philippines - Banking & Finance

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

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

INDUSTRY UPDATES

Justice Ministry: US Claims ‘baseless’

The Ministry of Justice on Tuesday reacted to recent “baseless” claims by the US Embassy in Phnom Penh regarding the case of former opposition leader Kem Sokha, urging the embassy to stop spreading misinformation regarding the implementation of the law in Cambodia.

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INDUSTRY UPDATES

Court adjourns Tony Pua's Appeal against Interim Injunction over RUU355 Video Clip

PUTRAJAYA, Feb 20 (Bernama) - The Federal Court today adjourned the appeal hearing by Damansara Member of Parliament Tony Pua Kiam Wee against an interim injunction order over his alleged video clip relating to the tabling of Syariah Courts (Criminal Jurisdiction) (Amendment) Bill 2016 or RUU355.

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INDUSTRY UPDATES

DOJ urged to Act on Murder Raps vs PNP Men in Lawyer's Death

MANILA, Feb 19 (PNA) - A former Cebu City councilor asked the Department of Justice (DOJ) Monday to charge policemen implicated in the killing of his brother, lawyer Noel Archival, five years ago.

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INDUSTRY UPDATES

Laos, Japan celebrate 20 Years of Legal, Judicial Cooperation

The Lao and Japanese governments have highlighted 20 years of achievement in cooperation to strengthen the legal and judicial sectors in Laos, especially with regard to human resource development.

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INDUSTRY UPDATES

Sarawak Lawyers wants Government to set up RCI over Judge Allegations

MIRI, Feb 19 (Bernama) - The Advocates Association of Sarawak (AAS) has proposed to the government to set up a Royal Commission of Inquiry (RCI) over the allegation of judicial interference in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer recently.

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INDUSTRY UPDATES

MACC meets Judge Hamid Sultan over 63-Page Affidavit

PUTRAJAYA, Feb 18 (Bernama) - The Malaysian Anti-Corruption Commission (MACC) today met with Court of Appeal judge Datuk Dr Hamid Sultan Abu Baker over his recent 63-page affidavit, filed last week, on allegations of judicial interference.

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INDUSTRY UPDATES

CBM headed in Right Direction, Bank Development expected: Experts

The Central Bank of Myanmar (CBM) has begun taking the initial steps to stand as an independent body, local financial experts and economists say.

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INDUSTRY UPDATES

Retired SC Justice Azcuna 'Selfless Government Worker': Palace

MANILA, Feb 15 (PNA) - Malacañang wished retired Supreme Court (SC) Associate Justice Adolfo Azcuna the best as he celebrates his 80th birthday on Saturday.

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INDUSTRY UPDATES

Rule of Law followed in Ressa Arrest

MANILA, Feb 15 (PNA) - Malacañang on Friday said the rule of law was followed in the arrest of Rappler chief executive officer Maria Ressa for cyberlibel amid criticisms of suppressing press freedom.

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Rebuilding ASEAN’s Financial Safety Net

Singapore and Indonesia signed a US$10 billion (K15.23 trillion) bilateral swap agreement last October, allowing the two countries to assist each other during times of financial stress through US dollar loans. The move signalled a willingness by ASEAN countries to play a bigger and more direct role in strengthening the region’s financial stability, but there is still much more to do.

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INDUSTRY UPDATES

Judiciary lodges Police Report over Allegations in Affidavit

PUTRAJAYA, Feb 15 (Bernama) - The Judiciary has lodged a police report over allegations made against unnamed judges and the institution in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer.

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INDUSTRY UPDATES

Blind Woman's Persistence to become Lawyer bears Fruit

KUALA LUMPUR, Feb 15 (Bernama) - ‘Where there’s a will, there’s a way’, this proverb illustrates the determination and diligence of a visually impaired young woman who has achieved her dream of becoming a lawyer.

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Lawyer urges Government and CJ to address Justice Hamid's Revelations

KUALA LUMPUR, Feb 15 (Bernama) - Lawyer Sangeet Kaur Deo has called on the government and Chief Justice to immediately look into the claims by Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer, contained in his affidavit which revealed misconduct of top judges and judicial interference.

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INDUSTRY UPDATES

Decision on Minimum Wage Increases due in March

BANGKOK, Feb 13 (NNT) - The final decision on Minimum Wage increases will be made in March, with new rates to vary in accordance with economic conditions in each province.

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INDUSTRY UPDATES

No Violation of Ressa's Civil Rights: DOJ

MANILA, Feb 14 (PNA) - Justice Secretary Menardo Guevarra on Thursday assured full protection of the civil rights of online news website Rappler's publisher Maria Ressa, who was arrested on Wednesday in connection with a cyber libel complaint filed against her and the media firm by a private individual.

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INDUSTRY UPDATES

DOTr inks Deal on Common Station Construction

MANILA, Feb 13 (PNA) - The Department of Transportation (DOTr) on Wednesday signed a contract with a private consortium for the construction of Area A of the Unified Grand Central Station (UGCS) or the common station which is located between SM North Edsa and Trinoma in Quezon City.

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INDUSTRY UPDATES

Men too face Sexual Harassment at Workplace

SUNGAI PETANI, Feb 14 (Bernama) - Men too have been recorded as being victims of sexual harassment at the workplace, said Women, Family and Community Development Deputy Minister, Hannah Yeoh.

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INDUSTRY UPDATES

LHDN launches eProcurement System, Suppliers' Portal

CYBERJAYA, Feb 13 (Bernama) - The Inland Revenue Board (LHDN) has launched the eProcurement (eP) system and the Suppliers’ portal as a continuous effort to improve service delivery to suppliers or tenderers dealing with the agency.

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