Banking & Finance

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 …

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 …