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How the Gokongweis are paving the way towards a sustainable future

When his father died, the 13-year-old John L. Gokongwei, Jr. was left with the massive responsibility of supporting his family. Starting from selling candles,...

PNB raises P4.6 billion via LTNCDs

PHILIPPINE National Bank (PNB) has raised P4.6 billion in long-term negotiable certificates of deposit (LTNCD), marking the second tranche of its P20-billion program approved by the central bank.

Banks need to digitize, tap fintech firms

THE BANKING INDUSTRY needs to go digital for survival and may seek the specialty offered by financial technology (fintech) firms for more efficient service delivery, according to bank and fintech executives on Thursday.

CIC’s credit reports now available for P10 each

FINANCIAL INSTITUTIONS can now avail credit reports from the Credit Information Corporation (CIC) for an introductory fee of P10 until March 2020.

LANDBANK kicks off Financial Inclusion Caravan 2019

Continuing its commitment to promote greater financial inclusion, especially among the unbanked and underserved communities, the Land Bank of the Philippines (LANDBANK) kicked off...

BPI to issue Swiss franc-denominated green bonds

BANK of the Philippine Islands (BPI) will issue its first two-year, 100-million Swiss franc-denominated, negative-yielding green bond, proceeds of which will be used to fund environmental projects through its Green Finance Framework.

Banks keep lending standards steady in Q2

MOST BANKS kept their lending criteria little changed in the second quarter, results of a central bank survey showed.

A great man from small beginnings

“Great things start from small beginnings.” This is probably one of the best catchphrases to portray the victorious journey of self-made billionaire Lucio C....

Reserves climb for eighth straight month in June

GROSS international reserves climbed for the eighth straight month in June, the central bank reported Friday.

Allianz PNB sees slower growth in life insurance sector

ALLIANZ PNB Life Insurance, Inc. expects the life insurance industry to post slower growth in 2019 dragged by liquidity issues in the first half of the year.

PNB to raise $750M via fixed-rate notes

PHILIPPINE National Bank is set to raise $750 million via 5.25-year fixed-rate senior notes to support lending growth.

PNB to issue $300 million in medium-term notes

PHILIPPINE National Bank (PNB) wants to raise $300 million in fresh funds via its euro medium-term note program, it said on Friday.

BDO raises P7.3 billion from LTNCDs

BDO UNIBANK, Inc. raised P7.3 billion from its latest issuance of long-term debt papers, with the fresh funding meant to support the lender’s expansion plans and rebalance its borrowing profile.

DBP posts higher income in 2018

STATE-RUN Development Bank of the Philippines (DBP) reported a stronger net income in 2018, boosted by increased lending, particularly for infrastructure projects.

BSP to simplify licensing requirements for e-payments firms

THE CENTRAL BANK will soon allow banks and other financial firms looking to offer basic digital financial services to start operations without securing prior approval from the regulator, amid an industry push towards e-payments.

BSP seen keeping rates steady

THE CENTRAL BANK has enough room to keep interest rates steady over the next few months, global banks said in separate reports, noting that attention has shifted to market liquidity now that inflation has slowed.

PNB looking to raise P100 billion via bonds

PHILIPPINE National Bank (PNB) plans to raise as much as P100 billion in fresh capital through several bond offerings this year.

PBB hikes capital stock by P10 billion

PHILIPPINE Business Bank (PBB) will infuse P10 billion in additional capital to expand its operations, it announced on Friday, which follows its buyout of a rural lender.

The legacy of a great man

The loss of banking and business magnate Dr. George S.K. Ty is being felt in all the corners of the Philippine business community. Though chiefly...

Metrobank reopens two-year bond offering

METROPOLITAN Bank & Trust Co. (Metrobank) is looking to raise an additional P5 billion through another tranche of fixed-rate bonds, following a fresh offering earlier this month.

UCPB income slips in first nine months

THE United Coconut Planters Bank (UCPB) saw its net income slip as of the third quarter as it reeled from lower trading gains and higher borrowing costs.

From the Front Page: Local economy back on track to lead...

Your weekly recap of BusinessWorld news.

Metrobank raises P10 billion from fixed-rate bonds

METROPOLITAN Bank & Trust Co. (Metrobank) has raised P10 billion in fresh funds via fixed-rate bonds — the first ever bond issuance by a local lender since the regulator liberalized rules on banks’ fundraising activities.

