The Bangsamoro Government is poised to take over the Development Bank of the Philippines' (DBP) shares in the Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP), a move that aims to strengthen its economic autonomy and support development initiatives in the region. Finance Secretary...
Easing food price pressures in the Philippines are sustainable, according to the World Bank, lessening the pain inflicted by inflation on consumers’—especially the poor’s—pockets. "Food inflation is expected to decline following further reductions in import tariffs implemented in late July...
The Department of Finance (DOF) vowed to tackle systemic issues impacting the implementation of projects funded by the Asian Development Bank (ADB). This was after the ADB’s 2024 Philippine Portfolio Review evaluated the performance of the Department of Public Works and Highways (DPWH) and...
The World Bank is crafting its lending plan for the Philippines covering the years 2025 to 2028, the period during which the country will likely rise to upper middle-income status and gradually lose access to preferential borrowing rates. The World Bank Group Philippines Country Partnership...
(L-R) Cebu City Councilors Noel Wenceslao, Francis Esparis, Renato Osmeña Jr., and Edgardo N. Labella II; Cebu City Acting Mayor Raymond Alvin Garcia; BSP Regional Director forVisayas Regional Office Anna Clara M. Oville; DILG CESE City Director Neila Nijaga-Aquino; PNB Marketing Group Head SVP...
The Bank of the Philippine Islands (BPI) has announced that all BPI Prepaid Cards will be deactivated on Dec. 27, 2024. In an advisory on Tuesday, Sept. 3, BPI said that the bank will also discontinue the loading of funds onto these cards through the BPI app, online banking, and Cash Accept...
The Court of Tax Appeals (CTA) has denied the petition of Deutsche Knowledge Services Pte., Ltd. which sought an additional refund or tax credit for P8.2 million for the second quarter of taxable year 2019. Deutsche Knowledge is the Philippine branch of a multinational company organized and...
CSC Holdings Ltd., a Hong Kong-listed financial services firm, has announced its acquisition of a 26.8 percent stake in Citystate Savings Bank for approximately P736 million. In a disclosure to the Hong Kong Stock Exchange, CSC said it signed a sales and purchase agreement (SPA) on Friday,...
Dutch financial giant ING expects the Bangko Sentral ng Pilipinas (BSP) to continue cutting interest rates, given favorable inflation expectations for August and beyond. "Even though there is no evidence yet that the July tariff cuts have had much impact on consumer rice prices, the absence of any...
The Bank of the Philippine Islands (BPI) is encouraging its high-net-worth clients to take advantage of the Mobile Check Deposit feature on its mobile app. In a statement, the Ayala-led bank said that the service, currently available only to BPI Preferred, BPI Gold, and BPI Private Wealth...
The Philippines is set to secure a $500 million loan from the Asian Development Bank (ADB) to support its climate action initiatives, the Department of Finance (DOF) announced. During a meeting with Finance Secretary Ralph G. Recto, ADB President Asakawa stated that they are finalizing the approval...
The Philippine government, through a proposal from the Department of Energy (DoE), will be seeking P10 billion worth of funding to bankroll energy efficiency initiatives being mandated for state-run entities. In an interview with reporters, Energy Undersecretary Felix William B. Fuentebella...
