BSP seen to slash SDA rates by 50 basis points
By Doris C. Dumlao
The Bangko Sentral ng Pilipinas is widely expected to slash rates on special deposit accounts (SDAs) by another 50 basis points during its monetary policy setting meeting on Thursday.
The Bangko Sentral ng Pilipinas is widely expected to slash rates on special deposit accounts (SDAs) by another 50 basis points during its monetary policy setting meeting on Thursday.
First Metro Investment Corp., the investment banking arm of the Metrobank group, jacked up its first quarter net profit by 134 percent year-on-year to P2.3 billion, boosted mostly by treasury earnings.
Banco de Oro, the country’s largest bank, expects to breach the P20-billion net profit mark this year as hefty trading gains in the first quarter are seen complementing robust interest earnings.
San Miguel Corp. has raised $800 million from a 10-year overseas bond sale, setting a new record as the largest US dollar-denominated corporate bond issue carved out of the Philippines.
Philippine Savings Bank has announced the retirement of long-time president Pascual Garcia III and the appointment of Vicente Cuna Jr., an executive at parent company Metropolitan Bank and Trust Co., as his successor effective Friday.
The newly listed Philippine Business Bank grew its first quarter net profit by 34.1 percent year-on-year to P593 million on strong contribution from its treasury business.
A unit of Hong Kong-based First Pacific Co. Ltd. led by Manuel V. Pangilinan has raised $400 million through the group’s maiden 10-year international bond offering.
Three out of four Filipinos are now comfortable conducting banking transactions online, according to the results of a Citigroup online poll.
The Gotianun-led conglomerate Filivest Development Corp. has debuted in the offshore bond market with a warmly received $300-million bond deal that marked a new low in terms of borrowing cost for a Philippine corporate issuer for this tenor.
Philippine Savings Bank, the thrift bank of the Metrobank group, aims to end this year with another record-high net profit of P2.6 billion on the back of double-digit growth in consumer lending.
The Securities and Exchange Commission has approved Philippine Bank of Communications’ bid to beef up and simplify its capital base.
The Philippine Stock Exchange index may hit the 7,300 to 7,400 level this year as the Philippines attains investment-grade credit rating and further liquidity is released from special deposit account (SDA) rate cuts, investment bank First Metro Investment Corp. said Tuesday.
