MAKATI CITY, Philippines — Bank of the Philippine Islands posted Net Income of P6.8 billion for the second quarter of 2021, up 28.8%, from the same period last year and up 36.3% from the first quarter of 2021, due to lower provisions recognized. It is the Bank’s highest quarterly income since the start of the pandemic. Net income for the first half of 2021 was P11.8 billion, up 1.2% year-on-year. Total Revenues for the first six months of the year declined by 6.7% to P48.1 billion. Net Interest Income dropped by 6.6% to P33.9 billion, as NIM contracted by 24…
Author: Michael Chen
Michael Chen
Based in Hong Kong, Michael Chen is expert in financial reporting, having worked for a business wire agency for at least five years. He currently works full time as Business News Asia’s Hong Kong / China correspondent.
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MANDAUE CITY, Cebu – Fiber internet services provider Converge ICT Solutions Inc. has officially launched its high-speed fiber broadband service in the Visayas, marking its entry with the grand opening of its regional corporate office and the ceremonial launch of its Mandaue business center. In the next few weeks, Converge is also set to open its business center in Cebu City, as well as begin serving Talisay, Cordova, and Lapu-Lapu City in one of the most developed provinces in the country. “We’ve already hit the ground running when we had our soft launch in Cebu last November. Considering that we’ve…
If you’re planning to buy a motorcycle, you might be doing a lot of research for deciding the best style model and specifications that suits you the best. However, there is one more thing you should pay attention to – your motorcycle insurance. In this article, we will discuss why it is important to get motorcycle insurance in Singapore or any other part of the world. But before anything else, let’s discuss the reasons for which having bike insurance before the purchase of a bike is very important. Reasons To Buy A Motorcycle Insurance Almost all the states and territories…
Monde Nissin, the company behind the popular instant noodle brand Lucky Me!, is considering an initial public offering (IPO) that could reach as much as $1 billion, according to a Bloomberg report, in what could be the biggest offering in the Philippines. There is no definite decision yet on the listing as talks are at an early stage, according to a source interviewed by Bloomberg. Monde Nissin may also decide not to proceed with a listing. Monde Nissin is a Philippine-based company that manufacturers noodles, biscuits, packaged baked goods, and culinary aids under the brands Lucky Me!, Nissin, Voice, Bingo,…
Thailand-based insurance broker gettgo has secured $6.7 million funding from its parent company Muang Thai Group Holding Co as it aims to reach $33.3 million of premium in the next three years. The funding will be used for gettgo’s platform development and to further develop its distribution channel to now include online insurance under Muang Thai Group Holding, according to managing director Tanat Jakrawatana. Founded in 2018, gettgo is an online insurance comparison website that seeks allows consumers the chance to compare products by themselves before deciding to purchase them online. It offers a selection of online insurance, including motor…
The private equity arm of CITIC Capital Holdings announced that it has completed its investment in Shanghai Xiangmiao Trade, brand owner of RECLASSIFIED, via its third RMB-denominated China buyout fund. The transaction marks the eighth completed acquisitions in the beauty and lifestyle sector in recent years and the on-going expansion of its exposure and footprint in the space. Founded in Shanghai in 2013, RECLASSIFIED is a Chinese prestige perfumery house that has created a variety of iconic original scents featured in its extensive portfolio of products, including perfume, home fragrance, car fragrance, scented candles, and scented personal care products. The…
MANILA, Philippines – Philippine-listed Bank of the Philippine Islands (BPI) announced that it will merge with BPI Family Savings Bank (BFSB), its wholly-owned thrift bank subsidiary, with BPI as the surviving entity. The merger, which BPI hopes to complete this year, will prime the bank to seize emerging opportunities and ultimately enhance the overall banking experience of customers. “The integration of both entities will provide considerable advantages to the customers and employees of BPI and BFSB, and present potential synergies that will benefit shareholders,” BPI said in a disclosure to the Philippine Stock Exchange. The reduction in the gap in…
American e-commerce giant Amazon is hosting its inaugural Southeast Asia seller summit to help small and medium-sized businesses The Amazon Southeast Asia Online Seller Summit 2021 will be held on January 28 and 29, 2021 from 10am (Singapore time) onwards. With the focus on ‘Start Local, Go Global’, the Summit will discuss the impact of e-commerce trends and how local businesses can sell online with Amazon’s 18 marketplaces to expand internationally. Singapore’s Minister for Trade and Industry Chan Chun Sing will grace the virtual event on January 28 as the guest-of-honor. He will be joined by leaders of Amazon Singapore,…
With record infections and the new threat of a highly infectious COVID variant, doctors are advocating for superior mask protection to lower the number of infections and death. An OPED in STAT calls for supplying Hi Fi (high filtration) masks to every household as a far cheaper alternative to the cost of the pandemic in patient lives and economic hardship. South Korea early in the pandemic shipped large batches of Hi Fi N95 equivalents in its successful effort to flatten the curve and continues to manufacture over 100 million masks a month, now available to the US market. Hi Fi…
HONG KONG – Global investment firm KKR announced the final close of KKR Asia Real Estate Partners (AREP), a US$1.7 billion fund focused on opportunistic real estate investments in Asia Pacific. “AREP’s close marks the next chapter of growth for KKR in Asia Pacific as we continue to expand our position as a proven alternative capital provider across asset classes,” said Ming Lu, Head of KKR Asia Pacific. “Asia Pacific’s real estate sector needs sophisticated investment and innovative operational solutions to meet the high demand for modernized properties and developments that are required to stay ahead of the region’s rapid…
