Business NEWS

Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla said on Friday, Aug. 19, that inflation rate will likely peak in September or October this year.

The country’s balance of payments (BOP) deficit widened to $4.92 billion as of end-July this year from $1.23 billion same period in 2021 due to a higher trade-in-goods shortfall in the first semester.

Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla said on Thursday, Aug. 18, that they will soon allow trust units of banks or stand-alone trust companies to buy BSP bills in the secondary market to counter the effect of higher excess liquidity.

Bangko Sentral ng Pilipinas’ (BSP) new Monetary Board member, Eli M. Remolona Jr. has taken his oath office as the policy-making body’s seventh member, the position vacated by now BSP Governor Felipe M. Medalla.

The central bank’s Monetary Board tightened the key borrowing rate anew by 50 basis points (bps) on Thursday, Aug. 18, to 3.75 percent from 3.25 percent n a market-anticipated policy action to control high inflation and stabilize the exchange rate amid risks of further second-round pressures.

The Bangko Sentral ng Pilipinas (BSP), the Philippine Space Agency (PhilSA) and Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) have started to deploy satellite internet services to improve banks’ internet connectivity in community areas especially in remote locations.

The Bangko Sentral ng Pilipinas (BSP) has issued a strong public warning against unregistered and foreign virtual asset service providers (VASPs), which are high risks and could lead to huge financial losses due to price swings.

Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla has signalled on Wednesday, Aug. 17, of further tightening of the monetary policy stance in the next meetings and hinted the possibility of more rate hikes until 2023.

The Bangko Sentral ng Pilipinas (BSP) will slap up to P1 million penalty for the misreporting of foreign exchange (FX) transactions and other violations of FX rules to protect the local currency and maintain price stability.

The Bangko Sentral ng Pilipinas (BSP) has disqualified two more unauthorized money service business (MSB) operators from registering and acquiring a license from the BSP.

The Bangko Sentral ng Pilipinas (BSP) rolled out the first Paleng-QR Ph in Baguio City this week to promote financial inclusion and digitalization across the country.

The central bank’s Monetary Board is expected to raise the key benchmark rate by 50 basis points (bps) on Thursday, Aug. 18, to 3.75 percent from 3.25 percent, according to Moody’s Analytics.

Cash remittances via banks increased by 2.9 percent to $15.35 billion in the first six months from $14.92 billion same period last year, based on Bangko Sentral ng Pilipinas (BSP) data.

The Bangko Sentral ng Pilipinas (BSP) is expected to increase the policy rate this month and in September by a cumulative 75 basis points (bps) to bring the benchmark rate from 3.25 percent to four percent, according to a Security Bank Corp. analyst.

The Bangko Sentral ng Pilipinas (BSP) will circulate a second polymer banknote – P500 bills – next year after assessing the public’s acceptance of the first P1,000 polymer money.

Ayala-led Bank of the Philippine Islands (BPI) will increase the budget for its IT and cybersecurity systems as they add more services including cheque deposits in their mobile banking app this year.

The Bangko Sentral ng Pilipinas (BSP) is imposing a three-year moratorium on licenses granted to virtual asset service providers (VASPs) as it reviews the local market for virtual asset or digital currency exchanges.

Aboitiz-led Union Bank of the Philippines (UnionBank) announced on Thursday, Aug. 11 that it will offer virtual asset exchange services via its mobile banking app, part of future-proofing the bank and to prepare it for the metaverse.