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NEWS UPDATES Asean Affairs   8 December 2012 

Philippine banks post double-digit income rise


The profit of Philippine universal and commercial banks increased by double digits in the first three quarters of 2012 as the growing economy led to higher demand for financial products and services.

The profit of the country’s universal and commercial banks increased by double digits in the first three quarters of the year as the growing economy led to higher demand for financial products and services.

Regulators said the healthy financial condition of banks showed that they have the ability to support consumption and investment activities, mainly through loans, and thus help maintain the robust growth of the economy.

Data from the Bangko Sentral ng Pilipinas (BSP) or central bank showed that big banks registered a combined net income of 80.11 billion pesos (US$1.9 billion) as of end-September, up by 15 per cent from the 69.63 billion pesos recorded in the same period last year.

Data showed that interest income, mainly earnings from interest on loans extended to clients, amounted to 216.02 billion pesos, up by 0.4 per cent from 215.15 billion pesos.

Non-interest income—which includes earnings from services like bills payment, remittance facilitation, custodianship and underwriting—reached 96.88 billion pesos, up by 16 per cent from 83.57 billion pesos.

The banking sector usually moves with the economy, as the demand for financial services, such as loans to fund investments, rises when there is economic growth.

In the first three quarters, the Philippine economy grew by 6.5 per cent, and expectations are that full-year growth will exceed the official target of 5 to 6 per cent.

In the third quarter alone, the economy grew by a surprising 7.1 per cent, the fastest in Southeast Asia.
The growth was credited to higher government spending and robust household consumption, which is partly aided by remittances from overseas-based Filipinos.

According to the BSP, the country’s banking sector is sound and stable, and will be able to continue providing the funding support for the economy.*US$1=40.9 pesos

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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