Investree Philippines, a the fintech joint venture company of Filinvest Development Corporation and Investree Singapore, has received approval to operate the Philippines’ first licensed crowdfunding platform. The approval is a first to any company since the Securities and Exchange Commission (SEC) released its implementing rules and regulations in 2019. Investree Philippines aims to address the largely underserved $200+ billion MSME credit gap in the Philippines. As the first-ever company to obtain this license in the country, Investree Philippines is gearing up to provide financing solutions to MSMEs in the Philippines and help them access capital to boost their growth. Investree…
Singapore-based multi-currency mobile wallet YouTrip has forged a six-year partnership with Visa to accelerate its expansion into the rest of Southeast Asia, starting with Malaysia and the Philippines. The announcement comes a year after YouTrip’s first regional expansion to Thailand in partnership with Kasikornbank, one of Thailand’s largest banks with over 13.9 million online banking customers as of November 2020. YouTrip looks to Malaysia and the Philippines as the next potential markets in the next six to 12 months. The two markets present massive untapped potential with outbound travel expenditure expected to reach US$12.4bn and US$12.0bn from Malaysia and Philippines…
MANILA, Philippines – Shakey’s Pizza Asia Ventures Inc (PSE: PIZZA), the Philippines’ leading chained full-service restaurant, recently signed a franchising agreement that will allow it to make inroads in its Southeast Asian neighbor, Singapore. Shakey’s will be opening its first Singapore store in Lucky Plaza mall, along iconic Orchard Road, following a seven-year deal with Singapore’s Brenrich Pte. Ltd. “We are thrilled to restart our international franchise journey in Singapore, which is at the forefront of global recovery, and we are fortunate to have Brenrich as our franchisee partner in the Lion City, given their rich experience in the restaurant…
Vista Land & Lifescapes Inc, a Philippine-listed integrated property developer, views 2021 with optimism following the company’s recent developments amid the pandemic. In a disclosure to the Philippine Stock Exchange, Vista Land said its optimism comes as it saw a number of positive signs of recovery since the reopening of the economy last June. In fact, the company’s reservation sales were sustained and are now at 70 per cent of pre-COVID level, said Visa Land Chairman Manuel B. Villar. This prompted the company to restart launching residential projects in its existing land banks. Additionally, since 55 per cent to 60…
Acting U.S. Secretary of Defense Christopher Miller met with Philippine Secretary of National Defense Delfin Lorenzana and Secretary of Foreign Affairs Teodoro Locsin Jr. on December 8. While in Manila, he announced the recent transfer of Php1.4 billion ($29.3 million) in defense articles, including sniper and anti-IED equipment, to senior Philippine military officials. The visit demonstrates the longstanding and steadfast U.S. military commitment to the Philippines, the oldest U.S. treaty ally in Asia. In meetings with Philippine counterparts, Acting Secretary Miller underscored the importance of the U.S.-Philippine alliance to national and regional security, and discussed opportunities for greater bilateral security…
The Monetary Authority of Singapore (MAS) announced today that eligible non-bank financial institutions (NFIs) will have direct access to the banking system’s retail payments infrastructure from February 2021. MAS said NFIs that are licenced as major payment institutions under the Payment Services Act will be allowed to connect directly to Fast and Secure Transfers (FAST). FAST is an electronic funds transfer service that enables customers of participating entities to transfer Singapore dollar funds from one entity to another instantly. FAST is available 24/7, 365 days of the year. and PayNow. PayNow is an overlay central addressing service that runs on…
South Korean beauty AI startup lululab, a member company of Born2Global Centre, has successfully attracted Series B funding from Netmarble, Korea’s leading game developer, as well as from other companies. In addition to Netmarble, the firms L&C Bio, Global Medical Research Center, and CTK Investment are participating in this Series B funding, the amount of which has not been disclosed. Netmarble has financially supported various venture-backed AI companies. Through such collaboration, lululab will synergize with Netmarble’s AI technology while continuing to cooperation with Netmarble’s affiliate company Coway in the home wellness appliance industry. In addition, lululab has been expanding its…
Wyndham Hotels & Resorts, the world’s largest hotel franchising company with approximately 9,000 properties across 90 countries, is ramping up its plans for expansion in Australiawith the announcement of Wyndham Grand® Adelaide, a major new landmark that will become one of the tallest hotels in South Australia and the first Wyndham Grand hotel for the country when it opens in 2024. Wyndham Grand Adelaide will rise 120 meters from King William Street in Adelaide’s Central Business District, becoming a new icon for the city. The estimated AUD150 million skyscraper is being developed by Equinox Property and will comprise some 347 contemporary rooms and…
The Chongqing Talents Conference 2020 will be held in West China’s Chongqing Liangjiang New Area from November 21 to 22. Heavyweight domestic and foreign guests from political, business, science and technology, education, medicine and health, and financial circles will attend the event. More than 30,000 domestic and foreign high-end talents, university graduates, project team representatives and other talents will join online to discuss development plans and share cooperation opportunities. As the permanent host place and one of the main organizers of the conference, Liangjiang New Area is pushing forward inland opening-up and Chongqing smart city construction. A number of innovation…
Baidu, Inc, a search engine, knowledge and information centered Internet platform and AI company, announced that it had entered into definitive agreements to acquire the live streaming business of JOYY Inc. Pursuant to the agreements, Baidu will acquire JOYY’s domestic video-based entertainment live streaming business in China (“YY Live”), which includes YY mobile app, YY.com website and PC YY, among others, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. The closing of the transaction is subject to certain conditions and is currently expected to occur in the first half of 2021. “Baidu has built…