Banking & Finance

The budget ran a P23.7 billion deficit for February, a third lower than last year as revenue generation outpaced spending growth for the period. 

By Riza Lozada  Security Bank Corp. (SECB) posted P2.8 billion in net income in the first quarter as net interest income increased 27 percent to P4.4 billion from P3.5 billion a year ago offseting the decrease in the bank’s non-interest income. 

State-owned Development Bank of the Philippines (DBP) and the Department of Science and Technology (DOST) signed recently a memorandum of agreement (MOA) for the DBP Bankability Enhancement for SETUP Technopreneurs (DBP BEST) program. 

Universal bank Rizal Commercian Banking Corp. (RCBC) understands the need to provide customers information when they need it – and with great customer experience at the heart of its strategy, it has always pursued technologies that would make financial services useful and easily accessible to the customers. 

The comprehensive tax reform program (CTRP) bill now pending in Congress is the “key link” to the “grand effort” to break out from the cycle of low growth and deliver a dynamic and truly inclusive economy to Filipinos, Finance Secretary Carlos Dominguez said. 

State pension fund Social Security System (SSS) said loan penalty condonation ends on April 27. 

By Riza Lozada  The Ayala group’s banking unit Bank of the Philippine Islands (BPI) posted a 25.6 percent net income growth in the first quarter to P6.25 billion. 

By Riza Lozada  Total deposits in the Philippine banking system grew by 14 percent to P10.5 trillion as of December 31, 2016 from P9.2 trillion the previous year, data from state-owned Philippine Deposit Insurance Corp. (PDIC) showed.

Senate President Aquilino “Koko” Pimentel III filed a counterpart measure to the Duterte administration’s pending tax reform bill in the House of Representatives as he underscored the importance of implementing tax policy and administration reforms meant to raise sufficient revenues for the government’s unprecedented public investment program, while at the same time plugging value added tax (VAT) leakages he estimated …

By Riza Lozada  State pension fund Government Service Insurance System (GSIS) has a new chairman in Dr. Francisco Duque III, former chairman of the Civil Service Commission (CSC). His term started after ceremonies held at the GSIS Head Office in Pasay City.