Philippines Business News
Local business and financial news scraped every 4 hours from BusinessWorld, PhilStar, Manila Times, Rappler, and more.
137 articles from BusinessWorld Banking
IFC set to invest $100 million in UnionBank’s first sustainable bond
THE INTERNATIONAL Finance Corp. (IFC) is investing $100 million in Union Bank of the Philippines’ (UnionBank) maiden sustainability bond issuance to support lending to micro, small, and medium enterprises (MSME). Proceeds from the bond issue will be used to expand MSMEs’ access to financing through loans, IFC and UnionBank said in a joint statement on […]
Read more →Peso slides to one-month low on ME conflict
THE PESO sank to an over one-month low against the dollar on Tuesday as global crude oil prices spiked amid re-escalating tensions in the Middle East (ME). The currency dropped by 11.1 centavos to close at P61.71 versus the greenback from P61.599 on Monday, data published on the Bankers Association of the Philippines’ website showed. […]
Read more →Banks could face sanctions under financial consumer protection law
BANKS and other financial institutions may face administrative sanctions, penalties, stop orders, or suspension for failing to comply with a law that aims to protect their customers, the Bangko Sentral ng Pilipinas (BSP) said. A draft circular meant to implement Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act (FCPA) signed […]
Read more →Gov’t debt yields climb as US, Iran trade strikes
YIELDS on government securities (GS) traded in the secondary market mostly climbed last week as renewed tensions in the Middle East heightened concerns over elevated oil prices and inflation.
Read more →Central bank bills fetch higher average yield
THE BANGKO SENTRAL ng Pilipinas’ (BSP) short-term securities were quoted at a higher average yield on Friday, even as investor demand for the papers remained high. Bids for the 28-day BSP bills reached P80.24 billion, double the P40 billion auctioned off and slightly higher than the P80.074 billion in tenders seen for a P30-billion offer […]
Read more →Peso drops further on hawkish Fed, Iran war
THE PESO sank further against the dollar on Thursday following hawkish signals from minutes of the US Federal Reserve’s June policy meeting and worries over the ceasefire deal between the United States and Iran. The currency fell by 10 centavos to close at P61.605 per dollar from P61.505 on Wednesday, based on data on the […]
Read more →Probity due diligence
Business teams, investment bankers and legal counsel are all likely familiar with the concept of due diligence. Due diligence is essentially an investigation into the risks of a proposed project and can cover not only legal or financial matters, but even technical and operational ones. Due diligence findings can find their way into the transaction […]
Read more →Filipinos still cautious over financial institutions — study
AT LEAST seven in 10 Filipinos distrust banks even as more individuals express openness to saving and investing using financial platforms, a recent survey showed. Based on the latest Prosumer Report of communications firm Havas Ortega Group, 70% of the individuals it polled said they believe financial institutions tend to prioritize their vested interests over […]
Read more →Monetary Board approves merger of BPI’s BanKo, Legazpi Savings Bank
THE MONETARY BOARD has cleared the proposed merger between Bank of the Philippine Islands’ (BPI) thrift subsidiaries BPI Direct BanKo, Inc., A Savings Bank and Legazpi Savings Bank, Inc. (LSB), which could take effect by October. BanKo, the surviving entity for the merger, said in an advisory on Wednesday that the Bangko Sentral ng Pilipinas’ […]
Read more →Xendit integrates Dragonpay into Southeast Asian network
DRAGONPAY CORP., a Philippine payment gateway, has been integrated into Southeast Asian payments infrastructure company Xendit’s network following a strategic partnership that began in 2021. “This brings together Dragonpay’s trusted local payment network with Xendit’s regional infrastructure, growing geographical footprint and continuously enhanced payments platform,” Xendit said in a statement on Wednesday. “Dragonpay merchants can […]
Read more →Bangko Sentral wants banks, e-wallets to explain fund transfer fee structures
BANKS, electronic wallet (e-wallet) operators, and other financial institutions that have not complied with the Bangko Sentral ng Pilipinas’ (BSP) new rules on retail transfer charges will not face immediate penalties but will be called to explain their fee structures. BSP Deputy Governor Mamerto E. Tangonan said they will meet this week with “several” financial […]
Read more →Peso gains as inflation fears wane
