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

Justice Ministry: US Claims ‘baseless’

The Ministry of Justice on Tuesday reacted to recent “baseless” claims by the US Embassy in Phnom Penh regarding the case of former opposition leader Kem Sokha, urging the embassy to stop spreading misinformation regarding the implementation of the law in Cambodia.

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Court adjourns Tony Pua's Appeal against Interim Injunction over RUU355 Video Clip

PUTRAJAYA, Feb 20 (Bernama) - The Federal Court today adjourned the appeal hearing by Damansara Member of Parliament Tony Pua Kiam Wee against an interim injunction order over his alleged video clip relating to the tabling of Syariah Courts (Criminal Jurisdiction) (Amendment) Bill 2016 or RUU355.

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INDUSTRY UPDATES

DOJ urged to Act on Murder Raps vs PNP Men in Lawyer's Death

MANILA, Feb 19 (PNA) - A former Cebu City councilor asked the Department of Justice (DOJ) Monday to charge policemen implicated in the killing of his brother, lawyer Noel Archival, five years ago.

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INDUSTRY UPDATES

Laos, Japan celebrate 20 Years of Legal, Judicial Cooperation

The Lao and Japanese governments have highlighted 20 years of achievement in cooperation to strengthen the legal and judicial sectors in Laos, especially with regard to human resource development.

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INDUSTRY UPDATES

Sarawak Lawyers wants Government to set up RCI over Judge Allegations

MIRI, Feb 19 (Bernama) - The Advocates Association of Sarawak (AAS) has proposed to the government to set up a Royal Commission of Inquiry (RCI) over the allegation of judicial interference in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer recently.

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INDUSTRY UPDATES

MACC meets Judge Hamid Sultan over 63-Page Affidavit

PUTRAJAYA, Feb 18 (Bernama) - The Malaysian Anti-Corruption Commission (MACC) today met with Court of Appeal judge Datuk Dr Hamid Sultan Abu Baker over his recent 63-page affidavit, filed last week, on allegations of judicial interference.

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INDUSTRY UPDATES

CBM headed in Right Direction, Bank Development expected: Experts

The Central Bank of Myanmar (CBM) has begun taking the initial steps to stand as an independent body, local financial experts and economists say.

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INDUSTRY UPDATES

Retired SC Justice Azcuna 'Selfless Government Worker': Palace

MANILA, Feb 15 (PNA) - Malacañang wished retired Supreme Court (SC) Associate Justice Adolfo Azcuna the best as he celebrates his 80th birthday on Saturday.

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INDUSTRY UPDATES

Rule of Law followed in Ressa Arrest

MANILA, Feb 15 (PNA) - Malacañang on Friday said the rule of law was followed in the arrest of Rappler chief executive officer Maria Ressa for cyberlibel amid criticisms of suppressing press freedom.

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INDUSTRY UPDATES

Rebuilding ASEAN’s Financial Safety Net

Singapore and Indonesia signed a US$10 billion (K15.23 trillion) bilateral swap agreement last October, allowing the two countries to assist each other during times of financial stress through US dollar loans. The move signalled a willingness by ASEAN countries to play a bigger and more direct role in strengthening the region’s financial stability, but there is still much more to do.

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INDUSTRY UPDATES

Judiciary lodges Police Report over Allegations in Affidavit

PUTRAJAYA, Feb 15 (Bernama) - The Judiciary has lodged a police report over allegations made against unnamed judges and the institution in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer.

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INDUSTRY UPDATES

Blind Woman's Persistence to become Lawyer bears Fruit

KUALA LUMPUR, Feb 15 (Bernama) - ‘Where there’s a will, there’s a way’, this proverb illustrates the determination and diligence of a visually impaired young woman who has achieved her dream of becoming a lawyer.

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INDUSTRY UPDATES

Lawyer urges Government and CJ to address Justice Hamid's Revelations

KUALA LUMPUR, Feb 15 (Bernama) - Lawyer Sangeet Kaur Deo has called on the government and Chief Justice to immediately look into the claims by Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer, contained in his affidavit which revealed misconduct of top judges and judicial interference.

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INDUSTRY UPDATES

Decision on Minimum Wage Increases due in March

BANGKOK, Feb 13 (NNT) - The final decision on Minimum Wage increases will be made in March, with new rates to vary in accordance with economic conditions in each province.

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INDUSTRY UPDATES

No Violation of Ressa's Civil Rights: DOJ

MANILA, Feb 14 (PNA) - Justice Secretary Menardo Guevarra on Thursday assured full protection of the civil rights of online news website Rappler's publisher Maria Ressa, who was arrested on Wednesday in connection with a cyber libel complaint filed against her and the media firm by a private individual.

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INDUSTRY UPDATES

DOTr inks Deal on Common Station Construction

MANILA, Feb 13 (PNA) - The Department of Transportation (DOTr) on Wednesday signed a contract with a private consortium for the construction of Area A of the Unified Grand Central Station (UGCS) or the common station which is located between SM North Edsa and Trinoma in Quezon City.

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INDUSTRY UPDATES

Men too face Sexual Harassment at Workplace

SUNGAI PETANI, Feb 14 (Bernama) - Men too have been recorded as being victims of sexual harassment at the workplace, said Women, Family and Community Development Deputy Minister, Hannah Yeoh.

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INDUSTRY UPDATES

LHDN launches eProcurement System, Suppliers' Portal

CYBERJAYA, Feb 13 (Bernama) - The Inland Revenue Board (LHDN) has launched the eProcurement (eP) system and the Suppliers’ portal as a continuous effort to improve service delivery to suppliers or tenderers dealing with the agency.

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