Philippines

Philippines suspends new Uber, Grab vehicle registrations as backlog mounts

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The Philippines has stopped accepting applications for new ride-sharing vehicles of Uber and Grab due to a backlog amid a government review of its policies on fare spikes.

Philippines lifts 17-year ban on new bank licences

Foreign banks including Japan’s Sumitomo Mitsui Financial Group Inc. and Singapore’s United Overseas Bank Ltd. have received approval to open branches after the Philippines loosened its rules on foreign ownership in 2014.

Zomato turns profitable in 6 markets, including India

Restaurant search and review website Zomato Media Pvt. Ltd said on Monday that the company has reached operational profitability in six markets, including India. Zomato has also turned operationally profitable in the United Arab Emirates, Lebanon, Qatar, the Philippines and Indonesia. “We can now channelize the profits to grow faster… Read more »

Philippines to join China-backed Asian infra lender AIIB

The Philippines, involved in a territorial dispute with Beijing in the South China Sea, is set to join the China-backed Asian Infrastructure Investment Bank, describing it as a “promising institution” that could help accelerate economic growth. The AIIB, which has become one of China’s biggest foreign policy successes, has been… Read more »

Philippines’ BDO Unibank sets up $2b MTN programme

BDO Unibank Inc, the Philippines’ largest lender in terms of assets, has set up a $2 billion medium-term note programme and mandated Standard Chartered as lead arranger, IFR reported on Monday. ANZ, Goldman Sachs, Barclays, HSBC, Nomura, Citigroup, ING, Standard Chartered, Daiwa, JP Morgan, UBS, Deutsche Bank and Mizuho Securities… Read more »