Dongfeng Motors’ strategic expansion plan to open 12 new dealerships by the end of 2024 got a big boost as it inaugurated recently the Caloocan City dealership. The Tarlac dealership will also open up this month. The latest openings in key cities is a testament of Dongfeng’s commitment to reinforce its presence in the country, dedicating itself to providing cutting-edge …

Cash remittances sent by overseas Filipino workers (OFWs) rose on an annual basis by 3.3 percent to USD3.01 billion in September, the Bangko Sentral ng Pilipinas (BSP) reported Friday. Remittances coursed through banks in September 2023 amounted to USD2.91 billion. In the first three quarters of the year, cash remittance reached USD25.23 billion, up by 3 percent from year-ago’s USD24.49 …

The Philippine economy is poised to benefit from ongoing economic reforms and favorable trends, as inflation continues to ease and growth momentum strengthens. In September, the country’s inflation rate slowed to 1.9%, a significant drop from August’s 3.3%, marking the lowest level since May 2020’s 1.6%. This brought the average inflation rate for the first nine months of the year …

The Bangko Sentral ng Pilipinas (BSP) reported a significant increase in the preference for digital payments in the country, based on the 2021 Financial Inclusion Survey. Tricia Defante-Andres, Deputy Director of the BSP’s Payments Policy and Development Department, highlighted how digital payment platforms, such as e-wallets, have expanded access to financial services for Filipinos. “It’s very encouraging that, as of …

The Philippine Amusement and Gaming Corporation (PAGCOR) announced recently that the local gaming industry’s Gross Gaming Revenues (GGR) grew 37.52% in the third quarter to P94.61 billion from P68.79 billion GGR year-on-year. The industry’s third-quarter growth was driven mainly by the Electronic Gaming sector which increased more than five-fold, generating P35.71 billion in revenues from last year’s P6.32 billion. “The …

Fiber broadband provider Converge ICT Solutions, Inc. (Converge) announced a robust performance for the first nine months of 2024, with consolidated revenues rising by 14 percent to P29.9 billion and net income surging by 29 percent year-on-year to P8.2 billion. Converge CEO Dennis Anthony Uy attributed the growth to strong performance across its residential, enterprise, and wholesale segments. “Our initiatives …

The World Bank has approved a $750 million development policy loan to accelerate digital transformation in the Philippines, aiming to enhance connectivity, competitiveness, and financial inclusion. In a statement released Wednesday, the World Bank said the Second Digital Transformation Development Policy Loan is designed to reduce barriers to entry and investment in the broadband sector, fostering competition and improving internet …

The Philippines is the only country within the Association of Southeast Asian Nations (ASEAN) showing an improving trend in credit growth, according to a report by Bank of America (BofA) Global Research. BofA noted that the Philippines is the only ASEAN nation exhibiting an upward shift, with credit growth accelerating to 9-10%. The most recent data indicates a slight improvement …

State-run Land Bank of the Philippines is extending PHP14 million in financial assistance to local government units (LGUs) affected by Severe Tropical Storm Kristine (international name Trami).  In a statement on Wednesday, LandBank said the cash donation would support the recovery efforts of 130 LGUs in Luzon and the Visayas. The amount is on top of the PHP1.1 billion assistance …

The total assets of the Philippine banking sector increased by 11.3% as of the end of September, reaching P26.73 trillion, up from P24 trillion during the same period last year, according to data from the Bangko Sentral ng Pilipinas (BSP). This growth also surpassed the P25.9 trillion in assets recorded in August 2024. Michael Ricafort, an analyst at Rizal Commercial …