Business

The Bangko Sentral ng Pilipinas (BSP) Research Academy is set to launch the “Journal of Monetary Policy and Finance” this year. “This is a peer-reviewed journal series that will feature outstanding research studies on relevant topics on central banking, monetary policymaking, and finance. It is targeted to be at par with leading international peer-reviewed journals,” according to BSP Governor Benjamin …

Full-year 2021 personal remittances from Overseas Filipinos (OFs) reached a new high of US$34.884 billion, surpassing US$33.467 in 2019, and the US$33.194 billion recorded in 2020 by 5.1 percent. For the month of December, personal remittances grew year-on-year by 2.9 percent to US$3.298 billion, the highest monthly level since the tracking of personal remittances data series began in 2005.          …

State-owned Land Bank of the Philippines (LANDBANK) wrapped up 2021 by further expanding touchpoints in key strategic areas nationwide, as part of its thrust of promoting greater financial inclusion and providing a more delightful banking experience to customers. LANDBANK’s total branch network reached 489 branches and branch-lite units across all 81 provinces nationwide as of 31 December 2021. The Bank …

State-run Land Bank of the Philippines (LANDBANK) recorded a net income of P21.75 billion in 2021—a 27% expansion from P17.14 billion in 2020—on the back of lower cost of funds and provision for losses.  LANDBANK’s total assets likewise grew 9.5% year-on-year to P2.586 trillion from P2.362 trillion. This was propelled by deposits expanding by 8.39% to P2.269 trillion, mainly from …

Despite the limited mobility caused by the recent surge in COVID-19 cases, BDO Foundation, the corporate social responsibility arm of BDO Unibank, has completed relief operations in nine provinces hit hardest by Typhoon Odette, one of the most destructive storms to make landfall in the Philippines in recent years. The foundation, in line with its disaster response advocacy, successfully delivered …

The Energy Regulatory Commission (ERC) imposed a penalty amounting to P15.5 million on ten generation companies for exceeding the maximum yearly outage limit in 2021. “We have been on the watch for gencos who exceed allowed unplanned outage days,” said ERC Chairperson and Chief Executive Officer Agnes VST Devanadera.  “We are constantly monitoring and reviewing the weekly reports being submitted by …

The country will import sugar to stabilize domestic prices that increased despite stable local production. This comes after the earlier importation of rice, meat products and fish. The Sugar Regulatory Administration (SRA) said 200,000 metric tons of sugar will be imported. “SRA received instructions from the Department of Agriculture to temper the current level of high local sugar prices that …

Cash dividends paid out by listed companies to common shareholders last year rose 17.3% to P402.18 billion from 2020’s P342.88 billion, translating to dividend yields of 2.58% and 2.50%, respectively, Philippine Stock Exchange (PSE) data showed. For PSEi companies, cash dividends paid by 28 of the 30 main index members amounted to P157.58 billion, giving common shareholders a 1.72% dividend …

More Filipino employees prefer working for companies with a good employee retirement plan, but only one in five local firms have the capacity to do so, according to a recent survey by Mercer. In its latest Retirement Survey Report, Mercer said employers are seeing the lack of pre-retirement support as a growing concern as “more employees prefer to work for …

Bangko Sentral ng Pilipinas (BSP) issued additional clarification and directives to all BSP supervised financial institutions (BSFIs) in handling targeted financial sanctions (TFS) that match their risk profiles. Memorandum Order M-2022-007 issued Feb. 2, BSP Deputy Governor Chuchi G. Fonacier said banks and non-banks must carefully consider and study the TFS guidelines that were issued by the BSP in 2021 …