Philippine banks tap last-resort window as Ang deals advance
Philippine banks drew 60.1 billion pesos from the discount window in 2025. The Energy Regulatory Commission is assessing Ang's Lopez stake. Pangilinan said Ang will lead the planned tollway merger.
Economics & Markets··Midday
Banks take 60.1 billion pesos from the discount window
Philippine banks drew 60.1 billion pesos through the Bangko Sentral ng Pilipinas' discount window facility by the end of 2025, central bank data showed. In 2024, when the financial system was flush with liquidity, banks took out no new loans from the facility at all. The central bank said the discount window remained available throughout the year to banks facing temporary liquidity needs. Separate data showed domestic liquidity at 20.108 trillion pesos at year end, its weakest annual growth in four months at 7 per cent. As of Dec. 15 the rate on peso availments stood at 5.6433 per cent for maturities of 1 to 90 days and 5.7866 per cent for 91 to 180 days, after a 25 basis point cut that took the overnight lending facility to 5 per cent. At the end of December, 38 banks held 348.4 billion pesos of active credit lines: 10 universal and commercial banks, 22 rural and cooperative banks and six thrift banks. Principal collections rose nearly sixfold to 1.8 billion pesos from 300.9 million, which the central bank said largely reflected Philippine Deposit Insurance Corp. settlements and past-due recoveries amounting to 1.5 billion pesos.[1]
Ang's Lopez stake puts power ownership limits on the table
The Philippine Energy Regulatory Commission is assessing whether businessman Ramon S. Ang's 25.68 per cent stake in Lopez, Inc. triggers market share caps, cross ownership limits or other power sector restrictions. Chairperson Francis Saturnino C. Juan said the regulator would look into compliance with those rules. Mr. Ang bought the stake from the family branch led by Eugenio Gabby Lopez III, in his personal capacity and through wholly owned Illumina Investment Holdings, Inc. The purchase gave San Miguel Corp. leader Mr. Ang a significant minority stake, while control remains with other family members. Mr. Juan said the commission would have to determine whether the personal stake makes him an affiliate under its rules, a test that requires an element of control. First Gen Corp., the Lopez group's power generation arm, operates more than 1,700 megawatts of geothermal, hydro, wind, solar and natural gas capacity, and the group's interests run through First Philippine Holdings Corp., Rockwell Land Corp. and ABS-CBN Corp. into power, real estate and media. San Miguel's own power business spans coal, natural gas, hydroelectric power and battery storage.[2]
Ang will lead the planned tollway merger
Metro Pacific Tollways Corp. chairman Manuel V. Pangilinan said San Miguel Corp. chairman and chief executive Ramon S. Ang will lead the two companies' planned combined tollway business and would be chief executive. Speaking to reporters on the sidelines of an event, Mr. Pangilinan said management would mainly be in Mr. Ang's hands. He said the companies were trying to expedite the talks, that things move slowly in the country, and that there was a lot of goodwill on both sides. The pair are negotiating the ownership structure of a venture that would bring together the country's two biggest toll road operators. San Miguel is expected to take majority ownership, with the likely stake put at 55 per cent, though Mr. Pangilinan stressed that the final valuation could change it. Metro Pacific Tollways expects the merger to be completed by the third quarter, with negotiations moving into the valuation stage. Mr. Pangilinan said he remained optimistic the deal would close within the year.[3]
