BSP’s Tristan A. Canare was recently elected as a trustee for the Philippine Economic Society, along with other esteemed individuals, including Catherine R.C. Almaden, Roehlano M. Briones, Laarni C. Escresa, Alice Joan G. Ferrer, and Marites M. Tiongco, for a two-year term beginning January 2024.
The Philippine Deposit Insurance Corporation (PDIC) provides an extension until December 18, 2023, for creditors, including depositors, to file claims against the assets of the recently closed Rural Bank of Talisay (Cebu), Inc.
Netbank collaborates with Filipino Facebook groups to launch tailored savings accounts, featuring raffle-based savings, providing community members with personalized banking experiences and accessible financial solutions.
Several banks, including BPI Direct and HSBC, are spreading holiday joy by waiving PESOnet and Instapay fees until December 31, 2023, allowing users to enjoy seamless transfers during the festive season.
GCash collaborates with global insurance leader Chubb to introduce ‘Send Money Protect,’ a safeguard against scams, boosting user confidence and peace of mind in digital transactions, with the full rollout expected by November 13.
Bank of the Philippine Islands (BPI) partners with Personetics to launch the Track and Plan tool, offering personalized insights to over four million digital customers and advancing financial literacy through advanced Personal Financial Management (PFM) strategies.
Fitch Ratings maintains the Philippines’ “BBB” credit rating, citing the country’s robust economic performance, declining debt, and effective inflation management by the central bank, with a stable outlook indicating low default risk and steady financial commitment capacity.
Philippine National Bank (PNB) is consolidating departments to establish a consumer finance sector, focusing on strengthening its retail lending business, as part of strategic efforts to optimize operations and address challenges, including a 12% decline in earnings during the first half of the year.
BSP-led Islamic Finance Coordination Forum (IFCF) commits to advancing Islamic banking and finance in the Philippines
The Islamic Finance Coordination Forum (IFCF), led by the Bangko Sentral ng Pilipinas (BSP), expresses commitment to advancing Islamic banking and finance in the Philippines through collaborative efforts, highlighting past achievements and outlining future initiatives to boost the growth of the sector.
Analysts are split over whether the Bangko Sentral ng Pilipinas (BSP) will raise its current 6.5 percent policy rate next week, with Citi predicting a 25 basis points hike to 6.75 percent, BPI foreseeing a rate hold at 6.5 percent, and HSBC expecting the BSP to maintain the benchmark rate while potentially reducing banks’ reserve requirement in the third quarter of 2024.