Monday, 19 February 2018
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philippines - Banking & Finance - News

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

MB approves Guidelines on Branch-Lite for greater Financial Access

The Monetary Board (MB) approved the guidelines on the establishment of bank branch-lite units anywhere in the country to facilitate greater access to efficient and competitive financial products and services.
Date: 20 December 2017; Type: Legal News; Source: Central Bank

CA junks Insider Trading Raps Vs Ongpin

MANILA, Dec 12 (PNA) - The Court of Appeals (CA) has dismissed insider trading charges against businessman and former trade minister Roberto V. Ongpin that involved shares of Philex Mining Corp. in 2009.
Date: 12 December 2017; Type: Legal News; Source: Philippine News Agency

Palace optimistic Senate, House will break Impasse on 2018 Budget

MANILA, Dec 4 (PNA) - Malacañang on Monday expressed optimism that the Senate and the House of Representatives would be able to thresh out their differences and pass the proposed 2018 General Appropriations Act (GAA) and avoid a reenacted budget for next year.
Date: 04 December 2017; Type: Legal News; Source: Philippine News Agency

Senate okays 2018 National Budget on Final Reading

MANILA, Nov 30 (PNA) - The Senate on Wednesday night unanimously approved on third and final reading its version of the proposed 2018 national budget worth PHP3.767 trillion.
Date: 30 November 2017; Type: Legal News; Source: Philippine News Agency

MB approves Sanctions on MBTC

The Monetary Board (MB) approved the imposition of sanctions on Metropolitan Bank and Trust Company (MBTC) in connection with the examination conducted by the Bangko Sentral ng Pilipinas (BSP) relating to the P1.75 billion fraud allegedly perpetrated by one of its officers. In determining the appropriateness of the sanctions, the MB took into consi ...
Date: 28 November 2017; Type: Legal News; Source: Central Bank

BSP need not Mirror Federal Reserve Decisions: Espenilla

MANILA, Nov 24 (PNA) - The Bangko Sentral ng Pilipinas (BSP) need not follow what the Federal Reserve does since these central banks have different factors to consider in implementing their monetary policies, BSP Governor Nestor A. Espenilla Jr. said Friday.
Date: 24 November 2017; Type: Legal News; Source: Philippine News Agency

Bill seeks Insurance Coverage for MRT, LRT Passengers

MANILA, Nov 24 (PNA) - A lawmaker in the House of Representatives is pushing for the provision of insurance coverage to passengers of mass rail transit and light rail services.
Date: 24 November 2017; Type: Legal News; Source: Philippine News Agency

House seeks to strengthen PCIC

The House committee on appropriations chaired by Rep. Karlo Alexei Nograles (1stDistrict, Davao City) approved a substitute bill seeking to strengthen the Philippine Crop Insurance Corporation (PCIC) and improve its capability to provide farmers with additional government support to raise agricultural production.
Date: 17 November 2017; Type: Legal News; Source: Philippine News Agency

House paves way for Insurance Coverage to CARP Recipients

The House committee on appropriations chaired by Rep. Karlo Alexei Nograles (1st District, Davao City) approved a substitute bill which seeks to grant full insurance coverage to all qualified Agrarian Reform Beneficiaries (ARBs) of the Comprehensive Agrarian Reform Program (CARP). The committee approved the unnumbered substitute bill of House ...
Date: 08 November 2017; Type: Legal News; Source: House of Representatives

DOF focusing on 3 Initiatives to improve Ease of doing Business

The Department of Finance is harnessing the power of digital technology to implement three major initiatives in improving the ease of doing business in the country.
Date: 05 November 2017; Type: Legal News; Source: Department of Finance

BSP introduces Preferential Rate for MSME Loans

MANILA, Nov 3 (PNA) - The Monetary Board (MB), the policy-making body of the Bangko Sentral ng Pilipinas’ (BSP), has approved a lower risk weighting of 20 percent on loans extended by banks to micro, small and medium enterprises (MSMEs) if these are guaranteed by a qualified Credit Surety Fund (CSF) Cooperative.
Date: 03 November 2017; Type: Legal News; Source: Philippine News Agency

Industry Updates

Swiss Institute of Federalism ink Academic Cooperation with UP

MANILA, Feb 16 (PNA) - The University of the Philippines-National College of Public Administration and Governance (NCPAG) and the University of Fribourg’s Institute of Federalism (IFF) have entered into a Memorandum of Understanding (MOU) for academic cooperation and exchange, the Department of Foreign Affairs (DFA) said.

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Thailand, Cambodia discuss Nationality Verification for Migrant Workers

PHNOM PENH, Feb 14 (NNT) - Thailand's Labor Minister Adul Sangsingkeo and his Cambodian counterpart Ith Samheng discussed the nationality verification for undocumented migrant workers.

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Group urges DOLE: release Rules on 'Workplace Romance'

MANILA, Feb 13 (PNA) - A group called on the Department of Labor and Employment (DOLE) to issue guidelines on workplace romance policy to prevent employers from implementing oppressive management prerogatives.

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Individuals earning above P250K also getting Bigger Take-Home Pay under TRAIN

The Tax Reform for Acceleration and Inclusion Act (TRAIN) effectively increases the take-home pay not only of salaried workers earning P250,000 yearly and below but also of those with annual taxable income from P250,000 to a maximum of P2 million.

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ASEAN: Terrorism most serious Security Threat to Region

SINGAPORE, Feb 6 (Bernama) - The ASEAN Defence Ministers today unanimously identified terrorism as the most serious security threat to the region.

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ASEAN unanimously agreed on KSCIP Initiative

SINGAPORE, Feb 6 (Bernama) - All 10 ASEAN countries have agreed with the King Salman Center for International Peace (KSCIP) initiative, said Malaysian Defence Minister Datuk Seri Hishammuddin Tun Hussein.

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DOJ provides Legal Aid to 11,833 Persons in 2017

MANILA, Feb 4 (PNA) - Close to 12, 000 people were given legal assistance through the Department of Justice Action Center (DOJAC) in 2017.

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UP Board of Regents names Proffessor Fides Cordero-Tan as new UP Law Dean

The UP Board of Regents announced the appointment of Atty. Fides Cordero-Tan as the new dean of the UP College of Law on Jan. 26, 2018.

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IPOPHL to heighten IPR Enforcement; seeks MOU with Anti-Crime Body

The Intellectual Property Office of the Philippines (IPOPHL) is seeking to intensify intellectual property rights enforcement in the country, targeting to craft a Memorandum of Understanding (MOU) with other members of the Sub-Committee on Organized Crime of the National Law Enforcement Coordinating Committee (NALECC-SCOC).

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Century-Old Biz Group wants Mining Law amended

MANILA, Jan 31 (PNA) - The country’s oldest business organization, the Chamber of Commerce of the Philippines Islands (CCPI), has sought sponsorship in Congress to amend mining laws.

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IPOPHL eyes to expand Enforcement of Intellectual Property Rights

MANILA, Jan 29 (PNA) - The Intellectual Property Office of the Philippines (IPOPHL) aims to further expand intellectual property rights (IPR) enforcement through cooperating with members of the Sub-Committee on Organized Crime of the National Law Enforcement Coordinating Committee (NALECC-SCOS).

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SC to act on Mamasapano Trial Transfer

MANILA, Jan 26 (PNA) - The Supreme Court is set to tackle the transfer of trial of the criminal case over the Mamasapano clash that killed more than 60 persons, including 44 members of the elite Philippine National Police-Special Action Force (PNP-SAF).

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