Banking & Finance

BDO Unibank, Inc.’s (BDO) net profit grew 12% year-on-year (YoY) to P60.6 billion in the first nine months of 2024, driven by the sustained contribution of its core intermediation and fee-based service businesses. Annualized Return on Common Equity (ROCE) stood at 15% in the 9M 2024 period. Gross Customer Loans increased 13% YoY on broad-based growth across all market segments, …

The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board approved USD3.81 billion public sector foreign borrowings in the third quarter of the year. Data released by the BSP on Tuesday showed the public sector’s foreign borrowings from July to September this year went up by 36 percent from the USD2.81 billion in the same period last year. The borrowings include one …

Digital bank Maya has announced a collaboration with Landers Superstore to introduce a state-of-the-art co-branded credit card, designed to enhance the shopping experience for consumers. In a statement released recently, Maya introduced the Landers Cashback Everywhere Credit Card, which offers cardholders the opportunity to earn cashback rewards of up to 5% on purchases at Landers, 2% on dining, and 1% …

Security Bank Foundation, Inc. (SBFI) regularly enhances its educational programs by providing innovative training sessions to teachers from its beneficiary schools across the country. This equips educators with new teaching methods to boost students’ proficiency in subjects like English and Science. During its Mentoring Future Leaders for Nation-Building program, elementary English teachers from Visayas and Mindanao were trained on the …

Unprogrammed funds may be accessed if the allocated disaster funds for relief efforts following Severe Tropical Storm Kristine (international name Trami) prove inadequate, according to Department of Budget and Management (DBM) Secretary Amenah Pangandaman on Friday. During a situation briefing with President Ferdinand R. Marcos Jr. at Malacañang Palace in Manila, Pangandaman stated, “If additional funding is necessary, we can …

The Bangko Sentral ng Pilipinas (BSP) and German government banknotes printer Bundesdruckerei GmbH signed a Memorandum of Understanding (MOU) on payments and currency management on 10 October 2024 at the BSP head office in Manila. According to Governor Remolona, BSP recognizes “the need for banknotes for a long time to come” even as the central bank works hard to “shift …

The Bangko Sentral ng Pilipinas (BSP) announced on Friday that it has reduced the total offering of its BSP bills (BSPB) to P160 billion, down from P190 billion in the previous week. This adjustment was made in response to evolving market conditions and liquidity management needs. In a statement, BSP Deputy Governor Francisco Dakila Jr. explained that the allocation for …

The Philippine financial sector’s total resources increased by 9.20 percent as of end-August this year, data from the Bangko Sentral ng Pilipinas (BSP) showed. Preliminary data released by the BSP last week showed that the total resources of banks and non-bank financial institutions reached P32.14 trillion in August, higher than the P29.43 trillion in August 2023. Banks’ total resources amounted …

The Bangko Sentral ng Pilipinas (BSP) announced that its coin deposit machines (CoDMs) have collected over P1 billion worth of coins since their launch, underscoring the project’s success in recirculating idle currency.  As of October 11, 2024, the total coin deposits have reached P1.008 billion, with more than 260 million individual coins processed across 240,000 transactions. The CoDM initiative, launched …

Philippine National Bank (“PNB”) has successfully tapped into international markets with a US$300 million benchmark-sized Sustainability Regulation S offering of 5-year senior notes (the “Notes”) under its US$2 billion Euro Medium Term Note programme (the “Programme”). PNB conducted a two-day roadshow starting on October 14, 2024 to engage with potential investors. The 5-year bond was priced at T+102 basis points, …