News

2 Chinese firms once debarred by World Bank eye Clark airport terminal project

ABS-CBN News
Updated as of Aug 23 08:06 PM

Chinese companies, including two that were previously slapped sanctions by the World Bank, joined local firms eyeing the construction of the new passenger terminal building of the Clark International Airport on Tuesday.    Read more »

Disaster-prone provinces get 'catastrophe risk insurance'

ABS-CBN News
Posted at Aug 21 09:49 AM

The World Bank said it partnered with the Philippine government and the UK Department for International Development for a first-of-its-kind catastrophe risk insurance. Read more »

BSP seeks tougher cyber-security for banks

Michelle Ong, ABS-CBN News
Posted at Aug 18 03:17 PM

Bangko Sentral ng Pilipinas Governor Nestor Espenilla said Friday an upgraded cyber-security framework will be released next month to boost the defenses of local banks. Read more »

PH eyes exploration deal with China in non-disputed areas

Christian V. Esguerra, ABS-CBN News
Posted at Aug 17 06:28 PM

The Philippines is working on a legal framework for a commercial deal with Beijing before it lifts a moratorium on energy exploration in the disputed South China Sea, its foreign secretary said Thursday. Read more »

EastWest 'undervalued' vs reported Korean offer: CEO

ABS-CBN News
Updated as of Aug 11 06:05 PM

EastWest Bank is "undervalued" compared to the reported offer price of 2 Korean lenders that are eyeing a stake in the Philippine bank, its vice chairman and chief executive officer, Antonio Moncupa, said Friday. Read more »

Manager ng bangko, iniwan ang trabaho para mag-rap

ABS-CBN News
Updated as of Aug 11 02:42 AM

Isang dating manager sa bangko ang gumagawa ngayon ng pangalan sa larangan ng hip hop music. Read more »

Bangko Sentral keeps rates steady, as expected

Reuters
Updated as of Aug 10 06:24 PM

The Bangko Sentral ng Pilipinas left its benchmark interest rate unchanged on Thursday, as expected, with inflation not a concern even as the economy expands at a solid pace this year. Read more »

ANALYSIS: The aftermath of the ASEAN 50th AMM: Whither the West Philippine Sea?

Jay L. Batongbacal
Updated as of Aug 09 06:53 PM

Overall, the Philippines’ and China’s positions are now in sync and coordinated: joint development, bilateral negotiations, non-involvement of other parties, and recusal from multi-lateral avenues. Read more »

Drilling prospects in Reed Bank 'positive,' Pangilinan says

Christian V. Esguerra, ABS-CBN News
Posted at Aug 04 01:42 PM

There are "positive" signs exploration in the South China Sea can resume due to improved ties between the Philippines and China, PXP Energy Chairman Manuel Pangilinan said Friday. Read more »

Bank of England staff begin first strike in 50 years

ABS-CBN News
Posted at Aug 01 09:04 PM

Staff at the Bank of England began their first strike in more than 50 years on Tuesday in a push for higher pay, highlighting growing pressure to end tight controls on public-sector wages in Britain. Read more »

SPECIAL REPORT: How China's biggest bank figured in money laundering probe

Angus Berwick and David Lague, Reuters
Posted at Jul 31 08:48 PM

The network was allegedly using multiple accounts in the name of Chinese residents of Spain, in some cases without their permission, to make the transfers. But there had been a hitch. Read more »

Money supply up in June amid strong demand for credit: BSP

ABS-CBN News
Posted at Jul 31 08:12 PM

The Bangko Sentral ng Pilipinas said on Monday that domestic liquidity or M3 expanded faster at 13.2 percent in June from the revised 11.3 percent in May as bank credit grew 19 percent.  Read more »

OPINION: China’s concept of setting aside sovereignty dispute for joint exploration

Ellen Tordesillas
Updated as of Jul 31 04:47 PM

Foreign Affairs Secretary Alan Peter Cayetano’s narration of the Deng Xiaoping talk with Cory Aquino on setting aside sovereignty and pursuing development sounds benign but China’s Foreign Ministry’s explanation should banish any illusion that the Chinese will allow any of their state oil company to be just a contractor to a Philippine government just like Shell in Malampaya. Read more »

OPINION: Multi-billion-peso projects in exchange for Chinese exploration in PH EEZ

Ellen Tordesillas
Updated as of Jul 29 05:03 AM

Reported projects worth an estimated $13.5 billion that China is funding are tied to the government’s agreement to enter into a joint exploration with China in Philippine territory, disputed or undisputed. Read more »

UCPB to stay open on Saturday July 29 for claiming of EMV cards

ABS-CBN News
Posted at Jul 26 09:16 PM

MANILA - UCPB will open all its 188 branches nationwide on Saturday, July 29, 2017, to allow its clients to claim their EMV-chip-equipped VISA debit cards, the bank announced on Wednesday.    Read more »

Bank fraud shows failure of controls, says fraud expert

ABS-CBN News
Posted at Jul 26 04:28 PM

Large cases of bank fraud point to a 'catastrophic' failure of the bank's most basic internal controls or a conspiracy among senior officials to cheat the institution, a fraud expert and former financial regulator said on Tuesday.    Read more »

World Bank orders Argentina to pay $320 million over seized airline: newspaper

Reuters
Posted at Jul 23 11:56 AM

BUENOS AIRES - The World Bank's arbitration tribunal has ordered Argentina to pay $320 million plus interest and legal fees to Spanish travel group Marsans for expropriating its airline Aerolineas Argentinas in 2008, a local newspaper reported on Saturday.  Read more »

BSP to roll out redesigned coins by yearend

Vivienne Gulla, ABS-CBN News
Posted at Jul 21 07:46 PM

The Bangko Sentral ng Pilipinas (BSP) is looking at launching redesigned coins with new security features before the end of the year. Read more »

ECB leaves monetary policy unchanged despite better growth

Balazs Koranyi and Francesco Canepa, Reuters
Posted at Jul 20 08:09 PM

The European Central Bank left its ultra easy monetary policy stance unchanged as expected on Thursday, keeping rates at record lows and even leaving the door open to more asset buys if the outlook worsens.  Read more »

Japan keeps policy steady, pushes back timing to hit price target

Reuters
Posted at Jul 20 12:47 PM

The Bank of Japan kept monetary policy steady and pushed back again the timing for achieving its 2-percent inflation target on Thursday, reinforcing expectations it will lag well behind major global central banks in dialing back its massive stimulus program. Read more »