The Philippine central bank announced the launch on Monday of an interest rate swaps market anchored to a newly established benchmark rate to enhance bond market trading and liquidity, Reuters reported. The start of IRS transactions follows the recognition by the International Swaps and Derivatives Association of the benchmark - the overnight reference rate (ORR) - which the Bankers Association of the Philippines helped establish.
Read more
Philippines
Philippine President Ferdinand Marcos Jr. on Monday signed a law that lowers corporate income taxes and boosts incentives for businesses, in a bid to spur more investment into one of Asia’s fastest-growing economies, Bloomberg News reported. The Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy, or CREATE MORE Act, reduces the corporate income tax rate for businesses registered with investment agencies to 20% from 25%.
Read more
Philippine inflation quickened within market expectations in October, giving the central bank room to sustain its easing cycle, Bloomberg reported. Consumer prices rose 2.3% year-on-year in October, matching median economists forecast in a Bloomberg survey and falling within the central bank’s estimate of 2% to 2.8% for the month. Food inflation accelerated as rice price gains snapped a downtrend due to base effects. While inflation ticked up after decelerating in September, average inflation for the past ten months was at 3.3%, still within the central bank’s 2%-to-4% goal.
The Philippine central bank cuts its policy rate for the second time this year as it looks to bolster its economy amid mounting uncertainty abroad, the Wall Street Journal reported. Bangko Sentral ng Pilipinas Gov. Eli Remolona said Wednesday that the central bank would deliver a 25-basis-point cut, lowering its benchmark overnight reverse repurchase rate to 6.00%. It will also cut its benchmark lending rate to 6.50% from 6.75%, he said.
Read more
The Philippine central bank will likely use quarter-point moves to slash its benchmark interest rate by around 175 basis points through the end of next year, according to Governor Eli Remolona, Bloomberg News reported. A 25 basis-point cut is on the cards for the Oct. 16 policy meeting, followed by a reduction of the same size in December, Remolona said. The Bangko Sentral ng Pilipinas is unlikely to resort to half-point cuts as the economy remains robust, he added.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.