East West Banking Corporation (EW) posted a 28 percent growth in net income to P5.9 billion in the first nine months of 2020 from P4.6 billion in the same period last year as net revenues rose 27 percent to P26.7 billion. In a disclosure to the Philippine Stock Exchange, the bank said...
The Department of Finance (DOF) said the government is rapidly digitalizing the country’s agricultural systems and mechanizing farm production to ensure food security over the long run. During the virtual 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Finance...
The Bangko Sentral ng Pilipinas (BSP) is expected to keep the benchmark rate unchanged when it meets on November 19, the second to its last two Monetary Board policy meetings for the year. ING Bank, HSBC and Union Bank of the Philippines’ analysts all said that the Monetary Board will not...
Aboitiz-owned Union Bank of the Philippines (UnionBank) will consider applying for a digital bank license to support its agenda for financial inclusion. UnionBank chief financial officer Jose Emmanuel Hilado believes the bank is already a digital bank after years of digital transformation,...
Aboitiz Equity Ventures Inc. reported a 47 percent fall in consolidated net income to P8.3 billion in the first nine months of 2020 from the P15.7 billion posted in the same period of last year. In a disclosure to the Philippine Stock Exchange, the firm said it recognized non-recurring losses of P5...
The Philippine government has directed Pangilinan-led PXP Energy Corporation to go ahead with its programmed seismic survey and well drilling at the Recto Bank even without securing first the concurrence of China National Offshore Oil Corporation (CNOOC) or that of the Chinese government. Energy...
(Taylor Weidman / Bloomberg / FILE PHOTO / MANILA BULLETIN) State-run Social Security System (SSS) has extended the validity of Land Bank of the Philippines issued checks to provide members with additional time to encash their benefits and loans. In a statement, Aurora C. Ignacio, SSS president and...
Finance Secretary Sonny Dominguez (NTF AGAINST COVID-19 / MANILA BULLETIN) The Department of Finance (DOF) urged the chief executives of local government units (LGUs) to borrow money to bankroll projects that would help the country recover from the coronavirus-induced global economic crisis....
The Bangko Sentral ng Pilipinas’ (BSP) has absorbed P1.8 trillion of liquidity from banks as of the end of the third quarter, 20 percent more than what was mopped up in the second quarter. MB file photo. The BSP’s weekly auction...
The ongoing COVID-19 pandemic has made both employers and workers more aware of the need for an employee retirement plan as part of the new normal. Security Bank’s Trust and Asset Management Group thus sees employee retirement...
The Philippine peso, which now hovers around P48 to the US dollar, is more on the defensive side and can still accommodate a little depreciation at the right time, an American foreign exchange currency strategist said. Robert Lynch, JP Morgan Private Bank global head of foreign exchange strategy,...
China Banking Corporation posted a 23 percent jump in net income to P8.2 billion from January to September 2020, translating to an improved return on equity of 11.15 percent. In a disclosure to the Philippine Stock Exchange, the bank said that, for the third quarter 2020, net earnings hit P3.0...
