MANILA, Philippines — The Philippines continued to lag behind its Southeast Asian neighbors in motor vehicle production, as it was the only country among six that posted a decline in output in the seven months of the year. Data from the Association of Southeast Asian Nations (ASEAN) Automotive Federation (AAF) showed 48,166 motor vehicles were […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has raised the minimum capital requirements for rural banks to at least P50 million to further strengthen the country’s banking sector. BSP Governor Felipe Medalla said the increase in the minimum capitalization requirement is part of the initiatives of the central bank under the Rural Bank […]
Read MoreMANILA, Philippines — The country’s manufacturing sector showed improvement in August as it grew at a faster pace, but high prices, supply chain disruptions and rising interest rates pose challenges to growth. In its report released yesterday, S&P Global Market Intelligence said the Philippines’ manufacturing purchasing managers’ index (PMI) improved to 51.2 in August from […]
Read MoreMANILA, Philippines — Inflation for August likely settled within the range of 5.9 to 6.7 percent after accelerating to 6.4 percent in July from 6.1 percent in June, according to the Bangko Sentral ng Pilipinas (BSP). The central bank said inflation last month was driven by the continued increase in key food prices. However, upside […]
Read MoreMANILA, Philippines — Big banks sustained a double-digit credit growth amid the aggressive rate hikes by the Bangko Sentral ng Pilipinas (BSP) to anchor inflation expectations and avoid a breach in the two to four percent target range next year. Preliminary data released by the BSP showed that the increase in loans extended by universal […]
Read MoreMANILA, Philippines — A rapid rise in inflation may raise borrowers’ default risks in the Philippines, according to Moody’s Investors Service. In a report, the debt watcher said an acceleration in inflation has historically resulted in increases in non-performing loans (NPLs) among members of the Association of Southeast Asian Nations (ASEAN). “Although higher interest rates […]
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