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World Bank aid 'leakage' may flow to tax havens – study

Feb 20, 2020 - 7:20 PM

A study finds that World Bank 'aid disbursements to the most aid-dependent countries coincide with significant increases in deposits held in offshore financial centers'

CORRECTION NEEDED? The Department of Finance and Department of Trade and Industry say the World Bank inaccurately downgraded the country's ease of doing business ranking. Shutterstock photo

COA to DSWD: Pay Landbank's P82.72 million in unpaid 4Ps service fees

Feb 18, 2020 - 9:31 PM

COA adjusts the payout figure to Landbank to a lower amount compared to the original claim of P87.05 million and the amended claim of P92.27 million

China offers $43-billion boost to firms fighting novel coronavirus

Feb 09, 2020 - 10:25 PM

The People's Bank of China offers special funding in the battle against the novel coronavirus outbreak

A worker (L) wearing a protective suit carries a fogging machine as others prepare to disinfect a business establishment in Shanghai on February 9, 2020. - The new coronavirus that emerged in central China at the end of last year has killed more than 800 people and spread around the world. (Photo by NOEL CELIS / AFP)

Israel troops wounded in Jerusalem car-ramming as violence flares

Feb 06, 2020 - 11:26 PM

A manhunt is underway for the driver in the car-ramming, who fled the scene in the heart of west Jerusalem after the attack

CAR-RAMMING. Israeli policemen inspect the site of a car-ramming attack targeting Israeli troops in Jerusalem that wounded several people on February 6, 2020. Photo by Oren Ben Hakoon/AFP

Coronavirus is 'new layer of uncertainty' for European economy

Feb 06, 2020 - 2:10 AM

European Central Bank chief Christine Lagarde's remarks place the novel coronavirus on the same level of menace to growth as trade tensions and geopolitical flashpoints

A military personnel (Front) sits in coach transporting Italian citizens (Rear) repatriated from the coronavirus hot-zone of Wuhan, leaves the Mario De Bernardi military airport in Pratica di Mare, south of Rome, on February 3, 2020 after landing from China, to be placed in quarantine at the nearby Cecchignola center. (Photo by Andreas SOLARO / AFP)

World Bank to lower global growth forecast over virus outbreak

Feb 05, 2020 - 3:55 PM

The World Bank says it will revise its estimates downward 'for at least the first part of 2020,' as the novel coronavirus outbreak threatens global supply chains

TRADE TENSIONS. A container ship sits in the San Francisco Bay on May 13, 2019, in Oakland, California. The United States and China are locked in an escalating trade dispute. File photo by Justin Sullivan/Getty Images/AFP

World Bank calls for global effort against virus

Feb 04, 2020 - 10:30 AM

If the epidemic reaches the same severity as the Spanish flu in 1918, it could cost the global economy between 1% and 10% of growth, says World Bank President Jim Yong Kim

KIDS. Students at the Araullo High School don face masks as the Manila City local government led by Mayor Isko Moreno provided 500,000 face masks to public school students for protection against the Novel Coronavirus on January 31, 2020. Photo by Ben Nabong/Rappler

Chinese central bank to pump $173 billion into economy in virus fight

Feb 02, 2020 - 6:20 PM

The People's Bank of China says it will maintain 'reasonable and abundant liquidity' in the banking system, as well as a stable currency market, during the novel coronavirus outbreak

RENMINBI. China says it will not devalue its currency. Photo from Shutterstock

UnionBank net income shoots up 104% to P14 billion in 2019

Jan 27, 2020 - 1:15 PM

UnionBank's strategy? Digital transformation while maintaining lean operations.

BDO waives fees for Taal Volcano cash donations

Jan 24, 2020 - 7:34 PM

Filipinos overseas can donate cash through BDO Remit offices for free from January 14 to March 31

'Green Swan': Bankers warn of climate change risks

Jan 21, 2020 - 9:28 AM

Climate risks could generate a 'green swan' – a reference to the concept of an unpredictable and devastating 'black swan' event developed by philosopher Nassim Nicholas Taleb

Demonstrators hold placards during a protest against climate change on April 6, 2019 in Lausanne. Photo by Fabrice Coffrini/AFP

Global economy faces fragile recovery beset by risks – World Bank

Jan 09, 2020 - 6:25 PM

The World Bank projects the global economy will grow by 2.4% in 2020. But forecasts for nearly every country are cut compared to previous estimates.

