SHFC clients get loan reprieve amid Covid-19 outbreak

Social Housing Finance Corporation (SHFC) is implementing a three-month moratorium on the payment of loan amortization of its partner-homeowners from March 16 to June 16. This is SHFC’s answer to the call of President Rodrigo Duterte to exhaust all efforts to respond to the needs of Filipinos amid the threat of Covid-19 in the country. […].....»»

Category: newsSource: manilatimes_net manilatimes_netMar 27th, 2020

Banks told to implement debt reprieve

The Bangko Sentral ng Pilipinas has directed banks and other financial institutions to immediately comply with the provisions of a new law including the 60-day reprieve on loan payments amid the coronavirus disease 2019 or COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsSep 20th, 2020

Banks borrow P6.9 billion from BSP’s rediscount facility

Banks borrowed P6.86 billion from the peso rediscounting loan facility of the Bangko Sentral ng Pilipinas last month to meet their temporary liquidity needs amid the coronavirus disease 2019 or COVID-19 outbreak......»»

Category: newsSource:  philstarRelated NewsApr 13th, 2020

Banks’ NPL ratio hits fresh 11-year high of 4.21% in March

The gross non-performing loan ratio of the banking sector rose for the third straight month to a fresh 11-year high of 4.21 percent in March from 4.08 percent in February as soured loans continued to soar amid the resurgence of COVID-19 cases, according to the Bangko Sentral ng Pilipinas.....»»

Category: financeSource:  philstarRelated NewsMay 10th, 2021

BPI amplifies digital channels

Ayala-led Bank of the Philippine Islands continued to amplify its digital channels by creating innovative banking solutions to make everyday banking transactions more convenient for its retail clients amid the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsMay 1st, 2021

China Bank Q1 profit hits P3.6 billion

China Banking Corp. improved its earnings by 61 percent to P3.6 billion in the first quarter despite the sharp increase in provisioning for potential loan losses amid the ongoing COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsApr 29th, 2021

‘Bubble’ travelers barred from Western Visayas borders

Travelers from the Greater Manila bubble and the cities of Cebu and Davao are barred from entering the borders of Western Visayas amid the worsening Covid-19 outbreak.  The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), over the weekend, approved the temporary suspension of inbound travel from Covid-19 hotspots until 10 April.  […] The post ‘Bubble’ travelers barred from Western Visayas borders appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsApr 5th, 2021

Landbank waives transfer fees until June 30

State-run Land Bank of the Philippines is extending again the waiver of fees for online fund transfers of retail clients until June 30 to support the use of digital banking solutions amid the spike in COVID-19 cases......»»

Category: financeSource:  philstarRelated NewsApr 3rd, 2021

Integrity in loan agreements

The administration has been persistent in its assurance that vaccines will soon be available in the country. While we hear of the government’s efforts to procure vaccines from different manufacturers, the uncertainty of its arrival amid the surge of COVID-19 cases rouses the curiosity of many as to where the money for the vaccines have gone......»»

Category: newsSource:  thestandardRelated NewsMar 25th, 2021

BDO& rsquo;s profit fell 36% to P28.2 billion in 2020 on higher loan provisions

BDO Unibank Inc., the country’s largest lender controlled by the Sy family, said Wednesday net income declined 36 percent in 2020 to P28.2 billion from a record P44.2 billion in 2019, on higher pre-emptive provisions of P30.2 billion for potential delinquencies amid the COVID-19 pandemic......»»

Category: financeSource:  thestandardRelated NewsFeb 24th, 2021

BPI grows sustainable loan portfolio to P191 billion in 2020

Ayala-led Bank of the Philippine Islands managed to grow its sustainable loan portfolio to P191 billion amid the impact of the COVID-19 pandemic and the natural disasters that hit the country last year......»»

Category: financeSource:  philstarRelated NewsFeb 12th, 2021

P12.5 Billion Allotted For Bayanihan 2 Assistance

The Development Bank of the Philippines (DBP) acquired P12.5 billion intended for assistance to borrowers as the COVID-19 pandemic continues to affect people’s livelihood. The P12.5 billion loan relief was released today. Bayanihan 2’s validity has been extended up to June 2021 to further help people financially amid the pandemic. Aside from DBP, state-run Philippine […].....»»

Category: newsSource:  metrocebuRelated NewsFeb 6th, 2021

SEC extends more reprieve to businesses

The Securities and Exchange Commission is providing more reprieve to businesses, this time for real estate players, amid the challenges brought about by COVID-19......»»

Category: newsSource:  philstarRelated NewsDec 21st, 2020

Best-case scenario for Tokyo Olympics is ‘venues full of spectators’

Tokyo Governor Yuriko Koike, wearing a protective face mask, arrives for a news conference at the Foreign Correspondents’ Club of Japan, amid the coronavirus disease (COVID-19) outbreak, in Tokyo, Japan, November 24, 2020. REUTERS/Issei Kato TOKYO—Tokyo Governor Yuriko Koike said on Tuesday that the best case scenario for the 2020 Olympics postponed until next year […].....»»

