BREAKING: Bangko Sentral ng Pilipinas hikes interest rates by 50 basis points to 6%.
Banks and lending companies turn to BSP rates as a benchmark for their loan, credit card, and deposit rates. Higher rates mean borrowing will cost more, prompting businesses and consumers to spend less and save more. VIA CNNPH FB PAGE
on the other hand, BSP green lights use of GCash by Filipinos with international SIMs. Beta launch allows first 1,000 Filipinos or users in Japan, Australia, and Italy to sign up for GCash even without a Philippine SIM. VIA ABS_CBN News FB PAGE
Data from the Philippine Statistics Authority showed inflation accelerating to 8.7% last month from the 8.1% recorded in December. The figure was also above the 7.5% to 8.3% forecast range of the central bank for the month.
This is good for consumers to save more to dampen demand of goods and services.
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