Banking & Finance

Washington—US Federal Reserve Chairman Janet Yellen said the case for another interest rate hike has strengthened as the US economy and labor market continue to improve. 

By Riza Lozada The Bangko Sentral ng Pilipinas (BSP) has allowed the creation of personal management trust (PMT) accounts and relaxed the requirements for foreign loans obtained by non-banks with quasi-banking functions (NBQBs) in a move to spur more savings and investments.

HSBC Global Research, the research arm of Hong Kong and Shanghai Banking Corp., said the local economy’s fundamental drivers remain solid. Commenting on the 7-percent gross domestic product (GDP) growth for the second quarter of the year and the 6.9-percent expansion for the first half, HSBC Global Research noted that strong private consumption, supported by election campaign spending, and government …

Deposit insurance claims for the closed GSIS Family Bank (A Thrift Bank) may be filed at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City until May 14, the Philippine Deposit Insurance Corp. (PDIC) said. 

By Riza Lozada The government further relaxed rules on foreign-exchange transactions, raising the amount of foreign that can be bought from local banks without the need for documentation, the policy-making Monetary Board (MB) said.

The Chua Group of Companies, recently inaugurated a new ship repair and shipbuilding facility in Albuera, Leyte.

The region’s multilateral lender Asian Development Bank (ADB) will have Takehiko Nakao as President for an additional five years beginning this November 24 based on the recent elections held by the ADB board.

The United States needs to show more positive economic performance, otherwise the Federal Reserve (the Fed) has no choice but to hike rates in the near term following the rate cut announcement by the Bank of England (BOE) last Thursday, a local bank said in a report.

The Yuchengco group’s Rizal Commercial Banking Corp. (RCBC) posted an unaudited consolidated net income of P2.61 billion for the first half, 3.3 percent higher than the P2.53-billion net income reported for the same period last year. Core income excluding the cyclical trading gains increased by 59 percent.

By Riza Lozada Outstanding loans of commercial banks, net of reverse repurchase placements (RRP), grew by 17.6 percent in June after posting a 17.7-percent increase in May to reflect rising economic activities.