Philippines Business News
Local business and financial news scraped every 4 hours from BusinessWorld, PhilStar, Manila Times, Rappler, and more.
204 articles from BusinessWorld Banking
T-bill rates climb further as oil surge fans inflation concerns
THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday, even as yields…
Read more →Monetary operations mop up P975 billion in excess liquidity — BSP
THE BANGKO SENTRAL ng Pilipinas (BSP) has mopped up under P1 trillion in excess money supply from its…
Read more →Financial consumer complaints continue to rise, central bank says
CONSUMER COMPLAINTS coursed through the Bangko Sentral ng Pilipinas (BSP) have continued to rise, with concerns on account management emerging as the top issue, a senior official said. Complaints seen so far this year have already breached the over 120,000 recorded last year, BSP Deputy Governor Bernadette Romulo-Puyat told reporters on Friday, which she attributed […]
Read more →T-bills, bonds may fetch higher rates on Mideast war concerns
TREASURY BILLS (T-bills) and bonds (T-bonds) to be offered this week could continue to fetch higher rates as surging global crude oil prices add to inflation risks that could push global central banks to tighten further. The Bureau of the Treasury (BTr) will auction off up to P60 billion in T-bills on Monday, or P20-25 […]
Read more →BSP net income rises at end-February
THE BANGKO SENTRAL ng Pilipinas’ (BSP) net income more than doubled as of February as lower expenses and increased gains from foreign exchange (FX) rate swings boosted its bottom line, preliminary data showed. In the first two months of the year, the central bank booked a P53.8-billion net profit, surging by 128.94% from P23.5 billion […]
Read more →Peso may slide to new lows vs dollar as conflict drives up price pressures, rate hike expectations
THE PESO could slide to new record lows against the dollar this week as the escalating conflict in the Middle East continues to push up global oil prices, heightening inflation concerns, and amid expectations of a rate hike from the US Federal Reserve this week. On Friday, the local unit sank by 14.5 centavos to […]
Read more →Yields up on inflation risks
YIELDS on government securities (GS) traded in the secondary market ended mostly higher last week as the Middle East conflict pushed up global oil prices, fanning inflation concerns and bets of monetary tightening. GS yields, which move opposite to prices, rose by an average of 10.66 basis points (bps) week on week, based on the […]
Read more →Central bank bills’ rate climbs
THE Bangko Sentral ng Pilipinas’ (BSP) short-term securities fetched a higher average rate on Friday, even as demand for the papers strengthened week on week. Tenders for the 28-day BSP bills amounted to P40.815 billion, exceeding the P40 billion auctioned off and rising from the P32.29 billion fetched in the previous week for the same […]
Read more →Peso slips on inflation fears as oil prices soar
THE PESO weakened against the dollar on Thursday on heightened inflation fears after global crude oil prices breached $100 per barrel. The currency declined by 2.2 centavos to close at P62.535 versus the greenback from P62.513 on Wednesday, data from the Bankers Association of the Philippines’ website showed. The local unit opened Thursday’s session slightly […]
Read more →Maya’s Visa wallet cards now on Google Pay
MAYA’S Visa wallet cards are now available for linking on Google Wallet and Google Pay, letting more of its users make cashless payments via near field communication-enabled Android devices. With the rollout, Google Pay is now available across all of Maya’s Visa cards, both physical and virtual. “This expands on Maya’s earlier Google Wallet and […]
Read more →MUFG Bank’s Manila branch gets universal bank license
MUFG Bank, Ltd. – Manila Branch is now a universal bank after the Bangko Sentral ng Pilipinas (BSP) upgraded its commercial banking license. In a circular letter dated Sept. 8, the BSP said its policy-making Monetary Board approved MUFG’s request to upgrade its license on May 21. “The Monetary Board, in its Resolution No. 438 […]
Read more →ATRAM launches feeder fund focused on gold-related equities
ATRAM Trust Corp. has launched a global equity feeder fund that gives investors exposure to gold-related equities, as demand for safer assets grows due to continued geopolitical uncertainty. The ATRAM Global Gold Equity Feeder Fund is a unit investment trust fund (UITF) designed for investors with an aggressive risk profile and a long-term investment horizon. […]
