Banking & Insurance

Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, has achieved record high net income of P5.21 billion for 2024, marking a 15 percent increase from the previous year’s P4.53 billion.

Fitch Ratings has forecast continued strong profitability for the country's major banks in 2025, building on last year's solid performance.

The Philippine Deposit Insurance Corporation, which historically adjusted the maximum insured deposit four times since its charter in 1963, has doubled the insured amount to P1 million. The doubling, PDIC chief Roberto Tan said, takes effect beginning 15 March this year.

The Bureau of Customs' (BOC) aggressive crackdown on illicit cash smuggling significantly contributed to the Philippines' removal from the Financial Action Task Force (FATF) Gray List.

Fintech company Maya Philippines Inc. said on Thursday that it has issued more than 125,000 credit cards in just six months that further solidifies its position as a key player in the digital banking space. The company also revealed that it is on track to achieve group-wide profitability by December 2024.