MAYVELIN U. CARABALLO, TMT

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Central bank accused of concealing ‘everything it could’ Rizal Commercial Banking Corp. (RCBC) on Tuesday accused Bangladesh Bank of covering-up its faults in last year’s multibillion-dollar cyberheist, responding to a government minister’s threat to “wipe out” the Philippine lender. In a statement on Tuesday, the RCBC claimed the theft was…

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THE Philippines’ trade deficit hit a record high in October as imports grew twice as fast as exports, the Philippine Statistics Authority (PSA) reported on Tuesday. Inbound shipments rose by 13.1 percent year-on-year to $8.21 billion, PSA data showed, while exports grew at a slower pace of 6.6 percent to…

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Factory output — both in volume and value terms — slumped further in October as chemical products continued to drag on the sector’s performance. The volume of production index (VoPI) fell by 6.5 percent year-on-year while the value of production index (VaPI) dropped 6.3 percent, the Philippine Statistics Authority (PSA)…

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The Department of Finance (DoF) has expressed pleasure over the estimated P130 billion in revenues that the government would gain from the Tax Reform for Acceleration and Inclusion (TRAIN) Act, which is expected to become law later this month. This came as RFM Corp. President and CEO Jose Maria “Joey”…

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THE job market lost some momentum in October as the number of unemployed slightly increased from 2016. The unemployment rate inched up to 5 percent in October from 4.7 percent in the same month last year, the latest Labor Force Survey conducted by the Philippine Statistics Authority (PSA) showed. This…

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Net foreign direct investments (FDI) surged in September from a year earlier, the Bangko Sentral ng Pilipinas (BSP) reported on Monday, but were lower than the previous month’s 16-month high. At $754 million, September’s net inflow was 61.8 percent higher year on year, central bank data showed. August’s tally, however,…

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Debt watcher Fitch has upgraded the Philippines’ credit rating, noting continued investor confidence despite President Rodrigo Duterte bloody war against illegal drugs. The one-notch adjustment, to “BBB” from “BBB-“ with a stable outlook, placed the country further into investment-grade territory. Fitch Ratings was the first to rate the country as…

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Tax evasion charges on top of forfeiture cases are being eyed by the Department of Finance (DoF) against its officials and employees suspected of amassing ill-gotten wealth. Finance Undersecretary Bayani Agabin said personnel covered by the anti-corruption investigations of the agency’s Revenue Integrity Protection Service (RIPS) include those assigned at…

LONDON’S CAPITAL ECONOMICS

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Concerns that the Philippine economy could overheat are exaggerated and monetary authorities are unlikely to intervene in the short term, London’s Capital Economics said. In a report, the research firm noted that fast growth, easy credit and a worsening trade balance had led to suggestions that Bangko Sentral ng Pilipinas…

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Optimism among Filipino households has dropped anew but sentiment overall remains positive, the Bangko Sentral ng Pilipinas (BSP) reported on Friday. The central bank’s fourth quarter Consumer Expectations Survey (CES) saw the confidence index (CI) decline to 9.5 percent — down for the second consecutive quarter — from the third…

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