Bigger banks are expected to snap up UCPB Savings Bank which the state-run Land Bank of the Philippines (Landbank) is selling to focus on its core sectors. Bank of Makati president Luis M. Chua noted in an interview that universal and commercial banks would "most likely" target to acquire UCPB...
Philippines National Bank, the financial services arm of the Lucio Tan Group, is planning to raise fresh funds from the issuance of US dollar-denominated notes. In a disclosure to the Philippine Stock Exchange, the bank said it has mandated ING and J.P. Morgan as Joint Lead Managers and Joint...
The International Finance Corp. (IFC) has green-lit a loan package for Filipino firm Asialink Finance Corp. (AFC) to help boost small business lending in the Philippines. The private-sector lending arm of the World Bank Group (WBG) disclosed on Friday, Oct. 11, that the senior loan financing...
The World Bank has cited progress in the Department of Agriculture's (DA) rural development project scale-up, for which the Philippines borrowed $600 million or over P34 billion last year. "The overall project's initial implementation performance is considered satisfactory. Implementation and...
The Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and Export Import Bank of Korea (KEXIM) vowed to support the Laguna Lakeshore Road Network (LLRN) project. The ADB has committed $1.2 billion as the initial tranche of funding, while the AIIB is contributing $188...
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...
