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DBP backs logistics action plan
State-owned Development Bank of the Philippines is prepared to extend the needed technical and financial assistance to strategic initiatives that would ensure the successful implementation of the Marcos administration’s three-year logistics master plan aimed at reducing the cost of commodities particularly food, a top official said......»»
DBP backs NG’s logistics action plan
State-owned Development Bank of the Philippines (DBP) is prepared to extend the needed technical and financial assistance to strategic initiatives that would ensure the successful implementation of the Marcos administration’s three-year logistics master plan aimed at reducing the cost of commodities particularly food, a top official said. DBP President and Chief Executive Officer Michael O. De Jesus said the bank would work closely with the Department of Trade and Industry, Department of Agriculture, and other government agencies and key stakeholders to modernize the food distribution system and storage and to address prevailing supply chain gaps. “DBP is one with President Ferdinand Marcos, Jr.’s goal of ensuring reliable food supply at reasonable prices for all Filipinos,” De Jesus said. “DBP will leverage on its experience and financial capability to support key programs to support this goal.” DBP is the eighth largest bank in the country in terms of assets and provides strategic financing support to critical economic sectors such as infrastructure and logistics, micro, small and medium enterprises, social services, and the environment. In August this year, President Marcos, Jr. approved the country’s three-year food logistics action agenda aimed at promoting food availability, accessibility, and affordability through strategies that would modernize the country’s food distribution system, increase investments in logistics infrastructure, and address other supply chain gaps. De Jesus said that as of the end of the first half of 2023, DBP has allocated P281.6 billion for projects under the infrastructure and logistics sector, representing 55.5 percent of its total loan to borrowers amounting to P506.9-billion. He said total loan releases to the sector have reached P45.5 billion while deals in the pipeline are around P18.5 billion for the period covering January to June this year. "As of July this year, DBP has approved a total of P25.55-billion in loans for 189 borrowers nationwide under the auspices of the Bank’s Connecting Rural Urban Intermodal Systems Efficiently (CRUISE) program, which serves as our flagship facility for transport infrastructure and logistics sector,” De Jesus said. The post DBP backs NG’s logistics action plan appeared first on Daily Tribune......»»
ADB backs Philippines first gender bond issue
The Asian Development Bank has provided support to the country’s first gender bond issuance, aimed at promoting gender equality and financial inclusion......»»
U.S. backs energy-secure Phl
USAID Assistant Administrator for Asia Michael Schiffer awarded more than P65 million ($1.16 million) in grants to support energy security and conservation in the provinces of Cagayan and Isabela as part of his recent visit to the Philippines. Recipient organizations are USAID’s Filipino partners Tri-Sky Inc. and the Philippine Disaster Resilience Foundation. Provided under USAID’s P1.6 billion ($34 million) Energy Secure Philippines program, the grants will support local energy planning and the installation of renewable energy technologies, such as solar roofing and nano generators in the province. With greater energy access, Cagayan and Isabela’s remote communities can better prepare for and recover from natural disasters. Communities surrounding the Enhanced Defense Cooperation Agreement sites in Lal-lo and Santa Ana will also benefit from the grants. “USAID understands that energy is the foundation for systems such as banking, telecommunications, digital platforms, health, education and transport, among other services,” Schiffer said. “We look forward to partnering with the Philippines to provide greater access to sustainable energy in remote communities, increasing prosperity for families across the country.” In partnership with the Mabuwaya Foundation and the Agta Indigenous Peoples community at Sitio Golden Valley in Barangay San Mariano, Schiffer also launched the “From Ridge to River” project, through which USAID will work with local communities, partners and government officials to conserve forests in northern Sierra Madre. “This launch is an important step toward preserving the natural beauty and ecological balance of the region, and we are proud to be part of it,” Schiffer said. During his time in the Philippines, Schiffer also spoke at the Asian Development Bank’s annual Asia Clean Energy Forum in Manila and visited a USAID-supported drug rehabilitation program in Mandaluyong City. Additionally, he traveled to Palawan, where he toured the Puerto Princesa Subterranean River National Park; visited a waste collection and sorting site; sat with civil society organizations to discuss concerns over illegal, unreported and unregulated fishing in the Philippines’ exclusive economic zone; and visited the BRP Teresa Magbanua to learn about the Philippine Coast Guard’s protection efforts for marine resources in Philippine waters. The post U.S. backs energy-secure Phl appeared first on Daily Tribune......»»
