Amid the prevalence of African Swine Fever (ASF), state-run lender Land Bank of the Philippines (LANDBANK) has doubled its credit commitment to the local swine industry from P15 billion to P30 billion. This, according to the bank, will help local pork producers and feed millers to repopulate and...
Banks have allocated P148 billion new loans to micro, small and medium enterprises (MSMEs) as of end-February as alternative compliance to the reserve requirements (RR) of the Bangko Sentral ng Pilipinas (BSP). As part of relief measures to cope with the effects of the COVID-19 pandemic, the BSP...
75 YEARS OF PH-US RELATIONS The US government has committed to continue extending economic assistance to the its ally the Philippines in the form of grants for infrastructure projects, investment insurance coverage, technical and sustainability assistance as both countries marked their 75...
The Bangko Sentral ng Pilipinas (BSP) is proposing to allow banks to set up their own satellite broadband similar to Bank Rakyat of Indonesia's $250 million satellite for its digital or branchless operations. BSP Governor Benjamin E. Diokno, the Duterte administration’s former budget chief, has...
Philippine Business Bank reported a 25 percent drop in net income to P938.9 million last year from P1.26 billion in 2019 due to higher provisioning. In a disclosure to the Philippine Stock Exchange, the bank said core income grew 41.9 percent to P2.78 billion in 2020 from P1.96 billion in the...
Security Bank Corporation has sealed a deal with its global partner MUFG Bank, Ltd. (MUFG) that will allow MUFG’s corporate clients to gain access to the bank’s cash management system, DigiBanker. In a statement, Security Bank said “The agreement aims to provide MUFG’s clients...
Security Bank Corporation announced its partnership with UniTeller Financial Services, an international cross-border and remittance payments processor. The bank said it recently joined UniTeller’s extensive payout network in the Philippines in March 2021 to enable greater financial access for...
State-lenders Land Bank of the Philippines and the Development Bank of the Philippines (DBP) received their largest capital infusions from the national government during the Duterte administration. In a statement, the Department of Finance (DOF) said the government infused a total of P53.3 billion...
Security Bank Corporation reported that the Japan Credit Rating Agency, Ltd. (JCR) has affirmed its A- investment grade credit rating with stable outlook, the same level as the Philippine sovereign rating. In a disclosure to the Philippine Stock Exchange, Security Bank quoted JCR as saying that the...
Overseas Filipino Bank (OF Bank), a subsidiary of government-owned Land Bank of the Philippines, has become the country’s first online-only bank after the Bangko Sentral ng Pilipinas (BSP) granted it digital banking license on Maundy Thursday. BSP Deputy Governor Chuchi G. Fonacier, head of BSP...
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...
GT Capital Holdings, Inc., the flagship of the Ty family, reported a 53 percent drop in core net income to P7.4 billion last year from the P15.8 billion earned in 2019. In a disclosure to the Philippine Stock Exchange, the firm said consolidated net income reached P6.5 billion last year, 68...
