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BSP, CDA push wider access to credit for cooperatives, MSMEs | Inquirer Business

The Bangko Sentral ng Pilipinas (BSP) wants small cooperatives and small businesses to have better access to loans that...

Loan facility set up for small, microenterprises | Inquirer Business

A state-owned company under the Department of Trade and Industry (DTI) is opening a P1-billion loan facility that will be made available to micro and small companies when the quarantine is lifted. Small Business Corp. is setting up the fund under a loan program called Pondo sa Pagbabago at Pag-asenso, which the Duterte administration had earlier launched to help small businesses and prevent them from resorting to loan sharks. The facility is called P3-ERF (enterprise rehabilitation financing), a...

US banks' profits to shrink as they brace for souring loans

A combination file photo shows Wells Fargo, Citigbank, Morgan Stanley, JPMorgan Chase, Bank of America, JPMorgan, and Goldman Sachs from Reuters archive. REUTERS/File Photo

South Korea to ease loan curbs for some homeowners paying 'jeonse' deposits | Inquirer Business

Yoo Ha-jin, 27, looks at a building where she lives in Seoul, South Korea, Feb 21, 2023. REUTERS/Kim Hong-Ji/File photo

PH balance of payments position back to surplus in 2023

MANILA —The Philippines’ balance of payments (BOP) position returned to a surplus in 2023, which even exceeded the Bangko Sentral ng Pilipinas’ (BSP) more optimistic projection amid strong inflows from key sources. Data released on Friday by the BSP showed the country’s position in terms of its transactions with the rest of the world swung to a $3.7 billion surplus last year, a turnaround from the $7.3 billion deficit recorded in 2022. A surplus arises when more foreign payments enter the economy compared to those that left, giving the ...

High interest rates curb loan growth

Bank lending grew in June but was relatively flat from the previous month as high interest rates tempered demand for consumer and business loans.

Bank lending further slowed down in Sept | Inquirer Business

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. ...

DOTr’s Laguna site office seen to propel NSCR project forward

MANILA, Philippines —The Department of Transportation and Philippine National Railway recently opened their South Commuter Rail’s site office and a 15-hectare integrated pre-cast yard in Santa Rosa, Laguna, signaling the start of permanent works at the 12.8-kilometer Laguna railway project. The Laguna railway project, covered by PNR South Commuter Rail contract package (CP)-05, forms part of the 147-km North-South Commuter Railway (NSCR) system connecting Clark in Pampanga and Calamba, Laguna. ...

Metrobank to pay record dividends as 2023 earnings post 29% growth | Inquirer Business

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. ...

PH, Japan to sign new loan for subway in Q1 next year | Inquirer Business

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 ...

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