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BSP: Remittances grew by 6% in February

Economy

Apr 152013

MANILA, Philippines – Money sent home by Filipinos abroad grew by 6 percent in February to $1.682 billion from $1.587 billion a year ago, the central bank reported on Monday. The amount represented cash coursed through banks. It brought the two-month tally to $3.363 billion, an improvement of seven percent from last year. The Bangko Sentral ng Pilipinas (BSP) projects a 5-percent expansion in cash remittances for 2013. A separate gauge called personal remittances- which included hand-carry transfers– rose by a faster 6.9 percent last month and 7.6 percent for the first two months of the year. “The steady deployment of overseas Filipino workers remained a primary contributory factor to the growth in remittances flows,” BSP said in a statement. More than three-fourths of cash remittances were sent by land-based workers, while about a quarter were sent by seafarers, figures showed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The United States remained the top source of remittances, accounting for 41.5 percent of the total. It was followed by Canada (9.8 percent), Saudi Arabia (7.9 percent), the United Kingdom (5.3 percent), the United Arab Emirates (4.5 percent), Singapore (4.1 percent) and Japan (3.5 percent). The BSP said remittances are poised to increase further in the coming months as indicated by the Department of Labor and Employment. “[O]pportunities for migrant workers through infrastructure projects in Hong Kong and increased minimum wage for monthly paid workers in Taiwan, could support further the sustained inflows of remittances to the country in the Read More …

Monetary board cuts SDA rate in bid to spur economy

Economy

Mar 142013

MANILA, Philippines – Monetary officials slashed on Thursday the special deposit account (SDA) rate to 2.5 percent in a bid to push out idle funds to help fund economic activity and boost growth amid a low inflation environment. Policy rates were also kept steady at record-lows of 3.5 percent for overnight borrowing and 5.5 percent for overnight lending, the Bangko Sentral ng Pilipinas (BSP) said. The rate of the SDA— deposits of banks and trust departments with the BSP— was cut by 50 basis points from three percent. This was the second cut made for the year, following a similar reduction in January. “The Monetary Board’s decision to maintain the policy interest rates at their current levels is based on its assessment that the inflation environment over the policy horizon is likely to remain manageable,” BSP Governor Amando Tetangco, Jr. told reporters. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Inflation is seen to average 3.3 percent for 2013 and 2014, slightly faster than the January forecasts of three percent and 3.2 percent, respectively. Both are still within the low-end of the official 3-5 percent target range. “The revisions (to forecasts) were because of the higher actual outturn for the January inflation,” BSP Assistant Governor Ma. Cyd Tuaño-Amador said in a briefing. Inflation accelerated to 3.4 percent in February from 3 percent in January. This put the average so far to 3.2 percent. Amador said with prices under control, BSP could allow more liquidity to flow out of the Read More …

Inflation seen at 2.8-3.7%

Economy

Feb 262013

MANILA, Philippines – Inflation could settle between 2.8 percent and 3.7 percent this month as lower food and electricity prices offset oil price hikes, the Bangko Sentral ng Pilipinas (BSP) said yesterday. The forecast falls at the lower end of this year’s official three to five-percent target. Inflation picked up to three percent in January after settling at 2.9 percent in December 2012. On average, however, consumer prices rose 3.2 percent last year. “Results of the BSP’s latest forecasting exercises suggest that average inflation for 2013 and 2014 could still settle at the lower half of the government-set target range,” BSP Governor Amando Tetangco Jr. said in a text message to reporters. “(This reflects) continued manageable inflation pressures and well-anchored inflation expectations,” he added. For February, Tetangco said upside pressures coming from a spate of oil price adjustments – and their possible impact to other commodity prices – could nudge consumer prices higher. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Local oil firms have hiked prices five times this year compared with only three rollbacks, according to monitoring by the Department of Energy. Diesel and gasoline prices have risen by P2.05 and P3.05 per liter from their levels end of last year. As of Monday, diesel now has a price range of P41.25-44.30, while gasoline price range was pegged at P51-P57.39. Price pressures from oil prices could be tamed by lower electricity rates this month, Tetangco said.

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