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March 01, 2024

Gov. Felipe Medalla leads first Financial Stability Coordination Council meeting

The Bankero is the new chair of the FSCC.

Bangko Sentral ng Pilipinas Governor, economist and Bankero Felipe M. Medalla recently convened the Financial Stability Coordination Council (FSCC) as its new Chairman.

Governor Medalla, during the meeting, emphasized the challenging global market environment, inflation, high interest rate and rising oil prices. He underscored that the forefront work now is to be prepared for global spillovers, while reassuring that the country has gained momentum in terms of economic growth.

The FSCC met and convened under the stewardship of Governor Medalla, and acknowledged that the tests to financial stability are wide-ranging and underscored the need for coordinated efforts.


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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