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
Debt yields may climb on BSP hike, hawkish hints
RATES of the government securities (GS) to be offered this week may rise following the Bangko Sentral ng Pilipinas’ (BSP) hawkish policy signals and expectations of higher bond supply, analysts said. On Tuesday, the Bureau of the Treasury (BTr) will auction off up to P80 billion in short-term securities. Broken down, it will offer P10-20 […]
Read more →BSP may wait until February to deliver final rate increase as growth stays weak
THE BANGKO SENTRAL ng Pilipinas (BSP) may stand pat for the remainder of the year as it steps back to monitor inflation developments amid a weak macroeconomic environment before potentially delivering its final rate hike for this tightening cycle early next year, Deutsche Bank Research said.
Read more →AUB to raise capital stock to P72.5 billion
ASIA United Bank Corp. (AUB) will increase its authorized capital stock to strengthen its balance sheet for long-term expansion. AUB’s capital will be increased by 393% to P72.5 billion from P14.7 billion previously, subject to regulatory approvals, the bank said in a disclosure to the stock exchange on Friday. “Supported by our strong financial results, […]
Read more →CitySavings to get P1-B capital infusion
UNION BANK of the Philippines (UnionBank) will inject P1 billion in fresh funding into its thrift banking subsidiary to fuel its expansion. The bank’s board of directors approved the capital infusion for City Savings Bank, Inc. (CitySavings) in a meeting on Aug. 28, it said in a disclosure to the stock exchange on Friday. The […]
Read more →Peso may sink to new lows on inflation woes, Fed hike view
THE PESO may test new lows this week as inflation concerns and the greenback’s continued strength following US Federal Reserve officials’ hawkish hints could weigh on the local currency.
Read more →Pre-need firms’ assets, sales go up in first half
THE PRE-NEED industry’s assets grew by almost 9% year on year to P183.3 billion in the first half, driven by higher investments in trust funds, the Insurance Commission (IC) said. The IC said in a statement that the industry sustained its upward momentum in total assets, which increased by 8.9% from P168.36 billion in the […]
Read more →BSP looks to ease banks’ access to discount window facility
PHILIPPINE BANKS may soon be able to tap temporary emergency liquidity faster and easier as the Bangko Sentral ng Pilipinas (BSP) plans to ease the requirements to access to its discount window facility (DWF). In a draft circular, the central bank said it plans to enhance the DWF by amending the regulations governing it to […]
Read more →BSP hike pushes up short-term bills’ rate
THE Bangko Sentral ng Pilipinas (BSP) saw the average yield of its short-term securities shoot up on Friday, even as demand surged, following its third straight rate hike. Bids for the 28-day BSP bills reached P63.52 billion, double the P30-billion offer and jumping from the P32.557 billion in tenders for the same volume auctioned off […]
Read more →Yields on gov’t debt mixed as mart weighs BSP hints
YIELDS on government securities (GS) traded at the secondary market were mixed last week as the market priced in the Bangko Sentral ng Pilipinas’ (BSP) third straight hike and latest policy signals. GS yields, which move opposite to prices, dipped by 1.31 basis points (bps) on average last week, based on the PHP Bloomberg Valuation […]
Read more →SMFL seals acquisition of 30% stake in RCBC Leasing
SUMITOMO MITSUI Finance and Leasing Co., Ltd. (SMFL) has completed its acquisition of a 30% stake in the leasing arm of Rizal Commercial Banking Corp. (RCBC) after securing the necessary regulatory approvals. In a disclosure to the stock exchange on Thursday, RCBC said SMFL had satisfied all requirements, including obtaining approvals and permits from the […]
Read more →Peso tumbles to new all-time low on near-term inflation risks
THE PESO closed at a new all-time low against the dollar on Thursday as prospects of elevated inflation in the near term weighed on market sentiment. The local unit closed at P61.888 a dollar, losing 23.8 centavos from its P61.65 finish on Wednesday, data on the Bankers Association of the Philippines’ website showed. This was […]
Read more →The power of personal branding
Leadership today is no longer simply about giving instructions and expecting people to follow. It is about persuasion, trust, and the ability to convince your boss, your peers, your team, your clients, and others to believe in an idea and move in the same direction. For women leaders, there is an additional balancing act. How […]
Read more →Seven-day term deposits fetch higher yield before BSP review
THE BANGKO SENTRAL ng Pilipinas’ (BSP) term deposits fetched a slightly higher average rate on Wednesday as demand was weak before a potential third straight hike. Bids for the term deposit facility (TDF) amounted to P105.824 billion on Wednesday, below the P120 billion in seven-day papers placed on the auction block and the P138.564 billion […]
Read more →GCash parent Mynt shifts timetable for IPO listing
MYNT, Inc., the operator of the e-wallet GCash, has revised the timetable for its potential P92-billion initial public offering (IPO), moving the listing date by a day to Oct. 20.
