Basic deposit accounts in banks reach P4.7 billion

The low cost, no frills deposit accounts reached P4.7 billion last year and may rise further with the continued rollout of the Philippine Identification System in the country amid the COVID-19 pandemic, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource: philstar philstarMay 30th, 2021

RCBC unit books P6.1 million basic deposit accounts

The thrift banking arm of Rizal Commercial Banking Corp. booked P6.13 million in basic account deposits as of the end of the second quarter in support of the financial inclusion efforts of the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsJul 28th, 2021

BSP reinforces & lsquo;know-your-employee& rsquo; rules for banks

The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, said Thursday it strengthened the “know-your-employee” policies and practices and tightened controls related to confirmation of deposit accounts as part of the operational risk management system of supervised financial institutions......»»

Category: financeSource:  thestandardRelated NewsApr 15th, 2021

Low imports mean low take-up of foreign bank loans in Q3

Banks lent out $17.3 billion under the foreign currency deposit units (FCDUs) as of September, 3.9% down from previous quarter......»»

Category: financeSource:  philstarRelated NewsDec 29th, 2020

SSS okays pensioners& rsquo; 13th month pay

The Social Security System (SSS), through Development Bank of the Philippines (DBP), has released its December pension and 13th-month bonus amounting to P23.1 billion to Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating banks and other checkless disbursements channels to be credited to pensioners’ bank accounts starting December 1 but not later than December 4, 2020......»»

Category: newsSource:  thestandardRelated NewsNov 27th, 2020

PNB plans to establish digital bank subsidiary

The Philippine National Bank (PNB) is thinking of putting up a digital bank either as a subsidiary or stand-alone unit, according to its president and CEO Jose Arnulfo “Wick” Veloso. PNB president and CEO Jose Arnulfo “Wick” Veloso  “We’re discussing internally with the principals,” said Veloso. “They really want us to set up a digital bank” and a pure digital bank at that. The Bangko Sentral ng Pilipinas (BSP) has drafted a circular for the establishment of digital banks in the country and the banking community is currently being consulted on this, including the proposal to impose a minimum capitalization of P1 billion for a digital banking license.  “Clearly, as we get to see more regulations (or) the regulatory body encouraging digital bank participation, we would like to also review that and probably put into a subsidiary or stand alone,” said Veloso. “I understand there is going to be different regulatory relief or ease of doing business for those that are going to set up purely digital banks. That is something that we are seriously reviewing.” Veloso, in a virtual press briefing on Friday, said that in the digital banking landscape as it is currently set up now, PNB is one of the leaders in the digital experience and since March when the lockdowns were implemented, the bank has been trying to convince clients to go digital.  “Others claim to be ahead of space in the digital world. I can proudly say that the only thing they are ahead of us are  — for one bank, the end-to-end account opening, and for another bank, it’s because of the end-to-end check deposit. But otherwise, there is no dfference with what they’re sharing with everyone else,” said Veloso. The bank has seen an increase of 18 percent in its digital and mobile transactions during the height of the pandemic lockdowns. As of end-September, they now have 696,000 users of their digital platforms, up 31 percent year-on-year.  “We want our customers to understand how they can easily manage their funds and transact by going online using our digital channels. We also want more people to learn about the products that are meant to fit all their needs (with digital banking experience),” said Veloso. Presently, PNB branches across the country are “reaching out to customers who have not yet registered with internet banking or mobile banking”. In the BSP proposed circular on digital banks, any existing banks applying to shift to digital banking are given three years to complete conversions including the closure of branches or branch lite units. The BSP said a digital bank will be confined to a digital platform and/or electronic channels “with minimal to no reliance” on physical touchpoints. It will not have a branch or branch-lite unit but it can offer offer financial products and services through cash agents and other delivery partners. However it will be required to keep a head office in the Philippines as its main point of contact and as a “central hub for receiving and resolving customer complaints.” There are three banks that are already applying to deliver digitized financial services but these applications are not digital bank applications but are applying under existing BSP banking classification, pending the digital banking regulation......»»

Category: lifestyleSource:  abscbnRelated NewsOct 18th, 2020

Pandemic hammers HSBC profits in H1

HONG KONG (AFP) – HSBC on Monday said profits for the first half of 2020 plunged by 69 percent on year as the banking giant was hammered by the coronavirus pandemic and spiralling China-US tensions. The lender reported post-tax profits of $3.1 billion while pre-tax profit was $4.3 billion, a 64 percent drop on the same period last year. Reported revenue was down nine percent at $26.7 billion. Chief executive Noel Quinn described the first six months of the year as ”some of the most challenging in living memory”. ”Our first-half performance was impacted by the COVID-19 pandemic, falling interest rates, increased geopolitical risk and heightened levels of market volatility,” he said in a statement to the Hong Kong stock exchange, Even by the standards of the current economic maelstrom engulfing global banks, HSBC has had a torrid year. Before the coronavirus crisis it was beset by disappointing profit growth, ground down by US-China trade war uncertainties and Britain’s departure from the European Union. The Asia-focused lender embarked on a huge cost-cutting initiative at the start of the year, including plans to slash some 35,000 jobs as well as trimming fat from less profitable divisions, primarily in the United States and Europe. The coronavirus upended some of that cost-cutting drive with banks hammered by market volatility and the economic slowdown caused by the pandemic. But HSBC has a further headache — geopolitical tensions via its status as a major business conduit between China and the West. HSBC makes 90 percent of its profit in Asia, with China and Hong Kong being the major drivers of growth.  Caught in crossfire As a result it has found itself more vulnerable than most to the crossfire caused by the increasingly bellicose relationship between Beijing and Washington. The bank has tried to stay in Beijing’s good graces. It vocally backed a draconian national security law that Beijing imposed on Hong Kong in June to end a year of unrest and pro-democracy protests. The move sparked criticism in Washington and London but analysts saw it as an attempt to protect its access to China, which has a track record of punishing businesses that do not toe Beijing’s line. But that has not shielded it from Beijing’s wrath. Last month the bank was a subject of multiple reports in China’s state-run media claiming that it had helped to provide the evidence that led to the arrest in Canada of Huawei executive Meng Wanzhou on a US arrest warrant. HSBC released a statement on its Chinese Weibo accounts saying it had not ”framed” telecom giant Huawei or ”fabricated evidence” that led to the arrest of Meng. China’s internet censors blocked access to HSBC’s statement within hours of publication, without offering an explanation. Quinn referenced the bank’s growing political vulnerability in Monday’s statement. ”Current tensions between China and the US inevitably create challenging situations for an organization with HSBC’s footprint,” he said. ”However, the need for a bank capable of bridging the economies of East and West is acute, and we are well placed to fulfill this role,” he added. The bank’s Asia operations continued to show ”good resilience”, Quinn said, with profit before tax of $7.4 billion. Earlier this year Quinn put some of the job cuts on hold as the pandemic struck. But in Monday’s statement he vowed to press ahead with the cost-cutting. ”As we seek to accelerate our transformation in the second half of the year, I am mindful of the impact it will have for some of our people, particularly those leaving us,” he said......»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

