Five banks signed trade finance agreement with ADB

The Asian Development Bank is making funds available to Philippine traders via its $1-billion regional facility. To help traders get access to this fund, the ADB signed a trade finance agreement with five banks – Development Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine National Bank, Rizal Commercial Banking Corp. and Allied Banking [...]

February 23, 2010  Tags: , , , , , ,   Posted in: Announcement, Corporations, Loans, Opportunities, Philippine banks, Philippine business news, Philippines, banking, economy, finance, money  No Comments

Yuan-denominated products offered in BPI

Major banks in the Philippines are now offering yuan-denominated savings accounts. The latest to join the ranks of local banks who offer these products is the Bank of the Philippine Islands.
The yuan or Renmibi products of BPI would be opened in the first week of the new Chinese New Year of the Metal Tiger. These [...]

February 14, 2010  Tags: , , , , , ,   Posted in: Corporations, Customer Service, Foreign exchange, International relations, Philippine banks, Philippine business news, Philippines, Products, banking, economy, finance, money  No Comments

BancNet members reached 59 in 2009

The number of members in BancNet has reached 59 at the end of 2009.
Last year, BancNet welcomed into its roster 10 new members, these are: Philippine National Bank (PNB), Equicom Savings Bank, Maybank Philippines, China Bank Savings, Wealth Bank, Entrepreneur Bank, Optimum Development Bank, Rural Bank of Dulag, Gubat St. Anthonry Cooperative and News Multi-Purpose [...]

February 2, 2010  Tags: , , , , , , ,   Posted in: Announcement, Consumers, Philippine banks, Products, banking, communications, e-commerce, economy, finance, innovation, money  No Comments

Banks to open during holidays

Gone were the days when the public are left on their own during long holidays, as far as their finances and banking matters are concern. This time, some banks would be open during the holidays to attend to their clients’ needs.
Banks also assured the public that their automated teller machines (ATMs) would remain operational during [...]

December 24, 2009  Tags: , , , , , ,   Posted in: Announcement, Consumers, Customer Service, Philippine Holidays, Philippine banks, Philippine business news, Philippines, banking, finance, money  No Comments

Peso closed at 15-month high – 46 to $1

Peso closed at its highest for the last 15 months. Last Fridays dealing ended with the Philippine peso at a level of P46 to $1, in a 15-month record high attributed specifically to the influx of remittances for overseas Filipino workers.
Not surprisingly, because of the holiday season, we can expect more Filipinos overseas to send [...]

December 4, 2009  Tags: , , , , ,   Posted in: Foreign exchange, OFWs, Philippines, Pricing, banking, economy, finance, money  No Comments

iRemit to provide remittance services to OFWs in Europe

The largest Filipino-owned non-bank remittance company has further widen its customer base of overseas Filipino workers (OFWs).
iRemit was able to secure license to do business in Europe.
The remittance company stated in its disclosure to the Philippine Stock Exchange advising them of the registration of iRemit Europe in the general list of financial intermediaries as a [...]

November 26, 2009  Tags: , , , , , , ,   Posted in: Announcement, Consumers, Corporations, Customer Service, OFWs, Philippine business news, Philippines, e-commerce, economy, finance, money  No Comments

Republic Act 9505 or the PERA Act of 2008

A new law that hopes to encourage Filipinos to invest more of their savings in high yield products has been signed recently. The PERA Law or Personal Equity and Retirement Account will be implemented by the Bangko Sentral ng Pilipinas (BSP) next year.
BSP Governor Amando M. Tetangco Jr., one of the signatories of the implementing [...]

October 22, 2009  Tags: , , , , , , , , , , ,   Posted in: Announcement, Government, Philippine business news, Philippines, banking, finance, investments, money  No Comments

Lower housing loan rates from SSS

To help Filipinos whose homes were damaged by the recent onslaught of tropical storm Ondoy last , SSS reduced loan rates for home repairs and improvements.
The reduced rates for SSS is now at 9%, from a previous 13% per annum. The maximum amount of loan that can be availed is P300,000 and payable up to [...]

October 2, 2009  Tags: , , , , , , ,   Posted in: Announcement, Consumers, Government, Housing, Philippine business news, Philippines, economy, finance, money  No Comments

Abaca fiber to stay on Philippine bills

Abaca farmers can now rest easy, as the Bangko Sentral ng Pilipinas has decided to keep using abaca fiber on Philippine  notes. BSP said abaca fiber will stay as its Numismatic Committed decided to support the domestic abaca industry and dropped the plan to print new bank notes in polymer material.
Armando Suratos, Deputy Governor of [...]

September 20, 2009  Tags: , , , ,   Posted in: Announcement, Government, Philippine business news, Philippines, economy, finance, money  No Comments

Chinatrust plans opening new branch in Cagayan de Oro City

Chinatrust Commercial Bank Corp. in the Philippines is a subsidiary of the Chinatrust Commercial Bank Corp. in Taiwan, which is the largest and most awarded private commercial bank in Taiwan and was included in the top 200 biggest banks in terms of capital.
With 23 branches in the Philippines at present, Chinatrust plans to open a [...]

September 20, 2009  Tags: , , , , , , , ,   Posted in: Announcement, Corporations, Philippine banks, Philippine business news, Philippines, banking, economy, finance, money  4 Comments