Business

State-run Land Bank of the Philippines has launched OptiSaver Plus, an upgraded savings product designed to help Filipinos grow their funds while enjoying free insurance coverage for added financial security. With a tiered interest rate of up to 4% per annum, OptiSaver Plus also provides free life or personal accident insurance based on a depositor’s Average Daily Balance (ADB).  A …

The Bangko Sentral ng Pilipinas (BSP) has collected P1.372 billion worth of coins through its coin deposit machines (CoDMs) as of March 17, translating to 339.84 million coins from 311,858 transactions. Launched in June 2023, the CoDM initiative enables users to deposit coins conveniently, with the amount credited to their GCash or Maya e-wallets or converted into shopping vouchers.  The …

BDO Unibank Inc. (BDO) is reaffirming its commitment to national progress by financing key infrastructure projects, including the modernization of the Ninoy Aquino International Airport (NAIA).  Through its Institutional Banking Group and BDO Capital & Investment Corporation, BDO helped secure P80 billion (US$1.42 billion) in funding for New NAIA Infrastructure Corporation (NNIC), the consortium awarded the concession to rehabilitate and …

The government is accelerating efforts to generate non-tax revenues by expediting the privatization of non-performing assets, according to the Department of Finance (DOF). To streamline and speed up the process, the DOF has issued revised guidelines aimed at boosting revenue while creating investment opportunities for Filipinos. “Privatization of non-performing assets is among the strategic moves to raise much-needed revenues to …

Inflation is expected to slow further to 1.9% in March, driven by improved weather conditions that boosted agricultural production, according to an economist. Rizal Commercial Banking Corporation chief economist Michael Ricafort said in a Viber message that inflation is projected to ease from 2.1% in February, falling below the Bangko Sentral ng Pilipinas’ (BSP) target range of 2-4%. “Better weather …

The Philippines’ creative economy grew by 8.7% in 2024, reaching P1.94 trillion from P1.78 trillion in the previous year, according to the Philippine Statistics Authority (PSA). Preliminary data released last week showed that the sector contributed 7.3% to the country’s gross domestic product (GDP). The creative economy encompasses various industries, including audiovisual media, digital interactive services, advertising, research and development, …

Automotive vehicle sales in February saw a 2.9% increase, reaching 39,164 units compared to 38,072 in the same period last year, according to a joint report by the Chamber of Automotive Manufacturers Association of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA). The commercial vehicle segment was the primary driver of this growth, posting a 9.1% increase in …

U.S.-based EōS Organization, a global leader in energy solutions, has signed two memoranda of understanding (MOUs) to support the development of the Philippines’ civil nuclear workforce. The agreements, signed Friday in Makati City, were made with the Philippine-American Educational Foundation (Fulbright Philippines), as well as the Mindanao State University-Iligan Institute of Technology (MSU-IIT) and the Valar Atomics Research Institute (VARI). …

SM Investments Corp., the country’s largest mall operator, remains optimistic about the Philippines’ economic growth this year, reaffirming its commitment to expanding its retail, property, and financial services sectors. Erwin Pato, SM Investments’ Executive Vice President for Treasury, Finance, and Planning, emphasized that the Philippine economy’s consumption-driven nature aligns well with the company’s core businesses. With 70% of the country’s …

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. emphasized the need for strong partnerships with stakeholders to enhance the security, accessibility, and simplicity of the country’s digital financial ecosystem. Speaking recently, Remolona highlighted the importance of ensuring a safer digital space, citing the Anti-Financial Account Scamming Act (AFASA), which aims to combat fraud, scams, and fake accounts. The law’s …