The World Bank has approved a fresh $600 million loan that aims to support the Philippines’ economic recovery from the coronavirus pandemic. In a statement, the Washington-based multilateral institution said it approved the financing for the government’s reform program to position the country...
The World Bank said the Philippines is facing weaker long-term growth due to lower capital investment as well as loss of human and intangible capital. Without mitigation measures, the Washington-based multilateral institution warned that the country’s long-term growth potential will be only at...
Bank of the Philippine Islands (BPI) plans to issue its fourth tranche of Peso Fixed-Rate Bonds worth P5 billion, with option to upsize, as part of its P100 billion program. In a disclosure to the Philippine Stock Exchange, the bank said proceeds from this bond offering will be used for general...
Bank of Commerce (BankCom), an affiliate of San Miguel Corporation, is planning to raise up to P4 billion from a planned initial public offering next year. Based on the draft prospectus filed with the Securities and Exchange Commission, the bank is planning to offer up to 280.6 million common...
Beijing-led Asian Infrastructure Development Bank (AIIB) commended the proposal of the Department of Finance (DOF) for multilateral development banks (MDBs) to work together in incentivizing private capital flows for climate projects of developing countries. In a letter to Finance Secretary Carlos...
Debt-watcher Moody's Investors Service has affirmed China Banking Corp.’s investment grade credit rating in view of its improved capital and profitability to mitigate risks to asset quality. In a statement, China Bank said that in maintaining the its deposit and issuer ratings at Baa2 with a...
Life insurer Pru Life UK has teamed up with CIMB Bank Philippines to make digital financial products and service more accessible to Filipinos through technology. Subject to regulatory approval, Pru Life UK said the insurer would be the first bancassurance partner for the local unit of CIMB, one of...
The Department of Finance (DOF) has directed the Government Service Insurance System (GSIS) and the Land Bank of the Philippines to assist the Philippine Crop Insurance Corp. (PCIC) in managing the risks and enhancement of its investment portfolio. Finance Secretary Carlos G. Dominguez III said the...
State-owned Development Bank of the Philippines (DBP) bagged two awards for its development projects on human capital development and financial inclusion in the recently-concluded Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Development Awards held in Manila, a...
The Department of Agriculture's (DA) Philippine Rural Development Project (PRDP), the largest World Bank-funded project in the country, has been extended up to July 2025 and has received additional foreign funds of about P16 billion. In a statement, DA said the project got additional funding came...
To curb corruption in the government, former Senator Antonio Trillanes IV on Sunday, Dec. 5, said he intends to propose the publication of government workers’ Statement of Assets, Liabilities, and Net Worth (SALN) on websites and the mandatory video recording of all government bidding...
Globe-Telecom_CNNPH (2) Globe Telecom Inc. signed a P15-billion term loan facility from Banco de Oro (BDO) and Land Bank of the Philippines (LandBank) for capital expenditures, re-financing debts and for general corporate requirements. The loans comprised of ₱10 billion from BDO and ₱5 billion...
