PHILIPPINE President Ferdinand R. Marcos, Jr. on Tuesday asked the Social Welfare department to continue giving cash aid to poor Filipinos who are not covered by lower income tax rates. “Continue calibrating the Pantawid Pamilyang Pilipino Program and strengthening the government’s social protection initiatives,” he told officials during its anniversary. He said the program has […]
Tag: interest
BSP approves 3% cap on credit card rate
THE Monetary Board decided to adjust the ceilings on credit card transactions by increasing the maximum interest rate or finance charge imposed on a cardholder’s unpaid outstanding credit card balance by 100 basis points (bps) or from two percent to three percent per month. Meanwhile, the existing ceiling on the monthly add-on rate that credit […]
Bank of Korea raises interest rates, hints they will now be steady
SEOUL — South Korea’s central bank raised its policy interest rate by 25 basis points on Friday, as expected, but bond yields plunged in response to comments suggesting its 1-1/2-year rate-hike campaign had ended. The benchmark 10-year treasury bond yield dived as much as 14.3 basis points to 3.270%, its lowest since late August and […]
Amending the creditable withholding rates of income payments to Meralco
The Bureau of Internal Revenue (BIR) has issued Revenue Regulation (RR) 15-2022 to inform all concerned regarding the amendment of the creditable withholding rates of income payments to Meralco. These are the creditable withholding tax rates for the following income payments: I. Meralco payments on the following: a. Meralco Refund arising from ERC Case Nos. […]
Stocks fall as Fed chief hints at more rate hikes
SHARES closed lower on Thursday after the US Federal Reserve chief said more rate hikes are needed to rein in elevated inflation. The bellwether Philippine Stock Exchange index (PSEi) lost 48.27 points or 0.73% to close at 6,566.80 on Thursday, while the broader all shares index declined by 18.68 points or 0.54% to 3,430.89. “Share […]
Peso extends climb vs dollar as Bangko Sentral hikes benchmark interest rates
THE PESO strengthened against the dollar on Thursday after the Bangko Sentral ng Pilipinas (BSP) raised borrowing costs anew at its policy meeting in its fight against inflation. The local currency ended at P55.685 against the greenback, up by six centavos from Wednesday’s P55.745 close, data from the Bankers Association of the Philippines’ website showed. […]
DBS Bank sees PHL growth slowing to 6.3% in 2023
GROWTH of the Philippine economy will likely slow to 6.3% next year from a 2022 rate of at least 7%, Singapore’s DBS Bank said, noting the impact of high inflation, interest rates, and fading pent-up demand. In a report written by DBS economists Chua Han Teng, Radhika Rao, and Irvin Seah, the bank said […]
Propel Global to Acquire 51% Stake in O&G Engineering Firm for RM7.82 Million
KUALA LUMPUR, Dec 8, 2022 – (ACN Newswire via SEAPRWire.com) – Propel Global Berhad (Bursa: MAIN, PGB, 0091), provider of oil and gas supporting services such as well services , engineering, procurement, construction and commissioning (EPCC) services, maintenance of heating, ventilation and air-conditioning (HVAC) systems as well as downstream specialty chemicals to the oil and […]
Mindanao railway attracting interest from ‘other countries’
By Arjay L. Balinbin, Senior Reporter MORE COUNTRIES have expressed interest in building the Mindanao railway project, according to the Department of Transportation (DoTr). “There are other countries who have expressed interest in the project in general,” Undersecretary for Planning and Project Development Timothy John R. Batan told BusinessWorld in an interview recently. The 1,544-kilometer railway will connect Davao […]
BSP to hike interest rates by 25 or 50 bps in Dec.
