philippines - Banking & Finance - Notices & Directives

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

Guidelines on Warrants of Distraint, Levy and Garnishment

This Circular is to advise all banks of the issuance of Social Security System (SSS) Circular No. 2018-007, that embodies the guidelines on Warrants of Distraint, Levy and Garnishment to be imposed on all delinquent or non-compliant employers for the collection of due and demandable social security contributions. The SSS Circular No. 2018-007 dated ...
Date: 17 August 2018; Type: Circular; Source: Central Bank

Revocation of Banking License of 5 Speed Rural Bank Inc

This is to notify that the Monetary Board has revoked the banking license of 5 Speed Rural Bank, Inc. in view of its request for voluntary dissolution. Circular Letter No. CL-2018-048
Date: 29 June 2018; Type: Circular; Source: Central Bank

New Bangko Sentral Registration Document Form for Foreign Portfolio Investments

This is to notify that from 23 June 2018, the new BSRD "B" series forms are to be used by banks registering the Foreign Portfolio Investments and all banks should return the unused BSRD "A" series forms in their custody to the International Operation. Circular Letter No. CL-2018-046
Date: 22 June 2018; Type: Circular; Source: Central Bank

Guidelines on the Establishment and Operations of Credit Card Issuers to Implement Republic Act No. 10870

This Circular by the Monetary Board is to notify the approval of the Guidelines on the Establishment and Operations of Bank and Non-Bank Credit Card Issuers to implement the Philippine Credit Card lndustry Regulations Law, and to amend the relevant provisions of the Manual of Regulations for Non-Bank Financial Institut ...
Date: 16 May 2018; Type: Circular; Source: Central Bank

Request for Comments on the Proposed Guidelines on the Issuance of Green Bonds under the ASEAN Green Bonds Standards

The Securities and Exchange Commission proposes to issue guidelines on the Issuance of Green Bonds under the ASEAN Green Bonds Standards. In order to do so the Commission is seeking views, comments and inputs to the proposed guidelines from interested parties not later than 21 May 2018 by email.
Date: 10 May 2018; Type: Circular; Source: Securities and Exchange Commission

Amendment to Rule 38.2.7 of the Securities Regulation Code

Amendment of Rule 38.2.7 of the 2015 Implementing Rules and Regulation of the Securities Regulation Code. SEC Memorandum Circular No. 7, Series of 2018
Date: 20 April 2018; Type: Circular; Source: Securities and Exchange Commission

Guidelines on the Settlement of Instant Retail Payments

The goal of this Circular is to provide guidelines on settlement of instant retail payments, creating sections and subsections in the Manual of Regulations for Banks/ Manual of Regulations for Non-bank Financial Institutions. Circular No. 1000, Series of 2018
Date: 23 April 2018; Type: Circular; Source: Central Bank

Lost Bangko Sentral Registration Document

This Circular informs that, the registration document of the foreign direct investments of Fujitsu International Engineering Limited, Japan in Fujitsu Telecom Systems Philippines, Inc. has been reported lost and it should not be honored if found and presented for purchase of foreign exchange for capital repatriation or remittance of dividends. Circ ...
Date: 20 March 2018; Type: Circular; Source: Central Bank

Amendment on the Allowable Investments of Unit Investment Trust Funds

This Circular is to notify the amendment of Subsection X410.9/4410Q.9 of the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions, on the allowable investments of UIT Funds. Circular No. 999, Series of 2018
Date: 14 March 2018; Type: Circular; Source: Central Bank

Guidelines on the Electronic Submission of the Minimum Liquidity Ratio Report during the Observation Period

This Circular notifies the procedures to be observed for the quarterly submission of the Minimum Liquidity Ratio Report during observation period from 1 January to 31 December 2018. Only electronic submissions originating from officially registered e-mail address/es of BSP Supervised Financial Institutions (BSFIs) shall be recognized and accep ...
Date: 22 February 2018; Type: Circular; Source: Central Bank

Uniform Loan and Mortgage Agreement and its Supplemental Terms and Conditions Templates for Real Estate Mortgages

Bangko Sentral ng Pilipinas informs that the Uniform Loan and Mortgage Agreement and its Supplemental Terms and Conditions templates proposed by the industry and confirmed by the Land Registration Authority are ready for use by BSP-Supervised Financial Institutions for their Real Estate Mortgages. Memorandum No. M-2018-001
Date: 18 January 2018; Type: Circular; Source: Central Bank

