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UnionBank nets P12.6 billion in 2021, revenues at all-time high
Union Bank of the Philippines saw its profits grow by 9% in 2021 to P12.6 billion, while its revenues reached an all-time high of P45.1 billion, up by 7%.
UnionBank’s net interest income grew 4% to P29.8 billion, while non-interest income rose 14% to P15.3 billion.
Check out UnionBank’s earnings report here.
Higher fees, lower provisions push BPI profits up 11.5% in 2021
Ayala-led Bank of the Philippine Islands (BPI) saw its profits grow 11.5% in 2021, driven by lower loan loss provisions and a record-high fee income.
On Monday, January 31, BPI said its full-year net income stood at P23.88 billion.
More on BPI’s earnings report here.
Lucio Tan son-in-law is new PAL acting president
Philippine Airlines named Stanley Ng, a son-in-law of PAL chairman and chief executive officer Lucio Tan, as its new acting president and chief operating officer.
Ng, who is PAL senior vice president for airline operations, takes over from Gilbert Santa Maria.
More details here.
Philippines’ inclusion in world’s largest trade pact rests on Senate
The business community is all eyes on the Senate, waiting for its decision on the Philippines’ inclusion in the world’s biggest trade deal, deemed to either boost economic growth or obliterate local players, depending on who is asked.
The Senate, which is due to go on recess starting Saturday, February 5, ahead of the campaign period for the 2022 elections, has yet to concur with the Regional Comprehensive Economic Partnership (RCEP), a trade pact between the 10 members of the Association of Southeast Asian Nations (ASEAN), along with Australia, China, Japan, South Korea, and New Zealand.