Security Bank acquires Premiere Bank

By Ted P. Torres (The Philippine Star)
Updated June 03, 2011 12:00 AM

MANILA, Philippines - Security Banking Corp. has acquired thrift bank Premiere Development Bank for P1.3 billion.

Security Bank president and chief executive officer Alberto S. Villarosa said the acquisition is part of its strategic plan of growing organically or through acquisition, as well as expand its loan portfolio and customer base.

Likewise, South China Resources Inc. also sold its 351,454 shares in Premiere Bank at P181.7458 apiece. Edgardo Reyes, the bank’s chairman, also sold 56,000 shares under his name.

The deal marks the first acquisition by the 60-year old universal bank.

Security Bank, the country’s first all-Filipino bank, opened its first provincial branch in Angeles, Pampanga.

Security Bank has a loan portfolio at P3 billion from 20,000 borrowers. It has a deposit base worth P4.5 billion from 37,000 depositors. Premier Bank’s loan portfolio, meanwhile, of nearly P2 billion, is focused on small and medium enterprises and the consumer market.

Presently, Security Bank operates 132 branches and would rise to 170 with the absorption of Premiere Bank’s 38 branches wherein 15 are located in Metro Manila, and the rest spread out in Bulacan, Rizal, Laguna, Cavite, and Batangas. The medium-sized universal bank has already applied for five new branch licenses and has likewise identified another five proposed branch sites.

“The purchase of Premiere Bank would immediately expand our branch network by 30 percent to 170 branches, and effectively increase our presence and competitive stance in the consumer and SME business segments,” Villarosa said.

Premiere Bank has a capital base of P769 million as of March 2011.

Security Bank runs 195 automated teller machines (ATMs) under the BancNet consortium while Premiere Bank has 40 under Megalink.

Last Tuesday, Security Bank entered into a joint venture with Marubeni Corp. of Japan to form a leasing company with an initial capital of P200 million. The new leasing company will be owned 60 percent by Security Bank and 40 percent by Marubeni Corp.

Last year, Security Bank reported a 134-percent growth in net income to P7.2 billion from P3.06 billion in 2009, and a return on equity (ROE) of 35 percent.

Total revenues rose to P12.9 billion. The growth in core revenues was significantly enhanced by the P4.8-billion in trading and securities gains recorded for the year.

Brunei open to reviving Islamic bank in Phl
BRUNEI DARUSSALAM (via PLDT/Smart) – A Brunei company is open to reviving a dormant Islamic bank in the Philippines.

Secretary Herminio Coloma of the Presidential Communications Operations Office said here yesterday that officials of QAF Brunei Sdn Bhd Co. Ltd. are receptive to the idea of reviving the Al Amanah Islamic Bank that was under the Development Bank of the Philippines.

“We’re asking the support of Brunei in exploring the possible revival of Amanah bank and the response of his royal highness, the prince, is that this could be a vehicle in promoting the Brunei-Indonesia-Malaysia-Philippines-East Asian Growth Area (BIMP-EAGA) investment,” he said.More: http://www.philstar.com/Article.aspx?articleId=692527&publicationSubCategoryId=63

Security Bank acquires Premiere Bank

By Ted P. Torres (The Philippine Star)
Updated June 03, 2011 12:00 AM

MANILA, Philippines - Security Banking Corp. has acquired thrift bank Premiere Development Bank for P1.3 billion.

Security Bank president and chief executive officer Alberto S. Villarosa said the acquisition is part of its strategic plan of growing organically or through acquisition, as well as expand its loan portfolio and customer base.

Likewise, South China Resources Inc. also sold its 351,454 shares in Premiere Bank at P181.7458 apiece. Edgardo Reyes, the bank’s chairman, also sold 56,000 shares under his name.

The deal marks the first acquisition by the 60-year old universal bank.

Security Bank, the country’s first all-Filipino bank, opened its first provincial branch in Angeles, Pampanga.

Security Bank has a loan portfolio at P3 billion from 20,000 borrowers. It has a deposit base worth P4.5 billion from 37,000 depositors. Premier Bank’s loan portfolio, meanwhile, of nearly P2 billion, is focused on small and medium enterprises and the consumer market.

Presently, Security Bank operates 132 branches and would rise to 170 with the absorption of Premiere Bank’s 38 branches wherein 15 are located in Metro Manila, and the rest spread out in Bulacan, Rizal, Laguna, Cavite, and Batangas. The medium-sized universal bank has already applied for five new branch licenses and has likewise identified another five proposed branch sites.

“The purchase of Premiere Bank would immediately expand our branch network by 30 percent to 170 branches, and effectively increase our presence and competitive stance in the consumer and SME business segments,” Villarosa said.

Premiere Bank has a capital base of P769 million as of March 2011.

Security Bank runs 195 automated teller machines (ATMs) under the BancNet consortium while Premiere Bank has 40 under Megalink.

Last Tuesday, Security Bank entered into a joint venture with Marubeni Corp. of Japan to form a leasing company with an initial capital of P200 million. The new leasing company will be owned 60 percent by Security Bank and 40 percent by Marubeni Corp.

Last year, Security Bank reported a 134-percent growth in net income to P7.2 billion from P3.06 billion in 2009, and a return on equity (ROE) of 35 percent.

Total revenues rose to P12.9 billion. The growth in core revenues was significantly enhanced by the P4.8-billion in trading and securities gains recorded for the year.

Speaking of Security Bank Corporation's 60th year. Last Year Could have Been Equitable's 60th Year if it was not bought out by BDO. And PCIBank would have celebrated their 70th Year on 2008 if not bought out by EBC,the SSS and the GSIS(with help from estrada). And Moving Towards PCIBank's 75th Year. I'm sure the Go's had a simple celbration among them. Besides The Go's still have Equicom Savings Bank(along with The Equicom Group including Maxicare). The Lopez-Romualdez issue(10% PCIBank Shares;EPCI 7.35%;BDO 4%) is still in the courts.

Looking Back
HSBC in Philippine history

By: Ambeth R. Ocampo
Philippine Daily Inquirer
7:46 pm | Tuesday, August 9th, 2011

HSBC OR Hong Kong Shanghai Banking Corp. reported an increase in profits from last year—$11.5 billion in the first half of 2011—but not everyone in the bank is happy because part of the strategy is to make it lean and mean by shedding 30,000 employees by 2013.

Three decades ago, long before they opened branches all over and became “the world’s neighborhood bank,” I inquired about opening a checking account, only to be told they only entertained corporate clients.

Some years ago, HSBC Philippines launched an ad campaign using no less than the national hero as an endorser, in the same way that Sharon Cuneta peddles burgers, Aga Muhlach fried chicken, and Kris Aquino beauty products. RCBC may have the heroes name in their label, Rizal Commercial Banking Corp., but Rizal was not a client of their bank nor did he endorse it as he did HSBC.

