Banking & Finance

Strong loans growth boosted Security Bank Corp.’s (SBC) net income in the first half to P5.2 billion from P4.9 billion a year ago. 

The Department of Finance (DOF) is pushing the merger of the Philippine Export-Import Credit Agency (PhilEXIM) with other state-run guarantee firms to create a new single entity that would provide fresh funds for a new government guarantee system. 

The Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) will have two new members while the term of current MB member and former Socioeconomic Planning Secretary Felipe Medalla has been extended for another six years. 

The Board of Investments (BOI) recently approved San Miguel Foods Inc.’s (SMFI) application for registration as a producer of whole dressed chicken and further processed chicken parts (marinated and deboned) for its two proposed meat processing plants in Sta. Cruz, Davao del Sur and Pagbilao, Quezon. 

A marketing and communications expert at the Department of Trade and Industry (DTI) with a sterling record in handling major tourism projects in Mindanao is working closely with the Department of Finance (DOF) in handling the preparations for the 2018 annual meeting of the Asian Development Bank (ADB) Board of Governors to be held in Manila.

British bank Standard Chartered has offered to help convert the state-owned Development Bank of the Philippines (DBP) into the government’s infrastructure bank. 

The Bangko Sentral ng Pilipinas (BSP) is consulting the banking sector on a plan to issue new rules regarding online financial transactions next month. 

By Riza Lozada Filipinos working abroad can look forward to having a bank dedicated to their needs and a chance to invest in government securities as the Department of Finance (DOF) said a state-owned OFW bank will open in October while at least $500 million worth of US-dollar OFW bonds is being planned for overseas issue next year. 

The Bangko Sentral ng Pilipinas (BSP) has launched Credit Surety Funds (CSFs) in Tacloban City and Mandaue City. 

The Insurance Commission (IC) is considering to place troubled pre-need firm Provident Plans International Corp. under rehabilitation unless it shows effort to improve its finances.