World Bank: 1 in 3 Filipinos has financial accounts

MANILA -- Over a third of Filipinos aged 15 and above owns a formal account, according to the 2017 Global Findex published by the World Bank, the latest edition of the world’s most comprehensive database on financial inclusion.Data showed that 34.5 percent of Filipino adults have a formal... Read More

ADB finances USD17-B projects in ASEAN countries

MANILA -- The Asian Development Bank (ADB) has poured in USD16.5 billion as of February this year for developmental projects in ASEAN member states.This amount has financed 159 projects in Southeast Asia aiming to address the rising inequality in the region, narrowing infrastructure investments gap,... Read More

PH urges ADB to help ‘future-proof’ economies vs technological change

MANILA -- Finance Secretary Carlos Dominguez III on Saturday urged the Asian Development Bank (ADB) to assist its Asia-Pacific member countries in future proofing their economies against the impacts of rapid advances in digital technologies.“There is a need to future-proof our economies so... Read More

ADB to stir up private-sector financing of more Asia-Pacific infra

MANILA -- The Asian Development Bank (ADB) will work with Asia-Pacific countries, including the Philippines, to build more quality infrastructure and other development projects in partnership with the private sector.This is to support inclusive and sustainable growth momentum, the regional... Read More

PH, SoKor sign USD1-B soft loan deal for infra

MANILA -- The Korean Embassy in Manila said over the weekend the Korean government is funding most of the USD199-million New Cebu International Container Port Project through an official development assistance (ODA) recently clinched with the Philippine government.The Philippine and South Korean... Read More

Asian business leaders rally behind women empowerment

MANILA -- Asian Development Bank (ADB) President Takehiko Nakao is rallying for women empowerment in business, saying this has been among the bank's agenda."How can women do as much as men can do, or even better?" he asked in a seminar during the 51st ADB annual meeting at the ADB headquarters in... Read More

ASEAN+3 vows to strengthen regional financial cooperation

MANILA -- The 10 member states of the Association of Southeast Asian Nations (ASEAN) joined by China, South Korea and Japan (ASEAN Plus Three) have agreed to further strengthen the multilateral currency swap arrangement to enable members overcome crisis more speedily and promote sustained economic... Read More

Improving education system to boost Asia's competitiveness in ICT

MANILA -- Strengthening the education system will help enhance the competitiveness of countries in Asia in the field of information and communications technology (ICT).Department of Finance (DOF) Secretary Carlos Dominguez III said that education will play a critical role in helping people adapt... Read More

BPI holds bell ringing ceremony for P50-B stock rights offer

MANILA -- Bank of the Philippine Islands (BPI) has listed 558,659,210 new common shares valued at PHP50 billion, or PHP89.50 per share, after a bell-ringing ceremony Friday at the Philippine Stock Exchange.The new shares were issued to shareholders on record, with a ratio of 1:7.0594, or 1 new... Read More

PH plays key role in ‘just transition’

MANILA -- The Asian Development Bank (ADB) and the United Nations International Labour Organization (ILO) jointly said the Philippines is playing a key role in pursuing “just transition” -- which is ILO's policy framework on sustainable development, decent work, and green jobs.In a... Read More

Bulacan int’l airport to boost tourism says SMC president

MANILA -- San Miguel Corp. (SMC) president and chief operating officer Ramon Ang on Friday expressed optimism the completion of the envisioned PHP735.6-billion international airport in Bulacan province could boost foreign tourist arrivals in the country that would be at par with those of Southeast... Read More

Inflation to normalize towards year end: NEDA

MANILA -- The National Economic and Development Authority (NEDA) expects the current surge in inflation, which is due in part to an overhaul in the taxation system, to be temporary and will normalize towards the end of the year.“The current surge in inflation is partly an initial reaction to... Read More

BSP approves IRR of credit card law

MANILA – The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), has approved the implementing rules and regulations (IRR) of the law regulating the Philippine credit card industry, a move that is expected to put an end to arbitrary impositions by card issuers on... Read More

PH to save 2% of GDP in 5 yrs with nat'l ID: PSA

MANILA—The Philippine government can save 2 percent of its gross domestic product (GDP) over a five-year period with the implementation of a national identification (ID) system, a top official of the Philippine Statistics Authority (PSA) said on Friday.At the sidelines of a sponsored seminar... Read More

April inflation at 4.5%

MANILA -- The consumer price index in April this year further accelerated to 4.5 percent, faster than inflation in March of 4.3 percent and markedly more than April 2017’s 3.2 percent.The Philippine Statistics Authority (PSA) reported Friday that higher price pressure last month can be... Read More

Gov't should invest in ICT infra to reskill workforce

MANILA -- The chief economist of Asian Development Bank (ADB) on Friday said governments should invest heavily in information and communications technology (ICT) infrastructure to enable further training and reskilling of workers amid growing concerns that technology will lead to job losses.In a... Read More

ADB in step with rising income status in SEA

MANILA --The Asian Development Bank (ADB) is poised to adapt to the changes brought about by rising income levels in Southeast Asian countries and thus, remaining a relevant force in the region.In a media briefing at the 51st Annual ADB Meeting here Friday, ADB Director General for Southeast Asia... Read More

D&L Industries nets P744M in Q1

MANILA -- Food and chemicals manufacturer D&L Industries posted a 12.3-percent increase in recurring net income in the first quarter of 2018 on the back of higher sales volume.The company reported to the local bourse Thursday that its net income reached PHP744 million in the January to March... Read More

Aboitiz Power Q1 consolidated income down 9%

MANILA -- Aboitiz Power on Thursday announced that its consolidated net income for the first quarter of 2018 is 9 percent lower from the same period last year.First quarter's consolidated net income slipped to only PHP4 billion from PHP4.4 billion last year. The firm pointed out the non-recurring... Read More

BSP puts premium on consumer protection amid fintech advances

MANILA -- Bangko Sentral ng Pilipinas (BSP) considers consumer protection paramount in its regulation of the growing financial technology (fintech) industry in the country.During a roundtable discussion on new technologies in finance held on Thursday at the ADB Headquarters in Mandaluyong City, BSP... Read More