Banking

by Lawrence Agcaoili (The Philippine Star), 22 May 2020 MANILA, Philippines — Consumer complaints about failure to avail of banking services, accrued interest as well as questions on suspension of loan payments, rose during the Luzon-wide enhanced community quarantine, according to the Bangko Sentral ng Pilipinas.

By Bianca Cuaresma, Businessmirror, 8 Jan 2020 THE simplified version of the standard deposit account yielded more than 2 million account holders 18 months after its implementation, the Bangko Sentral ng Pilipinas (BSP) governor reported.

by Vito Barcelo, Manila Standard, Aug 14, 2019 A labor group is opposing the planned increase in ATM—automated teller machines—fees by charging P15 per withdrawal, saying the amount is burdensome to millions of daily minimum workers who only receive each a measly P537 a day.

by Ian Nicolas Cigaral (Philstar.com) – Aug 13, 2019 BSP chief: Spike in ATM fees won’t happen MANILA, Philippines — The Bangko Sentral ng Pilipinas’ decision to lift a moratorium on ATM fee adjustments had worried lawmakers, prompting them to set an inquiry into the move’s impact on consumers.

by Tony S. Bergonia, Philippine Daily Inquirer, Jul 6, 2019 MANILA, Philippines — A savings account that offers 3% interest, does not require a minimum deposit or maintaining balance and needs only a smartphone to open and maintain.

It’s a go: Banks offer real-time fund transfer service Money can move in a jiffy through this platform. The Bangko Sentral ng Pilipinas (BSP) has rolled out the InstaPay service on Monday, April 23 meant to process real-time fund transfers across different banks and digital wallets.

Melissa Luz T. Lopez, Businessworld, Jan. 25, 2017 THE PHILIPPINES has made the biggest jump ahead of the planned banking sector integration across Southeast Asia, Fitch Ratings said, even as it noted that moves in the region are still far from hitting the goal of a unified financial framework in the next three years.

Philippine Daily Inquirer, Jan. 14, 2017 Many Filipinos still rely on informal channels for their borrowings, while almost two out of every five households use their ATM cards as collateral for borrowings, such that the Bangko Sentral ng Pilipinas is urging intensified financial inclusion efforts to bring more borrowers into the formal sector.

Central banks’ ultra-loose monetary policy is putting the world economy at risk, said William White, a senior adviser to the Organisation for Economic Co-operation and Development (OECD).

We have just learned that Bank of Commerce, one of the country’s leading commercial banks, is turning universal.

MANILA, Philippines – Washington-based think tank Center for Technology Innovation (CTI) has ranked the Philippines 15th out of 21 countries in terms of access and usage of affordable financial services.

MANILA, Philippines – The Hongkong and Shanghai Banking Corp. (HSBC) said the Philippine banking system remains one of the strongest in the 10-member Asean with credit growth seen strengthenings in the next few years. HSBC economist Frederic Neumann said Philippine banks possess excess liquidity with robust consumer demand growth while property prices continue to pick…

The Monetary Board is allowing banks to extend operating hours and services even without securing regulatory approval, Bangko Sentral ng Pilipinas said Tuesday.

S&P says ‘overcrowding’ a major challenge Standard & Poor’s said it believed that banks in the Philippines were not yet prepared for the tougher competition that would result from the integration of Southeast Asian economies.

MANILA, Philippines – The Philippine financial system had remained resilient from all external shocks in 2013, thanks to the country’s strong economic fundamentals.

What if your bank records and transactions are accessible not just to one bank entity but also to a web of obscure service providers? Almost all banking functions in the Philippines – from tellering, credit card services to ATM cash replenishment – are currently being outsourcedto third party service providers. For labor, such scheme undermines…

MANILA, Philippines – The Asian Development Bank (ADB) said the Philippine banking system and other Asian banks are well shielded against the possibility of another global financial crisis.

The Bangko Sentral ng Pilipinas is concerned about the growing protectionism in many advanced economies, particularly on employment in the services sector, describing it as a threat on investments in the country’s business process outsourcing sector.

Banks are required by law to lend a certain percentage of their funds to agricultural ventures. A lack of borrowers from these ventures, however, forces banks to park their funds for regulatory compliance.

MANILA, Philippines – Philippine banks are among the healthiest in the Asia-Pacific region due to their large deposit base and healthy lending practices that allowed them to manage credit in the system, debt watcher Fitch Ratings said in a report released yesterday.

Large Philippine banks remain relatively stable in their lending operations, with an average non-performing loan ratio of below 3 percent in line with international standards, but some smaller banks engaged in consumer lending have bad loans as high as 60 percent of loan portfolio.

Metrobank, Security Bank and Union Bank among the strongest 100 banks in Asia, says poll Six Philippine banks were listed as among the strongest 100 banks in the Asia-Pacific region while 10 others were included in the top 500 (AB500) rankings by the financial publication, The Asian Banker.

BANKING has never been better, stronger, more stable, more resilient and more profitable in the Philippines than now This comes as a surprise considering the euro and sovereign debt crisis in Europe; the unemployment, double-dip recession tendency and fiscal crisis in the United States; and the perceptible global economic slowdown this year and next.

Bangko Sentral ng Pilipinas Gov. Amando Tetangco Jr. said that last year “could be one of the best years for Philippine banks.”

The Rural Bankers Association of the Philippines (RBAP) has frowned on the Philippine Deposit Insurance Corp.’s (PDIC) claim that the country’s rural banking industry is growing weaker.

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has given final notation of the proposed memorandum of agreement (MOA) with the Philippine Deposit Insurance Corp. (PDIC), signaling the implementation of the P5-billion Strengthening Program for Rural Banks (SPRB).

A “BIG number” of mergers and consolidations in the rural-banking industry is expected over the next couple of years now that a government-funded P5-billion program providing financial assistance to prospective buyers of weak rural banks is in place, an industry leader said on Tuesday.

MANILA, Philippines – Total resources of banks operating in the Philippines grew by 9.4 percent in the first quarter of the year as the country’s banking industry survived the global financial crisis and continued to remain resilient despite the debt crisis in Europe, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said yesterday that the banking industry managed to keep its capital levels significantly above international standards after banks successfully raised fresh equity through the issuance of various debt instruments.

Bangko Sentral Officials may want to look into the practice of banks who are either too lazy or intentionally not loading the necessary bills for their cash dispensing machines.