Philippines Business News
Local business and financial news scraped every 4 hours from BusinessWorld, PhilStar, Manila Times, Rappler, and more.
211 articles from BusinessWorld Banking
Bank lending up 10.4% in July
PHILIPPINE BANKS’ outstanding loans to businesses and consumers grew by over 10% in July, preliminary Bangko Sentral ng Pilipinas (BSP) data showed. Universal and commercial banks’ total outstanding loans, net of reverse repurchase agreements, grew by 10.4% year on year to P14.98 trillion at end-July from P13.574 trillion, the central bank said on Tuesday. This […]
Read more →EastWest Bank prices P9-B stock rights offer
EAST WEST Banking Corp. (EastWest Bank) has priced its planned stock rights offer (SRO), through which it wants to raise about P9 billion to fund its growth plans. The bank said the SRO will be conducted through the issuance of common shares to eligible shareholders with a par value of P10 apiece. The common shares […]
Read more →Manulife Philippines launches life plan with annual payouts
THE MANUFACTURERS Life Insurance Co. (Philippines) Inc. (Manulife Philippines) has launched an upgraded version of a single-payment life insurance plan that guarantees annual payouts, aimed at helping preserve capital and maintain protection. Wealth Guarantee Plus provides guaranteed annual cash payouts of up to 5% for single premiums worth P3 million and above for seven years, […]
Read more →BSP securities fetch higher rate, weak demand
THE AVERAGE RATE of the Bangko Sentral ng Pilipinas’ (BSP) short-term securities continued to edge higher on Friday as market demand weakened. Bids for the 28-day BSP bills (BSPB) came in at P32.29 billion, lower than the P40 billion placed on the auction block and the P63.52 billion in tenders seen for the P30 billion […]
Read more →Government debt yields go up on supply worries
YIELDS on government securities (GS) traded in the secondary market ended mostly higher last week as investors stayed cautious in anticipation of a jumbo bond offer that would increase supply, offsetting support from a slightly slower August inflation print. GS yields, which move opposite to prices, rose by an average of 3.91 basis points (bps) […]
Read more →The AI token economy
Companies spent the last two years asking employees to use AI. Soon, they will start asking a different question: Who is paying for all these tokens? It sounds trivial today because most employees experience artificial intelligence through a monthly subscription to ChatGPT, Claude or another AI tool. The cost looks predictable. Buy licenses, assign them […]
Read more →PayMongo, Skyro team up to enable credit-backed payments at merchants
PAYMONGO GROUP has partnered with Skyro Lending, Inc. to allow businesses to accept credit-backed digital payments. Under the partnership, Skyro credit line holders will be able to spend it at QR Ph merchants through PayMongo’s network, helping expand Filipino businesses’ customer base. This is in line with both companies’ push to help narrow the gap […]
Read more →FWD Philippines tops life insurers in terms of new business in 1st half
FWD Life insurance Corp. (FWD Philippines) kept its position as the country’s top life insurer in terms of new business annual premium equivalent (NBAPE) for the first semester, it said on Wednesday. Citing Insurance Commission (IC) data, FWD Philippines said its NBAPE rose by 23.5% year on year to P5.26 billion in the first half […]
Read more →SSS looks to grow investment income to P71B by yearend
THE SOCIAL Security System (SSS) aims to grow its investment income to P71.41 billion by the end of this year, driven mainly by government securities. This will come from total investments estimated at P1.44 trillion by yearend with an expected return on investment (RoI) of 6.11%. At end-June, SSS’ investment income was at P21.157 billion […]
Read more →Debt yields may climb on BSP hike, hawkish hints
RATES of the government securities (GS) to be offered this week may rise following the Bangko Sentral ng Pilipinas’ (BSP) hawkish policy signals and expectations of higher bond supply, analysts said. On Tuesday, the Bureau of the Treasury (BTr) will auction off up to P80 billion in short-term securities. Broken down, it will offer P10-20 […]
Read more →BSP may wait until February to deliver final rate increase as growth stays weak
THE BANGKO SENTRAL ng Pilipinas (BSP) may stand pat for the remainder of the year as it steps back to monitor inflation developments amid a weak macroeconomic environment before potentially delivering its final rate hike for this tightening cycle early next year, Deutsche Bank Research said.
