Banking & Finance

By Riza Lozada Local banks’ foreign currency deposit units (FCDUs) have total deposits of $34.68 billion (P1.63 trillion) in the second quarter from $34.66 billion (P1.629 trillion) in the previous quarter, Bangko Sentral ng Pilipinas (BSP) data showed. 

The Development Bank of the Philippines (DBP) recently granted a P352-million loan to Birdsteel Farm, one of the top contract growers in the country, for its farm-expansion project.

By Riza Lozada Petitions for adjustments in power rates with the Energy Regulatory Commission (ERC) and proposals to raise excise taxes on petroleum products, along with a new round of transport-fare increases, threaten to raise inflation, which may trigger higher bank rates, the Bangko Sentral ng Pilipinas (BSP) said.

The Trust and Investments Group of BDO Unibank became the first institution in the country to be accredited as Personal Equity and Retirement Account (PERA) administrator after hurdling stringent qualification requirements of the Bangko Sentral ng Pilipinas (BSP) and the Bureau of Internal Revenue (BIR).

Remittances from overseas Filipino workers (OFWs) are expected to slow down as a result of lower job deployment and tighter fund-transfer requirements on banks, according to the Bank of Philippine Islands (BPI) periodic research paper Market Insights. 

Security Bank Corp. has targeted the opening of at least 500 branches nationwide in the next four to five years, with a focus on strengthening its provincial presence. 

Hongkong and Shanghai Banking Corp. (HSBC) has raised its forecast on the country’s gross domestic product (GDP) growth for this year to seven percent from a previous estimate of 6.3 percent. 

Plans to increase wages nationwide to the level of those in the National Capital Region (NCR) should be tempered by productivity gains, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said.

By Riza Lozada The Anti-Money Laundering Council (AMLC) is requiring financial institutions to conduct enhanced due diligence on clients from high-risk jurisdictions before terminating banking services and advising against arbitrary closure of accounts.

By Riza Lozada The Bangko Sentral ng Pilipinas (BSP) directed banks last Friday to use the personal identification number (PIN) as the primary cardholder verification method (CVM) for debit cards.