The central bank reported Tuesday the country’s gross international reserves (GIR) continued its rise to $104.508 billion as of end-November from $103.802 billion in end-October, or up by $706 million. Compared to same time in 2019, the GIR is significantly higher by $18.28 billion from...
The Bangko Sentral ng Pilipinas (BSP) said bank-transferred remittances from overseas Filipinos as of end-October reached $24.633 billion, down 0.9 percent year-on-year form $24.858 billion. The BSP said the “cumulative contraction” in remittances has narrowed from the previous 1.4 percent in...
The central bank incurred net foreign exchange (FX) losses of P4.55 billion as of end-September after a P6.13 billion realized losses in the third quarter due to fluctuations in FX rates from its foreign currency-denominated activity. The July to September net FX losses is the biggest for the...
The Bangko Sentral ng Pilipinas (BSP) is allowing universal and commercial banks to electronically submit six foreign exchange (FX) transaction documents to lessen risks of COVID-19 transmission in the handling of hardcopy. Based on a new memo (BSP Memorandum Order No. M-2020-089) that BSP Deputy...
In response to the current global and local economic and financial conditions, the Bangko Sentral ng Pilipinas (BSP) is amending its foreign exchange (FX) regulation to further streamline the reporting and documentary requirements for FX and trade transactions and the registration of foreign loans...
The Bangko Sentral ng Pilipinas (BSP) has revised anew its external account projections for this year and in 2021, it now sees a higher balance of payments (BOP) surplus of $12.8 billion on account of weak import demand since the economy is not yet fully opened due to the pandemic. The BOP surplus...
The Philippines’ external debt is higher by 11.25 percent year-on-year to $91.979 billion as of end-September from $82.674 billion, said Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Friday. The debt stock was up by $9.3 billion because of the National Government’s (NG) net...
Bangko Sentral ng Pilipinas (BSP) surveys showed consumer and business sentiments are improving with the resumption of economic activity – despite still being limited – and other developments in the fight against COVID-19 outbreak. The BSP’s Business Expectations Survey (BES) for the fourth...
The Bangko Sentral ng Pilipinas (BSP) said it will limit the loans that banks can release to micro, small and medium enterprises (MSMEs) as part of alternative compliance with the reserve requirements (RR) to P300 billion, and P425 billion for large enterprises. As of the reserve week ending...
The Bangko Sentral ng Pilipinas (BSP) is proposing the creation of an Open Finance Oversight Committee (OFOC), an industry-led self-governing body, as part of the country’s open finance framework. BSP Governor Benjamin E. Diokno ( Bloomberg file photo) Based on the draft circular on open finance,...
(Ali Vicoy/Manila Bulletin) The Philippines net foreign direct investments (FDIs) declined by 8.6 percent to $4.832 billion for the first three quarters this year as against $5.289 billion in the same period last year as the COVID-19 pandemic continued to dampen investor sentiments. “The decline...
Aboitiz-led Union Bank of the Philippines is accelerating its digital banking business with a “better normal” strategy to attract new clients while they fasttrack development of online-only products and utilize blockchain solutions for real-time services. UnionBank, which has styled itself...
