Ayala-led Bank of the Philippine Islands (BPI) has cautioned the public about a rise in cyber scams as Christmas approaches, urging consumers to shop with extra caution. “Cybercrimes are expected to peak during the holiday period as online shopping surges,” BPI said in a statement on Wednesday,...
Zobel-led Ayala Corporatiion, the country’s oldest conglomerate, has secured a senior long-term loan facility amounting to $200 million from Metropolitan Bank & Trust Company (Metrobank). The loan facility will support Ayala's strategic financing initiatives for its ongoing commitments and...
The World Bank expects the Philippine economy to grow by an average of six percent in the next three years — one of the fastest rates in the region, despite challenges to jobs arising from new technologies like robots and artificial intelligence (AI). In its East Asia and the Pacific...
State-run Land Bank of the Philippines is selling its subsidiary, UCPB Savings Bank, Inc., to focus on its core sectors. In a statement, Landbank said the state-owned lender wants to enhance its services to key development sectors once the privatization of UCPB Savings is completed. Lynette...
With about three-fourths of loan proceeds reaching billions of pesos still unspent just months before they expire, the Philippines wants to extend for two more years the financing for a delayed major flood control project in Metro Manila, the country's business and commercial hub that's also the...
Downward Philippine inflation in the near term would be slightly offset by the new law imposing 12-percent value added tax (VAT) on digital services, Singapore-based United Overseas Bank (UOB) said. In an Oct. 4 report, UOB senior economist Julia Goh and economist Loke Siew Ting noted that there is...
Businesses in the Philippines enjoy operating in a strong regulatory environment but are most bogged down by inefficient government support services, the World Bank's new Business Ready report launched on Oct. 3 showed. In the inaugural report that assessed business climate in its pilot 50...
The Marcos Jr. administration will borrow $509.24 million (about P28.7 billion) from the World Bank to enhance health services in rural areas. World Bank documents showed that the Washington-based multilateral lender's board is expected to approve the Philippines Health System Resilience Project on...
The Philippine government is seeking a one-year extension and partial reallocation of a World Bank loan that has been partly funding the Pantawid Pamilyang Pilipino Program (4Ps) since 2021. A World Bank restructuring paper showed that the Department of Finance (DOF) on Sept. 17 requested the...
Downward interest rates and bank reserves would bolster loans to productive economic sectors in the Philippines, according to the World Bank. "Along with lower inflation, the reductions in the real interest rate and lower reserve requirements could spur demand for credit in the near term by...
Ayala-led Bank of the Philippine Islands (BPI) has secured financial backing from the US government's private-sector lending arm to increase lending to small businesses. In an Oct. 2 statement, the US International Development Finance Corp. (DFC) said its board of directors approved a $75 million...
Nearly three-fourths of the loan for a flood control project in Metro Manila that the World Bank extended to the Philippines seven years ago remained unspent even as this financing is scheduled to end before yearend. A Sept. 30 implementation status and results report seen by Manila Bulletin...
