The Duterte administration has borrowed P741.59 billion from foreign creditors last year for the country’s coronavirus response, the Department of Finance (DOF) said. Data from the DOF’s International Finance Group (IFG) showed that the government has contracted a total of $17.06 billion,...
Trade and Industry Secretary Ramon M. Lopez yesterday said the 90 serious investment leads that are expected to come on stream in a year in the country are no longer concerned with restrictive economic provisions. Lopez said this at the House of Representatives 9th Regular Meeting on Constitutional...
The Bangko Sentral ng Pilipinas (BSP) has a net income of P34.51 billion as of end-November 2020, down from same period in 2019 of P40.24 billion. The BSP continued to report net foreign exchange (FX) losses of P5.67 billion, a reversal of the previous year’s P14.46 billion FX net...
The Philippines may still end up importing 600,000 metric tons (MT) of corn next year despite the government’s new policies limiting the issuance of Sanitary and Phytosanitary import clearances (SPS-IC) on the staple as well as feed wheat. In the latest Global Agricultural Information...
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...
