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Banking & Finance

IC eyes rehab of pre-need firm

The Insurance Commission (IC) is considering to place troubled pre-need firm Provident Plans International Corp. under rehabilitation unless it shows effort to improve its finances. 

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BDO, Fiserv widen fin-tech partnership

banco-de-oro-bdo

Top lender BDO Unibank has extended and expanded its partnership with international financial technology provider Fiserv Inc. 

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State firms remit P4.54B to treasury

Facade of the Bureau of the Treasury building in Intramuros, Manila. (Photo: Alvin I. Dacanay)

By Riza Lozada The government is receiving higher shares from state firms and agencies as three government-owned and controlled corporations (GOCCs) remitted recently a total of P4.54 billion to the National Treasury. 

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BSP’s demonetization campaign bags award

story4-foto-A5-banking

The Bangko Sentral ng Pilipinas campaign on the demonetization of the old banknote series was selected as one of the three finalists under the category Best Communications Program in the 2017 Excellence in Currency Awards of the International Association of Currency Affairs (IACA). 

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Finance chief: BIR plays key role in economic thrust

Finance Secretary Carlos Dominguez III.

The Bureau of Internal Revenue (BIR) will play a central role in realizing the Philippines “economic breakout” which requires an improvement in both tax administration and policy reforms in the agency to ensure a steady revenue stream for the Duterte administration’s ambitious program to modernize the country’s infrastructure backbone and accelerate poverty reduction, Finance Secretary Carlos Dominguez III said. 

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Government debts grew to P6.37T in April

Peso-Bills

By Riza Lozada An increase in domestic borrowings bumped up the national government’s (NG) outstanding debt in April by 8.3 percent to P6.37 trillion, Bureau of Treasury (BTr) data showed. 

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Chinese banks top Forbes’ 2000 list

industiral-and-commercial-bank-of-china

Chinese banking giants dominated business bible Forbes’ 15th annual Global 2000 list.

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OFW bank opens in September, says Bello

Labor Secretary Silvestre Bello III.
(ROBINSON NIÑAL JR./Presidential Photo)

By September, overseas Filipino workers (OFWs) will have a bank of their own. 

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PDIC resumes liquidation operations for Iloilo bank

PDIC

Bank regulator Philippine Deposit Insurance Corp. (PDIC) has resumed its deposit insurance and liquidation operations in the closed Rural Bank of Barotac Viejo (Iloilo), Inc. (RB Barotac Viejo) following the expiration on May 20, 2017 of the Temporary Restraining Order (TRO) and/or Status Quo Ante Order (SQAO) issued against its move. 

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Insular Life reports 179% income growth

: The Insular Life Corporate Centre in Muntinlupa City. (Nixenzo VIA WIKIMEDIA COMMONS)

By Riza Lozada  The country’s largest Filipino-owned life insurance company, The Insular Life Assurance Co. Ltd reported a robust 179 percent growth in consolidated net income to P4.9 billion in 2016 as a result of higher gains from sale of shares of stocks and properties, investment income and earnings of the company’s affiliates. 

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