2 courts convict rural bank execs over fraudulent transactions

Dec 31, 2019 - 2:34 PM

The Bangko Sentral ng Pilipinas wins in two cases against two shuttered rural banks in Iloilo and Antique over violations of the General Banking Law of 2000

Convicted. The Bangko Sentral ng Pilipinas wins in its two cases against two rural banks' officers over fraudulent transaction. File photo from BSP

[OPINION] Paul Volcker and the triumph of integrity

Dec 21, 2019 - 10:00 AM

The late Paul Volcker was a hero for saving the Philippine peso during the worst economic crisis of the 1980s

Japan business confidence drops for 4th straight quarter – Tankan survey

Dec 13, 2019 - 10:31 AM

The Bank of Japan's Tankan business survey is considered to be the broadest indicator of how Japan Incorporated is faring

FRENZY. File photo of Pedestrians walking at Tokyo's famouse Shibuya Crossing. Shutterstock.com

Indonesia hit with $5.2 billion in forest fire losses – World Bank

Dec 12, 2019 - 8:11 AM

The World Bank's cost estimate does not include longer-term effects of repeated exposure to haze, such acute respiratory illnesses, or lost school time after students and teachers were advised to stay home

FUTILITY. A young boy tries to extinguish a fire at a peatland area near their neighborhood in Pekanbaru, Riau province, Indonesia on October 4, 2019. Photo by Wahyudi/AFP

Bank schedules for Christmas 2019

Dec 10, 2019 - 8:50 PM

Here are the operating hours of banks in the Philippines during the holiday season

Trump calls on World Bank to stop lending to China

Dec 07, 2019 - 12:19 PM

'Why is the World Bank loaning money to China? Can this be possible? China has plenty of money, and if they don’t, they create it. STOP!' Donald Trump writes on Twitter

SLAMMING THE WORLD BANK. U.S. President Donald Trump hosts a roundtable discussion with small business owners and members of his administration in the Roosevelt Room at the White House December 06, 2019 in Washington, DC.  Photo by Chip Somodevilla/Getty Images/AFP

World Bank loans Philippines $300 million for conditional cash transfers

Nov 28, 2019 - 5:05 PM

The World Bank has contributed a total of $1.26 billion to the Pantawid Pamilyang Pilipino Program since it first provided funding in 2010

PH boat Gem-Ver returns to West Philippine Sea

Nov 23, 2019 - 4:43 PM

Still reeling from the tragedy, the fishermen return to Recto Bank as it is the only way they can make a living

RETURN VOYAGE. Philippine fishing boat Gem-Ver embarks on its return voyage to Recto Bank in the West Philippine Sea after 5 months of repairs. Photo by LeAnne Jazul/Rappler

Changing policies can make aging workforce a 'boon' to economy – report

Nov 18, 2019 - 2:23 PM

Adapting technologies and policies to let an aging populace stay in the workforce for longer can help countries' economies in certain situations, says a new Asian Development Bank report

Women work at a sweatshop sewing clothes under contract with local clothing manufacturers in Manila on July 12, 2013. Visiting World Bank vice president for East Asia and the Pacific Axel van Trotsenburg said the Philippine government needs to convert its recent high economic growth into more jobs for ordinary Filipinos so as to succeed in reducing widespread poverty. AFP PHOTO / Jay DIRECTO JAY DIRECTO / AFP

[EDITORIAL] Ilang beses bang inabandona ang mangingisda ng Gem-Ver? Paulit-ulit

Nov 18, 2019 - 9:19 AM

The Gem-Ver fishermen were abandoned many times, once at sea, but over and over in politics and government positions taken

Miko Eala bags junior tennis title in Cyprus

Nov 17, 2019 - 8:44 PM

The brother of Filipina teen sensation Alex Eala wins the Hellenic Bank Masters Tennis Academy tournament in Cyprus

PROVING HIMSELF. Miko Eala rises in the international tennis scene with a title from Cyprus. Photo from Miko Eala's Facebook

Shuttered AMA Bank refuses to turn over records – PDIC

Nov 15, 2019 - 5:41 PM

PDIC gives employees of AMA Bank of Mandaluyong 24 hours to turn over bank records or face the 'full force of law'

PH boat sunk by Chinese sailing again to Recto Bank

Nov 14, 2019 - 9:49 AM

(UPDATED) After 5 months of waiting, the fishermen of Gem-Ver say they are ready to return to the site where they almost died in June

Fishermen applies finishing touches on the F/B Gem-Ver on November 13, 2019, after six months of repair. Photo by LeAnne Jazul/Rappler

