The Philippines’ financial services sector entered the Covid-19 pandemic on a solid footing, thanks to decades of regulatory reform to address the vulnerabilities exposed by the 1997-98 Asian financial crisis. Strong capital buffers, high levels of provisioning and near-universal public health cover insulated the country from many of the...
The Philippines is experiencing a boom in digital banking as a result of the Covid-19 pandemic, with several digital-only banks announcing plans to enter the market and legacy banks rapidly upgrading their online offerings. East-West Banking Corporation, the country’s 11th-largest bank by assets, launched its own fully digital bank, Komo, in...
While the pandemic has placed extra strain on the Philippines’ health care system, increased awareness of health risks could lead to a spike in private insurance coverage. With around 415,000 recorded cases and 8000 virus-related deaths as of mid-November, 2020, the Philippines has been one of the hardest-hit countries in South-east Asia...
Within the global financial market, the Philippine Stock Exchange (PSE) has recognised the importance of evolving and adapting to the changing needs of investors. At the same time, it is also important that the PSE understands when operational and structural improvements are needed. To this end, the exchange has introduced a series of...
With less than 1% of the population invested in equities in 2019, the Philippine Stock Exchange (PSE) has made financial literacy its main corporate social responsibility. As a regulator, the PSE has advocated the adoption of environmental, social and governance (ESG) as a standard for evaluating sustainable business practices. It showcases...
The Philippine insurance market appears ripe for consolidation, with some 86 life, non-life and composite insurance firms in operation at end-2018. In an effort to strengthen the sector, the Insurance Commission (IC) is incrementally raising the sector standards, adopting the latest financial reporting standards and increasing risk-based...
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