MAYVELIN U. CARABALLO, TMT

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LUCIO Tan-led Philippine National Bank (PNB) is optimistic of hitting double-digit profit growth this year given continued strong demand for loans and other banking services. PNB Executive Vice President and Chief Financial Officer Nelson Reyes said the bank expects net income to grow by 13 percent to 14 percent this…

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Government spending surged in March, a Cabinet official said on Monday, resulting in a substantially higher first quarter budget deficit. Quoting a preliminary Bureau of the Treasury report, Finance Secretary Carlos Dominguez 3rd told reporters that the January-March shortfall had reached P162.2 billion. “[It] is P57.8 billion lower than program…

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A government-owned bank’s bid to take over the operator of the country’s fixed income bourse has hit a roadblock with just one shareholder willing to sell its stake. Land Bank of the Philippines (LandBank), which had announced that it would be accepting offers from Philippine Dealing System Holdings Corp. (PDSHC)…

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Economic growth likely accelerated in the first quarter on the back of increased government spending, a Cabinet official said on Monday. “That’s going to be additional stimulus to economic growth,” Socioeconomic Planning Secretary Ernesto Pernia told reporters. Latest official data showed government spending up by 37 percent to P240.2 billion in February,…

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The Bangko Sentral ng Pilipinas’ (BSP) vision of higher electronic payments usage by 2020 is “very doable”, officials said on Monday following the launch of Instapay — the second automated clearing house under the National Retail Payments System (NRPS). Bangko Sentral Governor Nestor Espenilla told reporters that one of the…

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The Philippine economy is currently in a “sweet spot” with growth likely having accelerated in the first three months of the year, Moody’s Analytics said. “The Philippine economy likely grew 6.8 percent year-on-year in the first quarter,” it said in a report released over the weekend. Official gross domestic product…

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ECONOMISTS polled by the Bangko Sentral ng Pilipinas (BSP) expect inflation to hit an above-target 4.1 percent this year before decelerating over the next two years. “Using the 2012-based headline inflation data, [the]mean inflation forecast for 2018 was at 4.1 percent, while mean forecasts for 2019 and 2020 were at…

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Monetary policy in the Philippines remains appropriate, the country’s central bank chief said on Friday amid market developments and continued observations that a tightening was overdue. “In my view, the sum of BSP actions remain appropriate for the situation,” Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. told reporters when…

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The country’s Socioeconomic Planning chief sought to allay overheating concerns on Friday, declaring that officials remained watchful of risks that could affect the Philippines’ strong growth. “As we tread a high growth trajectory, risks are typically present on both domestic and external fronts. Nevertheless, we remain vigilant in monitoring these developments.…

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Banks on the whole maintained lending standards for businesses but tightened these for households during the first quarter, the Bangko Sentral ng Pilipinas (BSP) reported on Friday. “The unchanged credit standards for business loans was largely attributed to respondent banks’ steady outlook for the economy as a whole and for…

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