Banking & Insurance
RCBC consumer loans soar on auto and housing boom
Rizal Commercial Banking Corp. (RCBC) reported a 39 percent expansion in its consumer loan portfolio for the first quarter of 2025, driven by robust expansion in auto and housing loans.
RCBC posts 44% surge in credit card receivables
Rizal Commercial Banking Corp. (RCBC) has reported one of the fastest-growing credit card portfolios in the country, with receivables soaring 44 percent year-on-year to ₱116.98 billion as of March 2025, based on company data. This significantly outpaced the industry’s 29 percent average growth, according to the Credit Card Association of the Philippines (CCAP).
Insurer launches its first Shari’ah-compliant life policy
Pru Life UK has unveiled its first Shari’ah-compliant life insurance product in the Philippines, the PRUTerm Lindungi, marking a landmark innovation in the insurance sector. Rooted in Islamic principles of mutual aid, fairness, and shared responsibility, the plan is designed to provide inclusive, ethical, and affordable life protection for Filipinos of all backgrounds.
CBS welcomes BDO entry into thrift banking
China Bank Savings (CBS) sees BDO Network Bank's entry into the thrift banking sector as a positive step for financial inclusion and industry stability, signaling potential shifts in the retail banking landscape.
PH commits to global crypto tax reporting by 2028
The Department of Finance (DOF) has formally committed to adopting the Crypto-Asset Reporting Framework (CARF) by 2028, as part of efforts to combat cross-border tax evasion and illicit financial flows. This aligns with President Ferdinand R. Marcos Jr.’s fiscal agenda focused on efficient and transparent tax administration.