Read more →Allianz PNB Life stays optimistic on growth
ALLIANZ PNB Life Insurance, Inc. is optimistic that it can sustain its growth momentum this year despite uncertain economic conditions, with bancassurance driving its continued expansion.
Read more →Peso climbs on Hormuz reopening hopes, BSP bets
THE PESO strengthened on Wednesday as market sentiment improved amid news on the possible reopening of the Strait of Hormuz that brought down global oil prices, and ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy review. The local unit climbed by 8.8 centavos to close at P61.65 per dollar on Wednesday from its P61.738 […]
Read more →Nonlife companies’ combined premiums, profit climb in 1st half
NONLIFE INSURERS recorded higher premiums and net income in the first half, Insurance Commission (IC) data showed. Combined premiums earned by the nonlife industry rose by 13.29% year on year to P42.54 billion for the first six months from P37.55 billion, the IC said on Wednesday. Total net premiums written increased by 9.96% to P44.19 […]
Read more →SAFC taps EastWest Bank to expand payment options
SOUTH Asialink Financing Corp. (SAFC) has partnered with East West Banking Corp. (EastWest Bank) to expand payment options for its clients. Under the partnership, SAFC clients can now settle their payments through EastWest Online or over the counter at 392 of its branches nationwide. EastWest Bank’s Bills Collect facility will accept cash and check payments […]
Read more →BTr partially awards short-term bills as yields rise on hike bets
THE GOVERNMENT made a partial award of the short-term securities it offered on Monday as yields mostly climbed before an expected rate hike by the Bangko Sentral ng Pilipinas (BSP) this week, and with players looking for duration for higher returns. The Bureau of the Treasury (BTr) raised a combined P57.665 billion from its offering […]
Read more →PHL life insurance industry books higher premium income as of June
THE PHILIPPINE life insurance industry recorded a 17.91% increase in premium income for the first half of the year, driven mainly by variable life products. The sector’s combined premium income went up to P229.98 billion as of end-June, up from P195.05 billion a year ago, the Insurance Commission (IC) said in a statement on Monday. […]
Read more →BSP to help rural banks upgrade their systems
THE BANGKO SENTRAL ng Pilipinas (BSP) will begin accepting next month applications for technical assistance (TA) from rural banks that need financing to upgrade their core banking systems. In a memorandum signed by BSP Governor Eli M. Remolona, Jr., the central bank said rural banks may apply for assistance to fund their transition to cloud-based […]
Read more →Peso weakens as market eyes BSP meeting
THE PESO weakened against the dollar on Monday as players took positions before the Philippine central bank’s policy meeting this week, where the market expects a third straight rate hike. The currency dropped by six centavos to close at P61.73 versus the greenback from P61.67 on Thursday, data from the Bankers Association of the Philippines’ […]
Read more →Central bank bills fetch higher yield for 10th week
THE AVERAGE YIELD on the Bangko Sentral ng Pilipinas’ (BSP) short-term securities nudged higher for the 10th week in a row on Monday, even as the offer was met with strong demand. The 28-day BSP bills fetched P32.557 billion in tenders, slightly above the P30 billion auctioned off but below the P52.315 billion in bids […]
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