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March 01, 2024

SSS names new rep in UnionBank

Pension fund manager Social Security System (SSS) has named its new representative in the Board of Directors of Union Bank of the Philippines led by banker Edwin Bautista.

UnionBank said SSS has nominated lawyer Ricardo Moldez as its representative, replacing former SSS president and CEO Aurora Ignacio who was replaced by Social Security Commissioner Michael Regino and moved to state-run Philippine Deposit Insurance Corp. (PDIC).

Moldez is a member of the Social Security Commission and helps provide policy directions, monitors and oversees management actions as mandated under the Social Security Act of 2018.

Moldez also served as director of City Savings Bank and Ionics Inc. He was as litigation lawyers for more than 40 years and served at the Department of Justice as special counsel and at the Municipal Court of Muntinlupa.


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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