philippines - Banking & Finance

House Panel to probe 'Budget Anomalies' in January

MANILA, Dec 13 (PNA) - The House of Representatives rules committee will start its investigation on the alleged “budget anomalies and questionable allocations” by the Department of Budget and Management (DBM) on January 3, Majority Leader Rolando Andaya Jr. announced on Thursday.
Date: 13 December 2018; Type: Industry Updates; Source: Philippine News Agency

SGMA Bill regulating Islamic Banking in PHL Hurdles Final Reading

The House of Representatives, voting 121-0 without abstention, approved on third and final reading House Bill 8281 or “An Act Providing for the Regulation and Organization of Islamic Banks” which is authored by former President and now Speaker Gloria Macapagal-Arroyo.
Date: 27 November 2018; Type: Legal News; Source: House of Representatives

House extends availability of 2018 Budget

MANILA, Nov 26 (PNA) - The House of Representatives on Monday approved on third and final reading a joint resolution seeking to extend the availability of the 2018 appropriations for maintenance and other operating expenses (MOOE) and capital outlays (COs) until Dec. 31, 2019.
Date: 26 November 2018; Type: Legal News; Source: Philippine News Agency

DBM adopts More Government Budgetary, Fiscal Reforms

TAGAYTAY CITY, Nov 23 (PNA) - The Department of Budget and Management (DBM) is adopting more budgetary and fiscal reforms for an innovative, effective, and responsive government in the long term, Budget Secretary Benjamin E. Diokno said on Thursday.
Date: 23 November 2018; Type: Legal News; Source: Philippine News Agency

BPI BanKo partners with BSP for Exchange of Unfit Currencies

MANILA, Nov 21 (PNA) - Ten branches of BPI Direct BanKo (BanKo) nationwide will start accepting unfit currencies starting December 3, 2018 as part of the bank's partnership with the Bangko Sentral ng Pilipinas (BSP), to jointly promote coins recirculation and the Clean Notes program.
Date: 21 November 2018; Type: Industry Updates; Source: Philippine News Agency

House approves Bill on Regulation of Islamic Banks

MANILA, Nov 20 (PNA) - A measure seeking to organize and regulate Islamic banks in the country hurdled final reading at the House of Representatives.
Date: 20 November 2018; Type: Legal News; Source: Philippine News Agency

House okays P3.757-T 2019 National Budget

MANILA, Nov 20 (PNA) - The House of Representatives on Tuesday approved on third and final reading the proposed PHP3.757-trillion 2019 national budget.
Date: 20 November 2018; Type: Legal News; Source: Philippine News Agency

RA 11057 to help MSMEs acquire Loans

MANILA, Nov 19 (PNA) - Universal and commercial banks (U/KBs) in the Philippines are expected to hike their Agri-Agra rule compliance through the Personal Property Security Act, which effectively increases the list of assets that small businesses can use as loan collaterals.
Date: 19 November 2018; Type: Legal News; Source: Philippine News Agency

Corporate Tax Reform offers Better, more attractive Incentives - DOF

Qualified enterprises can benefit from an improved set of investment incentives under the second package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP) that may bring down their tax payments while creating jobs or meeting export targets, according to the Department of Finance (DOF).
Date: 14 November 2018; Type: Industry Updates; Source: Department of Finance

Duterte signs Law regulating Payment Systems

MANILA, NOv 16 (PNA) - President Rodrigo Duterte has signed a law providing for the regulation and supervision of payment systems in the country.
Date: 16 November 2018; Type: Legal News; Source: Philippine News Agency

House okays Islamic Banking bill on Second Reading

MANILA, Nov 13 (PNA) - The House of Representatives on Tuesday approved a bill seeking to organize and regulate Islamic banks in the country.
Date: 13 November 2018; Type: Legal News; Source: Philippine News Agency

Senate 'Conditionally' approves Proposed 2019 PCOO Budget

MANILA, Nov 12 (PNA) - The Senate Finance Sub-Committee “F” on Monday “conditionally” approved the PHP1.47-billion proposed 2019 budget of the Presidential Communications Operations office (PCOO) and its attached agencies, pending the issuance of an executive order (EO) that would revert the PCOO to the Office of the Press S ...
Date: 12 November 2018; Type: Legal News; Source: Philippine News Agency

