THE PESO was steady versus the greenback on Wednesday as the September inflation print remained in line with market expectations. The local unit closed at P58.65 per dollar on Wednesday, unchanged from its Tuesday finish, Bankers Association of the Philippines data showed. The peso opened Wednesday’s session stronger at P58.60 versus the dollar. Its weakest […]
Tag: rate
September inflation quickens to 6.9%
THE country’s headline inflation rate rose to 6.9 percent in September, significantly higher than the 6.3 percent in August this year. This is the highest recorded inflation since October 2018, the Philippine Statistics Authority said Wednesday, Oct. 5, 2022. September inflation in Central Visayas also accelerated to 8.1 percent from 7.4 percent in August. With […]
BIR files 78 tax evasion charges in first eight months
THE Bureau of Internal Revenue (BIR) said its Run After Tax Evaders (RATE) program filed 78 criminal complaints in the first eight months of the year, with the alleged taxes evaded amounting to P2.249 billion. The 78 complaints are distributed across 11 revenue regions, according to the BIR’s Enforcement and Advocacy Service, with Makati City […]
Debt yields rise on rate hikes, weak peso
YIELDS on government securities (GS) rose as the market awaited the US Federal Reserve’s and the local central bank’s rate hikes and the peso depreciating to a new record low. Debt yields, which move inversely to prices, jumped by an average of 12.31 basis points (bps) week on week, based on the PHP Bloomberg Valuation […]
BSP signals more rate hikes, FX moves to defend peso
The Philippine central bank signaled it will resort to more interest-rate hikes depending on the Federal Reserve’s action, while also considering proactive market interventions to curb currency losses. “Strong dollar is requiring us to have bigger policy rate increases,” Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla said in an interview from New York […]
Peso hits new low of P58 to US dollar
THE local currency hit a new record low Wednesday, Sept. 21, 2022, closing at P58 vis-a-vis the US dollar, threatening to increase inflationary pressures and hit consumer sentiment while auguring well for exporters—if they can find buyers for their goods and services.The peso opened weak at P57.7 against P57.4 on Tuesday and further weakened to […]
Peso may recover vs the dollar on expectations of BSP rate increase
THE PESO may rebound against the dollar this week as the Bangko Sentral ng Pilipinas (BSP) is widely expected to continue increasing its benchmark interest rates. The local unit closed at a new all-time low of P57.43 on Friday, dropping 27 centavos from its P57.16 finish on Thursday, data from the Bankers Association of the […]
PHL stocks may decline before Fed, BSP meetings
PHILIPPINE SHARES may continue to decline this week ahead of the policy meetings of the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP). The Philippine Stock Exchange index (PSEi) slipped by 26.90 points or 0.4% to close at 6,548.77 on Friday, while the broader all shares index went down by 22.49 points or […]
Jobless rate eases to 5.2% in July
THE PHILIPPINES’ unemployment rate in July dropped to its lowest since the onset of the coronavirus disease 2019 (COVID-19) pandemic. Preliminary data from Philippine Statistics Authority (PSA) showed the unemployment rate — or the share of the unemployed Filipinos to the total labor force — fell to 5.2% in July, improving from 6% in June […]
Unemployment rate eases in July but underemployment rate climbs
THE Philippine Statistics Authority reported on Thursday there were fewer jobless Filipinos in July this year as the unemployment rate declined while the employment rate improved.However, the number of underemployed workers also rose.The PSA said the unemployment rate declined to 5.2 percent in July, which is equivalent to 2.6 million jobless Filipinos. This was an […]
Younger Colorectal Cancer Population Highlights the Importance of Early Screening, Highly Sensitive Test Product Prenetics has Launched the Market
HONG KONG, Sep 2, 2022 – (ACN Newswire via SEAPRWire.com) – Colorectal cancer (CRC) has become one of the main cancers threatening the health of human beings. In the United States and China, CRC has ranked among the top three cancers that leads to death. CRC screening has been proven to be one of the […]
MUFG raises 2022 outlook on Philippine growth to 6.7%
MUFG Bank said it upgraded its view on Philippine economic growth in 2022 to 6.7% from 6.5% previously, citing stronger-than-expected performance in the first half. MUFG Bank analyst Sophia Ng, in a note issued on Monday, said the upgraded growth outlook was due to the “robust” 7.8% growth posted in the first half. “Given the […]
Peso may drop further vs dollar on hawkish Fed
THE PESO may continue to depreciate against the dollar this week as market players anticipate the US Federal Reserve’s policy direction in bringing inflation within target at their annual global central bankers’ conference on Friday. The local unit closed at P55.93 on Friday, weakening by 4.2 centavos from its P55.888 finish on Thursday, data from […]
BSP raises policy rates by 50 bps
By Keisha B. Ta-asan THE BANGKO SENTRAL ng Pilipinas (BSP) raised its benchmark interest rate by 50 basis points (bps) on Thursday, and signaled it has room to further hike rates as it battles inflation. The Monetary Board (MB) increased the overnight reverse repurchase rate by 50 bps to 3.75%, as expected by 13 out […]
BSP to respond, but not match Fed rate hikes
The Philippine central bank will respond to the US Federal Reserve’s policy tightening, but does not have to match the magnitude of its rate hikes, its governor said on Friday. “We will not match them (the Fed) point by point,” said Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla, in an ambush interview with […]
TDF yields climb on tepid demand, rate hike bets
YIELDS on term deposit climbed on Wednesday as the longer tenor on offer was undersubscribed, with the market awaiting the Bangko Sentral ng Pilipinas’ (BSP) policy meeting, where it is expected to raise rates anew. Total bids for the central bank’s term deposit facility (TDF) reached P290.814 billion, barely filling the P290-billion offer but below […]
Sun Savings Bank sustains outstanding growth, hits total assets of P2.64B
TOTAL assets of Sun Savings Bank continued to grow significantly in the second quarter of 2022, as it reached a new record level of P2.64 billion, representing a growth rate of 27 percent over the year-ago level of 2.07 billion. The growth rate of 27 percent was significantly more than double that of the thrift […]
Fed officials say more rate hikes needed despite slowing inflation
SLOWING US inflation may have opened the door for the US Federal Reserve to temper the pace of coming interest rate hikes, but policy makers left no doubt they will continue to tighten monetary policy until price pressures are fully broken. A US Labor department report Wednesday showing consumer prices didn’t rise at all in […]
Estate planning now more urgent amid new rules, increasing prices
THE URGENCY of estate planning has been magnified by the recent changes in the country’s estate tax laws, as well as the rising prices of goods and services, AIA Philippines said. “Zonal values were actually being brought up aggressively depending on the location. So essentially, if it’s 6%, when the zonal value has increased 10 […]
Fed officials stay resolute on need to make policy more restrictive
A TRIO of US Federal Reserve officials from across the policy spectrum signaled on Tuesday that they and their colleagues remain resolute and “completely united” on getting US interest rates up to a level that will more significantly curb economic activity and put a dent in the highest inflation since the 1980s. Moreover, one of […]