Latest news with #EliRemolonaJr.
GMA Network
03-07-2025
- Business
- GMA Network
Two more rate cuts possible this year, says BSP Gov. Remolona
'There's room because inflation is low and growth is a bit lower also, except that, the cuts cannot really compensate entirely for the slowdown in growth,' BSP Governor Eli Remolona Jr. said. File photo Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. on Thursday hinted at the possibility of two more rate cuts this year, as he said the current inflation and economic growth levels give the central bank room for further easing. Speaking with reporters, Remolona said there could be two more rate cuts this year, with three more policy meetings scheduled this year on August 26, October 6, and December 9. 'Pwede, pwede naman. Meron pa tayong August, meron pa tayong October, December [It's possible. We still have August, we still have October, December],' Remolona said on the sidelines of the BSP's 32nd Anniversary Multimedia Exhibit in Manila. 'There's room because inflation is low and growth is a bit lower also, except that, the cuts cannot really compensate entirely for the slowdown in growth,' he told reporters. Inflation clocked in at 1.3% in May, marking the fourth straight month of deceleration. Official figures for June are scheduled to be released on Friday, July 4. The BSP projects this to possibly have hit as high as 1.9% in June. Economic growth, meanwhile, was recorded at 5.4% in the first quarter of 2025, with Philippine economic managers expecting the full-year expansion to average between 5.5% to 6.5% this year. 'Kasi 'yung slowdown in growth, dahil sa uncertainty 'yun eh. Napo-postpone 'yung big-ticket consumption items, napo-postpone investments, tapos 'yung exports dahil bumagal din ang ano eh, global growth,' Remolona said. (The growth slowdown is because of uncertainty. The big-ticket consumption items are being postponed, investments are being postponed, and exports have decelerated because of the slower global growth.) The Monetary Board of the BSP last month cut key policy rates by 25 basis points, bringing the target reverse repurchase rate to 5.25%, the overnight deposit rate to 4.75%, and the overnight lending facility rate to 5.75%. 'If things remain on track, then we will probably cut once more, but depending on the data… But for now things remain on track. Isa pa [One more],' Remolona said in June. — BM, GMA Integrated News
GMA Network
12-06-2025
- Business
- GMA Network
Euro Commission removes PH in list of ‘high-risk' countries for dirty money, financial crimes
The European Commission, the European Union's (EU) executive body, has removed the Philippines from its list of high-risk countries the bloc monitors for money laundering and terrorism financing. In a statement, the European Commission announced that the Philippines, along with Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates, was delisted in its updated list of high-risk jurisdictions for financial crimes. 'The updated list takes into account the work of the Financial Action Task Force (FATF) and in particular its list of 'Jurisdictions under Increased Monitoring',' the EU body said. 'As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FAFT. Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards,' it said. To recall, in February, the FATF announced that the Philippines is no longer under increased monitoring for money laundering and financing of terrorism or 'grey list.' Sought for comment, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. told GMA News Online, 'This is good news, but we will still need a yes vote by the EU Parliament.' The EU Parliament, the bloc's legislative body, approves or ratifies actions or agreements done by the European Commission on behalf of the EU. Meanwhile, the European Commission added to the high-risk monitoring list several countries, such as Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela. 'EU entities covered by the AML (anti-money laundering) framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system,' it said. —VAL, GMA Integrated News
GMA Network
28-05-2025
- Business
- GMA Network
Remolona still top paid gov't official in 2024, other BSP execs in top 10
