philippines - Banking & Finance - Notices & Directives

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

Reduction of Reserve Requirement on Repurchase Transactions

Circular No. 983; Series of 2017
Date: 23 November 2017; Type: Circular; Source: Central Bank

Enhanced Guidelines on Information Security Management

This circular is to notify that the Monetary Board has approved the revisions to the guidelines on information security management of Bangko Sentral Supervised Financial Institutions. Circular No. 982; Series of 2017
Date: 09 November 2017; Type: Circular; Source: Central Bank

INDUSTRY UPDATES

Duterte will ‘definitely’ Order Oil Excise Tax Suspension

MANILA, Oct 15 (PNA) - Malacañang on Monday confirmed that President Rodrigo R. Duterte will soon order the temporary suspension of the second tranche of excise tax on fuel, but has yet to decide whether it will heed a senator's suggestion to suspend it "now or sooner."

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INDUSTRY UPDATES

Indonesia's proposal on Tuna Labeling approved by Asean Ministers

Jakarta, Oct 15 (ANTARA News) - Indonesia`s proposal on the ASEAN Tuna Eco-Labeling (ATEL) policy has been approved and endorsed at the ASEAN Ministers of Agriculture and Forestry (AMAF) meeting in Hanoi, Vietnam.

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INDUSTRY UPDATES

IMF-WB - Indonesia to use OECD Recommendations to set up Policies

Nusa Dua, Bali, Oct 14 (ANTARA News) - Indonesia will use a recommendation on tourism development from the OECD (Organization for Economic Cooperation Development) as one of the references in setting up policies.

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INDUSTRY UPDATES

Deterrent Punishment must be imposed if Death Sentence to be abolished - AADK

BANGI, Oct 15 (Bernama) - The National Anti-Drug Agency (AADK) urged the government to decide on appropriate punishment for drug offences, if the mandatory death sentence to be abolished, says its director-general Datuk Seri Zulkifli Abdullah.

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INDUSTRY UPDATES

Parliament building declared Smoke-Free Zone

PUTRAJAYA Oct 15 - Smoking-designated corners inside the Parliament building have been declared as smoke-free zones, effective today, said Health Minister Datuk Seri Dr Dzulkefly Ahmad.

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INDUSTRY UPDATES

Launch of Professional Mobility Framework, Social and Sustainability Bond Standards

The ASEAN Capital Markets Forum (ACMF) met in Singapore and launched two key initiatives to drive a more connected and sustainable ASEAN capital market. These initiatives complement the measures introduced by the ACMF on collective investment schemes, corporate governance, disclosure standards and capacity building.

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INDUSTRY UPDATES

IPOS Assistant Chief Executive speaks at INTA Asia-Pacific Conference

Assistant Chief Executive Mr Ng Kok Wan spoke at the International Trademark Association (INTA) Asia-Pacific Conference 2018, which took place on 11 Oct in Sydney, Australia.

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INDUSTRY UPDATES

Total Abolition of the Death Penalty - The Right Time to Do the Right Thing, says Bar

The Malaysian Bar has wholeheartedly welcomed the decision of the Malaysian Cabinet to totally abolish the death penalty in Malaysia. "We commend the Minister in the Prime Minister’s Department (Law), Datuk Liew Vui Keong, for making the announcement on 10 October 2018, which coincided with the 16th World Day Against the Death Penalty. We look forward to seeing the legislation being tabled and passed by both houses of Parliament in the Parliamentary session that begins on 15 October", said the President of the Malaysian Bar, Mr. George Varughese.

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INDUSTRY UPDATES

Singapore and Indonesia sign Bilateral Investment Treaty to promote Stronger Economic Ties

Singapore and Indonesia signed an Agreement on the Promotion and Protection of Investments, also known as the Bilateral Investment Treaty (BIT), at the Singapore-Indonesia Leaders’ Retreat in Bali, Indonesia, today. Minister for Trade and Industry Chan Chun Sing, who is attending the Leaders’ Retreat as part of the Singapore delegation, signed the agreement with Indonesian Minister for Foreign Affairs Retno Marsudi. The signing was witnessed by Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo.

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INDUSTRY UPDATES

New EODB Law to impact 2020 doing Business Survey

Department of Trade and Industry (DTI) Undersecretary Rowel S. Barba said on 10 October that the new Ease of Doing Business (EODB) Act can significantly affect the country’s rankings in the upcoming 2020 Doing Business (DB) Survey if government agencies strictly implement the law.

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INDUSTRY UPDATES

SC advocates Sustainable Investing at InvestSmart Fest 2018

InvestSmart® Fest 2018, an investor education initiative by the Securities Commission Malaysia (SC), was officiated by Yang Berhormat Syed Saddiq Syed Abdul Rahman, Minister of Youth and Sports Malaysia at the Kuala Lumpur Convention Centre today.

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INDUSTRY UPDATES

Singapore needs to regain Edge in Legal Tech, says Chief Justice

Chief Justice Sundaresh Menon has urged the Singapore Academy of Law to strive to get the legal profession to step up in the area of legal technology, and help the country regain its status as the world leader.

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INDUSTRY UPDATES

EC clarifies New Election Law to Press Members

BANGKOK, Oct 12 (NNT) - The Election Commission (EC) has clarified the new election law to press members.

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INDUSTRY UPDATES

NLA approves Committee to vet Election Commission Candidates

BANGKOK, Oct 12 (NNT) - The National Legislative Assembly (NLA) has approved the establishment of a committee to vet the two Election Commission candidates.

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INDUSTRY UPDATES

369,148 Ordinance Violators apprehended in Metro Manila: NCRPO

MANILA, Oct 12 (PNA) - Close to 370,000 persons in Metro Manila were apprehended for violation of local ordinances since June this year.

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INDUSTRY UPDATES

Indonesia, Japan sign MoC on Law and Human Right

Jakarta, Oct 14 (ANTARA News) - The governments of Indonesia and Japan have signed a Memorandum of Cooperation in Law and Human Right, the Indonesian embassy in Tokyo said in a statement received here on Saturday.

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INDUSTRY UPDATES

Indonesia, Thailand Ombudsmen sign Memorandum of Understanding

Jakarta, Oct 13 (ANTARA News) - The Chairman of Ombudsman Commission of the Republic of Indonesia, Prof. Amzulian Rifai, and the Chairman of the Royal Thai Ombudsman signed a Memorandum of Understanding (MoU) on cooperation between the Indonesian Ombudsman and the Royal Thai Ombudsman in Bangkok, Thailand, on Oct 10.

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INDUSTRY UPDATES

ASEAN Secretariat seeks to improve Engagement with Private Sector

Jakarta, Oct 12 (ANTARA News) - The ASEAN Secretariat held the First ASEAN Economic Community Dialogue recently to seek a more proactive two-way communication with the private sector on matters related to the ASEAN Economic Community.

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