BANK OF THE Philippine Islands (BPI) saw a decline in its net income in the first three months on the back of higher provisions for loan losses amid the coronavirus disease 2019 (COVID-19) pandemic.

Lenders in the Philippines may see billions in soured loans due to the impact of the coronavirus disease 2019 (COVID-19) pandemic, according to S&P Ratings.

Four online lending companies were ordered to shut down by the Securities and Exchange Commission (SEC) for illegally operating business.

Consumers stopped buying many things since the start of the global coronavirus crisis. Malls and retailers closed down. Only certain food deliveries, banks, grocery stores, and pharmacies are open. Businessmen, entrepreneurs, and marketers are struggling to stay afloat, and they will continue to struggle even after the quarantine.

THE PESO strengthened against the greenback on Thursday on the back of positive market sentiment following a fresh stimulus package in the US amid the coronavirus disease 2019 (COVID-19) pandemic as well as gains in global stocks.

YIELDS on the central bank’s term deposit facility (TDF) continued to drop amid rising demand, with banks parking some of their funds in the instruments after additional liquidity was infused into the system due to the reduction in the reserve requirement ratio (RRR) of big banks.

NEW YORK — Ten of the world’s largest banks, including JPMorgan Chase and Bank of America, have been sued for allegedly conspiring over nearly 14 years to rig prices in the $9.6-trillion US corporate bond market, costing ordinary investors billions of dollars.

THE CENTRAL BANK is urging consumers to shift to e-payments amid the current enhanced community quarantine (ECQ) to prevent further spread of the coronavirus disease 2019 (COVID-19).

THE PESO closed sideways on Wednesday due to weak investor sentiment because of worries over lockdowns amid the coronavirus disease 2019 (COVID-19) outbreak and after a drop in oil prices.

THE GOVERNMENT fully awarded the Treasury bills (T-bill) auctioned off on Tuesday and opened the tap facility for another P10-billion offer as investors holding excess cash flocked to safe-haven assets.

LONDON/HONG KONG — Hongkong and Shanghai Banking Corp. (HSBC) has cut a number of top management roles in its investment bank, memos seen by Reuters showed, a sign that Chief Executive Officer (CEO) Noel Quinn is pressing on with plans to shake up the group despite having put a wider job cut program on hold.

THE PESO closed steady on Tuesday on the back of positive sentiment after the largest decline of oil prices to below zero overnight.