PearlPay signed a pilot program agreement with BHF Rural Bank, Inc. (BHF). The BHF bank is based in Dagupan City and operating seven branches. The fintech startup and mobile wallet enabler aims begin the pilot test program for a new generation of cloud-based financial services set to be launched in the Philippines targeting rural banking sector. Said agreement signals the first time a Philippine rural bank will utilize cloud-based technologies
The country’s central bank stated on Thursday they have moved to issue further liquidity into the Philippine financial system amid an environment of declining inflation and lower economic growth in the first quarter of 2019. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno stated to the press that the amount of cash banks is required to immobilize in their vaults will be reduced by 200 basis points in three stages
The country comes closer to securing a single-A credit rating from Japanese Credit Rating (JCR) Agency, after the debt watcher raised its outlook on the country to BBB+ positive from BBB+ stable. A statement showed the government’s Investor Relations Office (IRO) noted JCR upgraded the outlook on the Philippines because of the “government’s twin efforts to accelerate infrastructure development and boost revenues through tax reform.” “JCR’s BBB+ rating with positive
Based on Bangko Sentral ng Pilipinas (BSP) data showed the weighted average accepted yield for the lone tenor was 4.7764 percent, lower than the previous auction’s 4.8943 percent. Bids amounted to P30.15 billion. The volume was lower than last week’s P20 billion offer which attracted P29.70 billion bids. Tenders exceeded the offer size of P10 billion. The putative yields for the 7-day on Wednesday was 4.7500 percent to 4.8000 percent.
The BSP lowered the volume of its term deposit facility (TDF) offering next week to P10 billion — the lowest in history, due to forthcoming holiday weekend next week. The P10 billion in term deposits to be offered on April 17 will only be under the seven-day tenor, a Bank Sentral ng Pilipinas advisory disclosed. “Offered tenors were adjusted in view of the regular public holidays on May 1 and
The country opened the year with a double-digit drop in investments thru foreign companies or individuals in January, pulled by the drop-in equity capital placements during the month. Conferring to data released by the Bangko Sentral ng Pilipinas (BSP), foreign direct investment (FDIs) clear-fell 38.2 percent to register an inflow of $609 million versus the $986 million inflow recorded the same month last year. “The decline in FDI net inflows
Malacañang sees as a positive improvement the latest Business Expectations Survey which showed business out-look in the country rising to 35.2 percentage in the first quarter of 2019.Presidential Spokesperson Salvador Panelo built the statement after the Bangko Sentral ng Pilipinas (BSP) said in its report Thursday that the said figure rose from 27.2 percent for the duration of the last quarter of 2018. In accordance with the BSP, this figure
Peso sank to a six-week low against the dollar following statements from Governor Benjamin E. Diokno of the Bangko Sentral ng Pilipinas (BSP) about reducing banks’ reserve requirement ratio (RRR) quarterly. The peso shut the session at P52.70 versus the dollar on Tuesday, slumping by 50 centavos from the P52.20 finish on Monday. Marking the peso’s worst in more than six weeks or since P52.86 per dollar last January 24.
Stock market recoiled on Friday joining a global rout generated by a renewed worry of a global economic slowdown. The Philippine Stock Exchange index (PSEi) benchmark fell 1.07 percent or 84.68 points closed at 7,797.11 while the broader All Shares weakened by 0.59 percent or 28.74 points to finish at 4,817.22. Matthew Cabangon, president of AAA Southeast Equities Inc. remarked that market players were sold on news that Chinese exports
BSP Governor Benjamin Diokno stated Friday to further “strengthen” the monetary authority’s ability to enact on cybersecurity threats. Hackers previously transferred $81 million from Bangladesh Bank’s account at the New York Federal Reserve to a branch of the Rizal Commercial Banking Corp in Makati City considered the largest cyber heist on record, central bank increased cyber protocols in 2016. “Knowing that IT security issues have systemic implications, the BSP, under