MAYVELIN U. CARABALLO, TMT

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State insurer Philippine Deposit Insurance CORP. (PDIC) hiked the amount of valid deposits of closed bank depositors eligible for outright payment to P50,000. In a statement on Monday, PDIC said that its board of directors has approved to increase the amount from P15,000 to P50,000. “Valid deposits eligible for payment…

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Private economists in the country are seeing a higher inflation rate this year, a recent Bangko Sentral ng Pilipinas (BSP) survey showed, with the impending power rate hike sought by the Manila Electric Co. cited as one of the factors. “Results of the BSP’s survey of private sector economists for…

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The Chamber of Thrift Banks (CTB) is backing the amendments to the Bangko Sentral ng Pilipinas (BSP) Charter, saying that the proposed bill for that will be beneficial to the banking industry and the public. “The CTB is one with the BSP in its effort to address the most fundamental…

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Government workers affected by Typhoon Agaton in Mindanao may avail of an emergency loan from state insurer Government Service Insurance System (GSIS) starting January 24. In a statement on Friday, the GSIS said it will grant emergency loans to more than 48,000 members who either work or reside in areas…

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The Bangko Sentral ng Pilipinas (BSP) on Friday announced the closing of Syrian pound (SYP) currency exchange facility (CEF), noting that no SYP to peso conversion shall be accepted starting January 25. “Starting 25 January 2014, the BSP Cash Department, regional offices/branches and AABs [authorized agent banks]shall no longer accept…

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Manila-based lender Asian Development Bank (ADB) recently issued $1.5-billion, five-year global benchmark bonds as part of its plans to raise about $13 billion to $15 billion from the capital markets this year. In a statement, the ADB said that the proceeds from the bond offering will be part of the…

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The Philippines needs to have broader coverage when it comes to monitoring corporate debt, according to International Monetary Fund (IMF). But the Bangko Sentral ng Pilipinas (BSP) still sees a stable Philippine banking system despite the expected rise in interest rates. “Philippines is a country where corporate leverage has increased…

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Basel III should be considered a business advantage as it will push banks to use their capital wisely and seek for a more robust growth, accounting firm Punongbayan and Araullo (P&A) said in its quarterly report released in December 2013. The P&A report titled “Reason + Instinct: A look at…

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Rizal Commercial Banking Corp. (RCBC) has expressed optimism on a 30-percent loan book growth this year on the back of its investments in infrastructure projects such as the public-private partnership (PPP) program. In a recent press briefing, John Thomas Deveras, RCBC executive vice president and head of Strategic Initiatives, said…

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Philippine Savings Bank (PSBank), the thrift bank arm of Metrobank Group, and the United States Agency for International Development (USAID) recently signed a cooperation agreement involving loans for small and medium enterprises (SMEs). In a statement, the bank said that through the agreement, PSBank and USAID may extend loans to…

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