The National Economic and Development Authority (NEDA) and local economists expect the economy to post a deep contraction in the second quarter this year due to the COVID-19 pandemic.
Read More »Banking & Finance
DOF rejects call for debt payment moratorium
Finance Secretary Carlos Dominguez III rejected a call for government to consider a moratorium on its debt payment to raise more funds to fight the COVID-19 pandemic, calling it ‘narrow-sighted’.
Read More »‘Rolling restart’ of economy possible – IATF
Government is considering a “rolling restart” and “rolling reopening” schemes for the gradual lifting of the Luzon-wide enhanced community quarantine after April 30 to help jumpstart the economy while the coronavirus disease 2019 (COVID-19) pandemic is being contained, according to a member of the Inter-Agency Task Force (IATF) on Emerging Infectious Diseases.
Read More »BSP rediscount rates effective April 17 2020
In its meeting last April 16, 2020, the Monetary Board (MB) decided among others to reduce policy rates by 50 basis points to 2.75% and interest rate on overnight lending facility to 3.25%.
Read More »Peso recovers, PSEi down on weaker Q2 GDP
The Philippine peso recovered against the US dollar Thursday but the Philippine Stock Exchange index (PSEi) weakened after a lower-than-expected growth of the domestic economy in the second quarter this year.
Read More »NEDA sees 6 to 6.5% GDP growth in 2019
Socioeconomic Planning Secretary Ernesto Pernia on Thursday called for the fast-tracking of infrastructure projects and passage of investment-oriented laws after the economy expanded at a slower pace of 5.5 percent in the second quarter.
Read More »BSP Governor Benjamin Diokno to co-chair the FSB Regional Consultative Group for Asia
BSP Governor Benjamin E. Diokno has been named as the incoming co-chair of the Regional Consultative Group for Asia of the Financial Stability Board (FSB-RCGA). The FSB is an international institution that recommends risk and prudential standards for the financial markets.
Read More »Bank lending continues to grow in April – BSP
Preliminary data show that outstanding loans of universal and commercial banks, net of reverse repurchase (RRP) placements with central bank, grew at a slightly slower rate of 12.7 percent in April from 12.9 percent (revised) in March, the Bangko Sentral ng Pilipinas (BSP) disclosed in a statement over the weekend.
Read More »BSP hails tax exemption for small-scale miners
Bangko Sentral ng Pilipinas (BSP) officials applauded the amendment of the National Internal Revenue Code that exempted small-scale miners from paying income and excise tax for the gold that they sell to the central bank.
Read More »CHECK YOUR BANKNOTE: Public Advisory on Counterfeit Detection
The Bangko Sentral ng Pilipinas (BSP) advises the public to carefully check their Philippine banknotes for identifiable security features to ascertain their genuineness. On 13 February 2018, the Navotas City Police arrested two counterfeiters who tried to pay a fish vendor using a counterfeit Php 1,000 banknote at the San Roque Public Market. The fish vendor, who doubted the authenticity …
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