THE GOVERNMENT generated savings of P681.2 million from procurement efficiencies in 2022, up 21.8% from a year earlier, the Department of Budget and Management (DBM) said. “For the past three years, the government has attained significant cost savings through bulk procurement and market price monitoring and validation,” the DBM said in a statement on Tuesday. […]
Tag: savings
Energy dep’t touts savings from power conservation program
THE DEPARTMENT of Energy (DoE) said Tuesday that 24 industrial, commercial and government establishments participating in its energy efficiency and conservation (EEC) program saved about 36.94 million kilowatt-hours (kWh) of electricity this year. “With energy efficiency and conservation as a whole-of-nation approach to reduce consumption and ultimately earn savings, I encourage others also to approach […]
DBM’s Pangandaman sees Procurement Service delivering more savings as government digitizes
THE Department of Budget and Management (DBM) said its Procurement Service (PS) is expected to deliver on its potential to realize significant cost savings for the government with further digitalization, despite recent questions about its performance with regard to a laptop computer order for the Education department. Budget Secretary Amenah F. Pangandaman said in a […]
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 […]
Pag-IBIG members save record-high P38.82B in H1 2022, up 23%; MP2 surges to P19.40B up 47%
Pag-IBIG Fund members collectively saved P38.82 billion in the first six months of the year, an increase of P7.23 billion or 23% compared to the P31.59 billion collected during the same period last year. This set a record for the highest amount saved by members with the agency for any January to June period. “I […]
PDIC urges creditors of closed Metro Cebu Public Savings Bank to file claims
ALL creditors of the closed Metro Cebu Public Savings Bank have until July 4, 2022 to file their claims against the assets of the closed bank either by e-mail, mail, or personal filing, the Philippine Deposit Insurance Corporation (PDIC) announced Friday.Creditors refer to any individual or entity with a valid claim against the assets of […]
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 […]
Pag-IBIG declares record-high P31.79B as 2021 dividends
Regular Savings at 5.5%, MP2 at 6% The Pag-IBIG Fund Board of Trustees has approved the dividend for members’ savings for 2021, declaring a record-high amount of over P31 billion which shall be credited directly to its members’ savings accounts, top executives announced on Friday, March 11. “During the Pag-IBIG Chairman’s Report last February 24, […]
PSALM estimates P822M in savings from tax relief EO
THE POWER Sector Assets and Liabilities Management (PSALM) Corp. said it expects to save P822 million from the 2021 real property tax (RPT) relief granted by Executive Order (EO) 157 to parts of the power industry. “With the issuance of this, PSALM’s 2021 RPT obligations amounting to about P1.02 billion at an 80% assessment rate […]
PAG-IBIG hits P10.7B in MP2 savings
PAG-IBIG Fund members collectively saved P10.67 billion under the agency’s voluntary Modified Pag-IBIG 2 Savings program during the first five months of the year, setting another record-high despite the ongoing health crisis, top officials of the agency said on June 21, 2021. “We are happy to report that despite the impact of the pandemic to […]
Norms for energy efficiency projects set at P10-million investment, 15% savings
THE ENERGY department said its endorsement for energy efficiency (EE) projects to the Board of Investments (BoI) will depend on whether the project meets norms like a P10 million minimum investment and 15% energy savings. In its guidelines for recommending EE projects to the BoI, the Department of Energy (DoE) said in a circular that […]
Cebuana Lhuillier’s rural bank records increase in savings account openings
CEBUANA LHUILLIER Rural Bank, Inc. saw its Micro Savings accountholders jump to more than five million Filipinos since its launch in 2019 after it added features for digital transactions. The banking arm of microfinancial services giant Cebuana Lhuillier said more clients applied for its Micro Savings account in December last year after features such as […]
City Savings Bank aids schools
THE Covid-19 pandemic made 2020 a challenging year and the education sector was not spared. The global health crisis affected teachers, students and parents. In the Philippines, distance learning has been imposed by the government since October to protect students and teaching staff from contracting the novel coronavirus, which was first detected in Wuhan, China. […]