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Security Bank, Thai partner inject P3 billion in new JV

Security Bank Corp. and Thailand’s Bank of Ayudhya (Krungsri) are infusing P3 billion into their leasing and finance joint venture in anticipation of strong demand from the consumer finance segment as the economy recovers from the pandemic-induced recession......»»

Category: financeSource: philstar philstarFeb 24th, 2021

Security Bank, Thai bank get clearance

Security Bank Corp. and Thailand’s Bank of Ayudhya– he two major shareholders of SB Finance–have obtained respective internal approvals to infuse additional capital to SB Finance amounting to P3 billion. Security Bank and Krungsri both have MUFG Bank, Ltd. as a common shareholder......»»

Category: financeSource:  thestandardRelated NewsFeb 23rd, 2021

Thailand Moves a Step Closer to Welcoming Back Foreign Tourists

Thailand will start issuing special visas to foreign tourists starting October, easing a more than five-month-old ban on visitors to revive the nation’s ailing tourism-reliant economy. Prime Minister Prayuth Chan-Ocha’s cabinet approved a proposal to issue visas to tourists planning to stay between 90 and 280 days in Thailand, according to government spokeswoman Traisuree Taisaranakul. The tourists will undergo a mandatory 14-day state quarantine on arrival at partner hotels or hospitals and follow health and safety regulations, she said. The government expects about 1,200 visitors to avail themselves of these visas each month, generating about 1.2 billion baht ($38.5 million) in revenue. The easing of border restrictions may boost the nation’s pandemic-battered tourism industry and cushion the blow to an economy projected to contract 8.5% this year. The news of cabinet approval for special visas triggered a rally among hotel and travel operators in Bangkok. A measure of Thai tourism and leisure stocks jumped 4.5%, the biggest gainer among the Stock Exchange of Thailand’s 28 industry groups. It was also the index’s largest increase since May 26. While Hotel operators Erawan Group Pcl and Central Plaza Hotel Pcl surged more than 8%, Minor International Pcl advanced 5.5%. Thailand’s tourism and hospitality sectors are counting on the return of international visitors, who contributed to two-thirds of tourism income before the pandemic, to reverse the slump in businesses and save millions of jobs. A government campaign to boost travel by locals through hotel and air travel concessions has failed to make up for the slump in earnings, but the move to allow foreigners in small batches will still be a relief to the industry. “There will not be a huge economic impact from this as it still can’t compensate for the revenue lost, but it will help,” Somprawin Manprasert, chief economist at Bank of Ayudhya Pcl said. “This plan still targets a higher-spending group of foreign visitors which will not benefit tourism industry operators that have lower to mid-price points, who will still suffer.” The move to relax curbs on foreign tourists also follows Thailand’s relative success in containing the coronavirus outbreak. The nation went without a local transmission for 100 days before the virus-free run was ended early this month. Though Thailand was the first country outside China to report the deadly virus, its cumulative cases stand at 3,480 with most patients already discharged from hospitals. The reopening to foreign tourists may be risky, but it is a manageable risk worth taking, Bank of Thailand’s Senior Director Don Nakornthab wrote in an article on the central bank’s website. The country may be headed for a second straight year of contraction in 2021 if it continued to restrict foreign visitor arrivals, Don wrote......»»

Category: sportsSource:  abscbnRelated NewsSep 15th, 2020

Security Bank partners with Thai bank to boost retail

Security Bank Corp. is taking in Thailand’s Bank of Ayudhya, commonly known as Krungsri, as strategic partner for its consumer finance subsidiary as part of efforts to substantially grow its market share in the retail business......»»

Category: newsSource:  philstarRelated NewsAug 10th, 2019

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

Security Bank allots P21 billion for loan losses

Security Bank Corp. has set aside P21.1 billion for potential credit losses in nine months as it continues to help clients survive uncertainties brought about by the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsNov 14th, 2020

Security Bank booked P6.7B net income in 9 months; PSBank& rsquo;s earnings hit P1.33B

Security Bank Corp., the seventh-largest lender in terms of assets, said Friday net income declined 13 percent in the first nine months to P6.7 billion from P7.7 billion in the same period last year, as it increased provisions for credit losses amid the global health crisis......»»

