The Bangko Sentral ng Pilipinas (BSP) has lowered the rates on its Peso Rediscounting Facility effective Wednesday, May 8, for all tenors. Rediscounting is a standing credit facility provided by the BSP to qualified banks with active rediscounting lines help banks meet temporary liquidity needs by...
Philippines’ stock of US dollars dropped by $630 million to $103.437 billion as of end-April compared to end-March’s $104.067 billion after the government withdrew foreign currency from the Bangko Sentral ng Pilipinas (BSP) to pay for maturing loans and to fund expenditures. Despite the...
The Bankers Association of the Philippines (BAP) is waiting for the Philippine Stock Exchange to name a price if it wants to buy the stake of banks in the Philippine Dealing System Corporation (PDS), which owns the fixed income bourse Philippine Dealing & Exchange Corporation. BAP...
The Bankers Association of the Philippines welcomed the appointment of Rep. Ralph Recto as Secretary of the Department of Finance while thanking former Finance chief Benjamin Diokno for his years of government service. In a statement, BAP said “Secretary Recto is equipped with the necessary...
Metropolitan Bank & Trust Co. (Metrobank) reported that its net income grew by 46 percent to P16.1 billion in the first nine months of 2021. In a statement, Metrobank said that earnings surged 131 percent to P4.4 billion in the third quarter of 2021, with proactive NPL management resulting in...
The Bangko Sentral ng Pilipinas (BSP) advises the public that the 20-Piso New Generation Currency (NGC) banknotes remain as legal tender and can be used alongside the 20-Piso NGC coins for day-to-day transactions. Screen Shot 2021-09-27 at 9.52.28 PM BSP Gov. Benjamin Diokno also tweeted "The...
Philippine banks are planning to implement digital money management tools in the next 12 months as new direction by the Filipino retail banking sector to help consumers manage their crippling debt. Backbase A Backbase commissioned study conducted by Forrester Consulting, showed that 60 percent of...
Foreign and local business groups in the country have urged the passage of 17 priority bills by the 18th Congress during its third and final session year that will commence on July 26. The letter sent to President Rodrigo Duterte was signed by 15 business groups, including eight Philippine...
The Bangko Sentral ng Pilipinas (BSP) issued a clarification Monday that there will be no grace period for loan payments during the seven-day enhanced community quarantine (ECQ) status while on Holy Week break. The BSP told banks who made the inquiry that the 30-day grace period under the Bayanihan...
Consumer advocacy group Laban Konsyumer Inc. (LKI) said the higher fees in the use of ATM (automated teller machines) will benefit big banks and marginalize the small ones. Photo by Eduardo Soares on Unsplash In a statement, LKI President Victorio Mario Dimagiba questioned and raised concerns on...
The Bangko Sentral ng Pilipinas (BSP) has issued an advisory warning banks and non-banks to be alert and detect clients or customers that are engaged in illegal online gambling and to report these activities to the proper government agencies including the central bank. BSP memo (Circular Letter No....
The Philippine Stock Exchange Index (PSEi) moved up as investors started buying again on improving sentiment. PSE file photo The main index gained 44.29 points or 0.65 percent to close at 6,903.75 with only the Industrial and Services counters declining. Volume was a little higher at 36.2 billion...
