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CARD SME Bank opens new branch in Batangas; geared up for the new normal

CARD SME Bank opened its 35th branch in Nasugbu, Batangas on July 27, 2020, and is now ready to serve its clients adapting to the new normal......»»

Category: newsSource: samarnews samarnewsOct 27th, 2020

CARD RBI opens its first branch under the new normal

To bring its banking products and services closer, CARD MRI Rizal Bank (CARD RBI) opened its 32nd branch in Siniloan, Laguna on July 27, 2020......»»

Category: newsSource:  samarnewsRelated NewsNov 2nd, 2020

CARD thrift bank opens 34th branch in Bacoor

CARD SME Bank, a thrift bank under the CARD Mutually Reinforcing Institutions opened its 34th branch in Bacoor City on February 24, 2020......»»

Category: newsSource:  samarnewsRelated NewsMar 12th, 2020

CARD Bank, continues to serve in the new normal

CARD Bank held its mid-year business review and planning on July 8-10, 2020 with the theme “Moving forward to the new normal fueled by the same mission of poverty eradication”......»»

Category: newsSource:  samarnewsRelated NewsOct 9th, 2020

Home Credit launches credit card with QR payment feature

As the country transitions to the new normal and the demand for safer, contactless payment options continue to rise, Home Credit—the first non-bank institution in the country to issue a credit card to its customers—is introducing another first:  the Philippines’ first credit card that allows consumers to make cardless payments through the use of quick response or QR codes. .....»»

Category: techSource:  thestandardRelated NewsJul 6th, 2020

Taiwan bank opens Manila branch

MANILA, Philippines – First Commercial Bank of Taiwan has finally opened its Manila branch, six months after it was given the green light by the Bangko Sentr.....»»

Category: financeSource:  philstarRelated NewsJan 7th, 2017

TURNING POINT: Normalizing Lives

NAAWAN, Misamis Oriental (MindaNews / 20 November) – All over the globe, many bank on the COVID -19 vaccine to return to normal life. But the vaccine is slow in coming and is still far away and the virus is piling the dead everywhere, making people sick just by the thought of it. While waiting […].....»»

Category: newsSource:  mindanewsRelated NewsNov 20th, 2020

COVID-19’s impact on banks manageable – BSP report

The banking system remains on “solid footing” in terms of assets, loans, deposits, profitability, capital and liquidity buffers despite the COVID-19 health crisis, a report from the Bangko Sentral ng Pilipinas (BSP) said.  “The impact of the pandemic on the overall condition and performance of the banking system, which remains the core of the domestic financial system, has been manageable,” according to the BSP’s second semester report on the Philippine financial system. The total assets of the banking system account for 81.9 percent of the financial system’s total resources. MB file photo. The banks remained resilient during the worst of the lockdown period because of the “timely, time-bound and crucial” regulatory relief measures that BSP granted to them during the most severe quarantine months of March until June. These relief measures “helped address the adverse repercussions of the pandemic.” One of these reprieves was the suspension of the submission of some bank reports while most of the country was on enhanced community quarantine (ECQ) restrictions. Banks have had to adjust operations and deal with the slowdown in economic activities that affected their borrowers’ capacity to pay. Based on a set of financial soundness indicators (FSI) to assess banks’ health and soundness, it noted that the banking system is “stable and resilient despite global uncertainties related to the extent and path of COVID-19 menace.”  But, the BSP said that the FSI analysis also implies that “consequent risks from lending should be monitored especially in the event of excessive uncertainties that could place additional pressures on the banking system in the short and medium run.” As of the report timeline, banks surveyed have yet to determine the total impact of the grace periods under the Bayanihan law but generally, based on the BSP’s comprehensive baseline survey conducted in April, banks have proactive control measures that will ensure the continued delivery of financial services to the general public and also to protect their personnel, said the BSP. Banks’ business continuity plans, and previous efforts at digitalization, also helped them to respond quickly to conditions brought about by the ECQ. Despite the economy in recession due to the pandemic, the banking system’s total assets reached P18.6 trillion as of end-June, 98.8 percent of the GDP. The end-June tally was 7.9 percent higher year-on-year but was slower than the 9.8 percent growth recorded in June 2019 and the 8.4 percent growth as of end-December 2019. Assets continue to grow because of the expansion of funds that went to lending activities while funding came from deposits, bond issuances and capital infusion. In the meantime, the report said banks’ profitability or net income fell by 22.5 percent to P86.5 billion as of end-June 2020 because of higher provisioning requirements. This was a reversal of the 27.7 percent growth in earnings same time in 2019.  “Provisions on credit losses for loans and financial assets significantly increased, weighing heavily on bank profitability. Other income sources are expected to slow down due to lower volume of transactions, waiver of inter-branch and interbank fees as well as the temporary grace period moratorium on the imposition of bank fees, penalties and charges under the Bayanihan Act,” said the BSP. Based on the BSP survey, banks have measures to cushion the adverse impact of the pandemic on profitability such as banks’ plans to impose cost-cutting measures that includes deferred capital spending and freeze hiring of non-critical positions. The BSP said banks have also intensified loan collection activities and its loan monitoring. They have also become more prudent in loan releases, reduced the cost of funds and at the same time boosted marketing campaigns for new loans and deposits.  “Across banking groups, (the big banks) also intend to reduce their exposures to vulnerable sectors and to increase ancillary or fee-based business while thrift banks and rural/cooperative banks plan to fast track digitization initiatives to reduce operating expenses,” said the BSP......»»

