BPI Wealth, the asset and wealth management arm of the Bank of the Philippine Islands (BPI), has passed the halfway mark to reach its ₱3 trillion asset under management (AUM) target by 2026. In an interview during the launch of the bank’s Wealth Wellness Month, BPI Wealth President and CEO...
Maynilad Water Services Inc. may have to woo more cornerstone investors for its ₱45.8-billion initial public offering (IPO) as the prospective $245 million from the World Bank Group ’s (WBG) International Finance Corp. (IFC) and the Manila-based Asian Development Bank (ADB) is a strong vote...
Security Bank Corp. announced that it will have a new President and CEO starting January, naming Singapore banking veteran Victor Lee Meng Teck as the replacement for Sanjiv Vohra. “He is set to assume the role in early January 2026, following the completion of his work permit, visa, and other...
The World Bank has extended a $1.7-million, or over ₱98-million, grant to the Philippines to help prepare for a potential project loan that would support early childhood education in the country. In a Sept. 20 letter to Finance Secretary Ralph G. Recto, the World Bank said this financing was...
The Lucio Tan Group’s lending arm, the Philippine National Bank, is undertaking reorganization in a bid to streamline its operations following the appointment of its new president, Edwin R. Bautista. In a disclosure to the Philippine Stock Exchange, the bank stated that its Board of Directors has...
The Philippines has sought to restructure disbursement estimates and project targets for a World Bank loan aimed at enhancing teachers’ competencies, as its implementation stalled due to late budget releases and procurement issues. In a Sept. 28 restructuring paper, the World Bank said that since...
The Bank of the Philippine Islands (BPI) has announced a standardized ₱15 service fee for all inter-institution cash-in transactions made via InstaPay, effective Oct. 1. In a statement, the Ayala-led bank said the new fee will apply to all cash-in transfers, including those sent to popular...
Hong Kong-listed CSC Holdings Ltd., through CS Capital Investment Pte. Ltd., has completed its acquisition of a 26.3 percent stake in the Cabagangon group’s Citystate Savings Bank, Inc. In a disclosure to the Philippine Stock Exchange, CSBank announced that it was informed of the completion of...
Despite ongoing corruption scandals, the Asian Development Bank (ADB) expressed continued confidence in the Philippines and reaffirmed its commitment to actively assist the government in resolving issues. Speaking on the sidelines of the Arangkada Philippines investment forum on Thursday, Sept. 25,...
The Philippines will borrow $800 million, or over ₱45 billion, from the World Bank next year for another development policy loan (DPL) that aims to increase clean energy use and enhance water management in the country. In a Sept. 23 project information document (PID), the Washington-based...
Melbourne, Australia—The World Bank Group is helping the Energy Regulatory Commission (ERC) tighten cost controls, primarily for indexation, on firming up a financial model that will make offshore wind projects commercially viable ahead of the 5th green energy auction (GEA-5) that will be...
The World Bank has downgraded the implementation progress of the loan-funded Philippines Digital Infrastructure Project due to delayed budget cover. In a Sept. 22 implementation status and results report, the World Bank assigned a “moderately satisfactory” overall implementation progress rating...