Philippine Payments Management Inc (PPMI)

Recognition of Philippine Payments Management, Inc as the payment system management body (PSMB) under the National Retail Payment System (NRPS) by the Monetary Board. Circular Letter No. CL-2018-005
Date: 12 January 2018; Type: Circular; Source: Central Bank

Amendments to the Manual of Registration on Foreign Exchange Transactions as amended

The Regulations on Foreign Exchange Transactions Manual is revised. Circular No. 984; Series of 2017
Date: 22 December 2017; Type: Circular; Source: Central Bank

Updated List of Accredited Rural Financial Institutions for implementing the Agri-Agra Reform Credit Act

In accordance with the Rules and Regulations of the Agri-Agra Reform Credit Act of 2009, this Circular lists the Rural Financial Institutions accredited by the Bangko Sentral ng Pilipinas and the Agricultural Credit Policy Council. Circular Letter No. CL- 2017- 074
Date: 20 December 2017; Type: Circular; Source: Central Bank

Temporary Window for Registration of Private Sector Foreign Loans/Borrowings

These Guidelines are issued with respect to the six-month temporary window for registration of private sector foreign loans/borrowings. Circular No. 985; Series of 2017
Date: 22 December 2017; Type: Circular; Source: Central Bank

BSP Operations pursuant to Malacanang Memorandum Circular No. 37

This Memorandum requires all banks and NBQBs to make necessary prior arrangements to ensure smooth operations on the regular holidays and the dates immediately after covered by Malacanang Memorandum Circular No. 37. Memorandum No. M-2017- 037
Date: 22 December 2017; Type: Circular; Source: Central Bank

Standards for Accreditation of the Microfinance NGOs Act

Draft Governance, Social and Financial Performance refers to the formulation of the Standards for Accreditation of Microfinance NGOs pursuant to the implementation of Republic Act No. 10693.
Date: 29 November 2017; Type: Circular; Source: Securities and Exchange Commission

Relaunched Consolidation Program for Rural Banks (CPRB)

Consolidation Program for Rural Banks (CPRB) is a progressive incentive program designed to encourage mergers and consolidations among Rural Banks (RBs) and it was established to strengthen the rural banking industry, in recognition of the major role that RBs play in providing essential financial services to communities, particularly in their speci ...
Date: 17 November 2017; Type: Circular; Source: Central Bank

INDUSTRY UPDATES

Palace suspends Government Work for Holy Week Exodus

MANILA, Apr 17 (PNA) - Malacañang suspended work on Wednesday (April 17), 12 noon onwards, to allow government employees to travel to their respective regions in time for the observance of Maundy Thursday (April 18) and Good Friday (April 19).

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INDUSTRY UPDATES

JBC asks Applicant to comment on Gadon Opposition

MANILA, Apr 16 (PNA) - The Judicial and Bar Council (JBC) has asked an applicant for a vacancy in the Court of Tax Appeals (CTA) to comment on an opposition to her appointment filed last month by senatorial candidate and lawyer, Lorenzo "Larry" Gadon.

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INDUSTRY UPDATES

PCC approves Ayala-PHINMA Energy Deal

MANILA, Apr 15 (PNA) - The Philippine Competition Commission (PCC) has approved the acquisition of the majority stake in PHINMA Energy by Ayala Corporation’s power branch, AC Energy.

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INDUSTRY UPDATES

8,254 Workers Re-employed after getting Assistance from ESO

KUALA LUMPUR, Apr 16 (Bernama) - A total of 8,254 unemployed workers have been re-employed after receiving assistance from the employment service officers (ESOs) since the Re-Employment Placement Programme for Employment Insurance System (EIS) commenced in August 2018.

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INDUSTRY UPDATES

Two Indonesians fined RM100,000 for Possessing Illicit Cigarettes

KLANG, Apr 16 (Bernama) - Two Indonesian retail shop workers were fined RM100,000 by the Magistrate Court here today after pleading guilty to possessing 854 packs of illegal cigarettes of various brands valued at RM1,668.56.

