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Filipino Finance News

  • There is enough funds for NG needs, says Security Bank
    by Lee C. Chipongian on November 26, 2020 at 10:51 am

    The cash-rich banking system has the available funding for National Government requirements such as continued anti-pandemic response, according to a bank official. Security Bank Corp. executive vice president and treasurer, Raul Martin Pedro, said the financial system is also deep enough to soak up government borrowings, both from domestic and ...

  • BOP surplus at $10 B end-October
    by Lee C. Chipongian on November 26, 2020 at 9:08 am

    The Philippines has a balance of payments (BOP) surplus of $10.31 billion for the first 10 months, after a big $3.44 billion surplus in October, the Bangko Sentral ng Pilipinas (BSP) reported Thursday. The end-October BOP surplus was higher compared to same time last year of $5.73 billion. It was ...

  • P/$ rate closes at P48.115/$1
    by MB Business on November 26, 2020 at 9:00 am

    The peso closed  higher at  P48.115  to the US dollar  Thursday   from  P48.13  the previous day. The weighted  average rate appreciated  to  P48.102   from P48.11. Total volume amounted to $575.71 million, according to the Bankers Association of the Philippines.

  • BSP approves digital bank rules
    by Lee C. Chipongian on November 26, 2020 at 8:32 am

    The Bangko Sentral ng Pilipinas (BSP) has approved the framework for digital banking in the country, creating a seventh bank category. “Digital banks will play an important role in the digital financial ecosystem,” said BSP Governor Benjamin E. Diokno in a statement Thursday. These banks, he added, will improve market ...

  • $439-M net hot money inflows posted in October
    by Lee C. Chipongian on November 26, 2020 at 8:15 am

    For the first time during the pandemic, the Bangko Sentral ng Pilipinas (BSP) reported $439.46 million of foreign portfolio investments or hot money net inflows in October, reversing the $493.65 million net outflows in September and all other months of fund withdrawals since March this year when the country was ...

  • DOF sees Senate passing CREATE bill in December
    by Chino S. Leyco on November 26, 2020 at 8:00 am

    The Department of Finance (DOF) sees the light at the end of the tunnel as the Senate is seen to pass the corporate recovery and tax incentives for enterprises (CREATE) bill before the Congress takes its traditional Christmas break in December. In a statement, Finance Secretary Carlos G. Dominguez III ...

  • BDO completes buyout of Nomura from JV
    by James A. Loyola on November 26, 2020 at 7:28 am

    BDO Unibank, Inc. (BDO) has completed the buyout of its partner Nomura Holdings, Inc.’s (Nomura) ownership in BDO Nomura Securities, Inc, (BDO Nomura) following an earlier announcement terminating their joint venture (JV) arrangement. In a disclosure to the Philippine Stock Exchange, BDO said its wholly-owned subsidiary BDO Capital & Investment ...

  • TDF still oversubscribed; yields fell
    by Lee C. Chipongian on November 25, 2020 at 9:00 am

    The central bank’s auction of term deposit facility (TDF) remained oversubscribed while yields dropped after the Monetary Board’s 25 basis points (bps) policy rate cut last week. Data from the Bangko Sentral ng Pilipinas (BSP) showed P602.03 billion tenders were submitted versus offer of P460 billion for the TDF. Both ...

  • P/$ rate closes at P48.13/$1
    by MB Business on November 25, 2020 at 8:00 am

    The peso closed  higher at  P48.13  to the US dollar Wednesday   from  P48.145  the previous day. The weighted  average rate appreciated  to  P48.11   from P48.177. Total volume amounted to $565.27  million, according to the Bankers Association of the Philippines.

  • P/$ rate closes at P48.145/$1
    by MB Business on November 24, 2020 at 9:00 am

    The peso closed  higher at  P48.145  to the US dollar Tuesday  from  P48.205  the previous day. The weighted  average rate appreciated  to  P48.177  from P48.192. Total volume amounted to $747.75 million, according to the Bankers Association of the Philippines.

