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Bangko Sentral maintains low interest rates
The Bangko Sentral ng Pilipinas (BSP) Monetary Board on Thursday, September 23, decided to maintain the key interest rate at 2%. Interest rates on the overnight deposit and lending facilities were likewise kept at 1.5% and 2.5%, respectively.
The BSP said it did so to support the economy despite inflation settling slightly above the target band of 2% to 4%.
‘The Monetary Board is of the view that prevailing monetary policy settings remain appropriate given the manageable inflation environment and uncertain growth outlook,” BSP Governor Benjamin Diokno said.
“Keeping a steady hand on the BSP’s policy levers will allow the momentum of economic recovery to gain more traction by helping boost domestic demand and market confidence.”
Converge to be traded in US markets via ADRs
Shares of Converge ICT Solutions will soon be traded over-the-counter in the United States through American depositary receipts (ADRs), the company said on Monday, September 20.
Converge filed with the US Securities and Exchange Commission 50 million ADRs for a maximum offer price of $5 each or a total aggregate offering of $2.5 million.
Here is the full story.
PayMaya gets digital bank license
PayMaya has obtained approval from the Bangko Sentral ng Pilipinas (BSP) to set up a digital bank, the company said on Monday, September 20.
PayMaya, a subsidiary of Pangilinan-led Voyager Innovations, said its digital bank will be called Maya Bank.
More details here.