Category: newsSource:  mb.com.phRelated NewsNov 8th, 2020

Gov’t pushes digitalized, mechanized farm sector

The Department of Finance (DOF) said the government is rapidly digitalizing the country’s agricultural systems and mechanizing farm production to ensure food security over the long run. During the virtual 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Finance Secretary Carlos G. Dominguez III said the government wants to turn the coronavirus-induced health emergency into an opportunity. Finance Secretary Carlos G. Dominguez III (MANILA BULLETIN FILE PHOTO) To do so, Dominguez said efforts to implement the twin measures are being done to expand Filipinos’ market access for food producers while keeping food supply available and prices affordable. “We are confident that the innovative measures we are putting in place today will transform Philippine agriculture into a dynamic, high-growth sector that will fuel our country’s strong recovery,” Dominguez said during the high-level Food Security Roundtable at the meeting. Dominguez said the government is also promoting digital marketing to support ongoing efforts to boost consumer spending in the new normal and sustaining public investments in rural infrastructure. He added that the government is accelerating the move towards agricultural technology-based farming and value chain development to ensure long-term food security.  To channel more funds into the agriculture sector, the government is also encouraging more private-sector financing in the sector by proposing reforms in the Congress that will provide more access to credit for the entire agricultural value chain, Dominguez said.   “We all aspire for greater food and nutrition security for our people. Only an efficient and modern agriculture sector can fully deliver that,” Dominguez, who was Agriculture secretary during the administration of the late President Corazon Aquino, said. Amid pandemic, Dominguez III said the Philippines has been handling the COVID-19 crisis “with strength on the food security front” duets reforms, particularly with the passage of the Rice Tariffication Law (RTL). According to Dominguez, the agriculture sector was “one of the brightest spots” of the Philippines’s response to the pandemic owing in large part to the RTL. He pointed out that agriculture sector even continued to grow when the rest of the economy contracted because of the COVID-19 pandemic.  Dominguez said rice tariffication was among the main reasons why the government has succeeded in keeping food prices and supply stable, and inflation low during the COVID-19 emergency.  Keeping rice prices stable has been helpful for low-income households that spend a fifth of their budgets on rice alone, he added.   “The Philippines faced the COVID-19 pandemic with strength on the food security front,” Dominguez said.  He pointed out that despite logistical restrictions resulting from the lockdowns imposed to protect people and communities from the lethal coronavirus, the government was able to sustain the flow of produce from local farms to Filipino consumers.   “A food crisis did not happen. This is credited to the effective management of the food supply by our Agriculture Department,” Dominguez said......»»

Category: newsSource:  mb.com.phRelated NewsNov 8th, 2020

No more fly by night tours in Bohol s new normal

TAGBILARAN CITY, Bohol, Nov. 7 (PIA) -- As Bohol re-opens a travel bubble starting in Panglao on Nov. 15, 2020, there would be no "do it yourself" tours under the new normal.As Bohol now onl.....»»

