Banking & Insurance
UnionBank 1H net profit drop to P5.07 billion on credit losses provision
Union Bank of the Philippines, the country's 9th largest lender by assets, said Monday net income in the first half dropped to P5.07 billion...
MVP unit acquires payment platforms
DigiCo, a digital company owned by the MVP Group, announced today its acquisition of a 10 percent stake in Bayad Center and 100 percent of Multipay Corporation as part of the strategy to accelerate the country’s shift towards digital payments.
Banks keep 2Q loan rates steady
The outcome of the Q2 2024 Senior Bank Loan Officers’ Survey (SLOS) show most banks keeping their credit standards unchanged for loans to businesses and consumers based on the modal approach. But the diffusion index (DI) method indicated a net tightening of credit standards for business loans and unchanged lending standards for household loans.
Insurance firm estimates CrowdStrike glitch affected quarter of Fortune 500 firms, losses at USD5.4 billion
The global outage caused by a software update of cybersecurity company CrowdStrike affected a quarter of Fortune 500 companies and likely resulted in losses, excluding Microsoft, of around USD5.4 billion, insurance firm Parametrix had estimated.
GCash extends six-day grace period for micro loan clients
GCash credit arm Fuse Lending has announced a two-week payment grace period for GLoan and GGives borrowers affected by Typhoon Carina.
