Banking & Finance

Major lender Bank of the Phil­ippine Islands (BPI) and West­pac Banking Corp. (Westpac), Australia’s first bank, recently entered into a strategic part­nership to facilitate low cost and fast transfer of funds from Filipinos living in Australia to their families in the Philippines.

Foreign direct investments (FDI)  net inflows reached FDI net in­flows in August 2016 reached $711 million in August, 32 per­cent higher from a year ago.

The Bangko Sentral ng Pilipinas (BSP) has approved listed China Banking Corp.’s (China Bank) plan to issue up to P20 billion in long-term negotiable certificates of time deposits (LTNCD).

By Riza Lozada The Bangko Sentral ng Pilipinas (BSP) recently allowed mi­crofinance-oriented small bank to convert into a regular thrift bank.

Salary-based general-purpose consumption loans (SGPCL) con­tinue to expand bank lending, according to the latest data from the Bangko Sentral Ng Pilipinas (BSP).

Rizal Commercial Banking Corp. (RCBC) reported an unaudited consolidated net income of P3.5 billion for the first nine months.

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has closed the operations of the Community Rural Bank of Dingras (Ilocos Norte) Inc.

By Riza Lozada The Bangko Sentral ng Pili­pinas (BSP) has revised the rules on dormant deposits and bank fees, which the BSP said was part of efforts to strengthen protection of depositors.

BPI-Philam Life Assurance Corp., the country’s largest bancassurance company, kicked off with the first ever Bancassurance Month this Oc­tober during the unveiling of the new BPI-Philam Life Makati Building (formerly Ayala-Life FGU).

Financial inclusion is slowly gaining ground as more banks offer investment products for retail investors.