  • DOF identifies sources of COVID-19 vaccine fund
    by Chino S. Leyco on November 24, 2020 at 6:05 am

    The Department of Finance (DOF) has identified three sources of funds for the procurement of the coronavirus vaccines that will be given to priority sectors. In a report to President Duterte, Finance Secretary Carlos G. Dominguez III said the government would source the P73.2 billion COVID-19 vaccine fund from development ...

  • After the Fed, Yellen would be a historic first at Treasury
    by Agence France-Presse on November 24, 2020 at 4:54 am

    WASHINGTON, Nov  23, 2020 (AFP) – In selecting former Federal Reserve chair Janet Yellen to be the first female treasury secretary, president-elect Joe Biden chose a progressive macroeconomist focused on unemployment who supports fiscal stimulus and tackling climate change. The 74-year-old made history when she became the first female head ...

  • Monetary policy should guard vs itself
    by Lee C. Chipongian on November 23, 2020 at 9:00 pm

    The Bangko Sentral ng Pilipinas (BSP) has done enough and should be more careful in dispensing monetary stimulus or risk financial instability, according to an ex-central bank official.  “Monetary policy should guard against itself,” said former BSP Deputy Governor Diwa C. Guinigundo, adding that the BSP could take less risks ...

  • P20-B T-bills sold, 91-day at 0.986%
    by Chino S. Leyco on November 23, 2020 at 9:04 am

    The national government successfully raised P20 billion through the sale of short-term IOUs (treasury bills) after rates further declined across the board. Interest rate on three-month papers averaged at 0.986 percent, down from 1.019 percent last week, while yield on six-month notes fell from 1.443 percent to 1.385 percent. Meanwhile, ...

  • Manila, Seoul renew economic commitment
    by Chino S. Leyco on November 23, 2020 at 7:32 am

    The Philippines is planning to tap South Korea for additional funding support for coronavirus response as well as development financing and push for the advancement of the two nation’s free trade negotiations, the Department of Finance (DOF) said. Following a recent lunch meeting between Finance Secretary Carlos G. Dominguez III ...

  • PH digital payment shift faces headwinds—NTRC
    by Chino S. Leyco on November 22, 2020 at 11:00 pm

              The government’s plan to maximize the use of digital payment solutions for tax collections would face headwinds due to several issues hounding the Philippines, the state-run think tank National Tax Research Center (NTRC) said.          Based on a NTRC journal “The Role of Payment Systems in Philippine Tax Administration,” ...

  • BSP prepares for normalization
    by Lee C. Chipongian on November 22, 2020 at 10:30 pm

    Focuses on non-inflationary growth Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno is ensuring a smooth normalization process as the Philippine shifts to the pandemic-induced “New Economy”, balancing money and credit growth, fiscal stimulus, low interest rates in a non-inflationary package.               “The health crisis has required central banks ...

  • BSP to issue digital banking rules this month
    by Lee C. Chipongian on November 22, 2020 at 9:30 pm

    The guidelines and regulation for a digital banking sector in the Philippines will be ready this month, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.             “I think it will be issued not later than the end of the month. And then we will soon get the ...

  • Premier living for every Filipino: Ovialand Inc. expands to Laguna and Quezon provinces
    on November 4, 2020 at 9:07 am

    Driven by its mission of delivering  a “Premier Living Experience,” OLI expanded its residential business in Laguna with Sannera. It will soon add Caliya in Quezon province to its roster of premier communities.

  • Metrobank Online: Maximize your emergency fund through online time deposit
    by May Dedicatoria on September 17, 2020 at 4:00 pm

    With a minimum amount of P10,000, clients enrolled in Metrobank Online can open a time deposit without going to the branch and earn a higher gross interest rate per annum of up to 1.625%, much higher than the earning from a regular savings account.

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