINE bulls are on a roll, and who can blame them?