Banking & Finance

Towards advancing efficient, transparent, and swift government procurement, the Presidential Communications Office (PCO) has partnered with the Land Bank of the Philippines (LANDBANK) for the use of the Government Purchase Card (GPC) to pay for official goods and services.  The GPC is similar to a credit card in function, designed to shorten and simplify the requisition process for government agencies …

The Bangko Sentral ng Pilipinas (BSP) and the Department of Trade and Industry (DTI) formally sealed their partnership for the conduct of the country’s first Cashless Expo. BSP Deputy Governor (DG) Mamerto E. Tangonan (in photo, left) signed the Memorandum of Agreement (MOA) on the Cashless Expo with DTI Assistant Secretary Mary Jean T. Pacheco (right) during a ceremony held …

The Bangko Sentral ng Pilipinas (BSP) and the Cooperative Development Authority (CDA) signed on 18 October 2023 a Memorandum of Agreement (MOA) on the collaborative oversight and supervision of cooperatives that are electronic-money issuers and operators of payment systems, including those that deploy ATMs. BSP Governor Eli M. Remolona, Jr. and CDA Chairman Joseph B. Encabo inked the MOA at …

In a groundbreaking move set to redefine the future of fintech in the Philippines, Fintech Alliance PH, the nation’s first and largest digital industry organization of startups and unicorns, is proud to announce the staging of the Philippines’ first and largest country pavilion called the “Bagong Pilipinas: The Philippine Country Pavilion” at the Singapore FinTech Festival during the Industry Collaboration …

The Bangko Sentral ng Pilipinas (BSP) delegation led by Deputy Governor Francisco G. Dakila, Jr. as Temporary Governor for the Philippines in the International Monetary Fund (IMF) and Monetary Board Member (MBM) V. Bruce J. Tolentino as Temporary Alternate Governor, attended the 2023 IMF and World Bank Group (WBG) Annual Meetings in Marrakech, Morocco from 09-15 October 2023.[1]  This year’s …

The Land Bank of the Philippines (LANDBANK) remains strong, adequately capitalized, and compliant with regulatory requirements of the Bangko Sentral and Pilipinas (BSP). As of June 2023, the Bank’s total assets reached P3 trillion or 7.9% higher than P2.8 trillion in the same period a year ago, while net income stood at P20.9 billion from loans and investments earnings, exceeding …

The government is confident that it will raise more than USD1 billion from its second offering of Retail Onshore Dollar Bonds (RDB 2), a top official of the Bureau of the Treasury (BTr) said. “It’s been three days, but we’re seeing the demand, we’re close to the USD1 billion initially that we targeted,” BTr Officer-in-Charge Sharon Almanza said during the …

Preliminary data indicated that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, expanded by 7.7 percent year-on-year in July from 7.8 percent in June. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, rose by 0.6 percent, similar with the previous month. Outstanding loans to residents, …

The Bangko Sentral ng Pilipinas (BSP) continues to help strengthen rural banks (RBs) which promote countryside development by financing productive activities and supporting inclusive economic growth. BSP Deputy Governor (DG) Francisco G. Dakila Jr. highlighted this during the Post-State of the Nation Address (SONA) Philippine Economic Briefing (PEB) on 11 August 2023 in Cebu City. He said the BSP launched …

UnionDigital Bank, the digital bank subsidiary of Union Bank of the Philippines, is one of the fastest digital banks in the world to achieve profitability. It attained a triple-digit percentage growth in its net income during the first half of 2023 compared to the second half of 2022. The Aboitiz Group-led digital bank, which recently marked its first-year milestone in …