Business NEWS

The Bangko Sentral ng Pilipinas (BSP) is projecting that the inflation rate for the first three quarters of 2021 will stay above four percent before easing back to within the 2-4 percent target in the last three months of the year.

The central bank’s auction of its single tenor 28-day Bangko Sentral ng Pilipinas (BSP) securities fetched a higher weighted average rate of 1.7303 percent last Friday, and fully awarding the P90 billion offer.

The Bangko Sentral ng Pilipinas (BSP) is projecting inflation to rise to 4.7 percent in February versus 4.2 percent in January.

The Bangko Sentral ng Pilipinas (BSP) registered $97.92-million of net foreign portfolio investments inflows in January, reversing December 2020’s $523.86 million net outflows.

The reorganization of the Bangko Sentral ng Pilipinas’ (BSP) currency and digital money sector will ensure the two payments system will continue to smoothly co-exist until the country is a completely cashless society, according to BSP officials.

The peso closed  higher  at P48.605  to the US dollar  Wednesday, ( Feb. 24),  from  P48.64 the previous day. The weighted  average rate  appreciated   to  P48.637   from P48.701.  Total volume amounted  to  $1.187.3 billion, according to the Bankers Association of the Philippines.

The peso closed  higher  at P48.64  to the US dollar on Tuesday, (Feb. 23)  from  P48.70 the previous day.

Philippine banks are expected to report a bad loans ratio of six percent this year while a return to profits pre-health crisis could come as late as 2023, according to credit watcher S&P Global Ratings.

Trade and Industry Secretary Ramon M. Lopez   on  Monday,  (Feb. 22)  urged the Bangko Sentral ng Pilipinas (BSP) to craft rules to encourage banks to lend more for auto loans stressing that banks have huge liquidity that they can use to help businesses recover.

The Bangko Sentral ng Pilipinas (BSP) has started its comprehensive review and assessment of when to reduce or scale back the size of liquidity and COVID-19 relief measures to avoid financial distress post-pandemic.

There was strong demand for the auction of 28-day Bangko Sentral ng Pilipinas (BSP) securities last Friday as bids were 1.72x oversubscribed, according to BSP Deputy Governor Francisco G. Dakila Jr.

The enactment of the Financial Institutions Strategic Transfer (FIST) law, which is expected to free up over P1 trillion worth of banks’ soured loans and non-performing assets and assist 600,000 micro, small and medium enterprises (MSMEs), will ensure the stability of the local financial system amid the global economic downturn, the Department of Finance (DOF) said.

The Securities and Exchange Commission (SEC) is seeking public comments for the draft Implementing Rules and Regulations (IRR) of Republic Act No. 11523 or the Financial Institutions Strategic Transfer (FIST) Act, a critical economic measure in the Philippines’ economic recovery.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said there is no “trade-off” in maintaining an accommodative policy stance where there is low interest rate and increased money supply in the financial system.

The government’s continued movement restrictions will deter the country’s economic recovery this year, one of three major international credit rating agencies said on Thursday, Feb. 18.

The Bangko Sentral ng Pilipinas (BSP) will conduct data-gathering “baselining exercise” in aid of rules being drafted for banks and non-banks’ Data Governance and Ethical Use of Data, said BSP Governor Benjamin E. Diokno.

The Bangko Sentral ng Pilipinas (BSP) said it is preparing to issue the proposed policy on banks and non-banks’ ethical use of data and to release the intended circular for comments and recommendations soon.

The national government has successfully borrowed P24 billion in the domestic market Monday, Feb. 15 after interest rates declined across the board.