Maniolas

BSP Governor Amando Tetangco Jr. said last month’s gross international reserves (GIR) level was $390 million higher than the previous record of $85.51 billion booked in July. File photo MANILA, Philippines – The country’s foreign exchange reserves continued to strengthen, hitting a new  all-time high of $85.9 billion in end-August, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. BSP Governor Amando Tetangco Jr. said last month’s gross international reserves (GIR) level was $390 million higher than the previous record of $85.51 billion booked in July. The GIR is the sum of all foreign exchange flowing into the country. The reserves serve as buffer to ensure  the Philippines would not run out of foreign exchange it could use to pay for imported goods and services, or maturing obligations in case of external shocks. If it deems necessary, the BSP buys dollars from the foreign exchange market to prevent sharp depreciation of the peso. It can also sell to avoid sharp appreciation of the local currency. Tetangco attributed the increase to the national government’s net foreign currency deposits as well as income from the central banks foreign exchange operations and investments abroad. Data showed earnings from the BSP’s investments abroad inched up  0.88 percent to $73.94 billion in August from $73.29 billion in July. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On the other hand, the BSP chief said the increase was partially offset by payments made by the national government for its maturing foreign exchange obligations as well as Read More …

MANILA, Philippines – The Philippines has reiterated its commitment to return to Bangladesh money illegally channeled to the local financial system last February. While underscoring the “100-percent support” of the entire government, Finance Secretary Carlos Dominguez told Bangladesh Ambassador John Gomes legal processes should be followed in the return of the $81 million stolen from Bangladesh last February. The two met in Makati City recently, together with representatives from the central bank, the Anti-Money Laundering Council (AMLC) and the departments of Foreign Affairs and Justice. “We want to assure you that the Philippine government, including all its instrumentalities,… are 100 percent behind you, that we want to assure you that we will do everything that we can to assist you,” Dominguez was quoted as saying in a statement. “We have, however, a legal system that has to be respected and this system has to be followed so that whatever claim you are awarded, nobody can challenge that in the future,” he added. For now, the government is focused on securing the $15 million surrendered in two batches by casino operator Kim Wong, who was part of a web of personalities where the money passed through. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Wong gave up the money to the Bangko Sentral ng Pilipinas (BSP), which is keeping it while awaiting a court ruling that will award the money to the government. A petition has already been filed by the DOJ before the Manila Regional Trial Court, while the Read More …

MANILA, Philippines – The Department of Agriculture insists a plan to remove quantitative restriction (QR) on rice imports will be disastrous to local farmers. “The Filipino rice farmers are not ready yet for the lifting of the QR mainly because of negligence on the part of the government in the past,” Agriculture Secretary Emmanuel Piñol said. He said Filipino rice farmers could not yet compete with neighboring rice-producing nations should the government finally decide to lift import restrictions on rice. In the Philippines, the cost of producing palay (unmilled rice) is around P10-12 per kilo as against the P6 to P10 per kilo in Vietnam and Thailand. “We need at least two years to improve the average rice production per hectare to at least five to six tons and lower the cost of production per kilo to a maximum of P8,” Piñol said. “Until such time these are achieved, lifting the QR would be disastrous to the Filipino rice farmers,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On the contrary, National Economic and Development Authority (NEDA)-Agriculture, Environment and Natural Resources director Mercedita Sombilla said farmers have remained disadvantaged even with the current implementation of the QR. “Even with the QR, farmers were never that much advantaged, especially the small rice farmers who are net consumers of rice for most part of the year and hence have to face the same higher rice prices,” Sombilla said in an email to The STAR. “If you look at and Read More …

A LOCAL auto parts maker group wants the government to lay down clearly the policy that would allow it to benefit from the so-called Comprehensive Automotive Resurgence Strategy (CARS) Program.