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Philippines, German central banks partner on capacity-building
The central banks of the Philippines and Germany have formalized their partnership on capacity-building through the signing of a memorandum of understanding......»»
Globe reports steep 73.7% decline in blocked bank-related spam, scam SMS in 2023
The telecommunications company Globe has reported a significant 73.7% decrease in the number of blocked spam and scam SMS related to banks in 2023. This reduction is a result of the interception of 21.9 million bank-related fraudulent messages, a sharp decline from the 83.39 million messages blocked the previous year. Globe attributes this achievement to its proactive strategies and strong partnerships with major banks and financial institutions in the Philippines. The company has established anti-fraud alliances with the Bankers Association of the Philippines and individual players in the finance sector, enabling the sharing of data and intelligence to prevent and investigate fraud effectively. Anton Bonifacio, Chief Information Security Officer at Globe, emphasized the company's commitment to combating financial fraud and enhancing security measures for customer protection. Globe has invested approximately US$20 million to improve its spam and scam SMS detection and blocking system and operates a 24/7 Security Operations Center to filter out unwanted messages from both international and domestic sources. Despite certain limitations, Globe remains dedicated to customer protection and emphasizes the need for a unified approach in the fight against fraud. The company is focused on leveraging technology and strengthening alliances with key stakeholders to combat fraudulent activities. As Globe continues to advance its technologies and collaborations, it aims to provide a safer and more secure digital environment for its customers. For more information about Globe and its initiatives, visit www.globe.com.ph. (SPONSORED CONTENT).....»»
RCBC the best PH bank by network uptime, and UBP ranks at the bottom
Brankas, a Singapore-based fintech software and services provider, published its first annual ASEAN Bank Stability Report to measure the network uptime performance of ASEAN-region banks, and RCBC finished in the top spot among banks in the Philippines with an uptime of 98.3% (31 hours total downtime) including a stretch of seven months with zero downtime events......»»
‘Philippine banks to ride wave of robust economic growth’
The projected robust economic growth this year could shape up into a better year for Philippine banks, S&P Global Ratings said......»»
Banks expect higher consumer, corporate loan demand in Q1
Despite the higher for longer interest rate scenario, Philippine banks still expect a stronger loan demand from companies and households in the first quarter of the year, according to the Bangko Sentral ng Pilipinas......»»
More groups to establish Islamic banks in Philippines
More groups are looking at establishing Islamic banks in the Philippines as the first branch of the new banking classification is expected to open soon, according to the Bangko Sentral ng Pilipinas......»»
BSP pursues reforms to modernize banks
The Bangko Sentral ng Pilipinas is pursuing policy reforms to modernize Philippine banks and ensure a sustainable, digital and inclusive banking future......»»
BSP onboards 1st nonbank electronic money issuer
The Bangko Sentral ng Pilipinas (BSP) achieved a significant milestone by welcoming OmniPay, Inc. as the first nonbank electronic money issuer (EMI) participant in its Real Time Gross Settlement (RTGS) payment system, PhilPaSSplus. This move aligns with the National Payment Systems Act and signifies a more inclusive national payment system, allowing nonbank financial institutions to conduct efficient and low-risk funds transfers directly through the central bank. Assistant Governor Mary Anne P. Lim emphasized the BSP's commitment to safeguarding the entire Peso RTGS payment system amidst global trends of diversified participation. With 236 institutions, including various banks and nonbank entities, utilizing PhilPaSSplus for large value transactions and retail payment clearing, the BSP's initiative reflects a broader trend of central banks facilitating direct access for nonbank entities to settlement services. This development comes as international standard-setting bodies work on access guidelines to manage risks in evolving payment systems with new players and financial technologies......»»
SSS surpasses 2023 target
State-run pension fund Social Security System saw its net income reach a record P83 billion in 2023 on the back of the mandatory contribution hike and the increase in new members......»»
Dollar remittances hit record high
The strong finish in December due to the holiday season boosted dollars sent home by Filipinos abroad to reach an all-time high of $37.2 billion in 2023, the Bangko Sentral ng Pilipinas said......»»
GCash widens global reach
Overseas Filipino workers may connect their GCash accounts with foreign banks by the second quarter of the year, expanding the financial services they can access in the e-wallet......»»
Global Dominion financed P6.8 billion in 2023
Global Dominion Financing Inc. (Global Dominion) booked P6.8 billion of loans in 2023. This infusion to the Philippine economy mobilized businesses and empowered families to achieve their goals. This growth indicator was highlighted during the company’s 2024 annual stockholders’ meeting, attended by its board of directors, shareholders and senior managers......»»
AIIB approves P64 billion loan for Bataan-Cavite bridge
The Asian Infrastructure Investment Bank (AIIB) is extending up to P64 billion in loans to fund the construction of the Bataan-Cavite Interlink Bridge (BCIB) project and enhance connectivity in the Greater Manila Area......»»
Global Dominion financed P6.8 billion in 2023
Global Dominion Financing Inc. (Global Dominion) booked P6.8 billion of loans in 2023. This infusion to the Philippine economy mobilized businesses and empowered families to achieve their goals. This growth indicator was highlighted during the company’s 2024 annual stockholders’ meeting, attended by its board of directors, shareholders and senior managers......»»
Maya loan releases hit P34 billion
Maya Bank has disbursed over P34 billion in loans as of end-March, with 59 percent of its borrowers accessing credit for the first time through the lender......»»
Landbank income improves by 11 percent in Q1
The net income of state-run Land Bank of the Philippines increased by 11 percent to P12 billion in the first quarter from P10.8 billion in the same quarter last year, mainly driven by high interest income from loans......»»
Global Dominion financed P6.8 billion in 2023
Global Dominion Financing Inc. (Global Dominion) booked P6.8 billion of loans in 2023. This infusion to the Philippine economy mobilized businesses and empowered families to achieve their goals. This growth indicator was highlighted during the company’s 2024 annual stockholders’ meeting, attended by its board of directors, shareholders and senior managers......»»
PLDT takes out P4 billion green loan for expansion
Telco leader PLDT Inc. has doubled down on its strategy to acquire sustainable loans as it took out P4 billion in green financing from Metropolitan Bank and Trust Co. to fund its network expansion......»»
LGU loans more than tripled in H2
The proposed domestic borrowings of local government units (LGUs) more than tripled to P48.9 billion in the second half of 2023 from P15.8 billion in the same period in 2022, the Bangko Sentral ng Pilipinas (BSP) reported......»»
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......»»