MANILA, Philippines — The government’s fiscal deficit widened further to P560.4 billion from January to June as the COVID-19 pandemic resulted in higher disbursements but lower revenues year-on-year, according to the Bureau of the Treasury. According to the latest data from the BTr, the government incurred a fiscal deficit of P560.4 billion in the first […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has extended the effectivity of higher single borrower’s limit (SBL) of 30 percent and other regulatory relief measures for banks until end- March next year amid the economic fallout from the global health crisis. BSP Deputy Governor Chuchi Fonacier said the BSP has approved the effectivity […]
Read MoreMANILA, Philippines — Investors swarmed the government’s ongoing Retail Treasury Bond (RTB) sale as the total amount of “new money” raised has so far exceeded P250 billion, according to the Bureau of the Treasury (BTr). In a text message to reporters, National Treasurer Rosalia de Leon said the new money raised from RTB-24 has already […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has lowered the reserve requirements for mid-size and small banks by 100 basis points to increase the capacity of the industry to further support the micro, small and medium enterprises (MSMEs). BSP Governor Benjamin Diokno said the reserve requirement ratio for thrift banks would be lowered […]
Read MoreMANILA, Philippines — “Shell-shocked” consumers and stalled investments will disappoint the Duterte administration’s expectations of a quick economic bounce-back from the pandemic, forcing it to settle to a lower growth trajectory by the time it caps its six-year term in 2022, an investment bank said. From an average of 6% economic growth before the pandemic […]
Read MoreMANILA, Philippines — Assets of Philippine banks posted a double-digit growth in end May as the COVID-19 pandemic continued to threaten economies and financial systems around the world. Data from the Bangko Sentral ng Pilipinas (BSP) showed total resources of the Philippine banking system reached P19.14 trillion in end May, or P1.69 trillion higher than […]
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