philippines - Banking & Finance

SEC urges Public to scrutinize Firms before investing

MANILA, Jun 26 (PNA) - As it intensifies the crackdown on suspected investment scams, the Securities and Exchange Commission (SEC) has advised prospective investors to scrutinize first the legitimacy of a company before making their investment decisions.
Date: 26 June 2019; Type: Industry Updates; Source: Philippine News Agency

BSP OKs New Guidelines for External Auditors

MANILA, May 29 (PNA) - The Monetary Board approved the revised guidelines governing the selection, appointment and delisting of external auditors of Bangko Sentral ng Pilipinas (BSP) Supervised Financial Institutions (BSFIs).
Date: 29 May 2019; Type: Legal News; Source: Philippine News Agency

BSP releases First Tranche of National Payment Systems Act IRR

MANILA, Apr 24 (PNA) - The Bangko Sentral ng Pilipinas (BSP) released the draft circular providing for the implementing rules and regulations (IRR) of Republic Act 11127 or the National Payment Systems Act (NPSA), a landmark legislation that supports the BSP's mandate relating to the third pillar of central banking -- the maintenance of a safe, eff ...
Date: 24 April 2019; Type: Legal News; Source: Philippine News Agency

Enactment of 2019 National Budget to spur Economic Growth

MANILA, Apr 16 (PNA) - Finance Secretary Carlos Dominguez III hailed the signing into law of the PHP3.7-trillion 2019 national budget, citing its importance towards attaining sustained growth of the Philippine economy. “We fully support the President in his desire to focus national expenditure on projects and activities that redound to t ...
Date: 16 April 2019; Type: Legal News; Source: Philippine News Agency

BSP extends Transitory Period for Banks' Amended Reports

MANILA, Apr 14 (PNA) - The Monetary Board (MB) approved the extension of transitory period of the amended report on bank interest rates on loans and deposits until 31 December 2019.
Date: 14 April 2019; Type: Legal News; Source: Philippine News Agency

Request for Comments on the Proposed Guidelines on the Issuance of Sustainability Bonds under the ASEAN Sustainability Bonds Standards in the Philippines

This is to notify that Securities and Exchange Commission (SEC) is inviting banks, investment houses, the investing public and other interested parties to submit their views, comments and inputs to the proposed guidelines on the Issuance of Sustainability Bonds under the ASEAN Sustainability Bonds Standards in the Philippines not later than 24 Apri ...
Date: 04 April 2019; Type: Circular; Source: Securities and Exchange Commission

Request for Comments on the Proposed Guidelines on the Issuance of Social Bonds under the ASEAN Social Bonds Standards in the Philippines

This is to notify that the Securities and Exchange Commission is inviting banks, investment houses, the investing public, and other interested parties to submit their views, comments and inputs to the proposed guidelines on the Issuance of Social Bonds under the ASEAN Social Bonds Standards in the Philippines not later than 24 April 2019.
Date: 04 April 2019; Type: Circular; Source: Securities and Exchange Commission

Banks issue Advisories for April Holidays

MANILA, Apr 5 (PNA) - Several banks will close most of their branches nationwide on Tuesday for the commemoration of the Araw ng Kagitingan (Day of Valor).
Date: 05 April 2019; Type: Industry Updates; Source: Philippine News Agency

SEC makes Cease and Desist Order vs KAPA Permanent

MANILA, Mar 18 (PNA) - The Securities and Exchange Commission (SEC) has declared permanent an order barring Kapa-Community Ministry International, Inc. (KAPA) from soliciting investments from the public without the necessary license, the SEC disclosed in a statement on Monday.
Date: 18 March 2019; Type: Legal News; Source: Philippines News Agency

House agrees to recall its Version of 2019 Budget

MANILA, Mar 18 (PNA) - Senator Panfilo Lacson on Monday said the leadership of the House of Representatives has agreed to withdraw its own version of the proposed PHP3.757-trillion national budget for 2019.
Date: 18 March 2019; Type: Legal News; Source: Philippine News Agency

BSP starts formulating Roadmap for Securities Issuance

MANILA, Mar 8 (PNA) - A roadmap is now being formulated for possible securities issuance after the Bangko Sentral ng Pilipinas (BSP) has been authorized to issue debt paper under the central bank charter.
Date: 08 March 2019; Type: Legal News; Source: Philippine News Agency

