28 C
Makati City
Friday, March 24, 2017
IT is a fact that businesses are affected by the availability of transport vehicles to take people from one place to another.  The majority of the workers in businesses take the public transport, since, in most offices, only officers and executives can afford private vehicles.  It is also a...
Sun Life Asset Management Company, Inc. (SLAMCI) has partnered with the Bank of the Philippine Islands (BPI) for its Auto-Invest program to provide convenience to more Filipinos who want to invest in mutual funds. According to SLAMCI President Valerie N. Pama, the company will be partnering with more banks in...
Operating expenses increased by 29 percent to P52.8 billion, which reflects the consolidation of One Network Bank and BDO Life Insurance operations. On a comparable basis net of these new businesses, operating expenses would have grown by only 12 percent in line with the Bank’s continued business expansion.”—BDO Sy-led BDO...
THE insurer Pru Life UK claimed the lead spot in the industry based on premium income as of end-2015. Citing the Tentative Ranking of Life Insurance Companies released recently by the Insurance Commission (IC), Pru Life UK President and CEO Antonio Manuel de Rosas said the local subsidiary of UK-based...
  The digital financial services sphere in the Philippines is in a “breakout stage,” with consumers slowly embracing new technologies for banking and finance, thereby promoting financial inclusion across all sectors in the country. Given this, the two largest telecommunications companies battle for supremacy in the arena and have launched initiatives...
BDO Unibank (BDO) has begun building the infrastructure for the first-ever Personal Equity and Retirement Account (Pera) product, as the central bank calls for the launching the system by year-end. Just two months after the Bangko Sentral ng Pilipinas announced the Sy-led bank as the first to be accredited as...
The current IFRS 4 insurance contracts enable only limited comparability between peers within the insurance industry because it allows insurance contract liabilities to be measured in accordance with accounting policies grandfathered from local accounting regimes. Nonuniform accounting policies may be used in consolidated IFRS financial statements if this was...
The Bangko Sentral ng Pilipinas’s (BSP) weekly auction continued to be oversubscribed, fetching higher yields at the start of this month to allow the Monetary Board to maintain the status quo in its policy meeting next week. Results of Wednesday’s Term Deposit Facility (TDF) Auction showed the yields of both tenors offered...
Rizal Commercial Banking Corp. (RCBC) reported lower preliminary net earnings in the first nine months of only P3.50 billion from year-ago profits reaching P3.62 billion. This developed in the wake of the hugely punitive fine of P1 billion imposed on the lender by the Bangko Sentral ng Pilipinas (BSP)...
THE Philippines is the country to watch out for in 2016 as it draws business process outsourcing (BPO) services into the country due to its low cost of living and a workforce which composed mostly of young, educated and English-speaking people.  This is based on the list of outsourcing trends...
The insurance industry is expected to rebound next year, after a positive but slower growth this year compared to record-high growth in both premium payments and revenues in the past four years. Insurance Commissioner Emmanuel F. Dooc said the insurance industry could achieve the 2.5 percent target penetration rate by...
The Bank of the Philippine Islands (BPI) aims to expand microfinance lending by targeting the bottom market through the country’s first mobile phone-based savings bank, BPI Globe BanKo. Former BPI Globe BanKo President and CEO and now the Mynt President and CEO John Rubio said BPI is accelerating its third...
Ninety percent of working Filipinos worry about being poor and in need of money upon retirement—this is one of the key findings from a major study on retirement attitudes and expectations in East Asia conducted by The Global Aging Institute (GAI), in partnership with Pru Life UK regional headquarters...
The Bangko Sentral ng Pilipinas (BSP) has eased the rules on microfinance-oriented thrift or rural banks looking to upgrade to regular thrift or rural bank subject to the submission of a particular standard. In its most recent Circular 929, Series of 2016, the Monetary Board approved the amendments to the...
The country’s debt-to-gross domestic product (GDP) ratio as of the end of September dropped to 45.3 percent, slightly lower than last year’s ratio of 46.4 percent. Department of Finance (DOF) Undersecretary and chief economist Gil S. Beltran said the continuing drop in the debt-to-GDP ratio indicates the country’s stable financial...
FROM the President’s 2016 Budget Message to Congress on July 28,  we have selected some key words and figures to highlight, that will tell us of the assumptions and principles undergirding the government’s planned spending, and help us anticipate scenarios which will form the context of our own business decisions...
A country that encourages and promotes the adoption of technological developments in banking, which give ordinary citizens access to financial services, has a better chance to achieve financial inclusion in the digital economy. This was the message expounded by global financial experts who attended the recent forum, “Financial Inclusion in...
The proposed measures include the Exact Change Act, the Act regulating the Philippine credit-card industry and the bill seeking to increased financial support to agrarian-reform beneficiaries when the deliberations resume on May 23. House Committee on Trade and Industry Chairman and Nacionalista Party Rep. Mark A. Villar of Las Piñas City said the bicameral conference...
The Philippine Competition Commission (PCC), the country’s newly created anti-trust authority, aspires to be one of the most effective in Southeast Asia given the considerable power bestowed on the government body. According to a news statement from the government’s investor relations office, the PCC, given its mandate is aspiring to...
The Bureau of Customs (BOC) has relieved lawyer Arnel C. Alcaraz as officer in charge  (OIC) of the Bureau’s Enforcement Group (EG), following President Duterte’s pronouncement that he wants corrupt officials out of the BOC. Commissioner Nicanor E. Faeldon signed on Wednesday a customs order that relieves Alcaraz from his position and...