Business NEWS

The Bangko Sentral ng Pilipinas (BSP) is projecting inflation to rise to 4.7 percent in February versus 4.2 percent in January.

Despite encouraging prospects for the local economy, the Duterte administration’s chief economic manger admitted that it would take more years before the Philippines can fully recover from the 2020 coronavirus pandemic.

The peso closed  higher  at P48.59  to the US dollar  Friday, (Feb.  26)  from  P48.605 on Wednesday. The weighted  average rate  depreciated   to  P48.653   from P48.637.  Total volume amounted  to  $1.325.55 billion, according to the Bankers Association of the Philippines.

The national government’s budget deficit fell below the Duterte administration’s ceiling last year after public spending missed its target while revenues breached the revised full-year goal, data from the Bureau of the Treasury showed.

The Bangko Sentral ng Pilipinas (BSP) registered $97.92-million of net foreign portfolio investments inflows in January, reversing December 2020’s $523.86 million net outflows.

The Department of Finance (DOF) approved the inclusion of all importations of coronavirus vaccines in the “Mabuhay” or express lane to allow their quick processing of the tax and duty exemptions.

Developing countries in East Asia, including the Philippines, need to support innovation to promote productivity growth and economic progress, a new World Bank report revealed.

The Bangko Sentral ng Pilipinas (BSP) said the country’s balance of payments (BOP) position reversed to a deficit of $752 million in January due to National Government payment of past foreign currency loans.

The average yields of the central bank’s term deposit facility (TDF) increased this week amid sustained demand and banks’ oversubscribed tenders.

The reorganization of the Bangko Sentral ng Pilipinas’ (BSP) currency and digital money sector will ensure the two payments system will continue to smoothly co-exist until the country is a completely cashless society, according to BSP officials.

The peso closed  higher  at P48.605  to the US dollar  Wednesday, ( Feb. 24),  from  P48.64 the previous day. The weighted  average rate  appreciated   to  P48.637   from P48.701.  Total volume amounted  to  $1.187.3 billion, according to the Bankers Association of the Philippines.

Top lender BDO Unibank, Inc. (BDO) posted a lower net income of P28.2 billion last year from P44.2 billion in 2019, due mainly to pre-emptive provisions of P30.2 billion set aside against potential delinquencies from the pandemic.

State-run Power Sector Assets and Liabilities Management Corp. (PSALM) has rejected the new condition offered by South Premiere Power Corp. (SPPC) in paying ahead its obligations for administering a power plant in Batangas.

The net income of Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) was down by 6.9 percent year-on-year to P5.018 billion in 2020 from P5.388 billion previously due to a necessarily higher pandemic-related loan loss provisioning and slowdown in a movement-restricted economy.

The peso closed  higher  at P48.64  to the US dollar on Tuesday, (Feb. 23)  from  P48.70 the previous day.

The Power Sector Assets and Liabilities Management Corp. (PSALM) has reduced its financial obligations last year with plans to further improve its finances this year, the Department of Finance (DOF) said.

The Bangko Sentral ng Pilipinas (BSP) will formally announce on Wednesday that financial digitalization and e-money expert, Mamerto E. Tangonan, a BSP outsider, is its new deputy governor.

The government allowed rates of short-dated IOUs to increase at Monday’s (Feb. 22) auction,  as the Bureau of the Treasury made a full award for its borrowing plan for this week.