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....
The average rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities fell on Friday while bids remained oversubscribed. The auction of BSP bills attracted P117.10 billion tenders against an offer of P60 billion. The tenders were higher than the previous week’s P112.20 billion. The offer...
To encourage banks to release more loans to borrowers, the Bangko Sentral ng Pilipinas (BSP) will temporarily consider housing loans as banks’ alternative compliance to the Agri-Agra Reform Credit Act of 2009 (Republic Act 10000) until the end of this year. Under the law, all private banks are...
With weak demand and risk-aversion, big banks’ lending growth further slowed down to 1.9 percent in October from 2.6 percent in September, based on Bangko Sentral ng Pilipinas (BSP) data. Domestic liquidity (M3) or the amount of money supply circulating in the financial system, in the meantime,...
BSP Governor Benjamin E. Diokno (FILE Bloomberg) The Bangko Sentral ng Pilipinas (BSP) said it may require all banks with digital banking services to apply for the appropriate digital bank license based on a new circular’s transitory provision. “Existing banks may apply for conversion to a...
