THE Board of Directors of JG Summit Capital Services Corp., a wholly owned subsidiary of JG Summit Holdings Inc., approved during its Friday meeting on Sept. 30, 2022 the execution of an agreement between the Bank of the Philippine Islands (BPI) and JG Capital and Robinsons Retail Holdings Inc. for the merger of BPI and […]
Tag: bank
BPI to merge with smaller Robinsons Bank
The Philippines’ oldest lender said on Friday it is merging with a smaller commercial bank to expand its client base and fast-track growth. In a disclosure, Bank of the Philippine Islands (BPI) said it will be the surviving entity merging with unlisted Robinsons Bank. Stockholders of Robinsons Bank will own around 6% of BPI, it […]
RCBC at 62: Business heads push digital agenda to make banking more relevant
The next generation of bank customers are digital natives, and they expect their banks to keep up with their rapidly evolving financial needs. Rizal Commercial Banking Corporation (RCBC) may be 62 years old now, but the business heads behind all those successful years are determined to lead an enterprise-wide digital transformation to prove that the […]
Philippine stocks recover as foreign markets climb
THE LOCAL INDEX snapped out of its four-day decline on Thursday following Wall Street’s positive movement overnight as the Bank of England’s intervention in the UK bond market doused investors’ fears. The bellwether Philippine Stock Exchange index (PSEi) climbed by 54.57 points or 0.92% to close at 5,934.25 on Thursday, while the broader all shares […]
World Bank GDP growth forecasts for select East Asia and Pacific economies
THE WORLD BANK (WB) upgraded its growth forecast for the Philippines for this year and 2023, citing an “accommodative” fiscal policy conducive to recovering domestic demand despite a hawkish central bank and a pessimistic global economic outlook. Read the full story.
Energy dep’t preparing Recto Bank gas contract
THE Department of Energy (DoE) said on Tuesday that it is preparing the service contract covering the resumption of exploration at Recto Bank, which it hopes will help make up for the impending loss of the nearly depleted Malampaya gas field. “(Regarding) the gas field in Recto Bank, the department is working on the service […]
Card Bank marks 25 years in microfinance banking
CARD Bank Inc., a microfinance rural bank, has marked its 25 years in the industry as it continues to answer the financing needs of micro entrepreneurs in the country.“Card Bank became the first microfinance-oriented bank in the country because of those who first believed in our goals of nation-building,” Dr. Jaime Aristotle Alip, founder and […]
BSP raises key rates to tame inflation
THE PHILIPPINE central bank raised benchmark interest rates on Thursday for a fifth time this year to rein in persistently high inflation amid a struggling peso and hawkish US Federal Reserve. The Bangko Sentral ng Pilipinas (BSP) increased its overnight borrowing rate by 50 basis points (bps) to 4.25% effective Friday, and its corresponding lending […]
Dah Sing Bank and Friends of the Earth (HK) Jointly Present Retail and E-Commerce ESG Forum for SMEs
HONG KONG, Sep 21, 2022 – (ACN Newswire via SEAPRWire.com) – The second industry forum (the “Forum”) under the SME ESG Best Practices Recognition Programme (“the Programme”) took place today under the joint auspices of Dah Sing Bank, Limited (“Dah Sing Bank”) and Friends of the Earth (HK) (“FoE HK”). It gathered business and industry […]
Stocks inch up ahead of central bank meetings
SHARES inched higher on Tuesday to end a five-day decline on bargain hunting ahead of the monetary policy meetings of the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP), where markets expect further tightening. The benchmark Philippine Stock Exchange index (PSEi) edged up by 11.04 points or 0.17% to close at 6,448.46 on […]
Dubai biz magazine names CitySavings as fastest growing savings bank in PH
CITY Savings Bank (CitySavings), the thrift bank arm of Union Bank of the Philippines, has bagged another international recognition as the Philippines’ fastest growing savings bank at the 2022 International Business Magazine Awards.The Dubai, UAE-based publication recognized CitySavings for its excellent performance and drive for growth amidst the business challenges. “City Savings Bank from the […]
BSP, Kyrgyzstan central bank sign MOU on cooperation
The Bangko Sentral ng Pilipinas (BSP) and the National Bank of Kyrgyz Republic (NBKR) have entered into a memorandum of understanding (MOU) on cooperation in the field of central banking activities which took effect on Aug. 16, 2022.The MOU provides an opportunity for the BSP to expand and strengthen bilateral relations with central bank partners […]
Yields on BSP’s term deposits rise on rate hike expectations
YIELDS on the Bangko Sentral ng Pilipinas’ term deposits continued to rise on Wednesday amid rate hike bets. — BW FILE PHOTO TERM DEPOSIT yields climbed on Wednesday as the peso’s continued depreciation could prompt the Bangko Sentral ng Pilipinas (BSP) to hike interest rates further. Demand for the BSP’s term deposit facility (TDF) totaled […]
Peso slides to record low, boosting case for bigger hikes
The peso tumbled to a record low, boosting pressure on the central bank to raise interest rates more aggressively to stem the slide. The currency on Friday weakened beyond its previous all-time low set in 2004 after surging imports widened the trade deficit to an all-time high in June. The peso has also come under […]
BSP: Bank lending grows 12% in July
THE outstanding loans of universal and commercial banks, net of reverse repurchase (RRP) placements with the Bangko Sentral ng Pilipinas (BSP), expanded in July.Data from the central bank showed that universal and commercial bank lending grew 12 percent in July, which is the same level in June, the BSP said in a statement.Outstanding universal and […]
Senator refiles bill requiring state-run lenders to open bank accounts for Filipinos
A BILL requiring state-run lenders to open and maintain bank accounts for every Filipino citizen has been filed at the Senate. — BW FILE PHOTO A BILL requiring state-run lenders to open a bank account for every Filipino to fast-track the delivery of public and social services, such as aid for qualified beneficiaries, has been […]
Bank of Qingdao Announced its 2022 Interim Results
HONG KONG, Aug 26, 2022 – (ACN Newswire via SEAPRWire.com) – Bank of Qingdao Co., Ltd. (“Bank of Qingdao” or the “Bank”), the largest City Commercial Bank in Shandong Province, China, announced its interim results for the six months ended June 30, 2022 (the “Reporting Period”). In the first half of 2022, problems such as […]
Editorial: Pandemic’s positive effect on Philippine financial landscape
A pre-pandemic Philippines had only 29 percent of Filipino adults who owned bank accounts. This was in 2019. The following year, the coronavirus disease (Covid-19) pandemic hit the country and changed the financial landscape.Sure, the pandemic at its height has wounded the economy, forcing several businesses to close shop, sending millions of Filipinos to unemployment. […]
Bangko Sentral: 6 PH digital banks now allowed to fully operate
THE Bangko Sentral ng Pilipinas (BSP) has issued Certificates of Authority (COA) to Operate to two additional banks, allowing them to proceed with full operations as digital banks. This has resulted in a total of six digital banks allowed to operate in the Philippines.The most recent recipients were UnionDigital Bank Inc. (UDB) and GoTyme Bank […]
BSP, PhilSA, DoST install satellite internet services for two rural banks
THE Bangko Sentral ng Pilipinas (BSP) and other agencies have test deployed satellite internet services for two rural banks to help boost their operations and give their clients better access to financial services in remote areas. The central bank, the Philippine Space Agency (PhilSA), and the Department of Science and Technology-Advanced Science and Technology Institute […]