MANILA — The Philippine central bank will hike interest rates this month, though the monetary board is likely to be split over whether to raise the policy rate by 25 or 50 basis points, its governor said on Friday in an interview with Bloomberg TV. Felipe M. Medalla expressed relief that the US Federal Reserve […]
BSP delivers jumbo rate hike anew
The Philippine central bank raised its 2022 average inflation forecast to 5.8%, from 5.4% previously. — PHILIPPINE STAR/ EDD GUMBAN By Keisha B. Ta-asan, Reporter THE BANGKO SENTRAL ng Pilipinas (BSP) on Thursday raised its key interest rate for a sixth time this year to tame inflation, which it now sees rising to 5.8% by […]
BSP to match Fed’s 75-bp rate hike
By Keisha B. Ta-asan, Reporter THE BANGKO SENTRAL ng Pilipinas (BSP) said it plans to raise its key policy rates by 75 basis points (bps) at its next meeting, matching the US Federal Reserve’s latest monetary tightening. The Fed delivered its fourth straight 75-bp rate increase on Wednesday, as it continues to fight persistent inflation. […]
Philippine stocks drop as Fed, BSP raise rates
PHILIPPINE SHARES declined further on Thursday after the US Federal Reserve raised borrowing costs anew overnight and gave a hawkish outlook on rates, with the Bangko Sentral ng Pilipinas (BSP) also delivering another increase at its own policy meeting. The benchmark Philippine Stock Exchange index (PSEi) went down by 39.98 points or 0.63% to close […]
BPI sees loan book growing despite rising rates
BANK of the Philippine Islands (BPI) is bullish on its consumer banking business and expects its loan portfolio to continue expanding despite rising interest rates due to faster inflation. “We are seeing the economy mobilizing and we see this in our loan releases on the consumer side,” BPI Head of Consumer Banking and Executive […]
Bangko Sentral hikes benchmark rate to 2.5% to tame soaring inflation
THE Bangko Sentral ng Pilipinas (BSP) on Thursday hiked its benchmark interest rate by another 25 basis points to temper the country’s surging inflation.BSP Gov. Benjamin Diokno made the announcement in a virtual briefing.The 25 bps hike brought the overnight reverse repurchase rate, used by banks to price loans, to 2.5 percent.The rate hike was […]
Rising inflation, borrowing costs spell financial market uncertainty
1 of 5 BW FILE PHOTO FINANCIAL MARKETS could experience another volatility in the near term as major central banks turned hawkish amid inflationary pressures due to the ongoing Russia-Ukraine war, analysts said. In the first three months of the year, the Philippine Stock Exchange index (PSEi) averaged 7,230.08, up by 0.3% quarter on quarter […]
Gov’t fully awards 10-year bonds at higher rate
THE government fully awarded the reissued Treasury bonds (T-bonds) it offered on Tuesday as investors asked for higher rates after the central bank hiked borrowing costs and amid expectations of further monetary tightening here and in the United States. The Bureau of the Treasury (BTr) raised P35 billion as planned from the reissued 10-year bonds […]
BSP hikes interest rate to 2.25%
THE Monetary Board (MB) decided to raise the interest rate on the Bangko Sentral ng Pilipinas’ (BSP) overnight reverse repurchase facility by 25 basis points (bps) from two percent to 2.25 percent, effective Friday, May 20, 2022.Accordingly, the interest rates on the overnight deposit and lending facilities were raised to 1.75 percent and 2.75 percent, […]
BankCom net income improves in 2021
NEWLY-LISTED Bank of Commerce (BankCom) recorded a higher net profit in 2021 as its interest earnings improved. The lender, an affiliate of San Miguel Corp., booked a seven-year high net income of P1.2 billion last year, it said in a filing with the local bourse. This is 53% higher than the P784 million it posted […]
Interest rates, fees on small loans capped
LENDING and financing companies can no longer subject their customers to exorbitant interest rates for loans at will.The Securities and Exchange Commission (SEC) has issued Memorandum Circular 3, series of 2022, capping interest rates and other fees imposed by lending and financing firms, and their online lending platforms, for short-term, small-value loans primarily targeting low-income […]