PSBank Posts PhP2.7B Net Income in 2018

Philippine Savings Bank (PSBank, PSE: PSB), the thrift-banking arm of the Metrobank Group (PSE: MBT), increased its net income in 2018 to PhP2.7 billion. This translates to a return on equity of 11.4% and a return on asset of 1.2%. Net interest income of PhP11.3 billion is up 2.3% year-on-year. “PSBank proactively responded to last […]
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SEC Approves Merger Between Philippine Resources Banking and UnionBank Subsidiary

The Securities and Exchange Commission (SEC) has approved the merger between Philippine Resources Banking Corp. (PR Savings) and City Savings Bank Inc., a wholly-owned subsidiary of Union Bank of the Philippines (UnionBank, PSE: UBP). PR Savings, a thrift bank, is 100% owned by City Savings. The merger between both banks is in line with UnionBank’s […]
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Government Keeps Inflation Target at 2 to 4% Range

In line with the inflation targeting approach to the conduct of monetary policy, the Development Budget Coordination Committee (DBCC) in coordination with the Bangko Sentral ng Pilipinas (BSP), through DBCC Resolution No. 2019-1 dated February 26, 2019, decided to keep the current inflation target at 3.0 percent ± 1.0 percentage point for 2019–2020 and to […]
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Domestic Liquidity Growth Eases in January

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) show that domestic liquidity (M3) growth grew by 7.6% year-on-year to about PhP11.4 trillion in January 2019. This was slower than the 9.2% expansion in December 2018. On a month-on-month seasonally-adjusted basis, M3 increased by 0.6%. Demand for credit eased but remained the principal driver of […]
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Bank Lending Growth Eases in January

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) show that outstanding loans of universal and commercial banks, net of reverse repurchase (RRP) placements with the BSP, grew at a slower rate of 15.3% in January from the 15.7% (revised) in December. Likewise, the growth in bank lending inclusive of RRPs decelerated to 14.4% in […]
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BSP Eyes Issuance of Bonds for Monetary Stabilization

By Lee C. Chipongian, Manila Bulletin The amended Bangko Sentral ng Pilipinas (BSP) Charter has restored the central bank’s authority to float its own debt instruments which may be called “Monetary Stabilization Bonds.” BSP Deputy Governor Diwa C. Guinigundo said these bonds, when issued, will address structural excess liquidity and unlike its open market operations […]
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BSP Streamlines Licensing Requirements for Electronic Payment and Financial Services

In line with the Bangko Sentral ng Pilipinas’s (BSP) reform agenda of promoting digital innovations and increasing the availability of safer and more efficient channels for delivering banking, payment, remittance, investment, and other financial services, the Monetary Board has approved the streamlined licensing requirements for BSP-supervised financial institutions (BSFIs) that intend to offer electronic payment […]
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Warning Against the Improper Handling of Philippine Currency

The Bangko Sentral ng Pilipinas (BSP) warns the public that the willful defacement, mutilation, tearing, burning or destruction of Philippine banknotes and coins are punishable by a fine of not more than PhP20,000.00 and/or imprisonment of not more than five years, under Presidential Decree  No. 247. It also states that Philippine “banknotes and coins are […]
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