Business NEWS

The Bangko Sentral ng Pilipinas (BSP) received P685.08 billion of tenders for its two-tenor term deposit facility (TDF) auction against offer of P480 billion.

Big banks’ outstanding loans continue to decline by 2.7 percent year-on-year in February, worse than 2.5 percent in January as both banks and borrowers shy away from releasing and availing of loans while COVID-19 cases are still on the high side and delaying economic recovery.

The peso closed higher  at P48.53 to the US dollar Wednesday, (March 31)   from P48.545 the previous day. The weighted average rate  depreciated  to  P48.544  from P48.466. Total volume amounted  to  $933.19 million, according to the Bankers Association of the Philippines.

WASHINGTON(AFP) – Economic growth led by the United States and China is accelerating, amplifying the risks of an uneven global recovery, the head of the IMF said Tuesday.

Central banks around the world should have more focus on resolving the debt problems of both businesses and households resulting from the COVID-19 pandemic, according to a Bangko Sentral ng Pilipinas (BSP) official.

The Bangko Sentral ng Pilipinas (BSP) is conducting a gender-focused demand-side survey on the micro, small and medium enterprises (MSME) sector in aid of appropriate policies that will benefit and cater to women who run MSMEs.

The peso closed lower  at P48.545 to the US dollar Tuesday,  (March 30)  from P48.415 the previous day. The weighted average rate  appreciated  to  P48.466  from P48.475. Total volume amounted  to $770.67  million, according to the Bankers Association of the Philippines.

The Duterte administration has successfully returned to the Japanese debt market, raising about P24.2 billion to fund the government’s coronavirus response and support the country’s economic recovery plan.

The Bangko Sentral ng Pilipinas (BSP) issued a warning on Tuesday that banks should not only ensure cash availability and uninterrupted digital services during the long Lent weekend, but to also watch out for cyberattacks which normally increase on extended holidays.

The Board of Investments (BOI), the Philippines’ premier investment promotion agency, said more projects in the pipeline such as motorcycle engine assembly project, data centers and IT infrastructure network, advanced metal/plastic packaging manufacturing facility, modern textile assembly are expected to materialize with the signing into law the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

Short-term interest rates dropped at Monday’s (March 29) auction, as investors flocked to safe haven assets, the Bureau of the Treasury said.

Two economic managers have lauded the enactment of the government’s second tax reform program that will unleash one of the country’s largest stimulus measures, but a group also raised that the newly-signed law has succumbed to the “powerful lobby.”

Finance Secretary Carlos G. Dominguez III said the “prompt and substantial” financing extended by the Philippines’ multilateral partners for its vaccination program will help accomplish the government’s target of herd immunity.

The Philippines is not experiencing reflation because inflation is largely supply-side driven and temporary, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said soured assets incurred by banks could decline by at least P152 billion or 30 percent of the current P508.74 billion non-performing assets (NPAs) under the Financial Institutions Strategic Transfer (FIST) law.

The Bangko Sentral ng Pilipinas (BSP) issued a clarification Monday that there will be no grace period for loan payments during the seven-day enhanced community quarantine (ECQ) status while on Holy Week break.

The credit rating and research units of Moody’s Corp. said the risk of another economic recession is rising in the Philippines as the nation struggles with a resurgence of the coronavirus infections that resulted in renewed quarantine measures.

The peso closed higher  at P48.415 to the US dollar Monday,  (March 29)  from P48.49 the previous day. The weighted average rate  appreciated  to  P48.475  from P48.546. Total volume amounted  to $576.4 million, according to the Bankers Association of the Philippines.