Category: newsSource:  philippinetimesRelated NewsNov 8th, 2020

More firms seen setting up retirement plans for employees

Security Bank Corp. expects a rise in the number of companies offering retirement programs next year and becoming part of the new normal as the country recovers from the recession brought about by the pandemic......»»

Category: financeSource:  philstarRelated NewsNov 2nd, 2020

Perks of using a well-rounded mobile banking app

Restrictions in the new normal disrupt time-tested systems and processes. One of which is how people usually manage and grow their money through a bank visit, use of an ATM, and access to cash-heavy transactions......»»

Category: techSource:  thestandardRelated NewsOct 23rd, 2020

PH must invest in broadband

World Bank economist and lead author of the report “A Better Normal Under Under COVID-19: Digitalizing the Philippine Economy Now”, Kevin Chua, said it accurately, “In a society-wide digital transformation, the government itself must lead by example.”.....»»

Category: techSource:  thestandardRelated NewsOct 21st, 2020

Cooperation, not competition

SPEAKING OUT Ignacio R. Bunye The Ayala Group is widely recognized in the Philippines and in Asia as a pioneer in ESG (Environment, Social, and Governance) with its formal adoption of the Ayala Sustainability Framework. In a recent webcast conversation with ATR Asset Management’s Julian Tarrobago, Jr., Jaime Augusto Zobel de Ayala (JAZA), Chairman and CEO of Ayala, explained the genesis of this corporate philosophy. In a nutshell, this is about using the economic engine and for-profit discipline of enterprises to address social issues – not as a philanthropy but as an integral part of doing business. This is a new philosophy designed to foster an environment where there is inclusive growth. This is achieved by engaging disenfranchised sectors and going beyond just the financials. This is reflected in how Ayala purposively evolved over the years and how it has operated during the crisis. This explains how and why Ayala Land continues to make urban centers more livable and more friendly, why Ayala Land projects aim to become carbon-neutral a few years down the road, why AC Energy continues to improve its mix of energy sources, consistently increasing reliance on renewables, why Ayala has ventured into health and into education, and why BPI has dramatically upsized its microfinance. This explains why during the crisis, Ayala’s first concern was to ensure both the physical and financial well-being of its stakeholders. This includes Ayala’s employees and those of the various eco-systems (read that as 250,000 SMEs) which support Ayala. This meant P10 billion, to date, of foregone revenue, to help in their recovery and fostering sustainable growth beyond the crisis. Finally, JAZA explains why “this is a time for us to learn to cooperate rather than be at odds with each other. Our modern capitalist system is massively integrated in a way that it wasn’t in the past. And because we have an integrated system, we are tied to each other in ways that we either all succeed together, or not. If one component of that system is allowed to fail, then you start to break up what makes modern capitalism so strong. The supply chain, the integration, the way we work off each other, each person providing their own component of the system. If we don’t help each other, particularly in the public-private sector to reenergize and restart that great engine, then we will fail. Perhaps, this is a period in time where cooperation is being demanded more from all of us both in the private sector alone and in the private-public interaction, to see how we can all work together to address the many pain points that we will face as a nation if we are to get out of this pandemic.” Change your passwords often Even prior to the pandemic, incidents of unauthorized ATM withdrawals by third parties have been reported on the rise. It is perhaps opportune to issue this reminder. Essentially, it is about keeping our User IDs and passwords safe. One normally reads this reminder on our bank’s website. This is what the bank usually tells us. The bank will never ask you to provide your User IDs or Passwords through e-mail or SMS so don’t fall for unsolicited messages that your account has been temporarily disconnected and that you have to change your password. Never click on links from suspicious e-mails and SMS. Hackers can gain access to your account, plant malware, and steal your identity. Monitor your accounts regularly and immediately report any discrepancies. If I may just add, don’t ask anybody to withdraw money from the ATM for you. For added protection, you may want to use Code Red, an RFID and NFC Anti-Scanning Card. It is a smart card that provides protection from identity theft by manipulating the radio signals using E-field technology. Simply put it inside your wallet and it will make your personal data invisible to electronic thieves and hackers. (Thanks BPI EVP Mon Jocson for this last tip.) Note: You may wish to share the foregoing article via Facebook, Twitter and/or Linked-In......»»

