MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is finalizing the guidelines for virtual assets and the operations of virtual asset service providers to prevent the country from becoming a haven for the financial transactions of criminals and terrorists. In a draft circular, the BSP said it wants to ensure that the Philippines would […]
Read MoreMANILA, Philippines — The Philippines sees no need to borrow from the International Monetary Fund (IMF) to address potential liquidity gaps triggered by the coronavirus disease-2019 (COVID-19) outbreak, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday. “BSP sees no apparent and immediate need to avail of IMF’s short-term liquidity line (SLL),” BSP Governor Benjamin […]
Read MoreMANILA, Philippines — The peso may weaken to 52 to $1 this year as the country’s current account deficit balloons on falling remittances from overseas Filipino workers (OFWs) and tourism receipts amid the coronavirus disease 2019 or COVID-19 pandemic, according to Japan’s largest bank MUFG Bank Ltd. Leong Sook Mei, ASEAN head of global market […]
Read MoreMANILA, Philippines — The Philippine Exporters Confederation Inc. (Philexport) is supporting a proposal to immediately cut the corporate income tax (CIT) rate to 25 percent to help businesses weather the economic fallout of the coronavirus disease 2019 or COVID-19 pandemic. Philexport president Sergio Ortiz-Luis Jr. said the group supports the immediate reduction of the CIT […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has further extended the free interbank payments after Malacañang lengthened the enhanced community quarantine by another 15 days to prevent further spread of the deadly coronavirus disease. BSP Deputy Governor Maria Almasara Cyd Tuaño-Amador issued Memorandum 2020-041, further extending a temporary relief measure on real time […]
Read MoreMANILA, Philippines — The tourism and travel industries are among the “easy candidates” for the provision of guarantees and equity infusion by the government as part of its economic recovery plan, acting Socioeconomic Planning Secretary Karl Chua said. Interviewed on Bloomberg, Chua said these sectors were among the hardest-hit sections of the economy since the […]
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