Security Bank Corporation and its shareholder, Bank of Ayudhya PCL (Krungsri), may soon merge Home Credit Philippines (HCP) following the recent exit of MUFG Bank Ltd. from HCP. Security Bank has entered into an agreement to acquire MUFG’s 25 percent stake in HC Consumer Finance Philippines Inc....
The Philippines' move allowing greater foreign participation in public services is seen by the World Bank as a productivity enhancement, especially in the electrical machinery, telecommunication and transport sectors. Referring to the amendment to the antiquated Public Service Act (PSA) that was...
Following a series of destructive calamities that have battered the Philippines and impacted its economy, the World Bank has reduced its 2024 gross domestic product (GDP) growth forecast for the country to 5.9 percent. “While the baseline growth forecast for 2024 was revised downward to 5.9...
Next year, the World Bank will extend to the Philippines its largest-ever loan aimed at promoting climate-resilient agri-food systems, especially of the Filipino staple food rice. Now with a total of eight pending loans up for approval by the Washington-based multilateral lender, the Philippines'...
Manila-based Asian Development Bank (ADB) has secured a $115 million (over P6.676 billion) financing deal with homegrown non-bank Asialink Finance Corp. (AFC) to boost the latter’s working capital and support small businesses, particularly those owned by women. ADB Director General for Private...
Singapore-based United Overseas Bank (UOB) anticipates the Philippine central bank will lower borrowing costs in December, citing manageable inflation and rising risks to economic growth. “Monetary policy is well-positioned for what lies ahead,” said Julia Goh, senior economist at executive...
Manila-based Asian Development Bank (ADB) has approved a $14.8 million (P856.8 million) technical assistance grant to boost climate action, drive innovation, and enhance private sector growth in its regional projects. ADB, in its Dec. 5 statement, said the assistance will support initiatives in...
World Bank economists watching the Philippines are closely monitoring the unfolding political drama involving two successive administrations and how it would impact on the economic reform agenda. So far, "while the political tension in the country has recently increased, no major influence on the...
Compared to its targeted neighbors like China, the Philippines would be relatively unscathed by US President-elect Donald J. Trump's protectionist economic policies, according to the research arm of investment banking giant Deutsche Bank. However, Deutsche Bank Research economist Junjie Huang said...
The Bangko Sentral ng Pilipinas (BSP) highlighted the Philippines’ potential as an investment destination for Islamic finance, citing the country's growing economy and the government’s push for financial inclusion. In a statement on Monday, Dec. 2, BSP Governor Eli M. Remolona, Jr. said that...
The holidays have always been the perfect “excuse” for many things—to munch on your favorites, spend quality time with your family and loved ones, explore destinations and experiences, go on a shopping spree, and more. There’s really something about the season that makes everything, even...
Despite the Philippine government's ambitious commitment to mitigate and adapt to climate change, public expenditures to do so have been lacking, according to the Asian Development Bank (ADB). "Climate finance remains insufficient to combat the increasing impacts of climate change. An estimated...
