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Banking&Finance
Citi offers debt relief to clients in storm-hit areas CITI is offering debt relief to clients in areas hard-hit by Typhoon ‘Yolanda’. The debt relief is on top of donations worth at least a quarter of a million dollars for the ongoing relief and rehabilitation efforts. In a statement, Citi said it is providing debt payment relief to credit card holders, who can request a 60-day payment extension. Late payment charges will also be waived, the US-based bank said, adding that special concession can be arranged on a case-to-case basis. Clients wanting to avail of the debt relief can call the 24-hour CitiPhone at 632-995-9999 for more details. Citi said it has launched a series of initiatives around the world to help in the relief and rehabilitation efforts. The bank’s Asean equities business donated $500,000 in commissions from equity sales and trading operations last November 13 to the Philippine Red Cross for rebuilding typhoondevastated areas. Citi Foundation meanwhile provided the American Red Cross Pacific Typhoon Fund a $250,000 disaster relief grant to help in relief efforts in the Philippines. “Our thoughts are with the people of the Philippines and our focus is on supporting those who have lost families and homes,” said Stephen Bird, Citi chief executive for Asia Pacific.
“Citi has operated in the Philippines since 1902 and we have a long history of supporting local communities,” he said. “The pledges of support from Citi employees around the world have been simply overwhelming,” said Batara Sianturi, Citi country officer for the Philippines. “Colleagues who have worked in the Philippines or have relatives and friends here are deeply concerned and want to help in any way they can. We have mobilized the collection of relief goods, coordinated volunteer efforts, and continue to campaign for contributions to aid the ongoing rescue work,” he said. Other initiatives in different Citi offices around the world include the following: - In the U.S., Citi has activated American Red Cross fundraising microsites to facilitate donations from U.S. employees and clients. Citi’s ThankYou Rewards customers can also redeem their points toward a donation to the American Red Cross at www.thankyou.com; - Citi Canada employees are donating to UNICEF, with the Government of Canada and UNICEF corporate supporters matching these donations; - Citi Philippines is inviting cardholders to donate to relief operations using their Rewards Points, with the Philippine Red Cross as beneficiary (1,000 Rewards Points is equivalent to P100 donation).
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Inflation seen to remain low THE Bangko Sentral ng Pilipinas’ (BSP) quarterly survey of 29 private economists showed that the mean inflation forecasts for this year and in 2014 dropped to 2.9 percent and 3.5 percent, from the previous’ 3.1 percent and 3.6 percent. The survey, which was conducted at the end of the third quarter, also indicated that inf lation forecast for 2015 remains at 3.6 percent. “Analysts expect inflation to be benign due mainly to wellbehaved global commodity prices,” said the BSP. In assessing the survey results and based on the probability distribution of the private forecasters’ take on inflation, the central bank noted that there seemed to be a 68.2 percent chance as far as majority of the private economists are concerned, that average inf lation for this year could still settle within the 2.1-3 percent range, which is below the official 3-5 percent target for 2013 and 2014.
About 24.8 percent think average inf lation will hit higher at 3.1-4 percent by the end of this year. The BSP said t he consensus was that inflation could still be lower for this year as was their opinion at the end of the second quarter, but 2014 average inflation is steady. A s of e nd- O c t o b e r, inflation average was at 2.8 percent. The consumer price index rose in October from September’s 2.7 percent. Tig ht dome s t ic supply cond it ions — t riggered by recent weather-related production disruptions — led to higher prices of key food items, particularly rice, meat, fish, fruits, and vegetables. The BSP regularly tweaks
its inflation forecasts based on current economic, financial and market conditions. B a s e d on t he l ate s t inflation end-third quarter report, the central bank said the prevailing inflation and output dynamics support the maintenance of current monetary policy settings. “Baseline forecasts indicate that inflation will continue to track the lower bound of the inflation target range for 2013. Inflation is also likely to remain within-target in
2014 and 2015,” said the BSP. While the risks to the inflation outlook are slightly skewed to the upside, the report continued, inflation dynamics remain favorable g iven ben ig n i n f lat ion readings and well-anchored inflation expectations. Fi r m i nd ic at ion s of domestic demand suggest that prevailing monetary pol ic y se t t i ngs rema i n appropriately calibrated to support non-inf lationary growth.
PHILIPPINE Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, posted record-high net income as of the third quarter as it saw huge gains from its investment portfolio. Its net income stood at P3.21 billion as of September,
surging 82.39% from the previous year’s P1.76 billion, the Ty-led bank said in a disclosure Monday. Net interest income brought in P4.88 billion, climbing 16.47% from P4.19 billion. Gross loan por tfolio expanded by 17% to P83.7
billion on the back of strong consumer demand, and interest income from loans and receivables increased 15% to P6.01 billion. Despite the increase in lending, non-performing loans fell to 0.1% of the total portfolio. The bank also set
aside enough money to cover for more than 100% of the bad loans. Total deposits reached P100 billion, up 14% amid high liquidity in the financial system and new retail clients of the bank. psbank/PAGE B10
PSBank notches record profits as of Q3