Former Trade Minister Roberto V. Ongpin sold his stake in Philippine Bank of Communications, citing the need to make a “financial sacrifice” and spare the bank from any backlash that could arise from his legal battle with a ranking central bank official.
The Bangko Sentral ng Pilipinas on Thursday kept key interest rates unchanged from their historic low levels, believing no adjustment is needed at the moment given the high economic growth and low inflation that the country now enjoys.
The Bangko Sentral ng Pilipinas is open to further slashing its key policy rates, which recently have been brought to new record lows.
The Bangko Sentral ng Pilipinas (BSP) and the Monetary Board (MB) has asked three Court of Appeals justices hearing the case of the Banco Filipino Savings and Mortage Bank to inhibit themselves from the case.
The Bangko Sentral ng Pilipinas has cut its key policy rates by another 25 basis points, citing the need to counter potential ill-effects of lingering global economic problems on the Philippines.
MANILA, Philippines—President Aquino has appointed long-time career central bank executive Armando Suratos to the Monetary Board, Presidential Spokesman Edwin Lacierda announced on Tuesday. Aquino appointed Suratos on September 9. He replaces Juanita Amatong, whose term expired on July 3, and will stay on until July 3, 2017. Suratos was Bangko Sentral ng Pilipinas deputy governor [...]
LBC Development Bank, a unit of the LBC Group, has been placed under receivership of the Philippine Deposit Insurance Corp. (PDIC).
MANILA, Philippines—The Bangko Sentral ng Pilipinas kept interest rates at current levels during the meeting of its Monetary Board on Thursday, believing another move to control liquidity would be imprudent given the slower-than-expected growth of the economy in the first semester. With the decision, the BSP’s overnight borrowing and lending rates, which influence commercial interest [...]
Monetary authorities are expected to keep policy rates unchanged when they meet Thursday, as the rate of consumer price increases eased last month, according to the DBS Group. Even then, the Singapore-based group said in a new research note that another 25 basis-point hike later this year—which would be third such step for 2011—“cannot be [...]
The Court of Appeals on Friday reversed the decision of the Makati City Regional Trial Court that ordered the Bangko Sentral ng Pilipinas (BSP) and the Monetary Board to provide up to P25 billion in financial assistance to the now closed Banco Filipino Savings and Mortgage Bank.
Fearing for the safety of guests who will fly from Manila, San Miguel Corp. president Ramon S. Ang (a.k.a. RSA) was almost tempted to call off the launch of its Caticlan airport rehabilitation project last Saturday due to bad weather conditions. After all, the guest of honor was P-Noy (President Aquino) himself. But since Malacañang [...]
MANILA, Philippines—The Monetary Board on Thursday decided to keep policy rates steady on signs that the rate of rise in consumer prices was “leveling off.” This means that the Bangko Sentral ng Pilipinas’ overnight borrowing rate still stands at 4.5 percent while its overnight lending rate remains at 6.5 percent. However, monetary authorities raised the [...]
