MANILA, Philippines – Opening bank accounts through one’s smartphone allowed Overseas Filipino Bank to grow its depositor base, as digital banking looks to gain ground nationwide. The bank, considered the first government-owned digital bank, said 25,648 new deposit accounts were created from January to July. Through an onboarding system bolstered by artificial intelligence, which did […]
Read MoreMANILA, Philippines — Domestic tourism will likely start to recover as early as next year, but the rebound of foreign travel will have to wait until 2024, a global think tank said. In a report, UK-based Oxford Economics said domestic travel will be the saving grace of tourism in the Philippines and in the major […]
Read MoreMANILA, Philippines — The Philippine economy will have to wait until late next year to see a return to its pre-crisis levels as the pandemic continues to put a drag on the country’s much-needed rebound. During deliberations in Congress for the P5.024-trillion national budget for 2022, National Economic and Development Authority (NEDA) chief and Socioeconomic […]
Read MoreMANILA, Philippines — More foreign portfolio investments – commonly known as hot money – flowed out of the country in July after global debt watcher Fitch Ratings downgraded its outlook on the Philippines as the country struggled to contain the COVID-19 outbreak, the Bangko Sentral ng Pilipinas (BSP) said. Latest data released by the central […]
Read More20% percent of businesses will not likely survive the Covid-19 pandemic, a professor from the Asian Institute of Management (AIM) said. AIM Professor Rene Domingo during the recent “How businesses can recover and thrive during the crisis” said that businesses that won’t survive the pandemic crisis regardless of what they do and the amount of dole-outs they get are those that […]
Read MoreFITCH Ratings said the decision of the Bangko Sentral ng Pilipinas (BSP) to stop accepting new applications for digital bank licenses is beneficial to existing institutions. “Closing the door to new applicants helps to insulate conventional banks from more formidable competitors bearing these characteristics – at least until BSP’s moratorium on applicants is lifted,” it said in […]
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