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March 01, 2024

S&P lowers Ph GDP growth path over the next two years

S&P Global Ratings has slashed its gross domestic product (GDP) growth projection for the Philippines over the next two years due to the uncertainty brought about by Russia’s invasion of Ukraine.

The credit rating agency lowered the GDP growth forecast for the Philippines

by 0.5 percentage points to seven percent for this year and by 0.6 percentage points to 6.7 percent for next year.

Despite the cut, the latest projection for this year is within the seven to nine percent target set by Philippine economic managers.

S&P now projects the US Federal Reserve to start normalizing its monetary policy stance sooner and faster with six rate hikes of 25 basis points each this year followed by five more hikes in 2023 and 2024.

The debt watcher also assumed a policy reaction for China to offset growth effects of the Russia-Ukraine conflict designed to keep forecast growth rate this year.


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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