Manila seen hosting more global lenders this year
The Bangko Sentral ng Pilipinas (BSP) looks to hosting more foreign banks in the country this year. These are those lenders in search of places with a high growth potential.
`
Posts by author
The Bangko Sentral ng Pilipinas (BSP) looks to hosting more foreign banks in the country this year. These are those lenders in search of places with a high growth potential.
The outmigration of portfolio investments last year has more to do with the mood prevalent among foreign-fund managers when looking at the Philippines than a reflection of the economic performance of the country.
By Bianca Cuaresma
City Savings Bank—the thrift bank arm of Union Bank of the Philippines—is set to add 15 more branches this year to reach more customers in Luzon and the Visayas.
DY-led Security Bank Corp. has earned an upward revision to its credit outlook from the global debt watcher Standard and Poor’s (S&P), the result, no doubt, from the infusion of fresh capital by Japan’s largest bank.
The Bureau of Internal Revenue (BIR) looks to ramp up its collection this year by about a fifth from the tax haul in 2015, data from the BIR show.
ECONOMISTS still see subdued inflation for this year, despite climbing back within target territory as oil prices continue to fall, economists polled by the central bank said.
Local currency
THE Bangko Sentral recently reminded the public of their right to “cooling off” with respect to contracts with banks and other central bank supervised financial institution (BSFI).
The Government Service Insurance System (GSIS) has set aside P740 million as emergency loans for active members and pensioners in the province of Romblon and Masbate affected by Typhoon Nona (international code name Melor).
The out migration of foreign funds in 2014 worsened last year when the volume of portfolio investments leaving the Philippines nearly doubled, based on latest data released by the Bangko Sentral ng Pilipinas (BSP).
The Bangko Sentral ng Pilipinas (BSP) reported having successfully halved its losses in November last year from a year earlier as the monetary authorities continued to spend far more than they earned during the period.
Assets under management (AUM) at Sun Life Asset Management Co. Inc. (Slamci) has breached the P50-billion threshold in 2015 and grew nearly 8 percent for the period.
RCBC Savings Bank, the thrift-bank arm of Yuchengco Group of Companies, targets to grow its loan book with a double-digit growth performance this year. Its optimism is based on prospects on accelerated consumer lending for the period.
By Bianca Cuaresma
Even as Chinese authorities debate over whether a strong stimulus or “flood irrigation” was needed to spur growth in the world’s second-largest economy, the Bangko Sentral ng Pilipinas (BSP) has problems convincing local businesses and households to make more use of the liquidity available in the financial system.
The government’s ability to collect taxes continued to languish in levels far below that typically reported by peers in the region, with the Department of Finance citing a tax effort ratio of only 13.72 percent in the first 11 months last year.
The Bangko Sentral ng Pilipinas (BSP) has shuttered a small rural bank in north Luzon, its first such closure this year, as it remains watchful over some of the weak players in the banking industry.
• Previous week: The peso fluctuated in the first week of the year, due largely to developments internationally, affecting the dollar. The local currency hit a depreciating mode at the first trading day of the year, as market players run to safe havens amid the emerging conflict in the Middle East. Data from the PDS Group showed that the local currency hit 47.12 to a dollar on Monday, the first trading day of the year. The peso then appreciated to 46.89 to a dollar on Tuesday. It closed at 47.025 to a dollar on Wednesday, then hit 47.03 to a dollar on Thursday. The peso ended the week at 47.165 to a dollar.
THE Philippines, according to HSBC, will keep its billing as one of the region’s brightest growth stories this year, although the government’s ambitious growth target for this year will still be out of reach, as more investments are needed to support the country’s economic acceleration, HSBC said.
THE country’s import numbers is set to grow substantially this year, giving the government more reason to seek concessions with its major trading partners, the Department of Finance (DOF) said.
By Bianca Cuaresma
The national government incurred yet another budget surplus last November, indicating a bureaucracy still unable to pursue a disbursement program designed to boost growth in 2015, like it promised it would very early on.
The country’s hoard of foreign currencies helping shield the Philippines from the ebb and flow of trade, transfers and investments has fallen short of projection in 2015.
The Insurance Commission (IC) on Thursday vowed crafting a complete set of rules and regulatory guidelines for health maintenance organizations (HMOs) within first half this year, according to a high-ranking industry regulator.
The indebted state of the national government (NG) improved just a wee bit last November, despite the notable weakening of the local currency during the month as fiscal officials redeemed maturing government securities that offset the rise in liabilities.
Input your search keywords and press Enter.