Banking

Regulatory shifts, earnings cycles, and the sector journalists shaping the institutional banking narrative.

Delivered Daily

Sample issue

Banking

Daily intelligence on the Banking beat

Thursday, July 9, 2026

Issue #28

Philippine economy faces headwinds as IMF, ADB cut growth forecasts; banks waive transfer fees, SEC lifts lending app moratorium

A daily snapshot of July 8, 2026, covering downgraded growth forecasts from the IMF and ADB, a wave of bank fee waivers, the SEC's lifting of a moratorium on online lending apps, and other key developments in the Philippine financial sector.

By the MMI Banking Desk

Philippine economy faces headwinds as IMF, ADB cut growth forecasts; banks waive transfer fees, SEC lifts lending app moratorium

The Philippine economy received a sobering assessment on Wednesday as both the International Monetary Fund (IMF) and the Asian Development Bank (ADB) lowered their growth forecasts for the year, citing a weaker-than-expected first quarter, the lingering effects of a major corruption scandal, and the impact of the Middle East war on prices and activity. The IMF now expects the economy to grow by 3.9% in 2026, down from its previous 4.1% forecast, while the ADB slashed its projection to 3.8% from 4.4%. Both figures fall within the government's recently revised target of 3.5% to 4.5%, but represent a slowdown from the 4.4% growth recorded in 2025. The downgrades come after first-quarter gross domestic product (GDP) expanded by just 2.8%, well below expectations. The ADB attributed the cut to delayed investments, softer private consumption amid higher commodity prices, and climate-related risks. The IMF pointed to the larger-than-expected effect of the Middle East war on prices and activity. The news tempered an otherwise busy day of positive developments in the financial sector, including a wave of banks waiving digital transfer fees, the Securities and Exchange Commission (SEC) lifting a nearly five-year moratorium on new online lending platforms, and a record haul of dividends from government-owned corporations.

Dominant – Within the captured set, the dominant narrative is the dual downgrade of Philippine growth forecasts by the IMF and ADB. This story received the heaviest coverage, with multiple outlets (BusinessWorld, Inquirer, Manila Times, Philstar) carrying detailed reports. The downgrades are significant because they come from two major multilateral institutions and reflect real economic pressures: a weak first quarter, the Middle East war's impact on oil prices, and the fallout from a corruption scandal (the flood control controversy) that has dampened investor and consumer confidence. The story sets a cautious tone for the day's other developments.

Keep reading or listen to the story →

More Banking

BSP summons banks over transfer fees as UnionBank, LandBank go free; SEC reopens online lending

The Bangko Sentral ng Pilipinas calls banks and e-wallets to explain high transfer fees, while UnionBank and LandBank announce zero-fee InstaPay and PESONet transfers. The SEC lifts its five-year ban on new online lending platforms, and consumer complaints about billing errors and app outages persist.

Zero-fee digital transfers become new normal as banks race to waive InstaPay, PESONet charges

A cascade of fee waivers by major Philippine banks, led by BPI, RCBC, UnionBank, and LandBank, has shifted consumer expectations toward free digital transfers, with Malacañang urging all banks to follow. The conversation is overwhelmingly positive but a counter-narrative on fraud risks is emerging.

Digital payment fees collapse as BSP rules take effect, GCash IPO looms

A cascade of bank and e-wallet fee cuts following new BSP pricing rules dominated the conversation, alongside the PSE's P204-billion capital-raising target powered by the GCash IPO. Inflation expectations and the impeachment trial of Vice President Sara Duterte also drew significant coverage.

InstaPay fee war heats up as BSP pushes alignment, but fraud fears shadow the gains

A cascade of InstaPay fee reductions by RCBC, GCash, and Maya, driven by BSP pressure, has sparked consumer celebration and sarcasm—but a detailed social engineering attack on RCBC has refocused attention on digital banking security, creating a dual narrative of cost wins and trust risks.