Diokno vows to keep peso from breaching 60

The Philippines will act aggressively to prevent the peso from weakening to 60 per dollar, including by deploying billions of dollars more in reserves, according to its finance minister. The government is trying to prevent the exchange rate from “breaching 60” pesos to the dollar, Finance Secretary Benjamin E. Diokno said in an interview in […]

Diokno: Developing countries need help funding climate efforts

DEVELOPING countries are heavily dependent on outside financing to execute their climate-change mitigation plans, Finance Secretary Benjamin E. Diokno said at the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC. “We strongly support the call for the World Bank, the IMF, and all other multilateral institutions to continue providing […]

Philippines eyeing ‘green investments’ despite tight fiscal space, Diokno says

THE government can pursue green investments despite the limited fiscal space, Finance Secretary Benjamin E. Diokno told an Asian Development Bank (ADB) conference, adding that such investments were factored in when the Philippines started drafting its medium-term goals. “All these programs are embedded in our medium-term development plan that we are designing at the moment,” […]

Marcos’ economic team optimistic on growth outlook despite headwinds

by Diego Gabriel C. Robles President Ferdinand Marcos Jr.’s economic team remains optimistic that growth momentum will be sustained this year, despite rising inflation and a darkening global economic outlook. After a meeting on Friday, the Development Budget Coordination Committee (DBCC) said in a statement that it adjusted macroeconomic assumptions, fiscal program and growth targets […]

BSP sees reform continuity, solid growth this year

The Philippine central bank chief said on Friday president-elect Ferdinand “Bongbong” R. Marcos, Jr., is better placed than his predecessor to face economic challenges and that he expects structural reforms and infrastructure build-up will continue under the new administration. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno, speaking at an Asian Development Bank Institute […]

BSP wants credit guarantee mechanisms for microfinance

PROMOTING POLICIES on guaranteed lending to low income and small entrepreneurs will be among the key points of the central bank’s financial inclusion strategy in the next six years, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said. “Under the National Strategy for Financial Inclusion 2022-2028, the BSP will give priority attention to critical […]

Oil prices kept inflation above target in October — BSP

By Jenina P. Ibañez, Reporter  Inflation in October likely exceeded the central bank’s annual target largely due to domestic oil price pressures, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said on Friday.  Inflation will likely settle within the 4.5%-5.3% range, breaching the 2-4% BSP target for the year, he said in a Viber message to reporters. […]

FSCC looking to address emerging risks from debt servicing issues

THE FINANCIAL Stability Coordination Council (FSCC) is formulating initiatives to respond to systemic risks stemming from borrowers’ inability to pay their debts due to the coronavirus pandemic, Bangko Sentral ng Pilipinas (BSP) Governor and FSCC Chairman Benjamin E. Diokno said. “We have to deal with the systemic risk itself, meaning the difficulty of borrowers to […]

Digital payments continue to surge

THE COUNTRY continues to see growth in digital payments a year into the pandemic crisis, and this could gain more momentum amid government initiatives, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said. “In March this year, the combined volume and value of PESONet and InstaPay fund transfers reached 39 million and P552.3 billion, […]