Banking & Insurance
Mind the gap: widening insurance shortfall poses national risk
The Philippines faces a large insurance protection gap that continues to expand, leaving the vast majority of its population financially vulnerable to life and health risks. According to the Philippine Life Insurance Association (PLIA), over 98 percent of insurable risks across life and property remain unprotected—an exposure estimated to be worth ₱24 trillion, or roughly ₱1.17 million per household.
Security Bank names new CFO, creates Wealth Segment
Security Bank Corp., the seventh largest lender in the country, moved forward with its organizational transformation, with major leadership changes and the formal creation of its Wealth Segment.
AUB hits record P6.1B 1H net profit
Asia United Bank Corp. (AUB), the Philippines’ 12th largest lender, posted a record P6.1 billion net income for the first half, up 17 percent from P5.2 billion a year ago, nearly matching its full-year 2022 profit of P6.3 billion.
BDO raises P115B ASEAN Sustainability Bond offer
BDO Unibank Inc., the country’s largest lender by assets, said Tuesday it P115 billion through its fourth Peso-denominated ASEAN Sustainability Bond issuance, exceeding expectations with a subscription level 23 times higher than its initial P5 billion offering.
I-Remit narrows Q1 loss amid revenue collapse
i-Remit Inc., a listed fund transfer and remittance company servicing migrant Filipino workers, posted a net loss of P60.1 million in the first quarter, narrower than P104.5 million loss in the year-earlier period.
