Banking & Finance

The Bangko Sentral ng Pilipinas (BSP) reminds all banks to accept unfit or mutilated Philippine banknotes and coins from the public. Unfit currency should be exchanged—free of charge—for fit or clean banknotes and coins. Under BSP Circular No. 829, series of 2014, and the Manual of Regulations for Banks (MORB), banks are required to facilitate the processing and submission of …

The Department of Finance (DOF) is pushing for amendments to the Development Bank of the Philippines (DBP) charter to enhance its financial stability and reinforce its developmental mandate, Finance Secretary Ralph Recto said. “The DBP has a very clear mandate: to drive economic growth by supporting the medium and long-term needs of agricultural and industrial enterprises. Hence, the reforms in …

The Bangko Sentral ng Pilipinas (BSP) decided to keep policy rates unchanged on Thursday, maintaining its cautious stance amid global economic uncertainties. This follows three consecutive rate cuts last year. Speaking at a briefing in Manila, BSP Governor Eli Remolona Jr. announced that the Monetary Board opted to retain the central bank’s target reverse repurchase rate at 5.75 percent. The …

The share of non-performing loans (NPLs) in Philippine banks’ total loan portfolio fell to 3.27 percent in December 2024, marking its lowest level in a year, according to the latest data from the Bangko Sentral ng Pilipinas (BSP). This was the lowest NPL ratio recorded since December 2023, when it stood at 3.24 percent. It also reflected an improvement from …

The Bangko Sentral ng Pilipinas (BSP), in partnership with the Bank for International Settlements (BIS), co-hosted a workshop on macroeconomic modelling on 16 to 17 January 2025, in Panglao, Bohol. The event gathered central bankers from 14 countries and experts to discuss emerging approaches and challenges in macroeconomic modelling. The workshop served as a platform for knowledge-sharing and collaboration, reinforcing …

The Bank of the Philippine Islands (BPI), through its social development arm, the BPI Foundation (BPIF), has teamed up with Mapúa Malayan Colleges Mindanao (MMCM) to launch a financial literacy initiative aimed at equipping students and local communities with essential financial skills. The project is part of BPIF’s flagship financial education program, “FinEd Unboxed,” and includes a financial management application …

Headline inflation in January 2025 remained unchanged at 2.9 percent year-on-year, matching the rate recorded in the previous month. This figure aligns with the Bangko Sentral ng Pilipinas’ (BSP) forecast and stays within the government’s target range of 2-4 percent for the year. On a month-on-month seasonally adjusted basis, inflation showed a slight decline of 0.1 percent in January, compared …

The steady inflation rate will allow the Bangko Sentral ng Pilipinas (BSP) to further reduce interest rates to boost consumer spending and economic growth, Finance Secretary Ralph Recto said. The Philippine Statistics Authority reported last week that the country’s headline inflation remained at 2.9 percent. Core inflation, which excludes selected volatile food and energy items, also eased to 2.6 percent …

Land Bank of the Philippines (LandBank) has launched its first “phygital” branch in Metro Manila, combining physical and digital banking services to enhance customer experience. In a statement on Friday, LandBank announced that the Makati Business Center – Ayala Avenue Phygital Branch opened on January 30 at Robinsons Summit Center in Makati City. This modernized branch integrates digital innovations with …

Most banks upheld their existing credit standards in the fourth quarter of 2024, according to the Bangko Sentral ng Pilipinas (BSP). Findings from the Senior Bank Loan Officers’ Survey (SLOS), released on Friday, revealed that the majority of surveyed banks kept their lending policies unchanged for both business and consumer loans, based on the modal approach. However, using the diffusion …