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UP UNTIL May 1994, no foreign bank was permitted to enter the country apart from four foreign lenders that were already operating at that time. In February 1995, the Bangko Sentral ng Pilipinas (BSP), under Republic Act (RA) No. 7721, approved the application of 10 out of 22 foreign banks that had expressed interest. Under RA 7721, only when one of the 10 banks pulls out could another offshore lender enter the Philippine financial system.
INVESTORS bought PLDT, Inc. shares last week given the attractiveness of the company’s growth prospects.
NEWS of Cemex Holdings Philippines, Inc.’s plans to more than triple its authorized capital stock as part of efforts to raise funds through a potential stock rights offering (SRO) made the Cemex stock one of the most actively traded last week.
THE COUNTRY’s trade-in-goods deficit widened in January as exports declined and imports rebounded.
BETTER-THAN-EXPECTED earnings and renewed investor interest made the Metro Pacific Investments Corp. (MPIC) stock one of the most actively traded last week.
YIELDS ON government securities (GS) went up slightly following the auction of retail Treasury bonds (RTB), the release of the US gross domestic product (GDP) growth report, and expectations of within-target domestic inflation.
SPECULATION has made the Premiere Horizon Alliance Corp. (PHA) stock one of the most actively traded last week following their disclosure on plans to acquire companies engaged in real estate and tourism hospitality in the next two years – just a week after the news of the company securing P15-billion worth of funding from a Qatar-based investment firm.
THE Philippine economy posted a 6.1% gross domestic product (GDP) growth in the fourth quarter of 2018, the Philippine Statistics Authority (PSA) reported this morning.
RURAL BANKS began to sprout in the 1950s when the countryside lacked basic financial services, which prompted the government to set up measures to incentivize the establishment of such lenders by way of lower interest and other perks. Prior to this, the main sources of credit were moneylenders in the informal sector that charged very high interest rates. Convenient and secured payment facilities in many rural communities hardly existed.