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Makati City
Friday, April 28, 2017
CAGAYAN DE ORO CITY—An official of the Bangko Sentral ng Pilipinas (BSP) said on Wednesday the Philippines is in a better position to face challenges amid the Association of Southeast Asian Nations (Asean) economic cooperation. During the second Conference on Gearing Up for External Competitiveness (CGUEC) in Cagayan de Oro...
THE interest rates on reissued five-year Treasury bonds (T-bonds) went down by 25.3 basis points to settle at 3.267 percent per annum with a coupon rate of 3.875 percent, it was learned on Tuesday. When the Bureau of the Treasury (BTr) auctioned off such T-bonds in February, the average interest...
AS a result of regulatory changes and in light of the impending Association of Southeast Asian Nations (Asean) economic integration next year, Philippine banks must prepare itself for a more challenging banking industry, Banking Association of the Philippines (BAP) President Lorenzo V. Tan said recently. At the Bankers Institute of...

Worsening traffic

I AM sure that everyone is fully aware of our worsening traffic, which, according to a recent article I read on the Rappler news website, is costing us P2.4 billion a day! Unfortunately, rather than focusing on structural improvements, our government has resorted to palliative measures that have not...
The Philippine National Bank (PNB) posted a net income of P3.7 billion as of end-September. Operating income for the nine-month period amounted to almost P20 billion, 1 percent lower than its year-ago level, which included extraordinary trading gains. The bank’s operating income, excluding gains from securities trading, actually grew by...
BDO Unibank Inc. (BDO) on Monday began selling P10-billion Tier-2 notes, its first such sale under the Basel 3  regime. “The issue will supplement BDO’s current capital position in further support of lending growth,” the bank said in a regulatory filing. The Basel 3-compliant notes have a maturity of 10 years...
WHEN we see successful entrepreneurs, we see only their success— their inclusion in rich lists, their faces on magazine covers, their photos in exclusive events and their Entrepreneur of the Year awards. What we don’t see are their failures. And some of the most epic of entrepreneurs in the...
Investment bankers at the Bank of the Philippine Islands (BPI) anticipate a period of slower growth in terms of lending and income for the various lenders over the next two years. BPI Trade CEO and Managing Director Michael Angelo Oyson said the banking industry is in that period when lending...
AT the request of the Group of 20 and the Financial Stability Board (FSB), the International Association of Insurance Supervisors (IAIS) developed an assessment methodology to identify any insurers whose distress or disorderly failure, because of their size, complexity and interconnectedness, would cause significant disruption to the global financial...
The unit investment trust funds (UITFs) organized only recently by  Metropolitan Bank & Trust Co. (Metrobank) now manage assets worth close to P1 billion already. Metrobank Executive Vice President and Trust Banking Group Officer Josefina Tuplano said the two new UITFs, namely the Metro Philippine Stock Exchange index (PSEi) Tracker...
THE National Reinsurance Corp. of the Philippines (PhilNaRe) registered a net loss of P135.2 million at end-September this year, from a net profit of P180 million in the same period last year. In a regulatory filing, PhilNaRe said reinsurance premiums for the nine months totaled P1.7 billion, 14.3 percent, or...
With less than two years before President Aquino steps down, the government’s priorities should focus on how to reduce poverty through employment, sustain reforms in the government, and lay the foundation for a more significant reduction of poverty, Socioeconomic Planning Secretary Arsenio M. Balisacan said on Friday. At the annual...
Third of a series The short timescale, and the need to await local regulations before the precise details of the requirements can be analyzed, raise particular challenges. The costs are likely to be high, and the demands on people, processes and technology will be significant. Many banks are also struggling to...
Finance Undersecretary Gil Beltran said on Friday the government should facilitate the movement of food products, especially staples like rice and cereals, from the regions experiencing a surplus to the deficit regions of the country to temper the price pressure on the staple food products. Beltran said that while the...
The Bangko Sentral ng Pilipinas (BSP) reminded banks to always observe a thorough client-identification process through proper verification and documentation procedures. In a memorandum released on Friday, the central bank called on banks to “protect the safety, soundness and integrity of the Philippine financial system” by observing secure identification procedures. “All...
The country’s financial inclusion program was named third best program in the world and the best in the region, according to the Economist Intelligence Unit (EIU). The research and analysis arm of the prestigious The Economist publication also paid tribute to the country’s “highly capable regulator, optimal credit regulation and...
Insurance company Pru Life UK launched on Thursday its US dollar-denominated investment-linked life insurance product named PruLink Cash Flow Fund (PCFF) which offers up to a 4-percent quarterly payout to provide a cash flow for investors looking for a regular payout on their investments instead of waiting for the...
Rizal Commercial Banking Corp. (RCBC) posted an unaudited consolidated net income of P3.01 billion for the first three quarters of 2014. Excluding trading gains and last year’s extraordinary net gains totaling P927 million coming from the sale of nonperforming assets and equity investments, the P3.01-billion net income represents a...
BPI Globe BanKO, the first mobile–based savings bank in the country, was seen attracting the first 1 million account holders this year, a targeted number attributable to innovations in the industry and to success at the financial inclusion front spearheaded by regulators. Globe President and CEO Ernest Cu also said...
LOCAL lender Rizal Commercial Banking Corp. (RCBC) and credit-card issuer RCBC Bankard stand accused of a potentially costly fraud charges by a small Dutch merchant who has doggedly pursued the case for nearly 10 years. The case for damages potentially costing the lender as much as $30 million, or P1.32 billion...
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