Banking & Finance

Local thrift banks will explore ways to increase their presence in remote areas of the country during a convention slated on March 14, at the Dusit Thani Hotel in Ayala Center, Makati. 

The Department of Finance (DOF) has approved a new revenue regulation (RR) that makes banks, rather than taxpayer, liable for delays in, or non-remittance of, taxes paid through credit, debit or prepaid cards. 

The recent gross domestic product (GDP) growth results and the robust projections for the Philippines for several years continue to bolster the Philippines’ reputation as one of the region’s economic tigers.

By Riza Lozada  Union Bank of the Philippines (UnionBank) sees the consumer market as a profit driver this year as a result of the steady growth in the economy. 

Former National Treasurer Roberto Tan was sworn into office as the new president of the Philippine Deposit Insurance Corp. (PDIC) by Finance Secretary Carlos Dominguez at the Department of Finance (DoF) office recently. 

The Asian Development Bank (ADB) reported approving $3.7 billion (P185 billion) in climate finance investments in 2016. 

By Riza Lozada  Bank lendings grew last December by 16 percent, which was slower than the 17.4- percent increase the previous month, data released by the Bangko Sentral ng Pilipinas (BSP) recently showed. 

Philippine Savings Bank (PSBank) said its long-term negotiable certificates of time deposits (LTNCTDs) attracted good demand from clients, adding that it was a reflection of confidence to the bank. 

The SM Group’s lending arm BDO Unibank Inc. aims to add 50 to 70 new local branches to its network in 2017 as part of its steps to expand footprint, optimistic about the prospects of the economy. 

Funds managed by Insular Life, the first and largest Filipino-owned insurance company, came out strong from last year’s roller-coaster ride for local stocks, rewarding its investors with “very decent returns”.