MANILA -The growth in lending by the Philippines’ largest banks slowed down for the sixth straight month to a nearly two-year low of 6.5 percent in September, adding credence to concerns that lukewarm private spending will lead to more subdued economic growth in the fourth quarter. Preliminary data at the Bangko Sentral ng Pilipinas show that the growth in total lending, net of short-term loans to the central bank, continued to lose momentum after reading out at 13.4 percent in September 2022 and 7.2 percent last August. ...
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The World Bank financing will account for 85 percent of project cost, while the remainder will come from counterpart government funds, Guerrero noted. ; Loan negotiations between the World Bank and the Department of Finance started last May 12. ; “[Guerrero] has already signed the letter to the Department of Budget and Management for the issuance of a forward obligation authority for the project, a requirement for loan negotiation. The BOC will also issue a customs special order creating the project management unit tasked to oversee implementation and ensure that project objectives, along with specifications and standards set, are met during construction, deployment and implementation. A special bids and awards committee shall also be constituted for procurement of different components of the project,” the country’s second biggest revenue agency said.
MANILA, Philippines —The Ty family-led Metropolitan Bank & Trust Co. (Metrobank) will pay record dividends of P22.5 billion to stockholders after achieving historic high earnings the past year. Metrobank, the country’s second-largest private bank, reported a significant boost in its net income for 2023, reaching P42.2 billion, which marks a 28.9-percent increase over 2022, a stock exchange filing on Thursday showed. This translated to a return on equity of 12.5 percent, higher than the 10.3 percent recorded in the previous year. ...
NEW YORK -Large US banks railed against new proposed capital requirements at a congressional hearing on Wednesday, joining Senate Republicans in casting the measures as crimping loans to everyday Americans. “This rule will make services so uneconomical, you will likely see two outcomes: many banks will simply stop offering certain products and services, and those that do will have to charge more for them just to make it worth the service,” said JPMorgan Chase Chief Executive Jamie Dimon. ...
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Bank lending grew in June but was relatively flat from the previous month as high interest rates tempered demand for consumer and business loans.
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