‘Digital platforms spur shift to cashless’
AMID the coronavirus pandemic, a cashless society is not far from reality with heightened digital capabilities, a bank executive said.
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AMID the coronavirus pandemic, a cashless society is not far from reality with heightened digital capabilities, a bank executive said.
Financial stocks slumped on Tuesday, along with the benchmark index, as investors continue to await the government’s decision on whether it will further ease the lockdown in some cities.
THE Philippine economy slowly humming back to life amid easing lockdown guidelines could further provide support to the local tender, which has been stable despite the prolonged quarantine period.
The Bank of the Philippine Islands (BPI) is encouraging small and medium enterprises (SMEs) to invest in digital transformation amid the “new normal” brought by the coronavirus pandemic.
Rizal Commercial Banking Corp. (RCBC) has been deploying additional mobile automated teller machines (ATM) in the past months to expand its payout partner network in the provinces and, ergo, its reach.
THE Philippine banking industry is seen registering P368 billion worth of bad loans due to the coronavirus disease 2019 (Covid-19) pandemic, according to a report by the Inter-Agency Task Force Technical Working Group.
THE Bangko Sentral ng Pilipinas (BSP) is counting on the business-process outsourcing (BPO) sector to offset any decline in remittances from overseas Filipino workers (OFWs) this year due to the coronavirus disease 2019 (Covid-19) pandemic.
THE threat of economic recession due to coronavirus disease 2019 (Covid-19) pandemic is leaving central banks across the world no choice but to keep policy rates low, or even negative, for a longer time, Moody’s Investor Services said.
THE Bangko Sentral ng Pilipinas (BSP) said financial technology (fintech) can help the micro, small and medium enterprises (MSMEs) move forward to the forthcoming digital economy after the coronavirus disease 2019 (Covid-19) pandemic.
More Filipinos are encouraged to open accounts with digital-only banks, or so-called neobanks, as online banking’s popularity is seen to be increasing in the country, according to a study.
Banks should consider dropping their noncore assets to maintain healthy liquidity and capital levels amid the economic pressure from the coronavirus disease 2019 (Covid-19) pandemic, a financial expert said.
TO keep financial technology (fintech) sector’s trajectory in the Philippines, United States-based technology firm Ripple Labs Inc. said that government should establish enabling environment through clear regulations while industry players were advised to always adapt to customer needs.
Standard Chartered Bank (SCB) Philippines announced it is distributing over 6,600 personal protective equipment (PPE) to several hospitals and treatment centers in Metro Manila.
The Bangko Sentral ng Pilipinas (BSP) said that the Philippine Veterans Bank (PVB) should consider allocating more than 20 percent of net profits to capital accounts to strengthen its reserves.
East West Banking Corp. revised its revenue projections this year after allocating markedly higher reserves for nonperforming loans (NPLs) amid potential losses due to coronavirus disease 2019 (Covid-19) pandemic and the measures undertaken by government to stem the infection. In a disclosure on Monday, the Gotianun-led bank said such business environment has downgraded its revenue and profit guidance for 2020 as the bottom-line is likely to be dragged by bad loans.
REMITTANCES from Filipinos abroad are likely to continue declining in the coming months after recently posting an eight-month low.
Money transfer agencies can optimize operations and cost by integrating technology to their services, a California-based online mobile payment solutions firm said.
While the Philippine banking sector’s capitalization—its protection against financial stress against economic pressures from the coronavirus disease 2019 (Covid-19) pandemic—registered a decline recently, analysts assured there is nothing to worry about—yet.
Bank of the Philippine Islands (BPI) is seeing its deposit and loan book increasing this year despite the coronavirus disease 2019 (Covid-19) pandemic weighing on the economy.
The redevelopment of Baguio City’s major trading hub would now commence as the local government unit secured approval from the Development Bank of the Philippines (DBP) for its P4.3-billion loan.
THE Bankers Association of the Philippines (BAP) is optimistic that banks will be able to handle concerns over loan payment deadlines as businesses’ ability to pay declines amid the pandemic-induced lock down.
NUMBERS are heartless; but are scary sometimes. P2 trillion and 30 million. The former is the estimated cost to the economy of the coronavirus disease 2019 (Covid-19) pandemic. The latter is the number of Filipinos that government officials said could be out of jobs.
China Banking Corp. announced on Wednesday that it was able to secure the highest credit rating with a stable outlook from Philippine Rating Services Corp. (PhilRatings).
The Development Bank of the Philippines (DBP) said beneficiaries of government cash aid should expect delays in the processing of the grant due to the surge in transaction volume.
THE Philippines’s credit rating is expected to remain unchanged in the next 12 to 18 months, after Moody’s Investors Service on Tuesday affirmed the country’s Baa2 credit profile.
Philippine National Bank (PNB) saw its net earnings rise by 33 percent year-on-year to P12.4 billion in the first quarter on the back of robust net interest income and securities trading gains.
Metropolitan Bank & Trust Co. (Metrobank) secured approval for its call option on subordinated debt from the Bangko Sentral ng Pilipinas.
THE Philippine banking industry may need to beef up protection against credit losses because nonperforming loans (NPLs) are seen rising to as much as over half a trillion pesos this year, the Bangko Sentral ng Pilipinas (BSP) said.
Philippine Business Bank (PBB), the banking arm of the Zest-O Group of Companies, registered double-digit earnings growth in the first quarter despite doubling provisions for credit loss as the economy was battered with risks from financial stress caused by natural and health disasters beginning January.
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