MANILA, Philippines — The yields of term deposits eased across the board after the Bangko Sentral ng Pilipinas (BSP) decided to keep interest rates unchanged last week to assess the impact of earlier monetary actions. The seven-day tenor fetched 4.6240 percent, slightly lower than last week’s 4.6278 percent, while the yield of the 14-day term […]
Read MoreMANILA, Philippines — Businesses turned more optimistic for the second straight quarter in the second quarter, but Filipino consumers are wary of higher prices and expenses, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. Redentor Paolo Alegre, director of the central bank’s Department of Economic Statistics (DES), said results of the latest Business Expectation Survey […]
Read MoreMANILA, Philippines — Philippine banks have converted part of their loan exposure to Hanjin Heavy Industries & Construction Philippines Inc. (HHIC-Phil) into shares in the shipbuilder’s parent company in South Korea, according to Rizal Commercial and Banking Corp. (RCBC). In a press briefing, RCBC senior executive vice president John Thomas Deveras said concerned Philippine creditors […]
Read MoreMANILA, Philippines — The Department of Finance (DOF) has directed the Privatization Management Office (PMO) and Philippine Deposit Insurance Corp. (PDIC) to discuss with the Commission on Audit (COA) ways to relax auditing rules that have slowed down the disposal of idle public assets. According to the DOF, Finance Secretary Carlos Dominguez wants these agencies […]
Read MoreMANILA, Philippines — It only takes less than an hour for international travellers arriving in Manila to deplane, gather their luggage, clear customs and immigration, and walk to vehicles with chauffeurs — making the Philippine capital among the fastest airport terminals to exit in Asia, a new report released Wednesday found. Passengers would only need […]
Read MoreMANILA, Philippines — Several oil companies have asked the courts to stop the oil unbundling policy recently issued by the Department of Energy (DOE), which is set to take effect on June 29. Major oil player Pilipinas Shell Petroleum Corp. (PSPC) filed a petition with the Taguig Regional Trial Court (RTC), questioning the legality of […]
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