Manufacturing sustains growth in first half of 2018



By Rose de la Cruz

Manufacturing sustained its growth strength during the first six months of 2018 and is seen to continue in the coming months.

 “The positive performance of manufacturing is expected to continue in the first semester, amid the sustained economic growth momentum, increased net foreign direct investments, higher OFW cash remittances, and favorable merchandise trade,” said Socioeconomic Planning Secretary Ernesto M. Pernia.

In the Monthly Integrated Survey of Selected Industries (MISSI) of the Philippine Statistics Authority, the Volume of Production Index (VoPI) for manufacturing grew by 13.6 percent in March 2018, slightly higher than the…

Read more: Manufacturing sustains growth in first half of 2018

BSP issues rules to make credit readily available to consumers



By Rose de la Cruz


To make consumer credit readily available under safe, sound, efficient and fair business conditions aligned with global best practices, the Monetary Board—Bangko Sentral ng Pilipinas’ policy-making body, issued the implementing rules and regulations for RA 10870 or the Philippine Credit Card Industry Regulation Law.


The IRR provides the framework for the entry of new players in the credit card business beyond just the banks, their affiliates and subsidiaries.


Opening up the market to a wide range of players can lead to more transparent and competitive interest rates, innovative products and…

Read more: BSP issues rules to make credit readily available to consumers

BSP Approves Separate Credit Limits for Stand-Alone Projects


In support of the government's Build, Build, Build initiative, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) amended regulations providing entities created as vehicles to implement major projects [often Special Purpose Entities (SPEs)] with a separate single borrower's limit (SBL).

The SBL is currently at 25 percent of a bank's/quasi-bank's (Q.B) net worth. Such SPEs were given their own separate SBL in consideration of the independence they usually enjoy under project finance schemes.

Under these schemes, SPEs are ring-fenced by appropriate legal structures, operational set up, and controls so that assets and cash flows of SPEs…

Read more: BSP Approves Separate Credit Limits for Stand-Alone Projects

Phl banking system remained sound in 2017


By Rose de la Cruz


The Philippine banking system remained sound in 2017 with a positive performance despite volatilities in market conditions and increasing sophistication of global financial services.


The banking system, which is the core of the financial system of the country, strengthened their balance sheets with positive double -digit growths in assets, loans, investments, deposits and capital.


Banks sustained their profitability which came from strong interest income from lending activities. The banking system posted an annual asset expansion of 11.6 percent to P15.2 trillion driven by a 16.4 percent loan expansion to P8.9 trillion…

Read more: Phl banking system remained sound in 2017

Remittances up by 5.4% in February 2018



By Rose de la Cruz


Remittances of overseas Filipinos hit $2.5 billion in February, up by 5.4 percent from those sent during the same period last year, said Bangko Sentral Governor Nestor Espenilla Jr.


This brings the cumulative remittances for the first two months to $5.2 billion, or higher by 8.1 percent on a year on year growth.


Land-based workers with work contracts of one year or more recorded a 6.5 percent growth to $4 billion while those from sea-based and land-based workers with work contracts of less than one year…

Read more: Remittances up by 5.4% in February 2018

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Monday, 25 June 2018
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