PH banks’ assets up 12% in April; trade deficit narrows by 1.5% in April; IMF says gray list exit...
PH banks’ assets up 12% in April; trade deficit narrows by 1.5% in April; IMF says gray list exit to boost investments into PH
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00:00The country has been urged to further continue its efforts in exiting a global anti-money laundering watchlist to attract more foreign investments.
00:08This and other stories in tonight's business news wrap-up by Denise Osorio.
00:15The Banco Central ng Pilipinas or BSP reported the total assets of the country's banking sector went up 12% to 25.48 trillion pesos as of end April this year from 22.75 trillion pesos in April last year.
00:29However, total assets during the month is lower than 25.6 trillion pesos recorded in March 2024.
00:36The Philippine Statistics Authority or PSA reported the country's trade deficit went down by 1.1% in April this year.
00:44The balance of trade in goods posted a deficit of 4.7 billion dollars from 4.8 billion dollars in April last year.
00:52Total export sales rose 26.4% to 6.22 billion dollars from 4.92 billion dollars in the same month last year.
01:00Meanwhile, the total value of imported goods amounted to 10.98 billion dollars, higher by 12.6% than 9.75 billion dollars in 2023.
01:11The International Monetary Fund or IMF said the country should continue its efforts to get out of the grey list of global dirty money watchdog and financial action task force.
01:21The country was placed back in the grey list in June 2021 due to a mutual evaluation report of the Asia Pacific Group on Money Laundering
01:29that showed the Philippines failed to address 18 deficiencies in AML and CFD controls.
01:34The IMF also recognized the whole of government approach to get the country out of the grey list as this is not an easy process since it involves many government institutions.
01:43Denise Osorio from the National Television Network for a new and better Philippines.