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Des Ferriols
Des Ferriols
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OFW remittances hit record high in May
by Des Ferriols - July 16, 2009 - 12:00am
Remittances from overseas Filipino workers (OFWs) in May were higher than central bank expectations, with the monthly inflows reaching a new record high at $1.48 billion as more Filipinos sought jobs abroa...
OFW remittances seen to increase slightly in May
by Des Ferriols - July 15, 2009 - 12:00am
The Bangko Sentral ng Pilipinas (BSP) expects a two-to three-percent increase in remittances from overseas Filipino workers (OFWs) in May as a result of a surge in the deployment of new workers to labor markets...
$750-million borrowing to boost BOP surplus
by Des Ferriols - July 15, 2009 - 12:00am
The government’s $750-million additional borrowing this week will propel the country’s balance of payments over $1 billion this year, much higher than earlier projected.
Bangko Sentral names BDO as top commercial bank
by Des Ferriols - July 15, 2009 - 12:00am
As the country’s top remittance bank in 2008, Banco de Oro (BDO) of the SM Group was named by the Bangko Sentral ng Pilipinas (BSP) as this year’s Top Commercial Bank during the Annual BSP Stakeholders’...
Bangko Sentral sees improved economy in second half of 2009
by Des Ferriols - July 14, 2009 - 12:00am
Bangko Sentral ng Pilipinas (BSP) officials said they expect the country’s economic performance to improve during the second half of this year.
RP banks exceed international capitalization norm
by Des Ferriols - July 13, 2009 - 12:00am
Hard times struck in 2008 but the Bangko Sentral ng Pilipinas (BSP) said banks managed to keep their capital levels significantly above international standards, driven by conscious efforts to beef up capital.
3 defects cited in RP drive vs money laundering
by Des Ferriols - July 13, 2009 - 12:00am
Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. said over the weekend that the Philippines would have to address three major deficiencies in its legal system, particularly the declaration of terrorist...
BSP remits P6 billion in dividends to government
by Des Ferriols - July 13, 2009 - 12:00am
After generating a net income of P8.927 billion in 2008, the Bangko Sentral ng Pilipinas (BSP) has remitted P6 billion in dividends to the government.
Forex loans granted by banks down 5%
by Des Ferriols - July 13, 2009 - 12:00am
Foreign currency loans granted by banks declined by five percent in the first quarter of the year — reflecting the general drop in the country’s imports.
BSP rediscounts P87.7 billion worth of loans in first half
by Des Ferriols - July 13, 2009 - 12:00am
The Bangko Sentral ng Pilipinas (BSP) said rediscounting loans for the first six months of the year amounted to P87.688 billion of which 61.8 percent went to commercial credits, three percent to agricultural and...
Banks' NPL ratio reaches 3.74% in May
by Des Ferriols - July 13, 2009 - 12:00am
The non-performing loan (NPL) ratio of universal and commercial banks rose slightly to 3.74 percent in May from 3.65 percent in April but remained well below the 4.17 percent ratio over the same month in 2008, the...
Bangko Sentral okays $1-billion global bonds issue
by Des Ferriols - July 11, 2009 - 12:00am
The Bangko Sentral ng Pilipinas (BSP) yesterday granted approval in principle for the proposed $1-billion global bonds issue by the government, paving the way for finance officials to finalize the terms of the cash-raising...
BSP cuts key rate to record low of 4%
by Des Ferriols - July 10, 2009 - 12:00am
In a continued effort to jumpstart economic activities, the Bangko Sentral ng Pilipinas (BSP) cut its policy rates by 25 points yesterday, bringing down its overnight borrowing rate to a record low of four percent...
Bangko Sentral may issue polymer money
by Des Ferriols - July 9, 2009 - 12:00am
The money in your wallet could soon be collectors’ items as central bank officials start considering using plastic instead of the abaca fiber and cotton composite used to print bank notes.
Bangko Sentral to cut policy rates by another 25 basis points
by Des Ferriols - July 9, 2009 - 12:00am
The Bangko Sentral ng Pilipinas (BSP) will cut its policy rates by another 25 points today but the market is also expecting an end to the easing cycle despite the rapid decline in inflation rate.
June inflation falls to 22-year low of 1.5%
by Des Ferriols - July 8, 2009 - 12:00am
Philippine consumer prices rose at their slowest in 22 years, giving the Bangko Sentral ng Pilipinas (BSP) more leeway to cut its policy rate to a record low of four percent this week to spur economic growth.
Removal of documentary stamp tax to boost stock transactions
by Des Ferriols - July 8, 2009 - 12:00am
Finance officials said the removal of the documentary stamp tax (DST) on stock sales should boost stock transactions enough to make up for over P1.4 billion in foregone revenues.
RP foreign exchange reserves level hits new high of $39.6 billion
by Des Ferriols - July 8, 2009 - 12:00am
The country’s gross foreign exchange reserves reached $39.6 billion in June, charting a new record high that would support payments for imports and maturing debt.
Bank deposits surge 14.8% in first quarter
by Des Ferriols - July 7, 2009 - 12:00am
Consumer spending ground to a near-halt in the first quarter of this year but data from the central bank showed that during this time, bank deposits surged 14.8 percent to P3.1 trillion.
Bangko Sentral seen to cut policy rates by another 25 basis points
by Des Ferriols - July 7, 2009 - 12:00am
The Bangko Sentral ng Pilipinas (BSP) is widely expected to cut its policy rates by another 25 basis points this Thursday, rounding up what the market said could be the last of the series of rate cuts that started...
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