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
Driven by the strong performance of its residential, leasing, and hotel businesses, Megaworld Corp. cultivated its attributable profit by 16% in the first quarter of 2019. The property arm of tycoon Andrew L. Tan in a statement issued Wednesday, cited net income attributable to the parent rose to P3.8 billion, versus P3.3 billion in the same period last year. Consolidated revenues were also up 15% to P14.9 billion. Of this,
Malacañang uttered confidence the Philippine economy will still reach the government target of 6 to 7 percent growth by the end of 2019 as seen that the budget impasse has been resolved. Philippine economy cultivated at its slowest pace in 4 years, missing forecasts, pulled by a delay in the enactment of the P3.7-trillion national budget, officials stated Thursday. Salvador Panelo stated President Rodrigo Duterte and the other members of
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
The third straight month in April due to an increase in generation charge, which accounts for more than half of a household’s bill. Manila Electric Co. (Meralco) broadcasted in a press release on Monday that the overall electricity rate will increase by P0.0633 per kilowatt hour (/kWh) to P10.5594/kWh from P10.4961/kWh in March. “From P5.5973/kWh last month, generation charge for April slightly went up to P5.6322/kWh, an increase of P0.0349/kWh,”
The Philippine government were unsuccessful to dispose of its 20-percent share in the Manuel V. Pangilinan-led Tollways Management Corp. (TMC), the first privatization venture for the year. Chief Privatization Officer Gerard Chan said in an email that “no bidder showed up” during last Friday’s deadline for submission of bids. As such, Chan sated the Privatization and Management Office (PMO) declared a failure of bidding. When asked if the PMO will
Estonian firms are attentive to participate in the government’s implementation of the national ID system, the Department of Finance (DOF) stated Thursday. “We are aware that the Philippines is about to implement the digital ID and provide their citizens with this. It is indeed a good time to come here and demonstrate what you could possibly be able to implement provided the digital ID is properly secured in place,” Estonia’s
A conglomerate of Manila Electric Co. (Meralco) and Japanese partners have signed a joint venture agreement with the Bases Conversion Development Authority (BCDA) for the development of the electricity distribution system for the New Clark City in Pampanga. In a regulatory filing, Meralco stated that under the agreement, the so-named Meralco-Marubeni consortium will form a special purpose company that will hold a 90-percent equity in the joint-venture firm with BCDA.