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Philippines Business News
Local business and financial news scraped every 4 hours from BusinessWorld, PhilStar, Manila Times, Rappler, and more.
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BusinessWorld Banking
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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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A call to prepare for El Niño
El Niño is rapidly developing and the time to prepare is now.
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‘BSP regulatory relief credit negative for banks’
The Bangko Sentral ng Pilipinas temporary regulatory relief for banks may help cushion capital ratios from market volatility, but Moody’s Ratings warned that the move is credit negative as it reflects rising pressure from higher bond yields and unrealized losses on investment securities. In a report, Moody’s said the BSP’s relief measure allows banks to exclude valuation losses on peso-denominated government securities measured at fair value through other comprehensive income from the computatio
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Coins.ph expands to Europe, UK
Coins.ph is expanding its financial services footprint into Europe and the United Kingdom through a partnership with London-based payments infrastructure provider Clear Junction, marking another step in the Philippine digital wallet’s push to grow its international business.
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DICT rolls out rider IDs
The Department of Information and Communications Technology rolled out digital IDs for delivery riders yesterday, a move meant to curb fraud, protect consumers and finally give legitimate couriers the recognition they’ve long lacked.
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DOTr pitches rail PPPs to investors in Singapore
The Department of Transportation presented to foreign investors in Singapore some of the railway contracts they can participate in through public-private partnerships.
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Emperador sees sustained growth momentum this year
Emperador Inc., a diversified global liquor conglomerate, expects to sustain growth this year amid a resurgence in the brandy segment and improvement in the whisky market.
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First Gen ‘keeping an eye’ on nuclear power venture
First Gen Corp. is sharpening its low-carbon strategy, with nuclear power emerging as an increasingly attractive opportunity amid growing national momentum for the technology.
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Globe gets P5 billion BDO loan for capex, debt payments
elco-to-tech giant Globe Telecom Inc. has borrowed P5 billion from the country’s largest bank to partly fund its capital expenditures and debt payments.
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Gokongwei invests P2.02 billion in PhilWeb
Tycoon Lance Gokongwei is investing P2.02 billion for a minority stake in listed gaming service provider PhilWeb Corp.
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Inflation, geopolitical tensions slash pre-need profit 88% in Q1
The Philippine pre-need industry took a hit in the first quarter, with net income plummeting by 88.1 percent due to weaker trust fund income amid geopolitical tensions and inflationary pressures.
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Meralco seeks bids for 600-MW baseload power supply deal
Power giant Manila Electric Co. has opened the bidding for its 600-megawatt baseload electricity requirement, aiming to secure a multi-year supply to keep the lights on in its franchise area.
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No Philippines stagflation, high Vietnam industrialization
Recently, disinformation like the Philippines is in “stagflation” has been coming out more frequently. I say disinformation because people who use it do not really understand the term, much less can quantify the term.
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PEZA-approved RE investments hit P97 billion
The Philippine Economic Zone Authority has approved P97 billion worth of renewable energy (RE) investments, reflecting confidence in the country’s energy sector.
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Philippines bans imports of bioethanol feedstock
The country has banned the importation of bioethanol feedstock, including molasses and other sugar products, the Sugar Regulatory Administration said.
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Shakey’s Pizza starts store shakeup
Shakey’s Pizza Asia Ventures Inc., one of the leading restaurant and kiosk chain groups in the Philippines, said it is not letting a good crisis go to waste as the company moves to restructure and rationalize its store network this year.
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S&P cuts Philippines growth outlook to 4.1% in 2026
S&P Global Ratings has sharply lowered its growth outlook for the Philippines this year as weak consumer demand, a prolonged pullback in infrastructure spending and elevated energy prices weigh on economic activity.
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Stocks drop below 6,000 on growth concerns
\The local stock market tumbled below the 6,000 level as concerns on the country’s economic growth dampened investor sentiment.
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