BSP

Benjamin Diokno

MANILA — Philippine monetary officials have already made up their mind to further cut Bangko Sentral ng Pilipinas’ (BSP) key policy rates.However BSP Governor Benjamin Diokno said they are still waiting for the right time to go ahead with it. This will be BSP’s policy making Monetary Board (MB) fifth rate-setting meet for the year on August 8. This coming July 30 to 31, 2019, the Federal Open Market Committee

digital financial services

Adoption of digital financial services is increasing rapidly as mobile and internet penetrate all corners of the nation. For most unbanked and underserved, the transition to digital is gaining a boost from the traditional and most fundamental retail presence on the ground–through sari-sari shops driven by PayMaya’s Smart Padala. Kenneth Palacios, Director and Head of Wallets Business at PayMaya, For financial inclusion attempts to bear fruit, they should be able

stock market

The local stock barometer is seen aggressive to stay above the 8,000 level and revisit recent highs. Last week, the main-share Philippine Stock Exchange index (PSEi) trodden up by 65.27 points, or 0.82 percent, to close on Friday at 8,055.47. Local stock brokerage Papa Securities stated resistance remained at the recent high of 8,139 but it’s “highly likely for this to be breached in the coming days,” citing clarity in

PSEi

MANILA, Philippines — The stock market continued its upward momentum to close the week on a high note despite the Bangko Sentral ng Pilipinas (BSP)’s decision to adopt a prudent pause by keeping interest rates steady. Philippine Stock Exchange index concluded in the green for a fourth consecutive session yesterday, adding 33.05 points, or 0.41 percent, at 8,055.47. The broader All Shares index likewise finished in positive territory as it

Bitcoin

MANILA, Philippines — The Bangko Sentral ng Pilipinas continues to address the risks behind the increasing use of virtual or cryptocurrencies in the country. According to BSP Governor Benjamin Diokno, he is not fully swayed about the use of cryptocurrencies in the country since this could be used for terrorism financing. “I think that is my view. So, we will go easy on that,” Diokno stated. Cryptocurrency is a type

Philippine Statistics Authority

MANILA, Philippines —Rise in consumer prices gained pace in May, snapping a six-month slowdown, as prices of food, housing, utilities and fuels accelerated, the Philippine Statistics Authority (PSA) reported last Wednesday. Looking at PSA’s latest data, headline inflation – the rate of change in the average prices of goods and services typically purchased by consumers – rose at a faster pace of 3.2 percent in May from three percent in

Bangko Sentral ng Pilipinas

Bangko Sentral ng Pilipinas (BSP) stated the four-month surplus was due to the steady remittances and speculative hot money inflows in the first three months of 2019. Balance of payments (BOP) of the country had remained in surplus as of end-April at $4.265 billion, an improvement from what was reported in 2018 of a $1.497-billion shortfalls. According to the BSP, “The surplus may be attributed partly to remittance inflows from

Bangko Sentral ng Pilipinas

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

Bangko Sentral ng Pilipinas

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

construction

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