Loans to firms eyed as RRR compliance
THE BANGKO SENTRAL ng Pilipinas (BSP) will expand banks’ alternate reserve compliance to include lending to large enterprises that meet the criteria set by the central bank, according to an official, as the pandemic continues to affect many businesses.
Specter of negative rates putting Wall Street’s bankers on edge
US BANKS have long looked with pity at overseas lenders coping with negative interest rates. Now, they’re grappling with the fear they may join the crowd.
Yields on gov’t debt fall amid safe-haven demand
YIELDS ON government securities (GS) traded in the secondary market went down last week amid strong demand as investors continue to look for safer investments.
Launch of Overseas Filipino Bank, e-invoicing expected by third quarter — DoF
THE Department of Finance (DoF) said the digital-only Overseas Filipino (OF) Bank and the electronic invoiving (e-invoicing) program are set to roll out by the third quarter of 2020.
ASEAN lenders likely to accelerate digital shift due to pandemic — Fitch Ratings
BANKS in the ASEAN region are likely to hurry along their digital transformations due to the pandemic and the resulting social distancing measures, Fitch Ratings said.
Peso slips on US-China tensions as oil prices creep back up
THE peso weakened Friday on negative market sentiment after a new round of US-China tensions as well as higher oil prices.
Unbanked Filipinos to decline by 2025
THE COUNTRY’S unbanked is expected to be reduced to 20% of the population in five years’ time from the more than half that have yet to open accounts with financial institutions, according to a study.
Philam to hire more agents to expand reach
THE PHILIPPINE American Life and General Insurance Co. Inc. (Philam Life) targets to expand its customer base to 110,000 people this year and its workforce by hiring 10,000 agents amid the coronavirus pandemic.
Rebooting Metro Manila’s chaotic transport system
By J. Albert Gamboa
“You never want a serious crisis to go to waste.” I first heard this line during the global financial crisis of 2008. In a media interview, it was stated by then US presidential candidate Barack Obama’s campaign manager Rahm Emanuel, who subsequently became the White House chief of staff and the mayor of Chicago.
Peso gains versus dollar
THE PESO strengthened further against the dollar on Thursday on news of localized quarantine protocols and amid the ongoing dispute between the US and China.
HSBC, Citi speed up digital push to ward off upstarts
BANKS IN Asia’s financial hubs such as HSBC Holdings Plc and Citigroup, Inc. are finding that the disruption from the coronavirus outbreak is helping them push back on a threat from a breed of virtual upstarts.
TDF rates drop further
YIELDS ON the central bank’s term deposit facility (TDF) inched down after a slight uptick in the prices of commodities like oil and rice.