financial services - updates

Rappler's latest stories on financial services

ARTICLE FINDER gets 5 million customers in 4 years

May 31, 2018 - 3:39 PM becomes one of the most prominent platforms in the Philippines dealing with digital payments and cryptocurrencies

5 MILLION CUSTOMERS. celebrates 5 million customers, and announces Ethereum support and incoming support for Bitcoin Cash. Image from

Japan punishes cryptocurrency exchanges after hack

Mar 08, 2018 - 5:18 PM

The Financial Services Agency alleges FSHO 'does not have a proper system to monitor trading and has not given training to its employees,' while an employee of Bit Station 'diverted digital currency deposited by clients for his personal use'

COINCHECK. Koichiro Wada (L), president of Japan's virtual currency exchange Coincheck, and board member Yusuke Otsuka bow at the beginning of a press conference in Tokyo on March 8, 2018. Photo by Toru Yamanaka/AFP

LTFRB to accept franchise applications for lease-to-own cars but...

Mar 02, 2018 - 4:34 PM

TNVS operators with lease-to-own vehicles under the Toyota Financial Services can apply for franchise

PROCESS. LTFRB will start processing franchise applications for transport network vehicle services on March 5, 2018. File Photo by Aika Rey/Rappler

Shifting mindsets, Big Data, and mass personalization in the financial services industry

Jan 22, 2018 - 12:24 PM

How do financial institutions stay afloat – and sail on – in the face of rapid modernization? By listening closely to their clients, says Sun Life Financial’s Mylene Lopa

#ThewRap: Things you need to know, February 19, 2017

Feb 19, 2017 - 11:00 AM

Hello Here s a roundup of news you need to know this Sunday

Investors swarm BDO's largest stock rights offering

Jan 31, 2017 - 3:51 PM

It is one of the biggest common equity capital raising activities in Philippine history

OVERSUBSCRIBED. The stock rights offering saw strong participation from domestic and international investors. Photos by Chrisee Dela Paz/Rappler

‘Investing for good’ in the financial services industry

Nov 08, 2016 - 4:03 PM

Capital One Philippines isn’t just a Fortune 125 Company it is also home to Filipino talent

Metrobank extends P7B worth of loans to Globe

Nov 23, 2015 - 4:21 PM

The loans will be used to finance Globe s capital expenditures aimed at further expanding enhancing its network

LOAN. Metrobank inks a 10-year loan facility worth P5 billion ($105.95 million) and another $45 million (P2.12 billion), 7-year facility with Globe, the bank says on Monday, November 23, 2015. Image from Shutterstock

BDO completes acquisition of largest rural bank

Jul 22, 2015 - 12:59 PM

The Henry Sy led bank cements its foothold in the Philippine banking industry by taking over Mindanao based One Network Bank

HSBC unveils radical overhaul to axe up to 50,000 jobs

Jun 09, 2015 - 3:49 PM

UPDATED Europe s biggest bank aims to save up to 5 0 billion 4 4 billion euros in annual costs within 2 1 2 years as it seeks to boost profits and move past recent scandals

DOWNSIZING. A file photograph showing a HSBC corporate logo outside a branch of the bank in central London, England, February 9, 2015. Facundo Arrizabalaga/EPA

Geared up for global reform and regional integration

May 22, 2015 - 1:50 PM

All things considered the Philippine financial system is in a good place today But we can’t afford to be complacent Not at all says BSP Governor Amando Tetangco Jr

Lucio Tan-owned PNB nets P5.5B in 2014

Apr 17, 2015 - 3:34 PM

The Philippine National Bank also embarks on a rebranding program in a bid to maintain existing clientele and attract new younger customers

BPI's 2014 net income falls due to investment, lower trading gains

Apr 08, 2015 - 6:12 PM

The BPI president says 2014 was an investment year for the bank

BPI 2015 Annual Stockholder's meeting results

Big PH banks maintain sufficient capital in Q3 2014

Mar 17, 2015 - 7:47 PM

The latest capital adequacy ratios show that universal and commercial banks have sufficient buffer against unexpected losses that may arise during times of stress the central bank says

LIST: Bank operations during Pope visit

Jan 13, 2015 - 3:46 PM

Metro Manila and Tacloban branches of certain banks will be open during Pope Francis’ visit

BSP releases operating schedule during papal visit

Jan 13, 2015 - 12:02 PM

The central bank issues the adjusted schedule in accordance with Malacañang’s declaration of special non working holidays in Metro Manila during Pope Francis’ visit

