Banking & Finance
Banking and finance news has never been this accessible and convenient. With BusinessMirror, you can stay up to date with the latest banking news in the Philippines: from updates and analyses on the local and international financial sector to developments in the stock market, investment trends, and government taxation. Never miss out with BusinessMirror’s Banking and Finance News.
Asialink to grow client base after fresh capital
NON-bank financing company Asialink Finance Corp. is keen on doubling its client base composed of small-scale and medium-sized enterprises (SMEs).
Agencies’ cash utilization rate hits 99% in Q1–DBM
THE cash allocation utilization rate of various government agencies reached 99 percent from January to March, according to the Department of Budget and Management (DBM).
Fintech secures ₱2.75 billion loan capital from Maya Bank
TALA Financing Philippines Inc., a financial technology (fintech) firm that extends loans to the public, has secured a partnership with Maya Bank Inc.
Block finishes development of Bitcoin mining chip
DIGITAL payments company Block Inc., formerly known as Square, has finished the development of its Bitcoin mining chip as Chief Executive Jack Dorsey continues to advocate for a more accessible and decentralized system—an effort he’s championed since 2021.
PDIC to sell properties via e-bidding in May
THE Philippine Deposit Insurance Corp. (PDIC) announced it is set to sell through electronic public bidding a total of 101 real properties on its e-bidding portal starting at 9:00 a.m. on May 22 until 9:00 a.m. on May 23, 2024.
Hong Kong crypto ETF launches will test ambition to be digital-asset center
HONG Kong is set to follow in the footsteps of the US by listing a batch of cryptocurrency exchange-traded funds, providing a window on whether the city is making progress on fashioning a hub for digital assets.
Group: $700M+ invested in digital banking sector
Local digital banks received $700 million worth of investments from investors as the financial institutions continued to grow the number of their depositors, according to the Digital Bank Association of the Philippines (DiBA PH).
Fixers still rankle BIR as chief warns public
SEVENTEEN years after the Anti-Fixer Law was enacted in 2007 and ahead of the several tax deadlines this April, the Bureau of Internal Revenue’s (BIR) top official reminded the taxpaying public to refrain from transacting with “fixers.”
Bond sales tepid as investors spooked by geopolitical risks
THE national government made a partial award of the reissued 20-year Treasury bonds (T-bonds) on Tuesday’s auction, raising only P16.633 billion due to high investors’ asking yields.
Dealing with a weak peso
ON May 2, 2019, the peso was at 51.7808 to the US dollar, and was as strong as P47.66 to $1 on June 1, 2021; hitting a low of 59.0197 on October 10, 2022. Currently the peso is at a little over 57 to the greenback, meaning our currency devalued by about 10 percent over the last five years. More significantly, the peso devalued 23.79 percent from 47.66 to 59.02 in only a span of 16 months!
Organizations to scan needs, opportunities in Islamic financing
DAVAO City—The Peace and Equity Foundation (PEF) announced that its officers and those from the UP Strategic Research and Management Foundation (UPStream) signed a memorandum of agreement on April 4 at the UP Mindanao Gaisano Conference Room to undertake an action research study on Islamic financing in the Bangsamoro Autonomous Region in Muslim Mindanao (Barmm).
Online payment option for Clark locators offered
CLARK FREEPORT–The Clark Development Corp. (CDC) announced having partnered with the Land Bank of the Philippines (LandBank) to introduce an online payment option for Clark locators.
GSIS urges pensioners to use online services amid heatwave
THE Government Service Insurance System (GSIS) is taking proactive steps to protect its pensioners from the dangers of extreme heat following the weather agency’s warning of unprecedented temperatures reaching up to 46 degrees Celsius in 24 areas across the country.
BTr raises ₱5B amid uptick in T-bills auction yields
THE national government made a full award of Treasury bills (T-bills) last Monday despite the continuous uptick in average auction yields for the third straight week.
Government to double grants given for innovation
THE National Innovation Council (NIC) aims to double the grants extended by the Innovation Fund next year, according to the National Economic and Development Authority (Neda).
Safe swipes: Essential tips for credit card protection
YOU’RE scrolling through your phone when suddenly, a notification pops up. Your heart sinks as you realize that you’ve fallen victim to credit card fraud, leaving you scrambling to rectify the situation and reclaim your lost funds.
Coin-deposit machines collection up ₱648.9M
COINS collected through Coin Deposit Machines (CoDMs) increased to P648.9 million as of last week, according to the Bangko Sentral ng Pilipinas (BSP).
RCBC targets doubling loan portfolio this year
THE Rizal Commercial Banking Corp. (RCBC) aims to post a double-digit growth of its loan portfolio this year on the back of innovative programs and new products.
Stock market today (April 22, 2024): Asian shares shrug off Wall St blues as China leaves lending rate unchanged
Markets in Asia apart from Shanghai’s were broadly higher Monday, shrugging off the blues on Wall Street after big technology stocks logged their worst week since the COVID crash in 2020.
BSP: Digital financial services useless if ICT infra still clunky
DESPITE evidence that Information Communication Technology (ICT) and electronic-government (IEG) development has ushered financial inclusion, the impact could just as easily head south if inequality persists.
DOF urged: Stop borrowing as debt crisis ‘worsening’
DEVELOPING countries, such as the Philippines, tend to rely on financial assistance from international and multilateral financial institutions to fund their programs and projects through loans.
Government payment for debt obligations rose 6.84%
THE state’s payments for its debt obligations in the first two months of the year rose by 6.84 percent to P452.513 billion from P423.545 billion in the same period of 2023, according to the Bureau of the Treasury (BTr).
BDO to stay cautious but aggressive in expansion
BDO Unibank Inc., the country’s biggest lender led by the SM group, said it will remain cautious yet still aggressive in its expansion this year even as its profits seem headed to beat last year’s record performance.
Insurance transformation
CLAIMS is one of the most underutilized strategic assets within many insurance organizations today and insurance leaders recognize it will take nothing short of a transformation to unlock the value that the function could deliver.
Banks not funding renewable energy enough–CEED
THE Philippine government’s decision to impose a moratorium on greenfield coal plants may have cut financing for coal projects but it was not enough to raise funding for renewables, according to the Center for Energy, Ecology, and Development (CEED).
Former SBMA chairman Eisma named Pagcor prex, chief operating officer
OLONGAPO CITY—Former Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Wilma T. Eisma has formally taken over as president and chief operating officer of the state-owned Philippine Amusement and Gaming Corp. (Pagcor) on April 18, a statement by the SBMA read.
NEA’s loans to electric co-ops hit ₱263.78M
LOANS extended by the National Electrification Administration (NEA) to electric co-operatives (ECs) reached P263.78 million at end-March this year.
SCABS as a leadership tool
ONE key benefit of attending webinars, which I do as part of my work as volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), is that you always learn something new.
Recto asks funders to intensify aid to PHL
APART from recovering from economic scarring of the Covid-19 pandemic, geopolitical tensions and climate change add up to the struggles faced by developing nations that lack assistance from international financial institutions.