JPMorgan Chase & Co. opened two new Global Service Centers (GSC) in the Philippines this year, as part of its expansion in the country. The two new GSC will provide support for the New York listed company’s business lines and customers around the world, bringing to four the company’s GSCs in the Philippines.
The latest GSC, [...]

The country’s power sector, including renewable energy projects, is likely to get a big boos from the World Bank (WB). WB’s private sector arm, the International Finance Corp. (IFC), is looking at pouring in more than $300 million in investment to the said industry in the Philippines.
IFC resident representatives to the Philippines, Jesse Ang, said [...]

Up to P10 billion worth of stocks in the Bank of the Philippine Islands (BPI) will be purchased by the Ayala Corp. Chief finance officer Delfin C. Gonzales Jr. of Ayala Corp., in a disclosure to Securities and Exchange Commission (SEC) said the board has approved the subscription “to our pro-rata share in the [...]

The Bangko Sentral ng Pilipinas (BSP) said that approximately 11 million Filipino households do not have bank accounts.
BSP Governor Amando Tetangco Jr. said, “Rough estimates indicate that at the most, only one-third of our households have bank accounts,” during a conference of the Rural Bankers Association of the Philippines held recently at the Sofitel Philippine [...]

The bank owned by juice king Alfredo M. Yao is planning to open more branches in the Visayas and Mindanao. The Philippine Business Bank, Inc. (PBB), according to company chairman Yao, will adding up to 25 to its number of branches this year, mostly would be in the Visayas and Mindanao, citing the regions’ high [...]

The thrift bank subsidiary of the Bank of the Philippine Islands, BPI Family Savings Bank, is going to roll out a credit facility that will cater to the micro and small enterprises. This plan of BPI Family to increase its loan exposure will be done through a customized business packaged which it will roll out [...]

During the Marcos-era, the Home Development Mutual Fund (HDMF), also known Pag-IBIG Fund run a house-and-lot raffle program called the Biglang Bonds. Now, the state-administered funds manager is planning to revive the said scheme after launching its planned P12-billion bond offering last week.
HDMF chief executive officer Jaime Fabiaña said that under the plan, the agency [...]

The Metropolitan Bank and Trust Company (Metrobank) has awarded the Asian Terminals Inc. (ATI) credit line worth P250 million. The ATI said the proceeds of the funds would be used to fund its projects in the next five years.
ATI, in its disclosure to the Philippine Stock Exchange (PSE), said it signed an agreement with Metrobank [...]

To allow our farmers more access to bank credit, to further address their financing needs, the Bangko Sentral ng Pilipinas (BSP) has further eased its documentary requirements and its application procedures. This would allow banks to provide micro-agri loans to farmers.
The micro-agri loans which amount to less P150,000 would be exempted from the requirement of [...]

The Globe Telecom’s mobile commerce subsidiary G-Xchange (GXI) request of using its parent’s sub-distribution as GCash outlets has been approved by the Bangko Sentral ng Pilipinas (BSP), which brings the number of GCash remittance outlets to over 18,000 making it the largest remittance network in the Philippines.

This early, the Philippine Veterans Bank (PVB) has already opened 10 new branches to beef up its network to 60 branches all over the country. The 10 new branches were actually opened simultaneously last January 18.

The Philippine National Bank (PNB) and Allied Banking Corporation, both controlled by tycoon Lucio Tan, will continue with its scheduled merger which will happen in the second half of 2010, said PNB president Omar Byron Mier.
The merging of the two banks will create the fourth largest privately owned bank in the Philippines, behind the three [...]

Because of the increasing volume of transactions in the Philippines, many banks in the Philippines are planning to offer products and services denominated in Chinese yuan or renminbi to their clients in the near future. According to Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr., these banks are looking to offer renminbi-denominated products and [...]

Anytime this year, we will be seeing new designs in our money, both in bills and coins. The new money designed are set for printing within the year, said the Bangko Sentral ng Pilipinas (BSP), after getting the approval of President Gloria Macapagal-Arroyo.

During the long holidays, banks in the Philippines have assured the public that it will be opening selected branches to serve their clients’ needs. The automate teller machines (ATMs) were also assured to be fully operational (and loaded) for the holidays.

To reach to people who have no access to banks, the Bangko Sentral ng Pilipinas (BSP) looks into tapping third parties such as retail outlets to be conduits for money transfer through mobile phones. While considering the said option, BSP governor Amando M. Tetangco, cautioned while that the business arguments for the establishment of a [...]

Megalink, one the country’s biggest network of automated teller machine (ATM) has added a new service to mobile phone users which enables cell phone subscribers to pay their bills or load up their phones with load credits through the network. Megalink has already arranged an agreement with the two largest mobile phone service providers in [...]

The PERA Law or the Personal Equity and Retirement Account Law will be implemented by the Bangko Sentral ng Pilipinas (BSP) in 2010 after different agencies of the government signed its implementing rules and regulations (IRR). BSP Governor Amando M. Tetangco Jr. spearheaded the signing of the memorandum of agreement (MOA) and IRR of PERA [...]

China Banking Corporation (Chinabank) was ordered by the Supreme Court (SC) to pay the Bureau of Internal Revenues (BIR) its deficiency documentary stamp taxes worth around P11.3 million. The taxes were for the special savings deposits (SSDs) which were made to appear like tax-exempt regular savings accounts.

Just this week, the Bangko Sentral ng Pilipinas gave the nod of approval to Globe Telecommunications and Ayala Group to venture into the mobile banking business using the license of Pilipinas Savings Bank.
In recent news, Smart Communications is also planning to venture into microfinance, according to Napoleon Nazareno, Smart president. “We are also looking into [...]