THE PESO edged up on Tuesday as lower global oil prices and June Philippine consumer price index data supported expectations of easing inflationary pressures. The currency rose by 5.6 centavos to close at P61.435 per dollar from P61.491 on Monday, according to data on the Bankers Association of the Philippines’ website. The local unit opened […]
Read more →BTr, IMF deepen technical cooperation on public financial management
THE BUREAU of the Treasury (BTr) and the International Monetary Fund (IMF) are looking to expand their technical cooperation to modernize the country’s public financial management system, including exploring the use of artificial intelligence in treasury operations. In a statement on Monday, the Treasury bureau said it met with representatives from the IMF to discuss […]
Read more →Debt yields rise as market eyes US-Iran peace talks
YIELDS on government securities (GS) ended mostly higher last week as longer tenors rose amid lingering uncertainty over peace talks between the United States and Iran, and with players positioning before the release of June Philippine inflation data. GS yields, which move opposite to prices, rose by an average of 6.93 basis points (bps) week […]
Read more →More financial institutions to lower transfer fees, BSP says
THE BANGKO SENTRAL ng Pilipinas (BSP) expects more financial institutions to lower or waive their person-to-person digital transfer fees to meet new rules that took effect on Saturday (July 4) and will issue warnings to those who fail to comply. E-wallet giant GCash on July 4 cut its InstaPay transfer fee to P10 from P15. […]
Read more →How algorithms divide a nation
Why is it that despite the abundance of publicly available information about political personalities — their statements, actions, inconsistencies, and even documented misconduct — the truth often fails to persuade a core loyal following? Why do labels such as “pink,” “yellow,” “DDS,” or “Marcos loyalist” endure despite evidence that defies these stereotypes? Why do political […]
Read more →Peso tumbles to over three-week low
THE PESO tumbled to an over three-week low on Wednesday as demand for the dollar was fueled by hawkish US Federal Reserve expectations and continued uncertainty over the Middle East war. The currency fell by 26.1 centavos to finish at P61.621 versus the greenback from P61.36 on Tuesday, based on Bankers Association of the Philippines […]
Read more →AUB leverages generative AI, digitalization as it eyes continued growth
ASIA United Bank Corp. (AUB) has crafted a strategic roadmap showing how it aims to leverage technology and artificial intelligence (AI) to ensure continued growth despite domestic and global economic challenges. AUB is integrating generative AI across its operations in response to evolving customer needs, it said. “Moving beyond basic operational efficiency, AUB is actively […]
Read more →Peso climbs with US, Iran set to resume talks
THE PESO strengthened against the dollar on Monday after the United States and Iran agreed to stop the latest exchange of attacks and restart their peace talks. The currency appreciated by 12 centavos to close at P61.17 versus the greenback from P61.29 on Friday, based on Bankers Association of the Philippines data posted on its […]
Read more →BSP sets governance principles for banks’ responsible, ethical AI use
PHILIPPINE financial institutions should develop artificial intelligence (AI) governance frameworks that reflect the extent and complexity of their use of these emerging technologies in their operations to manage potential risks and establish safeguards for ethical use, the Bangko Sentral ng Pilipinas (BSP) said. The BSP, through Memorandum No. M-2026-031 dated June 24, issued a guidance […]
Read more →GS rates to track secondary mart
YIELDS on government securities (GS) to be auctioned off this week may end mixed, tracking secondary market movements as rocky talks between the United States and Iran stoked fresh volatility. On Monday, the Bureau of the Treasury (BTr) will offer up to P90 billion in short-term securities. Broken down, it will sell P30 billion in […]
Read more →Peso to stay at P61 level as war continues
THE PESO may continue to move sideways against the dollar this week as players remain cautious over developments in the Middle East, with prospects of an end to the four-month war still dim. On Friday, the local unit closed at P61.29 per dollar, unchanged from the previous day’s close. Week on week, the peso fell […]
Read more →BSP securities’ average rate rises despite strong demand
THE SHORT-TERM bills of the Bangko Sentral ng Pilipinas (BSP) fetched a higher average yield on Friday even as demand continued to increase. Tenders for the 28-day BSP bills reached P85.659 billion, almost triple the P30 billion placed on the auction block and higher than the P70.215 billion in tenders for the same offer volume […]
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