Business NEWS

AIA Philam Life assured it remains financially strong and stable despite the economic challenges brought about by the coronavirus-induced downturn, allowing the insurer to better manage market uncertainty.

The Duterte administration’s borrowings increased by over ninefold in October due to Bangko Sentral ng Pilipinas’ (BSP) cash advance to the national government, data from the Bureau of the Treasury showed.

The Bangko Sentral ng Pilipinas’ (BSP) foreign exchange (FX) swaps totalled $4.16 billion in September, keeping a steady position from $4.49 billion in August.

The Department of Finance (DOF) ordered the Department of Trade and Industry (DTI) to return to the government coffers the P32.6 billion sitting idle in the state-owned Philippine International Trading Corp. (PITC).

The Department of Finance (DOF) is hopeful that Congress could transmit to President Rodrigo R. Duterte its unified version of the corporate recovery and tax incentives for enterprises (CREATE) law within December.

The country’s external debt service burden decreased by 11.11 percent to $4.934 billion as of end-August from $5.551 billion same time last year, according to the Bangko Sentral ng Pilipinas (BSP).

 The Bangko Sentral ng Pilipinas (BSP) has extended by another year or up to 2023 the transitory period for the certification  of marketing personnel authorized to sell unit investment trust funds (UITF).

Due to the disaster wrought by a string of three strong typhoons, BDO Remit—the remittance service brand of BDO Unibank—has waived the remittance fee on donations from overseas Filipinos coursed through different foundations.

The Bangko Sentral ng Pilipinas’ (BSP) auction of 28-day BSP bills were still oversubscribed and fetched a lower rate last Friday.

The Bangko Sentral ng Pilipinas (BSP) said November inflation could hit a high of 3.2 percent from 2.5 percent in October due to the impact of bad weather on the supply and prices of food.

The Department of Finance (DOF) directed the tax authorities to assist the Department of Agriculture (DA) in investigating the alleged use of cooperatives by private traders as dummies for rice imports.

The peso closed  higher at  P48.06  to the US dollar Friday    from  P48.115  the previous day. The weighted  average rate appreciated  to  P48.085   from P48.102. Total volume amounted to $783.4 million, according to the Bankers Association of the Philippines.

The cash-rich banking system has the available funding for National Government requirements such as continued anti-pandemic response, according to a bank official.

The Philippines has a balance of payments (BOP) surplus of $10.31 billion for the first 10 months, after a big $3.44 billion surplus in October, the Bangko Sentral ng Pilipinas (BSP) reported Thursday.

The peso closed  higher at  P48.115  to the US dollar  Thursday   from  P48.13  the previous day. The weighted  average rate appreciated  to  P48.102   from P48.11. Total volume amounted to $575.71 million, according to the Bankers Association of the Philippines.

The Bangko Sentral ng Pilipinas (BSP) has approved the framework for digital banking in the country, creating a seventh bank category.

For the first time during the pandemic, the Bangko Sentral ng Pilipinas (BSP) reported $439.46 million of foreign portfolio investments or hot money net inflows in October, reversing the $493.65 million net outflows in September and all other months of fund withdrawals since March this year when the country was placed in lockdown.

The Department of Finance (DOF) sees the light at the end of the tunnel as the Senate is seen to pass the corporate recovery and tax incentives for enterprises (CREATE) bill before the Congress takes its traditional Christmas break in December.