While the Bangko Sentral ng Pilipinas (BSP) moves to ramp up its anti-money laundering system, the central bank chief said the ₱500,000 cash withdrawal limit has so far been a “very effective” measure. “I think it’s very effective so far. As best we can tell, it’s a very effective...
The Bangko Sentral ng Pilipinas (BSP) reported a ₱16 billion decline in net profit in the first seven months of the year, as single-digit drop in expenses was outweighed by the double-digit fall in revenues. Data from the BSP showed that the central bank’s net income fell by 16.8 percent to...
Philippine banks’ bad loan ratio climbed further to 3.5 percent in the first nine months as borrowers’ ability to repay debts weakened due to muted business activities, mainly from climate disruptions and trade setbacks. According to the latest data from the Bangko Sentral ng Pilipinas (BSP),...
Foreign financial giants and a think tank expect the Bangko Sentral ng Pilipinas (BSP) to further reduce key borrowing costs to 4.5 percent by year-end following the central bank’s shift to more dovish tone. Netherlands-based financial giant ING has flagged risks that could slow growth from the...
Net inflows of brick-and-mortar foreign direct investments (FDI) in the Philippines rebounded in July to a one-year high of $1.27 billion, recovering from a six-month low in June. Despite this record, net FDI inflows declined by 7.5 percent from $1.37 billion in July last year, according to...
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...
In no uncertain terms, the state-controlled Land Bank of the Philippines debunked any irregularities regarding the release of millions of pesos meant to fund flood control projects, which were instead allegedly pocketed by private and public, elected and appointed, individuals. As a significant...
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...
Citing a weaker growth outlook amid infrastructure spending issues stemming from the misuse of public funds, especially on “ghost” flood control projects, the Bangko Sentral ng Pilipinas (BSP) on Thursday, Oct. 9, decided to reduce the key interest rate by 25 basis points (bps) to 4.75 percent...
While private-sector economists anticipate one last monetary policy easing before 2025 comes to a close, in order to safeguard economic growth next year, they do not think the Bangko Sentral ng Pilipinas (BSP) will reduce the key borrowing costs on Thursday, Oct. 9. Singapore-based United Overseas...
Japanese financial giant MUFG Bank Ltd. expects the Bangko Sentral ng Pilipinas (BSP) to maintain the key policy rate at five percent throughout 2025 but anticipates the central bank will reduce it by another one percentage point (ppt) to four percent in 2026. Based on MUFG’s Sept. 24 report,...
