Despite positive economic growth, the Philippines faces uncertainty due to the incoming US administration's policies, particularly restrictive trade and migration policies. Governor Remolona of the Bangko Sentral ng Pilipinas (BSP) highlights these challenges while emphasizing the ongoing efforts to achieve financial inclusion.
THE Philippines should brace for “very unusual kind of uncertainty” even as the economy is now on firmer footing, according to the Governor of the Bangko Sentral ng Pilipinas .
“We’re facing new kinds of challenges, very unusual kind of uncertainty. And so we have to be a little more cautious than before,” he added. The BSP Governor said that overall, the economy was doing well, better than it used to, given the challenges that the economy faced, particularly in terms of inflation.
Many digital banks, Remolona said, are doing good work in enticing digital deposits. The challenge for them is extending loans in a virtual space. In its latest brief on the Philippines, BMI Country Risk & Industry Research, a Fitch Solutions Company, these uncertainties have caused the US Federal Reserve to “dial back” on its projected rate cuts.
For his part, Remolona again stressed that the Monetary Board does not pin its policy decisions on the actions of the US Federal Reserve. Nonetheless, BMI said the BSP is on track to reducing its policy rates by 25 bps in the Monetary Board’s first policy meeting for the year slated for February 20.
Finance Philippine Economy Inflation Trump Administration BSP Financial Inclusion Monetary Policy Interest Rates US Federal Reserve
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WHO: No Unusual Outbreaks in China Despite Rise in Respiratory InfectionsThe World Health Organization (WHO) has stated that they haven't observed any unusual outbreak patterns in China despite an increase in reported acute respiratory infections. The rise is attributed to seasonal influenza, RSV, and other common viruses.
Read more »
Philippines Rice Production to Rise Despite TyphoonsThe Philippines' unmilled rice production in the fourth quarter is projected to exceed last year's levels, despite the impact of typhoons in October and November. This increase is attributed to an expansion in harvest area.
Read more »
Philippines' Economic Growth Forecast Despite RisksFitch Ratings maintains an investment-grade rating for the Philippines but warns of potential risks due to structural weaknesses and political volatility. The agency forecasts continued economic growth, driven by domestic demand and government initiatives.
Read more »
Philippines to Exceed Revenue Target Despite Tax ShortfallsDespite tax revenues falling short of their target, the Philippines is projected to exceed its overall revenue collection goal for the year thanks to strong non-tax revenue performance. Finance Secretary Ralph Recto attributed the shortfall to the non-passage of all anticipated tax measures and a lower GDP growth rate. However, he highlighted the significant double-digit growth in tax collections and emphasized the government's success in securing additional resources for the 2024 budget through privatization, increased GOCC dividend remittances, and reallocation of idle funds.
Read more »
Peaceful New Year Celebration in the Philippines Despite Slight Increase in Indiscriminate FiringThe Philippines ushered in 2025 with a generally peaceful New Year celebration, marked by a significant decrease in firecracker-related injuries and a limited number of untoward incidents. However, there was a slight increase in cases of indiscriminate firing compared to the previous year.
Read more »
Fnatic Onic Philippines Conquers M6 World Championships Despite Health ChallengesFnatic Onic Philippines overcame health issues to claim the Mobile Legends: Bang Bang M6 World Championships title with an undefeated record. This victory extends the Philippines' dominance in the M World Series.
Read more »