Banking & Finance

The Bangko Sentral ng Pilipinas (BSP) maintained its key policy rates, saying last Friday that economic indicators continue to remain appropriate, even as average inflation in the first quarter of 2016 remains below the government’s target of two percent to four percent growth. 

Sy-led Banco de Oro Unibank Inc. (BDO) is targeting a 4 percent rise in net income this year to P26 billion, to be buoyed by the strength of the domestic economy, as well as core businesses, namely deposits and loans. 

By Jerry Maglunog In the late 1980s, there were about 1,200 rural banks that provided credit in the countryside. It was the heyday of the rural-bank industry when fewer than 200 of them had assets of close to P1 billion.

Commercial banks, as well as their credit-card affiliates, report very high consumer lending, showing an increasing number of Filipinos spending more as a result of a robust economy.

By Luis Leoncio Credit watchdog Fitch Rating, affirming the investment rating on the country last Friday, failed to impress Finance Secretary Cesar Purisima, who claimed the country remains underrated.

By Jerry Maglunog With the inflation rate stable, the Bangko Sentral ng Pilipinas (BSP) has decided to close down its so-called special deposit account (SDA) window which has attracted more than P2 trillion in deposits.

By Riza Lozada Local lender Security Bank Corp. (SEBC) and the Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU) completed the strategic partnership deal signed on Jan. 14, resulting in P36.9 billion in fresh cash infusions into SECB.

Gabriel C. Singson, one of the most amiable governors of the Bangko Sentral ng Pilipinas (BSP), died on Mar. 29 at the age of 87.

Rural banks (RBs) are fast disappearing, based on the Rural Bankers’ Association of the Philippines (RBAP) latest count, which showed that, within the last nine months, 23 small banks have closed shop, mainly as a result of stricter capitalization rules imposed by the Bangko Sentral ng Pilipinas (BSP).

By Riza Lozada  Major lender Metropolitan Bank and Trust Co. (Metrobank) reduced to 12 from 14 its number of directors to improve compliance with corporate governance best practices.