central bank reporter for @bworldph • 📩 reach out via: kkchan@bworldonline.com
Joined March 2022
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JUST IN: The Bangko Sentral ng Pilipinas (BSP) raises its key policy rate by 25 basis points (bps) to 4.75% on Thursday, citing "strong" price pressures amid broadening spillover effects.
This marks its second straight tightening, bringing its total hikes to 50 bps. | @bworldph
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Jun 17
LOOK: The Bangko Sentral ng Pilipinas (BSP) on Tuesday signed a memorandum of agreement with BDO Foundation and the Pasig City government.
Under the partnership, the BSP and BDOF will provide technical support for the city’s financial literacy program. | @bworldph
📸: BSP
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Jun 17
LOOK: The Bangko Sentral ng Pilipinas names its new Assistant Governor for Monetary Policy Sub-Sector, Rogelio V. Mercado, Jr.
Mr. Mercado joined the BSP in May, where he leads the economic analysis and research guiding the central bank’s monetary policy. | @bworldph
📸: BSP
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Jun 17
THE PHILIPPINES could face renewed economic disruptions from a prolonged El Niño event that is expected to last until at least early 2027, posing risks to growth and price stability, Fitch Ratings said. | @bworldph
bworldonline.com/top-stories…
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Katherine Chan retweeted
Jun 17
BREAKING: Senator Sherwin T. Gatchalian declared as the new Senate President as the chamber convened a special session with 13 senators present. | @bworldph
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Katherine Chan retweeted
Jun 15
Still elevated inflation and the peso’s persistent weakness may prompt the Bangko Sentral ng Pilipinas to tighten for a second straight meeting to stay ahead of the curve and keep inflation expectations anchored, analysts said. zurl.co/NjvYY
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Katherine Chan retweeted
Cash remittances climbed by 2% to $2.718 billion in April. This was the slowest annual growth seen since May 2022 bworldonline.com/top-stories… by @imerinechan via @bworldph
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Jun 15
JUST IN: Overseas Filipinos sent home $2.718 billion in April, up 2% year on year, the Bangko Sentral ng Pilipinas (BSP) said.
This was the weakest cash remittances growth seen in nearly four years or since the 1.8% in May 2022. | @bworldph
📸: BSP
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Jun 11
JUST IN: The Philippines’ outstanding external debt climbed by 0.42% year on year to $147.351 billion in the first quarter from $146.737 billion, the Bangko Sentral ng Pilipinas (BSP) said.
However, this was 0.2% lower than the $147.651 billion in the fourth quarter. | @bworldph
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Jun 11
The central bank noted that this was still a "manageable" external debt level.
"Overall, the external debt profile remains resilient, with developments primarily reflecting market-driven adjustments and financing requirements," it said on Thursday. | @bworldph
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Jun 10
JUST IN: Net inflows of foreign direct investments into the Philippines climbed by 25.98% to $611 million in March from $485 million last year, preliminary Bangko Sentral ng Pilipinas data showed.
However, it was down by 4.23% month on month from $638 million. | @bworldph
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READ: The Bangko Sentral ng Pilipinas (BSP) said the inflation environment remains challenging amid the ongoing Middle East war, with inflation expectations still elevated even as inflation came in weaker-than-expected at 6.8% in May. | @bworldph
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It added that the Monetary Board will review latest economic data including May inflation and the first quarter national accounts, as well as local and global developments ahead of its June 18 meeting. | @bworldph
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SLOWER THAN EXPECTED INFLATION
JUST IN: Headline inflation eased to 6.8% in May, from 7.2% in April and 1.3% last year, the Philippine Statistics Authority said on Friday.
This came as transport inflation slowed to 16.2% from 21.4% a month ago. | @bworldph
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Inflation in the National Capital Region slowed to 5% in May from 5.5% in April and 1.7% a year earlier.
Outside NCR, inflation also eased to 7.1% from 7.7% the previous month and 1.2% last year. | @bworldph
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Meanwhile, inflation for the bottom 30% of income households cooled to 8.4% from 8.5% in April and the 0% clip last year.
This brought the average inflation for the bottom 30% to 5% in the five-month period. | @bworldph
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READ: The Bangko Sentral ng Pilipinas (BSP) reminds authorized agent banks that non-deliverable foreign exchange derivative transactions must be used for legitimate economic purposes. | @bworldph
📸: BSP
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"The BSP made it clear that NDFs should have underlying legitimate economic activities supported by proper documentation," it said in a statement on Wednesday. | @bworldph
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