Banking & Finance

The Bangko Sentral ng Pilipinas (BSP) and German government banknotes printer Bundesdruckerei GmbH signed a Memorandum of Understanding (MOU) on payments and currency management on 10 October 2024 at the BSP head office in Manila. According to Governor Remolona, BSP recognizes “the need for banknotes for a long time to come” even as the central bank works hard to “shift …

The Bangko Sentral ng Pilipinas (BSP) announced on Friday that it has reduced the total offering of its BSP bills (BSPB) to P160 billion, down from P190 billion in the previous week. This adjustment was made in response to evolving market conditions and liquidity management needs. In a statement, BSP Deputy Governor Francisco Dakila Jr. explained that the allocation for …

The Philippine financial sector’s total resources increased by 9.20 percent as of end-August this year, data from the Bangko Sentral ng Pilipinas (BSP) showed. Preliminary data released by the BSP last week showed that the total resources of banks and non-bank financial institutions reached P32.14 trillion in August, higher than the P29.43 trillion in August 2023. Banks’ total resources amounted …

The Bangko Sentral ng Pilipinas (BSP) announced that its coin deposit machines (CoDMs) have collected over P1 billion worth of coins since their launch, underscoring the project’s success in recirculating idle currency.  As of October 11, 2024, the total coin deposits have reached P1.008 billion, with more than 260 million individual coins processed across 240,000 transactions. The CoDM initiative, launched …

Philippine National Bank (“PNB”) has successfully tapped into international markets with a US$300 million benchmark-sized Sustainability Regulation S offering of 5-year senior notes (the “Notes”) under its US$2 billion Euro Medium Term Note programme (the “Programme”). PNB conducted a two-day roadshow starting on October 14, 2024 to engage with potential investors. The 5-year bond was priced at T+102 basis points, …

The World Bank last week revised its 2024 and 2025 economic growth forecasts for the Philippines, highlighting the country’s favorable medium-term outlook. In its October East Asia and Pacific Economic Update, the World Bank projected the Philippine economy to grow by 6.0 percent this year, up from its earlier forecast of 5.8 percent. The 2025 growth forecast was also raised …

The Asian Development Bank (ADB) is expected to approve within the year the funding for the first phase of the Laguna Lakeshore Road Network (LLRN) Project. In a recent interview, ADB Country Director for the Philippines Pavit Ramachandran said they are now in the last stages of having the Laguna Lakeshore Road Network project presented to the ADB Board for …

Land Bank of the Philippines (LANDBANK) is poised to intensify its focus on serving its diverse clientele of key development sectors with the privatization of UCPB Savings Bank, Inc. (UCPB-SB), allowing it to better streamline resources and facilitate more efficient capital deployment.  President Ferdinand R. Marcos Jr. approved the privatization of UCPB-SB through Memorandum Order No. 28, issued on 06 …

The Asian Infrastructure Investment Bank (AIIB) has pledged to assist the Philippine government in securing more development grants aimed at promoting resilient infrastructure projects, according to the Department of Finance (DOF). In a statement released last week, the DOF noted that this commitment was made during the AIIB’s annual Board of Governors meeting, held from September 21 to 27, 2024, …

The Bangko Sentral ng Pilipinas (BSP) recognized nine institutional partners of its South Luzon Regional Office (SLRO) during the 2024 Outstanding BSP Stakeholders Appreciation Ceremony (OBSAC) held on September 23, 2024 in Lucena City.  BSP Deputy Governor Bernadette Romulo-Puyat thanked the awardees and said, “At the core of our partnership is a common goal: a resilient economy that improves the …