The World Bank financing would not only improve the BOC’s efficiency but also reduce trade costs in the Philippines. ; Guerrero said that since last year, the BOC was already developing in-house ICT projects which digitized processes and allowed electronic/online transactions at the country’s ports. ; The World Bank had lamented the BOC’s poor trade facilitation, which the lender blamed on “outdated infrastructure and inadequate business practices.”
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The Philippines and Japan are planning to sign early next year the second loan agreement for the country’s first subway system, the Department of Finance (DOF) said. During last week’s Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation online meeting, the two sides committed to approve the next financing tranche for the first phase of the Metro Manila Subway by the first quarter of 2021, the DOF said in a statement on Saturday. The P356.9-billion, 25.3-kilometer subway belonging to the Duterte administr ...
The embattled MFT Group led by CEO Maria Francesca “Mica” Tan is not about to throw in the towel even with the cease-and-desist order slapped against it. This as lawyer Rey Villegas, a private creditor of the MFT Group’s The Foundry, has urged the Securities and Exchange Commission (SEC) to lift the order against the companies, saying that “honoring their loan obligations has been the foundation of the long-standing private transactions by the shareholders with their creditors.” ...
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MANILA -Union Bank of the Philippines registered a weaker bottom line in the January-September period despite stronger revenues as expenses ballooned following the acquisition of Citi’s consumer business and rollout of its digital-only banking arm. On Tuesday, the Aboitiz-led bank announced its net income amounted to P8.1 billion in the first three quarters, lower by 19 percent than the P10.09 billion it booked in the same period last year. Net revenues climbed by 48 percent to P52.8 billion during the period as net interest income grew by 34 ...