The Bangko Sentral ng Pilipinas (BSP) has reorganized its payments and currency management operations to ensure a safe and “well-functioning” cash ecosystem in the country as part of digitalization. BSP Governor Benjamin E. Diokno, in a new memo (Memorandum No. M-2021-006) taken up during...
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the central bank, which has provided P2 trillion in liquidity to the financial system in 2020, will continue to be the game changer in the country’s anti-COVID-19 pandemic response. “The BSP shall continue to be front and...
With mounting consumer credit card complaints, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier is reminding banks and credit card issuers to strictly follow rules that protect credit card users. In a BSP Circular Letter (No. CL-2021-008) that Fonacier signed on January...
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr. said the auction of its 28-day BSP bills continue to be oversubscribed or 1.67x the offered volume. The BSP offered P100 billion of its securities during Friday’s auction, and banks tendered P167.25 billion. “The P100...
The Philippines’ gross international reserves (GIR) climbed to record-high $109.797 billion as of end-December 2020, about $22 billion higher from end-2019’s $87.839 billion, based on Bangko Sentral ng Pilipinas (BSP) data. The National Government’s (NG) sale of sovereign bonds to raise...
Overseas Filipinos’ cash remittances reached $27.013 billion as of end-November 2020, down 0.8 percent year-on-year from $27.231 billion same time in 2019, the Bangko Sentral ng Pilipinas (BSP) reported Thursday. The BSP had projected that cash remittances will contract by two percent in 2020 due...
Despite being delayed by the COVID-19 pandemic, the Bangko Sentral ng Pilipinas (BSP) will pursue the construction of its 30-hectare new Currency Production Facility (CPF) in New Clark City in Capas, Tarlac this year. BSP Governor Benjamin E. Diokno, during Wednesday’s Virtual Signing Ceremony...
Bank lending growth has declined to 0.3 percent year-on-year in November last year versus 1.8 percent in October, the Bangko Sentral ng Pilipinas (BSP) reported late Wednesday. “Bank lending growth waned during the month as the COVID-19 crisis continued to dampen consumer spending and business...
The average interest rates of the central bank’s term deposit facility (TDF) continue to drop this week as tenders also declined by P140.68 billion. The TDF, offered higher at P550 billion versus last week’s P530 billion, received tenders P726.62 billion which was lower compared to January...
New bank applicants that are proposing to operate business models that looked like digital banks will be approved as digital banks, according to a Bangko Sentral ng Pilipinas (BSP) memo released on Tuesday clarifying the new circular on the establishment of digital banks. BSP Deputy Governor Chuchi...
The central bank’s scrutiny of domestic systemically important banks (D-SIBs) – these are large financial institutions deemed too big to fail – are heightened by enhanced D-SIBs metrics in response to rising pandemic-induced systemic threats to the financial system. Bangko Sentral ng...
The banking industry expressed a more subdued optimism on the country’s economic prospects as risks remain tilted to the downside due to the effects of coronavirus pandemic, a new survey by the Bangko Sentral ng Pilipinas (BSP) revealed. Based on the results of the Banking Sector Outlook...
