Philippine central bank open to more easing despite record-low rates
CLIFF VENZON, Nikkei staff writerJune 2, 2021 15:01 JSTMANILA -- The Philippine central bank is \"open to doing more\" monetary easing despite already record-low interest rates and still has \"a lot of tools\" to support the economy\'s recovery from the pandemic, Gov. Benjamin Diokno told Nikkei Asia.The central bank chief\'s assurances come as the Philippines, like some of its neighbors in Southeast Asia, fights a new wave of COVID infections, threatening its bid to turn around a record 9.6% economic contraction last year.Since the coronavirus outbreak early last year, the central bank has cut the benchmark interest rate by a total of 200 basis points to 2%, a record low.\"We\'re open to doing more, if necessary,\" Diokno said in an online interview on Tuesday. \"But ... at the moment, the current policy setting is appropriate.\"Apart from slashing interest rates, the central bank also lowered the reserve requirement ratio for banks, purchased an unprecedented close to 1.1 tr... Manufacturing conditions near stabilisation in May
Key findingsSolid decline in output, while new orders fall only marginallyPhilippines Manufacturing PMIsa, >50 = improvement since previous month 60 55 50 Supplier delivery delays prompts input stock building 45 Selling prices rise at fastest pace for two-and-a-half yearsRead more: https://www.markiteconomics.com/Public/Home/PressRelease/8f790b3d79e847d1962773c90f28903a... BSP backs easing data connectivity restrictions for financial inclusion
November 4, 2020THE CENTRAL BANK is backing legislative measures that seek to narrow the digital divide in the country to push financial inclusion in rural areas, said Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno.“We have a relatively high mobile phone and internet access penetration, but these digital assets are underutilized for financial transactions. In fact, seven in 10 unbanked adults have a mobile phone. This is an untapped opportunity for digital finance,” Mr. Diokno said in a response to questions from the Makati Business Club. Mr. Diokno said in particular, they support Senate Bill No. 45 or the Open Access in Data Transmission Act, which will remove the need to secure congressional franchises for the broadband industry and streamline the registration process. The proposed legislation, as well as its counterpart House Bill No. 54, have both been pending since 2019.Mr. Diokno said they are also backing amendments to Executive No. 467 sig...