Peso to further weaken on inflation woes – RCBC

The Philippine peso is seen to slip further against the US dollar as central banks continue to hike key rates to help address the elevated inflation rate and to withdraw pandemic-related measures. On Friday, the local currency almost touched the 55-level against the greenback when it depreciated to 54.999 mid-trade. It finished the week at […]

SMC’s banking arm shows financial resilience, more than doubles Q1 profit

Bank of Commerce started the year strong with first quarter earnings growing more than two-fold to P360.59 million on the strength of its core business activities on lower provisions for losses. Net interest income rose 6.5 percent to P1.47 billion, driven by the growth in earning assets. Interest on investments as well as assets jumped […]

Peso sinks to 54.47 ahead of Powell testimony, BSP meeting

The peso slumped to its weakest level in over 16 years ahead of the Bangko Sentral ng Pilipinas policy meeting and largely due to the hawkish remarks of the Federal Reserve. The peso declined to 54.47 against the US dollar on Wednesday, its weakest since Nov. 21, 2005 when it closed at 54.74. It fell […]

Diokno, other Monetary Board members highest paid gov’t officials as salaries double in 2021

By Eileen Mencias Bangko Sentral ng Pilipinas Governor and incoming Finance Secretary Benjamin Diokno remains the highest paid employee in government, earning P41.91 million in 2021. According to a report on salaries and allowances of the Commission of Audit, BSP officials including members of the Monetary Board were the highest paid in government service, occupying […]

RCBC sees BSP jacking up interest rates to 50 basis points next week

An economist has raised the possibility of a 50 basis points (bps) increase in the Bangko Sentral ng Pilipinas (BSP) key rates next week following the 75 basis points increase in the Federal Reserve’s rates on Wednesday. The BSP’s policy-making Monetary Board (MB) will have its rate-setting meeting on June 23. In his report on […]

Watchdog calls for shutdown of Binance trading app

An infrastructure watchdog is calling on the Bangko Sentral ng Pilipinas to shut down the operations of the virtual currency trading app Binance due to its supposed lack of registration documents. In a June 15 letter to BSP, Infrawatch PH said BSP should look into Binance’s operations in the Philippines and order the suspension of […]

Diokno eyes stronger PH banking system asset quality

The asset quality of the country’s banking system is seen to strengthen further as market conditions improve, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno. In a virtual briefing, Diokno said total assets of the universal and commercial banks (U/KBs) rose 8.2 percent year-on-year as of end-April this year. “The BSP expects further […]

BSP: More people turn to pawnshops for quick cash amid the pandemic

With Covid-19 crippling many small businesses, the pawnbroking industry has seen a surge in demand for loans as more people liquidate items for fast cash. In a virtual briefing Thursday, the Bangko Sentral ng Pilipinas reported that loans provided by pawnshops increased by P4 billion last year. Dindo Santos, BSP Financial Supervision Department 9 director, […]