Banking & Finance

Preliminary data show that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP expanded anew for the sixth consecutive month at a quicker pace of 8.5 percent year-on-year in January from 4.8 percent (revised) in the previous month. Bank lending improved further as easing COVID-19 restrictions and the continuous vaccine rollout supported …

The Progressive Women Agrarian Reform Cooperative (PWARC) has grown from a small organization in this remote Capiz town, into a successful and thriving cooperative that provides financial access to support its farmer-members. PWARC was officially established in 1999, with the co-op’s headquarters located in the Municipality of Dumarao, Capiz. In 1998, PWARC was initially formed by 20 female founding-members from …

To provide reliable and quality healthcare services amid the ongoing COVID-19 pandemic, the Land Bank of the Philippines (LANDBANK) and MEDICUM The Medical Center, Inc. (MTMCI) have signed a P300-million loan agreement for the construction of a hospital building and support facilities with modern medical equipment in Tabuk City. The new hospital will be completed next year and will be …

The National Strategy for Financial Inclusion (NSFI) 2022-2028 is a blueprint for broad-based growth and financial resilience, and signifies the collective commitment of the government, private sector, and civil society for a more financially included and empowered citizenry. “The NSFI focuses on reducing disparities in financial inclusion; improving health and resilience; empowering consumers; and increasing access to finance of micro, …

The Bangko Sentral ng Pilipinas (BSP) Research Academy is set to launch the “Journal of Monetary Policy and Finance” this year. “This is a peer-reviewed journal series that will feature outstanding research studies on relevant topics on central banking, monetary policymaking, and finance. It is targeted to be at par with leading international peer-reviewed journals,” according to BSP Governor Benjamin …

Full-year 2021 personal remittances from Overseas Filipinos (OFs) reached a new high of US$34.884 billion, surpassing US$33.467 in 2019, and the US$33.194 billion recorded in 2020 by 5.1 percent. For the month of December, personal remittances grew year-on-year by 2.9 percent to US$3.298 billion, the highest monthly level since the tracking of personal remittances data series began in 2005.          …

State-owned Land Bank of the Philippines (LANDBANK) wrapped up 2021 by further expanding touchpoints in key strategic areas nationwide, as part of its thrust of promoting greater financial inclusion and providing a more delightful banking experience to customers. LANDBANK’s total branch network reached 489 branches and branch-lite units across all 81 provinces nationwide as of 31 December 2021. The Bank …

Cash dividends paid out by listed companies to common shareholders last year rose 17.3% to P402.18 billion from 2020’s P342.88 billion, translating to dividend yields of 2.58% and 2.50%, respectively, Philippine Stock Exchange (PSE) data showed. For PSEi companies, cash dividends paid by 28 of the 30 main index members amounted to P157.58 billion, giving common shareholders a 1.72% dividend …

Bangko Sentral ng Pilipinas (BSP) issued additional clarification and directives to all BSP supervised financial institutions (BSFIs) in handling targeted financial sanctions (TFS) that match their risk profiles. Memorandum Order M-2022-007 issued Feb. 2, BSP Deputy Governor Chuchi G. Fonacier said banks and non-banks must carefully consider and study the TFS guidelines that were issued by the BSP in 2021 …

The Department of Finance (DOF) said it expects a sustained recovery in trade and economic activities this year, following the move by Congress to amend the Retail Trade Liberalization Act, Foreign Investment Act and the Public Service Act. The DOF said: “The recently approved amendments to the Retail Trade Liberalization Act, along with other economic liberalization initiatives such as the …