MANILA, Philippines — Interest rates remained at record lows as the Bangko Sentral ng Pilipinas (BSP) continued to maintain an accommodative monetary policy stance until the economy fully recovers from the pandemic-induced recession. BSP Governor Benjamin Diokno said in a virtual press conference the Monetary Board decided to maintain the interest rate on overnight reverse […]
Read MoreMANILA, Philippines — The Philippines’ dollar reserves inched up in July after the government deposited proceeds from its recent global bonds sale. What’s new Gross international reserves amounted to $106.55 billion as of end-July, up 0.74% month-on-month, the Bangko Sentral ng Pilipinas reported on Friday. Why this matters Foreign reserves are assets managed by the BSP […]
Read MoreMANILA, Philippines — The path toward economic recovery continues to dim as the new wave of COVID-19 cases from a more transmissible variant is now being felt, with vaccine rollout still lacking pace than needed. In its latest economic preview, market intelligence firm IHS Markit said the pace of economic recovery this year is now […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has further eased foreign exchange transaction rules to boost efforts to convert half of retail transactions in the country to digital channels by 2023. BSP Governor Benjamin Diokno said the Monetary Board last week approved the revisions to the Manual of Regulations on Foreign Exchange Transactions. […]
Read MoreMANILA, Philippines — Filipinos will face difficulty seeking work until 2022 despite the gains made in recovering jobs lost last year, forcing the Department of Finance (DOF) to push for the distribution of cash aid to the poorest families. The DOF yesterday said challenges on bringing down the poverty and unemployment rates will persist until […]
Read MoreMANILA, Philippines — Global financial institutions were not impressed by the strong rebound in the country’s economic output in the second quarter, noting that downside risks persist that could hinder a further recovery. American banking giant Citi and Fitch Solutions Country Risk & Industry Research said in separate reports that the Philippines is not out […]
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