philippines - Banking & Finance - News

Romblon Rural Bank Ex-Chair convicted for faking Deposits

MANILA, June 19 (PNA) - Angeles R. Robis, former Chairman of the Board of Directors and President of the closed Rural Bank of Cajidiocan (Romblon), Inc. (RBCI), was found guilty beyond reasonable doubt on three counts of Violation of Section 26 of Republic Act No. 7353 (The Rural Banks Act of 1992) in a decision dated April 19, 2018 promulgated in ...
Date: 19 June 2018; Type: Legal News; Source: Philippine News Agency

BSP gets more Muscle

The House of Representatives has approved on second reading House Bill 7742, which seeks to give more muscle to the Bangko Sentral ng Pilipinas.
Date: 20 June 2018; Type: Legal News; Source: House of Representatives

Former Chairman and President of Rural Bank of Cajidiocan (Romblon) Inc convicted in Criminal Cases filed by the Bangko Sentral ng Pilipinas

Angeles R. Robis, former Chairman of the Board of Directors and President of the closed Rural Bank of Cajidiocan (Romblon), Inc. (RBCI), was found guilty beyond reasonable doubt on three counts of Violation of Section 26 of Republic Act No. 7353 (The Rural Banks Act of 1992) in a Decision dated 19 April 2018 promulgated in open court on 23 April 20 ...
Date: 19 June 2018; Type: Legal News; Source: Central Bank

Duterte names New SEC Chairperson

MANILA, June 6 (PNA) - President Rodrigo Duterte has appointed Emilio Benito Aquino as chairman of the Securities and Exchange Commission (SEC).
Date: 06 June 2018; Type: Industry Updates; Source: Philippine News Agency

FSCC remains Vigilant against Potential Systemic Risks

The Financial Stability Coordination Council (FSCC) recently held its quarterly meeting to assess and review potential risks to the continued stability of the Philippine financial market.
Date: 30 May 2018; Type: Industry Updates; Source: Central Bank

Monetary Board approves Conduct of the Maiden Banking Sector Outlook Survey

The Monetary Board (MB) approved the conduct of the Banking Sector Outlook Survey (BSOS), which will be used to gather the sentiments of the Presidents/Chief Executive Officers of banks in the country related to their growth outlook and risk assessments, business performance strategies, and insights on regulation and supervision. The survey is part ...
Date: 30 May 2018; Type: Industry Updates; Source: Central Bank

House okays P1.16-B Supplemental Budget for Dengvaxia Recipients

MANILA, May 30 (PNA) - With President Rodrigo R. Duterte’s certification of urgency, the House of Representatives on Tuesday night approved on second and third reading a bill authorizing a supplemental budget of PHP1.161 billion to provide assistance for Dengvaxia recipients.
Date: 30 May 2018; Type: Legal News; Source: Philippine News Agency

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

BSP Partners with DepEd and BDO Foundation to promote Financial Education in Schools

Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr., Department of Education (DepEd) Secretary Leonor-Magtolis Briones, and BDO Foundation (BDOF) President Mario Deriquito will sign a Memorandum of Agreement (MOA) on 28 May 2018 to advance financial education in the Philippines. The MOA covers the development of videos as tools to te ...
Date: 25 May 2018; Type: Industry Updates; Source: Central Bank

Monetary Board reduces Reserve Requirements anew

MANILA, May 24 (PNA) - The policy-making Monetary Board (MB) announced Thursday the reduction in the reserve requirement ratio by 1 percentage point as part of its broad medium-term financial market reform agenda.
Date: 24 May 2018; Type: Industry Updates; Source: Philippine News Agency

BSP adopts further easing of Foreign Exchange (FX) Rules

Bangko Sentral ng Pilipinas (BSP) Officer-In-Charge Diwa C. Guinigundo announced today that the rules governing the: (a) conversion of foreign currency loans granted by banks to peso loans; and (b) transfer of such loans, as well as Real and Other Properties Acquired from banks’ foreign currency deposit unit books to the Regular Banking Unit ...
Date: 18 May 2018; Type: Legal News; Source: Central Bank

BSP approves IRR of Credit Card Law

MANILA, May 4 (PNA) - The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), has approved the Implementing Rules and Regulations (IRR) of the law regulating the Philippine credit card industry, a move that is expected to put an end to arbitrary impositions by card issuers on their clients.
Date: 04 May 2018; Type: Legal News; Source: Philippine News Agency

51st ADB Meet opens in Manila

MANILA, May 3 (PNA) - The 51st Annual Meeting of Asian Development Bank’s (ADB) Board of Governors has formally opened Thursday at the ADB Headquarters in Ortigas Center, Mandaluyong City.
Date: 03 May 2018; Type: Industry Updates; Source: Philippine News Agency

Budget Reform Bill ensures Agency Accountability: Diokno

MANILA, May 2 (PNA) - The passage into law of the budget reform bill would enhance accountability of government agencies over the use of public funds with the shift to an annual cash-based budgeting system from a two-year obligation-based budget, Budget Secretary Benjamin Diokno said on Wednesday. During his regular media forum “Breakfas ...
Date: 02 May 2018; Type: Legal News; Source: Philippine News Agency

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

INDUSTRY UPDATES

Government under rising pressure to correctly tax Ride-Hailing Companies

Since June 13, ride hailing companies operating in Yangon have been obliged to pay income and commercial tax to the Yangon government under the law, U Myint Thaung, regional minister of Planning and Finance said in parliament.

