The Bangko Sentral ng Pilipinas (BSP) has revised anew its external account projections for this year and in 2021, it now sees a higher balance of payments (BOP) surplus of $12.8 billion on account of weak import demand since the economy is not yet fully opened due to the pandemic. The BOP surplus...
The Philippines’ external debt is higher by 11.25 percent year-on-year to $91.979 billion as of end-September from $82.674 billion, said Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Friday. The debt stock was up by $9.3 billion because of the National Government’s (NG) net...
Bangko Sentral ng Pilipinas (BSP) surveys showed consumer and business sentiments are improving with the resumption of economic activity – despite still being limited – and other developments in the fight against COVID-19 outbreak. The BSP’s Business Expectations Survey (BES) for the fourth...
The Bangko Sentral ng Pilipinas (BSP) said it will limit the loans that banks can release to micro, small and medium enterprises (MSMEs) as part of alternative compliance with the reserve requirements (RR) to P300 billion, and P425 billion for large enterprises. As of the reserve week ending...
The Bangko Sentral ng Pilipinas (BSP) is proposing the creation of an Open Finance Oversight Committee (OFOC), an industry-led self-governing body, as part of the country’s open finance framework. BSP Governor Benjamin E. Diokno ( Bloomberg file photo) Based on the draft circular on open finance,...
(Ali Vicoy/Manila Bulletin) The Philippines net foreign direct investments (FDIs) declined by 8.6 percent to $4.832 billion for the first three quarters this year as against $5.289 billion in the same period last year as the COVID-19 pandemic continued to dampen investor sentiments. “The decline...
Aboitiz-led Union Bank of the Philippines is accelerating its digital banking business with a “better normal” strategy to attract new clients while they fasttrack development of online-only products and utilize blockchain solutions for real-time services. UnionBank, which has styled itself...
Banks’ standing as trusted financial institutions will have new yardsticks with the Bangko Sentral ng Pilipinas (BSP) up-coming rule on reputational risk management. It took time but BSP Deputy Governor Chuchi G. Fonacier said the...
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 Bangko Sentral ng Pilipinas (BSP) is proposing the use of satellites to bring financial products and services to the unbanked and underserved areas, and these are locations that are beyond the reach of telecommunication companies. BSP Governor Benjamin E. Diokno, who has a goal of bringing 50...
The Bangko Sentral ng Pilipinas (BSP) said over the weekend that it has received an affirmative assessment from its adoption of Basel Core Principles (BCP). The positive...
The inflation rate for November of 3.3 percent, which was higher than the Bangko Sentral ng Pilipinas’ (BSP) 2.4 percent to 3.2 percent forecast for the month, is a temporary uptick and would not affect the government’s two-four percent target, said BSP Governor Benjamin E. Diokno....
