For cash agents, remittance centers Banks with cash agents should ensure customers have access to information verification and could easily file complaints when needed as part of stricter rules on cash agent operations, according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G....
Inflation rate for the month of May is projected to remain steady at 4.5 percent, same rate in April and March, said economist Robert Dan Roces of Security Bank Corp. Roces expects a range of a low 4.3 percent to a high of 4.7 percent for the May consumer price index. “We expect that...
Borrowings of the Duterte administration inched up in April as the government tapped more foreign creditors to finance its coronavirus response, data from the Bureau of the Treasury showed. Gross borrowings of the national government increased by 3.5 percent to P271.95 billion in April this year...
As prime movers of a country’s economy, financial institutions thrive on public trust and confidence. Individuals and organizations entrust the safekeeping of their money to banks that also provide loans to support the growth and viability of business enterprises. At all times with or...
The Bangko Sentral ng Pilipinas (BSP) said it has started its close monitoring of banks’ sustainable finance transitioning until 2023 when the new guidelines on sustainable banking are fully implemented. BSP Governor Benjamin E. Diokno (Credit: BSP photo) BSP Governor Benjamin E. Diokno in a...
The central bank’s securities auction this week have a lower volume but it remained oversubscribed by 1.52x at P152.15 billion. The Bangko Sentral ng Pilipinas (BSP) bills was offered at P100 billion compared to the previous Friday’s P110 billion. “The BSP adjusted the 28-day bill offer...
The central bank said it registered $373.95 million of net foreign portfolio investment outflows in April compared to the bigger withdrawal of $540.97 million in March. On a year-on-year basis, speculative funds or “hot money” net outflows is also lower compared to the $660.38 million net...
Debt-watcher S&P Global’s affirmation of the Philippines’ investment grade status is a vote of confidence in the country’s medium-term growth prospects despite challenges posed by COVID-19, the government’s chief economic manager and central bank governor said. Finance Secretary Carlos...
The yet-to-recover economy has suppressed threats of second-round effects for now but the rising global oil prices as the rest of the world recovers from the pandemic, and its impact on local inflation warrants extra vigilance, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E....
The central bank’s Monetary Board has issued the circular for banks’ sale/transfer and investment transactions under the Financial Institutions Strategic Transfer (FIST) Act (Republic No. 11523). The circular was on the transfer/sale of non-performing assets (NPAs) to a FIST corporation or...
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the recently approved rules for banks’ reputational risk management will ensure stronger financial growth and stability. Diokno said the guidelines for managing reputational risk “emphasize the importance of having a clear...
The peso closed higher   at P47.985 to the US dollar Thursday,  (May 27) from P48.15  the previous day.  The weighted average rate appreciated to P48.091 from P48.138. Total volume amounted to $1.088.59  billion, according to the Bankers Association of the...
