philippines - Banking & Finance

House to resume Budget Hearings

MANILA, Aug 15 (PNA) - The House of Representatives is set to resume its hearings on the proposed 2019 national budget over the congressional break after reaching a compromise with the Palace, House Majority Leader Rolando Andaya Jr. said on Wednesday.
Date: 15 August 2018; Type: Legal News; Source: Philippine News Agency

House stands Ground against proposed 2019 Cash-Based Budget

The House of Representatives is standing firm against the proposed shift to cash-based budgeting system for 2019, according to House Committee on Appropriations Chairman Karlo Alexei Nograles (1st District, Davao City).
Date: 13 August 2018; Type: Legal News; Source: House of Representatives

House assures No Re-enacted Budget for Next Year

House Majority Leader Rep. Rolando Andaya Jr. (1st District, Camarines Sur) on Monday crossed out the possibility of a re-enacted budget in 2019.
Date: 13 August 2018; Type: Legal News; Source: House of Representatives

Islamic Banking Bill hurdles House Panel

MANILA, Aug 14 (PNA) - A bill seeking to organize and regulate Islamic banks in the country has hurdled committee level at the House of Representatives.
Date: 14 August 2018; Type: Legal News; Source: Philippine News Agency

No reenacted Budget for 2019 despite Cuts

MANILA, Aug 10 (PNA) - The chairman of the House appropriations committee on Friday assured the public that there would be no reenacted budget for next year amid lawmakers' outright opposition to the new cash-based budgeting system proposed by the Department of Budget and Management (DBM).
Date: 10 August 2018; Type: Legal News; Source: Philippine News Agency

Lawmakers want to revert to obligation-based Budget System

MANILA, Aug 9 (PNA) - The chairman of the House committee on appropriations on Thursday said lawmakers want to revert to the obligation-based budget system as they circulate a resolution for the recall of the budget reform bill, which institutionalizes an annual cash-based budget.
Date: 09 August 2018; Type: Industry Updates; Source: Philippine News Agency

House ensures P854M Budget for BOL Plebiscite

The House Committee on Appropriations, presided by Vice Chair Doy Leachon (1st District, Oriental Mindoro), ensured on Monday that the Commission on Elections (COMELEC) will get the P854 million budget for the Bangsamoro Organic Law (BOL) plebiscite in January 2019.
Date: 07 August 2018; Type: Legal News; Source: House of Representatives

House calls for stricter Compliance with COA Timeframes

The House Committee on Revision of Laws chaired by Rep. Marlyn Primicias-Agabas (6th District, Pangasinan) convened on Tuesday for the deliberation of House Bill 6761, which seeks to provide a prescriptive period within which the Commission on Audit (COA) may conduct audits and issue decisions on cases.
Date: 07 August 2018; Type: Legal News; Source: House of Representatives

DBM issues Guidelines on Conduct of Early Procurement for Financial Year 2019

The Department of Budget and Management (DBM) has issued Circular Letter No. 2018-8 which prescribes guidelines on the conduct of Early Procurement for Fiscal Year (FY) 2019 National Expenditure Program (NEP) on July 30, 2018.
Date: 03 August 2018; Type: Legal News; Source: Department of Budget and Management

BSP approved the Guidelines on the Adoption of Philippine Financial Reporting Standards 9 (PFRS 9) - Financial Instruments

The Monetary Board (MB) approved the guidelines on the adoption of Philippine Financial Reporting Standards (PFRS) 9 - Financial Instruments for Bangko Sentral Supervised Financial Institutions (BSFIs). The policy sets out the supervisory expectations in classifying and measuring financial instruments and in recognizing impairment to promote pruden ...
Date: 03 August 2018; Type: Legal News; Source: Central Bank

House ready to scrutinize P3.757-T National Budget for 2019

The House Committee on Appropriations chaired by Rep. Karlo Alexei Nograles is all set to scrutinize the proposed P3.757-trillion national budget for 2019, themed “Building a Bright Future for the Philippines and Its People.”
Date: 29 July 2018; Type: Industry Updates; Source: House of Representatives

BSP bats for a Safer, More Efficient and Inclusive Philippine Payments and Settlements System

