Banking & Finance

The Asian Development Bank (ADB) has approved a USD500-million policy-based loan to enhance the Philippines’ efforts in addressing climate change. In a statement released recently, the ADB announced that the Climate Change Action Program (CCAP) Subprogram 2 will support the country in meeting its Nationally Determined Contribution (NDC) goals. The NDC includes the Philippines’ commitment to reducing greenhouse gas emissions …

Finance Secretary Ralph Recto has officially entered into a USD500-million financing agreement with the World Bank-International Bank for Reconstruction and Development (WB-IBRD) to support the reconstruction of over 3,000 schools across the Philippines that were impacted by typhoons. In an announcement made Wednesday last week, the Department of Finance (DOF) confirmed that the deal was signed by Recto and Zafer …

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. (right) leads the ceremonial switch-on of BSP Christmas lights at its head office in Manila on 28 November 2024. Festive lights also adorn Christmas trees and buildings at the BSP Security Plant Complex in Quezon City and various Regional Offices and Branches, while BSP’s EDPC Building façade along Roxas Boulevard …

The Bangko Sentral ng Pilipinas (BSP) has reported that both new players and incumbent banks have shown interest in obtaining licenses to operate as digital banks in the Philippines. “There are new players exploring opportunities in the Philippine market, but as per our guidelines, we will begin accepting applications from January 1, 2025,” said Melchor Plabasan, BSP Senior Director for …

The Rural Bank of Sta. Rosa (Laguna), Inc. has reported a substantial increase in net income for the first three quarters of the year, reflecting a strong growth trajectory. According to data shared by Raffy Montemayor, the bank’s chair and co-founder of financial technology firm Salmon, the bank’s net income surged to P166.7 million, up from USD1.7 million in the …

Finance Secretary Ralph Recto recently met with senior officials from JP Morgan to discuss potential collaborations and initiatives aimed at strengthening the Philippine capital market. The meeting, held at the Department of Finance (DOF) headquarters in Manila on November 18, focused on various topics, including JP Morgan’s current operations in the Philippines, opportunities for partnership, and the ongoing efforts to …

The World Bank has approved a $750 million development policy loan to accelerate digital transformation in the Philippines, aiming to enhance connectivity, competitiveness, and financial inclusion. In a statement released Wednesday, the World Bank said the Second Digital Transformation Development Policy Loan is designed to reduce barriers to entry and investment in the broadband sector, fostering competition and improving internet …

The Philippines is the only country within the Association of Southeast Asian Nations (ASEAN) showing an improving trend in credit growth, according to a report by Bank of America (BofA) Global Research. BofA noted that the Philippines is the only ASEAN nation exhibiting an upward shift, with credit growth accelerating to 9-10%. The most recent data indicates a slight improvement …

State-run Land Bank of the Philippines is extending PHP14 million in financial assistance to local government units (LGUs) affected by Severe Tropical Storm Kristine (international name Trami).  In a statement on Wednesday, LandBank said the cash donation would support the recovery efforts of 130 LGUs in Luzon and the Visayas. The amount is on top of the PHP1.1 billion assistance …

The total assets of the Philippine banking sector increased by 11.3% as of the end of September, reaching P26.73 trillion, up from P24 trillion during the same period last year, according to data from the Bangko Sentral ng Pilipinas (BSP). This growth also surpassed the P25.9 trillion in assets recorded in August 2024. Michael Ricafort, an analyst at Rizal Commercial …