PHILIPPINE NATIONAL Bank (PNB) plans to file for a digital banking license within the year with its holding company as the corporate vehicle. PNB said in a disclosure to the stock exchange on Monday that they will apply for a new digital banking license, in accordance with the Bangko Sentral ng Pilipinas’ (BSP) framework for […]
Tag: bank
Standard Chartered cuts PHL growth outlook, citing slow pickup in investment
STANDARD CHARTERED Bank lowered its growth forecast for the Philippines this year to 4.6%, citing the slow pace of the recovery in private investment as well as the delayed pickup in the government’s infrastructure program. The new forecast is much lower than the 6.1% estimate it gave in January and is also below the government’s […]
Region’s central bankers back green bond investments
MEMBERS of the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) have agreed to promote green bond investments through the Asian Bond Fund (ABF) to develop a market for funding sustainability projects. “This is aimed at helping to catalyze further deepening of local currency-denominated green bond markets in the region,” the Bangko Sentral ng Pilipinas […]
World Bank apologizes over ‘inadvertent’ release of Philippine education report
The World Bank on Friday apologized to the Philippine government for “inadvertently” publishing a controversial report on the country’s education system ahead of schedule, after government officials criticized the findings. “We deeply regret that the report on education was inadvertently published earlier than scheduled and before the Department of Education had enough chance to provide […]
Business group raises alarm on ‘serious crisis’ in PHL education
By Bianca Angelica D. Añago and Kyle Aristophere T. Atienza, Reporters EDUCATION in the Philippines is “in serious crisis,” according to the Philippine Business for Education (PBEd), and this affects not just the young generation’s future but also the nation’s economic growth prospects. “We are seeing declining access and quality of education, affecting the learning […]
Consumers more upbeat; business sentiment falls
Consumer sentiment improved in the second quarter as more jobs were created, but businesses were less optimistic due to a surge in coronavirus infections and rising prices, according to the Philippine central bank. The Bangko Sentral ng Pilipinas (BSP) confidence index (CI) fell by 30.9% in the quarter ended June, better than the 34.7% slump a quarter earlier, it said on Friday. The number of households with a grim outlook went down, but they still outnumbered those with an optimistic view. Consumer confidence was also upbeat for the third quarter and the next 12 months, the central bank said. The confidence index reverted to positive 1.3% from a 2.2% […]
Philippines secures $400M World Bank loan for financial sector reforms
The World Bank approved a fresh $400-million loan for the Philippines which will be used to support financial sector reforms as the country recovers from the pandemic. The First Financial Sector Reform Development Policy Financing loan is the first of two World Bank programs aimed at strengthening the country’s financial sector stability, and expanding financial […]
PXP Energy hopes to clinch service contracts in Sulu Sea, Recto Bank
PXP Energy Corp. is looking forward to securing service contracts for two areas in the Sulu Sea and Recto Bank as it hopes to revive petroleum activities and expand its portfolio, a top company official said on Friday. “With the aim to revitalize petroleum activities and to diversify the company’s asset portfolio, through the acquisition […]
Pertama Digital makes leap forward with two new investors for its digital bank
PENANG, Malaysia, Jun 24, 2021 – (ACN Newswire via SEAPRWire.com) – Pertama Digital Berhad announced today that it has signed Memoranda of Understanding (MoUs) with Perfect Hexagon Commodity and Investment Bank Limited (“PHCIB”) and Alsirat Sdn Bhd (“ASB”) to secure investment for its proposed digital bank. Licensed as a Labuan investment bank under the Labuan […]
Stronger peso expected before rate pause
THE PESO is likely to appreciate versus the greenback as the market expects the Philippine central bank to keep benchmark interest rates at record lows at its meeting on Thursday. The currency on Friday lost five centavos to close at P48.43 a dollar from a day earlier, according to data posted on the Bankers Association […]
Program delivery at local government unit level seen as key to addressing undernutrition
IMPLEMENTATION of nutrition policy needs to be improved to address undernutrition among Filipino children, a Zuellig Family Foundation official said. “We are not lacking in good nutrition laws. We are also not lacking in assessment reports,” he said. “Our challenge really is implementation,” Zuellig Family Foundation Chairman Ernesto D. Garilao said at the launch of […]
Gatchalian files bill to open a bank account for every Filipino
SENATOR Sherwin T. Gatchalian has filed Senate Bill No. 2251, which seeks to mandate government financial institutions to open a bank account for every unbanked Filipino. “While the Philippine National ID aims to address an individual’s lack of documentary requirements for opening a bank account, the government still needs to facilitate and strengthen the financial […]
Pertama Digital announces 4 product partners for its digital bank
PETALING JAYA, MALAYSIA, Jun 9, 2021 – (ACN Newswire via SEAPRWire.com) – Pertama Digital Berhad announced today that it has secured the first four product partners, Trevo, Paywatch, Qoala and Butterfly FX, which will bring expertise and solutions in their respective fields to plug into Pertama Digital’s proposed digital bank. This comes after its recent […]
NBI files complaint in Wirecard scam
The National Bureau of Investigation (NBI) and Bank of the Philippine Islands (BPI) have filed a criminal complaint against four people and other unknown suspects allegedly involved in the collapse of German payment company Wirecard AG last year. Government prosecutors will conduct a preliminary investigation on the case, for falsification and violations of the General Banking Act, Electronic Commerce Act and […]
US Bond Yields And Correlation To The Dollar
Jakarta, Indonesia, June 3, 2021 – (ACN Newswire via SEAPRWire.com) – The British Pound Sterling held firm near a three-month high against the US dollar last week, amid rising expectations of an earlier than expected rate hike by the Bank of England, while the US currency looks to inflation data which will come. The British […]
World Bank rural development loan approval expected soon
THE World Bank is expected to approve a $280-million loan from a facility known as second additional financing (AF2), which will support agriculture enterprises and rural infrastructure works under the Philippine Rural Development Project (PRDP), the Department of Agriculture (DA) said. Agriculture Secretary William D. Dar said in a statement on Sunday that the […]
BSP raises P110 billion from 28-day bills
The Philippine central bank raised P110 billion at the auction of its short-term debt paper on Friday, even as rates rose on higher US Treasury yields. The Bangko Sentral ng Pilipinas (BSP) fully awarded the 28-day debt as bids reached P135.1 billion. The auction was 1.23 times oversubscribed, while demand was bigger than P120.9 billion […]
Diokno says BSP in no hurry to adopt digital currency
The Bangko Sentral ng Pilipinas (BSP) will continue to study the possibility of developing its own digital currency but will seek to build up its capacity to handle digital-currency operations. “We are developing our capacity to adopt it but we are not in a hurry… at the moment,” Governor Benjamin E. Diokno said during the Institute of International Finance’s Asia-Pacific summit Friday, in response to a question about developing a central bank digital currency (CBDC). “We remain supportive of financial innovations […]
EastWest Bank’s net earnings down 10% in the first quarter
EAST WEST Banking Corp. booked a lower net income in the first quarter due to a decline in interest earnings and trading gains. — BW FILE PHOTO EAST WEST Banking Corp. (EastWest Bank) saw its net income drop by 10% in the first quarter due to lower interest earnings and trading gains, as well as […]
Central bank raises P100 billion at auction
The Philippine central bank raised P100 billion from short-term securities it sold at an auction on Friday as rates fell due to easing inflation. The Bangko Sentral ng Pilipinas (BSP) fully awarded the 28-day bills after getting P116.024 billion in bids. But the demand was 23% smaller than the P151.5 billion at last week´s auction. […]