The Bangko Sentral ng Pilipinas has granted UnionDigital Bank a certificate of authority to operate as a digital bank. This certificate is the final stage in the three-stage digital bank license application process.

UnionDigital Bank, a subsidiary of Aboitiz-led Union Bank of the Philippines, is now live to a limited set of customers. The app is currently available by invitation only.

The digital bank said it aims to “empower the country’s journey toward a fully digital economy, enabling Filipino communities, businesses, and regulators to leverage on Fintech, Blockchain, and open finance technologies to achieve inclusive prosperity.”

Megawide Construction Corporation was cleared by the Securities and Exchange Commission to sell P4 billion worth of bonds.

Megawide plans to offer up to P3 billion of Series A bonds due 2026 and five-year Series B bonds due 2027.

Proceeds will be used to refinance debt and fund its capital expenditures. The sale will be from July 28 to August 5.

The Bank of the Philippine Islands (BPI) saw its first semester profits jump 73% to P20.4 billion, as revenues and an asset sale boosted 2nd quarter earnings.

If not for its sale of a property in Makati City, first semester earnings jumped by just 24% to P16.7 billion.

Revenues were up 20% to P57.6 billion, while net interest income increased 16.2% to 39.3 billion. Non-interest income was up 28.3% to P18.3 billion.

BPI’s bottomline was also propped up by lower loan loss provisioning.