While abroad Rizal advised his family to send his allowance through an HSBC bank draft that was supposed to have better rates. While re-reading Rizal correspondence recently, I came across a letter from his brother Paciano saying that he did try HSBC, which had lower rates compared with other banks. On May 23, 1886 he wrote: “Enclosed you will receive a draft for 188 pesos against the Hong Kong Bank, in accordance to what you told me in your preceding letter. It turns out more costly than in another bank, for here the discount does not exceed 2 1/2% while in that bank it is six.”

Then as now, there was a “pera padala” system through Pinoys who worked on the ships that sailed from Manila to Europe. The problem with this system was that cash was involved and some people lost money to unscrupulous couriers. What was sent to Rizal through ship employees though were his ration of miki noodles, jars of burong manga and other Pinoy comfort food not available in Spain.

The HSBC ad campaign with Rizal reminded me of other Rizal products, like Rizal cement and Rizal matches. We have Rizal monuments everywhere. Every province, town and barangay has a Rizal street or park as if we lacked for heroes. Why Rizal all the time? Why do we have Rizal from birth (Rizal Hospital) to death (Funeraria Rizal)? Why not Andres Bonifacio, Emilio Aguinaldo, Apolinario Mabini, the Luna brothers, Melchora Aquino or Gabriela Silang?

When HSBC highlighted Rizal’s request to use the bank for remittances, it downplayed the reply of his brother regarding its low rates. When looking for an endorser, HSBC conveniently forgot Emilio Aguinaldo who deposited the money paid him following the Pact of Biak na Bato when he arrived in Hong Kong for a short exile.

Many years ago, the British historian I. G. Brown told me about his brush with Philippine history while doing research in Southeast Asia. At one point he was interested in doing the prewar BBC or Balintawak Beer Co. Then while shuffling papers in the London archives relative to HSBC, he saw a brown envelope marked “E. Aguinaldo” but didn’t open it because he was researching on Burma, so he shared the reference with me. I never had the chance to check out this envelope and was glad a few months ago to receive an e-mail from historian Jim Richardson in London that reads:

“Recently in cyberspace you mentioned the brown envelope marked ‘Emilio Aguinaldo’ in the HSBC archives, and I have at last tracked it down. I had hoped the archives would be in HSBC’s luxurious skyscraper world headquarters in Canary Wharf, but the reality is a converted bus garage a mile or so away, next to a scrap yard guarded by Rottweilers.

“Anyway, I got to look inside the brown envelope. The documents it contains are interesting, but maybe not as interesting as we would wish. They are about the difficulties Aguinaldo and his lawyers had in extracting the funds from HSBC, which was ultra-cautious about whom they released the funds to. The documents, as one would expect, directly concern only the portion of the Biak-na-Bato pay-off that was deposited with HSBC. The headline story, I guess, is that nobody touched that portion—$200,000 between the date it was deposited in January 1898 and date it was recovered (plus roughly $8,000 interest) in May 1899. One of the documents mentions in passing that the portion deposited with Chartered Bank was recovered earlier—$50,000 prior to May 17, 1898, the remaining $150,000 subsequently.

“There is no indication or insinuation of any dodgy practices in relation to the handling of the funds. There may have been plenty of dodginess later, but apparently not in Hong Kong.”

Textbook history states that Aguinaldo deposited the Biak-na-Bato funds in HSBC and Chartered Bank, and lived on interest while leaving the principal untouched. Isabelo Artacho suggested they divide the loot and go their merry ways, but Aguinaldo refused. Aguinaldo was sued in court, forcing him to hide in Singapore, where he met the US consul who arranged his return to the Philippines on an American vessel to resume the fight against Spain.

In the four-volume “History of HSBC,” there are a few references to Philippine history, but the role HSBC played in Philippine history is a footnote that remains to be written.

Metrobank faces BSP sanction
By: Michelle V. Remo
Philippine Daily Inquirer
4:26 am | Friday, August 26th, 2011

The Bangko Sentral ng Pilipinas (BSP) is set to decide on sanctions to be imposed on Metropolitan Bank & Trust Co. after one of its branches allegedly engaged in unsafe and unsound practice that led to over P60 million in losses for one of its corporate clients.

The Office of Special Investigations (OSI) of the BSP said that Metrobank failed to exercise diligence in its dealings with oil importer Zhenron Corp. which filed an administrative complaint earlier this year against the bank.

In its ruling, penned by legal officer Cristina Colico, the central bank’s OSI said Metrobank violated rules on safe and sound banking practices. It turned over the case to the central bank’s Supervised Banks Complaints and Evaluation Group, which shall decide on the penalties to be imposed.

OSI said that concerned officials of Metrobank “violated their duty to exercise meticulous care and extraordinary diligence” on the bank’s dealings with Zhenron.

In another development, four officials of Metrobank were charged with estafa for taking a total of P10.3 million from Brent International School Manila as fees for an alleged $17.1 million loan to the latter that never materialized.

In a sworn complaint filed with the city prosecutor of Biñan, Laguna, Brent’s finance director Edna Ballesteros named Metrobank president Antonio Abacan; senior vice president Eligio Labog, Jr.; senior vice manager Godofredo Cruz and account officer Arlene Ordoñez.

The P10.3 million was allegedly for the upfront fee, documentary stamp tax and other fees for the loan. The bank, however, did not release the loan, prompting Brent to seek the return of the P10.3 million from Metrobank.

Reacting to the complaint, Metro-bank said the criminal complaint had no factual and legal basis.

“In the bank’s over 48 years of operation, Metrobank has been consistently committed in providing service with integrity, placing the highest premium on transparency with the best interest of its stakeholders in mind,” the bank said.

In the earlier complaint, Zhenron, which is owned by couple Maureen and Seiichi Hori, said Metrobank took more than P60 million from the company, consisting of about P31 million from its peso deposit account and about P31 million worth of insurance policies by falsely claiming that Zhenron had unpaid interest obligations.

In 2009, Zhenron secured five trust receipts, which are forms of loans for importers, worth about P700 million.

Zhenron claimed that before the loans matured, it had instructed Metrobank to take over its dollar time deposits with the bank worth P700 million as payment.

But the complainant said Metrobank made it appear that Zhenron asked for extensions of the maturities of the loans. Loan extensions are charged interests. Thus, by 2010, the interest on the loan had ballooned.

Metrobank was contacted for comment, but has not yet given its side as of press time.

Land Bank of the Philippines as of Dec. 31, 2010 P565,720,000,000

Development Bank of the Phils as of Dec 31, 2010 297,295,352,636.40

If merging bet LBP & DBP pushed through total assets will be P863,015,000,000.00

What for? Still won't beat the Trillion peso assets of BDO and Chinabank, both owned by the Sys.

