Latest News

(10 February 2004, Tuesday - The Philippine Star)
By Des Ferriols

Without any regulatory intervention, the peso may plummet to 57.95 to a dollar this week, a Monetary Board (MB) official said yesterday.

10 February 2004, Tuesday - Philippine Daily Inquirer)

THE PESO regained lost ground against the US dollar Monday, in yet another quiet session after the central bank said it could raise key interest rates or increase the reserve requirements of banks further if the currency's weakness continued, dealers said.

(09 February 2004, Monday - Manila Bulletin)
By FIL C. SIONIL

Stability of the foreign exchange rate and attracting foreign investments are believed to be the fruits the country can reap from the passage of the measure providing a tax exempt privilege to offshore banking units (OBUs) and Foreign Currency Deposit Units (FCDUs).

(09 February 2004, Monday - Manila Bulletin)

The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), is considering granting an additional three-year period for banks to comply with its valuation reserves from a seven-year staggered compliance to 10 years attract more banks to subscribe to the special purpose vehicle (SPV).

(09 February 2004, Monday - Philippine Daily Inquirer)
By Doris C. Dumlao

THE BANKERS Association of the Philippines has requested the Bangko Sentral ng Pilipinas to allow banks to include deferred tax assets in the computation of their capital.

(09 February 2004, Monday - Philippine Daily Inquirer)
By Clarissa S. Batino

THE Philippine central bank said it could raise overnight rates or hike banks' reserve requirement some more if the weakness of the local currency would persist.

(09 February 2004, Monday - The Manila Times)
By Arnold S. Tenorio

MALACAÑANG cut lawyers some slack by allowing a bill exempting them from the value added tax (VAT) to lapse into law a few days ago.

(06 February 2004, Friday - The Philippine Star)
By Des Ferriols

Monetary officials moved swiftly yesterday to tighten monetary policy by siphoning off cash from the banking system as consumer prices surged against the backdrop of a freefalling peso.

Benchmark 91-day at 6.246%

(06 February 2004, Friday - Manila Bulletin)
By Fil C. Sionil

The rates of 91-day and 182-day Treasury bills fell on full awards yesterday at the first auction for the year due to excess liquidity in the system, but rate of the 364-day was allowed to rise, the Bureau of Treasury said.

(05 February 2004, Thursday - Philippine Daily Inquirer)

THE CENTRAL BANK moved swiftly Thursday to tighten monetary policy by siphoning off cash from the banking system as consumer prices surged against the backdrop of a weak local currency.

(06 February 2004, Friday - Philippine Daily Inquirer)

THE PESO'S recovery versus the US dollar following a surprise central bank move to raise banks' reserve requirement is likely to be temporary given political concerns in the run-up to the May elections, economists said.

(05 February 2004, Thursday - Philippine Daily Inquirer)

THE BANGKO Sentral ng Pilipinas (BSP) has scaled down its growth target for this year's inflow of dollar remittances from overseas Filipino workers (OFW) to three percent from five percent, saying the original target may not be achievable.

(05 February 2004, Thursday - Philippine Daily Inquirer)

THE PHILIPPINES and Japan launched bilateral free trade talks Wednesday in a bid to further open up Southeast Asian markets comprising half a billion people to Japanese exports and capital.

(04 February 2004, Wednesday - Philippine Daily Inquirer)
By Doris C. Dumlao

AFTER a lackluster performance in 2002, Philippine banks saw a significant recovery in net profits last year on the back of higher interest earnings and treasury gains.

04 February 2004, Wednesday - The Philippine Star)
By Des Ferriols

The peso plumbed new depths against the dollar yesterday due to rising political concerns and low dollar inflows from both foreign investors and overseas Filipino workers (OFWs).

(04 February 2004, Wednesday - Philippine Daily Inquirer)
By Clarissa S. Batino

THE BUREAU of Treasury said Tuesday it might cancel the auction of regular Treasury bonds and instead focus on selling 10-and 20-year bonds in the quarter ending March if the market would continue pushing interest rates up.

(03 February 2004, Tuesday - The Philippine Star)
By Des Ferriols

The outstanding loans granted by foreign currency deposit units (FCDU) of commercial banks and thrift banks dipped by two percent in the third quarter of the year, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

(03 February 2004, Tuesday - The Philippine Star)
By Ted P. Torres

Industry leaders of the thrift and savings banking sector has sadly forecast further consolidation and reclassification of the sector as high levels of non-performing loans (NPLs), poor economic activity and regulatory requirements continue to weigh heavily on the nearly 90 industry players.

(02 February 2004, Monday - Philippine Daily Inquirer)

TREASURY bill rates rose across the board at Monday's auction, with the government awarding in full its 91-day bill issue and partially its 182-day and 364-day bills, the Bureau of Treasury said.

(02 February 2004, Monday - Philippine Daily Inquirer)
by Clarissa S. Batino

THE GOVERNMENT'S cost of borrowing could go up by between 15 and 30 basis points in Monday's auction of treasury bills due to the lingering weakness of the peso.