Banking & Insurance
Security Bank posts record P11.2B net income in 2024
Security Bank Corp., the country 8th largest lender by assets, posted a record-high net income of PHP11.2 billion in 2024, a 23 percent year-on-year growth, driven by improve lending and fee-based income.
PSBank posts 15% more net income of P5.2B in 2024
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.
Banks poised for continued profit growth in 2025
Fitch Ratings has forecast continued strong profitability for the country's major banks in 2025, building on last year's solid performance.
PDIC doubles deposit insurance to P1M
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.
BOC cash smuggling crackdown helps in FATF Gray List exit
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.