BSP closes Quezon City bank

THE BANGKO SENTRAL ng Pilipinas (BSP) has shut down a bank based in Quezon City, bringing the number of closed lenders to 12 this year.

Yields on term deposits go up

YIELDS fetched on term deposits climbed anew this week as the central bank reduced the amounts offered during Wednesday’s auction.

Robinsons Bank to raise P3.5B via LTNCDs

ROBINSONS BANK Corp. is set to raise P3.5 billion through issuance of long-term negotiable certificates of deposit (LTNCD) next year to fund the expected growth of its lending segment.

BSP to require banks to report glitches within two hours

BANKS and other financial firms will soon be required to report cyber attacks and similar technology-related glitches within two hours, following the approval of new rules by the central bank.

BSP looking to bring PERA online as appetite stays low

THE CENTRAL BANK is eyeing to set up an online marketplace for the personal equity and retirement account (PERA), in a bid to attract more investments for the two-year-old savings scheme.

PSBank looking to issue P10-billion medium-term notes

PHILIPPINE Savings Bank (PSBank) plans to issue medium-term notes of up to P10 billion to raise fresh funds to expand its core businesses.

Gross international reserves climb in August

THE COUNTRY’S gross international reserves (GIR) grew in August on the back of net foreign currency deposits of the government and income from the central bank’s external investments, the Bangko Sentral ng Pilipinas (BSP) said on Friday.

Smaller banks ask for more time to build up buffers for...

THE Chamber of Thrift Banks (CTB) urged the Bangko Sentral ng Pilipinas (BSP) to push back the implementation of new liquidity requirements by a year as smaller lenders need more time to build up their capital, a top official said.

DBP books higher net income in first semester

THE Development Bank of the Philippines (DBP) saw its net income rise in the first half of the year supported by its robust lending and deposit businesses.

PNB’s Maclang to retire

PHILIPPINE National Bank (PNB) President Reynaldo A. Maclang will retire from his post mid-November, to be replaced by a bank executive from a global bank.

Banks to outperform Asian lenders as interest margins widen

PHILIPPINE BANKS will continue to outperform their Asian peers given wider interest margins, with a more aggressive rate hike from the Bangko Sentral ng Pilipinas (BSP) to give lenders another boost.

RCBC net income slips in first semester

RIZAL Commercial Banking Corp. (RCBC) posted a P2.2-billion net income as of end-June, fuelled by steady growth in its core businesses but dampened by lower trading gains.

UnionBank to conduct P10-billion SRO next month

UNIONBANK of the Philippines will proceed with its planned stock rights offer next month, as it works to raise fresh capital to support expansion.

BSP simplifies rules for banks’ bond floats

THE CENTRAL BANK has simplified rules for lenders issuing bonds to raise additional capital, its chief said, which is expected to replace long-term note offerings.

Central bank eyes ‘national QR code’ for retail payments

THE BANGKO SENTRAL ng Pilipinas (BSP) will require financial firms to use a standard design for quick response (QR) codes to allow simpler transactions across service providers.

BDO books flat first-half net income

SY-LED BDO Unibank, Inc. reported a P13.1-billion net income as of end-June, slipping from a year ago amid lower non-interest gains and bigger operating costs.

Liquidity growth picks up slightly

By Melissa Luz T. Lopez, Senior Reporter MONEY SUPPLY grew faster in May even as growth in bank lending eased, the Bangko Sentral ng Pilipinas...

RCBC prices P15-billion stock rights offering

RIZAL COMMERCIAL Banking Corp. (RCBC) has set the final terms for its stock rights offer (SRO), through which it looks to raise P15 billion to strengthen its capital ratio and fund its business expansion.

Veterans Bank relaunches Mindanao branches as it targets new market

DAVAO CITY — Philippine Veterans Bank (PVB) has started relaunching its branches in key Mindanao cities as it aims to expand its market base, beginning with soldiers, military retirees and local government employees.

UnionBank to conduct P10-B SRO in July

UNIONBANK of the Philippines, Inc. is set to conduct its P10-billion stock rights offering (SRO) in July, which will raise additional capital for the...

How ING paints the town orange

Q and A with Cees Ovelgonne, IBSS Manila country manager Since Dutch financial giant ING Bank, N.V. first established presence in the Philippines 28 years...

PHL to stay out of any settlement on bank heist case

THE COUNTRY’S Finance chief said the Philippine government will not be involved in the out-of-court settlement proposed by Bangladesh for the $81-million bank heist...