Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno expects to have two online-only banks with digital bank license to start operation by the second half of 2021, including Overseas Filipino (OF) Bank. Diokno said another two new digital banks with no existing banking license from the BSP...
Moody’s Investors Services has returned its “stable” outlook for Philippine banks with the economy’s gradual but “mild” improvement this year and despite that banks’ asset risks are still on high side. “We have changed the Philippines' banking system outlook to ‘stable’...
The local banking industry implemented a new system of charging fees for ATMs which started yesterday, April 7, 2021. Currently, there are close to 22,000 ATMs nationwide that are used by over 77 million cardholders. These ATMs are interconnected so cardholders of a bank can transact at ATMs of...
Credit watcher Fitch Ratings said Philippine banks’ viability ratings (VRs) are vulnerable to downgrades if the economy fails to lift off this year, resulting to further deterioration of assets and loan quality amid a weak operating environment. “We see more prominent risks of a VR downgrade...
Philippine banks are expected to report a bad loans ratio of six percent this year while a return to profits pre-health crisis could come as late as 2023, according to credit watcher S&P Global Ratings. S&P Global in its latest report (Philippine Banks: Buffers Won't Hold If COVID...
The COVID-19 pandemic has put on hold foreign banks’ plan to establish local units or branches in the Philippines. “As of now, no application to establish foreign bank is received by the FSS (Financial Supervision Sector),” according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi...
Multisectoral groups, comprising of 51 largest and widely-represented private sector associations, have urged for the immediate enactment of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill to boost market confidence, save jobs and provide instant relief to businesses’...
The musician then involves Bryan Boy and Dr. Aivee Teo into the brawl Fashion influencer Aimee Song and musician Azealia Banks Not even a week into January and people are already feuding! What sparked the fight? Fashion influencer Aimee Song calls out rapper Azealia Banks for her remarks toward...
Banks’ trust assets were up 6.20 percent as of end-third quarter 2020 to P3.048 trillion from P2.870 trillion same period in 2019 with most preferring to be liquid and opting for safer investments during the pandemic. Based on data from the Bangko Sentral ng Pilipinas (BSP), the 28 financial...
With increased online transactions due to the holidays, the Bangko Sentral ng Pilipinas (BSP) is reminding banks to remain vigilant against cyber attacks, specifically phishing or the fraudulent acquisition of sensitive data or information. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E....
The Bangko Sentral ng Pilipinas (BSP) is allowing universal and commercial banks to electronically submit six foreign exchange (FX) transaction documents to lessen risks of COVID-19 transmission in the handling of hardcopy. Based on a new memo (BSP Memorandum Order No. M-2020-089) that BSP Deputy...
The Bangko Sentral ng Pilipinas (BSP) is proposing the creation of an Open Finance Oversight Committee (OFOC), an industry-led self-governing body, as part of the country’s open finance framework. BSP Governor Benjamin E. Diokno ( Bloomberg file photo) Based on the draft circular on open finance,...
