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November 28, 2023

DOF urges ADB to lead recovery efforts of Asia Pacific economies

The Department of Finance (DOF) has called on the Asian Development Bank (ADB) to take a lead role in the recovery efforts of Asia-Pacific economies battered by shock waves from the COVID-19 pandemic and further weighed down by the impact of the prolonged Russia-Ukraine conflict.

BSP to leverage on AI to enhance central banking functions

The Bangko Sentral ng Pilipinas (BSP) is leveraging on artificial intelligence (AI) as it explores applications of machine learning techniques, particularly in the areas of natural language processing, nowcasting, and banking supervision.

Landbank extends P1.51B in loans to rice farmers

State-run Land Bank of the Philippines headed by bankero Cecilia Borromeo has released P1.51 billion in loans to a total of 9,126 rice farmers and cooperatives as of end March this year through the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF).

Gov’t debt up 17.7% to a record high P12.7T in end March

The national government’s outstanding debt went up by 17.7 percent to a new all-time high of P12.68 trillion in end March this year from P10.77 trillion in end March last year on higher borrowings to fund COVID-19 response measures.

BPI sees aggressive rate hike in one meeting

Bank of the Philippine Islands (BPI) led by bankero TG Limcaoco expects the Bangko Sentral ng Pilipinas (BSP) to deliver an aggressive rate hike in one meeting on the back of quickening inflation and the series of rate hikes by the US Federal Reserve.

China Bank books 37% rise in Q1 earnings to P4.9B

China Banking Corp. headed by bankero William Whang registered a 37 percent jump in net income to P4.9 billion in the first quarter of the year from P3.6 billion in the same quarter last year on the back of sustained core business growth.

Inflation kicks up to 3-year high of 4.9% in April

Inflation kicked up to its highest level in more than three years hitting 4.9 percent in April from four percent in March mainly brought about by the higher annual increase in the index for food and non-alcoholic beverages, transport as well as housing, water, electricity, gas, and other fuels.