Page 2 - Antonio Mapa News Today

The Bangko Sentral ng Pilipinas kept its policy rate unchanged in May, a first since the central bank unleashed aggressive rate hikes last year to combat inflation. 

Local factories lost some momentum as headwinds, in the form of retreating demand and resignations, continued to roil production in April.

Businesses were still bullish about their prospects despite headwinds that continue to test the Philippine economy, according to the Bangko Sentral ng Pilipinas. 

The debt pile’s ascent came amid the depreciation of the peso and the issuance of domestic security in February.

The national government’s foreign currency debt payments sent the country’s dollar position into familiar territory as it settled into a deficit in February.

The Philippines gross international reserves settled at $99.3 billion as of end-February.

Data showed this was the 18th straight month of loan growth despite the BSP’s aggressive interest rate actions. Month-on-month, credit stayed flat.

Data released by the Bureau of the Treasury on Wednesday showed that the budget deficit was trimmed by 3.35% year-on-year to P1.6 trillion in 2022 as revenues outpaced government spending. This was a better outturn compared to the P1.7 trillion budget gap recorded in 2021.

Foreign direct investments in the Philippines continued to soften in November, reducing the government’s chances of hitting its full-year target.

Data from the Bangko Sentral ng Pilipinas’ 2021 Countryside Bank Survey Baseline Report showed that the share of agricultural loans granted by banks amounted to 11-15% of total loans.