For the first time since late 2006, big banks’ outstanding loans declined by 0.7 percent year-on-year in December 2020 during the initial year of the COVID-19 pandemic which pulled the economy into a recession. Total bank lending net of banks’ reverse repurchase (RRP) placements with the Bangko...
The central bank’s term deposit facility (TDF) auction was still oversubscribed but results were mixed while yields continue to decline. “There was a slight undersubscription in the 7-day TDF, receiving bids 0.88x the offer volume. Meanwhile, the 14-day TDF was oversubscribed with bids 1.16x...
The Philippines’ balance of payments (BOP) surplus surged to an all-time high of $16.02 billion in 2020 on the back of higher reserves due to more net foreign borrowings by the National Government (NG) last year, and weak import demand because of the COVID-19 pandemic which constrained economic...
The country’s external debt service burden fell to $6.09 billion as of end-October 2020 or 16.6 percent lower from same time in 2019 of $7.30 billion, data from the Bangko Sentral ng Pilipinas (BSP) show. Principal payments dropped 9.95 percent to $4.15 billion from $4.61 billion while interest...
The Bangko Sentral ng Pilipinas (BSP) said the domestic claims of other financial corporations (OFCs) went up by 4.7 percent to P6.5 trillion in the third quarter 2020 from same period in 2019 of P6.2 trillion. The BSP noted that this increase “is mainly attributed to the rise in the claims on...
The Bangko Sentral ng Pilipinas’ (BSP) auction of 28-day BSP bills last Friday fetched a lower yield and attracted 1.51x more of the offered P100 billion volume. BSP Deputy Governor Francisco G. Dakila Jr. said the offering for the BSP bills was fully subscribed. “Amid strong market interest,...
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the BSP, as an inflation-targeting central bank, is changing the way it projects macroeconomic outlook based on the International Monetary Fund’s (IMF) forecasting and policy analysis systems (FPAS) to improve the Philippines’...
The Bangko Sentral ng Pilipinas (BSP) said Friday the Monetary Board has approved a total of $17.7 billion public sector foreign borrowings in 2020 mostly for COVID-19 response, up 82.5 percent from 2019’s $9.7 billion. In the fourth quarter of 2020 alone, the BSP approved $4.2 billion public...
The Bangko Sentral ng Pilipinas (BSP) is projecting a 3.7 percent inflation for the month of January, up from December’s 3.5 percent, according to BSP Governor Benjamin E. Diokno. Citing the Department of Economic Research of the BSP, Diokno said the inflation forecast range is a low of 3.3...
The global virus outbreak impacted on the country’s foreign portfolio investment or hot money which was a net outflow of $4.24 billion in 2020, unsurprisingly bigger than the net outflows in 2019 of $1.9 billion, as investors prefer to be liquid during the pandemic. The Bangko Sentral ng...
Under new economy To improve the monitoring of COVID-19 impact on the macroeconomy, the Bangko Sentral ng Pilipinas (BSP) is tracking other useful information such as mobility data and texts analytics from newspaper articles to supplement and complement traditional statistics to measure...
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said Thursday that the BSP could extend the imposition of a two percent ceiling on credit card interest rates for longer than six months to help Filipinos better manage their credit card debts. “That can be extended beyond the original...
