Banks’ net income up 6.4% to ₧290.1B in September By Cai U. Ordinario @caiordinario
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SEA-ING RED Members of the Alliance of West Philippine Sea Watchers spray red paint on a caricature of Chinese President Xi Jinping
during a demonstration in Quezon City on Tuesday, November 12, 2024. The protest shows solidarity with Indonesia’s efforts to defend maritime sovereignty, commending its “name and shame” approach to confront unauthorized actions in its waters. By calling for transparency and accountability, the group aims to strengthen international support for sovereignty in the West Philippine Sea. NONOY LACZA
HE Phi l ippine ban k ing system saw a 6.42-percent growth in its net income in September 2024, according to the latest data from the Bangko Sentral ng Pilipinas (BSP). The latest data showed the Philippine banks’ net income reaching P290.056 billion in September 2024, slightly higher compared to the P272.56 billion posted in September 2023. Compared to t he prev ious quarter, the net income posted by banks grew 52.45 percent from the P190.26 billion posted in June 2024. Banks’ total operating income
grew 11.71 percent to P938.98 billion in September 2024 from P840.58 billion in September 2023. Compared to June 2024, total operating income grew 53.85 percent from the P610.3 billion posted at the end of June 2024. The banking industry’s net interest income grew 14.05 percent to P767.04 billion in September 2024 from P672.53 billion in September 2023. Net interest income of the banking industry also grew 51.64 percent from the P505.82 billion posted in June 2024. The data also showed non-interest income grew 2.32 percent to P171.94 billion in September 2024 from P168.05 billion in
September 2023. BSP d at a showed a 6 4. 56 growth in non-interest income compared to the P104.49 billion posted in June 2024. The banking industry’s noninterest expense also grew 10.77 percent to P521.54 billion in September 2024 from P470.85 billion in September 2023. The data showed there was a 52.86-percent growth in non-interest expense from the P341.19 billion posted in June 2024. Meanwhile, the Universal and Commercial Bank (UKB) Group posted a net income of P271.73 billion in September 2024, a 7.03-percent growth from the P253.87 See “BSP,” A2
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HOME LOAN APPLICANTS SEEN RISING POST-POGO By Reine Juvierre S. Alberto
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@reine_alberto
HE Home Development Mutual Fund, also known as the PagIBIG Fund, is bullish about a potential surge in housing loan applications following the exodus of Philippine Offshore Gaming Operators (Pogos) from the country, which is seen to leave many condominiums vacant. “Hopefully, more members and more inventories will come in, and more quality housing units will be available for consideration,” Acting Vice President of Members Services Operations Domingo Jacinto Jr. said in a media forum on Tuesday. Select business districts, such as the Manila Bay Area, have been affected by the Pogo ban, resulting in the increase in condominium vacancies. Colliers Philippines said the elevated vacancy rate in Metro Manila, currently at 17.4 percent in the third quarter of 2024, will remain at its height until 2025. As a “stable” organization, Jacinto said the Pag-IBIG Fund is “capable” of lending, as reflected in its financial reports. As of the end of September 2024, Pag-IBIG has released See “Loan,” A2
BACK-TO-BACK BLOWS: LUZON ENDURES YET ANOTHER STORM Residents evacuate to safer ground from riverside homes in Ilagan City,
Isabela province, as Severe Tropical Storm Nika (international name: Toraji) unleashes heavy rains on November 11, 2024. The storm swept through northeastern Luzon, striking just days after three consecutive storms battered the area. President Ferdinand Marcos Jr., prioritizing relief over the APEC forum in Peru, is overseeing recovery efforts in the storm-ravaged north. Nika is expected to weaken after crossing Luzon’s mountains before heading toward the South China Sea. AP/NOEL CELIS
DATING SITES, ONLINE FORUMS DIGITAL FRAUD HOTBEDS IN PHL By Reine Juvierre S. Alberto
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ATING websites and online forums in the Philippines became h o t b e d s o f m o s t d i g it a l fraud during the first half of 2024, according to a study by TransUnion. A global analysis titled “ H 2 2024 Upd ate to t he State of Omnichannel Fraud Report” revealed that the Philippines’s communities industry, including dating websites and online forums, had the highest suspected
digital fraud attempt rate at 18 percent, higher by 18 percent year-on-year. The study tackled digital fraud trends globally and in the Philippines during the first semester of the year. “Digital scams are constantly evolving. The growth of communities also creates more avenues for scammers to potentially defraud consumers,” TransUnion Philippines Chief Commercial Officer Yogesh Daware said. See “Dating sites,” A2
PHL to recover pre-Covid arrivals stats in ’25–BMI
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HE number of tourists visiting the Philippines is expected to recover to its prepandemic levels in 2025, according to the latest estimates of a United Kingdom-based think tank. In its report on Philippine tourist arrivals, BMI Country Risk & Industry Research, a Fitch Solutions Company, said the country’s tourism arrivals could reach 8.3 million next year. This represents 101.1 percent of the country’s 2019 tourist arrivals. In 2024, tourist arrivals could only reach 6 million, 2.2 million short of the 8.2 million arrivals in 2019. “With 10 months of tourist arrivals data published for 2024,
we maintain our view that arrivals over the year will fall short of a full pandemic recover y,” BMI said. “Our 2025 forecast for the Philippines’ tourist arrivals is growth of 38.4 percent y-o-y to 8.3mn arrivals which will mark a full recovery as they reach 101.1 percent of the 2019 arrivals,” it added. BMI also expects the country’s tourist arrivals to post doubledigit growth of 14.8 percent annually until 2028. This means tourist arrivals are expected to reach 9.7 million by the time the President steps down from office. See “Pre-Covid,” A2
PESO EXCHANGE RATES n US 58.5470 n JAPAN 0.3809 n UK 75.3500 n HK 7.5296 n CHINA 8.1146 n SINGAPORE 43.9047 n AUSTRALIA 38.4888 n EU 62.3994 n KOREA 0.0419 n SAUDI ARABIA 15.9411 Source:
BSP (12 November 2024)