Keeping abreast with developments in the financial system, establishing appropriate best practices and risk management measures, and fostering reliable market infrastructures are keys to providing a safer, more efficient, and inclusive Philippine payments and settlements system. This was the message that was conveyed by subject matter experts in a ...
Date: 27 July 2018; Type: Industry Updates; Source: Central Bank

CA upholds SEC Order against Rappler

MANILA, July 27 (PNA) - The Court of Appeals (CA) has denied the petition filed by online news site Rappler seeking to stop the implementation of the Securities and Exchange Commission (SEC) decision revoking the certificate of incorporation of Rappler Inc. and Rappler Holdings Corporation (RHC) allegedly for violating the Constitution and foreign ...
Date: 27 July 2018; Type: Legal News; Source: Philippine News Agency

CEZA issues Second License for Digital Coin Trading

MANILA, July 26 (PNA) - The Cagayan Economic Zone Authority (CEZA) formally issued on Thursday the provisional license for cryptocurrency exchange operation to Liannet Technology Ltd.
Date: 26 July 2018; Type: Legal News; Source: Philippine News Agency

Code of Ethics for Foreign Exchange Market eyed before Yearend

MANILA, July 26 (PNA) - Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. is optimistic that a code of conduct for the foreign exchange market in the country can be established by yearend to ensure fairness and integrity in trading. More central banks worldwide has implemented a similar move. On May 25, 2017, the Bank for ...
Date: 26 July 2018; Type: Legal News; Source: Philippine News Agency

DOF seeks Support of Top Economists in improving Corporate Taxation

Finance Secretary Carlos Dominguez III has sought the support of the country’s eminent economists behind the Duterte administration’s second tax reform package that aims, he said, to improve the corporate tax system in which a small select group of top enterprises enjoy preferential corporate income tax (CIT) rates of just six (6) to 13 ...
Date: 19 July 2018; Type: Industry Updates; Source: Department of Finance

Revocation of Banking License of 5 Speed Rural Bank Inc

This is to notify that the Monetary Board has revoked the banking license of 5 Speed Rural Bank, Inc. in view of its request for voluntary dissolution. Circular Letter No. CL-2018-048
Date: 29 June 2018; Type: Circular; Source: Central Bank

National Government to appeal SC Ruling on IRA: DBM Chief

MANILA, July 12 (PNA) - Department of Budget and Management (DBM) Secretary Benjamin Diokno on Wednesday said the national government will appeal a recent Supreme Court (SC) decision on Internal Revenue Allotment (IRA).
Date: 12 July 2018; Type: Legal News; Source: Philippine News Agency

DBM pushes Budget Reform Bill

MANILA, July 11 (PNA) - Department of Budget and Management (DBM) Secretary Benjamin Diokno said Wednesday they will strongly push for the passage of the Budget Reform Bill that seeks to modernize budgetary system in the country, in line with the goal to be one of the top 10 budget institutions in the world.
Date: 11 July 2018; Type: Legal News; Source: Philippine News Agency

Cabinet approves P3.757-T Budget for 2019

MANILA, July 10 (PNA) - Malacanang on Tuesday announced that the Cabinet of President Rodrigo Duterte approved the proposed PHP3.757-trillion budget for year 2019.
Date: 10 July 2018; Type: Legal News; Source: Philippine News Agency

INDUSTRY UPDATES

CJ Bets face JBC Grilling Over Income, Properties in SALN

MANILA, Aug 16 (PNA) - The contents of the Statements of Assets, Liabilities and Net Worth were among the issues raised by members of the Judicial Council (JBC) in Thursday's public interview for aspirants vying for the Chief Justice post.

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INDUSTRY UPDATES

Reyes, Tejano-Ang Wrap up JBC Interview for CJ Post

MANILA, Aug 16 (PNA) - Supreme Court Associate Justice Andres Reyes Jr., and Judge Virginia Tejano-Ang of the Regional Trial Court Branch 1 in Tagum City, Davao del Norte were the last two aspirants for Chief Justice who went under questioning by the Judicial and Bar Council (JBC) on Thursday.

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INDUSTRY UPDATES

De Castro to revive Key Reform Projects once picked as CJ

MANILA, Aug 16 (PNA) - Despite her imminent retirement from the judiciary in less than two months, Associate Justice Teresita Leonardo-De Castro on Thursday said she will be able to introduce reforms in the Supreme Court (SC) once named Chief Justice.