Not for the ranking. Redundant. Both are govt banks and they serve the same clients.

...and they are not included in Power.List listing.

Matagal nang pinagdedebatehan tong merger ng dalawang Banks. If you were asked, ano gusto nyo na maging surviving bank? Ung law daw na ginawa for the creation of landbank ay mag-iexpire na in few years time so baka hindi sila ang survicing? Say nyo?

Maybe it's time for our banking system to reduce their US Dollar holdings....

Goldman Sachs Secretly Believes an Economic Collapse is Coming

Goldman Sachs is doing it again. Goldman is telling the public that everything is going to be just fine, but meanwhile they are advising their top clients to bet on a huge financial collapse. On August 16th, a 54 page report authored by Goldman strategist Alan Brazil was distributed to institutional clients.

The general public was not intended to see this report. Fortunately, some folks over at the Wall Street Journal got their hands on a copy and they have filled us in on some of the details. It turns out that Goldman Sachs secretly believes that an economic collapse is coming, and they have some very interesting ideas about how to make money in the turbulent financial environment that we will soon be entering.

In the report, Brazil says that the U.S. debt problem cannot be solved with more debt, that the European sovereign debt crisis is going to get even worse and that there are large numbers of financial institutions in Europe that are on the verge of collapse. If this is what people at the highest levels of the financial world are talking about, perhaps we should all start paying attention.

There is a tremendous amount of fear in the global financial community right now. As I wrote about the other day, the financial world is about to hit the panic button. Things could start falling apart at any time. Most of these big banks will not admit how bad things are publicly, but privately there is a whole lot of freaking out going on.

According to the Wall Street Journal, Brazil believes that "as much as $1 trillion in capital may be needed to shore up European banks; that small businesses in the U.S., a past driver of job production, are still languishing; and that China's growth may not be sustainable.”

Perhaps most startling of all is what the report has to say about the debt problems of the United States and Europe.

For example, this following excerpt from the report sounds like it could have come straight from The Economic Collapse Blog....

“Solving a debt problem with more debt has not solved the underlying problem. In the US, Treasury debt growth financed the US consumer but has not had enough of an impact on job growth. Can the US continue to depreciate the world's base currency?”

Remember, this statement was not written by some guy on the Internet. A top Goldman Sachs analyst put it into a report for institutional investors.

The report also goes into great detail about the financial crisis in Europe. Brazil writes about how the euro is headed for trouble and about how dozens of financial institutions in Europe could potentially be in danger of collapse.

But in any environment Goldman Sachs thinks that it can make money. The following is how Business Insider summarized the advice that Brazil gave in the report regarding how to make money off of the impending collapse in Europe....

* Buy a six-month put option on the Euro versus the Swiss Franc, thus betting the Euro will drop against the Franc (the Franc being the currency that an official Goldman report recently referred to as the most overvalued in the world).

* Buy a five-year credit default swap on an index of European corporate debt-the iTraxx 9. This is a bet that some of these companies will default, and your insurance policy, the CDS, will pay off.

This is so typical of Goldman Sachs. They will say one thing publicly and then turn around and do the total opposite privately.

For example, prior to the financial crisis of 2008, Goldman Sachs was putting together mortgage-backed securities that they knew were garbage and marketing them to investors as AAA-rated investments. On top of that, Goldman then often privately bet against those exact same securities.

The CEO of Goldman Sachs has even acknowledged that the investment bank engaged in "improper" behavior during 2006 and 2007.

For much more on the history of all this, please see this article: "How Goldman Sachs Made Tens Of Billions Of Dollars From The Economic Collapse Of America In Four Easy Steps".

So will Goldman Sachs ever get into serious trouble for any of this?

No, of course not.

Yeah, they will get a slap on the wrist from time to time, but the reality is that the top levels of the federal government are absolutely littered with ex-employees of Goldman Sachs. Goldman is one of the "too big to fail" banks and they are going to continue to do pretty much whatever they feel like doing.

Sadly, the power of the "too big to fail" banks just continues to grow. At this point, the "big six" U.S. banks (Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo) now possess assets equivalent to approximately 60 percent of America's gross national product.

Goldman Sachs was the second biggest donor to Barack Obama's campaign in 2008, so don't expect Obama to do anything about any of this.

We have a financial system that is deeply, deeply corrupt and all of that corruption is a big reason why things are falling apart.

Sadly, the 54 page report mentioned above is right - we really are facing a global debt meltdown and we really are heading for an economic collapse.

You aren't going to hear the truth from the mainstream media or from our politicians because "keeping people calm" is much more of a priority to them than telling the truth is.

The debt crisis in the United States is unsustainable and the debt crisis in Europe is unsustainable. Right now we are in the calm before the storm, and nobody knows exactly when the storm is going to strike.

But let there be no doubt - it is coming.

The amazing prosperity that we have enjoyed for the last several decades has largely been a debt-fueled illusion. It was a great party while it lasted, but now it is coming to an end and the aftermath of the coming crash is going to be absolutely horrific.

Keep watch and get prepared. We don't know exactly when the collapse is going to happen, but it is definitely on the way and now even Goldman Sachs is admitting that.

ako isinara ko na ang atm savings account ko sa metrobank, biruin mo nag open ako at maintain ko naman ang deposits ko, nag apply ako ng credit card after a year and a half, decline ang sagot sa akin, then sabi ko sa credit officer nila na i wiwithdraw ko na lahat ng accounts ko at mga kamag anak ko, in 1 branch alone sa sta. rosa almost 3.3 million ang nawithdraw sa kanilang deposits, then after 2-3 days lahat sa village namin nagwithdraw din ng account from different metrobank branches in matro manila

tama lang na malugi sila dahil masyado garapal sa pera

estimated depository ng village sa metrobank ay around 400 million lang naman at around 150 household

sa mga bangkong garapal yan ang dapat sa inyo

Wew... Does This Mean Something.... Siguro this year slowly uunti ang magiging loans/assets/deposits ng MBT... While good old BPI and BDO will profit...

Another bank bites the dust...

LBC Bank placed under receivership
By: Michelle V. Remo
Philippine Daily Inquirer
4:16 am | Sunday, September 11th, 2011

LBC Development Bank, a unit of the LBC Group, has been placed under receivership of the Philippine Deposit Insurance Corp. (PDIC).

In a statement over the weekend, PDIC said it took over the assets and liabilities of LBC bank after the Monetary Board of the central bank determined that the institution was plagued by liquidity problems.

“All valid accounts and deposit insurance claims will be paid as soon as possible,” PDIC said in a statement.

LBC Development Bank, with head office on JP Rizal St. in Makati City, had 19 branches nationwide.

As of end-June this year, total deposits placed with the bank amounted to P6.09 billion. Of the amount, P3.73 billion is covered by insurance, PDIC said citing bank records.

