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Xinhua world economic news summary at 0830 GMT, Jan. 18
DAVOS, Switzerland -- Although the global economy is facing sluggish growth and numerous challenges, business leaders attending the 54th annual meeting of the World Economic Forum (WEF) remain confident over the prospects of the Chinese economy. Over recent years, China has been an important engine for the global economy. China's gross domestic product (GDP) posted a growth of 5.2 percent year-on-year in 2023, h.....»»
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......»»
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......»»
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......»»
Philippines, German central banks partner on capacity-building
The central banks of the Philippines and Germany have formalized their partnership on capacity-building through the signing of a memorandum of understanding......»»
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......»»
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).....»»
RCBC the best PH bank by network uptime, and UBP ranks at the bottom
Brankas, a Singapore-based fintech software and services provider, published its first annual ASEAN Bank Stability Report to measure the network uptime performance of ASEAN-region banks, and RCBC finished in the top spot among banks in the Philippines with an uptime of 98.3% (31 hours total downtime) including a stretch of seven months with zero downtime events......»»
‘Philippine banks to ride wave of robust economic growth’
The projected robust economic growth this year could shape up into a better year for Philippine banks, S&P Global Ratings said......»»
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......»»
BSP pursues reforms to modernize banks
The Bangko Sentral ng Pilipinas is pursuing policy reforms to modernize Philippine banks and ensure a sustainable, digital and inclusive banking future......»»
National Cybersecurity Plan seen as vital defense for digital economy
A consumer advocacy group has lauded the President’s approval of the National Cybersecurity Plan 2024-2029 amid the rising incidence of cyber attacks targeting the government and private sector......»»
Key Tips to Help in Car Negotiations
When purchasing a new vehicle, there’s a lot to think about – and affordability is one of the most vital factors to consider here. In line with this thought, today, we’re looking at several tips to help with your car negotiations; hopefully, this will help you get a good price on your new sale or […] The post Key Tips to Help in Car Negotiations appeared first on Kagay An......»»
EAM Jaishankar, Singapore PM exchange views on deepening engagement in fintech, digitalization, green economy
New Delhi [India], March 26 (ANI): External Affairs Minister S Jaishankar and Singapore Prime Minister Lee Hsien Loong exchanged views on deepening engagement in fintech, digitalization, the green economy, skills development and food security. EAM Jaishankar concluded his visit to Singapore on March 25. He was on an official visit to Singapore from March 23-25, the first leg of his visit to Singapore, Philippines and Mala.....»»
EAM Jaishankar, Singapore PM exchange views on deepening engagement in fintech, digitalization, green economy
New Delhi [India], March 26 (ANI): External Affairs Minister S Jaishankar and Singapore Prime Minister Lee Hsien Loong exchanged views on deepening engagement in fintech, digitalization, the green economy, skills development and food security. EAM Jaishankar concluded his visit to Singapore on March 25. He was on an official visit to Singapore from March 23-25, the first leg of his visit to Singapore, Philippines and Mala.....»»
Gaza: Suspending UNRWA Aid Risks Hastening Famine
(New York) - Governments should continue funding the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), given its vital role in averting a humanitarian catastrophe and the risk of famine in the Gaza Strip, while the agency investigates allegations that 12 of its staff were involved in the Hamas-led October 7.....»»
China bullying hurts our economy
China’s bullying in our exclusive economic zone at the West Philippine Sea is hurting our economy, particularly the energy sector. It is disrupting exploration and development of oil and gas. Whatever resources may be there will remain untapped; a tragedy given our urgent need for domestic energy sources......»»
NCR economy grows at slower pace in 2023
Metro Manila’s economy grew at a slower pace of 4.9 percent in 2023 from 7.2 percent in 2022, according to the Philippine Statistics Authority......»»