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INDUSTRY UPDATES

Bersamin: No Pressure Felt from Gov't in Rulings on Cases

MANILA, Aug 16 (PNA) - Associate Justice Lucas Bersamin on Thursday said he has never felt any pressure from other government branches in rendering decisions on various cases.

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INDUSTRY UPDATES

Court of Appeal Judge reprimanded by His Superior over Dissenting Judgment

KUALA LUMPUR, Aug 16 (Bernama) – A Court of Appeal Judge has today disclosed that he had been reprimanded by a top judge for writing a dissenting judgment in unilateral conversion of M.Indira Gandhi case two years ago.

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INDUSTRY UPDATES

Judicial Activism has Led to Renaissance in Administrative Law, says Academician

KUALA LUMPUR, Aug 15 (Bernama) – There is more judicial activism now which has led to a renaissance in administrative law, according to an academician.

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Cabinet acknowledges Progress in Thailand-Myanmar Cooperation in fighting Drug Trade

BANGKOK, Aug 15 (NNT) - The Cabinet has acknowledged progress made in Thailand’s cooperation with Myanmar in tackling drug problems in the border area.

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INDUSTRY UPDATES

NLA whip to decide on proposed Amendment of EC Act - VP Surachai

BANGKOK, Aug 15 (NNT) - The National Legislative Assembly whip will be the person responsible for the ultimate decision to proceed with a proposed amendment of the Election Commission Act, says the legislature’s Vice President Surachai Liengboonlertchai.

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INDUSTRY UPDATES

CA confirms Poll Exec, Foreign Service, Military Officers' Appointment

MANILA, Aug 15 (PNA) - Commission on Elections (Comelec) Commissioner Marlon Casquejo and several foreign service and military officers hurdled the Commission on Appointments (CA) on Wednesday.

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INDUSTRY UPDATES

House installs Yap, Pichay as New Deputy Speakers

MANILA, Aug 15 (PNA) - The House of Representatives on Wednesday elected two new deputy speakers following the ascension of Pampanga Rep. Gloria Macapagal-Arroyo to the speakership.

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INDUSTRY UPDATES

Five CJ bets to face JBC Interview Thursday

MANILA, Aug 15 (PNA) - The five candidates for the post of Chief Justice of the Supreme Court (SC) will walk into the line of fire with their Judicial and Bar Council (JBC) interview set on Thursday.

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INDUSTRY UPDATES

IRD to build ICT System enabling Tax Payments

Taxpayers may soon be able to pay their dues to the government via mobile banking, said U Min Htut, director general of the Internal Revenue Department (IRD).

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INDUSTRY UPDATES

Law Enforcement remains weak: Deputy Minister

Laos has enacted over 100 laws since national liberation in 1975, but law enforcement remains weak, a senior official has admitted.

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INDUSTRY UPDATES

Exercise of Freedom must be in accordance to Federal Constitution - Eddin Syazlee

JOHOR BAHRU, Aug 14 (Bernama) - The exercise of individual’s right to freedom, be it freedom of religion or speech, must be done in accordance to the provisions in the Federal Constitution, says Deputy Communications and Multimedia Minister Eddin Syazlee Shith.

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International Malaysia Law Conference 2018

The 4-day International Malaysia Law Conference (“IMLC”) 2018, the flagship biennial event of the Malaysian Bar themed “Raising the Bar: Innovate. Integrate. Emulate.” is underway.

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INDUSTRY UPDATES

IMLC 2018: Change of Government an impetus for strengthening the Rule of Law, says Sultan Nazrin Shah

KUALA LUMPUR, Aug 14 (Bernama) - The recent change of government in Malaysia has given a fresh impetus to strengthen the rule of law in the country, the Sultan of Perak, Sultan Nazrin Shah said today.

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INDUSTRY UPDATES

1Mine urges Government to postpone SST

KUALA LUMPUR, Aug 14 (Bernama) - The government has been urged to postpone implementation of the Sales and Services Tax (SST) come Sept 1 until a directive on the newly passed tax law is clearly outlined.

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INDUSTRY UPDATES

Seizure of Equanimity made according to Legal Procedures - Liew Vui Keong

KUALA LUMPUR, Aug 14 (Bernama) - Minister in the Prime Minister’s Department Datuk Liew Vui Keong told the Dewan Rakat today that the seizure of the superyatch Equanimity was made according to Malaysian procedures and laws.

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