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137 articles from BusinessWorld Banking
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 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 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 →THE SOCIAL Security System (SSS) aims to grow its investment income to P71.41 billion by the end of this year, driven mainly by government securities. This will come from total investments estimated at P1.44 trillion by yearend with an expected return on investment (RoI) of 6.11%. At end-June, SSS’ investment income was at P21.157 billion […]
Read more →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 →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 →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 →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 →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 →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 →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 →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 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 →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 →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 →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 →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 →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 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 →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 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 →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 →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 →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. […]
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