BSP Governor Eli Remolona Jr. raked in almost P48 million in salaries and allowances in 2024, the COA reported. BSP file photo Bangko Sentral ng Pilipinas governor Eli Remolona remained the highest-paid non-elected government official in 2024, with other BSP officials as usual dominating the list of highest-paid officials, per the latest Report on Salaries and Allowances (ROSA) of the Commission on Audit. Remolona topped the list with salaries and allowances amounting to P47,968,744.27. His colleagues in the central bank make up the rest of the top 10: 2. BSP Deputy Governor Chuchi Fonacier - P30,392,497.52 3. BSP Deputy Governor Francisco Dakila Jr. - P28,823, 948.62 4. BSP Deputy Governor Elmore Capule - P26,536,981.86 5. BSP monetary board member Romeo Bernardo - P26,034,456.02. 6. BSP Senior Assistant Governor Edna Villa - P25,820,446.56 7. BSP Senior Assistant Governor Johnny Ravalo - P25,368,507.94 8. BSP Monetary Board member Rosalia De Leon - P25,282,758.41 9. BSP Deputy Governor Eduardo Bobier - P23,753,195.75 10. BSP Monetary Board member Benjamin Diokno with P23,520,261.49 In the 11th to 20th spots are: 11. Solicitor General Menardo Guevarra - P23,011,603.26 12. Supreme Court Associate Justice Ramon Hernando - P22,321,791.70 13. PAGCOR chairperson Alejandro Tengco - P21,046,379.50 14. BSP Deputy Governor Mamerto Tangonan - P20,905,530.32 15. SC Justice Mario Lopez - P19,556,751.25 16. BSP Deputy Governor Bernadette Romulo-Puyat - P19,525,166.01 17. BSP Senior Assistant Governor Iluminada Sicat - P19,434,667.77 18. SC Chief Justice Alexander Gesmundo - P19,133,746.14 19. Development Bank of the Philippines President Michael De Jesus - P18,452,709.44 20. PAGCOR General Manager Redentor Rivera - P17,899,592.13 According to COA, the amounts listed are the grand totals of the salaries, allowances, and other emoluments received by each official. — Vince Angelo Ferreras/BM, GMA Integrated News
Arabian Post
15-05-2025
- Business
- Arabian Post
Peso Weakens Further, Offering Relief to Overseas Filipino Workers
The Philippine peso has continued its downward trajectory against the US dollar, closing at 58.655 per dollar last week. This marks its lowest level in over a year, providing a financial boon to overseas Filipino workers who remit earnings back home. The depreciation enhances the value of remittances when converted to pesos, offering increased purchasing power for recipients. Analysts attribute the peso's decline to a combination of domestic and international factors. Domestically, the Bangko Sentral ng Pilipinas implemented a series of interest rate cuts in 2024, totaling 75 basis points, bringing the policy rate to 5.75%. These cuts aimed to stimulate economic growth but also widened the interest rate differential with the US, exerting downward pressure on the peso. BSP Governor Eli Remolona Jr. indicated that the central bank has been more active in the foreign exchange market, intervening modestly to manage volatility. Internationally, the US dollar has exhibited strength due to cautious monetary policy by the Federal Reserve. While the Fed is expected to commence rate cuts by mid-2025, the timing and magnitude remain uncertain. This uncertainty contributes to the peso's volatility. Jonathan Ravelas, a senior adviser at Reyes Tacandong & Co., noted that the peso's weakness could persist amid global economic uncertainties and domestic policy challenges. The Philippine government's economic outlook reflects these challenges. The growth target for 2024 has been adjusted to a range of 6.0% to 6.5%, down from a previous upper limit of 7%. For 2025-2028, the growth target has been revised to 6.0% to 8.0%. The peso is expected to average between 57 to 57.50 per dollar in 2024, with projections of 56 to 58 per dollar for 2025. Inflation assumptions have also been adjusted, with a range of 3.1% to 3.3% for 2024 and 2.0% to 4.0% for … -202 … . See also Toyota Adopts Huawei's HarmonyOS for New Electric Sedan Despite the peso's depreciation, investor sentiment towards the currency has shown signs of improvement. A Reuters poll indicates that long positions on the Philippine peso have reached their highest levels since mid-September. Analysts suggest that the peso is relatively insulated from global tariff threats compared to other Southeast Asian currencies. However, the currency's performance remains sensitive to global risk sentiment and trade policy developments. For OFWs, the weaker peso translates to increased value for remittances. This development is particularly beneficial for families in the Philippines who rely on these funds for daily expenses, education, and healthcare. The enhanced purchasing power can alleviate financial pressures amid rising costs of living.