In terms of number of accounts, there were 321,516 as of June, 99.4 percent of which are fully covered by deposit insurance, said PDIC.

The government insurance agency said the placement of the thrift bank under its receivership would not significantly affect its resources. PDIC noted that the insured deposits with LBC Development Bank made up only a tenth of one percent of total deposits in the country’s banking system.

Under PDIC’s charter, deposits worth P500,000 or below are covered by insurance. Deposits in excess of the amount may or may not be paid depending on the amount to be raised from the liquidation of a closed bank’s assets.

PDIC will conduct forums in areas where branches of LBC are located so that depositors of the bank will know how to claim insurance.

Owners of deposit accounts worth P10,000 or below need not apply for insurance claims. In their case, PDIC will simply mail notices to them and they can withdraw from designated redemption offices, like branches of Land Bank of the Philippines.

The placement of LBC Development Bank under receivership may come as a surprise to the bank’s depositors given the institution’s track record.

LBC Bank was previously awarded the “superbrand” status by Superbrands Philippines Council, which cited it for being one of the most reliable and trusted brands.

http://business.inquirer.net/18321/lbc-bank-placed-under-receivership

ZAMBOANGA CITY - Undeniably Western Mindanao's Financial Capital. :cheers1:
------------------

‘Zambo has a lot going for it,’ — BSP governor (http://zamboangatimes.ph/top-news/2488-zambo-has-a-lot-going-for-it--bsp-governor.html)
Friday, 16 September 2011 17:05

http://ts2.mm.bing.net/images/thumbnail.aspx?q=1260965013701&id=2f135fed60ff2fae6f925ddf02dff181

Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. yesterday minced no words in saying that Zamboanga City has a lot of potentials and opportunities given its strategic location, rich fishing grounds and other resources and contribute a significant amount to the country’s gross domestic product.

“Zamboanga City alone has 55 bank branches. This could be one of the reasons why bank deposits here grew 12% and reached P46.7 billion in 2010. Clearly, you do not lack for capital or funding here”, the BSP governor said in his keynote message during the elegant launching of the majestic BSP building in Pettit Barracks yesterday morning.

Governor Tetangco affirmed that the establishment of the BSP branch in Pettit Baracks, one of the city’s most historic grounds, reflects the commitment of the BSP to provide improved banking services to the community and the banking industry.

“That this land now hosts the Bangko Sentral, a government institution mandated to provide stability to our economy through responsive monetary and banking policies, makes for a powerful statement about our nation’s independence”, he said adding that the construction of a new and bigger office “signals our commitment to strengthen our presence here to help the region attain its full potential”.

The imposing building, costing a little over P300 million was constructed in a period of about 7 months. It is a two-storey structure that blends with the scenic Paseo del Mar, Plaza del Pilar, Fort Pilar Shrine and huge government buildings such as the Land Bank, Bureau of Internal Revenue, Lantaka Hotel and several other structures—built in accordance with the heritage designs.

The inauguration of the building, held under tight security measures, coincided with the recognition of BSP’s partners in Region 9 who respond faithfully to the BSP’s information requirements and support the bank’s advocacy programs and the launching of BSP’s Economic and Financial Learning Program for various sectors in the city and the region.

Governor Tetangco’s team that graced the Zamboanga BSP building inauguration included and Monetary Board members Alfredo Antonio, Ignacio Bunye, Peter Favila, Felipe Medalla, Armando Suratos, and Deputy Governors (Monetary Stability Sector) Diwa Guinigundo, Nestor Espenilla Jr., and Jun Zuñiga, Managing Director, Regional Monetary Affairs Sub-sector Pedro Tordilla Jr. and Rosabel Guerrero, Director of the Department of Economic Statistics and many others. Also present during the affair were Zamboanga Archbishop Romulo Valles and Councilors Myra Paz Abubakar, Lilia Nuño, Rudy Lim, Gerky Valesco, Rommel Agan, Rey Candido, Percival Ramos, Mike Alavar, VP Elago and Rodolfo Bayot, Zamboanga Bankers Association President Norma Candido, Westmincom commander LTGen. Raymundo Ferrer, Westmincom deputy commander Gen. Layug, PNP-9 Deputy Director Gen. Mario Yanga, City Police OIC Director Col. Edwin de Ocampo and other stakeholders.

In a press briefing together with Mayor Lobregat after the inauguration, Gov. Tetangco Zamboanga’s banking industry continues to grow citing the total deposits which reached P46.7 billion.

“That is a significant amount and the challenge now here is to be able to use those funds to further push developments in the region”, Gov. Tetangco emphasized. “That shows that there is really a great deal of opportunity, banks here and businessmen together should try and further help in the development of the region and the funding is not a problem as shown by the high level of deposits”. — Sheila Covarrubias


_____________________________


Celso hails BSP complex at historic Pettit Barracks (http://zamboangatimes.ph/top-news/2484-celso-hails-bsp-complex-at-historic-pettit-barracks.html)
Friday, 16 September 2011 17:02

Mayor Celso Lobregat hailed the inauguration yesterday of Bangko Sentral ng Pilipinas complex at the historic and scenic Pettit Barracks, this city, stressing the occasion marked another milestone of Zamboang’s colorful history.

“Today, Zamboanga City writes another chapter of its colorful history as we bear witness to the inauguration of this magnificent structure of Bangko Sentral ng Pilipinas in this very historic and scenic part of the city,” Lobregat said, adding that Pettit Barracks was where the US Army’s 43rd Infantry Regiment had stationed during the World War II.

“Shortly after the American invasion,” he said, “the Japanese occupying forces formed their defense headquarters at Pettit Barracks.” “The rest is history. History was made on this site,” he added, for which the National Historical Institute has declared Pettit Barracks as a heritage zone, and the abundance of heritage acacia trees in the area stand witness to the fateful events that unfolded many, many years ago.

The mayor recounted the 31-year history of negotiations between the city government of Zamboanga and the BSP that led to the construction and eventual inauguration of the BSP building yesterday.

“And today, history is written once again for the transformation of the heritage zone into a new landmark of Bangko Sentral ng Pilipinas,” the mayor said. He added the BSP building stands marvelously in perfect harmony with the picturesque Paseo del Mar, now undergoing further improvements, Plaza del Pilar, a one-stop-shop pasalubong center, the historic Fort Pilar with the national museum inside and the Shrine of the miraculous Lady of the Pillar on the eastern wall, the Hall of Justice at the back, the Land Bank, DBM and BIR buildings on the other side, not to mention other government structures within th vicinity.

“Pettit Barracks indeed typifies our vision to blend the old and the new together to make Zamboanga City even more vibrant and progressive,” pointed out.

