Banking & Insurance

Manulife Philippines has appointed Ganesh Murugesan as chief information officer, putting a technology executive with nearly 25 years of insurance experience at the helm of its information technology function.

Visa Inc. is more than doubling its Philippine office footprint to about 9,000 square meters, expanding its base at the SM Mall of Asia Complex as it grows its local operations.

Wider access to financial services alone cannot guarantee financial stability, as many Filipinos continue to face gaps in literacy and resilience.

Philippine banks could see their bad-loan ratio rise to as high as 7 percent from 5.6 percent as inflation squeezes household incomes, credit growth weakens, and riskier unsecured loans come under pressure, S&P Global Ratings said.

Treasury bill yields rose across all maturities at Monday’s auction as the Bangko Sentral ng Pilipinas’ recent rate hike pushed borrowing costs higher and investors braced for the possibility of further monetary tightening.