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March 01, 2024

Moody’s unit forecasts still accelerated growth for the Philippines this year

Economic expansion in the Philippines as measured by the gross domestic (GDP) is forecast to accelerate further this year to 6.2 percent, according to Moody’s Analytics.

At this pace, the continued output expansion of the $361 billion economy in Southeast Asia should prove only second to Vietnam’s, seen also growing comparably faster at 6.5 percent this year.

The Philippines expanded at a faster rate than anticipated, ranging from only 5 percent up to only 5.5 percent, as it actually punched higher and grew by 5.6 percent instead.

Moody’s Analytics is a sister firm of the sovereign credit watcher Moody’s Investors Service which has since validated the country’s credit standing as investment grade.

It said the country’s projected expansion this year is based on data obtained from the Department of Finance, under Finance chief Carlos G. Dominguez, who has endeavored to obtain billions of dollars worth of financing from overseas and domestic sources as the economy transits to a post-pandemic next normal.

Moody’s Analytics said the country’s projected performance this year should not be far from that of Malaysia whose economy was seen expanding 5.4 percent, faster than Indonesia’s expansion averaging only 5.1 percent and Singapore’s 4.6 percent.


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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