MANILA, Philippines — Ayala-led Bank of the Philippine Islands (BPI) sees a low single-digit credit growth for the banking sector this year amid the high interest rate regime after a yearlong tightening cycle by the Bangko Sentral ng Pilipinas (BSP). In an online press briefing, BPI vice president Marco Javier said the non-performing loan (NPL) […]
Read MoreMANILA, Philippines — Companies are ramping up their expansion plans and hiring more workers in the third quarter after turning more optimistic in the second quarter, according to the Bangko Sentral ng Pilipinas (BSP). Redentor Paolo Alegre Jr., senior director of the Department of Economic Research at the BSP, said that based on the results […]
Read MoreMANILA, Philippines — Remittances from overseas Filipino workers (OFWs) increased by 3.2 percent in the first four months of the year after climbing by a faster rate of 3.8 percent in April, according to the Bangko Sentral ng Pilipinas (BSP). Latest data from the central bank showed personal remittances amounted to $11.68 billion from January […]
Read MoreMANILA, Philippines — Money sent home by overseas Filipinos to their families rose in April, despite recession concerns plaguing developed economies. Data released by the Bangko Sentral ng Pilipinas on Thursday showed that remittances coursed through banks grew 3.7% year-on-year to $2.48 billion in April. Remittances expanded 3.2% on-year to $10.49 billion in the first […]
Read MoreMANILA, Philippines — The plan to refund the value-added tax (VAT) of foreign tourists is expected to add up to P13 billion to the economy annually amid the propensity of travellers to consume more with such a reimbursement mechanism. During the Senate Committee on Ways and Means hearing yesterday, the National Economic and Development Authority […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is strengthening the guidelines on reconciliation and dispute handling for settlement and crediting issues in electronic fund transfers to further boost consumer protection. The regulator aims to provide reconciliation and dispute handling mechanisms for issues encountered on settlement and crediting electronic fund transfers under the National […]
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