banking - updates

Rappler's latest stories on banking


Worst-case scenario: PH economy may contract 0.5%, says World Bank

Mar 31, 2020 - 12:40 PM

A drastic slowdown in domestic consumption, public infrastructure delays, and postponement of private investments due to the coronavirus are seen to drag down growth in 2020

World Bank warns China growth could screech to a halt

Mar 31, 2020 - 12:25 PM

The World Bank says the coronavirus pandemic is causing 'an unprecedented global shock, which could bring growth to a halt and could increase poverty' across East Asia and the Pacific

Day labourers wearing face masks hold signs advertising their skills as they wait to get hired for renovation works in Shenyang in China's northeastern Liaoning province on March 27, 2020. (Photo by STR / AFP) / China OUT

UnionBank heads to the streets with 5G-enabled 'Bank on Wheels'

Mar 30, 2020 - 6:41 PM

UnionBank is rolling out 'the country’s first-ever 5G mobile banking kiosk' to serve customers in various areas in Metro Manila during the enhanced community quarantine brought about by the coronavirus pandemic

Photo courtesy of Unionbank

China slashes rate, pumps $7 billion into market to counter virus

Mar 30, 2020 - 2:55 PM

The People's Bank of China launches more measures to counter the coronavirus pandemic's economic impact

OUT AND ABOUT. People wearing face masks as a preventive measure against COVID-19 visit the Yu Garden in Shanghai on March 23, 2020. Photo by Hector Retamal/AFP

ECB asks banks to halt dividends over virus crisis

Mar 28, 2020 - 9:20 AM

The European Central Bank urges banks to lend to households and businesses during the coronavirus pandemic

ECB. The headquarters of the European Central Bank is pictured in Frankfurt am Main, Germany, on March 12, 2020. Photo by Daniel Roland/AFP

India's central bank slashes interest rates as virus spreads

Mar 27, 2020 - 6:00 PM

The Reserve Bank of India says conventional and non-conventional measures are needed to tackle the coronavirus pandemic

A health worker (R) sprays disinfectant on a fruit cart as it comes out of a market during a government-imposed nationwide lockdown as a preventive measure against the COVID-19 coronavirus, in Chennai on March 27, 2020. (Photo by Arun SANKAR / AFP)

IMF, World Bank call for suspending debt payments by poorest nations

Mar 26, 2020 - 12:20 AM

'It is imperative at this moment to provide a global sense of relief for developing countries,' say the International Monetary Fund and the World Bank in a joint statement

(FILES) This file aerial photo shows a view of the houses in the neighborhood of Fort National in Port-au-Prince, on December 13, 2018. - The International Monetary Fund and World Bank on March 25, 2020 called for governments to put a hold on debt payments from the world's poorest nations so they can battle the coronavirus pandemic. "The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets," the Washington-based development lenders said in a joint statement. (Photo by HECTOR RETAMAL / AFP)

ECB says banks now have extra 1.8 trillion euros to lend in virus fight

Mar 21, 2020 - 8:30 AM

The European Central Bank eases rules to free up more funds that financial institutions can use for loans to households and corporate customers

ECB. The European Central Bank, based in Germany. Photo from Shutterstock

Top central banks launch new bid to keep dollars flowing

Mar 20, 2020 - 11:10 PM

Starting on Monday, March 23, certain dollar liquidity operations among the banks will occur daily rather than weekly

Bank of England cuts interest rate to record low 0.1%

Mar 20, 2020 - 12:45 AM

'The spread of COVID-19 and the measures being taken to contain the virus will result in an economic shock that could be sharp and large, but should be temporary,' says the Bank of England

LIST: Banks' grace period for card, loan payments amid coronavirus

Mar 19, 2020 - 3:55 PM

Most banks offer a 30-day grace period for qualified credit cardholders as well as home, auto, and personal loan clients

ECB brings 750-billion-euro bazooka to virus fightback

Mar 19, 2020 - 9:30 AM

The European Central Bank's Pandemic Emergency Purchase Program involves buying government and corporate bonds to keep liquidity flowing

(FILES) In this file photo taken on March 12, 2020 The headquarters of the European Central Bank (ECB) is pictured in Frankfurt am Main, western Germany, on March 12, 2020. - The European Central Bank on Wednesday announced a surprise 750-billion-euro scheme to purchase government and corporate bonds, as it joined other central banks in stepping up efforts to contain the economic damage from the coronavirus. (Photo by Daniel ROLAND / AFP)

Bank robbery suspect from Canada extradited to Singapore

Mar 17, 2020 - 3:27 PM

David James Roach is sent back by Britain after being detained there in 2018 en route to Canada

DAVID JAMES ROACH. This handout from the Singapore Police Force taken and released on March 17, 2020 shows Canadian man David James Roach (C) as he arrives in Singapore to face charges of robbery and money laundering. Handout photo by Singapore Police Force/AFP

Coronavirus gives U.S. banks a shot at redemption

Mar 17, 2020 - 11:20 AM

US banks were blamed during the 2008 financial crisis. Now, they're 'going to try to put their best foot forward.'

