A wider current account deficit drove the Philippines’ balance of payments (BOP) position from a $238-million surplus in the first quarter of 2024 to a $3-billion deficit in the same period this year, according to the central bank. For the January-to-March period, the country’s current account...
The Philippines’ outstanding foreign debt rose by 6.6 percent in the first quarter of the year, as the government borrowed more to fund infrastructure and budgetary needs, while private banks tapped foreign lenders for short-term financing to manage liquidity. Data from the Bangko Sentral ng...
While the Philippines’ exit from the European Union’s (EU) high-risk jurisdictions list is expected to ease the country’s access to the EU financial system, debt watcher Moody’s still urged continued vigilance in sectors such as online gaming and cryptocurrency to ensure it does not return...
Netherlands-based financial giant ING does not expect the Bangko Sentral ng Pilipinas (BSP) to end its easing cycle in the upcoming monetary policy meeting, citing below-target inflation and a continued appreciation of the peso. These factors, coupled with “high real rates, and uncertainty over...
Banks and other financial institutions may be held liable for fraud suffered by their clients if they fail to implement fraud management systems (FMS) within the mandated one-year transition period, a top official at the Bangko Sentral ng Pilipinas (BSP) said. BSP Deputy Governor Elmore O. Capule...
Consumer complaints filed with the Bangko Sentral ng Pilipinas (BSP) surged by 62.3 percent in 2024 to around 70,000 cases, according to officials of the central bank. Of the total number of consumer complaints, 13 percent were categorized as unauthorized transactions, Charina B. De Vera-Yap,...
Expectations are growing among foreign banks for the Bangko Sentral ng Pilipinas (BSP) to reduce key interest rates consecutively when its Monetary Board (MB) decides on the policy stance in June and August, with global investment banking giant Goldman Sachs joining the chorus. "We continue to...
Net inflows of brick-and-mortar foreign direct investment (FDI) into the Philippines fell to $498 million in March, the lowest in three months, as heightened political instability and lingering United States (US) tariff-led uncertainty eroded investor confidence. Net FDI inflows amounted to $498...
Even with the safety net of deposit insurance, both small and large depositors tend to pull out their funds when a nearby bank shuts down, suggesting that fear of losing access to cash outweighs the assurance of protection, according to a study co-authored by top Bangko Sentral ng Pilipinas (BSP)...
Singapore 's DBS Bank Ltd. expects the Bangko Sentral ng Pilipinas (BSP) to end its easing cycle in the third quarter of this year—a year after it began loosening monetary policy in August last year. "The Philippine central bank, the BSP, is on course with its rate cuts. Another 50-basis...
The Philippine banking system’s gross non-performing loan (NPL) ratio climbed by nine basis points (bps) to 3.39 percent in April, reversing the improvement seen in March, as loan growth slowed and more borrowers fell behind on payments, according to the central bank. The latest data from the...
The Philippines’ external financial standing strengthened in May this year, as the country 's gross international reserves (GIR) posted a notable increase, bolstering its capacity to withstand external economic pressures. The Bangko Sentral ng Pilipinas (BSP) reported that the country’s...
