Editorial The central bank’s efforts to convince banks to release more funds to pandemic-hit borrowers especially the micro, small and medium enterprises (MSMEs) finally paid off in August when bank lending shifted from a contraction to a growth for the first time since December 2020. Faster...
Banks' non-performing loans (NPL) ratio still remained unchanged at 4.51 percent in August from the previous month, July, the Bangko Sentral ng Pilipinas (BSP) reported. The total bad loans reached P491.93 billion in August or 61.28 percent from P304.99 billion the same month last year. Compared to...
The Securities and Exchange Commission (SEC) has declared final and executory the revocation of the Certificate of Authority (CA) of KingABC Lending Corporation to operate a lending company because of unfair debt collection practices. In a resolution, the SEC Corporate Governance and Finance...
The Securities and Exchange Commission (SEC) has ordered R.L. Aggregates and Diversified Lending Group, Inc. to stop soliciting investments from the public through a fraudulent scheme. In an order issued July 26, the SEC ordered R.L. Aggregates to immediately cease and desist from engaging in the...
Big banks’ outstanding loans continue to decline by 2.7 percent year-on-year in February, worse than 2.5 percent in January as both banks and borrowers shy away from releasing and availing of loans while COVID-19 cases are still on the high side and delaying economic recovery. “Credit...
The Securities and Exchange Commission (SEC) announced its fifth legal victory in an ongoing crackdown on predatory lending, after a regional trial court convicted the incorporators and directors of Naurasidhu55 Lending and Trading Corporation. In a statement, the SEC...
Trade and Industry Secretary Ramon M. Lopez on Monday, (Feb. 22) urged the Bangko Sentral ng Pilipinas (BSP) to craft rules to encourage banks to lend more for auto loans stressing that banks have huge liquidity that they can use to help businesses recover. Trade and...
The National Privacy Commission (NPC) has recommended the prosecution of Fynamics Lending Inc., the operator of the PondoPeso online lending application which has reportedly been harassing and public-shaming delinquent borrowers, for violating the data privacy law. In a 40-page decision, the...
Bank lending growth has declined to 0.3 percent year-on-year in November last year versus 1.8 percent in October, the Bangko Sentral ng Pilipinas (BSP) reported late Wednesday. “Bank lending growth waned during the month as the COVID-19 crisis continued to dampen consumer spending and business...
The Securities and Exchange Commission (SEC) has revoked Super Cash Lending Corporation’s certificate of authority (CA) to operate as a lending company for its unfair debt collection practices. In an order, the SEC Corporate Governance and Finance Department (CGFD) found Super Cash liable for...
To encourage banks to release more loans to borrowers, the Bangko Sentral ng Pilipinas (BSP) will temporarily consider housing loans as banks’ alternative compliance to the Agri-Agra Reform Credit Act of 2009 (Republic Act 10000) until the end of this year. Under the law, all private banks are...
With weak demand and risk-aversion, big banks’ lending growth further slowed down to 1.9 percent in October from 2.6 percent in September, based on Bangko Sentral ng Pilipinas (BSP) data. Domestic liquidity (M3) or the amount of money supply circulating in the financial system, in the meantime,...
