MB raises interest rates to 4.75%



By Rose de la Cruz


The Monetary Board on Thursday raised the interest rate on Bangko Sentral ng Pilipinas’ overnight reverse repurchase facility by 25 basis points to 4.75 percent effective today, Nov. 16, along with the interest rates on overnight lending and deposit facilities.


While the latest inflation forecasts show inflation settling within the target band of 3.0 percent ± 1.0 percentage point in both 2019 and 2020, after considering the impact of non-monetary measures, including the rice tariffication bill and the suspension of the oil excise tax, the Monetary Board decided to raise the policy…

Read more: MB raises interest rates to 4.75%

BSP told to stop raising interest rates to 4.5%



By Rose de la Cruz


The Bangko Sentral ng Pilipinas was asked to stop raising interest rates as this would increase the cost of doing business in the Philippines.


Rep. Michael Romero, of 1PACMAN partylist and an economist, said he disagreed with the latest decision of BSP to raise its interest rates to 4.5 percent because it increases the cost of doing business in the country and does little to stem credit card debts of consumers.


Romero also sees inflation to remain elevated because of the Christmas holiday and the coming campaign spending for…

Read more: BSP told to stop raising interest rates to 4.5%

 Robust imports keep trade strong


By Rose de la Cruz


A robust imports of capital goods, vital for the long-term growth of the domestic economy, enable the trade sector to grow stronger in September, said Socioeconomic Planning Secretary Ernesto Pernia.


The Philippine Statistics Authority reported today that the country’s total trade grew by 13.5 percent in September 2018, reaching $5.6 billion, or 7.9 percent higher than August. Imports notably rose 26.1 percent from last month’s growth rate of 11 percent.


Specifically, purchases of capital goods grew by 25.4 percent in September, the sixth month of its double-digit growth rate.…

Read more: Robust imports keep trade strong

OFW remittances up by 2.4% in 9 months of 2018



By Rose de la Cruz


Remittances by overseas Filipino workers from January to September grew by only 2.4 percent year-on-year reaching $23.7 billion, according to BSP OIC Maria Almasara Cyd N. Tuano-Amador.


The growth in personal remittances during the first nine months of 2018 was supported by remittance inflows from land-based workers with work contracts of one year or more, which grew by 2.2 percent year-on-year.


Similarly, the growth in personal remittances was complemented by remittances from sea- and land-based workers with contracts of less than one year, which rose by 3.5…

Read more: OFW remittances up by 2.4% in 9 months of 2018

BSP creates a center for learning and inclusion advocacy



By Rose de la Cruz


The Bangko Sentral ng Pilipinas, which has long been recognized as a thought leader for financial inclusion, has created a Center for Learning and Inclusion Advocacy (CLIA) to ensure that the financial system caters to all market segments and that financial consumers are adequately informed and protected.


The CLIA is under the Office of the Governor which clearly demonstrates BSP’s serious commitment to financial inclusion and recognizes its strategic complementarity with BSP’s primary mandates. 

The CLIA will work on creating a policy and regulatory environment that enables the private sector…

Read more: BSP creates a center for learning and inclusion advocacy

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Friday, 13 December 2019
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