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March 01, 2024

‘The economy is on the mend’, BSP tells YPO

In meeting members of the Young Presidents’ Organization (YPO), Bangko Sentral ng Pilipinas (BSP) governor Benjamin E. Diokno said the local economy is on the mend and set to achieve even higher growth this year than in 2021.

In emphasizing this point before the Philippine community of young chief executive officers (CEO), Diokno reiterated that last year’s output growth of 5.6 percent is likely to hit 7 percent up to 9 percent in terms of the gross domestic product (GDP).

He told the various CEOs the BSP will remain steadfast in providing the enabling policy environment to further build operational resilience among the various financial institutions under its supervision.

Diokno also emphasized the local banking system is among the most adequately capitalized in the world and are in a position of strength to support economic recovery going forward.

According to him, the various macroeconomic indicators strengthen his optimism in the ongoing recovery.


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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