MSME loans reach P457 billion in end-April

Loans extended by Philippine banks to micro, small and medium enterprises reached P457 billion as of end-April as the Bangko Sentral ng Pilipinas urges financial institutions to lend more to the sector......»»

Category: financeSource:  philstarRelated NewsJun 22nd, 2020

Tonik digital bank deposits reach P3.5 billion

Purely digital and branchless bank Tonik reported P3.5 billion in retail deposits as of mid-August, less than six months after it opened in the Philippines......»»

Category: financeSource:  philstarRelated NewsAug 21st, 2021

Banks lend P189 billion to MSMEs as compliance to reserve requirement

Loans extended by banks to micro, small and medium enterprises used as compliance with the central bank’s reserve requirement ratio amounted to P188.7 billion as of July, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsAug 21st, 2021

Over P2-B savings from purchase of COVID-19 supplies left unused

MANILA, Philippines — The national government apparently saved P2 billion from the purchase of COVID-19 supplies, which prompted lawmakers to ask: “Where did it go?” During the hearing of the House committee on public accounts, it was found that the savings are to be reverted back to the National Treasury after being left unused. It […] The post Over P2-B savings from purchase of COVID-19 supplies left unused appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsAug 20th, 2021

Taxes from fuel marking reach P275 billion in 2 years

The government has collected P275.38 billion in taxes from fuel marking, nearly two years since this scheme was implemented, Finance Secretary Carlos Dominguez said......»»

Category: financeSource:  philstarRelated NewsAug 20th, 2021

Agriculture loan guarantees reach P3.5 billion in H1

The government extended P3.5 billion in guarantees to loans in the agriculture sector in the first semester, nearly achieving the full year target of P3.7 billion......»»

Category: financeSource:  philstarRelated NewsAug 20th, 2021

Profit of Phl banks jumps to P122.7 billion

The local banking industry is well on its way to recovery in terms of profitability as earnings jumped by 43 percent in the first half, but Moody’s Investors Service believes banks in the Philippines are still vulnerable as the country struggles to fully reopen the economy......»»

Category: financeSource:  philstarRelated NewsAug 10th, 2021

BSP rediscounting loans drop to P5.5 billion

Loans released by the Bangko Sentral ng Pilipinas to banks via its peso rediscounting loan facility plunged to P5.52 billion from January to July compared to P20.7 billion in the same period last year......»»

Category: financeSource:  philstarRelated NewsAug 10th, 2021

DBM releases P10.8 billion for ayuda to LGUs under ECQ

The Bureau of the Treasury would release the funds directly to concerned local government units through their respective authorized government service banks, as stated in DBM’s Local Budget Circular No. 138 dated Aug. 6, 2021......»»

Category: newsSource:  philstarRelated NewsAug 6th, 2021

Insured deposits drop to all-time low in Q1

Insured accounts in local banks sank to an all-time low of 20.3 percent in the first quarter despite the increase in deposits made during the period......»»

Category: financeSource:  philstarRelated NewsJul 31st, 2021

Bank lending to MSMEs climbs to P184 billion in June

Loans extended by banks to micro, small, and medium enterprises, which are used as compliance to the reserve requirement ratio, reached P183.9 billion as of mid-June, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsJul 31st, 2021

Why do Accounts Become Dormant and How to Avoid it

BANK clients are reminded that accounts without any activity for a long time can become dormant. A bank account is considered dormant when there is no financial activity — deposit or withdrawal — for a period of two years for a savings account and one year for a checking account. Dormant accounts are subject to […].....»»

Category: newsSource:  metrocebuRelated NewsJul 23rd, 2021

Telehealth industry flourishing in Philippines...

Digital health platforms in the Philippines are expected to report a further surge in activity as the global telehealth market is expected to reach $19.5 billion by 2025......»»

Category: financeSource:  philstarRelated NewsJul 10th, 2021

COA flags AFP over P1.8 billion in ‘unauthorized’ bank accounts

The Commission on Audit flagged the Armed Forces of the Philippines over its failure to close 20 unauthorized bank accounts with a total balance of P1.813 billion......»»

Category: newsSource:  philstarRelated NewsJul 10th, 2021