Philippine exports are on track toward closing the year with better numbers and sustain the sector’s improved performance in the first half as the country and the rest of the world continue to recover from the coronavirus pandemic, according to the central bank. In an online briefing on Thursday, Bangko Sentral ng Pilipinas Governor Benjamin…
Factory output growth moderated to a still strong on the back of expansion posted in 13 industries, the Philippine Statistics Authority (PSA) reported Tuesday. The PSA’s monthly integrated survey of selected industries (Missi) report for September showed the increase in volume of production index (VoPI) — a proxy for factory output — slowed compared to…
Property giant SM Prime Holdings (SMPH) booked P15.6 billion in net profit at end-September, up 9 percent year-on-year, as the company kept a tighter lid on expenses, while other income made up for the decline in shopping mall and residential development revenues. For the third quarter alone, , flat from the P3.94-billion bottom line seen…
The opening of “low-cost, no-frills” bank accounts in the Philippines has risen substantially with the help of the central bank’s aggressive campaign to draw more Filipinos into the formal financial system, according to the agency. In a statement, the Bangko Sentral ng Pilipinas’ said that the number of basic deposit accounts in the first quarter…
Lending by banks to small businesses has skyrocketed since the central bank approved a measure to count these loans as an alternative form of compliance with the reserve levels required of financial institutions. According to Bangko Sentral ng Pilipinas Governor Benjamin Diokno, the banking system allocated an average of as alternative compliance with the reserve…
The country’s financial regulators have agreed to streamline their procedures governing mergers and acquisitions in the local banking industry in a bid to expedite the process of consolidation among financial institutions. Initiated by the Philippine Deposit Insurance Corporation, the multi-agency project, which is the first of its kind among financial regulators, aims to harmonize the…