Banking & Insurance
Growth of GSIS Insurance premiums up 12% in 1Q
The insurance premium written by the Government Service Insurance System (GSIS) in the first three months this year hit P2.98 billion. This was 12 percent more than only P2.65 billion in premiums written a year earlier. The GSIS General Insurance issued a total 52,644 total policies, with total sum insured amounting to P798.4 billion.
GCash unit takes on micro-borrowers neglected by banks
GCash lending arm Fuse Lending, Inc. has partnered with e-commerce platform Lazada Philippines to help support Filipino entrepreneurs in the form of cash loans to eligible platform sellers.
Higher interest income, lower expenses drive PNB profit in 1Q
Philippine National Bank, the country’s seventh largest bank by assets, reported Thursday a 10 percent increase in its first-quarter net income to P5.31 billion on account of higher interest income and fee-based revenue, and lower expenses and provisions for impairment, credit and other losses.
Exiting foreign fund investors last year return in 1Q with $377 million
Speculative foreign investments that exited on net basis in the first three months last year returned in the first quarter this year and helped fuel a 15 percent turnaround in net foreign inflows totaling USD377.42 million.
BAP willing to sell PDS stake provided conditions are met
The Bankers Association of the Philippines (BAP) is willing to sell its stake in the Philippine Dealing System Corp. that owns the fixed-income trading market provided the right conditions are present.