Read more →Remolona gets ‘A-’ grade in global central bankers’ report card for third straight year
BANGKO SENTRAL ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. has been named one of the world’s top central bank chiefs for a third straight year in the New York-based magazine Global Finance’s scorecard. Mr. Remolona earned an “A-” grade in Global Finance’s Central Banker Report Cards for the third year in a row, based […]
Read more →Philippine peso more exposed to external risks
THE PESO’S performance against the dollar remains the weakest among other currencies in the region as the Philippines’ weak external position exposes it more to global headwinds, Singapore-based Oversea-Chinese Banking Corp. Ltd. (OCBC) said. “PHP (Philippine peso) continues to underperform regional peers, with elevated oil prices exacerbating an already challenging external backdrop,” OCBC Group Research […]
Read more →EastWest Bank personal loan products now on Moneymax
MONEYHERO GROUP’s local subsidiary Moneymax has sealed a partnership with East West Banking Corp. (EastWest Bank) to expand access to personal financing products. Under the partnership, EastWest Bank’s personal loan products will be available on the Moneymax personal finance comparison platform. Moneymax users may start the loan application process on the platform, with details transmitted […]
Read more →Bank lending up 10.4% in July
PHILIPPINE BANKS’ outstanding loans to businesses and consumers grew by over 10% in July, preliminary Bangko Sentral ng Pilipinas (BSP) data showed. Universal and commercial banks’ total outstanding loans, net of reverse repurchase agreements, grew by 10.4% year on year to P14.98 trillion at end-July from P13.574 trillion, the central bank said on Tuesday. This […]
Read more →EastWest Bank prices P9-B stock rights offer
EAST WEST Banking Corp. (EastWest Bank) has priced its planned stock rights offer (SRO), through which it wants to raise about P9 billion to fund its growth plans. The bank said the SRO will be conducted through the issuance of common shares to eligible shareholders with a par value of P10 apiece. The common shares […]
Read more →Manulife Philippines launches life plan with annual payouts
THE MANUFACTURERS Life Insurance Co. (Philippines) Inc. (Manulife Philippines) has launched an upgraded version of a single-payment life insurance plan that guarantees annual payouts, aimed at helping preserve capital and maintain protection. Wealth Guarantee Plus provides guaranteed annual cash payouts of up to 5% for single premiums worth P3 million and above for seven years, […]
Read more →BSP securities fetch higher rate, weak demand
THE AVERAGE RATE of the Bangko Sentral ng Pilipinas’ (BSP) short-term securities continued to edge higher on Friday as market demand weakened. Bids for the 28-day BSP bills (BSPB) came in at P32.29 billion, lower than the P40 billion placed on the auction block and the P63.52 billion in tenders seen for the P30 billion […]
Read more →Government debt yields go up on supply worries
YIELDS on government securities (GS) traded in the secondary market ended mostly higher last week as investors stayed cautious in anticipation of a jumbo bond offer that would increase supply, offsetting support from a slightly slower August inflation print. GS yields, which move opposite to prices, rose by an average of 3.91 basis points (bps) […]
Read more →The AI token economy
Companies spent the last two years asking employees to use AI. Soon, they will start asking a different question: Who is paying for all these tokens? It sounds trivial today because most employees experience artificial intelligence through a monthly subscription to ChatGPT, Claude or another AI tool. The cost looks predictable. Buy licenses, assign them […]
Read more →PayMongo, Skyro team up to enable credit-backed payments at merchants
PAYMONGO GROUP has partnered with Skyro Lending, Inc. to allow businesses to accept credit-backed digital payments. Under the partnership, Skyro credit line holders will be able to spend it at QR Ph merchants through PayMongo’s network, helping expand Filipino businesses’ customer base. This is in line with both companies’ push to help narrow the gap […]
Read more →FWD Philippines tops life insurers in terms of new business in 1st half
FWD Life insurance Corp. (FWD Philippines) kept its position as the country’s top life insurer in terms of new business annual premium equivalent (NBAPE) for the first semester, it said on Wednesday. Citing Insurance Commission (IC) data, FWD Philippines said its NBAPE rose by 23.5% year on year to P5.26 billion in the first half […]
Read more →