Bill setting Minimum Capital and Requirements for Foreign Retailers approved

The House of Representatives approved on second reading House Bill No. 9057, which seeks to set the minimum paid up capital and locally produced stock inventory requirements for foreign retail business enterprises.
Date: 05 March 2019; Type: Legal News; Source: House of Representatives

PRRD urged to ‘promptly’ Name next BSP Chief

MANILA, Feb 24 (PNA) - Philippines’ economic journalists have called on President Rodrigo R. Duterte to “promptly” name the successor of Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr., who died of cancer Saturday, to address any market uncertainty.
Date: 24 February 2019; Type: Industry Updates; Source: Philippine News Agency

House ratifies 2019 National Budget

MANILA, Feb 8 (PNA) - The House of Representatives on Friday ratified the bicameral conference committee report on the proposed PHP3.757 trillion national budget for 2019.
Date: 08 February 2019; Type: Legal News; Source: Philippines News Agency

House proposes Abandonment of the One Year Cash-Based Budgeting System

Rep. Rolando Andaya, Jr. (1st District, Camarines Sur), Chairman of the House Committee on Appropriations, proposed the abandonment of the one year cash-based budgeting system as proposed in the National Expenditure Program (NEP).
Date: 31 January 2019; Type: Legal News; Source: House of Representatives

Senate approves 2019 National Budget

MANILA, Jan 21 (PNA) - The Senate approved on third and final reading the proposed PHP3.757-trillion 2019 national budget or the General Appropriations Bill (GAB) on Monday.
Date: 21 January 2019; Type: Legal News; Source: Philippines News Agency

BSP, IMF host First Regional Dialogue on Financial Stability

MANILA, Jan 21 (PNA) - The Bangko Sentral ng Pilipinas (BSP) and the International Monetary Fund (IMF) are co-hosting the Inaugural Regional Dialogue on Financial Stability (FS) for ASEAN Central Banks on Jan. 21-22 at the Philippine International Convention Center, with the theme, “Ensuring Financial Stability in the Region: Some Policy and ...
Date: 21 January 2019; Type: Legal News; Source: Philippine News Agency

PH Banking System resilient amid External Concerns

MANILA, Dec 31 (PNA) - The Philippine banking system has remained fundamentally strong despite having its share of challenges over the years, and 2018 proved to be no exception.
Date: 31 December 2018; Type: Industry Updates; Source: Philippine News Agency

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

Guidelines on the Adoption of Philippine Financial Reporting Standards 9 - Financial Instruments under Management of Trust Entities

This is to notify that the Monetary Board approved the amendments to Appendices 33/Q-20, 97/Q-56/N-16, T-l, and Section 4161N of the Manual of Regulations for Banks (MORB)/Manual of Regulations for Non-Bank Financial Institutions (MORNBFI). Circular No. 1023
Date: 04 December 2018; Type: Circular; Source: Central Bank

INDUSTRY UPDATES

Championing Rule of Law, Speedy Justice under Guevarra's Helm

MANILA, Jul 21 (PNA) - It has been a little over a year this month when the team led by Secretary Menardo I. Guevarra took over the helm of the Department of Justice (DoJ) and has since proven to be a dynamic organization dedicated to President Rodrigo Duterte's commitment towards transparency in governance and the elimination of corruption in all levels of the bureaucracy.

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INDUSTRY UPDATES

NegOcc MSMEs upbeat on PH Innovation Act

BACOLOD CITY, Jul 20 (PNA) - The signing of the Philippine Innovation Act has made Micro, Small and Medium Enterprises (MSMEs) in Negros Occidental optimistic about the growth and development of local entrepreneurs.

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INDUSTRY UPDATES

Tax Academy offers Online Courses for BIR, BOC Employees

MANILA, Jul 18 (PNA) - The Philippine Tax Academy (PTA) has completed the development of 14 competency-based mandatory online studies required for new hires at the Bureau of Customs (BOC) as well as refresher courses for existing BOC employees, the Department of Finance (DOF) announced in a statement on Thursday.

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INDUSTRY UPDATES

PRRD to only face PH Court

MANILA, Jul 17 (PNA) - President Rodrigo Duterte has no intention to face the international tribunal stressing that he would only answer to the Philippine courts.

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INDUSTRY UPDATES

Court cautions Najib against posting Statements on his Trial

KUALA LUMPUR, Jul 18 (Bernama) - The High Court here today cautioned Datuk Seri Najib Tun Razak against posting any more statements in social media pertaining to his SRC trial or risk being cited for contempt of court.

