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Cyberthreat rules approved by MB

Monetary authorities have approved new cyberthreat reporting rules for banks, a senior Bangko Sentral ng Pilipinas (BSP) official announced on Friday. Central bank Deputy Governor Chuchi Fonacier said the BSP’s policymaking Monetary Board had given its assent to rules requiring banks to immediately report any cyberthreats encountered. “The draft circular …

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Stock market up anew on last-minute buying

An afternoon rebound again allowed the stock market to close higher on Friday, with analysts pointing to a stronger peso as having buoyed investor sentiment. Last-minute buying had boosted the benchmark Philippine Stock Exchange index (PSEi) the previous day and Friday’s repeat led to a 0.14-percent or 10.27-point gain to …

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BoP deficit exceeds $5B in first 9 months

THE country’s balance of payments (BoP) deficit ballooned in September, the Bangko Sentral ng Pilipinas (BSP) reported on Friday, hitting an over four-year high and boosting the year-to-date figure past the $5-billion mark. September’s $2.696 billion result reversed the $1.272-billion and $24-million surpluses recorded in August and a year earlier. …

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Follow-through action needed – BSP

Further monetary policy action is likely as inflation expectations remain elevated, a Bangko Sentral ng Pilipinas (BSP) official said on Friday. “On the basis of the new information in the third quarter of 2018, a strong follow-through is necessary…,” central bank Department of Economic Research officer-in-charge Dennis Bautista said in …

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Fuel tax suspension still ‘policy’ – Diokno

‘Once the decision has been made, we should stick to it’ A Cabinet-level recommendation to suspend next year’s fuel tax increases remains up for President Rodrigo Duterte’s approval unless economic managers agree to recall the proposal, Budget Secretary Benjamin Diokno said on Friday. Commuters ride a jeepney in Quiapo, Manila …

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Last-minute buying buoys stock market

Last-minute bargain-hunting on Thursday allowed the Philippine Stock Exchange index (PSEi) to buck a regional decline blamed on news that the US central bank would continue hiking interest rates. After trading in the red for most of Thursday, the benchmark PSEi rallied just before the close to end up 0.59 …

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Maynilad rate hike may be shelved – MWSS

Regulators could order Maynilad Water Services, Inc. to halt the implementation of water rate increases given a continued dispute over the approved adjustments. “Pinag-aaralan ng MWSS Regulatory Office ang posibilidad ng pansamantalang pagpapahinto ng effectivity ng pagtaas ng presyo ng tubig … habang umaandar ang arbitration proceedings with Maynilad (The …

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High prices prompt NFA to rebid rice tender

Only 47,000 metric tons (MT) out of a 250,000-MT rice tender was awarded by the National Food Authority (NFA) on Thursday as just three firms met the government’s reference price. The NFA said it would be reopening the tender at a still to be specified date and did not rule …

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Business owners should be grateful to the public

Emeterio Sd. Perez Because listed companies have issued common shares to public investors, they are considered public as far as the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) are concerned. This is why it is useless for a regulatory authority such as the SEC to require …

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‘Maybe it’s better if we don’t suspend it’

Recommendation to shelve 2019 fuel tax hike could be recalled – Pernia The National Economic and Development Authority (NEDA) is open to recalling a recommendation to suspend fuel tax hikes scheduled next year, its chief said on Thursday. “Maybe it’s better if we don’t suspend it. We really have to …

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