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November 28, 2023

MSME loans totaling P13 billion provided by small banks

Thrift and rural banks in the Philippines have provided a total of P13.306 billion in loans to micro, small, and medium enterprises (MSMEs) and eligible large companies as part of an alternative compliance method for reserve requirements (RR).

AllBank and CycleHouse revolutionize digital payments for financial inclusivity

AllBank (A Thrift Bank) Inc. and CycleHouse have partnered to extend the reach of digital payments, enabling financial inclusivity for smartphone users without traditional banking access, while also introducing innovative solutions for aspiring entrepreneurs and enhancing the safety and efficiency of parcel delivery services.

UnionBank’s net income drops 20% in first nine months of 2023

Union Bank of the Philippines (UnionBank) reported a 20% decrease in consolidated net income for the first nine months of 2023, attributed to increased expenses related to the integration of the acquired Citi consumer business and marketing efforts, despite strong net revenues driven by growth in net interest income and noninterest income

Economists anticipate policy rate hike to 7%

Economists predict that the Bangko Sentral ng Pilipinas (BSP) might raise the benchmark interest rate to seven percent to combat persistently high inflation, with mixed sentiments on whether this could happen before or during the November 16 Monetary Board policy meeting.

BSP urges stringent customer due diligence amid SEC amnesty program

The Bangko Sentral ng Pilipinas (BSP) has instructed banks to maintain strict customer due diligence (CDD) processes as part of their relationship review, in light of the Security and Exchange Commission’s (SEC) amnesty program aimed at preventing the revocation of certificates of incorporation for non-compliant corporations.