Left holding the bag
“A leap of faith into the great unknown.” That’s how a worried Senator Francis Escudero described the venture that two state-owned banks would be legislated into making with the passage of the Maharlika Investment Fund law. That’s the same leap that the Government Service Insurance System and Social Security System were asked to make when the MIF idea was first floated last year, only for the state insurers to be dropped from the kitty pool amid the uproar and backlash. By their very nature, banks loan money and invest, but they have always had the option of where to put in their moolah. However, in the case of the Land Bank of the Philippines and the Development Bank of the Philippines, as captive investors, they’re in for the MIF ride, whether the road is bumpy or not. And that’s what troubles Escudero as he said that “as presently worded” in the Senate’s MIF bill, he could not see provisions detailing the bare minimum that the two banks’ investments — initially P50 billion for LandBank and P25 billion for DBP — would make. Senate hearings have established that the two government banks earn between six to eight percent of loaned or invested money, thus Escudero reasoned out that it may be financially sound to put at seven percent the threshold (or minimum) return on equity of LandBank and DBP. The senator warned that the banks cannot be allowed to go “bankrupt” because of the unsettled RoE and, if I may add, because of a failed venture which, in business, is almost always a possibility as turning in profits. Reading between the lines, the concern may be of the MIF making money but with the two banks being left holding the bag, left out of the profit-sharing due to a rushed MIF law that did not put in black and white a matter as simple as pegging the RoE. Naysayers have warned that the MIF may just end up as one huge corruption enterprise as the corporation tasked to manage the fund invests in a mixed bag of instruments like local and foreign bonds, equities, and foreign currencies. Here is where Congress should ensure that the MIF law would have enough safeguards not only for the two banks but also for the other players, including the government that will be infusing taxpayers’ money and state earnings. If the MIF is to succeed in promoting economic growth and development in the Philippines, the operations of the Maharlika Investment Corporation must be fully transparent. At the same time, whatever financial exposure that LandBank and DBP would have in the MIF should be of such amounts that losing them in a soured investment vehicle would not endanger the fulfillment of their core mandate. LandBank and DBP are primarily tasked to ensure loans are available for farmers and small and medium enterprises which, as admitted by an analyst of a commercial bank, are underserved by private banks and lenders because they are not as profitable. With this concern, there should be a ceiling as to what portion of their financial muscles can LandBank and DBP be allowed to put into the MIF. Again, this is left to the sound judgment of legislators who, with the law they would pass, would tie the hands of both LandBank and DBP. Let’s just hope that the lunacy and vested interests that marked the passage of laws now breaking the backs of Filipinos, like the Oil Deregulation Law, would be absent in the crafting of the MIF. Here, this Contrarian may be too overly optimistic. The post Left holding the bag appeared first on Daily Tribune......»»
Diokno backs move to pause rate hike cycle
Finance Secretary Benjamin Diokno has backed the case for a pause on interest rate hikes, saying that the current inflation rate is still within the government's target range. During Diokno’s weekly 'Chat with SBED briefing,' the Finance Secretary said that the Bangko Sentral ng Pilipinas should "reassess its monetary policy stance" in light of the recent decline in inflation. "The BSP should reassess its monetary policy stance in light of the recent decline in inflation," Diokno said. "The current inflation rate is still within the government's target range of 2-4 percent," he added. Diokno noted that the BSP has already raised interest rates by a total of 175 basis points since August 2021 to contain inflation. However, he said that the recent decline in inflation suggests that the BSP may need to pause on its rate hike cycle. "The recent decline in inflation suggests that the BSP may need to pause on its rate hike cycle," Diokno said. "The BSP should monitor the inflation trend closely and adjust its policy stance accordingly," he added. The central bank has been raising interest rates since May 2022 to combat inflation. The current rate is 6.25%, which is the highest it has been in nearly 16 years. However, inflation has been slowing down, and in April it reached 6.6%. Core inflation, which excludes volatile food and energy prices, is still high at 7.9%. This suggests that the central bank may pause in raising interest rates. Diokno, who is also a member of the central bank's Monetary Board, agrees that there is no need to raise interest rates further. He believes that the current rate is high enough to slow down inflation without harming economic growth. The BSP will next meet on 23 June to decide whether to raise interest rates again. It is expected to keep rates unchanged, but it will be closely watching inflation data to see if it needs to take further action. “Why are we talking further rate hikes, who’s doing the rate hikes? We’re not thinking of further rate hikes," Diokno said. He further stated that “Yes, I’m for a pause, that’s my opinion.” Diokno, who serves as the former BSP governor, noted that inflation is going down, the country has huge foreign reserves, and the current account deficit has expanded. "It’s financially manageable and that’s because of the improved economy, plus infrastructure spending,” Diokno said. The post Diokno backs move to pause rate hike cycle appeared first on Daily Tribune......»»
