Banking & Finance

By Riza Lozada  Chinabank is infusing P2 billion into its saving bank unit, China Savings Bank Inc. (CSBI), to comply with the Bangko Sentral Ng Pilipinas (BSP)- mandated capital infusion prior to giving its final approval to the merger between CSBI and Planters Development Bank (PDB). 

Union Bank of the Philippines (UBP) will fund P1 billion of the Gaisano group’s Metro Retail Stores Group Inc.’s (MRSGI) expansion plan in Metro Manila. 

By Luis Leoncio President Aquino signed into law on December 8 the Tax Incentives and Management Act (Timta), which was much anticipated by the business sector, as it proposes to streamline the granting of government tax perks to business projects. 

By Jerry Maglunog Effective January 1, 2017, all 55 million automated teller machines (ATMs) cards and 8 million credit cards must shift to the Europay, MasterCard, Visa (EMV) standard, which basically means that the magnetic strip used in earlier credit cards will soon become history. However, as of now, no more than 30 percent of all ATMs and credit cards …

By Jerry Maglunog The inclusion of China’s currency, the renminbi, also called yuan, to the basket of currencies that will determine the value of reserves of every member of the International Monetary Fund (IMF) will bolster trading between the Philippines and China, several observers said.

Banco de oro Unibank Inc. (BDO) and the Japan Bank for International Cooperation (JBIC)-backed Fidea Holdings Co. Ltd.(Fidea Group) signed a memorandum of understanding to promote inward investments, mainly from Akita, Yamagata and Miyagi prefectures in the northern region of Tohoku in Japan.

By Jerry Maglunog Rapid and huge bank financing is expected in 2016, as businesses grow and diversify into other ventures to take advantage of a growing market, a Bangko Sentral ng Pilipinas (BSP) official has predicted.

The Association of Southeast Asian Nations (Asean) attracted $136.2 billion in foreign direct investments (FDI) in 2014, up from $117.7 billion in 2013, marking a rise of FDI flows for the third consecutive year. 

By Jerry Maglunog While local banks are required to engage in lending to needy sectors, as it is the essence of banking, trading remains the biggest revenue source for most.

By Jerry Maglunog  Metropolitan Bank and Trust Company (Metrobank) has been named the Strongest Bank in the Philippines in The Asian Banker 500 (AB 500) Strongest Bank by Balance Sheet Ranking 2015. Metrobank ranked ninth overall in Asia, which marks the first time that a Philippine bank has made it to the Top 10 list. The AB 500 is an …