Philippines

58% of BOC is now CIMB-owned.

Will be led by mid-sized commercial banks.

Financial sector outperforming the main PSE index.

Over a third of towns without banking offices.

Did you know that there are over 2.5 billion people without any bank accounts in the world, and most of them are in Asia? And less than one quarter of the world’s 2.4 billion poor have a bank account. Managing their money using formal financial services – savings accounts, loans, insurance, and remittances -- is a wonderful, terrible, impossible dream for many, many families.

President Benigno Simeon Aquino signs Republic Act 1057 into law.

Says wealth management services becoming more popular.

Intends to equip more branches with solar arrays.

Total cuts now more than 200 basis points since July 2012.

Gives them a stable rating.

It surpassed the 20% cap on real estate loans.

Government says it highlights ability of banks to provide credit to the economy.

Philmay Property, Inc being sued for US$4.2 million in unpaid taxes.

Move intends to help promote financial inclusion in rural areas.

Cezar Consing last week formally became the 13th President and CEO of the Bank of the Philippine Islands.

The second largest bank says growth will be driven by the Philippines’ strong economic performance.