MANILA, Philippines — The Philippine economy may grow by 7.1 percent in the first quarter, supported by the manufacturing sector, expectations of higher infrastructure spending and easing inflation, according to First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) Capital Markets Research. In the Market Call report released yesterday, the two […]
Read MoreTHE US Federal Reserve and other major central banks announced on Sunday a coordinated effort to improve banks’ access to liquidity, hoping to calm worries rattling the global banking sector. The special drive was to be launched Monday by the Fed and the central banks of Canada, the United Kingdom, Japan, the European Union and […]
Read MoreTHE Bangko Sentral ng Pilipinas (BSP) on Monday reiterated the stability of the Philippine banking system following the collapse of two US banks. Local banks are “strong and prepared to withstand possible shocks” and also have asset bases significantly different from those of US banks, the BSP said in notes sent to President Ferdinand Marcos […]
Read MoreMANILA, Philippines — Interest rate hikes, injected by the Bangko Sentral ng Pilipinas to tame inflation, boosted Philippine National Bank’s earnings in 2022. In a disclosure sent to the Philippine Stock Exchange on Monday, PNB noted its net income rose 19% year-on-year to P11.6 billion in 2022. Net interest income inched up 7% on-year to […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is set to continue its tightening cycle although at a slower pace of 25 basis points on Thursday, with some economists saying this could be the last. ING Bank senior economist Nicholas Mapa is expecting a smaller 25-basis-point interest rate increase after BSP Governor Felipe Medalla […]
Read MoreMANILA, Philippines — The country’s external debt rose by 4.5 percent to hit a record high of $111.27 billion last year from $106.43 billion in 2021, as both the national government and the private sector borrowed more from offshore creditors, according to the Bangko Sentral ng Pilipinas. BSP Governor Felipe Medalla traced the increase to […]
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