MAYVELIN U. CARABALLO, TMT

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Fitch Group unit sees 15% loan growth until 2019 The dynamics of Philippine banks remain healthy according to BMI Research, prompting the Fitch Group unit to keep a positive outlook on the industry. Bank lending could grow by 15 percent every year until 2019, BMI said, as the Philippine economy…

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PHILIPPINE manufacturing output likely fell 2 percent in August, decelerating further from July’s 1.1-percent contraction in July, Moody’s Analytics said in an estimate ahead of the release of official data this week. The economic research unit of Moody’s Investors Service expects the Volume of Production Index (VoPI) to post a…

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Banks will be liable for “serious” offenses they fail to adopt multi-factor authentication (MFA) for card transactions, the Bangko Sentral ng Pilipinas (BSP) said. In a memorandum, central bank Deputy Governor Chuchi Fonacier noted that the September 30 deadline for BSP-supervised financial institutons (BSFIs) to adopt MFA techniques had lapsed.…

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Requirements for the issuance of bonds and commercial papers by banks and quasi-banks (QBs) have been streamlined by the Bangko Sentral ng Pilipinas (BSP). Amendments to pertinent regulations have been approved by the policymaking Monetary Board, the central bank said in a statement. “The amendments include removal of the minimum…

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Taxes due from the local unit of Japan Tobacco International (JTI) could boost government revenues by P2 billion monthly in the wake of the firm’s acquisition of local cigarette maker Mighty Corp. Teresita Angeles, Assistant Commissioner for the Bureau of Internal Revenue’s (BIR) Large Taxpayers Service, said that JTI had…

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The government is implementing infrastructure projects at a much faster pace, a Cabinet official said in disputing a World Bank assessment that rollouts were being delayed. “We are already faster than before in implementing our projects because … we are willing to take the construction risk,” Finance Secretary Carlos Dominguez…

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The Philippine and Japanese central banks have signed a restated currency swap arrangement that will allow monetary authorities to stabilize exchange rates during times of volatility. “The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Bangko Sentral ng Pilipinas, signed the Restatement Agreement…

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The Philippines’ gross international reserves (GIR) declined in September with the Bangko Sentral ng Pilipinas (BSP) attributing the drop to its foreign exchange operations, lower gold prices and national government debt payments abroad. Central bank data released on Friday showed the country’s foreign exchange reserves at $81.34 billion for the…

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Inflation rose to a five-month high of 3.4 percent in September, the government reported on Thursday, again raising expectations of monetary policy tightening before the end of the year. The result, attributed to higher food prices, picked up from August’s 3.1 percent and the 2.3 percent recorded a year earlier.…

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