LIST: Limited banking hours due to Typhoon Ruby

Dec 08, 2014 - 11:59 AM

4th UPDATE Here s a list of banks with limited operations in areas affected by RubyPH

Eastern Europeans could be behind ATM fraud – BPI

Dec 03, 2014 - 8:53 PM

UPDATED The Bank of the Philippine Islands has information that the skimming activities are similar to what recently apprehended Bulgarians have employed

BSP amends rules on thrift banks’ FX forwards activities

Nov 26, 2014 - 3:46 PM

The Monetary Board also approves amendments to rules to explicitly recognize the authority of thrift rural and cooperative banks to buy and sell foreign exchange

Maybank not keen on PH's Al-Amanah acquisition

Nov 10, 2014 - 6:48 PM

The local subsidiary of Malaysia’s Maybank says an acquisition of Al Amanah the country s Islamic bank is not part of its expansion prospects at the moment

FOREIGN PARTNER. The Philippines' lone Islamic bank wants a strategic partner to revitalize Al-Amanah which has posted profit loss over the years.

Big PH banks raise capital adequacy ratio in Q2 – BSP

Nov 07, 2014 - 1:07 PM

Universal and commercial banks in the country are able to increase their qualifying capital despite stricter requirements under the Basel 3 framework

HSBC sets aside $378M for fine over forex scandal

Nov 03, 2014 - 11:05 PM

The Asia focused lender sets aside the amount for a potential fine in Britain to settle allegations of foreign exchange market rigging as it posted mixed third quarter earnings

SSS eyes diversification of P3B investible funds

Oct 31, 2014 - 9:58 AM

The Social Security System will outsource some of its investments to diversify its portfolio of about P370 billion investible funds

BPI opens representative office in Japan

Oct 30, 2014 - 11:21 AM

The country’s oldest commercial bank opens a representative office in Japan to cater to overseas Filipino workers sending remittances back home

[Executive Edge] Empowering the unbanked

Oct 06, 2014 - 2:10 PM

VMoney CEO Ralph Santos wants to give the unbanked in the Philippines access to financial services online

Philippines hikes key interest rates, first since 2011

Jul 31, 2014 - 5:50 PM

The monetary board s decision is a pre emptive response to signs of inflation pressures and elevated inflation expectations a central bank statement says

BSP keeps rates steady, but hikes rate on special deposits

Jun 19, 2014 - 8:41 PM

The central bank also raises its inflation forecasts for this year and 2015

Financial inclusion: Cornerstone of sustainable growth in Asia

May 16, 2014 - 5:15 PM

Only when we see the poorest members of urban and rural societies adopt financial services can we claim any success in creating a better and more inclusive world

COL Financial posts strong profits in 2013

Apr 25, 2014 - 2:25 PM

COL Financial s operating profits from Philippine operations went up 17 2 to a record P368 9 million

INTEGRITY AND EXCELLENCE. COL financial has been recognized by the Philippine Stock Exchange for upholding the standards of good financial governance. Photo courtesy of COL

TOAP’s 2014-15 board: Fit and proper

Apr 23, 2014 - 11:16 AM

The issues facing the new board are formidable Heading the list is how local trust players are to brace themselves for the ASEAN integration in 2015

Are you qualified to own a credit card?

Mar 21, 2014 - 1:07 PM

Find out if you re eligible to own a credit card

Photo courtesy of Shutterstock

Room to keep BSP rates steady 'narrowed'

Mar 19, 2014 - 11:11 AM

We re moving into a higher interest rate environment globally the central bank chief says citing the uptick in inflation

BDO 2013 earnings hit record P22.6B

Mar 03, 2014 - 12:06 PM

The country s largest bank by assets says loan growth and trading gains buoyed its bottom line

RECORD PROFIT. Henry Sy's BDO continues to perform well, thanks to sustained loan growth and trading gains. Screenshot from BDO website

BSP keeps interest rates steady despite inflation rise

Feb 06, 2014 - 5:24 PM

Inflation has been on the uptrend over the past 5 months largely due to higher food prices

BDO nets record P18.2B profit in Jan-Sept

Oct 29, 2013 - 12:20 PM

The 9 month net income of BDO Unibank the Philippines largest bank led by Henry Sy the country s richest is up a significant 73 from P10 5 billion a year ago

