Inflation for the month of June 2022 may peak at 6.5%, according to BSP. BSP — The Bangko Sentral ng Pilipinas said that inflation for the month of June 2022 could hit a high of 6.5% on the back of a weak Philippine Peso versus the United States Dollar and persistent high food prices. On … Read more
Incoming BIR Commissioner Lilia Guillermo: “This will make the tax collection system more efficient and less prone to graft and corruption.” LILIA GUILLERMO — The incoming Bureau of Internal Revenue (BIR) commissioner said that she will pursue an expanded digitized tax collection for transparency and more efficiency. Guillermo, who is a former BIR Deputy Commissioner … Read more
Binance: “We are open to any discussion.” BINANCE — The world’s largest crypto exchange said on Thursday that the company is “open to discussions” after a group called for the platform to be banned in the Philippines. To recall, Infrawatch PH called on the Bangko Sentral ng Pilipinas (BSP) to ban Binance, citing the volatility of crypto … Read more
BPI: “Hiking the policy rate gradually in contrast to what the Fed is doing may exacerbate the headwinds affecting the Philippine economy.” BPI — On Thursday, the Bank of the Philippine Islands said that the Bangko Sentral ng Pilipinas (BSP) may increase its benchmark rate by 50 basis points in its meeting next week following … Read more
BSP: “The unnecessary accumulation of banknotes and coins prevents Philippine currency from being recirculated and used as payment instrument.” BSP — The Bangko Sentral ng Pilipinas warned the public that storing their money in containers could cause an “artificial shortage”. On Wednesday, the central bank urged the public to deposit their savings in formal accounts … Read more
BSP: “BSFIs should only deal with gambling and/or online gaming businesses that are allowed to operate by the appropriate government agency.” BSP — On Friday, the Bangko Sentral ng Pilipinas ordered BSP Supervised Financial Institutions (BSFIs) to remove all online sabong operators from the list of merchants in their online apps. The central bank said … Read more
Benjamin Diokno: “It is an honor to serve the Filipino people in my current and any future capacity.” BENJAMIN DIOKNO — Here’s what the BSP chief said after being chosen as finance secretary of President-elect Bongbong Marcos. Diokno is Bongbong’s pick to lead the Department of Finance (DOF). He was supposed to serve as Bangko … Read more
BSP: “The next tranches of the polymer banknotes are expected to be issued starting September 2022” BSP — The Bangko Sentral ng Pilipinas will circulate the next batch of 1000-piso polymer banknotes in September in order to complete a planned issuance of 158.4 million pieces this year. The central bank said in an email to … Read more
BSP hikes its policy rates by 25 basis points amidst quickening inflation. BSP — The Bangko Sentral ng Pilipinas raised its key policy rates by 25 basis points to 2.25% amidst quickening inflation. The Bangko Sentral ng Pilipinas followed other central banks around the world which have also raised interest rates in an attempt to … Read more
BSP: “Digital collection of payments will expedite transactions, generate savings for the government and the public, and reduce the risk of graft and corruption.” BSP — Here’s what the Bangko Sentral ng Pilipinas said after President Rodrigo Duterte issued an executive order allowing the adoption of digital payments for government collections and disbursements. On Tuesday, … Read more