Banking & Finance

The World Bank last week revised its 2024 and 2025 economic growth forecasts for the Philippines, highlighting the country’s favorable medium-term outlook. In its October East Asia and Pacific Economic Update, the World Bank projected the Philippine economy to grow by 6.0 percent this year, up from its earlier forecast of 5.8 percent. The 2025 growth forecast was also raised …

The Asian Development Bank (ADB) is expected to approve within the year the funding for the first phase of the Laguna Lakeshore Road Network (LLRN) Project. In a recent interview, ADB Country Director for the Philippines Pavit Ramachandran said they are now in the last stages of having the Laguna Lakeshore Road Network project presented to the ADB Board for …

Land Bank of the Philippines (LANDBANK) is poised to intensify its focus on serving its diverse clientele of key development sectors with the privatization of UCPB Savings Bank, Inc. (UCPB-SB), allowing it to better streamline resources and facilitate more efficient capital deployment.  President Ferdinand R. Marcos Jr. approved the privatization of UCPB-SB through Memorandum Order No. 28, issued on 06 …

The Asian Infrastructure Investment Bank (AIIB) has pledged to assist the Philippine government in securing more development grants aimed at promoting resilient infrastructure projects, according to the Department of Finance (DOF). In a statement released last week, the DOF noted that this commitment was made during the AIIB’s annual Board of Governors meeting, held from September 21 to 27, 2024, …

The Bangko Sentral ng Pilipinas (BSP) recognized nine institutional partners of its South Luzon Regional Office (SLRO) during the 2024 Outstanding BSP Stakeholders Appreciation Ceremony (OBSAC) held on September 23, 2024 in Lucena City.  BSP Deputy Governor Bernadette Romulo-Puyat thanked the awardees and said, “At the core of our partnership is a common goal: a resilient economy that improves the …

To address urgent financial needs during emergencies, Land Bank of the Philippines (LANDBANK) has expanded its available loan packages for businesses and individuals affected by calamities and natural disasters to help facilitate and fast-track rebuilding efforts. Under the enhanced LANDBANK CARES+ (Community Assistance and REintegration Support Plus) Lending Program, affected farmers and fishers, cooperatives, micro, small and medium enterprises (MSMEs), corporations, and electric …

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. indicated that more interest rate cuts are “possible” for the remainder of the year. “We have a policy meeting in October and another in December. So, a 25-basis-point cut in each meeting is possible, in principle,” Remolona said on the sidelines of a forum at the Asian Development Bank (ADB) last …

The Philippine Statistics Authority (PSA) has entered into a partnership with GoTyme Bank Corporation to implement a co-location strategy for mobile registration activities under the National ID system. In a statement released on Thursday, the PSA announced that the agreement was formalized on September 10 at its headquarters on East Avenue, Quezon City. The partnership aims to promote greater financial …

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. emphasized that central banks possess the regulatory tools to manage critical climate risks. He said this at the recent “International Conference on Green Transition, Capital Flows, and Financial Stability in Asia-Pacific” in Mactan. According to the Governor, central banks that recognize climate risk as an “implied mandate” can draw from …

The Bangko Sentral ng Pilipinas (BSP) will reduce the reserve requirement ratios (RRRs) of banks as part of its efforts to reduce distortions in the financial system. In a statement on Friday, the BSP said the RRR of universal and commercial banks (U/KBs) and non-bank financial institutions with quasi-banking functions (NBQBs) will be reduced by 250 basis points to 7 …