Banking & Insurance
Small plastic cards helped boost 1Q deposits 432% higher to P27 billion
The number of so-called basic deposit accounts (BDA) rose 170 percent in the first three months this year to 21.9 million from only 8.1 million a year ago, the Bangko Sentral ng Pilipinas (BSP) said on Friday.
China to cut banks’ FX reserve ratio to rein in yuan weakness
China's central bank said on Friday it will cut the amount of foreign exchange that financial institutions must hold as reserves for first time this year, a move seen aimed at slowing the pace of recent yuan depreciation.
Slower M3 helps push loans 7.8 percent higher in June
Domestic liquidity or M3, which ensures the economy is sufficiently fueled with money without risking inflation, grew at a slower pace of 5.9 percent to ₱16.4 trillion in June 2023 from 6.6 percent in May.
Telco and partner introduce “nano loans”
Financial super app GCash and Fuse Lending Inc. have launched "sakto" loans that enable users to borrow amounts as low as P100.
Out of pocket expense for ill health seen expanding
Out of pocket healthcare expense, by itself already problematic for the greater number of Filipinos, is bound to get worse in the years ahead, according to an assessment by the insurer AXA.