According to him, Zamboanga with its branding as Asia’s Latin City takes pride in being the financial and commercial center of Western Mindanao, owing to the
presence here of 29 commercial and financial banks that boast of 55 branches, serving the banking needs of the people of Zamboanga City and the entire Zamboanga Peninsula including Basilan, Sulu and Tawi-Tawi.

He said the city’s geographical advantage is a key factor that pushed Bangko Sentral ng Pilipinas to open its branch in Zamboanga City in the early 1990’s.

Like the other BSP branches nationwide, the BSP Zamboanga City Branch performs cash operations, cash administration, and even gold buying operations.

He commended the Bangko Sentral ng Pilipinas and the constructor of its imposing structure for keeping the century old acacia trees at Pettit Barracks unscathed, thus preserving its natural beauty.

The mayor cited city ordinance declaring century old and heritage trees all over the city, making it unlawful to cut them down for purposes of preserving their historical value and promoting eco-tourism.

He also thanked the BSP officials headed by BSP Governor Amando M. Tetangco Jr. for constructing financial complex that the Zamboanguenos can truly be proud of.

The inauguration of BSP building came at the time when the city is in the thick of preparations for the upcoming Zamboanga Hermosa Festival next month in celebration of Fiesta Pilar on October 12 and to enliven the merry-making mode of the–BER months.-

The inauguration ceremony was keynoted by Gov. Tetangco, who came with members of the Monetary Board— Alfredo Antonio, Ignacio Bunye, Peter Favila, Felipe Medalla, Armando Suratos, and Deputy Governors (Monetary Stability Sector) Diwa Guinigundo, Nestor Espenilla Jr., and Jun Zuñiga, Managing Director, Regional Monetary Affairs Sub-sector Pedro Tordilla Jr. and Rosabel Guerrero, Director of the Department of Economic Statistics and many others.

Also present during the affair were Zamboanga Archbishop Romulo Valles and Councilors Myra Paz Abubakar, Lilia Nuño, Rudy Lim, Gerky Valesco, Rommel Agan, Rey Candido, Percival Ramos, Mike Alavar, VP Elago and Rodolfo Bayot, Zamboanga Bankers Association President Norma Candido, Westmincom commander LTGen. Raymundo Ferrer, Westmincom deputy commander Gen. Layug, PNP-9 Deputy Director Gen. Mario Yanga, City Police OIC Director Col. Edwin de Ocampo and other stakeholders. — Vic Larato

Ask ko lang: Is it true that the DBP board of directors meet only once in two months?

Guys alam niyo ba ang may pinakamataas na ROE sa mga bangko sa Pinas?

Highest ROE? funny as it may seem but in this country banks with highest ROE are usually small Rural Banks:)

16 PH banks in Asia's 500 list
By Ted P. Torres, The Philippine Star
Posted at 11/02/2011 7:30 AM | Updated as of 11/02/2011 11:01 AM

MANILA, Philippines - Sixteen Philippine banks have made it to the list of 500 strongest banks in the region, based on a study by The Asian Banker.

Of the 16 Philippine banks, 13 are commercial banks and three are thrift banks.

The Metropolitan Bank & Trust Co. (Metrobank) has been adjudged the strongest bank in the Philippines, and the Philippine Savings Bank (PSbank) the strongest among the three thrift banks.

Read more here (http://www.abs-cbnnews.com/business/11/01/11/16-ph-banks-asias-500-list)

ISM gets MB nod to own PBCom shares — BusinessWorld


ONGPIN-controlled ISM Communications Corp. (ISM Communications) has obtained the Monetary Board approval to own a controlling stake in the Philippine Bank of Communications (PBCom).

In separate disclosures in the stock exchange yesterday, ISM Communications and PBCom said they received a “letter [Tuesday] afternoon from the Bangko Sentral ng Pilipinas (BSP) dated Nov. 15, 2011 informing [Mr. Roberto V. Ongpin and the bank] that the Monetary Board has approved the acquisition by a group of investors led by...ISM Communications, Mr. Ongpin and Mr. Eric O. Recto of a controlling interest in the Philippine Bank of Communications.

“The MB approval completes the regulatory approvals required before the transaction may be consummated,” the two firms said.

The bank’s three major shareholders -- the Nubla and Chung families that hold a combined 58.26% stake and the Luy family with around 39% -- had been looking to dispose of a 67% stake as one of the conditions of a P7.6-billion lifeline extended by PDIC in 2004.

PBCom had started the process to sell the majority stake in the bank as early as February 2009, choosing Macquarie as financial adviser.

In June, ISM Communications took over a controlling stake in PBCom under a share sale ordered by the BSP and the state-deposit insurer Philippine Deposit Insurance Corp. (PDIC).

PBCom and ISM last July 26 told the local bourse that the Chung, Luy and Nubla families signed a memorandum of agreement with the ISM group covering the sale of the combined stake of the three families and the shares owned by selling investors, representing approximately 97.28% of the bank’s outstanding capital stocks, for P4.68 billion.

On September 7, PDIC confirmed the selection of the ISM Communications, Mr. Ongpin and Mr. Recto as PBCom’s third party strategic investor.

Had PBCom failed to sell the 67% combined majority stock, PDIC would automatically be empowered, under the financial assistance agreement signed in March 2004, to take over the sale of the block.

. . .




Read More (http://www.bworldonline.com/content.php?section=Finance&title=ISM-gets-MB-nod-to-own-PBCom-shares&id=41725)

Credit bureau for microfinance formed

A credit bureau dedicated for micro-borrowers has been formed, and the Bangko Sentral ng Pilipinas said this should help boost growth in lending to the country’s low-income sector to a double-digit pace in 2012.

The seven biggest micro-finance institutions in the country signed on Tuesday a memorandum of agreement on the creation of the credit bureau, which would make lenders more comfortable at extending loans to micro-entrepreneurs.

Under the “Microfinance Data Sharing System (MiDAS)” agreed upon by the seven institutions, credit information on micro-borrowers would be placed in a common database that the lenders would have common access to.

Proponents of the system said that with the credit bureau, micro-entrepreneurs of good credit standing or those that have not been heavily indebted would have better chances of securing loans from the participating creditors. They said the credit bureau would address the problem of difficulty in access to loans by perceivably credit-risky micro-borrowers.

The seven micro-finance institutions that are signatory to the MiDAS are the following: Taytay sa Kausagan Inc. (TSKI), OK Bank, CARD Bank, CARD NGO, Negros Women, Ahon sa Hirap and ASA Philippines. Together, they serve about 70 percent of the estimated 1 million micro-borrowers in the country.

Aristotle Alip, managing director of the CARD MRI Development Institute – the umbrella organization for some microfinance institutions including CARD Bank – said other entities engaged in micro-finance would be welcome to be part of the credit bureau.

