THE PHILIPPINE ECONOMY likely expanded by at least 7.5% in 2022, Finance Secretary Benjamin E. Diokno said on Thursday. “We expect the economy to have grown by at least 7.5% last year. Because of the expected slowdown of the global economy, the Philippine economy is forecasted to grow by around 6.5% this year — still […]
Tag: diokno
Carbon tax to spur sustainability shift — Diokno
THE GOVERNMENT intends to use a carbon tax, which is currently under study, to steer large emitters towards more sustainable operations, Finance Secretary Benjamin E. Diokno said. In a speech delivered on Dec. 14, the Department of Finance (DoF) said, Mr. Diokno described the department’s position on a carbon tax as “not waiting around for […]
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 […]
SSS put on notice to boost returns, invited to finance infrastructure
FINANCE Secretary Benjamin E. Diokno said the Social Security System (SSS) needs to improve returns from its investment portfolio to better reflect the strength of the domestic economy, and urged the pension fund to put its money in infrastructure. “There is still much work to be done. With the rapid expansion of our domestic economy […]
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 […]
Cyberattacks on banks ‘exploit human weaknesses’
CYBER INCIDENTS faced by banks take advantage of human weaknesses mostly through fraud, phishing and account takeovers, according to the Bangko Sentral ng Pilipinas (BSP). The central bank said “card not present” fraud, variations of phishing, and account takeovers were the three most frequent attacks seen by financial institutions in 2021. “Most of these cyber […]
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 […]
BSP to support the economy for ‘as long as necessary’ — Diokno
THE CENTRAL BANK chief has reiterated the regulator’s commitment to support the economy for “as long as necessary” while maintaining financial stability, but said it has room to address any risks that may result from the unwinding of easy policy in the United States. “The BSP (Bangko Sentral ng Pilipinas) will continue to focus on […]
Inflation likely settled at 4-4.8% in May — BSP
THE CENTRAL BANK expects May inflation to have continued beyond its target range in May, though moderated by lower food prices and a stronger peso. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the bank expects headline inflation in May to likely come in at between 4% and 4.8%. Mr. Diokno said the […]
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, […]
Lending likely to rebound on positive outlook
BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno said lending may start improving soon as consumers become more optimistic about the country’s prospects despite the continuing coronavirus disease 2019 (COVID-19) crisis. “There is a glimmer of hope, however. Consumer outlook is positive for the first quarter of 2021 and remains optimistic for the next […]
Study finds more Filipinos open to a cashless society as e-payments rise
MORE FILIPINOS are open to the possibility of a cashless society in the next few years, following the trend seen in the country’s regional peers, a study found. More than half (52%) of 1,102 individuals surveyed in the country said they are in favor of a shift to a cashless society, according to a study […]
BSP looks to social media to gauge sentiment
THE CENTRAL BANK is considering analyzing internet articles and social media posts as a gauge of sentiment to boost policy making, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said. The BSP’s economic research team is studying the use of text analytics to monitor uncertainties in financial markets, he said in a live-streamed briefing […]