Philippines Business News
Local business and financial news scraped every 4 hours from BusinessWorld, PhilStar, Manila Times, Rappler, and more.
17 articles from BusinessWorld Banking
Peso strengthens as markets stay hopeful on US-Iran deal
THE PESO appreciated against the dollar on Thursday after the United States again signaled a possible end to the Middle East conflict. The currency closed at P61.581 versus the dollar, gaining 15.9 centavos from its P61.74 finish on Wednesday, according to Bankers Association of the Philippines data posted on its website. The local unit opened […]
Read full article →Manulife Philippines appoints new deputy CEO
THE Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has appointed Manish Sangal as its new deputy chief executive officer (CEO). “Manish is a proven insurance leader who combines strategic clarity with disciplined execution,” Manulife Philippines President and CEO Rahul Hora said in a statement on Thursday. “His track record in agency development and digital […]
Read full article →Intellectual property and AI: a bad romance?
The topics du jour for many local business and legal conferences continue to be about AI, “digital transformation,” “technology x [fill-in-the-blanks].” Discussions, however, tend to be generalized. Real takeaways can get drowned by the usual discourse on AI’s utility and inevitability and/or warnings about the loss of a competitiveness for businesses who fail to adopt […]
Read full article →BSP plans stricter sustainability reporting rules for banks by 2027
PHILIPPINE BANKS may soon be required to adopt stricter international reporting standards related to sustainability as the Bangko Sentral ng Pilipinas (BSP) noted the growing risks posed by climate change to financial stability. According to a draft circular, the central bank is eyeing a phased implementation of the Philippine Financial Reporting Standards (PFRS) S1, or […]
Read full article →Term deposit yield climbs further despite strong demand for offering
THE BANGKO SENTRAL ng Pilipinas’ (BSP) term deposits fetched a slightly higher average yield on Wednesday, marking the fifth straight week of increase despite investor demand holding strong. Bids for the term deposit facility (TDF) amounted to P138.544 billion, exceeding the P90 billion in seven-day papers placed on the auction block but below the P146.465 […]
Read full article →Peso edges up as Mideast caution lingers
THE PESO inched higher versus the dollar on Wednesday after moving in a tight range as the market stayed on edge while waiting for developments in the Middle East. The currency closed at P61.74 a dollar, gaining a centavo from Tuesday’s record-low finish of P61.75, according to Bankers Association of the Philippines data posted on […]
Read full article →China Bank Savings’ Q1 profit up 11.5%
CHINA BANK Savings, Inc. (CBS), the thrift banking arm of listed China Banking Corp. (Chinabank), saw its net profit rise by 11.5% year on year to P631.2 million in the first quarter, supported by the sustained growth of its core businesses. Net interest income climbed by 20.4% to P2.8 billion backed by steady lending growth, […]
Read full article →Asialink Group sets leadership changes
THE ASIALINK Group of Companies announced leadership changes for its two flagship entities, Asialink Finance Corp. (AFC) and Global Dominion Financing, Inc. (GDFI). The transition is part of the efforts to strengthen alignment across the Asialink Group to “enhance operational synergies, and ensure that its organizational structure remains responsive to increasing scale and complexity, positioning […]
Read full article →Gov’t rejects all bids for T-bonds
THE GOVERNMENT rejected all bids for the Treasury bonds (T-bonds) it offered on Tuesday as players asked for higher yields as global markets continued to reel due to mounting inflation concerns amid the prolonged Middle East conflict. The Bureau of the Treasury (BTr) rejected all bids for the reissued 10-year bonds it auctioned off, even […]
Read full article →BSP gives grace period to rural, co-op banks for credit exposure reporting
THE BANGKO SENTRAL ng Pilipinas (BSP) has given rural and cooperative (co-op) banks in the country an extended window to submit the required enhanced reports on their credit and equity exposures without penalties. In a memorandum signed by BSP Deputy Governor Lyn I. Javier, the BSP said rural and cooperative banks will not be penalized […]
Read full article →Peso stays at record low as war keeps market guarded
THE PESO closed flat at its all-time low against the dollar on Tuesday as uncertainty over the Middle East war kept the market cautious. The currency ended at its record low of P61.75, unchanged from Monday’s finish, according to Bankers Association of the Philippines data posted on its website. The local unit opened Tuesday’s session […]
Read full article →EastWest Bank launches voluntary PERA contribution program for employees
EAST WEST Banking Corp. (EastWest Bank) has rolled out its voluntary Personal Equity and Retirement Account (PERA) contribution program in partnership with DragonFi Securities, Inc. Under the program, eligible EastWest Bank employees can save and invest in accredited PERA products by giving the lender authority to make contributions on their behalf, together with their own […]
Read full article →T-bill yields surge as war heightens inflation fears
THE GOVERNMENT partially awarded the Treasury bills (T-bills) it offered on Monday as yields surged, with prolonged Middle East conflict continuing to push up inflation risks and raising expectations of further monetary tightening. The Bureau of the Treasury (BTr) raised only P25.41 billion via the T-bills it auctioned off, below the P30-billion plan, even as […]
Read full article →Banks’ Q1 net profit rises to P104.8 billion
THE PHILIPPINE banking sector booked a slightly higher combined net income in the first quarter despite the onset of the Middle East war, data from the Bangko Sentral ng Pilipinas (BSP) showed. Banks’ net profit grew by 2.86% to P104.816 billion in the first three months of the year from P101.903 billion in the comparable […]
Read full article →Peso sinks to new record low for third straight day as war drags on
THE PESO dropped to new record low on Monday as the Strait of Hormuz’s continued closure due to the standoff between the United States and Iran drove oil prices higher, fueling demand for the greenback. The currency edged down by 2.9 centavos to close at P61.75 a dollar from P61.721 on Friday, according to Bankers […]
Read full article →AUB net income climbs to P3.2B
ASIA United Bank Corp. (AUB) saw its net income rise by 1.8% in the first quarter, supported by the continued growth of its core business. The bank’s net profit went up to a record P3.2 billion for the three-month period from P3.14 billion a year ago, it said in a disclosure to the stock exchange […]
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