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INDUSTRY UPDATES

"Go to the Mosque, get Closer to God," Judge advises Robber

IPOH, Apr 16 (Bernama) - "Go to the mosque, get closer to God, be a good person and stop taking drugs," Sessions Court judge Azman Abu Hassan told a palm oil fruit collector.

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INDUSTRY UPDATES

Fake News Bill: Law Society refutes Online Flak over Alleged Silence

Law Society president Gregory Vijayendran said that the organization will share their views over the draft Protection from Online Falsehoods and Manipulation Act privately with policymakers, and has refuted online flak about its so-called "deafening silence".

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INDUSTRY UPDATES

SC suspends Work in Courts for Holy Week

MANILA, Apr 15 (PNA) - The Supreme Court (SC) on Monday announced its modified work schedule for the Holy Week, starting with a half-day work on Wednesday.

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INDUSTRY UPDATES

Fourth 'Justice Zone' opens in Pampanga

MANILA, Apr 13 (PNA) - The fourth Justice Zone in the country has been formally opened in Angeles, Pampanga by the Justice Sector Coordinating Council (JSCC).

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INDUSTRY UPDATES

Indonesia Industrial Summit to be held on April 15-16

Jakarta, April 13 (ANTARA) - The Industry Ministry will organize the 2019 Indonesia Industrial Summit (IIS) themed "Implementation of Making Indonesia 4.0 Toward Top Ten Global Economies", in ICE BSD, Tangerang, Banten Province, on April 15 and 16.

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INDUSTRY UPDATES

200 Lawyers gather in Kuala Lumpur for TerraLex

KUALA LUMPUR, Apr 13 (Bernama) - A total of 200 lawyers from 50 countries have gathered here for the TerraLex Global Meeting to discuss a wide variety of legal and economic issues impacting Malaysia.

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INDUSTRY UPDATES

Chief Justice pens Touching Farewell to Colleagues

PUTRAJAYA, Apr 13 (Bernama) - "All I ask from you is to protect the judiciary no matter what others may say," said Tan Sri Richard Malanjum in his farewell message to the judges, officers and employees of the judiciary upon his retirement yesterday.

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INDUSTRY UPDATES

Chief Justice Richard Malanjum retires

PUTRAJAYA, Apr 12 (Bernama) - Chief Justice Tan Sri Richard Malanjum retires today after serving 27 years in the judiciary.

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INDUSTRY UPDATES

SC launches New Public-Friendly Website

BAGUIO CITY, Apr 11 (PNA) - Supreme Court Chief Justice Lucas Bersamin on Thursday launched the High Court's new and improved website, which includes a court locator directory for lower courts and an e-library of the tribunal's decisions and resolutions.

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INDUSTRY UPDATES

Appointment of Suhakam Commissioner for Children to be announced this Month

KUALA LUMPUR, Apr 11 (Bernama) - The Legal Affairs Division in the Prime Minister's Department is expected to announce the appointment of a Suhakam (Human Rights Commission of Malaysia) commissioner for the portfolio of children this month.

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INDUSTRY UPDATES

Proposed Amendment to Constitution not done in haste - Liew

KUALA LUMPUR, Apr 10 (Bernama) - Minister in the Prime Minister's Department Datuk Liew Vui Keong today brushed off claims that the proposed amendment to Article 1(2) of the Federal Constitution was done in haste, saying the MPs from Sabah and Sarawak were given ample time to deliberate the matter.

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INDUSTRY UPDATES

Re-tabling of Amendment Bill depends on Needs - Dr Mahathir

KUALA LUMPUR, Apr 10 (Bernama) - Prime Minister Tun Dr Mahathir Mohamad said re-tabling of the bill to amend the Federal Constitution to give Sabah and Sarawak equal status with Peninsular Malaysia, which failed to get two-thirds majority support in the Dewan Rakyat yesterday, would depend on needs.

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INDUSTRY UPDATES

Hearing of Najib's Appeal to disqualify Gopal Sri Ram as Prosecutor Rescheduled to April 23

PUTRAJAYA, Apr 10 (Bernama) - The Court of Appeal has rescheduled to April 23 to hear Datuk Seri Najib Tun Razak's appeal against a High Court's dismissal of his application to disqualify former Federal Court judge Datuk Seri Gopal Sri Ram from leading the prosecution team in his 1Malaysia Development Bhd (1MDB) cases.

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