Category: financeSource:  thestandardRelated NewsNov 13th, 2020

COA questions ‘validity and propriety’ of Land Titling Computerization Project

The Commission on Audit has questioned the “validity and propriety” of the Land Titling Computerization Project (LTCP) of the Land Registration Authority (LRA)that lacked approval of the President and allegedly deprived the government an estimated P3.12 billion in possible income. COA has questioned the  Build-Own-Operate Agreement  (BOO) for the implementation of the LTCP that has so far earned for the private partner of the LRA some P21 billion in just 10 years. The audit agency’s observations are contained in the recently-released  2019 LRA annual audit report submitted to LRA Administrator Renato Bermejo by COA Director Michael Bacani. The LTCP introduced the automation of the functions and processes and standardization of the registration procedure for land registration in the country. COA said the BOO between the LRA and the Land Registration Systems Inc. (LARES) lacked the mandatory approval of the President as required under Republic Act 77198. “Other necessary documentary requirements were likewise not submitted to the Office of the Auditor, thus, validity and propriety of both the BOO and the corresponding IT service fees collected and released by LRA to Lares, Inc. amounting to more or less P20 billioin out of the P21 billion, as doubtful,” COA stated. The BOO was originally entered into by LRA with the Stradec FF Cruz and CONFAC (SUFC) Consortium, now LARES), in 2000 for the implementation of the agency’s Information Technology Network and Database Infrastructure Project. In a special audit on the contract that was conducted by COA from 2004 to 2005, the audit agency concluded that the LTCP “was not efficiently and effectively implemented and the interest of the government and the public was not adequately protected” due to the delay in its implementation. In the 2015 annual audit report, COA observed that various documents covering the BOO were not certified true copies, including the presidential approval of the agreement through then Executive Secretary Ronaldo Zamora. In 2019, COA sought confirmation of the presidential imprimatur of the agreement but Malacanang was not “able to provide positive confirmation on the authenticity of the presidential approval dated July 31, 2000” that was ostensibly signed by Zamora. Originally costing just P3.483 billion, the project was able to earn P21 billion, P20 billion of which was released to LARES. The LRA management took exception to COA’s doubts on the validity and propriety of the BOO agreement is”without factual and legal basis”. Officials of the agency also pointed out that all BOO Contracts are presented to the president through the National Economic Development Authority. “Since the President chairs the NEDA Board, NEDA Board approval already carries with it the president’s approval,” the LRA argued. In the same audit report, COA disclosed that the LRA has failed to incorporate amendments to the agreement with LARES for the provisions of reasonable rate of return (ROI) to ensure that “no unwarranted benefit is given to the LARES” at the expense of the public.” “Likewise the absence of a revenue sharing arrangement deprived Government of more or less P3.12 billion of possible income,” the state audit agency noted. Audit examiners stressed that LRA has continuously failed to assess the “extent of recoupment of the investment” relative to the total IT services fee imposed and collected.  They said this is”detrimental to the paying public which the government ought to protect.” COA also assailed LRA for allowing the use of 12 “outdated” network switches, “causing security vulnerability and possible performance defect due to bugs.” Further, only two out of 10 software licenses were used for the project. Among the outdated software installed was the Kaspersky Security version 10.0.0.485......»»

Category: lifestyleSource:  abscbnRelated NewsOct 18th, 2020

PayMaya enables over 50 government agencies

Digital financial services provider PayMaya has enabled over 50 government agencies  to streamline their services and accept cashless payments online todate. From June 2019 to June 2020, the volume of transactions processed by PayMaya from partner government agencies surged 900 per cent. This shows the government efforts to encourage digital payments for fees and services by accepting debit, credit, and e-Wallet payments has paid off. “In the span of one year, government agencies have stepped up their efforts in digitalizing their processes,” according to Orlando B. Vea, Founder and CEO of PayMaya. Because of this, many agencies have been able to continue offering relevant services despite the current crisis, he added. To date, PayMaya has already inked partnerships with the Social Security System (SSS), Bureau of Internal Revenue (BIR), Home Development Mutual Fund (HDMF) or PAG-IBIG, the Department of Trade and Industry, the Department of Foreign Affairs, the Department of Science and Technology, the Bureau of Customs, the Bureau of the Treasury through the Bonds.ph platform, the Department of Agriculture’s Agricultural Credit Policy Council, the Professional Regulation Commission, the Tourism Infrastructure and Enterprise Zone Authority (TIEZA), and the National Home Mortgage Finance Corporation (NHMFC), among  others.  As part of measures needed to be observed in the ‘new normal’, PayMaya intends to enable more government agencies, institutions, and  local government units to accept cashless payments and digital disbursements. Hence, PayMaya has launched its LGUs Embracing and Accelerating Digitalization (L.E.A.D.) program to help local governments offer digital transactions for constituents. The company likewise enabled digital disbursements for the cities of Manila, Mandaluyong, Caloocan, Pasig, and Quezon City, particularly in delivering financial aid to beneficiaries severely affected by the COVID-19 pandemic.  SSS and the Department of Social Welfare and Development (DSWD) also tapped Paymaya  to distribute financial aid to beneficiaries of its Small Business Wage Subsidy (SBWS) and Social Amelioration Program (SAP). Furthermore, it has powered the digital payment facilities of LGUs such as Valenzuela and Taguig. Through its app and wallet, PayMaya  provides millions of Filipinos with the fastest way to own a financial account with over 40,000 Add Money touchpoints nationwide, more than double the total number of traditional bank branches in the Philippines combined. Its Smart Padala by PayMaya network of over 30,000 partner touchpoints nationwide serves as last mile digital financial hubs in communities, providing the unbanked and underserved with access to services. .....»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 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

