Banking & Insurance
Gov’t budget shortfall narrows in March, widens in 1Q
The Bureau of the Treasury (BTr) on Monday reported a narrower budget deficit in March as higher tax collection and dividend remittances from government corporations overshadowed the increase in spending.
Union Bank 1Q profit drop sharply on cost of Citi Consumer integration
Union Bank of the Philippines on Monday reported net profit of P2 billion in the first, a sharp drop from the P3.4 billion the lender posted in the same period last year.
GFIs helping Steel Asia build P11.45 billion facility in Batangas
The Philippine Business Bank in tandem with government financial institutions (GFIs) have extended Steel Asia Manufacturing Corp. (SAMC) an P11.45 billion loan for the construction of a mini-mill in Lemery, Batangas.
FC partners with consumer fintech Salmon to drive financial inclusion in the Philippines
The International Finance Corporation (IFC), the private investment arm of the World Bank Group, is investing USD7 million in Salmon Group Ltd. (“Salmon”), an innovative consumer fintech focusing on providing short-term credit to consumers underserved by traditional banks to help expand financial inclusion in the Philippines.
Sun Life Grepa posts 17% rise in total premium income
Sun Life Grepa Financial Inc., a joint venture between Sun Life Philippines and the Yuchengco Group of Companies, on Thursday reported posting a 17 percent increase in total premium income to P13.5 billion in 2023 from P11.5 billion in 2022.
