Moody’s lowers outlook on PHL banking industry to ‘negative’
MOODY’S INVESTORS Service lowered its outlook on the Philippine banking industry to “negative” from “stable,” with the Luzon lockdown meant to arrest the spread of the coronavirus disease 2019 (COVID-19) seen to take its toll on banks’ assets and profitability.
LANDBANK rolls out LGU loan program
STATE-RUN Land Bank of the Philippines (LANDBANK) is rolling out a lending program worth P10 billion for local government units (LGUs) to provide them with emergency funding to respond to the coronavirus disease 2019 (COVID-19).
Small business relief amidst COVID-19
By Benel D. Lagua
More than any other time in the history of the world, small businesses will need the support of the government. In general, most small businesses are enterprises that survive on recent sales in order to move forward as an ongoing concern. The business model depends on recurring transactions. With the lockdown in place, and people prohibited from moving about, it is the small neighborhood business that immediately suffers.
Peso inches higher ahead of US data
THE PESO traded sideways on Thursday due to profit taking and as the market stayed on the sidelines ahead of US data on unemployment due overnight.
Britain’s top banks scrap dividend payments on coronavirus fears, pressure on bonuses
LONDON/HONG KONG — Britain’s top banks said on Tuesday they would suspend dividend payments after pressure from the regulator, saving their capital as a buffer against expected losses from the economic fallout from the coronavirus.
SC approves new rules on liquidation of banks
THE SUPREME COURT (SC) approved new rules on the liquidation of closed banks which will take effect on April 16.
Peso weakens versus the dollar as manufacturing PMI ends below 50
THE PESO weakened against the greenback on Wednesday amid profit taking and after a contraction in the manufacturing sector due to the Luzon lockdown.
Treasury turns down all bids for 35-day T-bills as rates increase
THE GOVERNMENT rejected all bids for the one-month Treasury bills (T-bills) it auctioned off on Tuesday as investors continue to ask for higher yields amid uncertainties caused by the coronavirus disease 2019 (COVID-19) pandemic.
Security Bank seeks to raise P50B via LTNCDs
SECURITY BANK Corp. is looking to raise P50 billion via long- term negotiable certificate of deposit (LTNCD) which will be used to lengthen the maturity of its liabilities.
Banks’ foreign currency loans inch up on firms’ capital requirements
FOREIGN CURRENCY loans disbursed by local banks inched up in the last quarter of 2019 on the back of borrowing firms’ higher working capital requirements.
Peso ends higher vs dollar on oil prices, China PMI
THE PESO closed stronger versus the greenback on Tuesday on the back of positive market sentiment due to lower oil prices, as well as an unexpected rebound in China’s factory activity.
Gov’t rejects all bids for T-bills
THE GOVERNMENT rejected all bids for the Treasury bills (T-bills) it offered on Monday following the surge in rates as investors prefer to keep their cash amid the coronavirus disease 2019 (COVID-19) pandemic.