Full story here (http://business.inquirer.net/39021/credit-bureau-for-microfinance-formed?utm_source=twitterfeed&utm_medium=twitter)

Highest ROE? funny as it may seem but in this country banks with highest ROE are usually small Rural Banks:)

Which, unfortunately, are more prone to bank runs and bankruptcies.

You can try Veterans Bank's time deposit offerings. Ang siste nga lang, dapat malaki-laki yung ilalagak mong pera.

Better yet, you can gamble in stocks and mutual funds because kalaban mo sa savings mo yung inflation.

Mukhang matutuloy na talaga this year ang merger ng PNB and ABC. The surviving bank is PNB.

http://business.inquirer.net/33267/pnb-allied-bank-merger-seen-happening-in-2012

Banco Filipino to reopen
THE Court of Appeals (CA) on Wednesday directed the Bangko Sentral ng Pilipinas (BSP) to reopen Banco Filipino and extend a P25-billion financial assistance within 30 days. BSP Deputy Governor Juan de Zuniga, contacted for comment, said: “Our lawyers are reviewing the decision of the Court of Appeals to determine the remedies available to us. Beyond this, we have no further comments.”

In a 50-page decision written by Associate Justice Agnes Reyes-Carpio, the court said respondents BSP, the Monetary Board and the Philippine Deposit Insurance Corp. (PDIC) committed “grave abuse of discretion” and violated Banco Filipino’s right to due process when they implemented MB Resolution 372-A on March 17, 2011. Read more (http://businessmirror.com.ph/home/top-news/22736-banco-filipino-to-reopen)

Good News! :cheers:

=================

Fitch gives PHL banks ‘stable’ rating
Thursday, 02 February 2012 22:02 Jun Vallecera / Reporter


Banks in the Philippines, China, Hong Kong, India and 10 other Asia-Pacific countries were seen to have a stable outlook by the global credit watcher Fitch Ratings.

The judgment means the lenders are believed to have increased ability to absorb loan losses as the global economy slows.

Additionally, the banks in the countries cited should not have trouble raising funds to finance their lending operations as their capacity to do so is considered strong.

http://businessmirror.com.ph/home/top-news/22788-fitch-gives-phl-banks-stable-rating-

tanong lang... kapag meron akong 40,000 pesos na time deposit since 1992 gaano na ito kalaki ngayon?

anong banko ba yan?:D LBC bank ba o Metro Bank:D

anong banko ba yan?:D LBC bank ba o Metro Bank:D

Sabihin na nating Metrobank, gaano na kaya kalaki? Ayaw ko sa PSBank:lol:

^^ I can't say which bank. Kung rural, mataas siguro ang interes pero flopchina siguro dating niyan.

banks have different rates
ito BPI:D
http://info.bpiexpressonline.com/bpiprod/produpd.nsf/Deposit+Rates/TimeDepositRates2

Bank assets up 6.4% to P7.5 T

MANILA, Philippines - Resources of the country’s banking sector hit a new record level of P7.501 trillion as of end-November last year, a 6.4-percent or P449-billion increase from the P7.052 trillion booked in the same period in 2010, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

Total resources of universal and commercial banks expanded by 7.1 percent to P6.721 trillion as of end-November last year from P6.271 trillion in the same period in 2010. The industry accounted for about 90 percent of the country’s total banking assets.

Assets of thrift, savings, and mortgage banks amounted to P595.72 billion as of end-November or P2.63 billion lower than the year-ago level of P598.35 billion

The BSP traced the increase in the assets of banks operating in the Philippines to the rising deposit base of the industry.

“The increase could be traced to the growth in currency and deposits, indicative of the public’s continued trust in the banking sector,” the BSP said.

Latest data from the BSP showed that peso-denominated savings and time deposits remained the primary sources of funds for banks, increasing by 7.3 percent to P3.9 trillion as of end-November last year from P3.6 trillion as of end-November 2010 as more Filipinos continued to save in the formal banking sector.

Continue reading here... (http://ph.news.yahoo.com/bank-assets-6-4-p7-5-t-192631915.html;_ylt=AtadGFK0.CnADPLNJumjGqLmV8d_;_ylu=X3oDMTQwN3MybGQ2BG1pdANUb3BTdG9yeSBQaGlsaXBwaW5lc1NGBHBrZwM2YjQyYTkxZS1mODg3LTMzNWQtYTUzZC0yOWExZjk2Y2NhMWEEcG9zAzIEc2VjA3RvcF9zdG9yeQR2ZXIDZjU2ZGU4ZDAtNWNjMS0xMWUxLWJlZmItNTA3M2E0NWE0N2Iy;_ylg=X3oDMTF2M3NpaDUyBGludGwDcGgEbGFuZwNlbi1waARwc3RhaWQDBHBzdGNhdANwaGlsaXBwaW5lcwRwdANzZWN0aW9ucwR0ZXN0Aw--;_ylv=3)

moved to education thread

tanong lang... kapag meron akong 40,000 pesos na time deposit since 1992 gaano na ito kalaki ngayon?

banks have different rates
ito BPI:D
http://info.bpiexpressonline.com/bpiprod/produpd.nsf/Deposit+Rates/TimeDepositRates2
Lemme try.
Assuming it's BPI, your 40K CD will be around P58T @ 1.875% p.a.

PHL senator urges reforms in Science, Math education

A veteran senator pushed anew for enhancing science and mathematics education in the Philippines to boost Filipinos' national competitiveness.
Senate education committee chairman Edgardo Angara made the call at a hearing on proposed curricular reforms to the Philippine basic education system.

“This issue of science and mathematics being taught at the earliest period of education is very important. If we’re going to do reforms, they have to be undertaken in the most critical areas. In this Internet-driven, information age, those areas are science, mathematics and engineering—whatever the pedagogy,” Angara said.

He lamented the Philippines has been falling behind in competitiveness tables due to its lack of technological capacity.
In turn, such a lack of technological capacity "goes back to our lack of a good science and math background,” he added.

Earlier, the Department of Education assured it is designing the new basic education curriculum to strengthen science education, amid criticisms about the prospect of science being dropped as a single subject in Grade I for school year 2012-2013.

The DepEd maintained science had not been taught separately in Grades 1 and 2 since the 1980s, although science concepts were "embedded" in subjects like languages and mathematics.

Angara said Dr. Dina Ocampo, Dean of the University of the Philippines College of Education, had said during a hearing that there are different models of delivering science education in the primary grades.
Ocampo added many schools do not offer science as a separate subject because many of them integrate related concepts in health.

Continue reading here... (http://ph.news.yahoo.com/phl-senator-urges-reforms-science-math-education-105408104.html;_ylt=ApazUnnIxKkWyQU7u.E1_n_mV8d_;_ylu=X3oDMTNibDd0NmFvBG1pdAMEcGtnA2M1ODE3MTI0LWI1YjgtM2Y0Mi1hZmFlLTJjNWI2YmU4NTIzYgRwb3MDNQRzZWMDbG5fR01BX2dhbAR2ZXIDNjBkNTkwYzAtNWM3YS0xMWUxLThmZmYtNzQyYjM4Y2M3NjFk;_ylv=3)

This should be in the education thread... will repost...

