The Bangko Sentral ng Pilipinas on Thursday delivered a preemptive 25-basis-point rate hike and left the door open to further tightening as stubborn inflationary pressures threaten to keep prices above the central bank’s target range.
Moody’s Ratings affirmed the Philippines’ Baa2 sovereign credit rating on Monday, citing expectations that the government’s fiscal position will stabilize over the next two years despite a sharp slowdown in economic growth.
Treasury bill yields were mostly higher at Monday’s auction as investors appeared to price in the possibility of tighter monetary policy ahead of the Bangko Sentral ng Pilipinas’ interest rate-setting meeting later this week.
The Philippines’ gross international reserves (GIR) fell to USD103.3 billion at the end of July from USD104.7 billion a month earlier, while the country posted a USD1.5-billion balance of payments (BOP) deficit, reflecting continued pressure from external transactions.
Digital payments accounted for nearly two-thirds of retail transactions in the Philippines last year, putting the country within its national target range and underscoring how quickly electronic payments are replacing cash in everyday commerce.
Mynt Inc., the company behind leading fintech platform GCash, may see its upcoming initial public offering (IPO) priced below the stated P10 indicative level, according to market analysts.
Cebu-based Aznar Shipping Corp. has filed with the Securities and Exchange Commission (SEC) to raise as much as P670 million through an initial public offering (IPO), as the regional operator seeks capital to expand its fleet and supporting infrastructure across the Visayas.
President Ferdinand Marcos Jr. locked in strategic expansion commitments from Indian conglomerates, anchoring a diplomatic push with USD75 million in immediate investments from iSON Group projected to generate 2,000 local jobs.
Starting this September, the Department of Transportation (DOTr) is providing targeted financial assistance to transport cooperatives and corporations struggling with monthly loan payments, to keep modern public utility vehicles (PUVs) running and protect workers’ livelihoods.