Bankers project 6 to 7 percent growth in next 2 years

 

By Rose de la Cruz

 

Despite global uncertainties, the local banking industry projects gross domestic product to grow between 6 and 7 percent in the next two years, according to the recently-released Banking Sector Outlook Survey (BSOS) conducted by the Bangko Sentral ng Pilipinas.


Similarly, the respondents are optimistic about achieving double digit growths in assets, loans, deposits and net income for the Philippine banking system. The bullish outlook on the banking system indicates that banks will continue to provide an environment conducive to the sustained domestic economic growth.

The new BSOS section on Fintech/Cybersecurity Plans underscored the…

Read more: Bankers project 6 to 7 percent growth in next 2 years

BSP closes 2 small local banks

 

 

By Rose de la Cruz

 

Two small banks were closed by the Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas recently. Their closures have no impact on the banking industry as their total assets are equivalent to less than 0.02 and 0.002 percent of the entire banking system.

 

The AMA Rural Bank of Mandaluyong, the banking arm of the AMA Group of Companies of Amable Aguiluz and the 5th largest capitalized rural bank in the country, has been placed under receivership of the Philippine Deposit insurance Corp. by virtue of an…

Read more: BSP closes 2 small local banks

Investment outflows exceed inflows in September

 

 

By Rose de la Cruz


Foreign portfolio investments of Bangko Sentral ng Pilipinas-registered transactions for September 2019 showed net outflow of $232 million from a total outflow of $1.5 billion against the net inflows for the month of $1.3 billion.  But BSP said this net outflow is an improvement from the net outflows noted in
August 2019 of $392 million.


The $1.3- billion registered investments reflected a 7.2 percent increase from the $1.2 billion figure in August. About 80.2 percent of investments registered during the month were in PSE-listed securities (pertaining mainly to property companies, holding…

Read more: Investment outflows exceed inflows in September

BSP pushes adoption of National QR Code standard for payments

 

 

 

To ensure the efficiency of payment systems in support of inclusive economic development, the Monetary Board has approved a policy requiring the adoption of a National Quick Response (QR) Code Standard for payments.  This Standard is necessary for ensuring interoperability of QR-enabled payment and financial services.

 The QR technology is the most convenient and cost- efficient means of moving funds from one account to another.  Hence, the use of interoperable QR Codes has been gaining traction as an alternative to the traditional debit and credit cards.

 

A QR code contains most, if not all, of the…

Read more: BSP pushes adoption of National QR Code standard for payments

Slower price hikes for food, alcoholic products cause inflation to ease in July

 

By Rose de la Cruz

 

Slower price hikes for food and alcoholic products caused inflation to ease further in July to 2.4 percent, its slowest since December 2016’s 2.2 percent and was the same for July 2017.

 

Headline inflation for July 2019 hit only 2.4 percent year- on- year from 2.7 percent in June. The resulting year-to-date average inflation rate of 3.3 percent remains within the government’s target range of 3 percent ± 1 percentage point for the year.

 

Core inflation, which excludes selected volatile food and energy items to measure…

Read more: Slower price hikes for food, alcoholic products cause inflation to ease in July

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