Banking & Finance

The World Bank (WB) has approved two major projects aimed at enhancing transport connectivity and healthcare services in Mindanao and other low-capacity provinces across the Philippines, benefiting at least 19 million Filipinos.  WB Country Director for the Philippines, Malaysia, and Brunei Darussalam Zafer Mustafaoğlu emphasized the bank’s commitment to supporting the Philippines’ inclusive growth and its aspiration to become an …

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. expects the Monetary Board “to cut a few more times” this year, noting that a reduction is “on the table” during next month’s policy meeting. Speaking to reporters last week, he said the MB remains in an easing cycle but emphasized that the timing and magnitude of rate cuts will depend …

Total external debt (EDT), or borrowings owed by residents to non-residents, stood at US$137.63 billion as of end-December 2024, down by US$2.02 billion (or 1.4 percent) from the US$139.64 billion level as of end-September 2024.  The external debt ratio (EDT expressed as a percentage of gross domestic product) remains at a prudent level, falling to 29.8 percent from 30.6 percent …

The World Bank (WB) is set to extend $2.75 billion in loans to the Philippines for fiscal year 2026, reflecting a 3.7 percent decrease from the $2.857 billion allocated for 2025.  Despite the reduction, the lending program highlights the WB’s sustained commitment to supporting the country’s development efforts. WB Director for the Philippines, Malaysia, and Brunei Zafer Mustafaoğlu confirmed that …

Bank lending in the Philippines surged by nearly 13 percent in January, marking its highest growth rate since December 2022, while domestic liquidity also continued to expand, according to data from the Bangko Sentral ng Pilipinas (BSP). Preliminary BSP data released Thursday showed that loans extended by universal and commercial banks (U/KBs) grew by 12.8 percent in January, surpassing the …

State-owned Development Bank of the Philippines’ (DBP) net income surged to P7.1-billion in 2024—its highest in the past 10 years—representing a 20% increase from 2023 as the Bank ramped up its lending activities to key sectors in support of the Marcos, Jr. Administration’s socio-economic agenda, a top official said. DBP President and CEO Michael O. de Jesus said the Bank’s …

Rizal Commercial Banking Corporation delivered net income of P9.5B for the full year 2024, with double-digit growth of 26% in net interest income and a 40% expansion in consumer loans.  The Bank’s total resources reached P1.4T by end 2024. Net income growth, without the non-recurring gains in 2023, was at 13.6% year-on-year, as core business maintains momentum. The bank’s net …

The government expects to generate at least ₱2.82 billion from the auction of its shares in United Coconut Chemicals Incorporated (CocoChem), according to a bidding invitation released by the Land Bank of the Philippines (Landbank). The bidding for the national government’s 681,985,073 common shares in CocoChem is set for June 27 at Landbank Plaza in Malate, Manila. The sale will …

The Philippine Deposit Insurance Corp. (PDIC) has announced an increase in the maximum deposit insurance coverage (MDIC) for bank deposits, doubling it from P500,000 to P1 million per depositor per bank. According to Memorandum 2025-01 released on Friday, the higher MDIC will take effect on March 15. “The increase in the MDIC was approved by the PDIC Board of Directors …

Philippine National Bank (PSE: PNB) posted its second year of high consolidated net income of P21.2 billion in 2024, increasing by 18% year-on-year as a result of sustained effort in strengthening the Bank’s core business.  This translated to a return on equity of 10.39% percent, up from the 9.95% posted in 2023. Comprising 83% of total operating income, the Bank’s …