Non-banks’ domestic claims up by 15 percent in Q4
The domestic claims of non-bank financial institutions increased by 15 percent to P9.05 trillion in the fourth quarter of 2023 from P7.87 trillion in the same quarter in 2022, based on a survey of the Bangko Sentral ng Pilipinas (BSP)......»»
Philippines slightly upgrades GDP growth to 6 pct in Q3
MANILA, Jan. 30 (Xinhua) -- The Philippine Statistics Authority (PSA) on Tuesday slightly upgraded year-on-year growth of gross domestic product (GDP) for the third quarter of 2023 to 6 percent from preliminary estimate of 5.9 percent. "The major contributors to the upward revision were manufacturing, from 1.7 percent to 1.8 percent; financial and insurance activities, from 9.5 percent to 9.6 percent; and accomm.....»»
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.....»»
Banks’ bad loans rise in February
The soured loans of Philippine banks picked up for the 14th straight month in February, bringing the gross non-performing loan ratio to a steady 3.44 percent, amid high interest rates......»»
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.....»»
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).....»»
Philippines financial sector expands by 8 percent in February
The total resources of banks and non-bank financial institutions rose by 7.9 percent to P30.87 trillion as of end-February from P28.58 trillion in the same period a year ago, based on preliminary data from the Bangko Sentral ng Pilipinas......»»
BSP may cut big banks’ RRR to 5 percent
The Bangko Sentral ng Pilipinas (BSP) is looking at a significant reduction in the level of deposits banks are required to keep with the central bank after it starts cutting interest rates this year, its top official said......»»
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’ NPL ratio eases to 3.41 percent in November
The share of soured loans to the banking sector’s total loan book slipped to 3.41 percent in November 2023 after rising to a five-month high of 3.44 percent a month earlier, according to the Bangko Sentral ng Pilipinas......»»
Philippines GDP expands by 5.7 pct in Q1
MANILA, May 9 (Xinhua) -- The Philippines' gross domestic product (GDP) expanded 5.7 percent year-on-year in the first quarter of 2024, the Philippine Statistics Authority (PSA) said Thursday. The latest figure is higher than the 5.5 percent growth in the fourth quarter of 2023, but lower than the 6.4 percent expansion posted in the first quarter of 2023. PSA head Dennis Mapa told a press conference that.....»»
Security Bank sees 5.8 percent economic growth in Q4
Security Bank Corp. believes the Philippine economy grew by 5.8 percent in the fourth quarter last year, bringing the full-year gross domestic product growth to 5.6 percent in 2023......»»
Council to appeal March 1 as special non-working holiday in Davao City
The Davao City Council is seeking to appeal to the national government to declare March 1 as a non-working holiday in honor of Araw ng Davao, the city's founding anniversary. Councilor Al Ryan Alejandre emphasized the importance of this appeal for the people of Davao, expressing hope that the president will grant their request. This initiative comes as a response to a new bill that designates March 1 as the new founding anniversary, shifting the traditional celebration date from March 16. Despite the bill and law designating March 1 as a working holiday, the council aims to annually request Malacañang to recognize it as a non-working holiday. The appeal is intended to ensure that Dabawenyos can actively participate in the festivities. Additionally, the executive committee of Araw ng Davao is in the final stages of organizing events and activities for the celebration. Discussions have been ongoing, with plans anticipated to be finalized soon. This move reflects the council's commitment to honoring and celebrating the city's heritage and traditions......»»
Marcos declares Feb. 9 a special non-working day for Chinese New Year
MANILA, Philippines — President Ferdinand Marcos Jr. has declared February 9, a Friday, as a special non-working day in the country for the celebration of Chinese New Year. The Palace issued Proclamation No. 453, making the declaration. “The declaration of 09 February 2024, Friday, as an additional special non-working day throughout the country will give.....»»
More banks keen on green financing – BSP
More banks in the Philippines have expressed interest to finance green and sustainable projects in the country amid the need to fund efforts that would mitigate impacts of climate change......»»
Fitch keeps credit rating of 5 Philippine banks
Fitch Ratings has affirmed the credit rating of five of the country’s biggest banks and kept its stable outlook, on the back of a likely robust economic growth over the next two years......»»
Indian banking sector continues to improve with better asset quality, high credit growth: Survey
New Delhi [India], March 21 (ANI): The health of the Indian banking sector continues to improve with better asset quality and high credit growth, a survey conducted by industry body FICCI and banking association Indian Banks' Association (IBA) showed. The eighteenth round of the survey was carried out for the period July to December 2023. Those banks that were surveyed together represent about 77 per cent of the banking i.....»»
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......»»
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......»»
UBS sees 2-digit credit growth for Philippines banks
Banks operating in the Philippines are expected to post a double-digit credit growth this year on the back of robust economic expansion, according to banking giant UBS......»»