Banking Briefs
THE Bank of the Philippine Islands announced it has launched a digital-deposit account product. “What makes this BPI product unique is it provides an easier, more fun way of saving through a gamified rewards program that can benefit more people from all walks of life,” said BPI Deposits Head Carmina T. Marquez. The lender said the program “rewards depositors with virtual game coins as they save.” These coins, the bank said, can be used to win prizes.
” The AUB Gold Dollar Fund offers retail investors access to the US dollar bond market normally reserved for foreigners and high net-worth investors. It invests in a diversified portfolio of fixed income securities and offers a rate of return equivalent to the rolling yield of the 5-year US Treasury Notes, net of fees.SECURITY Bank Corp.
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Philippines' 4-year high inflation boosts chances of more rate hikesThe September inflation rate, which was above the 6.7% forecast in a Reuters poll, was driven mainly by high food and utility prices and brought the average rate in the nine months to September to 5.1%, the statistics agency said on Wednesday, well outside the central bank's 2% to 4% target. The faster-than-expected inflation rate reinforced expectations the Bangko Sentral ng Pilipinas (BSP), which has so far raised rates by a total of 225 basis points this year, would deliver more rate hikes at its November and December meetings. ING Bank economist Nicholas Mapa said in a statement he expects the central bank to lift its key policy rate, currently at 4.25%, by 50 basis points at each of its two remaining meetings this year in to tame inflation.
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Gov’t rejects all bids for T-bills as rates rise ahead of CPI data - BusinessWorld OnlineTHE GOVERNMENT rejected all bids for its offer of Treasury bills (T-bills) on Monday as the market wanted higher rates on expectations of faster September inflation, which may prompt further tightening from the central bank. READ
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Moody’s forecast PHL September inflation to hit below 7% - BusinessMirrorTHE increase in commodity prices will not breach 7 percent in September and will remain within the expectations of the Bangko Sentral ng Pilipinas (BSP), according to Moody’s Analytics. Based on the Moody’s Analytics Asia Pacific Economic Preview for the week of October 3 to October 7, the country’s inflation rate is expected to average
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