Security Bank raises P13.5 billion from bonds

Security Bank has raised P13.5 billion as it returned to the onshore debt market via the issuance of two-year fixed-rate peso bonds to extend the tenor of the bank’s liabilities and augment its lending business......»»

Category: financeSource:  philstarRelated NewsJul 25th, 2020

Security Bank shortens offering for peso bonds

Security Bank Corp. has shorted the offer period for its two-year fixed-rate peso bonds as orders already exceeded the original volume of P3 billion due to strong demand from investors......»»

Category: financeSource:  philstarRelated NewsJul 1st, 2020

Security Bank profit rose to P2.9B in January to March

Security Bank Corp.’s net income surged to P2.9 billion in the first three months of 2020. In a disclosure on Tuesday, the listed lender said the amount was 21.84-percent higher than the P2.38 billion posted in the same period in 2019. It also said the sustained growth in its core business income and gains from […].....»»

Category: newsSource:  manilatimes_netRelated NewsApr 28th, 2020

Security Bank says net profit in 1st quarter up 21% to P2.9b

Security Bank Corp., the seventh-largest lender in terms of assets, said net profit in the first quarter jumped 21 percent year-on-year to P2.9 billion, driven by sustained growth in core business income and securities trading gains......»»

Category: financeSource:  thestandardRelated NewsApr 28th, 2020

Security Bank ups profit to P10.1b

Security Bank Corp., the seventh-largest lender in terms of assets, said net income in 2019 jumped 17 percent to P10.1 billion from a year ago......»»

Category: financeSource:  thestandardRelated NewsFeb 28th, 2020

Security Bank sells P2.07b worth of LTNCD offering

Security Bank Corp., the seventh-largest lender in terms of assets, said Wednesday it successfully raised P2.07 billion from its offering of long-term negotiable certificates of deposit on the back of strong demand from investors......»»

Category: financeSource:  thestandardRelated NewsFeb 5th, 2020

Security Bank raises P2.31 billion via LTNCD issuance

Security Bank Corp. raised P2.31 billion as it returned to the domestic debt market via the issuance of long-term negotiable certificates of deposits......»»

Category: financeSource:  philstarRelated NewsDec 17th, 2019

Security Bank nets 22% more to P2.7 billion in Q3

Security Bank Corp. reported a net income of P2.7 billion in the third quarter, up 22 percent from the P2.25 billion recorded in the same quarter of 2018......»»

Category: financeSource:  philstarRelated NewsNov 6th, 2019

Big banks raising funds from local debt market

BDO Unibank Inc. and Security Bank Corp. returned to the onshore debt market to raise around P12.5 billion via the issuance of long term negotiable certificates of deposits (LTNCDs) to support their expansion initiatives......»»

Category: newsSource:  philstarRelated NewsSep 24th, 2019

Security Bank raises P18 B from maiden bond issue

Listed Security Bank Corp. has raised P18 billion as investors swarmed its maiden fixed rate peso corporate bond issuance, with oversubscription reaching almost four times the original volume......»»

Category: financeSource:  philstarRelated NewsJun 29th, 2019

Security Bank cleared to issue P20-billion LTNCD

Security Bank Corp. has received the green light from the Bangko Sentral ng Pilipinas (BSP) to raise P20 billion via the issuance of long-term negotiable certificates of deposits (LTNCDs)......»»

Category: financeSource:  philstarRelated NewsJun 6th, 2019