The Autonomous Region in Muslim Mindanao (ARMM) which groups Basilan, Lanao del Sur, Tawi-Tawi, Sulu and Maguindanao, has the smallest bank representation in the country, according to Bankers Association of the Philippines (BAP) President Lorenzo Tan.
Read More »Banking & Finance
DBP bags international award on green financing
State-owned Development Bank of the Philippines (DBP) was awarded the prestigious Karlsruhe Sustainable Finance Award for its success in water and forest financing projects at the 2015 Global Sustainable Finance Conference held in Karlsruhe, Germany, on June 11 and 12.
Read More »Government laboring to sell UCPB
By Jerry Maglunog United Coconut Planters Bank (UCPB) may be one of the top unibanks in the country, but the government is having a hard time selling it because of its political baggage. When the Philippine Deposit Insurance Corp.(PDIC) announced last year that the government is selling its 72.2-percent stake in the bank, four unibanks immediately sent their intention to buy the …
Read More »ING: Rise in spending to spur economy in H2
A further rise in government spending for April 2015 is seen to perk up the economy for the rest of the year, an economist at investment bank ING said. ING Bank Manila senior economist Joey Cuyegkeng said they “believe that the trend of accelerated spending would continue.”
Read More »WB exec notes growth becomes more inclusive
The World Bank (WB) has noted that growth in the Philippines is becoming more inclusive. “The Philippines now has achieved macroeconomic stability. It has had high growth rates for quite a number of years and more recently, that’s the important point, it is starting to show the kind of growth which is more inclusive,” WB Philippines lead economist Rogier van …
Read More »NCCA, GSIS deal paves way for Met restoration
By Riza Lozada The National Commission for Culture and the Arts (NCCA) took custody of the Manila Metropolitan Theater (Met) after the signing of a deed absolute sale with state pension fund Government Service Insurance System (GSIS).
Read More »Banks prepare for yuan as next world currency
By Jerry Maglunog Yuan, the Chinese currency, is set to become a dominant tradable currency in the world like the US dollar and Philippine banks must be ready for this eventuality, Bankers’ Association of the Philippines (BAP) President Lorenzo Tan said.
Read More »DBP defends T-bill sale as tack to cut losses
The Development Bank of the Philippines (DBP) defended its Treasury bill (T-bill) trading strategy, as it said it sold securities as market prices were dropping globally to limit its losses and protect the bank’s financial condition.
Read More »BSP capital rule hits small banks hardest
By Jerry Maglunog The strict capital requirement that the Bangko Sentral ng Pilipinas (BSP) had imposed on rural banks (RBs) are affecting what are considered the last resort of people in the countryside to gain access to the financial services of the government.
Read More »Merge or perish, BSP hints to rural banks
By Jerry Maglunog When the Bangko Sentral ng Pilipinas (BSP) raised the minimum paid-up capital for rural banks (RB), it sent an underlying message for small struggling banks to merge for survival. Under the new memorandum, anyone who wants to put up an RB needs at least P10 million, if it is located in a fifth-class municipality.
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