Banking & Finance

The country’s total gross savings climbed by 16.6 percent to P7.70 trillion in 2024, up from P6.60 trillion the previous year, according to the latest figures released by the Philippine Statistics Authority (PSA). Gross savings represent the difference between gross disposable income and final consumption expenditure. Among the four major institutional sectors, non-financial corporations accounted for the bulk of the …

The Bangko Sentral ng Pilipinas (BSP) has been named Currency Manager of the Year by Central Banking, a renowned London-based institution that provides insights and training to more than 140 central banks and their partners across the globe. In a statement released last week, the BSP shared that the award was announced on March 20, 2025, with the formal ceremony …

Nestor V. Tan, President and CEO of BDO Unibank Inc., has been elected President of the International Monetary Conference (IMC) for the 2025–2026 term. His election took place during the IMC’s annual meeting in Brussels, Belgium. The IMC is a prestigious, non-profit organization made up of the Chairpersons and CEOs of 58 of the world’s largest financial institutions from 31 …

HSBC economist Aris Dacanay expects the Bangko Sentral ng Pilipinas (BSP) to deliver a third and final policy rate cut for the year this October, trimming its benchmark interest rate by 25 basis points to 5 percent. This follows back-to-back rate cuts by the BSP’s Monetary Board, including a 25-basis-point reduction last June 20 that brought the reverse repurchase rate …

The Philippine Deposit Insurance Corporation (PDIC) will hold an electronic public bidding (e-bidding) for 73 real estate assets from closed banks on July 23 to 24, the agency announced Friday. The properties up for sale include a wide mix of lots: 20 vacant agricultural, 20 residential with improvements, 19 vacant residential, five mixed vacant residential/agricultural, four mixed residential/agricultural with improvements, …

The Bangko Sentral ng Pilipinas (BSP) reported a $298-million balance of payments (BOP) deficit in May, driven by the national government’s foreign currency withdrawals to service external debt. Despite this, the country’s gross international reserves (GIR) remained healthy, the central bank said Thursday. The BOP tracks the Philippines’ economic transactions with the rest of the world over a specific period …

Despite heightened geopolitical tensions in the Middle East, the Philippine economy remains resilient, according to BPI Securities Corporation. In a market report released Thursday, BPI Securities said stable inflation and improving domestic supply conditions are key factors helping to maintain investor confidence. “Tensions between Israel and Iran undoubtedly pose risks to the global economy,” said BPI Securities president and CEO …

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. welcomed the European Commission’s (EC) recent decision to delist the Philippines from its high-risk countries list for financial crime. “That’s certainly good news. But the EU (European Union) Parliament will still need to confirm the EC decision,” Remolona said last week. The EC announced on June 10 that it had removed …

Finance Secretary Ralph Recto last week emphasized the importance of the 2024 Philippine Public Expenditure and Financial Accountability (PEFA) Assessment Report in shaping responsible and effective government spending. Speaking during the report’s release, Recto said its findings offer a valuable roadmap for policymakers to ensure the prudent allocation and utilization of public funds, ultimately sustaining the delivery of quality services …

The Development Bank of the Philippines (DBP) posted a net income of P1.61 billion in the first quarter of 2025, marking an impressive 82% jump from the P571 million it recorded during the same period last year. The surge came as the state-owned bank ramped up its lending efforts to key sectors and industries, according to a top executive. DBP …