BSP tightens Rules on Cyber Risk Reporting

In response to the increasingly persistent, sophisticated and targeted attacks launched against financial institutions, the Monetary Board (MB) recently approved amendments to existing regulations which tighten the reporting regime for Bangko Sentral supervised financial institutions (BSFIs) on cyber-related incidents and operational disruptions.&n ...
Date: 26 October 2018; Type: Legal News; Source: Central Bank

Banks ordered to report Tech Glitches within Two Hours

MANILA, Oct 19 (PNA) - The Bangko Sentral ng Pilipinas (BSP) will now be requiring all banks to submit an initial report on any cybersecurity issues in their system within two hours of its discovery.
Date: 19 October 2018; Type: Legal News; Source: Philippine News Agency

House panel opens deliberations on SGMA bill creating centralized home financing program

Low-cost socialized housing may be right around the corner as the House Committee on Urban Housing and Development chaired by Rep. Alfredo Benitez (3rd District, Negros Occidental) began on Wednesday its deliberations on a bill seeking to establish a unified housing and urban development fund and a centralized home financing program.
Date: 12 October 2018; Type: Legal News; Source: House of Representatives

House okays P3.757-T National Budget on Second Reading

MANILA, Oct 3 (PNA) - The House of Representatives on Wednesday night approved on second reading the proposed PHP3.757-trillion 2019 national budget.
Date: 03 October 2018; Type: Legal News; Source: Philippine News Agency

Lopez welcome Bills institutionalizing Government Microfinance

MANILA, Sept 27 (PNA) - Trade Secretary Ramon Lopez welcomed legislative measures supporting the microfinance program of the Department of Trade and Industry (DTI), Pondo sa Pagbabago at Pag-asenso or P3 Program.
Date: 27 September 2018; Type: Legal News; Source: Philippine News Agency

House holds Marathon Budget Deliberations to meet October Deadline

MANILA, Sept 25 (PNA) - The House of Representatives is holding marathon deliberations - even extending the plenary session until the wee hours - on the proposed PHP3.757-trillion 2019 national budget to meet its approval deadline by October 12, Speaker Gloria Macapagal-Arroyo said on Tuesday.
Date: 25 September 2018; Type: Industry Updates; Source: Philippine News Agency

CA stops Auction, Sale of Banco Filipino

MANILA, Sept 25 (PNA) - The Court of Appeals has stopped the auction and transfer of properties of the defunct Banco Filipino Savings and Mortgage Bank (Banco Filipino).
Date: 25 September 2018; Type: Legal News; Source: Philippine News Agency

House okays P51-B Realignment in 2019 Budget

MANILA, Sept 18 (PNA) - The House of Representatives, convening as the Committee of the Whole, on Tuesday approved a report proposing the realignment of at least PHP51.792 billion of the Department of Public Works and Highways (DPWH) budget for 2019 to fund various programs of other government agencies.
Date: 18 September 2018; Type: Legal News; Source: Philippine News Agency

INDUSTRY UPDATES

House Panel to probe 'Budget Anomalies' in January

MANILA, Dec 13 (PNA) - The House of Representatives rules committee will start its investigation on the alleged “budget anomalies and questionable allocations” by the Department of Budget and Management (DBM) on January 3, Majority Leader Rolando Andaya Jr. announced on Thursday.

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ASEAN launches Safe Migration Campaign

Jakarta, Dec 12 (ANTARA News) - The Association of Southeast Asian Nations (ASEAN) has launched a safe migration campaign to increase public awareness of the advantages of employing migrant workers.

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Nation celebrates Universal Declaration of Human Rights

Government agencies and diplomatic and international organisation representatives gathered in Vientiane to mark the 70th anniversary of the Universal Declaration of Human Rights and its lasting impact, which was supported by the United Nations, European Union and Australia.

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SC welcomes Malaysia's Improved Ranking in Corporate Governance

KUALA LUMPUR, Dec 13 (Bernama) - The Securities Commission Malaysia (SC) is encouraged by the recognition of Malaysia's initiatives to improve corporate governance, which was a result of the collective effort by various stakeholders.

