Business NEWS

The country’s external debt service burden fell significantly lower to $678 million as of end February or down by 77.71 percent from $3.04 billion same time in 2021 because there were no prepayments during this period.

The Bangko Sentral ng Pilipinas (BSP) is set to fill up the fifth – and last – slot for the position of deputy governor to take charge of BSP’s expanding presence across the country.

Insular Life (InLife) has named Noemi G. Azura as trustee.

Sun Life Philippines (Sun Life) paid about P6.5 billion in death and living benefits last year amid the prolonged pandemic.

Philippine National Bank registered a 57 percent jump in net income for the first quarter of 2022 to P2.81 billion from the P1.79 billion earned in the same period last year.

Despite the “sophistication and capabilities” of Bangko Sentral ng Pilipinas supervised financial institutions (BSFIs) in monitoring and preventing digital-related fraud, cyber criminals still find ways to target people’s weakest side: naivety and greed.

The country’s big banks on Thursday, May 12, expressed their relief of the “generally peaceful and orderly” national elections last Monday.

Foreign direct investments (FDIs) in February rose by 46.3 percent year-on-year to $893 million net inflows from $611 million on account of non-residents’ net investments in debt instruments, said the Bangko Sentral ng Pilipinas (BSP).

Rizal Commercial Banking Corporation posted a 36 percent growth in unaudited consolidated net income to P2.1 billion for the first quarter of 2022 from the same period last year.

Only one big bank has availed of the central bank’s rediscounting facility in the first four months of 2022, borrowing P4.1 billion for liquidity purposes.

Government-controlled Land Bank of the Philippines (Landbank) reported that it has facilitated a total of 39.14 million transactions amounting to P567.61 billion from its major digital banking channels in the first three months of 2022—translating to a 36 percent and 22 percent year-on-year growth in volume of transactions and value, respectively.

Benchmark interest rates rose across the board at Monday’s auction of short-term government debt papers on the back of higher consumer prices.

The peso vis-à-vis the US dollar closed slightly stronger at P52.37 on Tuesday, May 10, a day after the national elections where former Senator Ferdinand Marcos Jr., is emerging winner based on unofficial quick counts.

The Philippines’ gross international reserves (GIR) decreased to $106.76 billion as of end April this year from $107.31 billion end March after the government paid off maturing foreign currency loans.

The Bangko Sentral ng Pilipinas (BSP) has released the guidelines for the three-year implementation of the Rural Bank Strengthening Program (RBSP) over the weekend.

Market analysts see more evidence of second round effects to inflation brought on by persistent oil price hikes and this will manifest and impact on inflation expectations in May and June.

International Finance Corp. (IFC) said it is providing P500-million loan to Esquire Financing Inc., the fourth largest non-bank financing institution (NBFI) in the country, to increase access to finance for smaller businesses, particularly women-owned enterprises.

State-run Social Security System (SSS) said the pension fund has added security measures in its My.SSS Portal to protect the accounts of its members, employers, and pensioners.