Category: newsSource:  balitaRelated NewsNov 24th, 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

The Atom Araullo Specials presents ‘Pangakong Lunas’ this Sunday

This Sunday (November 15), The Atom Araullo Specials presents another documentary that tackles the issue of the country’s healthcare system amid the pandemic. Prior to the COVID-19 outbreak, Atom Araullo has been following the story of Arturo Solon, an albularyo or herbalist from Cavite. Arturo calls himself “Jesus Man,” claiming that he can make the lame walk and heal even those gravely ill. According to Arturo, he already died before but was resurrected. And from there on, he got his gift. His popularity went past his chapel where people line up with the hope of being cured; he also amassed thousands of followers on social media. Meanwhile, Atom first met Evangeline in February this year. In a day, Evangeline takes 18 capsules of a supplement for her breast cancer. But instead of getting better, her health slowly deteriorated. In the past few months, the National Bureau of Investigation has conducted raids on several groups who sell unregistered medicines that claim to cure COVID-19. During the pandemic, healthcare was one of most hardly-hit . Will the sick find the cure that they badly need? Find out in The Atom Araullo Specials’ “Pangakong Lunas” this Sunday, November 15, 3:45 p.m., on GMA-7......»»

Category: newsSource: NewsNov 12th, 2020

Rice farmers seek bigger financial aid

The one-time financial assistance that the Senate directed the Department of Agriculture (DA) to provide to rice farmers amid the declining prices of palay would not be enough, a group of rice farmers said. (MB file, Keith Bacongco) Federation of Free Farmers (FFF) National Manager Raul Montemayor said rice farmers have lost an average of P10,000 per hectare in the ongoing cropping season due to severely depressed palay prices.   This was his response to the joint resolution recently passed by the Senate Committees on Agriculture and Agrarian Reform, which ordered the DA to appropriate some P3 billion in tariffs from rice imports through the 2021 national budget for cash aid to rice farmers. Under the Rice Tariffication Law (RTL), which allowed unlimited rice importation in the Philippines, tariff collections in excess of P10 billion per year can be used for additional support to farmers, including cash transfers. FFF, however, noted that the proposed appropriation would only provide P5,000 per farmer if distributed to some 600,000 farmers tilling one hectare or less.   If the actual number of qualified farmers is raised to 1.1 million, the subsidy would only amount to about P2,700 per farmer. Either proposal will be unfair to equally affected rice farmers tilling larger areas, the farmers’ group said.   Instead, Montemayor said the government could keep palay prices stable by temporarily imposing safeguard duties or additional tariffs on imported rice. “The government allowed unlimited rice imports, resulting in low palay prices.  Now, it will spend P3 billion to partially offset farmers’ losses. If it had instead imposed additional duties on imports, palay prices would not have dropped too much, there would have been no need for cash aid to farmers, and the government might have even earned extra revenues from the safeguard duties,” said Montemayor. Under the Section 10 of RTL or Republic Act (RA) 11203, in order to protect the Philippine rice industry from sudden or extreme price fluctuations, a special safeguard duty on rice shall be imposed in accordance with Safeguard Measures Act.   R.A. 8800 or the Safeguard Measures Act, on the other hand, allows additional safeguard duties on top of regular tariffs in case an import surge is shown to be harmful to local farmers.   “Safeguard duties will not be inflationary as claimed by the DA, because they will be applied only when there is already a proven oversupply in the market.  They can be removed once the situation stabilizes,” said Montemayor. Agriculture Secretary William Dar is not keen on slapping additional tariff on rice imports, and has repeatedly appealed for public understanding about the “short-term” effects of RTL to palay prices. However, he promised to look for other solutions to the plea of the farmers like asking the National Food Authority (NFA), which buys palay at P19 per kilogram (/kg) to boost the government’s buffer stock, to intensify its palay procurement.   Instead of cash aid, the FFF proposed that existing funds from the Rice Competitiveness Enhancement Fund (RCEF) and extra tariff collections be re-focused to address current problems of farmers.   It noted that half of farmers receiving free seeds under the RCEF had already been using certified seeds in the past, and that many were seeking other types of support that were not available under RCEF.   Numerous farmers have also questioned the DA’s promotion of seed varieties like NSIC Rc222, which is of poor quality and are being shunned by traders. “Also, the P5 billion annual fund for mechanization is not moving well, and it might be more practical at this time to preserve job opportunities for farm laborers instead of displacing them with machines,” Montemayor said.   “Moreover, the P1 billion budget for extension and training could be realigned, considering that farmers cannot attend training activities due to COVID-related restrictions. The P1 billion for credit could be better used for interest rate subsidies or loan guarantee programs, instead of direct loans which will benefit only 20,000 farmers,” he added......»»

Category: lifestyleSource:  abscbnRelated NewsOct 19th, 2020

Latest COVID-19 watch: 136 doctors die of COVID-19 in Indonesia: data

A medical worker takes rapid test sample from a woman amid the COVID-19 outbreak in Medan, North Sumatra, Indonesia, Oct. 13, 2020. (Photo by Bima/Xinhua)-136 doctors die of COVID.....»»

Category: newsSource:  philippinetimesRelated NewsOct 15th, 2020

Chelsea avails of loan payments extension

Chelsea Logistics and Infrastructure Holdings Corp., the shipping and logistics business of Davao-based tycoon Dennis Uy, has availed of loan payments extension provided under Bayanihan Acts 1 and 2 to ease its cash flow as it sees a long recovery ahead amid the negative impact of the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsOct 10th, 2020

BPI Direct BanKo loan disbursements hit P13 billion

The microfinance arm of Ayala-led Bank of the Philippine Islands is helping clients particularly micro, small and medium enterprises survive the coronavirus disease 2019 or COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsSep 28th, 2020

Stalled stimulus talks make for uncertain US jobs report

Setbacks in the US quest to reopen the economy and a deadlock in Congress have cast uncertainty on the labor market ahead of a key government jobs report Friday. The world’s largest economy has unraveled in recent months amid a terrifying Covid-19 outbreak that caused more than 186,000 deaths and tens of millions of layoffs […] The post Stalled stimulus talks make for uncertain US jobs report appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsSep 4th, 2020