S&P sees PH banks’ soured loans declining this year

New York-based S&P sees the bad debts of Philippine banks falling this year as the the country’s economy is expected to grow 7.4 percent.

“By our estimates, the NPL (non-performing loans) ratio will decline from its peak of 4.5 percent. This is because most stressed loans have either been recognized or restructured,” said Nikita Anand, primary analyst at S&P.

“Some slippage is possible from the restructured pool, especially from the service sector,” she added.

Anand said the implementation of Republic Act 11523 or the Financial Institutions Strategic Transfer (FIST) Act would also help trim the sector’s bad debts.

“Banks’ disposal of NPLs to asset-management companies could bring down the level of stressed loans visible in the system,” Anand said.

Fraud trial opens of former Swedbank CEO

Former chief executive of Swedish bank Swedbank, Birgitte Bonnesen, went on trial in Stockholm on Tuesday to answer fraud and market manipulation charges, three years after a money laundering scandal implicating her bank erupted.

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.