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Makati City
Friday, April 28, 2017
The relative strength of the local currency in recent days, considered for now as an outlier in the region, is seen to wane, particularly as the economic reforms under deliberation in Congress see further delays, ING Bank Manila said. In an assessment of the country’s dynamics, ING Bank Manila senior...
The Philippine Deposit Insurance Corp. (PDIC) reported a 14- percent expansion in deposits in 2016 amounting to P10.5 trillion, from only P9.2 trillion in the previous year. Based on PDIC data, the aggregate number of deposit accounts also expanded by 6 percent to 54 million, from the 51 million in...
After heading into the uncharted territory of quantitative easing, the world’s central banks are starting to plan their course through the uncharted waters of quantitative tightening. How the Federal Reserve (the Fed), European Central Bank and—eventually—the Bank of Japan (BOJ) handle the transition could make the difference between a global...
The Asia-Pacific region is ever abuzz with activities, and one of them pertains to the association community. Prior to 2013, when the Philippine Council of Associations and Association Executives (PCAAE) was founded, there were only two “association of associations” in the region, both based in Australia: the Associations Forum (AF)...
Citigroup Inc. joined Goldman  Sachs Group Inc. in backing commodities, saying it’s the season to have faith in raw materials and oil will probably rally to the mid-$60s by the end of the year. While US shale output may come “roaring back” amid higher crude prices, production curbs by Organization...
The Bureau of the Treasury (BTr) sold less than half the total P15 billion worth of Treasury bonds (T-bonds) it planned to sell at auction on Tuesday as a consequence of the very high premium the market demanded for its credit. Treasury chief Rosalia V. de Leon said the BTr...
The P3 billion must be paid in full, Justice Secretary Vitaliano N. Aguirre II said on Tuesday, referring to the compromise tax deal demanded by President Duterte from Mighty Corp. (MC), the oldest Filipino cigarette firm. “The President is asking for only P3 billion in one full payment if the...
Have a dash cam, get a discount. One of the country’s most trusted insurers is offering a 10-percent discount on insurance premium for car owners who have an in-car video camera or dash cam in their vehicles. Fortune General Insurance (FGen Insurance made this announcement in a recent sales rally and...
MANILA, Philippines —More than 200 delegates from the Asean will proceed with a meeting in a central Philippine resort province this week, despite a foiled attack there by Muslim extremists, officials said on Monday. Acting Interior Secretary Catalino Cuy said Panglao Island in Bohol province could be considered “the most...
The first Finex economic briefing at a five-star hotel recently displayed a fairly moderate assessment of the Philippine economy. External risks considered the condition of the United States  being the world’s foremost industrialized nation and one of the lead trading partners of the country. The Federal Reserve  has raised interest rates...
The foreign-currency earnings of millions of overseas Filipinos sent home in cash in February proved unchanged in volume terms from the month before, totaling  $2.169 billion. The number validates the argument that remittances, a key aggregate accounting for some 10 percent of local output or the GDP, have since peaked,...
The Department of Finance (DOF) on Monday reiterated the importance of strengthening the country’s ties with the Asean, saying the integrated economies of member-nations will bring benefits to 650 million people and open more markets. According to Finance Secretary Carlos G. Dominguez III, implementing the goal of a single market...
Union Bank of the Philippines (UnionBank) is leading the industry in so-called green buildings with higher certifications from the Leadership in Energy and Environmental Design (LEED). Bank executives on Monday reaffirmed their commitment to operate more efficiently using less energy and resources, with the promise to make all their branches LEED-certified...
Conclusion Taking the advantage We believe that a massive opportunity currently exists for banks to turn the regulation—and the broader shift toward open banking—into a competitive advantage. Indeed, those that are able to take a strategic view of the new regulation will likely find significant opportunities to improve their business. Banks could,...
The national government (NG) spent far more in terms of interest payments than it did servicing its principal obligations in January, the sum having totaled P42.35 billion from year-ago debt service of only P45.95 billion. The interest payments, the Department of Finance (DOF) said just before the long Lenten weekend,...
THE Bangko Sentral ng Pilipinas (BSP) is looking at setting a “hard deadline” for banks to comply with the required upgrade of card technology, after some banks failed to meet the required shift within deadline. In a recent interview, BSP Deputy Governor for the Supervision and Examination  Sector Nestor Espenilla...
The Social Security System (SSS) urged banks yet again to come and serve the people of the Autonomous Region in Muslim Mindanao (ARMM), as well, where less than 2 percent of all bank branches on the island actually operate in the conflict-ridden region. SSS Chairman Amado D. Valdez particularly noted...
MACTAN, CEBU—The monetary authorities in Manila and Kuala Lumpur have completed arrangements allowing lenders in the Philippines and Malaysia freely to establish presence in each other’s jurisdiction. This developed after the Bangko Sentral ng Pilipinas (BSP) and Bank Negara Malaysia (BNM) on Thursday signed the Declaration of Conclusion of Negotiations...
The Department of Finance (DOF) on Thursday reiterated the importance of strengthening the Master Plan on Asean Connectivity (MPAC) and the Asean Economic Community (AEC) blueprint to achieve the goal of becoming a dynamic regional economy by 2025. According to Finance Secretary Carlos G. Dominguez III, the cooperation between the...
UCPB and its subsidiary UCPB Savings Bank have joined a program initiated by the Bangko Sentral ng Pilipinas (BSP) and its partners, the Department of Education (DepEd) and Bank Marketing Association of the Philippines (BMAP), to raise awareness on the importance of savings and financial literacy among the youth. The...
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