philippines - Banking & Finance

Former Directors and Officers of a closed Rural Bank in Camarines Sur convicted in Criminal Cases

Evelyn Cueto Ramirez, a former director and principal officer of the closed Rural Bank of Milaor (Camarines Sur), Inc. (RB Milaor) was convicted by the Municipal Circuit Trial Court (MCTC) of Camaligan-Gainza-Milaor, Camarines Sur, in Criminal Case Nos. 2638 and 2639, for Falsification of Commercial Documents, defined and penalized under Article 17 ...
Date: 16 April 2018; Type: Legal News; Source: Central Bank

House acts to raise 2019 Mindanao Budget

A Technical Working Group (TWG) of the House Committee on Mindanao Affairs, chaired by Rep. Maximo Rodriguez (2nd District, Cagayan de Oro), has started discussing the proposal to raise the 2019 budget for Mindanao, with the goal to uplift the socio-economic conditions in the region, especially in its poor provinces.
Date: 11 April 2018; Type: Legal News; Source: House of Representatives

BSP allows Banks to extend ops for Tax Payment Collections

MANILA, Mar 28 (PNA) - Banks that assist the Bureau of Internal Revenue (BIR) in receiving tax payments have been allowed to extend operations on two Saturdays of April as well as operations schedule of up to 5 p.m.
Date: 28 March 2018; Type: Legal News; Source: Philippine News Agency

Watchdog wants Participatory Governance in Budget Reform Bill

MANILA, Mar 27 (PNA) - Budget watchdog, Social Watch Philippines (SWP) on Tuesday stressed the need to provide greater access to public financial information and mechanisms for people's participation in the proposed Budget Reform Act.
Date: 27 March 2018; Type: Legal News; Source: Philippine News Agency

Amended Procurement Law to speed up Government Spending: Diokno

MANILA, Mar 26 (PNA) - Budget and Management Secretary Benjamin Diokno expects further improvement of government agencies’ absorptive capacity and its impact on expenditures given the amendments in the government’s procurement law.
Date: 26 March 2018; Type: Legal News; Source: Philippine News Agency

House to finalize Bill penalizing Loan Sharks Operating in Casinos

The House committee on games and amusements has created a Technical Working Group (TWG) that will fine-tune House Bill 6249, seeking to criminalize nefarious credit and loaning activities being transacted in casinos.
Date: 23 March 2018; Type: Legal News; Source: Philippine News Agency

Lost Bangko Sentral Registration Document

This Circular informs that, the registration document of the foreign direct investments of Fujitsu International Engineering Limited, Japan in Fujitsu Telecom Systems Philippines, Inc. has been reported lost and it should not be honored if found and presented for purchase of foreign exchange for capital repatriation or remittance of dividends. Circ ...
Date: 20 March 2018; Type: Circular; Source: Central Bank

Amendment on the Allowable Investments of Unit Investment Trust Funds

This Circular is to notify the amendment of Subsection X410.9/4410Q.9 of the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions, on the allowable investments of UIT Funds. Circular No. 999, Series of 2018
Date: 14 March 2018; Type: Circular; Source: Central Bank

Senate approves Coco Levy Trust Fund bill

MANILA, Mar 19 (PNA) - In a landmark move, the Senate on Monday passed on third and final reading a proposed measure that would create the coconut industry trust fund to finally allow coconut farmers to directly benefit from coco-levy funds collected by government during the Marcos regime.
Date: 19 March 2018; Type: Legal News; Source: Philippine News Agency

Proposed easing of Bank Secrecy Law covers Everyone: Dominguez

MANILA, Mar 14 (PNA) - The plan to ease the country’s bank secrecy law, which is under the proposed Package 1B of Tax Reform for Acceleration and Inclusion (TRAIN) Act, aims to allow courts to order the opening of bank accounts but only as evidence for tax evasion cases of anyone and not just public officials.
Date: 13 March 2018; Type: Legal News; Source: Philippine News Agency

Diokno assures Three-Year Budget for TRAIN-Related Subsidy

MANILA, Mar 7 (PNA) - Budget and Management Secretary Benjamin Diokno on Wednesday said the government has the budget to finance the extended Tax Reform Cash Transfer (TRCT) project, which would be in place until 2020 from the original one-year program only for 2018.
Date: 07 March 2018; Type: Legal News; Source: Philippine News Agency

GSIS leads Latest Batch of GOCCs Onboard eFOI Platform

MANILA, Feb 26 (PNA) - A total of 32 Government–Owned and Controlled Corporations (GOCCs) including the Government Service Insurance System (GSIS), Social Security System (SSS), and Philippine Amusement and Gaming Corporation (PAGCOR) are now onboard the electronic Freedom of Information (eFOI) portal after a technical training workshop on Fe ...
Date: 26 February 2018; Type: Legal News; Source: Philippine News Agency

Guidelines on the Electronic Submission of the Minimum Liquidity Ratio Report during the Observation Period

This Circular notifies the procedures to be observed for the quarterly submission of the Minimum Liquidity Ratio Report during observation period from 1 January to 31 December 2018. Only electronic submissions originating from officially registered e-mail address/es of BSP Supervised Financial Institutions (BSFIs) shall be recognized and accep ...
Date: 22 February 2018; Type: Circular; Source: Central Bank

IC to complete Study on Insurance Capitalization Cap Next Month

MANILA, Feb 21 (PNA) - The Insurance Commission (IC) targets to complete next month its study on the proposed capitalization cap of PHP900 million instead of PHP1.3 billion by year 2022 for insurance companies.
Date: 21 February 2018; Type: Legal News; Source: Philippine News Agency

Philippine Savings Bank v Josephine L Papa

Date: 15 January 2018; Court: Supreme Court of The Philippines; Citation: GR No. 200469; Source: Supreme Court

