The Bangko Sentral ng Pilipinas (BSP) now expects the Philippine economy to expand below five percent this year, citing the erosion of investor confidence stemming from concerns over the governance of the government 's flood control fund. BSP Governor Eli M. Remolona Jr. told reporters on the...
Due to the pessimistic outlook from businesses related to flood control concerns, the Bangko Sentral ng Pilipinas (BSP) has lowered its growth projection for next year to 5.3 percent, which is below the reduced target of six to seven percent. BSP Governor Eli M. Remolona Jr. revealed in a One News...
Even as the Philippine peso faces pressure from foreign fund outflows, the Bangko Sentral ng Pilipinas (BSP) refuses to defend the local currency unless its depreciation could lead to higher consumer prices. According to the Bankers Association of the Philippines (BAP), the peso weakened by 28.5...
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. struck a more dovish tone on the central bank’s policy path, signaling that the latest quarter-point reduction to 4.75 percent may not be the final easing this year. Remolona, in a press briefing on Thursday, Oct. 9, backtracked on...
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. assured that, despite a liquidity hit, the Philippine banking system remains resilient against bank runs, following the freezing of nearly 730 accounts, with the central bank still in search mode for more suspicious accounts....
The Philippines has been placed on a positive watchlist by J.P. Morgan Chase & Co. for potential inclusion in its influential emerging market government bond index, a move that could attract a new wave of foreign investment and lower the nation 's borrowing costs. In a statement on Monday,...
“I was thrilled,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor for regional operations and advocacy sector, Bernadette “Berna” Romulo-Puyat, unabashedly shared her feelings about her close encounter with US Federal Reserve (US Fed) Chairman Jerome Powell. DG Berna was among the...
With an already narrow output gap and the economy in a “goldilocks” or ideal state, the Bangko Sentral ng Pilipinas (BSP) said slashing key borrowing costs further by three-quarters of a point is unlikely, with two cuts more likely than one. “I think two is more likely than one. Two is still...
Despite recent interest rate cuts by the Bangko Sentral ng Pilipinas (BSP), inflation hitting nearly six-year lows in recent months, and still-muted second-quarter growth in some sectors, further reductions in key borrowing costs are seen as necessary. “We think the second-quarter GDP [gross...
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. indicated that the central bank is considering another 25-basis-point (bps) reduction in its key interest rate as early as August. “A further reduction in the key interest rate is 'on the table’,” Remolona told reporters on...
The Bangko Sentral ng Pilipinas is considering two more cuts to key borrowing costs, driven by easing inflation and an economic slowdown attributed to consumer and business uncertainty. Two cuts are “possible,” BSP Governor Eli M. Remolona Jr. told reporters on the sidelines of the 32nd BSP...
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. warned that rising global oil prices and the peso’s depreciation streak could push inflation above five percent, a level last seen nearly two years ago. “We do scenario analysis today [Friday] in which we focus on particular risks....
