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Digital banks seen profitable in 5-7 years
Digital banks in the Philippines need five to seven years to become profitable, as only two out of six online lenders are doing well so far, according to the Bangko Sentral ng Pilipinas......»»
Mister ni Alex na si Mikee napagkamalang sina Whamos at Chel Diokno
NAPAGKAMALAN ng mga netizens ang asawa ni Alex Gonzaga na si Mikee Morada bilang sina Whamos Cruz at Atty. Chel Diokno. Nag-post kasi si Alex sa Instagram ng isang litrato kung saan makikita siyang nakahiga sa kama habang yakap ang unan na may mukha ni Mikee ang ginamit na punda. Ayon sa TV host-actress.....»»
Diokno turns over DOF helm to Recto
Secretary Ralph Recto started the ball rolling as he formally took over the helm of the Department of Finance, with former DOF chief and now Monetary Board member Benjamin Diokno handing over the agency in a simple ceremony yesterday......»»
Diokno as Monetary Board member: I’m now cooling down
Former finance secretary Benjamin Diokno says he is now on a cooling down mode as he was sworn in as the last member of the Monetary Board......»»
Moody’s outlook: Philippine banks remain on stable footing
Moody’s Investors Service has maintained a stable outlook for Philippine banks as interest rate cuts from the Bangko Sentral ng Pilipinas this year are seen to support economic recovery......»»
Banks’ bad loans swell in 2023
The soured loans of Philippine banks picked up to 3.23 percent in 2023 from the almost two-year low in 2022, according to the Bangko Sentral ng Pilipinas......»»
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 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......»»
Diokno’s back, but Bangko Sentral ‘not sure’ if Ralph Recto will sit in its powerful Monetary Board
'There’s an appointed secretary of finance but me personally, I’m not sure if the secretary of finance will sit as a member of the Monetary Board,' says BSP Deputy Governor Eduardo Bobier.....»»
Women shaping Philippine monetary policy
Women have made significant strides as leaders in the Philippine financial services industry even as challenges continue to persist. At the helm are two distinguished female members of the Monetary Board (MB) – the policy-setting body of the Bangko Sentral ng Pilipinas (BSP) –both of whom are breaking the bias for women in finance......»»
Philippines to take cue from Fed policy
Ahead of the policy meeting next week, the Bangko Sentral ng Pilipinas is likely to follow the steps of the US Federal Reserve as to when high borrowing costs can finally take a breather......»»
BSP unlikely to cut rates in 1st half
The Bangko Sentral ng Pilipinas is unlikely to cut key policy rates within the first half of the year as it deems it necessary to keep monetary policy settings sufficiently tight in the near term to better anchor inflation expectations and mitigate second-round effects......»»
BSP planning wholesale digital currency drop by 2026
The Bangko Sentral ng Pilipinas, our country’s central bank, is planning to launch a “central bank digital currency” within two years......»»
Maya lauded globally as Philippines’ Best Digital Bank
2023 marked a milestone for Maya, reaching an impressive three million depositors. Dominating the industry, Maya commands 57% of the total digital bank depositors, as reported in September 2023 by Bangko Sentral ng Pilipinas (BSP). .....»»
Should You Bite on Digital Credit Line Offerings?
Digital credit lines have become a prevalent offering for digital platforms like digital banks and online shopping apps. These readily available lines of credit, often so accessible, can be tempting, especially for unexpected expenses. But before you hit “apply,” it’s crucial to weigh the pros and cons to determine if a digital credit line aligns […].....»»
The Importance of Still Keeping Loose Change
In the Philippines, the convenience of digital payments is quickly becoming the norm. There are now fewer lines to the ATMs every payday, people are now using their phones more for payments, and digital banks are becoming more prevalent. Amidst the digital transformation the country is undergoing, we often hear “I don’t have cash” from […].....»»
Public sector banks doing better in managing NPAs vis-a-vis their private counterparts: FICCI-IBA survey
New Delhi [India], March 21 (ANI): Public sector banks in India are doing better in comparison to their private sector counterparts in terms of non-performing assets, a survey conducted by industry body FICCI and banking association Indian Banks' Association (IBA) found. A nonperforming asset refers to loans or advances that are on the brink of default. According to the survey, a large majority (77 per cent) of the respon.....»»
ADB approves 655,000 USD to help Philippine rural banks digitization
MANILA, Feb. 19 (Xinhua) -- The Asian Development Bank (ADB) on Monday said it will provide grants totaling 655,000 U.S. dollars for the digitization of nine rural banks and a bank consortium in the Philippines. The grants are part of ADB's Fintech for Inclusion Transformation (FIT) program. The grant awardees were chosen from among rural banks nationwide serving women, farmers, fisherfolk, and micro, sma.....»»
ADB approves 655,000 USD to help Philippine rural banks digitization
MANILA, Feb. 19 (Xinhua) -- The Asian Development Bank (ADB) on Monday said it will provide grants totaling 655,000 U.S. dollars for the digitization of nine rural banks and a bank consortium in the Philippines. The grants are part of ADB's Fintech for Inclusion Transformation (FIT) program. The grant awardees were chosen from among rural banks nationwide serving women, farmers, fisherfolk, and micro, sma.....»»