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March 01, 2024

BSP reaffirms commitment to strengthen ASEAN+3 regional cooperation

The Bangko Sentral ng Pilipinas (BSP) has reaffirmed its commitment to strengthen ASEAN+3 regional cooperation.

BSP Governor Benjamin Diokno, together with counterparts at the ASEAN+3 Finance Process during the virtual AFMGM+3, welcomed the progress of regional financial cooperation.

Key developments include the enhancements to Chiang Mai Initiative Multilateralization (CMIM) strengthened regional policy advisory role of the ASEAN+3 Macroeconomic Research Office, and significant advancements in the regional bond market under the Asian Bond Markets Initiative.

The group also agreed on the adoption of new initiatives in the areas of financial digitalization and transition finance to foster the region’s economic growth and financial integration.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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