Bank Exec Forecasts Better 2019 Income

Bank Exec Forecasts Better 2019 Income

Spotlight

Save The Children Philippines Launches “E-Regalo Sa Mga Bata”

For every Php 10,000 raised through E-Regalo sa mga Bata, Save the Children will provide learning kits and life-saving essentials to 20 children.

DOTr Sec. Tugade Urges Drivers Of PUV To Participate In Gov’t’s Service Contract Program

Sa ilalim ng Service Contracting Program ng LTFRB, maaaring makatanggap ng karagdagang kita ang mga drayber na lubos na naapektuhan ang pangkabuhayan dahil sa COVID-19 pandemic.

In New Education Normal, Volunteers Help Fill Crucial Learning Gaps

“I volunteered because I didn’t want these kids to waste their time learning nothing,” says Emy Tarnate, one of the hundreds of volunteers helping children survive an education system altered by a global health crisis.

ECHO, OXFAM, World Vision, And ADRA Partner To Support Goni-Displaced Families In Bicol

World Vision, along with several of its partners, vows to provide immediate aid to the most affected communities in the hard-hit areas of the Bicol region.

A ranking official of Aboitiz banking arm, Union Bank of the Philippines (UnionBank), expects a good income turnout for the bank this 2019 on sustained drop of inflation and interest rates.

In a briefing by Aboitiz officials on their third-quarter 2019 performance Wednesday, UnionBank chief financial officer (CFO) Jose Emmanuel Hilado said sustained deceleration of rate of price increases bodes well for domestic interest rates.

“We expect good performance until the end of the year,” he said.

After peaking at 6.7 percent in September and October last year, inflation decelerated to 0.8 percent last October, with the 10-month average at 2.6 percent, at the lower half of the government’s 2- percent to 4-percent target.

The Bangko Sentral ng Pilipinas (BSP) slashed its key rates by a total of 75 basis points after hiking it by a total of 175 basis points last year to address inflation expectations.

In the first nine months this year, UnionBank and its subsidiaries registered a 40-percent increase in net income to PHP8.5 billion compared to the PHP6.1 billion in end-September 2018.

The rise was attributed to the double-digit growth of earnings asset and trading gains.

Total assets as of last September reached PHP685.8 billion, higher than year-ago’s PHP643 billion.

Total loans rose 10 percent year-on-year to PHP346.3 billion on credit card receivables, consumers’ loans, small and medium enterprise (SME) banking, and commercial loans.

In a disclosure to the Philippine Stock Exchange (PSE), Hilado said net interest margins in the third quarter increased by 100 basis points compared to the figures at the start of the year.

“Our digital transformation plans are ahead of schedule. We recorded solid growth across the different business segments. CitySavings also stabilized –delivering around PHP15 billion in salary loan releases and 9,000 motorcycle units during the third quarter,” he said.

“We are fortunate that the substantial improvement in margins and trading gains from favorable market conditions have converged,” he added. (PNA)

Twitter Launches Its New Story-Like Feature Called ‘Fleets’

Have you tried Twitter’s newest feature?

PH’s 1st Solar-Powered Bike Pit Stop Opens In San Juan

The country's first solar-powered bike pit stop and repair station in San Juan City is now officially open to the public!

MYX Mounts Fundraising Show With OPM Artists To Aid Typhoon Victims

Join MYX Philippines’ 20th anniversary benefit show happening this November 21!

Gatchalian Bats For Typhoon-Resistant School Buildings

Sen. Sherwin Gatchalian has urged the DepEd and the DPWH to convert school buildings into typhoon-resistant structures.

UNICEF Working With 350 Partners To Deliver Covid-19 Vaccines

UNICEF will work with more than 350 partners from around the world, to deliver COVID-19 to over 92 countries, as soon as doses become available.

7 Reasons BGC Is Home To Everyone This Christmas

Although Christmas in BGC will be a little different this year, BGC still has something in store for us. Here are 7 reasons why you should come to BGC this Christmas:

PRO-7 Inaugurates Molecular Lab For Covid-19 Testing

The new facility in Cebu City is now ready to accommodate RT-PCR tests for police and their dependents for possible infection.

Amid Rising Suicides, A Province Acts To Bolster Mental, Emotional Health

Iloilo province’s “Isip Kalasag” initiative aims to combat the rising cases of suicide in Iloilo by “developing, training and capacitating mental health warriors."

DOH Assures Funds To Buy Covid-19 Vaccine

Ayon sa Department Health, may sapat na pondo ang ahensya para sa pagbili ng COVID-19 vaccine.

Gatchalian Turns Over 2K Sacks Of Rice To Isabela

Sen. Win Gatchalian led the formal turn-over of 2,000 sacks of rice worth PHP4 million from the Valenzuela City government to different towns in Luzon affected by the floods.