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March 01, 2024

FINEX congratulates new president , VP

The Financial Executives Institute of the Philippines (FINEX) congratulated

President-elect Ferdinand “Bongbong” Marcos Jr. and Vice President-elect Sara Duterte, who were by Congress that convened as the National Board of Canvassers.

FINEX president Michael Arcatomy Guarin said that the former Senator and former Davao City Mayor are assuming their new roles at a critical time in the county’s history.

“With the numerous challenges brought about by the COVID-19 pandemic and

geopolitical tensions, their policies and actions, especially those relating to our

country’s economy and the role of business in it, will have a significant impact on our country’s future,” Guarin said.

FINEX has committed to support the next administration.

“We look forward to working with their administration in helping to address the country’s numerous challenges and issues, and in bringing about stability, economic progress, and growth to our country,” Guarin added.

The association of financial executives also commended the numerous parties who have contributed to the generally peaceful and orderly conduct of the elections, among them the teachers, election officials, citizen’s arms, volunteers, and the voters who turned out in record numbers to exercise their right to vote.

“We hope this strong citizens’ involvement continues so that we may be able to harness all sectors to truly unite and move the country forward,” Guarin said.


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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