RECORD HIGH. BDO president Nestor Tan in this file photo reports about the financial performance of the Sy-led bank, the country's largest. Photo by Aya Lowe

Banks, other lenders relax payment rules for quake victims

Oct 21, 2013 - 9:11 PM

Citi and BPI offer to waive late charges while Pag Ibig and NHMFC extend amortization terms to quake victims in Bohol and Cebu

BPI H1 income grows 27% to P12-B

Jul 31, 2013 - 5:51 PM

The Ayala owned bank says its revenue growth outpaced the rise in its operating expenses

FINANCIALLY STRONG. BPI registers strong financial performance in the first half of 2013

PNB offers deposit notes

Jul 25, 2013 - 2:04 PM

The bank says proceeds will be used to fund its expansion and grow its capital base

Why OFWs are difficult market for life insurance

Jun 28, 2013 - 9:33 AM

While Filipino OFW s stand to benefit the most from life insurance regulatory restrictions prevent local brokers from gaining access to the market

INSURED. OFW's are a hard market to sell to because of regulatory restrictions. Photo by Aya Lowe/Rappler

IFC rep resigns from BDO board

Jun 14, 2013 - 10:10 AM

Farida Khambata IFC s representative to the board of Sy led BDO Unibank resigns due to a reassignment

PDIC files raps vs Exportbank officers

May 10, 2013 - 3:58 PM

The state deposit insurer files a criminal complaint against the former chairman and 5 other officers of the troubled Export and Industry Bank

FAILED BIDDING. The PDIC receives no bids for Exportbank. Photo from PDIC website.

Metrobank Q1 income soars 163% to P4.3-B

May 09, 2013 - 12:24 PM

The banking unit of tycoon George Ty saw its net income in the first quarter of 2013 nearly tripled

Citi PH named Best Bank in Asia

Apr 10, 2013 - 5:02 PM

The Philippine unit of global bank Citigroup or Citi was named the Best Bank in the Asia Pacific region in 2012 by Asset Magazine

Banks line up for San Miguel's $1.3-B, SM's $300-M loans

Mar 27, 2013 - 5:55 AM

About 8 banks are joining San Miguel s 1 3 billion syndicated 5 year bullet term loan while 5 have signed a 300 million 5 year term loan for SM Prime

Asians' savings to fall short in retirement - HSBC

Feb 26, 2013 - 1:50 AM

Asians expect their savings to last only 10 years after retirement

Hongkong business district image via Shutterstock.

Battered by Sandy, AIG posts $4-B loss in Q4

Feb 22, 2013 - 8:42 AM

The massive storm Sandy that ravaged the heavily populated Northeast resulted in a pre tax catastrophe loss of 2 billion

THOUSANDS HOMELESS. Cars piled on top of each other at the entrance to a garage on South Willliam Street in Lower Manhattan October 31, 2012 in New York as the city begins to clean up after Hurricane Sandy. AFP PHOTO/Stan HONDA

No deal? BPI, PNB talks pass Dec. 15 deadline

Dec 17, 2012 - 2:25 PM

The exclusivity period for the talks between the shareholders of BPI and PNB lapsed last December 15

NO DEAL? The negotiations between BPI and PNB for a merger deal would have created the Philippines' largest lender by assets, beating BDO

UBS fined $47.6-M over UK's biggest fraud

Nov 26, 2012 - 9:07 PM

Swiss banking giant UBS was hit twice over on Monday November 26 for allowing a rogue trader to commit massive fraud with British regulators imposing a nearly 50 million fine and Switzerland banning its investment bank from staging takeovers

GUILTY. Former UBS banker Kweku Adoboli was found guilty of two counts of fraud after being accused of losing $2.3 billion (1.78 billion euros) through fraudulent deals at the bank's London offices. Photo by AFP

Ayala, Lucio Tan groups in talks to create top PH bank

Nov 21, 2012 - 11:11 AM

The Ayala group s Bank of the Philippine Islands confirms a newspaper report that it is in talks with the Lucio Tan group for a majority stake in Philippine National Bank

TOP PH LENDER? BPI and PNB are in talks for a merger deal that will create the Philippines' largest lender by assets, beating BDO

UBS trader who lost $2.3-B jailed for 7 yrs

Nov 21, 2012 - 9:24 AM

The Ghanaian born banker is found guilty of two counts of fraud by a jury at Southwark Crown Court but cleared of 4 charges of false accounting