Banking & Finance

The Municipal Circuit Trial Court of Alfonso-General Aguinaldo, Cavite convicted Angelina Vidallon Romasanta for violating the Revised Penal Code in relation to a fictitious loan with the closed Community Bank (Rural Bank of Alfonso, Inc.) (CBRBAI). The criminal case arose from the investigation on CBRBAI conducted by the Bangko Sentral ng Pilipinas (BSP), which discovered that Romasanta forged the handwriting …

The Land Bank of the Philippines (LANDBANK) is ramping up its digital transformation efforts this year to streamline operations and deliver top-notch customer experience.  Since assuming leadership in May 2023, LANDBANK President and CEO Lynette V. Ortiz has prioritized the adoption of new technologies across the Bank’s operations to elevate customer convenience and accessibility to financial services.  “We are heavily …

The Bangko Sentral ng Pilipinas (BSP) and the Asian Development Bank (ADB) formally turned over the Agricultural Value Chain Financing (AVCF) Project to the Agricultural Credit Policy Council (ACPC) in a ceremony on 15 February 2024 at the BSP head office in Manila. With this, the Department of Agriculture’s ACPC will spearhead capacity building for financial institutions under a dedicated …

SB Finance has won the “Best Loan Offering” award for its pioneering employee salary loan product, eSALAD, at the 15th Retail Banker International Asia Trailblazer Awards, held in Marina Bay Sands Expo and Convention Centre, Singapore on March 14, 2024.  eSALAD was lauded for its customer-centric design and its substantial impact on the financial lives of its users.  The award …

State-run Land Bank of the Philippines (LANDBANK) recently inaugurated agri-hubs in Oriental Mindoro and Misamis Occidental, in its continued bid to boost the rice production and economic activities in these provinces. LANDBANK has been establishing agri-hubs in the country’s top rice-producing provinces to bring various financial services under one roof. These include banking services such as account opening, withdrawals, and …

Personal remittances from Overseas Filipinos (OFs) registered US$3.15 billion in January 2024, higher by 2.7 percent than the US$3.07 billion recorded in the same month last year. The increase in personal remittances in January 2024 was driven by increased remittances from land-based workers with work contracts of one year or more and 2) sea- and land-based workers with work contracts …

Security Bank Corporation (PSE:SECB) has teamed up with Helios, the country’s pioneering climate fintech firm behind the innovative solar mortgage program, to revolutionize the way Filipinos access clean and sustainable energy.  This strategic partnership, cemented by the signing of a Memorandum of Agreement (MOA) on February 29, 2024, marks a significant milestone in the journey towards a greener and more …

In a monumental gathering, the giants of the banking world have come together in an intimate dinner setting recently to fortify their connections and collaborate on a mission of paramount importance: financial inclusion.  This unprecedented event showcases the commitment of the banking leaders to bridge gaps and pave the way for a more inclusive financial landscape. Through shared insights, strategic …

The Financial Stability Coordination Council (FSCC) held its 38th Executive Committee meeting. Held soon after the launch of the 2023 Financial Stability Report (FSR), the Council assessed the development in the early part of 2024 against the trends of the full year of 2023 as reported in the FSR. FSCC Chairman and Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, …

The Supreme Court (SC) upheld the rulings that sentenced a man to prison for illegal possession and use of fake banknotes. In a decision penned by Associate Justice Jhosep Y. Lopez, the SC’s Second Division denied the petition by Allan Gacasan that challenged the rulings of the Court of Appeals (CA) and the Regional Trial Court (RTC). In a buy-bust …