BPI’s Limcaoco backs BSP digital currency
The new head of Ayala-led Bank of the Philippine Islands is pushing for the issuance of a central bank digital currency in the country......»»
ADB backs investments in green businesses
Manila-based Asian Development Bank will support the transformation of food systems in the Asia Pacific region after the COVID-19 pandemic exposed the vulnerability of the global food supply chain, pushing more people to hunger and poverty......»»
ADB backs greater use of social bonds
The Asian Development Bank is pushing for the increased use of social bonds as an additional platform for governments to raise additional resources to recover from the pandemic......»»
ADB backs innovative partnerships for financing infrastructure projects
The Asian Development Bank is urging developing member countries to explore innovative partnerships to fund crucial infrastructure projects at a time when government resources are challenged by pandemic response......»»
Globe backs digital projects of UnionBank
Globe Business said it supports Union Bank of the Philippines in the digitalization of its work from home setup through Globe Pocket WiFis, video conferencing tools and postpaid lines. The company also expanded its data center to accommodate both its digital initiatives and their bigger customer base......»»
DBP backs public transport sector recovery
BUTUAN CITY, Oct. 16 -- State-run Development Bank of the Philippines (DBP) is working with the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTF.....»»
M Lhuillier backs frontliners in the fight against COVID-19
M Lhuillier Financial Services, Inc. (M Lhuillier), the leading non-bank financial institution in the Philippines, continues to go above and beyond its commitment to serve Filipinos amid the ongoing health crisis. As they brave the times to help ensure the health and safety of the public, the company rushed to provide assistance and personal protective […] The post M Lhuillier backs frontliners in the fight against COVID-19 appeared first on Daily Tribune......»»
ED attaches asset worth Rs 70 lakh in bank fraud implicating Hyderabad-based Jasleen Enterprises
New Delhi [India], March 28 (ANI): The Directorate of Enforcement (ED) has attached an immovable property valued at Rs 70 lakh in a bank fraud case involving Jasleen Enterprises headquartered in Hyderabad. The Hyderabad division of the ED attached the fixed asset in accordance with the stipulations outlined in the Prevention of Money Laundering Act (PMLA) of 2002. ED initiated investigation on the basis of First Informati.....»»
ANZ raises Philippine inflation forecast to 3.8% this year
ANZ Research hiked its inflation forecast for the Philippines to 3.8 percent this year, from 3.5 percent previously, as risks may drive inflation up to above the central bank’s two to four percent target in the coming months......»»
India backs Philippines in dispute with China
New Delhi has drawn a strong response from Beijing after reiterating its support for Manila in a territorial dispute India has "firmly reiterated" its support for the Philippines and its "national sovereignty," as Manila remains locked in a territorial dispute with Beijing in the South China Sea. Ten.....»»
India backs Philippines in sea dispute with China
New Delhi has drawn a strong response from Beijing after reiterating its support for Manila in a territorial dispute India has "firmly reiterated" its support for the Philippines and its "national sovereignty," as Manila remains locked in a territorial dispute with Beijing in the South China Sea. Ten.....»»
DOF: GFIs can seek extended relief after Maharlika infusion
Government financial institutions Land Bank of the Philippines and Development Bank of the Philippines will likely seek an extension of its regulatory relief following contributions to the country’s sovereign wealth fund......»»
LIST: Bank schedules for Holy Week 2024
Bookmark and refresh this page for the Holy Week schedules released by banks.....»»
UnionDigital Bank revenue grows to over P5 billion
UnionDigital Bank, the digital banking arm of Aboitiz-led Union Bank of the Philippines, saw its revenue grow to over P5 billion in 2023 mainly driven by higher deposits and loans......»»