BANK of the Philippine Islands (BPI) has approved a new P100-billion bond program to help diversify its funding sources and boost its sustainability drive. During a regular meeting held on May 18, BPI’s board approved the issuance of up to P100 billion in notes under its new peso-denominated bond and commercial paper program. “The objective […]
Tag: bank
Maya Bank starts operations, offers products through rebranded app
MAYA BANK hopes at least a million of PayMaya Philippines’ 47-million strong customer base will tap its services following the e-wallet’s rebranding for the digital lender’s launch. About six months after PayMaya was granted a digital banking license by the Bangko Sentral ng Pilipinas (BSP), Maya Bank was launched on Friday night alongside the rebrand […]
BoJ sparks yen slide after doubling down on bond-buying
THE BANK of Japan (BoJ) sparked a sharp slide in the yen by doubling down on its promise to defend a rock-bottom yield target that leaves it as a dovish outlier as other major central banks move to tighten monetary policies. The central bank said it would buy an unlimited amount of bonds at fixed-rates […]
TDF yields go up on hawkish BSP, election jitters
YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits inched higher as the offer was undersubscribed after the central bank said it could hike rates earlier than planned and amid risk-off sentiment ahead of the national elections. Demand for the term deposit facility (TDF) of the central bank amounted to P276.324 billion, below the […]
G20 urges World Bank to prepare FIF Establishment: Indrawati
Washington, Apr 21, 2022 – (ACN Newswire via SEAPRWire.com) – G20 members have urged the World Bank to immediately prepare for the establishment of the Financial Intermediary Fund (FIF), Finance Minister Sri Mulyani Indrawati stated. FIF should be formed immediately in the framework of pandemic preparedness and response (PPR) in the future, the minister emphasized. […]
Caely Holdings Bhd Working to Unfreeze Bank Accounts
KUALA LUMPUR, Apr 20, 2022 – (ACN Newswire via SEAPRWire.com) – Caely Holdings Bhd, a leading domestic producer of women’s intimate apparel, takes note of the order to freeze all the Group’s bank accounts and wishes to reassure all stakeholders that measures are being explored to ensure business continuity and sustainability. Caely Executive Director and […]
BI keeps stance unchanged to support economy
BANK INDONESIA kept its benchmark interest rate unchanged to support the economy’s recovery. — REUTERS INDONESIA’S central bank kept its benchmark interest rate unchanged to support the economy’s recovery, while downgrading its growth outlook and saying it will keep a watch on price pressures fueled by the Russia-Ukraine conflict. Bank Indonesia (BI) held the seven-day […]
Binangonan Rural Bank rolls out e-money app
Cloud computing company Alibaba Cloud and local partner Unicloud Technology will host E-pon, the e-money digital app of Binangonan Rural Bank (BRB). BRB, the first rural bank in the Philippines to launch electronic money issuer operations, also tapped Alibaba Group to digitalize its identity verification process and mobile payment operations. “E-money makes it possible for […]
PHL banks’ ratings to see ‘medium impact’ from Russia-Ukraine war
PHILIPPINE BANKS’ credit ratings may see “medium impact” from the war in Ukraine as they already have a negative outlook, Fitch Ratings said. “Notably, there are a higher number of banks in India and the Philippines (‘3’) with Negative Outlooks, mirroring the sovereign,” Fitch said in a note on Tuesday. “As their issuer default […]
Sun Savings Bank obtains P200M loan from DBP to help teachers rebuild homes
SUN Savings Bank has secured a P200 million loan facility from the state-run Development Bank of the Philippines (DBP) to assist public school teachers in Cebu Province primarily in rebuilding their homes which were badly hit by Typhoon Odette (Rai) in December 2021.“There is a huge demand now to fix up their homes, and we […]
Tonik wants to grow loan book, offer cryptocurrency products
TONIK DIGITAL Bank, Inc. is looking to expand its lending portfolio and offer cryptocurrency products a year since it launched in the Philippines. Tonik said they are looking to launch services such as Buy Now, Pay Later schemes and home loans this year, the bank said in a statement. It said each client may be […]
Satellite technology seen to help banks ensure business continuity during disasters
THE CENTRAL BANK said liberalized access to satellite technology can help banks ensure continued operations during disasters. — BW FILE PHOTO LIBERALIZED ACCESS to satellite technology is expected to benefit banks and their clients as it could help ensure business continuity during disasters. “With enhanced access to satellite broadband services, financial institutions can improve their […]
JCB announces the launch of Danamon JCB Precious Credit Card
JAKARTA, Mar 17, 2022 – (ACN Newswire via SEAPRWire.com) – JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd., Japan’s only international payment brand, and PT Bank Danamon Indonesia Tbk (Danamon) are pleased to announce the launch of the Danamon JCB Precious Credit Card. Danamon JCB Precious Credit Card “Danamon understands that […]
BSP wants credit guarantee mechanisms for microfinance
PROMOTING POLICIES on guaranteed lending to low income and small entrepreneurs will be among the key points of the central bank’s financial inclusion strategy in the next six years, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said. “Under the National Strategy for Financial Inclusion 2022-2028, the BSP will give priority attention to critical […]
Bank AlJazira and JCB agree to enable JCB acceptance in the Kingdom of Saudi Arabia
Kingdom of Saudi Arabia & Tokyo, Mar 10, 2022 – (JCN Newswire via SEAPRWire.com) – Bank AlJazira has partnered with JCB International Co., Ltd. to launch JCB acceptance through its POS and ATM network devices deployed in the Kingdom of Saudi Arabia (KSA). A partnership that complements the role played by Saudi Payments role to […]
Filipino-owned ADAMCO raises P1B via note issuance of Development Bank of the Philippines and Security Bank
Leading agricultural machines and equipment dealer Ada Manufacturing Corp. (ADAMCO) has successfully raised P1 billion via the issuance of notes supported by state-run Development Bank of the Philippines and Security Bank Corp. The proceeds of the fund raising activity via the issuance of five-year corporate notes arranged by GIV Capital Holdings Corp. will be used […]
February inflation steadies as food prices ease
Philippine inflation slowed in February as food prices eased, though this is unlikely to go on as fuel prices surge amid Russia’s invasion of Ukraine. Inflation was 3% for the second straight month and slower than 4.2% a year earlier, according to the local statistics agency. The figure was lower than the 3.3% median estimate in a […]
Bank lending picks up further in January: BSP
BANK lending expanded for the sixth consecutive month in January, based on the latest data released by the Bangko Sentral ng Pilipinas (BSP) on Monday.Outstanding loans of universal and commercial banks, net of reverse repurchase payments with the BSP, expanded by 8.5 percent in January from the revised 4.8 percent in December, the central bank […]
BSP invests in Asian Green Bond Fund
The Philippine central bank again redirected capital for sustainability initiatives by investing in the Asian Green Bond Fund of the Bank for International Settlements (BIS). Launched this year, the new fund will support green projects in the Asia-Pacific region. “The participation in the fund is expected to provide the BSP with an additional source of […]
Global finance grapples with Ukraine crisis as shares slump
FRANKFURT/LONDON/NEW YORK — Financial firms from Frankfurt to Wall Street suffered heavy share price falls on Thursday as they grappled with the impact of Russia’s invasion of Ukraine, digested newly imposed sanctions and rushed to advise clients on how to respond. While many bankers have played down the importance of Russia to their operations, it […]