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
BSP relief targets potential financial stability risks
THE BANGKO SENTRAL ng Pilipinas’ (BSP) move to roll out prudential relief measures for banks amid the fallout from the Middle East conflict shows that it recognizes potential financial stability risks, but supervisory vigilance is needed to prevent possible moral hazards, GlobalSource Partners said. Central banks are moving to preserve macroeconomic and financial stability in […]
Read more →Philippine banks face rising loan loss risks, lower profits from war fallout
PHILIPPINE BANKS could face increased asset quality risks and lower profitability in the near term due to economic headwinds brought by the Middle East war, Fitch Ratings said. The debt watcher said in a report that the impact of the conflict could affect banks’ operating environment and hit specific loan segments that may push up […]
Read more →Peso strengthens as oil prices fall
THE PESO bounced back sharply against the dollar on Thursday as news of progress in the ongoing peace talks between the United States and Iran and increased traffic flow in the Strait of Hormuz led to lower global crude oil prices. The currency gained by 26.2 centavos to close at P61.29 versus the greenback from […]
Read more →Banks’ trust assets hit fresh high at end-March
THE Philippine banking system’s trust assets climbed to a new record high of nearly P6.6 trillion as of March, data from the Bangko Sentral ng Pilipinas (BSP) showed. Banks’ trust units held P6.586 trillion in assets at end-March, 15.63% higher than the previous record of P5.696 trillion as of December, according to central bank data […]
Read more →BPI to shut down Robinsons Bank channels by July 1
BANK of the Philippine Islands (BPI) will close Robinsons Bank Corp.’s digital platforms and communication channels by July 1 as it integrates the latter’s operations into its system following their merger. Starting next month, Robinsons Bank’s online banking, digital app, contact center including hotline and mailbox, website and social media pages will no longer be […]
Read more →Storytelling and the business model canvas
“The power of storytelling” was the topic of Karen Davila at the Filipina CEO Circle’s (FCC) graduation for “CEO Next,” co-chaired by Accenture’s Ambe Tierro and Asticom’s Mharicar Castillo. “CEO Next” is FCC’s flagship program designed to empower and train high performing senior women executives into CEO roles. Ms. Karen said that while your past […]
Read more →Term deposit facility yield jumps
THE CENTRAL BANK’S term deposit facility (TDF) fetched a higher average yield on Wednesday despite drawing strong demand, following its latest rate hike and expectations of further policy tightening. The seven-day term deposits offered by the Bangko Sentral ng Pilipinas (BSP) attracted P147.021 billion in tenders, above the P110 billion placed on the auction block […]
Read more →BSP capital relief measure for banks’ paper losses credit negative — Moody’s
MOODY’S RATINGS said the Bangko Sentral ng Pilipinas’ (BSP) latest regulatory relief measure is credit negative for banks as it could mask the capital impact of paper losses incurred from the market volatility caused by the Middle East war. BSP Memorandum No. 2026-027 signed by BSP Governor Eli M. Remolona, Jr. on June 19 allows […]
Read more →Pre-need sector’s Q1 net profit down as volatility hits investment income
THE PRE-NEED INDUSTRY saw its combined net income drop by 88.05% in the first quarter as trust fund earnings were dragged by increased market volatility, the Insurance Commission (IC) said. The sector’s net income plunged to P140 million in the first three months of the year from P1.17 billion previously due to lower income generated […]
Read more →Peso sinks to over two-week low on Fed hike bets
THE PESO slumped to an over two-week low against the dollar on Wednesday as stronger-than-expected US economic data fueled hawkish US Federal Reserve bets, and amid continued uncertainty over the Middle East peace talks. The currency sank by 20.1 centavos to close at P61.552 versus the greenback from P61.351 on Tuesday, based on Bankers Association […]
Read more →Many banks and e-wallets have phased out OTPs for authentication, BSP says
MANY Philippine banks and electronic wallet operators have already moved away from text- and e-mail-based one-time passwords (OTPs) before the June 25 deadline to shift to more secure authentication measures to improve consumer protection, the Bangko Sentral ng Pilipinas (BSP) said. “Many are already implementing the enhancements in the lead-up to the deadline,” the central […]
Read more →Coins.ph expands into Europe via partnership with Clear Junction
CRYPTO digital wallet and payments provider Coins.ph has partnered with London-based financial technology (fintech) company Clear Junction to expand its presence in Europe. Under the partnership, Coins.ph will leverage Clear Junction’s payment infrastructure to enable cross-border transactions in the European and United Kingdom markets. The aims to bridge the gap for corporate and financial institution […]
Read more →PBCom names former Security Bank EVP Ong as incoming president and CEO
PHILIPPINE Bank of Communications has named John Cary L. Ong as its incoming president and chief executive officer (CEO). The bank’s board approved the appointment, which takes effect on July 6, at its meeting on Wednesday, it said in a disclosure to the stock exchange. “He will formally assume President and CEO after completing a […]
Read more →Central bank extends deadline for updated prudential reports
THE BANGKO SENTRAL ng Pilipinas (BSP) has given banks an additional year to comply with its updated prudential reporting guidelines. The central bank, in a memorandum signed by BSP Deputy Governor Lyn I. Javier, extended the deadline of submission of version 16 of the financial reporting package (FRP) via the Prudential Reporting Innovation and Monitoring […]
Read more →T-bond yields go down as risk appetite improves
THE GOVERNMENT made a full award of the dual-tenor Treasury bonds (T-bonds) it auctioned off on Tuesday as strong demand helped bring down yields despite continued uncertainty over the Middle East conflict and hawkish signals from the Bangko Sentral ng Pilipinas (BSP). The Bureau of the Treasury (BTr) raised P45 billion as planned via its […]
Read more →BSP digitizes foreign debt data survey
THE BANGKO SENTRAL ng Pilipinas (BSP) has started automating the collection of residents’ external debt records that were previously unregistered for its monitoring and as part of its broader digitalization efforts. In a circular signed by BSP Deputy Governor Zeno Ronald R. Abenoja on June 18, the BSP said all resident borrowers must submit their […]
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