BSP shuts down Maximum Savings Bank, AMA Rural Bank

Nov 09, 2019 - 9:42 PM

(UPDATED) AMA Rura Bank of Mandaluyong says that it will challenge the shutdown order from the Central Bank

World Bank urges Lebanon to form gov't, warns of recession

Nov 06, 2019 - 11:35 PM

The warning comes as anti-government demonstrators push on with rallies and hundreds of school children boycott classes

PROTESTS. A Lebanese protester takes part in a sit-in to block a central bridge during ongoing anti-government demonstrations in the capital Beirut, on November 4, 2019. File photo by Anwar Amro/AFP

SC: Lucio Tan's PNB should not deposit $4.6M until Marcos case resolved

Oct 30, 2019 - 6:49 PM

The First Division makes it clear, however, that the government has not lost the money yet, as it is an issue still pending in a Marcos civil forfeiture case

The Philippine National Bank is owned by the Lucio Tan group

'Never give up,' ECB's Draghi says on monetary policy legacy

Oct 24, 2019 - 11:53 PM

'Certainly this experience has been very intense, profound and fascinating, I take this with me,' says outgoing European Central Bank chief Mario Draghi

OUTGOING. Mario Draghi, president of the European Central Bank, leaves a press conference following the meeting of the Governing Council in Frankfurt am Main, western Germany, on October 24, 2019. Photo by Daniel Roland/AFP

Bangko Sentral cuts banks' reserve requirement anew to support growth

Oct 24, 2019 - 6:56 PM

The Bangko Sentral ng Pilipinas doubles down on monetary measures to counter global headwinds

Former IMF chief Lagarde takes swipe at Trump's Twitter habits

Oct 20, 2019 - 12:13 AM

'Market stability should not be the subject of a tweet here, a tweet there,' says Christine Lagarde, who is set to head the European Central Bank

Intentional? Chinese ship in Recto Bank incident 'explicitly connected' to Beijing

Oct 17, 2019 - 11:29 AM

The Asia Maritime Transparency Initiative says its new findings strongly suggest that the Chinese ship does not operate solely as a commercial fishing ship and 'raises the question of whether the collision with the Gem-Ver was intentional'

SUNKEN. Fishing Boat Gem-Vir in the West Philippine Sea after it was attacked by a Chinese fishing vessel. Sourced photo

BPI 9-month net income jumps 29.5% to P22 billion

Oct 16, 2019 - 8:05 PM

BPI's net income from January to September is just P1 billion less than the P23.1 billion it earned during the entire 2018

BPI services down on October 19 due to system upgrade

Oct 11, 2019 - 12:52 PM

Online banking, ATMs, and other services will be temporarily unavailable


Philippines to miss 2019 economic growth target – World Bank

Oct 10, 2019 - 10:05 PM

Global trade tensions and domestic politics spoil the Philippines' dream to be among Asia's economic juggernauts

Developing country debt jumps to $7.8 trillion in 2018 – World Bank

Oct 03, 2019 - 4:45 PM

The 5% increase in the total foreign debt of developing nations in 2018 is driven by a surge in Chinese debt

(FILES) This file picture taken on September 24, 2013 shows Chinese 100-yuan (RMB) bank notes being counted at a bank in Huaibei, in eastern China's Anhui province. China's central bank on August 11, 2015 devalued its yuan currency by nearly two percent against the US dollar, as authorities seek to push market reforms and boost the world's second-largest economy. CHINA OUT AFP PHOTO / FILES

How Elizabeth Banks brought a new 'Charlie's Angels' to life

Oct 02, 2019 - 8:42 AM

The film continues the tradition of depicting female power on the big screen

DIRECTOR. Elizabeth Banks behind-the-scenes of 'Charlie's' Angels.' Photo courtesy of Columbia Pictures

Bangko Sentral hits the gas for economic growth

Sep 28, 2019 - 1:20 PM

The Bangko Sentral ng Pilipinas announces the lowering of the level of cash banks need to keep on the same week it slashed interest rates

All agreements off if Israel annexes territory, Abbas warns at U.N.

