Philippines

Philippine banks will pool up to US$1 billion to finance projects under the public private partnership initiative of the government.

The average NPL ratio of the 38 Philippine universal/commercial banks went down to 2.18% in July from 2.45% a year earlier.

Loans given by Philippine banks’ foreign currency deposit units increased 23 percent year-on-year to $7.768 billion as of end-June.

Philippine National Bank's merger with Allied Banking Corporation has been approved by the Philippine Deposit Insurance Corp. and Bangko Sentral ng Pilipinas.

Philippine National Bank’s net profit grew by 144% to P1.77 billion in the first six months fromthe same period last year.

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.