Business NEWS

The country’s balance of payments (BOP) surplus and gross international reserves (GIR) were both lower as of end-April due to government payments of maturing foreign loans, according to the Bangko Sentral ng Pilipinas (BSP).

Banks’ cumulative net profits for the first three months grew by 26.3 percent to P66.34 billion from same time in 2021 of P52.52 billion.

Banks’ non-performing loans (NPL) ratio dropped to 4.08 percent as of end first quarter, its lowest since December 2021, based on Bangko Sentral ng Pilipinas (BSP) data.

The Bangko Sentral ng Pilipinas (BSP) said Thursday, May 19, that it is issuing a policy rate hike of 25 basis points (bps) Friday, May 20, to help temper the buildup of inflation expectations and in response to the strong rebound in the first quarter growth.

National Home Mortgage Finance Corporation (NHMFC) is raising P715.15 million through a planned fifth securitization exercise called “BALAI Shelter Compliance ABS.”

The implementation of the Financial Consumer Protection Act (FCPA) will improve and strengthen the public — especially financial consumers’ — trust and confidence in the financial sector, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

Government-owned banks will have more capital and funding for development financing after the Bangko Sentral ng Pilipinas (BSP) amended the computation of their minimum required capital and risk-based capital adequacy ratio.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno has likely signalled a possible interest rates hike tomorrow, May 19, when he said on Wednesday that they now have limited monetary space to continue a loose policy stance due to high inflation and with second-round effects starting to put more pressure on prices.

The Bangko Sentral ng Pilipinas (BSP) is on track in its plan to introduce three additional e-payment streams Bills Pay, Request-to-Pay and Direct Debit possibly in June or until the third quarter this year.

The Monetary Board, the central bank’s policy-making arm, has approved to hire a new deputy governor of the Bangko Sentral ng Pilipinas (BSP) and has announced its call for candidates.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said on Tuesday, May 17, that the issuance of Executive Order (EO) No. 170 to expand government’s e-payment transactions will be effective against graft and corruption.

BDO Unibank, Inc. (BDO) has raised $100 million from the issuance of its maiden Blue Bond through an investment from the International Finance Corporation (IFC).

Bank of Commerce more than doubled its net income to P360.6 million in the first quarter of 2022 from the P146.3 million it earned in the same period last year.

The country’s 45 universal and commercial banks’ non-performing loans (NPL) ratio improved to 3.73 percent as of end-March, the lowest since December 2021.

Security Bank Corporation posted a 66 percent jump in net income to P2.7 billion in the first quarter of 2022, driven by growth in core businesses, lower credit provisions and normalized income tax provisions.

To avert further escalation of prices, government-owned Land Bank of the Philippines (Landbank) offers a new P50-billion loan program for crisis-hit businesses or enterprises

The looming increase in the Bangko Sentral ng Pilipinas’ (BSP) policy rates caused the Philippines’ benchmark borrowings yields to rise, prompting the Bureau of the Treasury to reject all tenders.

Remittances through banking networks increased by 2.4 percent to $7.77 billion as of end-March from $7.59 billion last year, the Bangko Sentral ng Pilipinas (BSP) said on Monday, May 16.