Business

In support of government strategy towards a more in­clusive financial system, state-owned Development Bank of the Philippines (DBP) opened five new branches in the first quarter with more DBP branches set to open within the year.

Security Bank Corp. (SBC) and Mitsubishi UFJ Financial Group (MUFG) of Japan jointly announced the launch of the Inter­bank Fund Management Service (IBFM).

Yuchengco-controlled uni­versal bank Rizal Commer­cial Banking Corp. posted an unaudited consolidated net income of P1 billion for the first quarter.

The Department of Finance (DOF) is confident the tax-reform bill will pass before the House of Representatives adjourns on June 2, citing the measure’s “substantial progress.” 

By Riza Lozada  Asia’s economies over the past two decades have succeeded to improve corporate governance and develop regional mechanisms to ensure financial stability and avoid a repeat of the economic crisis that buffeted the region in 1997, Finance Secretary Carlos Dominguez III has said. 

Caltex’s multi-awarded Fuel Your School (FYS) program is now set to help fund projects in science, technology, engineering and mathematics (STEM) for high-need public high schools in Bicol region. 

Cybersecurity firm Fortinet delivered in the first quarter billings and revenue growth that exceeded the firm’s guidance and which continued to outgrow the market, said founder, chairman and CEO Ken Xie. 

Telecoms giant Globe Telecom’s #1stWorldInternetPH bagged the Best Telecommunications Campaign at the 2016 Asia-Pacific Excellence Awards which was created to honor the most outstanding achievements in the field of corporate communications, PR and public affairs. 

The budget ran a P23.7 billion deficit for February, a third lower than last year as revenue generation outpaced spending growth for the period. 

By Riza Lozada  Security Bank Corp. (SECB) posted P2.8 billion in net income in the first quarter as net interest income increased 27 percent to P4.4 billion from P3.5 billion a year ago offseting the decrease in the bank’s non-interest income.