Philippines

The Philippines’ 38 universal and commercial banks reported net earnings of US$1.3 billion in the first six months despite growing turmoil in world financial markets.

The Philippines' big banks pushed their net earnings up 18.68 percent in the first six months to P55.152 billion.

BPI Globe BanKo, which its owners claim is the world’s first mobile savings bank, intends to enroll one million depositors by 2013.

The Philippine Deposit Insurance Corporation is supporting separate bills pending in the Philippine Congress that will permit foreign ownership of rural banks.

The Philippines’ China Banking Corporation last week cut the par value of its shares from P100 to P10 in a 10-for-1 stock split of its common shares.

The Philippines’ central bank warns that the mountain of cash held by Philippine banks could trigger rampant inflation.

Banco De Oro plans to add as many branches that it could handle to its 740-plus network.

The Philippines’ China Banking Corporation will issue its first credit card next year.

Filipinos scored an all-time high of 52.6 out of a possible 100 points in the latest Citi Financial Quotient Survey.

Credit standards for loans given to businesses remain unchanged but standards to household have eased slightly.

All Citibank credit cardholders get a free bottle of award winning wine everytime they use cards to pay.

Rizal Commercial Banking Corp.'s income grew 35 percent year-on-year in the first semester to P3.01 billion or US$71.95 milllion.

Moody’s expects regulations encouraging consolidations in the smaller sector of the Philippine banking industry to improve the credit standing of big banks.

Total outstanding loans among Philippine banks grew 14.9 percent to P2.95 trillion at the end of the first semester.

Philippine banking sector's exposure to failure due to excessive lending remained low, according to Fitch.

BDO will establish a US$2 billion Euro Medium Term Note program and to retire P10 Billion of Tier 2 debt by November 2012.