Lemme try.
Assuming it's BPI, your 40K CD will be around P58T @ 1.875% p.a.

I'd say too slow...

Veterans Bank I think have short-term deposit rates.

I'd say too slow...

Veterans Bank I think have short-term deposit rates.

yeah, it's much better to invest it somewhere else.

yeah, it's much better to invest it somewhere else.

Words of caution: "banks with enticingly high rates are possibly banks in dire need to build up its reserves (or its reserves have been depleted beyond rescue)." If you see high rates of return, the risks will also be higher, e.g. bank managers could have issues on their finance management, opting to offer rates higher than what others are giving.

^^ Pero Veterans had always been there. Isn't it a government bank?

Anyhow, the SSS-loan-get-it-quick-before-someone-else-does has gotten me to thinking about putting it in a balanced conservative financial product. A cellphone can wait and depreciate but my paltry SSS loan will have to be wisely put in a good yielding financial product.

Banks' NPL ratio improves in December

ABS-CBNnews.com

http://www.abs-cbnnews.com/business/02/27/12/banks-npl-ratio-improves-december

MANILA, Philippines - The non-performing loans (NPL) ratio of universal and commercial banks improved to 2.23% by the end of December 2011 from the previous month's ratio of 2.39%.

The Bangko Sentral ng Pilipinas (BSP) said this was the lowest recorded NPL ratio for universal and commercial banks since the 1997 Asian financial crisis. The NPL ratio stood at 2.86% as of end- December 2010.

This comes after a 4.56% drop in NPLs to P71.94 billion in December, from P75.37 billion in November. There was also a 2.05% rise in total loan portfolio to P3.22 trillion in December from P3.15 trillion in November.

Phl can survive weak global demand - BSP

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has identified four countervailing forces that would help the Philippines survive the weak global demand amid the fragile economic growth in advanced economies led by the US as well as the sovereign debt crisis in Europe.

BSP Governor Amando Tetangco Jr. said the country’s strong external payments position, resilient banking system, demographic dividends, and manageable inflation would serve as countervailing forces to offset weak global demand.

“The country enjoys three... no, four factors that have become countervailing forces to offset the slack in external demand that we now face (because of the volatile global market),” Tetangco stressed.

He pointed out that the favorable external sector dynamics would continue to be a source of strength for the Philippine economy.

He said sustained foreign exchange inflows, including remittances of overseas Filipinos and earnings from the business process outsourcing (BPO) sector have provided the BSP the opportunity to build up its international reserves.
Once the revitalized tourism program of the national government goes into full swing, Tetangco said the country’s external liquidity position would improve even more.

“This will further enhance the country’s self-insurance. The BSP maintains a policy of a market-determined exchange rate, with scope for official action only against excessive rate movements. With the varying effects of exchange rate movements on different economic sectors, this policy has proven to be most equitable and efficient for the overall economy,” he said.

The BSP sees the country’s gross international reserves (GIR) - the sum of all foreign exchange flowing into the country - hitting a new all time high of $79 billion this year from $75.3 billion last year. It also expects the balance of payments (BOP) surplus stabilizing at $2.8 billion this year from $10.9 billion last year. The BOP position refers to the difference of foreign exchange inflows and outflows on a particular period and represents the country’s transactions with the rest of the world.

The BSP chief also cited the country’s banking system that continued to remained stable amid the mounting challenges posed by the current global economic conditions.

Continue reading here... (http://ph.news.yahoo.com/phl-survive-weak-global-demand-bsp-162027363.html;_ylt=AhCi3McsJ.z2sWuU8yQ4LXHmV8d_;_ylu=X3oDMTQwMjltcmU0BG1pdANUb3BTdG9yeSBQaGlsaXBwaW5lc1NGBHBrZwNjNmI5YWE1Yi1kZjIxLTMxODYtOTBiNS1hM2U5MjQ3YmI3MWMEcG9zAzMEc2VjA3RvcF9zdG9yeQR2ZXIDMWQ0ODljZjAtNmI5Ni0xMWUxLTlmZmEtZjgwMWI4NGI1YzNl;_ylg=X3oDMTF2M3NpaDUyBGludGwDcGgEbGFuZwNlbi1waARwc3RhaWQDBHBzdGNhdANwaGlsaXBwaW5lcwRwdANzZWN0aW9ucwR0ZXN0Aw--;_ylv=3)

Export Bank under receivership.

BSP says Export and Industry Bank closed, assures public banking system stable (http://www.gmanetwork.com/news/story/256354/economy/moneyandbanking/bsp-says-export-and-industry-bank-closed-assures-public-banking-system-stable)
April 27, 2012 9:01am


The Bangko Sentral ng Pilipinas on Friday ordered the closure of the Export and Industry Bank, even as it reassured the public the banking system remains stable.

BSP Deputy Governor Nestor Espenilla Jr. said the Monetary Board decided Thursday night to put the bank under receivership to protect its 50,000 depositors.

"Kagabi nagdesisyon ang Monetary Board na ilagay under receivership ang Export and Industry Bank. Sabi ng bangko... may malalaking depositor na hindi nila mabayaran... at sinabing mapilitan silang mag-bank holiday," Espenilla said in an interview on dzBB radio.

(The Monetary Board decided Thursday night to place the bank under receivership. The bank had advised the board they were expecting some big deposits but could not handle them and may be forced to go on a bank holiday today.)

He said the Monetary Board had also notified the Philippine Deposit Insurance Corp. (PDIC) about the bank's situation.

Espenilla said the PDIC will take over the bank, which he described as one of the country's smallest commercial banks with 50 branches, 30 of which are in Metro Manila.

He said the bank had submitted a rehabilitation plan earlier, and that the plan was approved.

But he said that with the closure order, "it's a different ballgame" now.

Espenilla said that at the time the bank was ordered closed, it had assets of P25 billion, or 0.3 percent of the P7 trillion in the Philippine banking system.


Assurance to depositors, public

Espenilla reassured depositors and the public the closure of the bank will not affect the banking system as a whole.

He said depositors have a PDIC insurance coverage of up to P500,000.

On the other hand, he maintained this is not expected to adversely affect the banking system, which he described as very liquid.

"Sa kabuuan matatag ang banking system (Overall, the Philippine banking system is very resilient)," he said.

The Export and Industry Bank is a result of the merger of Urban Bank, Incorporated and Unbancorp Investment, Incorporated.

