DOF urges ADB to lead recovery efforts of Asia Pacific economies
The Department of Finance (DOF) has called on the Asian Development Bank (ADB) to take a lead role in the recovery efforts of Asia-Pacific economies battered by shock waves from the COVID-19 pandemic and further weighed down by the impact of the prolonged Russia-Ukraine conflict.
BSP to leverage on AI to enhance central banking functions
The Bangko Sentral ng Pilipinas (BSP) is leveraging on artificial intelligence (AI) as it explores applications of machine learning techniques, particularly in the areas of natural language processing, nowcasting, and banking supervision.
China Bank gifts shareholders with regular, special dividends
China Banking Corp. led by bankero William Whang gifted shareholders with P1.50 per share combined regular and special dividends, reflecting the bank’s confidence in its underlying strength and future prospects.
Security Bank, AstraZeneca tie up offers funding access for cancer patients
Security Bank Corp. led by bankero Sanjiv Vohra and SB Finance Inc. has partnered with AstraZeneca Philippines to offer funding access for cancer patients in the country.
Despite consolidation of major players, BSP says thrift banking sector remains resilient
The thrift banking industry remains stable and resilient with robust capitalization and liquidity, improving asset quality, and sustained financing of households, micro, small and medium enterprises (MSMEs), and the agri-agra sector.
Landbank extends P1.51B in loans to rice farmers
State-run Land Bank of the Philippines headed by bankero Cecilia Borromeo has released P1.51 billion in loans to a total of 9,126 rice farmers and cooperatives as of end March this year through the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF).
Gov’t debt up 17.7% to a record high P12.7T in end March
The national government’s outstanding debt went up by 17.7 percent to a new all-time high of P12.68 trillion in end March this year from P10.77 trillion in end March last year on higher borrowings to fund COVID-19 response measures.
BPI sees aggressive rate hike in one meeting
Bank of the Philippine Islands (BPI) led by bankero TG Limcaoco expects the Bangko Sentral ng Pilipinas (BSP) to deliver an aggressive rate hike in one meeting on the back of quickening inflation and the series of rate hikes by the US Federal Reserve.
China Bank books 37% rise in Q1 earnings to P4.9B
China Banking Corp. headed by bankero William Whang registered a 37 percent jump in net income to P4.9 billion in the first quarter of the year from P3.6 billion in the same quarter last year on the back of sustained core business growth.
Inflation kicks up to 3-year high of 4.9% in April
Inflation kicked up to its highest level in more than three years hitting 4.9 percent in April from four percent in March mainly brought about by the higher annual increase in the index for food and non-alcoholic beverages, transport as well as housing, water, electricity, gas, and other fuels.