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BSP keeps rates steady

MANILA — The Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) on Thursday maintained anew the central bank’s key rates after noting that inflation environment remains broadly unchanged. The rate of the reverse repurchase (RRP) facility is still at 3 percent, the repurchase (RP) rate is at 3.5 percent, and special deposit account (SDA) …

PSEi up ahead of Fed decision; peso stays strong

MANILA — Expectations for a hike in the Federal Reserve’s rate after the meeting of the Federal Open Market Committee (FOMC) later in the day led the Philippines main equities index to recover Wednesday as the peso stayed firm on wait-and-see stance. The Philippine Stock Exchange index (PSEi) ended its slide after it rose 0.31 …

12 firms vying for Bitcoin exchange operators

MANILA — Twelve entities are awaiting the Bangko Sentral ng Pilipinas’ (BSP) approval to operate as Bitcoin exchange, as virtual currency (VC) transactions in the country continue to rise, with the average in the first half of 2017 reaching USD8.8 million a month. In a briefing Wednesday, Melchor Plabasan, Deputy Director and Head of Core …

BSP scraps 28-day TDF offering for Dec. 20 auction

MANILA — The Bangko Sentral ng Pilipinas (BSP) will not be offering the 28-day Term Deposit Facility (TDF) during the auction on Dec. 20 as it continues to be less attractive to banks. Data released by the central bank Wednesday showed that only the seven-day facility will be offered  for PHP40 billion in next week’s …

Peso, PSEi down ahead of BSP, Fed meetings

MANILA – – Risk-off sentiment ahead of the respective policy meetings of the Bangko Sentral ng Pilipinas (BSP) and the Federal Reserve this week weakened the Philippine peso and local equities market on Tuesday. The local currency  ended the day’s trade at 50.51 from 50.36 a day ago, which was buoyed by Fitch Ratings’ upgrade …

P3-B worth of cigarettes with fake stamps destroyed

MANILA —  Finance Secretary Carlos Dominguez III on Tuesday personally witnessed the destruction of cigarettes with fake tax stamps confiscated from the warehouses of Mighty Corp. in Bulacan and Pampanga last March. The event, held at the Norzagaray cement production plant of LafargeHolcim, was the first for the Philippine government after implementing a strong drive …

Dominguez hails Bicam’s approval of proposed tax reforms

MANILA —  Finance Secretary Carlos Dominguez III is happy with the Bicameral Conference Committee’s  approval of the first package of the proposed tax reform, gains from which is seen to reach PHP130 billion, near the PHP157 billion projected by the Department of Finance (DOF). In a briefing after a field visit at the LafargeHolcim cement …

RCBC to BB: Share results of cyber heist probe

MANILA — Rizal Commercial Banking Corp. (RCBC) has again called on officials of Bangladesh Bank (BB) to make public the results of its own investigation on the 2016 bank heist, wherein it lost a substantial amount, instead of blaming other entities. In a statement Tuesday, lawyer George dela Cuesta, RCBC Legal Affairs head and first …

BTr rejects bids for T-bills across the board

MANILA — The Bureau of the Treasury’s (BTr) auction committee on Monday rejected bids for all tenors of Treasury bills (T-bills) after banks asked for high yields. National Treasurer Rosalia De Leon told reporters after the auction that banks asked for unreasonable yields because of expectations for an uptick in the Federal Reserve rates next …

Upgrade on PH’s credit ratings boosts peso, PSEi

MANILA — Monday’s upgrade by Fitch Ratings on the Philippines’ investment grade to ‘BBB’ from ‘BBB-‘ with Stable outlook lifted both the peso and the Philippine Stock Exchange index (PSEi) on Monday. The local unit finished the day’s trade at 50.36, way better than its 50.50 close Friday last week. A trader pointed this primarily …

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