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Metrobank net income climbs 60% in 2021
The Metropolitan Bank and Trust Company (Metrobank) saw its net income rise by 60% to P22.2 billion in 2021, as provisions for loan losses declined and fee income remained robust.
In a stock exchange filing on Thursday, February 24, Metrobank reported a 27% increase in non-interest income to P21.1 billion on the back of higher transaction volumes and cross selling strategies.
More on Metrobank’s financial performance here.
BDO net income up 51% to P42.8 billion in 2021
Sy-led BDO Unibank posted a net income of P42.8 billion in 2021, as bad loan buffers normalized and non-interest income jumped.
In a stock exchange filing on Thursday, February 24, BDO said its profits in 2021 were 51% higher than the P28.2 billion posted in 2020.
Philippines readies P2.5 billion for fuel vouchers as global prices spike
The Philippine government is allotting P2.5 billion ($49 million) in fuel subsidies for public transport drivers, with oil prices surging after Russia attacked Ukraine.
The Development Budget Coordination Committee (DBCC) on Thursday, February 24, said the amount would be used for the Department of Transportation’s fuel subsidy program, where 377,000 drivers will be given vouchers.
More details in this story.
Ghosts of inflation past lurk in Philippines as Russia-Ukraine tensions rise
Economists warned that prices of goods in the Philippines may rise to unforeseen levels in 2022, as tensions between Russia and Ukraine send oil prices soaring.
Global oil prices jumped to new seven-year highs, reaching $100 per barrel in some markets due to the geopolitical conflict.
Here’s what the experts are saying.