The country’s current account surplus reached an all-time high of $12.979 billion in 2020, reversing the $3.047 billion shortfall in 2019, based on Bangko Sentral ng Pilipinas (BSP) data. The current account surplus – which is a record high based on BPM6-series and not comparable to older...
Tonik, Southeast Asia’s first digital-only bank, launches as the first neobank in the Philippines today. Tonik brings to the market a revolutionary and completely branchless way of banking on a highly secure mobile platform that sets out...
Senator Sonny Angara is pushing for the measure seeking to increase the deposit insurance coverage provided for by the Philippine Deposit Insurance Corp. (PDIC). Sen. Sonny Angara (Alexis Nueva España / Senate PRIB / FILE PHOTO) With more Filipinos now putting their money in banks, Angara said the...
The Bangko Sentral ng Pilipinas (BSP) will formally announce on Wednesday that financial digitalization and e-money expert, Mamerto E. Tangonan, a BSP outsider, is its new deputy governor. Tangonan, currently chief of party of the e-peso project of US Agency for International Development...
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the new law that will help the domestic financial system manage its bad debts during the health crisis and post-pandemic, will significantly decrease banks’ soured loans ratio and encourage deposits and investments. Diokno is...
The central bank’s term deposit facility (TDF) auction was still oversubscribed but results were mixed while yields continue to decline. “There was a slight undersubscription in the 7-day TDF, receiving bids 0.88x the offer volume. Meanwhile, the 14-day TDF was oversubscribed with bids 1.16x...
The local stock market ended slightly weaker even after the government announced that the economy shrank by a lower rate in the last quarter. The main index shed 11.77 points or 0.17 percent to close at 6,851.84 with only the Property and Holding Firms counters remaining in the green. Volume...
The Philippine government is hoping to end the more than a decade of non-compliance with the Agri-Agra Act, which requires private banks to lend a portion of their funds to farmers and fishermen. This, as the government finally issued the amended implementing rules and regulations (IRR)...
Qualified banks included in the central bank's rediscounting facility only took out P26.90 billion of rediscounting loans as of end-2020, 77.98 percent lower compared to end-2019 of P122.17 billion. Based on Bangko Sentral ng Pilipinas (BSP) data, there were less banks that availed of rediscounting...
Inflation forecasts raised The Bangko Sentral ng Pilipinas (BSP) has decided to stick with the two percent benchmark rate to end 2020 but raised the inflation forecasts due to the increase in crude oil prices as prospects for global economic recovery got a boost from the release of COVID-19...
The Securities and Exchange Commission (SEC) has approved an industry-specific framework for the preparation of the audited financial statements (AFS) of financial institutions to account for the regulatory relief measures extended to them during the pandemic. SEC Memorandum Circular No. 32, Series...
The central bank’s Senior Bank Loan Officers’ Survey (SLOS) for the third quarter showed banks continue to indicate “tighter” and unchanged overall credit standards for loans to enterprises and households. The SLOS reported that for loans to enterprises, the banks that have tighter lending...
