The peso's recent relative strength against the US dollar would unlikely last for long amid external and domestic threats, according to Singapore-based United Overseas Bank (UOB). While the local currency had traded flat against the US dollar year-to-date as of the first week of this month, "the...
Foreign direct investments (FDIs) in the Philippines fell short of the $9 billion target as net inflows remained largely unchanged in 2024, with December net inflows dropping to its lowest level in 11 years, according to the central bank. Bangko Sentral ng Pilipinas (BSP) data showed that net FDIs...
Filipinos receiving and sending money from overseas lost an estimated total of ₱8.37 billion in 2023 to "hidden" fees charged by banks and money remittance centers on foreign currencies, according to findings from transparency research commissioned by global fintech firm Wise. Kristo Käärmann,...
The Bangko Sentral ng Pilipinas (BSP) announced the country's Gross International Reserves (GIR) reached $106.7 billion at end-February 2025, driven by foreign investments and gold valuations. The Philippines’ gross international reserves (GIR) increased to $106.7 billion, or about ₱6.1...
Following a string of interest rate cuts last year, bank lending accelerated further in January 2025, posting its fastest growth in over two years, according to the Bangko Sentral ng Pilipinas (BSP). The latest central bank data showed that lending by big banks expanded by 12.8 percent year-on-year...
Private sector economists believe the Bangko Sentral ng Pilipinas (BSP) has room to cut interest rates after February's inflation fell to a five-month low of 2.1 percent. While some urge caution due to global uncertainties, others expects rate cuts as early as June, with the BSP's next meeting on...
With the Philippine central bank holding off on slashing key interest rates amid global economic uncertainties, the World Bank expects its recent move to lower banks’ reserve requirements to stimulate lending activity. According to the multilateral lender’s latest report on the...
The anticipated further reduction in interest rates will support this year's robust Philippine economic expansion, according to the think tank Capital Economics. "We expect growth to remain relatively strong in 2025, helped by policy loosening from the central bank," Capital Economics senior...
Foreign banks that previously withdrew from the Philippines may soon return following the country’s official removal from the Financial Action Task Force’s (FATF) ‘grey list,’ signaling improved financial compliance and reduced regulatory risks. On Friday, Feb. 21 (Paris time), the FATF, a...
The Bangko Sentral ng Pilipinas (BSP) has reminded all banks to accept unfit or mutilated Philippine banknotes and coins from the public to maintain the integrity of the national currency. In a statement, the BSP urged banks to exchange damaged currency for fit or clean banknotes and coins free of...
The Bangko Sentral ng Pilipinas (BSP) announced on Friday, Feb. 21 that it will reduce the reserve requirement ratios (RRRs) for big banks by 200 basis points (bps). This reduction will lower the RRRs for universal and commercial banks, as well as non-bank financial institutions with...
Following the central bank’s decision to keep key interest rates on hold, the peso strengthened further on Friday, Feb. 14, breaking into the 57 level against the US dollar. According to data from the Bankers Association of the Philippines, the peso appreciated by 0.23 centavos from...
