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TDF auction posts mix results

MANILA — The bid coverage ratio of the Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) moved toward separate directions Wednesday after the undersubscription in the 28-day facility. Data released by the central bank showed that the bid coverage ratio of the seven-day facility rose to 1.0973 from 1.6019 during the auction last week. …

T-bond rate down Wednesday

MANILA — Rate of the Philippines’ seven-year Treasury bond (T-bond) fell to 4.39 percent Wednesday on higher demand for the debt paper. Its rate during the auction last Aug. 8 was 4.510 percent while secondary market rate for the same tenor Wednesday morning stood at 4.6157 percent. The Bureau of the Treasury (BTr) offered the …

Diokno assures budget for Marawi rehab

MANILA — Budget and Management Secretary Benjamin Diokno on Wednesday assured Marawi City residents that the government has the funds for the area’s rehabilitation. In a briefing, the budget chief said authorities had yet to determine the actual rehabilitation cost but said the DBM had an available PHP5 billion from the national risk reduction fund …

Diokno assures budget for Marawi rehab

MANILA — Budget and Management Secretary Benjamin Diokno on Wednesday assured Marawi City residents that the government has the funds for the area’s rehabilitation. In a briefing, the budget chief said authorities had yet to determine the actual rehabilitation cost but said the DBM had an available PHP5 billion from the national risk reduction fund for …

Economist forecasts higher than 6% GDP in Q3 ‘17

MANILA — An economist of ING Bank Manila forecast that expenditures in September grew between 15 percent and 16 percent, which would help boost domestic expansion to more than 6 percent in the third quarter of the year. In a research note, ING Bank Manila senior economist Joey Cuyegkeng said he foresees “quite modest” government …

PH financial markets resume ops Tuesday

MANILA— Trading at the Philippine Stock Exchange (PSE) resumes Tuesday even as Malacanang again suspended work in government offices in line with the second day of the nationwide transport strike. Trading and settlement at the Securities Clearing Corportion of the Philippines will also resume Tuesday, the PSE said in a statement. “BSP’s (Bangko Sentral ng …

OFW remittances up 7.8% to USD2.5-B in August

MANILA— Strong domestic spending is seen to continue in the Philippines as remittance inflows remain robust, an economist of ING Bank Manila said. Data released by the Bangko Sentral ng Pilipinas (BSP) Monday showed that cash remittances reached USD2.499 billion last August, 7.8 percent higher than year-ago’s USD2.319 billion and the USD2.283 billion last July. …

Peso seen to end 2017 at 51-level vs US dollar

MANILA — An economist of ING Bank Manila foresees the Philippine peso to end 2017 at 51-level to a US dollar although defensive bias is seen in the coming weeks following the unit’s recent underperformance. As of last Friday, Oct. 13, the peso finished at 51.39 to a dollar.  Equities and foreign exchange trading were suspended …

PSEi regains footing, peso down vs USD

MANILA — The Philippine Stock Exchange index (PSEi) recovered Thursday but the peso went the other way as investors remain concerned on political developments overseas. The main stocks gauge rose 0.53 percent or 44.34 points, to 8,402.81 points. The broader All Shares followed with a 0.42 percent, or 20.40 points to 4,928.28 points. Most of …

Dulay sees BIR hitting P1.83-T revenue target

MANILA — Bureau of Internal Revenue (BIR) Commissioner Caesar Dulay is optimistic of hitting the agency’s PHP1.829 trillion 2017 collection goal with greater cooperation from taxpayers and strengthened collection by regional offices. He said they are trying their best to meet the target “with the cooperation of taxpayers.” He admitted that revenue collection is “very …

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