Banking & Finance

Cebuana Lhuillier, top bank leaders join hands to accelerate financial inclusion agenda

In a monumental gathering, the giants of the banking world have come together in an intimate dinner setting recently to fortify their connections and collaborate on a mission of paramount importance: financial inclusion.  This unprecedented event showcases the commitment of the banking leaders to bridge gaps and pave the way for a more inclusive financial landscape. Through shared insights, strategic …

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FSCC highlights continued vigilance as market developments unfol

The Financial Stability Coordination Council (FSCC) held its 38th Executive Committee meeting. Held soon after the launch of the 2023 Financial Stability Report (FSR), the Council assessed the development in the early part of 2024 against the trends of the full year of 2023 as reported in the FSR. FSCC Chairman and Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, …

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SC affirms imprisonment for seller of fake money

The Supreme Court (SC) upheld the rulings that sentenced a man to prison for illegal possession and use of fake banknotes. In a decision penned by Associate Justice Jhosep Y. Lopez, the SC’s Second Division denied the petition by Allan Gacasan that challenged the rulings of the Court of Appeals (CA) and the Regional Trial Court (RTC). In a buy-bust …

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LANDBANK, OFBank, DMW partner to ramp-up delivery of OFW claims

The Land Bank of the Philippines (LANDBANK), the Overseas Filipino Bank (OFBank), and the Department of Migrant Workers (DMW) have joined forces to expedite the delivery of indemnity claims to Overseas Filipino Workers (OFWs) displaced by the bankruptcies of Saudi Arabian construction companies in 2015 and 2016. The collaboration will integrate and streamline the processes of LANDBANK and OFBank with …

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FDI Net Inflows Rise to US$826 Million in December 2023; Full-Year 2023 Level Reaches US$8.9 Billion

Foreign direct investment (FDI) net inflows sustained its growth momentum in December 2023, increasing by 29.9 percent year-on-year to reach US$826 million from the US$636 million net inflows in December 2022. FDI increased mainly on the back of the 86.2 percent growth in nonresidents’ net investments in debt instruments to US$527 million from US$283 million in the comparable month in 2022. Similarly, reinvestment …

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BPI head office cops ‘Best Workplace Design’ honors

The new Bank of the Philippine Islands (BPI) head office, designed by Aedas Singapore, won the Silver award for ‘Best Workplace Design’ at the 2023 Design Excellence Awards—an annual design competition organized by the Interior Design Confederation Singapore (IDCS). BPI aims to enhance collaboration, inspire creativity, and attract and retain talents by offering a workspace which supports employee satisfaction and …

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EastWest 2023 net revenues surge to P6.1-B

EastWest delivered P6.1 billion net income in 2023, 32% higher from last year, on the back of sustained consumer loan growth and strong deposit generation. Return on equity (ROE) stood at 9.5%. “We witnessed significant growth in our major assets, our consumer loans portfolio. This translated to a remarkable jump in our net income as we doubled down on our …

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Japan credit rating agency affirms PHL credit rating at A-, stable outlook

The Japan Credit Rating Agency, Ltd. (JCR) has kept the Philippines’ investment-grade credit rating of “A-” with a stable outlook. The Japan-based debt watcher highlighted the country’s high and sustained economic growth supported by solid domestic demand, resilience to external shocks with its low-level external debt and accumulated foreign exchange reserves, and its solid fiscal base as credit strengths. JCR …

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Foreign investments registered with the Bangko Sentral ng Pilipinas (BSP), through authorized agent banks (AABs)[i], yield net outflows in January 2024

Transactions on foreign investments registered with the BSP, through AABs, in January 2024 recorded net outflows of US$76 million resulting from the US$1.3 billion gross outflows and the gross inflows of US$1.2 billion for the month.  The recorded net outflows are lower than the net outflows posted in December 2023 (US$205 million). The US$1.2 billion registered investments for the month …

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BSP, Deutsche Bundesbank formalize capacity building ties

The Bangko Sentral ng Pilipinas (BSP) and the Deutsche Bundesbank formalized their partnership on capacity building for BSP personnel through a Memorandum of Understanding (MOU) signed on 22 January 2024 at the BSP Head Office in Manila. Deutsche Bundesbank is the central bank of the Federal Republic of Germany. BSP Governor Eli M. Remolona, Jr. said, “For many years now, …

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