By DERCO ROSAL With nine out of every 10 Filipinos feeling the harsh impacts of climate change, the Asian Development Bank (ADB) will support drought and flood preparedness in the Philippines and other member countries to mitigate the impact on lives and livelihood. Over the next six years, the...
The Philippines needs to keep pursuing tax reform measures pending in Congress en route to its plan to narrow its yawning budget deficit, according to the World Bank. In its Philippines Monthly Economic Developments report for October 2024, the World Bank noted that the fiscal deficit as a share of...
With the harsh effects of climate change posing a threat to economic development, the Philippines is increasingly harnessing renewable energy (RE), with the help of a forthcoming $600-million (nearly P35-billion) loan from the World Bank. The Washington-based multilateral lender disclosed that its...
By DERCO ROSAL Climate change could reduce gross domestic product (GDP) in Asian developing countries, including the Philippines, by 17 percent for the next nearly 50 years, the Asian Development Bank (ADB) reported. Based on ADB’s Asia-Pacific Climate Report, this economic...
Manila Bulletin has been a staunch advocate of sustainability since the first MB Sustainability Forum in 2022. The forum promotes conversations about sustainability and serves as a platform to raise awareness about it. Last year, the two-day event called for urgency in addressing...
Metropolitan Bank & Trust Company (Metrobank) has approved the sale of its asset management unit to ATR Asset Management Inc. (ATRAM) while Union Bank of the Philippines is also in talks to merge its trust business with that of ATRAM. "These are bold moves by ATRAM to quickly scale up its trust...
Ty-led Metropolitan Bank & Trust Co. (Metrobank), the country’s second-largest bank, registered a 12.4 percent improvement in net income to a record P35.7 billion in the first nine months of 2024 compared to the same period a year ago. In a disclosure to the Philippine Stock Exchange, the...
The Philippine National Bank (PNB) posted a 12 percent growth in consolidated net income to P15.1 billion for the first nine months of 2024 on the back of robust growth in net interest income. In a disclosure to the Philippine Stock Exchange (PSE), the bank said net interest income, comprising 83...
The Philippines will borrow $67.34 million (over P3.9 billion) from the World Bank to modernize Filipino civil servants. An Oct. 25 document disclosed that the Washington-based multilateral lender's board is expected to green-light its investment project financing for the Philippines Civil...
By DERCO ROSAL The offshore gaming ban, while controversial, has not led to the anticipated job losses. Despite concerns about the economic consequences, analysis shows that the industry's contribution to employment was relatively small. According to the Bank of the Philippine Islands (BPI), the...
A Mauritius-based fund manager is eyeing a $50-million investment from the International Finance Corp. (IFC) to support medium-sized firms in the South and Southeast Asian regions, including the Philippines. The IFC disclosed on Oct. 22 that Creador Management VI Ltd. sought funding from the World...
By DERCO ROSAL The Bank of the Philippine Islands (BPI) expects the economy to continue outperforming its peers from the Asia-Pacific region, driven by anticipated strong consumer consumption, increased food supply, and stable global commodity prices. “Inflation is expected to be more manageable...
