GANDHINAGAR, India – Multilateral development banks (MDBs) must undergo big changes in the way they operate to eliminate poverty, triple sustainable lending levels by 2030 and create a new funding mechanism to further its agenda, a G20 panel said in a report on Tuesday. The independent panel, headed by economists Lawrence Summers and N.K. Singh, was commissioned by the Group of 20 nations to propose reforms for MDBs with a focus on increasing funding for sustainable developments goals and climate change, among others. ...
MANILA, Philippines—The Bangko Sentral ng Pilipinas (BSP) wants small cooperatives and small businesses to have better access to loans that could help scale up their operations and, in doing so, improve the economic condition of more Filipinos. The BSP and the Cooperative Development Authority (CDA) have agreed to work closer together to better implement the provisions of the Credit Surety Fund Cooperative Act that became law in 2015. “The central bank is committed to support the development of the credit surety fund as a vital credit infra ...
Life insurance is a particularly effective risk management tool for Filipinos, given the unique socioeconomic challenges and cultural values that characterize the Philippines. Here are several reasons that illustrate why life insurance is especially important for Filipino families. In the Philippines, there is a strong cultural emphasis on family and community support. It is common for a single income earner to support multiple family members, including children, spouses and often extended family such as parents and siblings. Life insurance ens ...
Tonik Financial Pte. Ltd. is acquiring a financial technology (fintech) platform providing financial services to company employees in a bid to expand its portfolio. In a statement on Friday, the parent company of Tonik Digital Bank Inc. said it had entered into an agreement with Tendo Payment Solutions Pte. Ltd. to buy its local business operating under the name of “TendoPay.” · The deal is still subject to the approval of relevant regulators. “Tonik’s acquisition of TendoPay is a testament of our passion for accelerating financial and ...
MANILA -The Department of Agriculture (DA) has issued supplemental guidelines to accelerate the repopulation of hogs in Northern Mindanao. The agency issued a memorandum order to provide the amended rules on the implementation of a community-based swine population, repopulation and expansion through the Integrated National Swine Production Initiatives for Recovery and Expansion (Inspire) program. Implemented by the DA’s National Livestock Program, the Inspire scheme aims to fast-track calibrated repopulation and production expansion through f ...
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The Philippines dropped 10 notches in the Global Innovation Index (GII) 2014, now ranking the 100th most innovative economy in the world out of 143 economies surveyed this year. Based on the results of the GII 2014, the Philippines’ scores and rankings declined in five of the seven main indicators, namely human capital and research, infrastructure, business sophistication, knowledge and technology outputs, and creative outputs. The country, however, managed to advance its rankings under instit...
Two sons of American tycoon Donald Trump flew in from New York Tuesday for the groundbreaking of Trump Tower Manila, a luxury tower to be developed by Century Properties Group and the first of what is hinted to be a series of property projects involving the Trump brand in the Philippines. “This will not be our last project in the Philippines. We’re looking forward to rolling out a couple of things,” Donald Trump Jr. said in a press briefing. He hinted that talks have started with the Anton...
HANOI — Vietnam’s economy can grow by about 5.5 percent in 2024 and increase to 6 percent in 2025, according to a report from the World Bank released on Tuesday. After experiencing downturns in 2023, Vietnam’s economy has shown signs of recovery during the first quarter of 2024. According to the report, the Southeast Asian economy has enjoyed stronger exports as domestic consumption and private investment increased gradually during the period with export prices expected to rise by about 3.5 percent this year and in 2025 as global demand r ...
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