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Philippines: ADB cautions members on debt sustainability

MANILA, Philippines — The head of the Asian Development Bank (ADB) urged its developing member countries to consider carefully their ability to sustain debt payments before committing to projects that fit into China’s Belt and Road Initiative in order to avoid being stuck in a debt trap. “If countries borrow too much for certain infrastructure […]

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Philippines: Customs exceeds April collection target

MANILA, Philippines — The Bureau of Customs (BOC) surpassed its monthly revenue target for the third consecutive month, raking in P47.39 billion in collections in April. Based on preliminary data from the BOC Financial Service, the latest collection figure was two percent higher than the revenue goal of P46.46 billion for the month. It was […]

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Philippines – DOF: Inflation likely rose to 4.5% in April

MANILA, Philippines — Inflation may have accelerated further to 4.5 percent in April due to higher prices of food, non-alcoholic beverages and “sin” products, the Department of Finance (DOF) said yesterday. In its latest economic bulletin, the DOF said inflation likely accelerated to 4.5 percent in April, higher than the 4.3 percent recorded in March […]

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Philippines: BSP turns hawkish, hints of rate hike

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has turned hawkish, saying it is ready to take decisive action as the inflationary impact of supply-side shocks have somewhat spread. BSP Governor Nestor Espenilla Jr. said on the side events of the 51st Annual Meeting of the Asian Development Bank (ADB) that the central bank […]

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Philippines: Banks swarm term deposit auction, rates rise

MANILA, Philippines — Term deposit rates rose across the board yesterday as banks swarmed the term deposit auction facility of the Bangko Sentral ng Pilipinas (BSP) amid the rising expectation of a rate hike next week. The seven-day term deposits fetched a higher rate 3.4434 percent from 3.3967 percent last week, while the yield of […]

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