2018 Current Account Deficit Seen Widening to $7.7B-$9.8B

By Doris Dumlao-Abadilla, Philippine Daily Inquirer The Philippines may incur a shortfall of as much as $9.8 billion in its economic transactions with the rest of the world this year, over three times larger than the level at which the Bangko Sentral ng Pilipinas (BSP) aims to cap the current account deficit, a top economist […]
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BIR Sets 12% Interest Rate for Delinquent, Deficient Tax Payments

By Ben O. de Vera, Philippine Daily Inquirer The Bureau of Internal Revenue (BIR) has issued rules mandating a lower delinquency and deficiency interest rate of 12 percent under the Tax Reform for Acceleration and Inclusion (TRAIN) Act. Revenue Regulations No. 21-2018 issued by Finance Secretary Carlos G. Dominguez III and Internal Revenue Commissioner Caesar […]
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Remittances Up 3% YoY

Personal remittances from overseas Filipinos (OFs) reached $2.7 billion in July 2018, higher by 4.5 percent compared to the level posted in the same month in 2017. On a cumulative basis, personal remittances grew by 3 percent year-on-year to $18.5 billion, Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said. The rise in […]
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Rural Banking Industry Remains on Solid Footing

The rural banking industry demonstrates its strength as shown by the positive growth in assets, loans, deposits and capital based on the latest data as of end-March 2018, according to the Bangko Sentral ng Pilipinas (BSP). The industry also continues to be profitable and operates with a wide physical network. The industry‚Äôs assets expanded by […]
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PH Agri Lags Behind in Use of FIRe Techs

The Philippine agriculture is already revolutions behind the absorption of technology, turning it into a laggard in a number of ways, especially in terms of productivity. During a press conference led by the Philippine Institute for Development Studies (PIDS) on Tuesday, Dr. Rafaelita Aldaba, assistant secretary at the Department of Trade and Industry (DTI), revealed […]
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FDI Net Inflows Up 42% in 1H 2018

Foreign direct investments (FDI) posted net inflows of $831 million in June 2018, which was 9.2 percent higher than the $761 million in the same month last year, data from the Bangko Sentral ng Pilipinas (BSP) shows. This was largely on account of non-residents’ net equity capital investments of $184 million during the month, which […]
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Reactivation of the Currency Risk Protection Program

The Bangko Sentral ng Pilipinas (BSP) will reactivate the Currency Risk Protection Program (CRPP). First introduced in December 1997, the CRPP is a non-deliverable forward hedging facility which is aimed at alleviating demand pressures in the foreign exchange spot market from borrowers seeking to hedge their future foreign exchange exposures. Under the facility, parties agree […]
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MSME Empowerment Program Now in Dinagat Island Province

The Credit Surety Fund (CSF) Program of the Bangko Sentral ng Pilipinas (BSP) has made another considerable milestone in Dinagat Island Province after cooperatives, capital-short businessmen and micro small and medium enterprises (MSMEs) call for the establishment of the program in the province, the first in CARAGA Administrative Region. BSP Monetary Board Member V. Bruce […]
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