BusinessWorld
December 13, 2020 | 11:45 pm
THE PESO is seen to depreciate versus the dollar this week amid risk-off sentiment in the market due to Brexit uncertainties as well as a possible drop in monthly remittances.
The local unit closed at P48.07 per dollar on Friday, inching down from its Thursday close of P48.065.
Week on week, the peso weakened by three centavos from its P48.04-per-dollar finish on Dec. 11.
The peso declined versus the greenback on Friday following data showing a decline in foreign direct investments (FDI), said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.
Net FDI inflows sank 12.3% from a year earlier to $523 million in September, ending four months of year-on-year growth. It also fell 17% from the $637 million seen in August.
Published December 14, 2020, 7:00 AM
Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) will build up DiskarTech – the highest-rating mobile app in the country – as spin-off digital bank, according to its president and CEO, Eugene S. Acevedo.
“What we are doing now is we are growing in-house digital capabilities while investing in a division (DiskarTech) which can potentially be spun off as a stand-alone digital bank,” said Acevedo.
For now, the bank is studying the newly-released central bank rules for banks and non-banks applying for digital bank license.
“We have not finalized that decision,” said Acevedo when asked if RCBC will apply for a separate digital bank license.
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