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
EastWest Bank partners with Luna, DragonFi to expand PERA access
EAST WEST Banking Corp. (EastWest Bank) has partnered with DragonFi Securities, Inc. and Luna Securities, Inc. to expand access to its Personal Equity and Retirement Account (PERA) products. Under the partnership, customers of DragonFi Securities and Luna Securities can access EastWest PERA products directly via their digital channels. EastWest PERA products are available to both […]
Read more →The Pax Silica gamble
The Pax Silica debate has rapidly become one of the most divisive conversations in the country. Supporters view it as a rare chance for the Philippines to enter the global race for artificial intelligence (AI), semiconductors and advanced manufacturing. Critics warn of foreign influence, environmental costs, resource depletion and the prospect of the country once […]
Read more →China Bank Savings books net earnings of P1.19 billion in first half
CHINA BANK SAVINGS, Inc. (CBS) recorded a net income of P1.19 billion for the first half of the year on steady lending despite challenging macroeconomic conditions. “The bank’s resilient performance was supported by the continued expansion of its core lending business, which drove revenue growth during the period,” the thrift subsidiary of listed China Banking […]
Read more →Apple Pay now available in the Philippines
APPLE PAY is now live in the Philippines, enabling contactless payments via supported devices. iPhone, Apple Watch, Mac, and iPad users can now add select Philippine-issued credit and debit cards to their Apple Wallet and use them for transactions anywhere that takes contactless payments, whether it be in-store, via apps or online, Apple said in […]
Read more →Peso slides back to P61 level on uncertainty over US-Iran talks
THE PESO slid back to the P61-a-dollar level on Tuesday on mixed news about peace talks between the United States and Iran, and as the yen slipped again a day after a joint intervention effort lifted the embattled currency. The local unit fell by 23.5 centavos to close at P61.165 versus the greenback from its […]
Read more →BSP, KasKasan Buddies partner for financial literacy
THE BANGKO SENTRAL ng Pilipinas (BSP), through its digital financial education platform PisoLit, has partnered with the one of the Philippines’ largest online communities to support its push for better financial literacy among Filipinos. Under the collaboration, the central bank will work with online financial community KasKasan Buddies to create social media content and learning […]
Read more →BSP bills’ rate edges up as bids drop
THE BANGKO SENTRAL ng Pilipinas’ (BSP) short-term securities were quoted at a slightly higher average yield on Friday as bids declined week on week. Tenders for the 28-day BSP bills amounted to P43.39 billion, higher than the P40 billion placed on the auction block. However, this was below the P62.179 billion in bids fetched in […]
Read more →BPI plans to pilot stablecoin remittances in fourth quarter
BANK of the Philippine Islands (BPI) plans to start using stablecoins as a platform for remittances before yearend under its partnership with global digital clearing house Meridian, its top official said. BPI President and Chief Executive Officer Jose Teodoro K. Limcaoco told reporters last week that the bank aims to start implementing stablecoins as a […]
Read more →Peso sinks on latest US-Iran attacks
THE PESO sank against the dollar on Thursday after global oil prices spiked as the United States and Iran exchanged fresh attacks. The currency fell by 15 centavos to close at P61.56 versus the greenback from its P61.41 finish on Wednesday, based on data from the Bankers Association of the Philippines’ website. The local unit […]
Read more →The business evolution cycle
There is a familiar pattern in business. Each generation assumes that the way companies do business today will be the norm for years to come. Then a new wave of technology comes along, customer behavior changes, and suddenly businesses that seemed invulnerable can’t keep pace. We have seen this occur again and again in the […]
Read more →Innovation, investments in PHL digital payments ecosystem to push financial inclusion
CONTINUED INNOVATION and investments in the Philippines’ digital payments space will help boost financial inclusion as it will make the ecosystem more sustainable while enabling lower transaction costs. Boosting the interoperability of the payments system to increase participation could be done via public-private partnerships like in Brazil and India and could ultimately lead to better […]
Read more →Pre-need firm Cocoplans placed under conservatorship
THE INSURANCE Commission (IC) has issued a cease-and-desist order for Cocoplans, Inc. and placed it under conservatorship for failing to comply with Pre-Need Code of the Philippines. The regulator said in a notice dated July 27 that concerned planholders, creditors, and other interested parties should file and address their claims and concerns to the assigned […]
Read more →Manulife sees shift toward guaranteed-return, health products amid Middle East war
Manufacturers Life Insurance Co. (Phil’s.), Inc. (Manulife Philippines) said that local demand for financial products remains steady, with an increasing preference for guaranteed-return products, health products, and globally diversified investments as the Middle East war and market volatility reshape investment preferences. “I think the demand has always been there. It’s just shifting because of the […]
Read more →Loan-to-deposit ratio may drop below 50% by 2050 as population ages
THE PHILIPPINES’ loan-to-deposit ratio is projected to decline by 2050 as banked Filipinos are likely to borrow less and deposit more as they age, a study from the International Monetary Fund (IMF) showed. In a working paper published earlier this month, IMF Research Officer Haibo Li and senior economists Estelle Liu, Yinqiu Lu, Anne Oeking […]
Read more →UnionBank’s net profit surges 113%
UNION BANK of the Philippines’ (UnionBank) net profit surged by 113% to P6.91 billion in the first half as revenue growth stayed robust. “The parent bank sustained its performance from the previous quarter and accounted for 96% of group profit, supported by the continued strength of its core businesses,” it said in a disclosure to […]
Read more →GS yields jump on inflation fears
YIELDS on government securities (GS) traded in the secondary market ended mostly higher last week as investors priced in heightened inflation risks from surging global oil prices and the peso’s slide to a fresh record low.
Read more →BSP securities’ rate inches up
THE AVERAGE RATE of the Bangko Sentral ng Pilipinas’ (BSP) short-term securities was nearly unchanged for a second straight week, even as the offer attracted strong demand. Bids for the 28-day BSP bills reached P62.179 billion on Friday, higher than the P40 billion auctioned off but lower than the P70.69 billion in tenders for the […]
Read more →Fiuu gets JCB card acquiring license for Philippines, Malaysia, Singapore
PAYMENT GATEWAY Fiuu has secured a direct acquiring license as a regional acquirer across Malaysia, Singapore, and the Philippines from JCB Co., Inc. to strengthen its card acquiring capabilities. With the license, Fiuu will be able to connect directly with JCB and process transactions in-house, reducing reliance on intermediaries and letting merchants accept JCB payments […]
Read more →