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 central bank is proposing a new limit on banks’ net open foreign exchange (FX) positions or overbought and oversold positions to ensure market liquidity and to discourage speculative activity. In a draft circular, the Bangko Sentral ng Pilipinas (BSP) changed the allowable open FX position...
The country’s external debt service burden decreased by 11.11 percent to $4.934 billion as of end-August from $5.551 billion same time last year, according to the Bangko Sentral ng Pilipinas (BSP). Debt service burden is payment made to both principal and interest on both the public and...
Foreign direct investments (FDIs) in South East Asia in the first semester of 2020 contracted by 20 percent, but the Philippines is one of only two exceptions that bucked the investment trend with its FDI inflows rising 20 percent, the United Nations Conference on Trade and Development (UNCTAD)...
The central bank’s long positions in foreign exchange (FX) swaps went up by $1.67 billion in July to August after reviving activity in the second half this year. The Bangko Sentral ng Pilipinas’ (BSP) FX swaps increased to $4.49 billion in August from $2.82 billion in July, and from $1 billion...
Despite the latest warning of the Brazilian government to file legal cases against the Philippine government before the World Trade Organization (WTO), the Department of Agriculture (DA) is determined to keep the disputed import ban on poultry meat coming from the South American country. Department...
The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved the National Government’s $3.919 billion foreign borrowings in July to September, up 47.69 percent from same period last year of $2.654 billion. The approved foreign borrowings in the third quarter include five project loans...
COVID-19 impact milder than expected Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the contraction in remittances and the slowdown in foreign direct investments (FDI) is not as worse as they originally projected. “The impact of COVID-19 on the inflows of OF (overseas...
Brazil, one of the Philippines major sources of poultry meat and poultry products, has advised the government authorities of its intention to bring to the World Trade Organization its “specific trade concerns” if it cannot immediately and completely revoke the ban on the importation of Brazil...
The US government cited improvements in the Philippine economy and efforts to further ease doing business in the country, but noted the same issues such as corruption, the legal system, human rights violations as significant disincentive to foreign investments while big companies dominate the...
