Halister News

(Bloomberg) -- Nation’s strict deposit secrecy law makes it attractive as safe arbor for illegal funds and makes anti-money laundering enforcement a challenge, Bangko Sentral ng Pilipinas Deputy Governor Nestor Espenilla tells reporters in Manila.

• Philippine banks need to improve its know-your-customer rules, that function can be outsourced
• There may have been critical failure on so-called third- party reliance, citing Philrem, money transfer co. which converted into peso stolen funds from Bangladesh Bank and delivered them to casino and junket operators
• NOTE: Rizal Bank Executives Suspected in Bangladesh Heist Transfers Link

--ROBIN GANGULY

(Bloomberg) -- Weak external demand is likely to keep Taiwan’s export orders under pressure in Feb., economists forecast.

• Orders fell 10% y/y after declining 12.4% in Jan., according to median est. in Bloomberg survey; ests. range from -11.9% to -5.0%; data due at 4 pm local time on March 21
• Jan. orders were worse than the median est. for 10.5% decline, data released on Feb. 24 showed; 1-mo. USD/TWD NDF closed at 33.335 that day; now at 32.240
• Manufacturing PMI slid to 49.4 last month from 50.6 in Jan., data released on March 1 showed
• Central bank may trim benchmark interest rate to 1.500% from 1.625% at next meeting on March 24, Bloomberg survey shows

(Bloomberg) -- MYR 1-month NDF surged 1.7% to 4.0304 per dollar in North America, strongest since Aug. 13.

• Spot USD/MYR closed in local market down 1.8% to 4.0590
• Five-year credit-protection costs for Malaysia fell 10 bps, most in a month, to 144.5 bps yesterday, lowest daily close since July 29, according to CMA New York data
• Brent crude futures rose 3.0% to $41.54/bbl yesterday

--MICHAEL SIN