Here's a quick look at some of the top business stories making headlines in the Philippines.
BPI Reduces Interbank Transfer Fees
In a move aimed at boosting digital banking adoption, the Bank of the Philippine Islands (BPI) has announced a reduction in its interbank transfer fee to just P10. This new rate will be in effect until May 2025. BPI hopes this initiative will encourage more customers to embrace the convenience and efficiency of online banking.
“We believe that making digital transactions more affordable will encourage wider adoption," a BPI spokesperson stated. This could be a game-changer for many Filipinos still hesitant to fully embrace digital banking.
DOTr to Re-evaluate Train Station Deal
The Department of Transportation (DOTr) is reportedly planning to scrap the existing agreement for the Unified Grand Central Station. This project, initially slated for completion in 2022 during the Duterte administration, has faced numerous delays and challenges. The decision signals a potential shift in strategy for this critical infrastructure project.
The DOTr has not yet released an official statement, but sources indicate that a review of the project's scope and feasibility is underway. This move could lead to a revised plan or even a complete overhaul of the existing design.
NAIA Modernization Underway
The Ninoy Aquino International Airport (NAIA) is finally getting a much-needed upgrade. The NAIA Infra Corporation (NNIC), under the leadership of President Ramon Ang, has partnered with Collins Aerospace to modernize the airport's aging systems. This modernization effort aims to address persistent issues such as congestion, long queues, and outdated infrastructure.
"This is long overdue," said Ramon Ang. "Travelers have been enduring unacceptable conditions for far too long. This modernization will significantly improve the airport experience."
Other Key Business Developments
In other news, PhilHealth is set to process P8.8 billion in denied hospital claims dating back to 2018. This involves a staggering 1.1 million claims filed by hospitals. Meanwhile, Robinsons Land announced a 10% increase in profits, highlighting its resilience and focus on sustainable growth. President and CEO Mybelle Aragon-GoBio attributes the company's success to its strategic investments and commitment to innovation. Ayala Land is also reportedly eyeing FTI property for potential development projects. Finally, the Department of Public Works and Highways (DPWH) is investigating the collapse of an Isabela bridge, noting that it was originally designed for light vehicles. The DPWH is considering engaging a third party to determine the cause of the collapse.
These developments reflect a dynamic and evolving business landscape in the Philippines, with both challenges and opportunities shaping the future of various sectors.