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Saturday, February 22, 2025 Vol. 20 No. 133
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BSP TO CUT RRR; ₱330-B FUNDS SEEN UNLOCKED n
P25.00 nationwide | 14 pages | 7 DAYS A WEEK
MORE WOMEN HOLD DEGREES, BUT MEN LAND MORE OF JOBS By Justine Xyrah Garcia
MICHAEL EDWARDS | DREAMSTIME.COM
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THE Bangko Sentral ng Pilipinas (BSP) headquarters in Manila. The BSP is set to cut reserve requirement ratios (RRRs) for banks and non-financial institutions, unlocking up to P330 billion for lending and investments. MICHAEL EDWARDS | DREAMSTIME.COM
HE Bangko Sentral ng Pilipinas (BSP) is set to cut the reserve requirement ratios (RRRs) for banks and non-financial institutions to allow the Philippine banking system to unlock more funds for lending and investments. AT A GLANCE
New RRR Rates (Effective March 28, 2025): n Universal & Commercial Banks (UKBs): 5% (-200 bps) n Digital Banks: 2.5% (-150 bps) n Thrift Banks: 0% (-100 bps) Funds Unlocked: P320B - P330B for lending & investments Last RRR Cut: October 2024 (-250 bps to 7%) BSP Goal: Reduce RRR to 0% by 2029
In a statement on Friday, the BSP said it will reduce the RRR for universal and commercial banks (UKBs), as well as non-bank financial institutions with quasi-banking (NBQBs) functions, by 200 basis points (bps) to 5 percent. Similarly, the RRR for digital banks will be trimmed by 150 bps to 2.5 percent while thrift banks will see a 100-bps cut, bringing their reserve requirement down to 0 percent. The Central Bank said the
new ratios will take effect on the reserve week starting March 28, 2025. The move shall apply to the local currency deposits and deposit substitute liabilities of banks and NBQBs. “The BSP reiterates its long-run goal of enabling banks to channel their funds more effectively toward productive loans and investments. Reducing RRRs will lessen frictions that hinder financial intermediation,” the Central Bank said. Continued on A2
BSP 11-mo net income rises 5-fold to ₧113.6B
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HE Bangko Sentral ng Pilipinas (BSP) reported a P113.6-billion net income from January to November 2024, marking a nearly five-fold year-onyear increase. Preliminary data from the BSP showed its net income climbed by 387 percent to P113.6 billion during the 11-month period from P23.3 billion in the same period in 2023. As such, BSP’s revenues amounted to P278.3 billion from January to November 2024, up by 42.86 percent, from the P194.8 billion recorded in the same period a year ago. The Central Bank’s earnings from interests reached P221.2 billion during the 11-month period, higher by 22.48 percent from the P180.6 billion generated a year ago. Miscellaneous income expanded four-fold to P57.1 billion in January to November 2024 from the P14.2 billion posted in the same period of 2023. This includes trading gains or losses, fees, penalties and other operating income. “However, start-
AT A GLANCE
n BSP 11-mo net income: Up 387% (P113.6B from P23.3B in 2023) n Revenue Growth: +42.86% (P278.3B from P194.8B) n Interest Earnings: P221.2B (+22.48%) n Miscellaneous Income: P57.1B (4x higher) n Expenses Down: -10.5% (P203.1B from P227B) n Forex Rate Gains: P38.6B (-30.45%)
ing with end-December 2022 data, net trading losses are excluded and instead recorded as part of ‘other expenses,’” the BSP noted. On the other hand, BSP’s expenses declined by 10.5 percent to P203.1 billion during the 11-month period from the P227 billion in expenditures during the same period in 2023. This was despite the slight increase in the BSP’s interest expenses to P154.3 billion in 2024 from P153.7 billion in 2023. Other expenses, recorded as net trading losses starting in December 2022, decreased by 33.28 percent to P48.9 billion in 2024 from P73.3 billion in 2023. Continued on A2
AT A GLANCE
Workforce Composition: 60% Men | 40% Women Women with College Degrees: Higher across all age groups n Managerial & Professional Roles: 55% Women | 45% Men n Clerical, Sales & Service Jobs: 61% Women | 39% Men n Wage Gap for Non-Degree Holders: P100 disparity (Gen X) n Industrial Jobs Decline: 9.3% (2000) 7.5% (2024) n Services Sector Growth: 45.2% (2000) 62.1% (2024) n Key Solution: Industrial sector revival for wage and job stability n n
As the CPBRD pointed out, “Females are overrepresented in job categories that typically require higher levels of educational attainment, while males are overrepresented in job categories that do not require higher levels of educational attainment.” Meanwhile, in terms of wages, the study found that the daily basic pay for degree holders of both genders is comparable, ranging from P509.60 to P732.90 depending on age and gender. PSA data from 2023 showed that millennial men (aged 27 to 42) earned the highest wages at P732.90, while boomer women (aged 59 and up) earned the lowest at P509.60. For non-degree holders, the wage gap is wider, with a P100 disparity in generation X (aged 43 to 58). “The observed differences in wage rates are largely attributable to the physical demands of many jobs in this category and physiological differences between men and women,” CPBRD explained. Continued on A2
