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BSP phases out liquidity measures but keeps rates

The central bank on Thursday said it was phasing out liquidity-enhancing measures as part of a continuing move to tighten monetary policy to control money in the financial system amid the recovering economy. The policy-making Monetary Board cut its budget for short-term loans to banks under its rediscount facility by a third to P40 billion, even as it kept benchmark interest rates steady. "The Monetary Board noted that a broad range of indicators point to increasing momentum in domes...

RP exports fall 25.4% in July

MANILA - After posting its lowest annual contraction since November 2008, Philippine merchandise exports slipped by more than a quarter in July. Data from the National Statistics Office showed that export earnings fell 25.4% to $3.312 billion in July from $4.437 billion recorded in the same period last year. Compared to June's export earnings of $3.406 billion, the latest figure is lower by 2.8%. In June, the country's exports fell 24.8%, the lowest annual drop since November last year. Since...

Foreign exchange reserves near $40 billion in July

MANILA, Philippines - The country’s foreign exchange reserves nearly hit the $40 billion level as of end July 2009, boosted by proceeds from the government’s second global bond issue last month and income from the central bank’s investments abroad, the Bangko Sentral ng Pilipinas (BSP) announced yesterday. The end-July dollar reserves level of $39.99 billion was higher by $496 million from the end-June level of $39.49 billion, BSP officer-in-charge Nestor Espenilla Jr. said. “The increase in t...

July inflation falls to 22-year low at 0.2%

MANILA, Philippines - The inflation rate slowed to 0.2 percent in July, the lowest level in 22 years, as price increases in key sectors such as food and beverages continued to ease. The National Statistics Office (NSO) reported yesterday that the latest inflation figure was sharply lower than the 12.2-percent inflation rate posted for the same month last year when the country was reeling from the high prices of oil and rice. It was also lower than the 1.5-percent rate posted in June. The...

Weak peso, higher local debt push up RP's total debt

MANILA - Each 92.2 million Filipino now owes P46,178 in April, or P325 more than the previous month, as the country's debt stock increased by P30.4 billion in April. A weaker peso and an increase in domestic borrowing pushed up the government's outstanding debt up by 0.7% at end-April from the previous month, the Bureau of Treasury said. The Philippines raised its total borrowing needs for 2009 by more than $1 billion after it widened its budget deficit goal to a record P250 billion, or ...