Business NEWS

About P94,589 is every living Filipino’s share of the national government debt as of February, that is P20,000 more.

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.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the government’s non-monetary measures such as reducing import tariff on pork may pull the inflation forecast lower to below four percent this year.

The central bank’s Friday auction of 28-day securities fetched a lower rate amid demand, it received P109 billion tenders versus offer of P70 billion.

Residential real estate prices went up by 0.8 percent year-on-year as of end-fourth quarter 2020, boosted mostly by property price increases in areas outside of the National Capital Region (NCR) as homebuyers are favoring provincial locations over developed cities amid the pandemic.

The World Bank-funded modernization project of the Bureau of Customs will align the agency’s processes and standards with the world’s best and most efficient customs services, the Department of Finance (DOF) said.

The Philippines and Singapore should tap each other’s strengths and explore opportunities for cooperation in developing new digital tools and technologies to take advantage of the growth of start-up companies in the region, the government’s chief economic manager said.

Moody’s Analytics says

Inflation rate forecasts upgraded

The peso closed higher  at P48.58 to the US dollar Thursday,  (March 25)  from P48.665 the previous day. The weighted average rate  appreciated  to  P48.631  from P48.681. Total volume amounted  to $691.29 million, according to the Bankers Association of the Philippines.

The suspension of the pesticide residue fees is expected to give Philippine exports of fruits and vegetables a big boost following a substantial decrease in 2020 coming on the steady decline in country’s overall exports in this sector over the last 10 years. 

The Department of Finance (DOF) expects the real estate investment trust (REIT) will help drive the infrastructure modernization and open more business opportunities in the country.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said they will pro-actively approach banks – especially the large lenders both local and foreign – if they are interested in establishing an Islamic bank or an Islamic banking unit (IBU).

The Bangko Sentral ng Pilipinas (BSP), which has returned to stricter health protocols with the recent increase in COVID-19 cases, is reminding banks to do the same while movement restrictions are in place to stem the more infectious virus-variants transmission.

The central bank’s weekly auction of term deposit facility (TDF) continue to be oversubscribed at P669.41 billion versus offer of P480 billion, while the average rates for the two tenors increased this week again.

The Bangko Sentral ng Pilipinas (BSP) will likely consider the withdrawal of COVID-19 monetary and banking policy interventions after mid-2022 when the economy is expected to have returned to pre-pandemic growth levels, and assuming herd immunity against the virus has been achieved around the same time.

The Bangko Sentral ng Pilipinas (BSP) has mopped up the P2 trillion excess liquidity it has injected in the financial system last year to ensure market rates are in line with the BSP policy rate.

State-run Social Security System said its payments for death benefit claims declined last year due to the quarantine protocols that limited people’s movements.