Read more →AUB to raise capital stock to P72.5 billion
ASIA United Bank Corp. (AUB) will increase its authorized capital stock to strengthen its balance sheet for long-term expansion. AUB’s capital will be increased by 393% to P72.5 billion from P14.7 billion previously, subject to regulatory approvals, the bank said in a disclosure to the stock exchange on Friday. “Supported by our strong financial results, […]
Read more →CitySavings to get P1-B capital infusion
UNION BANK of the Philippines (UnionBank) will inject P1 billion in fresh funding into its thrift banking subsidiary to fuel its expansion. The bank’s board of directors approved the capital infusion for City Savings Bank, Inc. (CitySavings) in a meeting on Aug. 28, it said in a disclosure to the stock exchange on Friday. The […]
Read more →Peso may sink to new lows on inflation woes, Fed hike view
THE PESO may test new lows this week as inflation concerns and the greenback’s continued strength following US Federal Reserve officials’ hawkish hints could weigh on the local currency.
Read more →Pre-need firms’ assets, sales go up in first half
THE PRE-NEED industry’s assets grew by almost 9% year on year to P183.3 billion in the first half, driven by higher investments in trust funds, the Insurance Commission (IC) said. The IC said in a statement that the industry sustained its upward momentum in total assets, which increased by 8.9% from P168.36 billion in the […]
Read more →BSP looks to ease banks’ access to discount window facility
PHILIPPINE BANKS may soon be able to tap temporary emergency liquidity faster and easier as the Bangko Sentral ng Pilipinas (BSP) plans to ease the requirements to access to its discount window facility (DWF). In a draft circular, the central bank said it plans to enhance the DWF by amending the regulations governing it to […]
Read more →BSP hike pushes up short-term bills’ rate
THE Bangko Sentral ng Pilipinas (BSP) saw the average yield of its short-term securities shoot up on Friday, even as demand surged, following its third straight rate hike. Bids for the 28-day BSP bills reached P63.52 billion, double the P30-billion offer and jumping from the P32.557 billion in tenders for the same volume auctioned off […]
Read more →Yields on gov’t debt mixed as mart weighs BSP hints
YIELDS on government securities (GS) traded at the secondary market were mixed last week as the market priced in the Bangko Sentral ng Pilipinas’ (BSP) third straight hike and latest policy signals. GS yields, which move opposite to prices, dipped by 1.31 basis points (bps) on average last week, based on the PHP Bloomberg Valuation […]
Read more →SMFL seals acquisition of 30% stake in RCBC Leasing
SUMITOMO MITSUI Finance and Leasing Co., Ltd. (SMFL) has completed its acquisition of a 30% stake in the leasing arm of Rizal Commercial Banking Corp. (RCBC) after securing the necessary regulatory approvals. In a disclosure to the stock exchange on Thursday, RCBC said SMFL had satisfied all requirements, including obtaining approvals and permits from the […]
Read more →Peso tumbles to new all-time low on near-term inflation risks
THE PESO closed at a new all-time low against the dollar on Thursday as prospects of elevated inflation in the near term weighed on market sentiment. The local unit closed at P61.888 a dollar, losing 23.8 centavos from its P61.65 finish on Wednesday, data on the Bankers Association of the Philippines’ website showed. This was […]
Read more →The power of personal branding
Leadership today is no longer simply about giving instructions and expecting people to follow. It is about persuasion, trust, and the ability to convince your boss, your peers, your team, your clients, and others to believe in an idea and move in the same direction. For women leaders, there is an additional balancing act. How […]
Read more →Seven-day term deposits fetch higher yield before BSP review
THE BANGKO SENTRAL ng Pilipinas’ (BSP) term deposits fetched a slightly higher average rate on Wednesday as demand was weak before a potential third straight hike. Bids for the term deposit facility (TDF) amounted to P105.824 billion on Wednesday, below the P120 billion in seven-day papers placed on the auction block and the P138.564 billion […]
Read more →GCash parent Mynt shifts timetable for IPO listing
MYNT, Inc., the operator of the e-wallet GCash, has revised the timetable for its potential P92-billion initial public offering (IPO), moving the listing date by a day to Oct. 20.
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