Thu08282014

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ICAEW: PHL’s rising middle class propels retail-bank growth

RAPID growth in the middle class and a double-digit increase in consumer lending are boosting retail-bank profits in the Philippines, according to latest data from the Institute of Chartered Accountants in England and Wales (ICAEW). But low interest rates, underpinned by strong growth, are stoking fears of a property bubble.

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Building networks for finance professionals

“Call it a clan, call it a network, call it a tribe, call it a family. Whatever you are, whoever you are, you need one!” —Jane Howard

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The Bank Marketing Association of the Philippines, on its 40th year, propagates banking accessibility

IT is often said that the bank­ing industry reflects the larger economy—its significance to all sectors of the society makes it a mirror of what is hap­pening fiscally to a whole country. However, it remains a reality that majority of the population has yet to achieve financial literacy. A study of the Bangko Sentral ng Pilipinas (BSP) revealed that only 20 percent of Filipino households have bank accounts. Some of those who do not have bank accounts say they lack funds and the capability to manage their finances. Others say that they do not have access to financial servic­es within their locations, while some admit that they just get frightened to commit to banking requirements.

Read more: The Bank Marketing Association of the Philippines, on its 40th year, propagates banking...

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