Category: newsSource:  mb.com.phRelated NewsOct 18th, 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

Philippines& rsquo; first eCommerce Debit Card launched

The Union Bank of the Philippines (UnionBank) and Lazada Philippines launch its newest offer – the UnionBank Lazada Debit Card, the country’s first eCommerce Debit Card. Created with the avid online shopper in mind, this debit card aims to make each online shopping transaction smooth and more rewarding for customers. Powered by UnionBank’s superior digital banking capabilities, customers are also assured of a seamless and secure experience all throughout their eCommerce journey......»»

Category: techSource:  thestandardRelated NewsOct 12th, 2020

How Filipino SMEs reset for rebound after COVID-19

The COVID-19 pandemic has clearly affected many industries since the implementation of the community quarantines.  But as the saying goes, when one door closes, another one opens, as many businesses, especially the small and medium scale enterprises, still found a way to remain resilient in the “new normal.”.....»»

Category: techSource:  thestandardRelated NewsSep 22nd, 2020

Beep card users to get rewards

AF Payments Inc., a consortium of Metro Pacific Investments Corp. and Ayala Corp., is providing users of the country’s only interoperable stored value card with rewards as contactless payment becomes the new normal in public transportation......»»

Category: financeSource:  philstarRelated NewsSep 21st, 2020

Commuters flash victory signs as India re-opens metro despite virus surge

Commuters flashed victory signs as India restarted city metro services Monday after a nearly six-month hiatus, determined to live with the new normal even as the vast nation overtook Brazil as the second-worst coronavirus-affected country......»»

Category: newsSource:  thestandardRelated NewsSep 8th, 2020

Jollibee opens CBTL branch in New York

Jollibee Group, the Filipino-owned Asian food conglomerate, opened its Coffee Bean and Tea Leaf® brand in New York......»»

Category: financeSource:  philstarRelated NewsSep 5th, 2020

PBA teams try to get back into game shape as restart looms

Philippine Basketball Association (PBA) commissioner Willie Marcial admits that it would take some time for players to get back in game shape after almost five months removed from training due to the pandemic. There’s no doubt that they will show signs of obvious rust.   “Sigurado ‘yun, tinatanong ko ang mga players. Ang hirap magkaroon ng game shape,” said the league official. “Maski mag-practice ka ng ganito tapos scrimmages ka lang ng two to three weeks, hindi mo makukuha ang game shape mo.” “Talagang wala 'yung kondisyon, wala 'yung timing, wala 'yung shooting. So medyo kakalawangin pa ng konti ang mga players,” he added. But Marcial assured PBA fans that teams are now working doubly hard to get their players back into their competitive form as the league prepares for the restart of the Philippine Cup soon – possibly through a ‘bubble concept’ set-up. [Related story: Batangas, Laguna, Araneta all options for 'PBA Bubble'] In fact, at least half of the 12 member clubs have already began their respective individual workouts under a strict health and safety protocol Tuesday morning. [Related story: PBA: Ginebra earliest to start practice under "new normal"] Speaking during the online session of the Philippine Sportswriters Association Forum, Marcial, who was joined by league chairman Ricky Vargas of TNT, said that he has full confidence with how teams will whip up their players back into top form. “’Yun ang ginagawa ng mga coaches. ‘Yun ang ginagawa ng buong team na ayusin nila,” said Marcial. “Baka ‘yung iba nga kung may scrimmages twice a day na ‘yan para preparasyon.” The commissioner added that he already reminded the players to show the same level of competitiveness once the government gives the greenlight for games to resume. “[Sabi ko] ‘di tayo pwedeng maglaro na parang scrimmage. Kung maglalaro tayo eh ‘yung talagang totoong laro. Da-dive tayo. Kung ano ang ginagawa natin, may fans o wala, kailangan ‘yun ang gawin natin. Pumayag naman sila,” said Marcial.   --- Follow this writer on Twitter, @fromtheriles.....»»

Category: sportsSource:  abscbnRelated NewsAug 25th, 2020