The Philippines’ balance of payments (BOP) surplus dropped to $609 million in 2024, sharply lower than the $3.7 billion recorded in 2023, as a wider current account deficit weighed on the country’s external position. This BOP decline marks a nearly 84 percent, or $3.1 billion decrease,...
Actions are being taken by the Bangko Sentral ng Pilipinas (BSP) hand in hand with the Commission on Elections (Comelec) to prevent the use of both cash and e-wallet services in vote-buying during the upcoming elections, the central bank said. This comes after Comelec called on the BSP to decline...
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. revealed that the global anti-money laundering watchdog has recognized the Philippines as a regional leader in combating financial crimes and terrorism financing, even tapping the country to assist others in strengthening their...
The Bangko Sentral ng Pilipinas (BSP) reported that the local banking system’s gross non-performing loan (NPL) ratio increased in January, worsening from the one-year low in December last year. The latest data from the BSP showed that the banking industry’s gross NPL ratio increased to...
BSP Governor Eli M. Remolona Jr. Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. has confirmed that another cut in borrowing costs is possible at the upcoming April 10 monetary policy meeting, potentially bringing the key policy rate down to 5.5 percent. “When we think...
The peso's recent relative strength against the US dollar would unlikely last for long amid external and domestic threats, according to Singapore-based United Overseas Bank (UOB). While the local currency had traded flat against the US dollar year-to-date as of the first week of this month, "the...
Foreign direct investments (FDIs) in the Philippines fell short of the $9 billion target as net inflows remained largely unchanged in 2024, with December net inflows dropping to its lowest level in 11 years, according to the central bank. Bangko Sentral ng Pilipinas (BSP) data showed that net FDIs...
Filipinos receiving and sending money from overseas lost an estimated total of ₱8.37 billion in 2023 to "hidden" fees charged by banks and money remittance centers on foreign currencies, according to findings from transparency research commissioned by global fintech firm Wise. Kristo Käärmann,...
The Bangko Sentral ng Pilipinas (BSP) announced the country's Gross International Reserves (GIR) reached $106.7 billion at end-February 2025, driven by foreign investments and gold valuations. The Philippines’ gross international reserves (GIR) increased to $106.7 billion, or about ₱6.1...
Following a string of interest rate cuts last year, bank lending accelerated further in January 2025, posting its fastest growth in over two years, according to the Bangko Sentral ng Pilipinas (BSP). The latest central bank data showed that lending by big banks expanded by 12.8 percent year-on-year...
Private sector economists believe the Bangko Sentral ng Pilipinas (BSP) has room to cut interest rates after February's inflation fell to a five-month low of 2.1 percent. While some urge caution due to global uncertainties, others expects rate cuts as early as June, with the BSP's next meeting on...
With the Philippine central bank holding off on slashing key interest rates amid global economic uncertainties, the World Bank expects its recent move to lower banks’ reserve requirements to stimulate lending activity. According to the multilateral lender’s latest report on the...