The JPMorgan Chase headquarters stands in Midtown Manhattan on January 8, 2014 in New York City. John Moore/Getty Images/AFP

World needs coordinated fiscal response to pandemic – IMF chief

Mar 16, 2020 - 10:05 PM

'There is a lot more work to do,' says International Monetary Fund Managing Director Kristalina Georgieva

IMF. In this file photo taken on October 10, 2017, a logo for the 2017 Annual Meetings is seen inside the International Monetary Fund headquarters in Washington, DC. File photo by Andrew Caballero-Reynolds/AFP

Bank of Japan unveils emergency measures over coronavirus

Mar 16, 2020 - 4:30 PM

'Japan's economic activity is likely to remain weak for the time being, mainly affected by the outbreak of COVID-19,' says the Bank of Japan

Facemask-clad vendor stands in a street in Tokyo's Tsukiji area on March 13, 2020. (Photo by CHARLY TRIBALLEAU / AFP)

New Zealand slashes rates as prime minister warns of recession

Mar 16, 2020 - 2:05 PM

New Zealand Prime Minister Jacinda Ardern says the economic impact of the coronavirus on the country 'could be greater than the global financial crisis'

JACINDA ARDERN. New Zealand Prime Minister Jacinda Ardern speaks to the media during a Post Cabinet media press conference at Parliament in Wellington on March 18, 2019. File photo by David Lintott / AFP)

ECB rushes to clear up Lagarde stumble on virus response

Mar 13, 2020 - 11:30 PM

Christine Lagarde, president of the European Central Bank, comes under fire for the ECB's response to the novel coronavirus

WHAT'S AHEAD? Christine Lagarde, president of the European Central Bank, addresses a news conference in Frankfurt am Main, Germany, on January 23, 2020. Photo by Daniel Roland/AFP

China to cut banks' reserve requirement to combat virus fallout

Mar 13, 2020 - 7:15 PM

The People's Bank of China will reduce the amount of cash banks must hold, which would free up more funds for loans

OPTION. Investing in the yuan continues to be an option for the BSP, in line with its diversification policy to enhance the returns of international reserves, and to diversify the currency composition, BSP Governor Amando Tetangco Jr says. File photo from Agence France-Presse

Depth of economic slowdown depends on response – IMF

Mar 13, 2020 - 1:20 AM

'This is not something that stops at national borders, we need to work together,' says International Monetary Fund spokesman Gerry Rice

DISINFECTION. This photo taken on February 22, 2020 shows a man (L) who has recovered from the COVID-19 coronavirus infection being disinfected by a medical staff before leaving the hospital in Wuhan in China's central Hubei province. Photo by AFP

Chiding governments, European Central Bank brings big guns to virus fight

Mar 13, 2020 - 12:50 AM

The European Central Bank launches a flurry of measures to cushion the impact of the coronavirus, including increased bond purchases and cheap loans to banks

CORONAVIRUS IN EUROPE. Tourists wearing protective masks visit Venice on February 25, 2020, during the usual period of the Carnival festivities which have been canceled following an outbreak of the COVID-19 novel coronavirus in northern Italy. Photo by Andrea Pattaro/AFP

ADB Manila headquarters closed for coronavirus disinfection

Mar 12, 2020 - 10:30 AM

The Asian Development Bank says operations will continue, but employees will be working from home starting Thursday, March 12

Britain deploys 'big bazooka' on coronavirus crisis

Mar 12, 2020 - 8:00 AM

The British government outlines a fiscal stimulus worth £30 billion ($39 billion) in response to the novel coronavirus outbreak

A pedestrian walks along the bank of the Thames with the towers of the City of London in the background in London on March 11, 2020. - Britain on Wednesday unleashed a "big bazooka" of aggressive spending and monetary policy stimulus, assembling an emergency response to the deadly spreading coronavirus -- and warning that it stood ready to act to safeguard the health of the nation and the economy. The British government and the Bank of England launched a coordinated fightback against the country's "significant but temporary" economic impact from the coronavirus, pledging fiscal stimulus worth £30 billion ($39-billion, 34.4-billion euros) and slashing interest rates to a record-low 0.25 percent. (Photo by Tolga Akmen / AFP)

IMF to test working from home in case coronavirus strikes

Mar 10, 2020 - 10:00 AM

The International Monetary Fund instructs its employees to work from home on Friday, March 13, as part of 'crisis preparedness efforts'

IMF. In this file photo taken on September 4, 2018, the logo of the International Monetary Fund is seen at the IMF headquarters in Washington, DC. File photo by Jim Watson/AFP

IMF calls for 'substantial' stimulus, coordination against coronavirus

Mar 10, 2020 - 4:20 AM

(UPDATED) The International Monetary Fund urges policymakers to help households and businesses through a 'coordinated, international response'