Standard Chartered plans to stay in PH for good

British bank Standard Chartered, the longest serving foreign bank in the Philippines, has done business in the country through World Wars, economic cycles and political upheavals over the last 140 years.

It has been around to serve key people in history like national hero Jose Rizal, who used its banking services when he was a student in Europe.

Top bank officials believe that more than ever, the Philippines today has the potential to enter a new growth phase.

And after over a century of being here, Stanchart is keen on remaining an integral part of the Philippine growth story.

“What’s different for the Philippines now is the renewed sense of confidence that the political climate is stable, that the current administration has the right intents and desires and I think fiscal position of Philippines is very strong and the balance sheet is very strong,” Stanchart Philippines chief executive officer Mahendra Gursahani says in an interview with Inquirer.

“The conditions internally all point to a period where if the execution is in the manner that the government intends, then we should see a period of growth that is perhaps unprecedented,” he adds.

Mahendra says business process outsourcing and remittances would continue to help the Philippine economy grow while other new growth drivers like tourism may become more significant in the future.

He notes that the entertainment city being developed by the government through the Philippine Amusement and Gaming Corp. is part of this effort to boost tourism. “Mining obviously remains to be one that has a huge potential but it also fraught with challenges,” he says.

In the Philippines, Stanchart is operating at its full capacity of six branches, the maximum number allowed by the Bangko Sentral ng Pilipinas. It employs close to 500 people domestically but overseas, about 400 Filipinos are employed in its international network.

Mahendra says this is already an “impressive number” but the bank would like to see this number grow even further.

“Our intent will be to use the Philippines as a good training laboratory, where we can get good talent here, with a view to getting them to contribute to our agenda in the Philippines but also with an eye to creating an international career,” Mahendra says.

To mark its 140th year in the Philippines, the bank wanted to do something meaningful.

Thus during the gala night on March 26, Jaspal announced a $1-million donation to the cause of eliminating curable blindness through a partnership with CBM/Cataract Foundation of the Philippines.
http://business.inquirer.net/56339/standard-chartered-plans-to-stay-in-ph-for-good

Quite old article but wasn't posted..

Citi may relocate some overseas units to PH
03/28/2012

MANILA, Philippines - American banking giant Citibank NA is planning to relocate some of its overseas operations to the Philippines on the back of the country’s sound macroeconomic fundamentals and skilled workforce.

The Philippines is one of the key markets in the region where Citi has a strong legacy of success since 1902 and is the country’s largest foreign banks in terms of customers, assets, revenues, and domestic branches.

He added that Citi has consistently ranked among the top five commercial banks in terms of profitability and top 10 in terms of assets, deposits, and loans.

Citi currently employs close to 6,000 workers in the Philippines half of which are within the group’s banking operations while the other half is working for its business process outsourcing (BPO) business.

The Philippines serves as Citi’s regional hub for Citi Shared Services (CSS), Citi Employee Service (CES), Asia Pacific Credit Risk Management services and analysis, Asia Pacific Compliance Center of Excellence, and Citi Center for Advanced Learning.

The CSS is its global processing center performing financial reporting operations and payment services, supporting 92 countries across the Americas, Asia Pacific, Japan, Europe, Middle East, and Africa while the CES is its regional processing center for employee data, HR Administration and payroll services for 62 countries across the Asia Pacific, Japan, Europe, Middle East, and Africa,

Citi Business Process Solutions is another Philippine-based entity which provides BPO, sales, service, collections, credit operations and back office operations for various Citi entities around the globe including Australia, the United States and Guam. CBPS set up the regional CitiPhone Command Center serving 12 countries in Asia Pacific through workforce management, planning and scheduling initiatives.http://www.abs-cbnnews.com/business/03/27/12/citi-may-relocate-some-overseas-units-ph

A bank that can go anywhere, anytime, and fits in the pocket

Citibank has unveiled – its complete suite of Mobile Banking Applications for today’s widely popular smartphones such as iPhone, Blackberry and Android phones.

Through the free downloadable app, clients have full access to any of their accounts to view their balance, recent transactions, credit limit, etc., Lim said.

Paying utility bills and transferring funds between accounts has also become a breeze because the app is available anytime and anywhere, she said.

Melissa Henson, Vice President, eBusiness Regional Consumer Bank, said that their app has had over 5,000 downloads since it was launched a few months ago with most of the downloads being made from iPhones.http://business.inquirer.net/58985/a-bank-that-can-go-anywhere-anytime-and-fits-in-the-pocket

Pwede ba magpalit from passbook to ATM and kung pwede mapapalita ba yung account number or yung dati parin?

PNB nets P1.2B in Q1
By: Doris C. Dumlao
Philippine Daily Inquirer
11:58 am | Monday, May 21st, 2012

http://business.inquirer.net/60575/pnb-nets-p1-2b-in-q1

MANILA, Philippines – Taipan Lucio Tan-led Philippine National Bank jacked up its first quarter net profit by 11 times year-on-year to P1.2 billion, aided by large gains in trading, foreign exchange and investment securities.

Treasury earnings accounted for 45 percent of total operating income for the period although the bank continued to strengthen its core business. The bank has beefed up its inventory of investments that are available for sale by 32 percent from the level at end-2011.

Gross interest income on loans and receivables was up by 10 percent from the same level in the previous year owing to improved volume and spreads. Net interest income improved by 2 percent year-on-year.

“The robust growth of the bank’s consumer loans and middle market portfolio provided significant buffer to temper the squeeze in spreads from large corporate loans due to stiff competition,” PNB said in a press statement on Monday.

The bank grew its loan book during the period by P3.3 billion to end March at P129.5 billion while deposit base amounted to P227.1 billion. For every peso of deposit liabilities, 52 centavos was lent out and turned into earning assets, rising from 42 centavos a year ago.

PNB also tempered its cost of funds by 16 percent year-on-year with greater focus to the generation of low-cost deposits. The bank also made a formal bid to capture the high networth segment with the launch of its private banking arm: “the PNB Pinnacle Club.”

In terms of asset quality, non-performing loans (NPL) as a ratio of the total loan book dropped to 3.2 percent from 4.2 percent in the same period last year. NPL coverage stood at 82 percent.

Capital adequacy ratio to risk assets ended at 21.7 percent compared to the 10-percent minimum regulatory requirement.

PNB’s total consolidated resources amounted to P307.9 billion.

IMO, the low foreign participation and hence competition for our local banks is one of the reasons for the relatively high interest rates that industries and farmers have to contend with. This deters them from growing their businesses and increasing their farm output which negatively affects our country's potential for faster economic growth. Maybe we can learn some lessons from the Indonesian banking industry that allows 99% foreign ownership of banks. The Philippines is also mentioned in the paper by the way. Here's the link;

The Increase of Foreign Ownership and its Impact to the Performance, Competition & Risk in Indonesian Banking Industry

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1915234