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INDUSTRY UPDATES

Bank Muamalat: 'Court did not find us Guilty of Union-Busting'

KUALA LUMPUR, Jul 18 (Bernama) - Bank Muamalat Malaysia Bhd today said it was never found guilty of union-busting or had breached any law.

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INDUSTRY UPDATES

Labour Ministry opens Automation Center

BANGKOK, Jul 17 (NNT) - On efforts to push the Thai industrial sector into the 4.0 era, human resources must be capable of operating technology and automated systems, especially in the Eastern Economic Corridor (EEC) development project. To achieve this goal, the Ministry of Labour has established a human resources development center on automation and robots at the Institute for Skills Development 3, located in Chonburi.

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INDUSTRY UPDATES

Guidebook on Parliamentary Constituencies launched

KUALA LUMPUR, Jul 17 (Bernama) - Dewan Rakyat Speaker Datuk Mohamad Ariff Md Yusof today launched Wakil Kita di Parlimen, a 228-page guidebook containing relevant information on all the 222 parliamentary constituencies.

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INDUSTRY UPDATES

Students among Plaintiffs in Lawsuit over Sungai Kim Kim Pollution

JOHOR BAHRU, Jul 17 (Bernama) - Thirty-four students are among 171 individuals who are suing the Johor state government, Menteri Besar Datuk Osman Sapian and 10 others over the pollution in Sungai Kim Kim near Pasir Gudang last March.

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INDUSTRY UPDATES

Mandalay Region Hluttaw approves New High Court Judge

Mandalay Region Hluttaw was unanimously appointed a new regional high court judge on the second day of the second session of the hluttaw after being nominated by the regional chief minister.

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INDUSTRY UPDATES

DOJ forms Special Team to probe Kidapawan Broadcaster's Slay

MANILA, Jul 12 (PNA) - Department of Justice (DOJ) Secretary Menardo Guevarra on Friday said he has ordered a special investigation team to look into the killing last Wednesday of radio commentator Eduardo Dizon who was gunned down on the way home in Kidapawan City, Cotabato.

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INDUSTRY UPDATES

New BSP Deputy Governor sworn in

MANILA, Jul 12 (PNA) - Francisco G. Dakila Jr. received his oath of office as Deputy Governor for Monetary and Economics Sector (MES) in ceremonies administered by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Thursday.

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INDUSTRY UPDATES

Chief Justice heads Penang Honours List

GEORGE TOWN, Jul 12 (Bernama) - Chief Justice Datuk Tengku Maimun Tuan Mat heads the list of 877 recipients of state honours and honorary medals in conjunction with the 81st birthday of the Yang Dipertua Negeri of Penang Tun Abdul Rahman Abbas.

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INDUSTRY UPDATES

Prosecution failed to serve Summons on Shahrizat's Children, Court sets new Mention Date

KUALA LUMPUR, Jul 12 (Bernama) - The Sessions Court here today set Aug 5 for mention of a lawsuit filed by the Companies Commission of Malaysia (CCM) against two children of former Women, Family and Community Development Minister Tan Sri Shahrizat Abdul Jalil in connection with several offences allegedly committed by their company.

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INDUSTRY UPDATES

Free Legal Service to be provided for the Poor

Legal aid groups will provide free legal services to poor people and those in need of legal assistance across the country in an effort to support the rule of law and restore public trust in the judiciary.

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INDUSTRY UPDATES

Bill to increase Sabah State Seats to be tabled on July 17

KOTA KINABALU, Jul 11 (Bernama) - Sabah Chief Minister Datuk Seri Mohd Shafie Apdal is confident the Bill for the additional 13 seats, to increase the number of state seats from 60 to 73, will be approved when it is tabled in Parliament on July 17.

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INDUSTRY UPDATES

SolGen asks SC to dismiss Writ of Kalikasan Suit on WPS

MANILA, Jul 9 (PNA) - Solicitor General Jose Calida on Tuesday asked the Supreme Court (SC) to dismiss the petition filed against government agencies, which seeks unspecified action on the disputed areas in the West Philippine Sea.

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INDUSTRY UPDATES

IRB records 486,360 Cases of Voluntary Tax Declaration

KUALA LUMPUR, Jul 8 (Bernama) - The Inland Revenue Board of Malaysia (IRB) has recorded 486,360 cases of voluntary tax declaration under the special voluntary declaration programme (PKPS) as of June 23.

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