THE Bangko Sentral ng Pilipinas (BSP) said it has allowed a total of six digital banks to operate in the Philippines. BSP said in a statement that it recently granted two different banks certificates of authority (COAs) to operate in the country. The most recent beneficiaries were GoTyme Bank Corp. (GTYME) and UnionDigital Bank Inc. (UDB). The central […]
Read MoreTHE Malaysia External Trade Development Corp. (Matrade), together with the Ministry of Entrepreneur Development and Cooperatives and the Small, Medium, Enterprise Development Bank, is eyeing business partnerships and opportunities in the Philippines. “Our purpose here is to renew our friendship with the Philippines and continue our partnership as we help each other’s economy grow more coming out of the pandemic,” Abu Bakar […]
Read MoreAN economist sees the Bangko Sentral ng Pilipinas (BSP) making one or two 0.25-basis-point key rate increases for the rest of 2022. Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), in a report dated Aug. 22, 2022, said the BSP would not hike the key rate by 0.50 or 0.75 in its next policy actions. […]
Read MoreMANILA, Philippines — A limited lifting of the bank secrecy law would increase the Philippines’ chances of getting an early exit from the gray list of Paris-based Financial Action Task Force (FATF), according to the Bangko Sentral ng Pilipinas. BSP senior assistant governor and general counsel Elmore Capule told the Senate committee on banks, financial […]
Read MoreMANILA, Philippines — The share of Filipino adults with bank accounts soared to 56 percent in the first quarter from 29 percent in 2019, according to the 2021 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas (BSP). The number of Filipino adults with bank accounts doubled to 42.9 million from 20.9 million, translating to […]
Read MoreMANILA, Philippines — Persistent inflation and the consequently more aggressive policy tightening by the Bangko Sentral ng Pilipinas (BSP) may temper credit growth of Philippine banks, according to CreditSights Inc. In a report, CreditSights said that recent macroeconomic headwinds have not translated into a significant impact on loan growth or asset quality. “While near-term growth […]
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