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MyCC to identify Anti-Competitive Elements in Eggs Market

KUALA LUMPUR, Dec 13 (Bernama) - The Malaysia Competition Commission (MyCC) is working closely with the Ministry of Domestic Trade and Consumer Affairs (MDTCA) to identify any anti-competitive elements that may occur in the domestic market for chicken eggs.

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MITI, MIDA, Intel hold IoT Forum to review Progress

KUALA LUMPUR, Dec 12 (Bernama) - The Ministry of International Trade and Industry (MITI), Malaysian Investment Development Authority (MIDA) and Intel Malaysia conducted the Internet of Things (IoT) Malaysia Forum 2018 yesterday to review IoT’s progress since its introduction five years ago.

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Unions request Government to set Workers’ Minimum Wage

Unions have asked the government to set the minimum wage for the construction and service sectors and to solve the five other major problems facing them, a statement released on International Human Rights Day on Monday said.

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Dewan Rakyat adjourns, Reform Agenda implemented - Speaker

KUALA LUMPUR, Dec 11 (Bernama) - The reform agenda of the Parliament was implemented at the second meeting of the first term of the 14th Parliament which came to a close today after sitting for 30 days since Oct 15.

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Court proposes Mediation in Theresa Kok's Suit against Jamal

KUALA LUMPUR, Dec 11 (Bernama) - The High Court today proposed that Primary Industries Minister Teresa Kok who filed a libel suit against Datuk Seri Jamal Md Yunos over alleged misuse of Yayasan Warisan Anak Selangor (Yawas) funds, resolve the case via mediation.

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Vietnam, Laos boost Judicial Cooperation

Hanoi, Dec 10 (VNA) - Vietnamese Minister of Justice Le Thanh Long and his Lao counterpart Xaysi Santivong agreed to work closely together to launch a bilateral cooperation programme for 2019, during their talks in Hanoi on December 10.

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Nation marks Constitution Day

BANGKOK, 10th December 2018 (NNT) - Today marks National Constitution Day, observing the importance of the administrative document and celebrating its 20 incarnations throughout the democratic history of Thailand.

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Court has Final Say on Trillanes' Travel Abroad: DOJ

MANILA, Dec 10 (PNA) - Justice Secretary Menardo Guevarra on Monday said the Bureau of Immigration (BI) will not prevent Senator Antonio Trillanes IV from traveling abroad if no travel ban is handed down by the courts against him.

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Government concerned about Readiness of SMEs to adopt Industry 4.0

KUALA LUMPUR, Dec 10 (Bernama) - The Government is concerned about the readiness of local industries, particularly Small and Medium Enterprises (SMEs), to adopt Industry 4.0.

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Memorandum of Understanding between Bank Negara Malaysia and Dubai Financial Services Authority

On 28 November 2018, Bank Negara Malaysia (BNM) and Dubai Financial Services Authority (DFSA) had signed a Memorandum of Understanding (MoU) on supervisory cooperation for effective supervision of banking and insurance/ takaful/ reinsurance institutions operating in both countries.

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DFA holds first ever Gender and Development Assembly

MAKATI, Dec 6- As part of the Department of Foreign Affairs’ (DFA) programs to continually mainstreaming gender and development (GAD) policies in its programs and activities, it hosted the agency’s first ever Gender and Development (GAD) Assembly at the Makati Diamond Residences on 06 to 08 November 2018.

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Vietnam, Cambodia PMs attend Business Forum

Vietnam and Cambodia could make their two-way trade value at US$7-8 billion by 2020 as they have established sound cooperation across sectors and their governments have regularly taken measures to remove difficulties for businesses, Prime Minister Nguyen Xuan Phuc said.

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Cambodia, Laos set to boost Bilateral Trade

Cambodia and Laos have pledged to boost trade and investment across their border, while trade volume between the two countries last year was just over $27 million, according to the Cambodian Ministry of Commerce.

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Revenue Department says it does not collect Higher Tax from Online Merchants

BANGKOK, Dec 8 (NNT) - The Revenue Department has insisted that the Revenue Code Amendment Act draft is not intended to make online merchants pay more tax but to analyze the behavior of taxpayers.

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