SPRAY. Market workers wearing protective gear spray disinfectant at a market in the southeastern city of Daegu on February 23, 2020 as a preventive measure after the COVID-19 coronavirus outbreak. Photo by Yonhap/AFP

Asia-Pacific economies seen to face $211-billion hit from coronavirus

Mar 06, 2020 - 3:30 PM

S&P Global Ratings expects the Asia-Pacific region to grow 4% in 2020, which would be the worst performance since a contraction in 2008 caused by the global financial crisis

Pedestrians, wearing facemasks amid concerns over the spread of the COVID-19 novel coronavirus, walk down an elevated walkway in Bangkok on March 4, 2020. (Photo by Lillian SUWANRUMPHA / AFP)

Out of ammo? European Central Bank on the spot in coronavirus fightback

Mar 06, 2020 - 2:30 AM

Critics question how much more the European Central Bank can do to deal with the economic impact of the novel coronavirus

Christine Lagarde, President of the European Central Bank (ECB) addresses a news conference following the meeting of the governing council of the ECB in Frankfurt am Main, western Germany, on January 23, 2020. - ECB chief Christine Lagarde said risks to the eurozone economy had become "less pronounced" in the wake of a US-China trade truce. (Photo by Daniel ROLAND / AFP)

IMF chief calls for all-out offensive to counteract epidemic

Mar 04, 2020 - 11:25 PM

(UPDATED) 'At a time of is better to do more than to do not enough,' says International Monetary Fund Managing Director Kristalina Georgieva

TRADE IMPACT. A container ship sits in the San Francisco Bay on May 13, 2019, in Oakland, California. File photo by Justin Sullivan/Getty Images/AFP

World Bank unveils $12-billion aid package to combat coronavirus

Mar 04, 2020 - 9:45 AM

The funds, some of which are targeted to the world's poorest nations, can be used for medical equipment or health services, among others

South Korean soldiers wearing protective gear spray disinfectant as part of preventive measures against the spread of the COVID-19 coronavirus, at Dongdaegu railway station in Daegu on February 29, 2020. - South Korea confirmed 594 more coronavirus cases on February 29, the biggest increase to date for the country and taking the national total to 2,931 infections with three additional deaths. (Photo by - / YONHAP / AFP) / - South Korea OUT / REPUBLIC OF KOREA OUT NO ARCHIVES RESTRICTED TO SUBSCRIPTION USE

IMF, World Bank to hold April meetings in 'virtual format'

Mar 04, 2020 - 8:45 AM

'Given growing health concerns related to the virus,' the April 16 to 18 meetings of the International Monetary Fund and World Bank will be done in a 'virtual format'

(FILES) In this file photo taken on October 10, 2017 a logo for the 2017 Annual Meetings is seen inside the International Monetary Fund (IMF) headquarters in Washington, DC. - The spring gathering of finance ministers and central bankers held in Washington in April will be shifted to a "virtual format" due to the coronavirus epidemic, the IMF and World Bank said March 3, 2020. The twice-yearly meetings of the development lending institutions attract thousands of officials and private sector participants from 180 member countries -- just the kind of gathering health authorities say should be avoided. (Photo by Andrew CABALLERO-REYNOLDS / AFP)

Netanyahu pledges 'immediate' annexation steps if reelected

Mar 01, 2020 - 7:31 PM

But Israeli Prime Minister Benjamin Netanyahu has been accused before previous elections of making last-minute plays to energize his right-wing base

CAMPAIGN PROMISE. Israeli Prime Minister Benjamin Netanyahu gives a statement in Ramat Gan, near the Israeli coastal city of Tel Aviv, on September 10, 2019. File photo by Menahem Kahana/AFP

IMF, World Bank funds ready to fight virus outbreak

Feb 28, 2020 - 7:30 AM

While they have yet to receive a request for aid, the International Monetary Fund and World Bank 'have now developed contingency plans'

CORONAVIRUS SCARE. This photo taken on February 1, 2020 shows security personnel checking the temperature of a passenger wearing a face mask at Beijing Railway Station in Beijing. Photo by Noel Celis/AFP

World Bank to attack poverty in conflict zones

Feb 28, 2020 - 7:00 AM

The World Bank has $18.7 billion earmarked for conflict-affected countries through its poverty-reduction grant arm

YEMEN WAR. A Yemeni child buys sweets from Majd al-Din al-Shamiri (unseen), a 16 year-old Yemeni who set up a shop in his family's car that was destroyed during the ongoing war in his country, in the Jabal Sabr area of the southwestern city of Taez, on September 28, 2019. File photo by Ahmad Al-Basha/AFP

ADB lending $3.3 billion to Philippines in 2020

Feb 25, 2020 - 5:10 PM

The Asian Development Bank says half of the amount will be used for the government's ambitious infrastructure push

Bank schedules for EDSA Revolution anniversary, February 25, 2020

Feb 24, 2020 - 6:45 PM

Here are the banks which will have certain branches open on Tuesday, February 25, 2020

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.