Banking & Finance

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 …

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 Bangko Sentral ng Pilipinas (BSP) announced a further reduction in banks’ reserve requirement ratios (RRR) to enhance financial intermediation and liquidity in the banking system. Under the new policy, the RRR for universal and commercial banks, as well as non-bank financial institutions with quasi-banking functions (NBQBs), will be cut by 200 basis points to five percent. For digital banks, …

The Bangko Sentral ng Pilipinas (BSP) has established the Financial Cyber Resilience Governance Council (FCRGC) to enhance collaboration and strengthen cybersecurity across the financial sector. Launched at the BSP headquarters in Manila on February 11, the Council aims to fortify the country’s financial system by promoting robust cybersecurity governance, risk management, and cooperation among key industry stakeholders. “This Council represents …

BDO Unibank, Inc. and VISA launched the BDO Visa Signature in the Philippines through an exclusive cocktail event held at Grand Hyatt Manila. Guests were delighted with the new Travel Rebate Credit Card that boasts of 3% travel rebate on overseas and airline spends, and 0.3% on everything else, up to P2,500 rebate per month. Exploring the world without worry …

The Bangko Sentral ng Pilipinas (BSP) reminds all banks to accept unfit or mutilated Philippine banknotes and coins from the public. Unfit currency should be exchanged—free of charge—for fit or clean banknotes and coins. Under BSP Circular No. 829, series of 2014, and the Manual of Regulations for Banks (MORB), banks are required to facilitate the processing and submission of …