MAYVELIN U. CARABALLO, TMT

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The economy likely grew faster in the second quarter given robust exports, government spending and farm sector gains, a senior Finance department official said. “We think the numbers are better. It is possible that it has even breached 7 percent to 7.2 percent,” Finance Undersecretary Gil Beltran told reporters in…

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Money sent home monthly by overseas Filipino workers (OFWs) rose to a three-month high of $2.75 billion in June, the Bangko Sentral reported on Tuesday. Personal remittances grew by 6.2 percent from the previous month and were also 6.8 percent higher compared to June last year. “Growth was boosted largely…

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Financial institutions have again been reminded by the Bangko Sentral ng Pilipinas (BSP) to observe anti-money laundering laws. In an August 7 circular, central bank Deputy Governor Chuchi Fonacier noted that the Anti-Money Laundering Council (AMLC) had earlier in the year approved administrative sanctions under the 2001 Anti-Money Laundering Act.…

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The peso weakened further on Tuesday, falling to a new near 11-year low of P51.34 to the dollar. The currency opened lower at P51.20, hitting as much as P51.35 during the day. Tuesday’s close was the weakest since the P51.38:$1 recorded on August 25, 2006. The decline came as the…

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P51:$1 hit; ANZ says currency likely to stay the region’s worst performer The peso fell to P51 versus the dollar on Monday — a near 11-year low — and the currency is expected to remain the region’s worst-performing given growing economic imbalances. The peso closed at P51.08:$1, a level it…

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The tax and customs bureaus grew their collections in July but still fell short of targets, preliminary Finance department data showed. The Bureau of Internal Revenue (BIR) netted P134.18 billion, up 14 percent from a year earlier and short of the month’s P134.72-billion goal. Finance Assistant Secretary Mark Dennis Joven…

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THE insurance industry saw premium income grow by 11.1 in the first semester with all sectors posting expansions, regulators reported on Monday. Data from the Insurance Commission showed total premium income hitting P117.29 billion for the January to June period, up from P105.52 billion in 2016. “It should be recalled…

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Twenty-five disaster-prone provinces will now be able to respond better to natural calamities given the availability of a P1-billion insurance fund, the Finance department said on Monday. Under the government’s Parametric Insurance Pilot program, typhoon-prone provinces such as Batanes and Albay will be able to quickly secure payouts, Finance Assistant…

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Mixed views on factors such as exports and consumption have led to a wide range of forecasts regarding second quarter economic growth, results for which will be released by the government later this week. Analysts polled by The Manila Times offered gross domestic product (GDP) growth estimates ranging from 5.8…

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The economy remains on track despite the peso’s recent weakness and reduced growth estimates, the chief of the Bangko Sentral ng Pilipinas (BSP) said. “The peso is market-determined. It’s natural for it to show volatility as it adjusts to market conditions and all the short-term uncertainties such as increased tension…

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