Sep 27, 2019 - 8:09 AM

'Our response, if any Israeli government is to proceed with this plan, is that all signed agreements with the government of the occupation and any obligations therein will be terminated,' says Palestinian president Mahmud Abbas

Palestinian president Mahmoud Abbas speaks at the Palestinian Peace and Freedom Forum, which was created by the Palestine Liberation Organisation's (PLO) Committee for Interaction with Israeli Society, in Ramallah in the West Bank on February 6, 2019, with the attendance of Israeli activists. (Photo by ABBAS MOMANI / AFP)

Metro Manila 'most congested city' in developing Asia

Sep 26, 2019 - 5:10 PM

Aside from the extreme congestion in Metro Manila, the Asian Development Bank says too many government agencies have overlapping functions

Bumper-to-bumper traffic is seen in front of the Iglesia ni Cristo Church along Commonwealth Avenue in Quezon City on Tuesday. A portion of the thorough fare from Sandiganbayan to Litex is closed for the whole day due to a medical mission by the INC. Photo by: JOEL LIPORADA

Higher penalties now await bank account hackers, credit card skimmers

Sep 25, 2019 - 2:05 PM

Hacking a banking system can now land you in jail for life due to a new law imposing stiffer penalties for access device fraud

ATM FEES. The central bank now makes it possible for banks to adjust ATM fees, subject to their approval. Photo from Shutterstock

ADB sees Philippines still hitting 2019 economic growth target

Sep 25, 2019 - 1:50 PM

The Asian Development Bank cuts its growth outlook for the Philippines to 6% in 2019, just clinging on to the lower end of the government's target band

Poe says lawmakers 'not in a rush' to pass fintech bill

Sep 23, 2019 - 6:45 PM

Senators recommend the creation of a task force among government agencies to study digital currencies such as Bitcoin

DIGITAL CURRENCIES. Senator Grace Poe, chairperson of Committee on Banks, Financial Institutions and Currencies, presides the senate hearing on the digital currencies and banking situations in the country on September 23, 2019. Photo by Angie de Silva/Rappler

Landbank loans to agriculture sector hit P238 billion as of July 2019

Sep 20, 2019 - 7:00 PM

Total loans grow by 8% in July, as Landbank expands direct credit to small farmers and fishers


[OPINION] It’s time to stop investing in climate change

Sep 20, 2019 - 5:28 PM

By continuing to finance coal, Philippine banks will only muddle the conscience of their many depositors who love the Earth and their fellow Filipinos

Duterte slams Lopez group anew for past DBP loans

Sep 17, 2019 - 9:08 PM

President Rodrigo Duterte launches a fresh tirade against the Lopez family, warning he might 'start to dig' up information about how DBP loans obtained by their companies were written off

President Rodrigo Roa Duterte delivers his speech during the oath-taking ceremony of the officers of the Malacañang Press Corps, Presidential Photojournalists Association, and Malacañang Cameramen Association at the Malacañan Palace on September 10, 2019. KING RODRIGUEZ/PRESIDENTIAL PHOTO

ADB president Takehiko Nakao to resign January 2020

Sep 17, 2019 - 3:45 PM

'I am announcing my resignation with a deep sense of satisfaction and gratitude. With support from staff, board members, and member governments, we have achieved many things,' says Takehiko Nakao

Ex-DFA chief Yasay fails to get CA remedy in bank fraud arrest

Sep 17, 2019 - 3:45 PM

The Court of Appeals says Yasay's petition is premature

BANK CASE. Former Department of Foreign Affairs secretary Perfecto Yasay Jr. arrives at Manila Police District Headquarters in Manila on Thursday, August 22 following his arrest for the questionable P350-million loan from the Banco Filipino Savings and Mortgage Bank. Photo by Ben Nabong/Rappler

Q&A: What would Israel annexing the Jordan Valley mean?

Sep 12, 2019 - 10:46 AM

Benjamin Netanyahu's pledge, a week ahead of a closely fought general election, is controversial but what would it actually mean?

Israeli Prime Minister Benjamin Netanyahu points at a map of the Jordan Valley as he gives a statement in Ramat Gan, near the Israeli coastal city of Tel Aviv, on September 10, 2019. - Israeli Prime Minister Benjamin Netanyahu issued a deeply controversial pledge on September 10 to annex the Jordan Valley in the occupied West Bank if re-elected in September 17 polls. He also reiterated his intention to annex Israeli settlements throughout the West Bank if re-elected, though in coordination with US President Donald Trump, whose long-awaited peace plan is expected to be unveiled sometime after the vote. (Photo by Menahem KAHANA / AFP)

Israel's Netanyahu faces criticism over annexation plan

Sep 11, 2019 - 9:27 PM

'Any Israeli decision to impose its laws, jurisdictions and administration in the occupied West Bank is without any international legal effect,' says UN spokesman Stephane Dujarric

JODRAN VALLEY. A photograph taken on September 11, 2019 shows a sign leading to the Palestinian village of Marj Ghazal in the Jordan Valley in the Israeli-occupied West Bank. Photo by Ahmad Gharabli/AFP