Norlina G Sibayan v Elizabeth O Alda

Date: 17 January 2018; Court: Supreme Court of The Philippines; Citation: GR No. 233395; Source: Supreme Court

Armando Go v East Oceanic Leasing and Finance Corporation

Date: 19 January 2018; Court: Supreme Court of The Philippines; Citation: GR Nos. 206841-42; Source: Supreme Court

SC suspends Lawyer for 'Dilatory Tactics'

MANILA, Feb 9 (PNA) - The Supreme Court has penalized a lawyer for a two-year suspension of practice for employing "dilatory moves" to delay the execution of judgment in favor of the Government Service and Insurance System (GSIS) which he owed PHP34,000 in 1968.
Date: 09 February 2018; Type: Legal News; Source: Philippine News Agency

House approves Proposed Insurance for Farmers and Fisherfolk

The House of Representatives approved on third and final reading House Bill 6923 seeking to expand the coverage of the Philippine Crop Insurance Corporation (PCIC) to insure qualified farmers and fisherfolk.
Date: 04 February 2018; Type: Legal News; Source: House of Representatives

INDUSTRY UPDATES

CCCS clears Proposed Merger between Essilor and Luxottica

The Competition and Consumer Commission of Singapore (“CCCS”) has issued a clearance decision on the proposed merger between Essilor International (Compagnie Generale d’Optique) S.A (“Essilor”) and Luxottica Group, S.p.A. (“Luxottica”) (collectively “Parties”). CCCS has concluded that the merger, if carried into effect, will not infringe the section 54 prohibition of the Competition Act (Cap. 50B).

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INDUSTRY UPDATES

House and Senate successfully hold “Sports Dual Meet 2018”

The House of Representatives and the Senate on Thursday successfully held their second congressional sports invitational tournament dubbed “Sports Dual Meet 2018” at the House Sports Complex in Batasan Hills, Quezon City.

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INDUSTRY UPDATES

President Joko Widodo to attend ASEAN Summit in Singapore

Jakarta Apr 20 (ANTARA News) - President Joko Widodo will attend the the 32nd Association of Southeast Asian Nations (ASEAN) Summit in Singapore on April 27-28, 2018.

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INDUSTRY UPDATES

Police probes Facebook over Data Privacy Violation

Jakarta, Apr 19 (ANTARA News) - The National Police is currently investigating third-party applications on Facebook that have allegedly violated the data privacy of users, an official stated here on Thursday.

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INDUSTRY UPDATES

Lawyer claims Trial to CBT of more than RM100,000

GEORGE TOWN, Apr 20 (Bernama) - A lawyer pleaded not guilty in the Sessions Court here today to criminal breach of trust involving more than RM100,000.

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INDUSTRY UPDATES

IRBM confirms having issued Letters to International Schools

KUALA LUMPUR, Apr 19 (Bernama) - The Inland Revenue Board of Malaysia (IRBM) today confirmed that it had recently issued letters to the management of several international schools, here.

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INDUSTRY UPDATES

Role of In-house Lawyers must evolve, says Judge

In an event that unveiled a study of local general counsel by the Singapore Corporate Counsel Association and global law firm CMS, Judge of Appeal Steven Chong has given in-house counsel several pointers on what they need to do in their evolving role.

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INDUSTRY UPDATES

Passenger-Facing Cameras: encrypt Recordings and restrict Access

The new rule that allows the cab and private-hire car drivers to install infacing cameras should not threaten the passenger privacy according to customer feedback.

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INDUSTRY UPDATES

Cabinet confirms Appointment of New Permanent Secretary of Finance

BANGKOK, Apr 18 (NNT) - The Cabinet has officially confirmed the appointment of the new Permanent Secretary of the Finance Ministry.

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INDUSTRY UPDATES

Thailand preparing to host 12th ASEAN Skills Competition

BANGKOK, Apr 18 (NNT) - Thailand is making preparations to host the 12th ASEAN Skills Competition, the objective of which is to urge adolescents and workers in the region to be enthusiastic about developing their skills in line with new technology.

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INDUSTRY UPDATES

Government pardons nearly 8500 Prisoners, including Student Activists’ Killer

The Presidential Office announced on Tuesday that 8541 prisoners, including 51 foreigners, were released from prisons across the country.

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INDUSTRY UPDATES

Tax Exemption on Mega Projects given since 1980s - Customs DG

PUTRAJAYA, Apr 19 (Bernama) - Tax exemptions have been awarded to several large projects owned by the Government since the 1980s, and the issue of waiving the Goods and Services Tax (GST) for procurement of materials and services related to the East Coast Rail Link (ECRL) project should not be played up, said Customs Director-General Datuk Seri Subromaniam Tholasy.

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INDUSTRY UPDATES

GST Compliance good, says Customs Department

KUALA LUMPUR, Apr 18 (Bernama) - The Goods and Services Tax (GST) compliance in Malaysia is good even though there is still a need to continue to promote tax education.

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INDUSTRY UPDATES

Illegal OFWs in Kuwait have until Thursday to avail of Amnesty Program

KUWAIT, Apr 18 (PNA) - Philippine Ambassador to Kuwait Renato Villa has announced that the Kuwaiti Department of Immigration under the Ministry of Interior has officially declared Thursday (April 19) as the last day for Filipinos to file their application for the amnesty program set to expire on April 22.

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INDUSTRY UPDATES

Indonesia, Vietnam discuss Cooperation in Fisheries and Maritime Affairs

Jakarta Apr 18 (ANTARA News) - Indonesian Foreign Minister Retno Marsudi discussed cooperation in maritime affairs and fisheries with her Vietnamese counterpart, Pham Bihn Mihn, during the third joint commission meeting between the two countries.

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