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INDUSTRY UPDATES

PM Prayut: Death Penalty is Legitimate and most People agree

BANGKOK, June 20 (NNT) - The Prime Minister, Gen. Prayut Chan-o-cha, has voiced support for the execution of convicted murderers.

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INDUSTRY UPDATES

Government welcomes Opinions about Implementation of Thailand 4.0 Policy

BANGKOK, June 19 (NNT) - The government continues efforts to implement the Thailand 4.0 policy while welcoming opinions from all sides on helping to achieve its goal.

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INDUSTRY UPDATES

On World Refugee Day, De Lima files Bill to protect Refugees and Stateless Persons

In observance of World Refugee Day, Opposition Senator Leila M. de Lima today filed a measure seeking to promote and protect the rights of refugees and stateless persons in the country and prescribe a fair procedure for their status determination and eligibility.

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INDUSTRY UPDATES

MoF invites Feedback on proposed changes to the Income Tax Act

The Ministry of Finance have invited interested parties to provide feedback on the draft Income Tax (Amendment) Bill 2018 from 20 June to 11 July 2018.

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INDUSTRY UPDATES

Labor Ministry aims to find Jobs for 100,000 Unemployed Graduates

BANGKOK, June 19 (NNT) - The Labor Minister, Pol. Gen. Adul Sangsingkeo, said the Ministry of Labor aims to find jobs for about 100,000 unemployed graduates within three months.

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INDUSTRY UPDATES

Ex-President Aquino sued over DAP Mess

MANILA, June 20 (PNA) - Ombudsman Conchita Carpio Morales has indicted former President Benigno Simeon Aquino III for usurpation of legislative powers in connection with the alleged anomalous Disbursement Acceleration Program (DAP).

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INDUSTRY UPDATES

Duterte appoints CA, Sandiganbayan Associate Justices

MANILA, June 20 (PNA) - President Rodrigo R. Duterte has appointed new associate justices at the Court of Appeals (CA) and Sandiganbayan. Duterte appointed Emily Aliño-Geluz as CA Associate Justice and Georgina Dumpit Hidalgo as Sandiganbayan Associate Justice.

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INDUSTRY UPDATES

Panelo on Sereno ouster: ‘The Law may be harsh, but it is the Law’

MANILA, June 20 (PNA) - “The law may be harsh, but it is the law.” Chief Presidential Legal Counsel Salvador Panelo made this remark following the Supreme Court’s decision affirming the quo warranto petition, which ousted Ma. Lourdes Sereno as Chief Justice.

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INDUSTRY UPDATES

Carpio to decline Nominations as Next CJ

MANILA, June 20 (PNA) - Acting Chief Justice Antonio Carpio on Wednesday said he would decline all nominations for the top judiciary post, stressing that he doesn't want to benefit from the quo warranto petition which ousted Chief Justice Ma. Lourdes Sereno.

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INDUSTRY UPDATES

SC begins Oral Arguments on Same-Sex Marriage

MANILA, June 20 (PNA) - The Supreme Court (SC) on Tuesday started the oral argument on the petition filed last May 2015 challenging the validity of provisions of the Family Code limiting marriage to heterosexual couples.

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INDUSTRY UPDATES

PCC to draft List of Fair Competition Violators

MANILA, June 20 (PNA) - The Philippine Competition Commission (PCC) announced that it will soon generate a list of industries within the manufacturing sector that violate laws on fair competition.

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INDUSTRY UPDATES

Government announces New MIC Appointments, U Thaung Tun as New Chair

The Union government on Saturday officially announced changes in the ranks of the Myanmar Investment Commission (MIC).

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INDUSTRY UPDATES

Laos, Vietnam strengthen Digital Cooperation

Laos and Vietnam have agreed to cooperate in the field of digital information technology after reaching an agreement in Vientiane on Tuesday at the Lao Blockchain Forum.

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INDUSTRY UPDATES

Special Committee to monitor Prices after Zero GST

KOTA KINABALU, June 20 (Bernama) - An activist on human rights and consumerism in Sabah today suggested the setting up of a special committee to ensure traders and wholesalers in Sabah reduce or maintain the low price of their goods following the abolishment of the Goods and Services Tax (GST) last June 1.

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