Business

By Riza Lozada The initial operations of the Overseas Filipino Bank (OFB), a bank devoted to overseas Filipino workers (OFW), will proceed as scheduled in January 2018, following the assurance by the Bangko Sentral ng Pilipinas (BSP) that the approvals from the necessary clearing institutions will be secured before the end of the year, the Department of Finance said in …

With financial transactions becoming more and more interconnected and complex risks have evolved and magnified and these developments from a financial regulator’s perspective, mandate a transition from stand-alone to system-wide oversight.

By Riza Lozada Top lender Metropolitan Bank and Trust Company (Metrobank) reported an unaudited consolidated net income of P13.2 billion in the first nine-months of 2017, up five percent from last year. 

Universal bank BDO Unibank, the country’s largest bank in terms of assets, was the only Philippine financial institution to be named in the top 50 of Forbes’ Best Employers in the world for 2017.

Local oil refiner Petron Corp. has filed a case against state-owned Philippine National Oil Company (PNOC) for breach of a binding and compulsory sale-leaseback contract, saying such act threatens to hurt not only Petron’s operations and its shareholders but the broader economy that relies on its petroleum products.

Phoenix Petroleum Philippines Inc. recently signed a memorandum of understanding to acquire Philippine FamilyMart (PFM), the third largest convenience store brand in the country.

By Riza Lozada Association of Southeast Asian Nations (Asean) micro, small and medium enterprises (MSMEs) play an important role in linking up with multinational enterprises (MNEs) and propelling economic growth of the regional block, Trade and Industry Secretary and Board of Investments (BOI) Chairman Ramon Lopez said.

Global port operator International Container Terminal Services Inc. (ICTSI) has, since last year, rolled out a new employee rewards program by raffling off new house and lot units to qualified employees of its flagship, Manila International Container Terminal (MICT) in the Philippines.

The Bangko Sentral ng Pilipinas (BSP) has provided banks with elbowroom in financing priority projects with its directive excluding loans guaranteed by Multilateral Financial Institutions (MFIs) from the loan cap to subsidiaries and affiliates.

State-owned Development Bank of the Philippines (DBP) recently granted a P78-million term loan to UGEP Solar 1 Inc. (UGEP Solar) to finance the construction and installation of two photovoltaic rooftop solar power projects with a combined output of 2.1 megawatt peak (MWp).