BIR, BOC rake in ₧429.9B in combined Jan revenues
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HE country’s two main taxcollecting agencies generated a combined revenue of P429.9 billion in January 2025, according to the Department of Finance (DOF). In a social media post on Friday, the DOF said the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) achieved higher revenue collections in January 2025 compared to last year. Preliminary figures showed the BIR raised P350.6 billion in January 2025. This is higher by 13.7 percent than what the agency collected in January 2024. Meanwhile, the BOC also generated higher customs duties in January 2025, amounting to P79.3 billion. This is an 8.1-percent improvement from its previous collection in January 2024. The combined revenue collection accounts for 10 percent of the P4.296-trillion projected revenues
FINANCE Secretary Ralph G. Recto (center) commends BIR and BOC for their revenue collections during the agencies’ command conference. He also urges the full implementation of their digitalization strategies. With him are BOC Commissioner Bienvenido Y. Rubio and BIR Commissioner Romeo Lumagui Jr. DEPARTMENT OF FINANCE
for both the BIR and BOC this year. The Cabinet-level Development Budget and Coordination Committee (DBCC) estimated the BIR’s tax
revenues will reach P3.232 trillion in 2025, while the BOC is expected to collect P1.064 trillion. While Finance Secretary Ralph
G. Recto commended the BIR and BOC for their collections during the agencies’ command conference, he also urged them to complete and achieve the full implementation of their respective digitalization strategies immediately. This year, the BIR will prioritize the implementation of the Electronic Invoicing/ Receipting and Sales Reporting System (EIS) and the full utilization of the Internal Revenue Integrated System (IRIS). The Project 230x-Online Withholding Tax System, Electronic Filing (eFiling) & Payment (ePayment) System, as well as Taxpayer’s (TP) Portal, are part of the BIR’s digitalization priorities. On the other hand, the BOC’s priorities focus on the full digitalization of customs processes, including the integration of multiple payment channels into the e-Pay Portal System, the rollout of a new
BM Graphics: Ed Davad
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By Reine Juvierre S. Alberto
ORE Filipino women are earning college degrees, but this has not translated to higher employment as men—despite lower educational attainment—continue to dominate the country’s workforce. A recent study by the Congressional Policy and Budget Research Department (CPBRD) revealed that men still make up the majority of the country’s labor force at 60 percent, even as women with college degrees outnumber men across all age groups. The CPBRD observed that the gap in educational attainment between men and women is widening over time. Labor data from the Philippine Statistics Authority (PSA) highlighted this disparity, showing that men remain overrepresented in industries that do not require college degrees. According to the CPBRD, men dominate the agricultural and industrial sectors, while women are more concentrated in serviceoriented roles. Despite making up only 40 percent of the employed workforce, women occupy 55 percent of managerial, professional, and technical positions, as well as 61 percent of clerical, sales, and service roles. This division revealed a clear gender-based labor market structure.
NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S) Notice is hereby given that the following companies/Employers have filed with this Regional Office application/s for Alien Employment Permit/s: ESTABLISHMENT / ADDRESS No.
NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION
QUALIFICATION AND SALARY RANGE
ADVANCOMM TECHNOLOGY INC. Unit A & B 20/f Rufino Pacific Tower, 6784 Ayala Ave Cor. V.a Rufino St, San Lorenzo, City Of Makati DU, JINGTANG Administrative Officer (Mandarin-Speaking) 1.
Brief Job Description: The Administrative Officer (Mandarin-Speaking) will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.
Basic Qualification: Proven experience as Administrative Officer (Mandarin-Speaking). Excellent communication, interpersonal and presentation skills. Salary Range: Php 30,000 - Php 59,999
See “dole ncr” on A12-A13
Continued on A2
PESO EXCHANGE RATES n US 57.9920 n JAPAN 0.3876 n UK 73.4701 n HK 7.4575 n CHINA 8.0110 n SINGAPORE 43.4983 n AUSTRALIA 37.1033 n EU 60.9090 n KOREA 0.0405 n SAUDI ARABIA 15.4646 Source: BSP (February 21, 2025)