Banking & Finance

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 …

The Asian Development Bank (ADB) has approved nearly USD 1.7 billion in funding for the Laguna Lakeshore Road Network (LLRN) project, aimed at enhancing regional connectivity and reducing travel time between Manila and Laguna province. In a statement on Thursday, ADB announced that the funds will support the development of a 37.5-kilometer, climate-resilient expressway along Laguna Lake.  The funding will …

Year-on-year headline inflation increased to 2.3 percent in October from 1.9 percent in September. This is within the BSP’s forecast range of 2.0 – 2.8 percent for the month.  The resulting year-to-date average of 3.3 percent is also within the government’s inflation target range of 2-4 percent for the year.  On a month-on-month seasonally adjusted basis, headline inflation in October …

The Bank of the Philippine Islands (BPI) bagged three awards, namely “Best Card Application Initiative,” “Best Credit Card for Affluent/HNWI Clients,” and “Outstanding Marketing Campaign Initiative,” at the Global Cards & Payments Innovation Awards 2024 by The Digital Banker.  “We are proud to have been recognized for our commitment to providing customers with delightful banking experiences, to developing effective solutions, …

Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, reported a net income of P4.0 billion after nine months ending September 30, 2024 or 19% better compared to the same period last year.  The bank’s solid financial performance was driven by higher operating income and better asset quality. Core revenues, which include net interest income, service fees …

The Philippine National Bank (PSE: PNB) posted a consolidated net income of P15.1 billion for the first nine months of 2024, 12 percent higher compared to its earnings for the same period last year at the back of robust growth in net interest income. Comprising 83 percent of total operating income, the Bank’s net interest income increased by 10 percent …