NEW YORK — The best week for U.S. stocks since November closed out with more gains thanks to Alphabet and Microsoft on Friday. The S&P 500 rallied 1% to finish its first winning week in the last four. The Dow Jones Industrial Average rose 153 points, or 0.4%, and the Nasdaq...
WASHINGTON — Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York. The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 billion in assets...
Senator Jinggoy Ejercito Estrada has filed a bill that seeks to require employers nationwide to provide a free financial literacy program for all its employees. Estrada said Senate Bill No. 2630 or the proposed “Personal Finance Education in the Workplace Act” mandates employers to help...
DAVAO CITY – The Bangko Sentral ng Pilipinas-Mindanao, in collaboration with the Philippine Information Agency-11, convened media practitioners in an information session to enhance industry awareness on financial consumer protection on March 21. THE Bangko Sentral ng Pilipinas-Mindanao conducted...
The Philippines’ current account deficit shrank by 38.6 percent to $11.2 billion last year (equivalent to -2.6 percent of the country’s gross domestic product) from P$18.3 billion in 2022 (equivalent to -4.5 percent of the country’s GDP) The Bangko Sentral ng Pilipinas said “The lower...
The Philippines’ total external debt (EDT) rose by $14.1 billion or by 12.7 percent to $125.4 billion in 2023 from the end-2022 level of $111.3 billion, driven by net availments of $9.2 billion, bulk of which were net borrowings by the national government. The Bangko Sentral ng...
Remittances up 2.7% to $3.15 B in January Personal remittances from Overseas Filipinos (OFs) went up 2.7 percent to $3.15 billion in the first month of 2024 from the $3.07 billion registered in the same month last year. The Bangko Sentral ng Pilipinas said the increase in personal remittances in...
The country’s balance of payments (BOP) is seen to register a slight surplus this year, but will reverse into a deficit in 2025, based on the latest projections approved by the Monetary Board that incorporate most recent data and developments. “The emerging external outlook for 2024 and 2025 is...
The Bangko Sentral ng Pilipinas (BSP) has again ordered banks and other BSP-supervised financial institutions (BSFIs) to place the Philippine identification card (PhilID) at the top of the list of acceptable valid IDs as it is the official government-issued ID. In a statement, the BSP said all...
The Financial Stability Coordination Council (FSCC) sees substantial refinancing of maturing corporate bonds and loans this year as it weighs the impact of 'fresh uncertainties' overseas on the domestic economy. FSCC is an inter-agency council where the principals from the Bangko Sentral ng...
Despite a strong 29.9 percent increase in foreign direct investment (FDI) in December 2023, the country’s full-year 2023 FDI net inflows reached only $8.9 billion, a 6.6 percent decline, from the $9.5 billion net inflows recorded in 2022, data from the Bangko Sentral ng Pilipinas (BSP)...
Finance Secretary Ralph G. Recto said that the central bank’s Monetary Board (MB) will hold its policy meeting on Wednesday, Feb. 14, instead of the originally scheduled Thursday, Feb. 15. Recto, who represents the government on the MB, explained that the seven-member body decided to advance the...
