Wednesday, April 20, 2011
Sunday, January 2, 2011
Monetary Board keeps rates steady
At its meeting on December 29, 2010, the Monetary Board decided to maintain the BSP’s key policy interest rates at 4 percent for the overnight borrowing or reverse repurchase (RRP) facility and 6 percent for the overnight lending or repurchase (RP) facility. The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also left unchanged. The BSP’s policy rates have been kept steady since July 2009.
The Monetary Board’s decision was based on its assessment that the inflation outlook remains favorable, indicating that current policy settings continue to be appropriate. Latest baseline forecasts show inflation settling within the target range of 4.5 ± 1 percent for 2010 and 4 ± 1 percent for 2011 and 2012. The forecasts are also supported by well-contained inflation expectations which continue to be within target over the policy horizon. The Board noted that the growth in credit and liquidity are broadly at pace with economic activity. Moreover, the current movements of asset prices, particularly in the equities and property markets, do not appear to pose any short-term challenge to the economy.
At the same time, the Board noted that possible inflation pressures could come from generally higher global food and oil prices as well as the approved increase in tollway fees. In addition, while the rebound in investment is likely to add to productive capacity, leading to higher potential output over the medium term, a stronger momentum in demand growth may add to inflationary pressures in the short term.
Looking ahead, the BSP will remain vigilant against any emerging risks to the inflation outlook and will adjust policy settings if and when needed to ensure that future inflation remains consistent with the medium-term target while being supportive of sustainable economic growth.
The Monetary Board’s decision was based on its assessment that the inflation outlook remains favorable, indicating that current policy settings continue to be appropriate. Latest baseline forecasts show inflation settling within the target range of 4.5 ± 1 percent for 2010 and 4 ± 1 percent for 2011 and 2012. The forecasts are also supported by well-contained inflation expectations which continue to be within target over the policy horizon. The Board noted that the growth in credit and liquidity are broadly at pace with economic activity. Moreover, the current movements of asset prices, particularly in the equities and property markets, do not appear to pose any short-term challenge to the economy.
At the same time, the Board noted that possible inflation pressures could come from generally higher global food and oil prices as well as the approved increase in tollway fees. In addition, while the rebound in investment is likely to add to productive capacity, leading to higher potential output over the medium term, a stronger momentum in demand growth may add to inflationary pressures in the short term.
Looking ahead, the BSP will remain vigilant against any emerging risks to the inflation outlook and will adjust policy settings if and when needed to ensure that future inflation remains consistent with the medium-term target while being supportive of sustainable economic growth.
Friday, December 10, 2010
ING to divest Philippine investment management activities to BPI
(December 8, 2010, Manila) - ING announced today that it has reached an agreement to sell its investment management activities in the Philippines to The Bank of the Philippine Islands (BPI), the largest bank in the country in terms of market capitalization and second largest in asset management and trust with total assets under management (“AUM”) of P458 billion as of September 30, 2010.
As previously announced, ING Group has decided to separate its banking and insurance/investment management businesses and divest the latter before the end of 2013. This was part of the agreement with the European Commission in October 2009.
In the Philippines, trust and investment management businesses must operate under a trust license. ING’s Investment management activities are currently conducted through the Trust Department of ING Bank Manila, which holds a trust license.
As a consequence, ING can no longer conduct investment management activities in the Philippines through ING Bank Manila. Therefore ING has decided to divest the investment management activities in the Philippines to another licensed bank, where ING believes the strong team will continue to prosper.
ING’s investment management business in the Philippines has P78.4 billion in assets under management of as of 30 September 2010.
ING will continue to be active in the Philippines through ING Bank, a commercial bank which is celebrating its 20th year anniversary in the Philippines this year. ING Bank will continue to focus on its strong franchise in financial markets, lending and syndications, structured finance and corporate finance. ING Bank was recently awarded by Euromoney as the Best Investment Bank 2010, the same award it got in 2009. It was also awarded the Best Mergers and Acquisition House for 2010 by the Asset.
ING Investment Management continues to have a strong footprint in Asia, with a presence in 10 countries, including the major economies of China, Korea and Taiwan.
As previously announced, ING Group has decided to separate its banking and insurance/investment management businesses and divest the latter before the end of 2013. This was part of the agreement with the European Commission in October 2009.
In the Philippines, trust and investment management businesses must operate under a trust license. ING’s Investment management activities are currently conducted through the Trust Department of ING Bank Manila, which holds a trust license.
As a consequence, ING can no longer conduct investment management activities in the Philippines through ING Bank Manila. Therefore ING has decided to divest the investment management activities in the Philippines to another licensed bank, where ING believes the strong team will continue to prosper.
ING’s investment management business in the Philippines has P78.4 billion in assets under management of as of 30 September 2010.
ING will continue to be active in the Philippines through ING Bank, a commercial bank which is celebrating its 20th year anniversary in the Philippines this year. ING Bank will continue to focus on its strong franchise in financial markets, lending and syndications, structured finance and corporate finance. ING Bank was recently awarded by Euromoney as the Best Investment Bank 2010, the same award it got in 2009. It was also awarded the Best Mergers and Acquisition House for 2010 by the Asset.
ING Investment Management continues to have a strong footprint in Asia, with a presence in 10 countries, including the major economies of China, Korea and Taiwan.
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