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Banking & Finance

Core revenues fuel 5% rise in Metrobank profit

Gains from its core business lifted Metropolitan Bank and Trust Co’s (Metrobank) net income in the first half by five percent to P9.5 billion.

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BDO floats P5B LTNCDs to fund expansion program

By Riza Lozada The Sy group-led Banco de Oro Unibank Inc. (BDO) hopes to raise P5 billion through the issue of 5.5-year Long-Term Negotiable Certificates of Deposit (LTNCD) with an indicative interest of of 3.5 to 3.75 percent per annum. 

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JG Summit venture seeks to boost financial inclusion

Oriente and Express Holdings Inc., a Hong Kong-based unit of JG Summit Holdings Inc. (JGSH), through an exclusive partnership, seeks to address the financial exclusion problem of underbanked consumers and local micro, small and medium enterprises (MSMEs). 

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DBP, BCDA link up to hit infrastructure targets

State-owned Development Bank of the Philippines (DBP) and the Bases Conversion Development Authority (BCDA) recently signed a memorandum of understanding (MOU) for a partnership in support of the infrastructure buildup targeted under the Duterte administration’s “Build, Build, Build” program. 

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DOF sacks exec over funds misuse

The Department of Finance (Dof) has sanctioned an official found to have included her personal expenses in the official costs of a recently-held DOF technical workshop funded by the Asian Development Bank (ADB). 

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Robust growth in loans hikes Security Bank profit to P5.2B

Strong loans growth boosted Security Bank Corp.’s (SBC) net income in the first half to P5.2 billion from P4.9 billion a year ago. 

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DOF wants single guarantee agency

The Department of Finance (DOF) is pushing the merger of the Philippine Export-Import Credit Agency (PhilEXIM) with other state-run guarantee firms to create a new single entity that would provide fresh funds for a new government guarantee system. 

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Favila, Abacan assume MB post, Medalla stays

The Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) will have two new members while the term of current MB member and former Socioeconomic Planning Secretary Felipe Medalla has been extended for another six years. 

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2 SMFI projects worth P2.4B gets BOI okay

The Board of Investments (BOI) recently approved San Miguel Foods Inc.’s (SMFI) application for registration as a producer of whole dressed chicken and further processed chicken parts (marinated and deboned) for its two proposed meat processing plants in Sta. Cruz, Davao del Sur and Pagbilao, Quezon. 

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DTI publicity expert tapped for ADB meet

A marketing and communications expert at the Department of Trade and Industry (DTI) with a sterling record in handling major tourism projects in Mindanao is working closely with the Department of Finance (DOF) in handling the preparations for the 2018 annual meeting of the Asian Development Bank (ADB) Board of Governors to be held in Manila.

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