philippines - Banking & Finance - News

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

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

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

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

SEC halts Calata’s Initial Coin Offering

MANILA, Jan 26 (PNA) - The Securities and Exchange Commission (SEC) has stopped four companies, which are either owned, headed or associated with besieged Joseph Calata, from selling and offering for sale Krops Tokens and KropCoins.
Date: 26 January 2018; Type: Legal News; Source: Philippine News Agency

MB extends the Transitory Provisions of Circular No 938 dated 23 December 2016 and Subsection 4511N 16 of MORNBFI

The Monetary Board approved the extension of the transitory period: (i) from 28 January 2018 to 30 April 2018 on the effectivity of the Acknowledgment of Registrations (AORs) issued by the Bangko Sentral to pawnshop operators as of 28 January 2017; and (ii) from 31 January 2018 to 30 April 2018 on the effectivity of the Certificates of Registration ...
Date: 26 January 2018; Type: Legal News; Source: Central Bank

House approves Bill on Full Crop Insurance Coverage for CARP Beneficiaries

The House of Representatives has approved on second reading a bill which seeks to provide immediate financial assistance to affected Agrarian Reform Beneficiaries in the event of natural calamities to make their losses more bearable.
Date: 26 January 2018; Type: Legal News; Source: House of Representatives

MB strengthens the Guidelines on Know-Your-Member and on Fund Investments of NSSLAs

The Monetary Board (MB) approves the guidelines on the establishment of the true identity and eligibility of persons to become members of Non-Stock Savings and Loan Associations (NSSLAs), and on the determination of the propriety of NSSLAs’ fund investments.
Date: 23 January 2018; Type: Legal News; Source: Central Bank

Reforms needed to end "Policy Overload” in Fiscal Incentives System for Corporations

The Department of Finance (DOF) has underscored the need to institute reforms that would correct the “policy overload” in the country’s fiscal incentives system as a result of the proliferation of laws offering tax and duty exemption privileges to businesses in economic zones and in sectors listed in the government’s investm ...
Date: 21 January 2018; Type: Legal News; Source: Department of Finance

BSP reminds Banks on Measures Vs Clients engaged in Gaming Biz

MANILA, Jan 22 (PNA) - The Bangko Sentral ng Pilipinas (BSP) has called on banks to follow stricter measures on the rising number of clients engaged in gambling and or online gaming business.
Date: 22 January 2018; Type: Legal News; Source: Philippine News Agency

Duterte approves Law prohibiting Expiration of Gift Checks

MANILA, Dec 29 (PNA) - President Rodrigo Duterte has signed a law that prohibits the issuance of gift checks with expiry dates and imposing an expiry date on the stored value, credit, or balance of the gift certificate.
Date: 29 December 2017; Type: Legal News; Source: Philippine News Agency

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

INDUSTRY UPDATES

Government will not raise GST Rate - DPM Zahid

BAGAN DATUK, Apr 18 (Bernama) - The government has given an assurance that the country's Goods and Service Tax (GST) of sic per cent will not be raised, even after the 14th General Election.

Read More

INDUSTRY UPDATES

Government approves Sekolah Menengah Chong Hwa's Federal Land Lease Application - Wan Junaidi

KUALA LUMPUR, Apr 17 (Bernama) - The government has approved the application of Sekolah Menengah Persendirian Chong Hwa, Sentul, for a 1.2 hectare of federal land under 99 years' lease for the purpose of building the school's sports complex.

Read More

INDUSTRY UPDATES

World's First Crypto Currency Guarantee against Theft

KUALA LUMPUR, Apr 18 (Bernama) - In a world's first, GoldCrypto will protect and guarantee its cryptocurrency tokens from any theft through hacking.

Read More

INDUSTRY UPDATES

DILG has New Undersecretary, Assistant Secretary

MANILA, Apr 17 (PNA) - The Department of the Interior and Local Government (DILG) on Tuesday welcomed the appointment of two retired Philippine National Police (PNP) officials as the department’s new undersecretary and assistant secretary.

Read More

INDUSTRY UPDATES

Indonesia calls on UNESCO to legitimize 19 Cultural Properties

Jakarta, Apr 16 (ANTARA News) - Indonesia is striving for its 19 cultural properties in the temporary list of World Heritage Center of United Nations Educational, Scientific and Cultural Organization (UNESCO) to be recognized soon.

Read More

INDUSTRY UPDATES

Sri Mulyani named Best Finance Minister in Asia Pacific

Jakarta, Apr 16 (ANTARA News) - Finance Minister, Sri Mulyani Indrawati, was named the best Finance Minister in Asia and the Pacific for 2018 by Hong Kong-based financial magazine FinanceAsia for the second time in a row.

Read More