The country’s balance of payments (BOP) is seen to register a slight surplus this year, but will reverse into a deficit in 2025, based on the latest projections approved by the Monetary Board that incorporate most recent data and developments. “The emerging external outlook for 2024 and 2025 is...
The Bangko Sentral ng Pilipinas (BSP) has again ordered banks and other BSP-supervised financial institutions (BSFIs) to place the Philippine identification card (PhilID) at the top of the list of acceptable valid IDs as it is the official government-issued ID. In a statement, the BSP said all...
The Financial Stability Coordination Council (FSCC) sees substantial refinancing of maturing corporate bonds and loans this year as it weighs the impact of 'fresh uncertainties' overseas on the domestic economy. FSCC is an inter-agency council where the principals from the Bangko Sentral ng...
Despite a strong 29.9 percent increase in foreign direct investment (FDI) in December 2023, the country’s full-year 2023 FDI net inflows reached only $8.9 billion, a 6.6 percent decline, from the $9.5 billion net inflows recorded in 2022, data from the Bangko Sentral ng Pilipinas (BSP)...
Finance Secretary Ralph G. Recto said that the central bank’s Monetary Board (MB) will hold its policy meeting on Wednesday, Feb. 14, instead of the originally scheduled Thursday, Feb. 15. Recto, who represents the government on the MB, explained that the seven-member body decided to advance the...
LONDON, United Kingdom -- British bank Barclays said Friday it would stop directly financing its energy clients' new oil and gas projects, but still ran into fierce criticism from campaigners who said the moves don't far enough. As part of its updated climate strategy, the bank added it would...
BSP Governor Eli M. Remolona (left) swore in Finance Secretary Ralph G. Recto as a new member of the Monetary Board during a ceremony at the BSP headquarters in Manila on Monday, Jan. 22, 2024. Finance Secretary Ralph G. Recto has formally assumed the role of the government's representative to...
Sen. Mark Villar reiterated the need for the passage of the Anti-Financial Account Scamming Act (AFASA) that would, not only provide for a penalty after the fact, but one that effectively responds to or even prevent criminals from facilitating various forms of financial scams. Sen. Mark Villar...
The Bangko Sentral ng Pilipinas (BSP) reported that both domestic liquidity (M3) and bank lending grew last November and in the first 11 months of 2023. Preliminary data from the BSP showed that M3 grew by 7.0 percent year-on-year to about P16.8 trillion in November from 8.1 percent (revised) in...
The Philippines saw a significant 29.6 percent drop in foreign direct investment (FDI) with net inflows of $655 million in October 2023 from the $930 million net inflows registered in the same month in 2022. The October figure has brought cumulative net FDI inflows for the period...
The gross non-performing loans (NPL) ratio of Philippine banks dropped to 3.41 percent in November 2023 after rising to 3.44 percent in the previous month. Bangko Sentral ng Pilipinas (BSP) data show, though that the latest NPL ratio is higher compared to the 3.35 percent registered in the...
The Bangko Sentral ng Pilipinas (BSP) has included OmniPay, Inc. in the roster of financial institutions that settle high value transactions safely and instantly through the BSP-owned and operated PhilPaSSplus. In a statement, the BSP said OmniPay, Inc. became the first non-bank electronic...
