1H forex reserves near full-year goal

THE country’s foreign exchange reserves surged in the first half of the year owing to continued inflows arising from the operations and investments abroad of the Bangko Sentral ng Pilipinas. In a statement, the BSP said the country’s gross international reserves jumped 42 percent to $69 billion at end-June, compared with $48.7 billion in the … Continue reading 1H forex reserves near full-year goal →

Barclays expects another hike in BSP policy rates

By Lailany P. Gomez, Reporter Barclays Capital said the Bangko Sentral ng Pilipinas (BSP) may continue with its tightening stance in the next meeting amid the uptrend in core prices and lingering pressures on inflation expectation. Prakriti Sofat, Barclays economist, said in a commentary that given the acceleration in core inflation, the BSP will raise … Continue reading Barclays expects another hike in BSP policy rates →

Express Savings Bank placed under receivership

The Monetary Board of the Bangko Sentral ng Pilipinas has placed Express Savings Bank Inc. under receivership of the Philippine Deposit Insurance Corp. By virtue of MB Resolution 987-B dated July 7, 2011, PDIC, as the receiver, took over the bank on July 8, 2011. A four-unit bank based in Laguna, its head office is … Continue reading Express Savings Bank placed under receivership →

Exchange rate pulls back to P43:$1 on short-covering

Arroyo govt budget deficit widens by 345%

By Lailany P. Gomez Reporter THE Arroyo administration’s budget deficit widened by 345 percent because of poor tax collections and weak imports, according to the Bureau of Treasury. In a briefing, the bureau said the September performance led the nine-month fiscal gap to jump to P237.5 billion from P53.4 billion in the same period last … Continue reading Arroyo govt budget deficit widens by 345% →