Banking & Finance
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Local crypto exchange welcomes regulatory stance
LOCAL cryptocurrency exchange platform Philippine Digital Asset Exchange (PDAX) recently expressed optimism on the government regulatory bodies on their positive stance on cryptocurrency stressing that this level of oversight is crucial for platform integrity and user trust.
BIR cracks down on illicit cigarette trade
SEVERAL warehouses in Cavite with a total tax liability of P5.4 billion were raided in a large-scale operation by personnel of the Bureau of Internal Revenue (BIR) in its bid to stop the illicit trade of cigarettes in the country.
CIMB Bank eye 0.5M new customers via Lazada ‘buy now, pay later’ mode
SHOPPERS availing of buy-now-pay-later (BNPL) payments can benefit from CIMB Bank Philippines Inc. (CIMB Bank PH) latest partnership with Lazada E-Services Philippines Inc.
SSS offers loan to Filipinos in Taiwan
OVERSEAS Filipinos affected by the magnitude 7.2 earthquake that hit Taiwan on Wednesday will soon be eligible to avail of the calamity loan offered by the Social Security System (SSS).
Asean pay initiative adds Lao, Brunei central banks
THE Brunei Darussalam Central Bank (BDCB) and Bank of the Lao PDR (BOL) become the latest addition to the Regional Payment Connectivity Initiative (RPC) in the Association of Southeast Asian Nations (Asean).
Managers vs. Leaders
THE Philippine Council of Associations and Association Executives (PCAAE) recently organized a webinar entitled HLeadership Elevated: Transforming Managers into Visionary Leaders” conducted by Dr. Celia Chomón Zamora, CAE and Director of Professional Learning and Certification for the American Council on the Teaching of Foreign Languages (ACTFL).
HSBC vows investment during gab with President Marcos
THE Hong Kong and Shanghai Banking Corp. (HSBC) committed new investments in the country during a courtesy meeting with President Ferdinand R. Marcos, Jr. last Thursday.
February NPL ratio higher than a year ago
THE Philippine banking system posted a non-performing loan (NPL) ratio of 1.56 percent in February, latest data released by the Bangko Sentral ng Pilipinas (BSP) showed.
BMAP to champion bank marketing recast on 50th
THE Bank Marketing Association of the Philippines (BMAP) announced it is set to celebrate its golden anniversary this year with the theme “BMAP@50: Tradition to Transformation.” A statement read the theme “reflects on the significant milestones and achievements of BMAP through the years but also sets the stage for a future where it continues to lead the way in driving innovation in the banking sector.”
Higher rate of assessment helps in high BOC Q1 take
THE Bureau of Customs (BOC) announced last Wednesday of having exceeded its revenue target for March, bringing its total collection of P219.385 billion in duties and taxes for the first quarter of the year.
BIR raid bags ₱151.1M worth of smuggled vape
THE Bureau of Internal Revenue (BIR) announced on Wednesday its personnel confiscated smuggled vape products with an estimated total tax liability of P151.1 million in several warehouse raids.
Asialink Finance taps Taiwan’s CUB for credit line
SMALL borrowers who are looking to expand their businesses are expected to benefit from a new credit line facility that Asialink Finance Corp. secured from Taiwan’s Cathay United Bank Co. Ltd. (CUB).
European fintech hub prepares to get tough on crypto companies
LITHUANIA, which established itself as a hub for financial-technology startups over the past decade, will weed out many of the crypto companies operating there when it starts awarding licenses next year.
BillEase outperforms traditional banks with 47% ROE in 2023
THE “buy now pay later” (BNPL) app operator First Digital Finance Corp. (DBA BillEase) announced last Wednesday of an “exceptional growth” in its preliminary unaudited financial report for 2023. The consumer finance company said it doubled revenues to $57 million and generated a net income of $7 million after serving over 800,000 customers.
PDIC: 2023 asset liquidation efforts hit ₱330-M in sales
ASSET liquidation efforts of the Philippine Deposit Insurance Corp. (PDIC) for corporate and closed bank portfolios reached P330 million in total sales for 2023.
Bitcoin tracking spot ETF flows cited for swings in Asia
BITCOIN investors facing pronounced swings in Asia may be grappling with the fallout of automated trading protocols reacting to flows data for US exchange-traded funds holding the cryptocurrency.
PSE woos small investors via platform
The Philippine Stock Exchange Inc. has added new features on its PSE Electronic Allocation System (PSE EASy) website, a platform that enables local small investors (LSIs) to participate in initial public offerings (IPO) and follow-on offerings.
BPI sells ‘cyber insurance’ to protect daily debit card transactions
To further protect your debit card with the Bank of the Philippine Islands (BPI), you need to buy an insurance product.
Bonds drop on interest rate cuts delay
GLOBAL bonds dropped, tracking the previous day’s selloff in Treasuries, as traders priced the possibility of fewer interest-rate cuts this year from the Federal Reserve.
Concerning developments
“IT is not the strongest of the species that survive, nor the most intelligent, but the ones most responsive to change” -Charles Darwin
LandBank sold ₱438M worth of RTB 30
THE Land Bank of the Philippines (LandBank) announced it has sold close to half a billion or P438-million worth of Retail Treasury Bonds Tranche 30 (RTB-30) investments through its online channels.
Bonds buyers push for high ask rates
THE national government on Tuesday successfully borrowed P30 billion from the tender of Treasury bonds (T-bonds) despite slightly higher investors’ asking rates amid the possible delay in Fed rate cuts.
HSBC rolls out debt fund for digi-firms
EXECUTIVES of HSBC Holdings Plc are urging Philippine-based digital businesses looking to expand to other parts of Southeast Asia to tap the $1-billion Asean Growth Fund (AGF) launched by the London-headquartered lender days ago.
Thailand’s biggest crypto exchange hiring advisers for IPO
BITKUB Capital Group Holdings, the owner of Thailand’s biggest crypto exchange, is planning an initial public offering for 2025, Chief Executive Officer Jirayut Srupsrisopa said in an interview on Monday.
Be bold, audacious, Finance chief tells DOF personnel
A HEAD of the Department of Finance’s (DOF) 127th anniversary on April 24, its top official reminded its employees of the agency’s legacy and compelled them to use their hearts in the service of others.
10 ways to raise capital for your business
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SECB to scale up ‘green financing’ tack
SECURITY Bank Corp. (PSE: SECB) aims to scale up its green financing business through an agreement with the World Bank Group’s private sector arm, the International Finance Corp. (IFC).
NG raises ₱2B more from auction of T-bills
THE national government started its first auction for the second quarter of the year by successfully raising P17 billion from the tender of Treasury bills (T-bills), P2-billion higher than what it calculated in its domestic gross borrowing program.
GSIS awards housing beneficiaries in Rizal
THE Government Service Insurance System announced last Monday that President and General Manager Jose Arnulfo A. Veloso awarded land titles to five beneficiaries from various GSIS housing programs in Rizal. The pension fund also said it awarded government agencies who supported the GSIS’s mandate of securing the future of government employees during a meeting with the pension fund’s stakeholders in Antipolo.