MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has warned local banks as well as financial institutions including remittance transfer companies, virtual currency exchanges, electronic money issuers and operators of payment systems, to avoid being used by unlicensed online gaming or betting operators as conduits of funds for their illegal activities. BSP Deputy Governor […]
Read MoreMANILA, Philippines — The earnings of Philippine banks slumped to a four-year low, declining by 32.8 percent to P154.96 billion last year from a record P230.67 billion in 2019 as the industry’s provision for potential loan losses arising from the impact of the pandemic almost quadrupled, according to the Bangko Sentral ng Pilipinas (BSP). Last […]
Read MoreMANILA, Philippines — Congress has given Petron Corp. a lifeline, exempting petroleum refineries from taxes and duties on crude oil imports. Petron president and CEO Ramon Ang had warned last year that the company would shut down its petroleum refinery in Bataan, which directly employs about 1,000 people, unless the government leveled the playing field […]
Read MoreMANILA, Philippines — The gross non-performing loan (NPL) ratio of Philippine banks eased to 3.61 percent in December after accelerating for 11 straight months in 2020, according to the Bangko Sentral ng Pilipinas (BSP). The latest NPL level was lower than the 3.78 percent recorded in November, but higher than the 2.04 percent recorded in […]
Read MoreMANILA, Philippines — The Philippines is not suffering from stagflation and the risks of doing so in the future is nil as the economy is still expected to rebound despite what government said was a slow start this year. “There is no reason to worry about stagflation. At least not yet,” Steven Cochrane, chief Asia […]
Read MoreMANILA, Philippines — More banks are set to impose higher fees for ATM transactions done by non-bank clients using their networks amid the shift to a new charging method starting April 7. Under the new method, a cardholder would be charged for a withdrawal transaction or balance inquiry based on the fees of other banks […]
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