The World Bank-funded modernization project of the Bureau of Customs will align the agency’s processes and standards with the world’s best and most efficient customs services, the Department of Finance (DOF) said. In a statement, Finance Secretary Carlos G. Dominguez III said on Friday,...
Moody’s Analytics says International economists have sounded the alarm over the Philippines’ economic situation as the World Bank said the nation is suffering a triple whammy blow from the COVID-19 pandemic, while Moody’s Analytics describes the unfolding events in the country as...
BPI Family Savings Bank (BFSB), the consumer and retail banking arm of the Bank of the Philippine Islands (BPI), was assigned the highest issuer rating of PRS Aaa (corp.) with a stable outlook. Philippine Rating Services Corporation (PhilRatings) said a company rated “PRS Aaa” has a very strong...
Union Bank of the Philippines reported that its strong performance last year despite the global effects of COVID-19 shows that it is now reaping the fruits of its digital transformation almost five years ago. The Bank was able to achieve a net income of P11.6 billion, despite credit reserves...
Two foreign banks and one local bank has formally submitted its application to acquire a digital bank license in the Philippines, according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier. Fonacier, who heads the BSP’s financial supervision sector, has confirmed that three...
The Lucio Tan-controlled Philippine National Bank (PNB) has started to build its digital-only banking business and is scouting for partners, but its president and CEO Arnulfo “Wick” Veloso is still unsure if this could be set up in six months to a year. “We need to finish the business plan...
Ranking first in the Philippines and among the strongest in the Asia Pacific region, premier financial magazine The Asian Banker recently awarded Security Bank in a virtual ceremony last February 25 as the Philippines’ ‘Strongest Bank in 2020’ in its recently published Top 500 Strongest Banks...
Philippine National Bank reported a 17 percent growth in net profit before provisions for impairment and taxes of P17.6 billion last year due to continued improvement on net interest income and robust trading gains amid the pandemic. However, the bank disclosed to the Philippine Stock Exchange...
While earnings of most banks declined due to higher provisions, Gotianun-led EastWest Bank managed to post a 4 percent growth in net income to P6.5 billion last year from P6.2 billion in 2019. “The pandemic defined EastWest’s operating results in 2020. Lockdowns, social distancing, and limited...
Security Bank Corporation was recently awarded by the Institute of Corporate Directors with two golden arrows for its ranking in the 2019 ASEAN Corporate Governance Scorecard. The ASEAN Corporate Governance Scorecard is an assessment based on publicly available information and benchmarked against...
Robinsons Bank Corporation, a member of the Gokongwei group of companies, has received a PRS Aa (corp.) issuer credit rating in relation to its outstanding Fixed-Rate bond issue of P5.0 billion due in November 2021. Philippine Rating Services Corporation (PhilRatings) said it has also assigned...
To help the millions of Filipinos who are sending and receiving remittances in the Philippines, Robinsons Bank has introduced its new service, the RBANK REMIT. RBANK REMIT promises an easy, fast, and reliable remittance service that can be accessed through the RBank Digital Online Banking...
