UnionBank said in a stock exchange this would “support UnionDigital's ongoing business operations and allow it to deliver sustainable growth”.
On Sept. 20, the BSP announced the lowering of the reserve requirement ratio by 250 basis points or 0.25 percent.
This allows banks to lend out more money, increasing cash flow in the financial system, thereby stimulating economic activity.
Startup support
UnionBank has been dedicating substantial resources to support UnionDigital, one of the handful of digital banks operating in the Philippines.
Lsat year, it infused P900 million in added capital and another P1.8 billion during the first six months of 2024, its recent financial filing showed.
As of June, UnionBank’s total equity investment in UnionDigital reached P5.7 billion.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
