philippines - Banking & Finance - News

House ratifies 2019 National Budget

MANILA, Feb 8 (PNA) - The House of Representatives on Friday ratified the bicameral conference committee report on the proposed PHP3.757 trillion national budget for 2019.
Date: 08 February 2019; Type: Legal News; Source: Philippines News Agency

House proposes Abandonment of the One Year Cash-Based Budgeting System

Rep. Rolando Andaya, Jr. (1st District, Camarines Sur), Chairman of the House Committee on Appropriations, proposed the abandonment of the one year cash-based budgeting system as proposed in the National Expenditure Program (NEP).
Date: 31 January 2019; Type: Legal News; Source: House of Representatives

Senate approves 2019 National Budget

MANILA, Jan 21 (PNA) - The Senate approved on third and final reading the proposed PHP3.757-trillion 2019 national budget or the General Appropriations Bill (GAB) on Monday.
Date: 21 January 2019; Type: Legal News; Source: Philippines News Agency

BSP, IMF host First Regional Dialogue on Financial Stability

MANILA, Jan 21 (PNA) - The Bangko Sentral ng Pilipinas (BSP) and the International Monetary Fund (IMF) are co-hosting the Inaugural Regional Dialogue on Financial Stability (FS) for ASEAN Central Banks on Jan. 21-22 at the Philippine International Convention Center, with the theme, “Ensuring Financial Stability in the Region: Some Policy and ...
Date: 21 January 2019; Type: Legal News; Source: Philippine News Agency

PH Banking System resilient amid External Concerns

MANILA, Dec 31 (PNA) - The Philippine banking system has remained fundamentally strong despite having its share of challenges over the years, and 2018 proved to be no exception.
Date: 31 December 2018; Type: Industry Updates; Source: Philippine News Agency

House Panel to probe 'Budget Anomalies' in January

MANILA, Dec 13 (PNA) - The House of Representatives rules committee will start its investigation on the alleged “budget anomalies and questionable allocations” by the Department of Budget and Management (DBM) on January 3, Majority Leader Rolando Andaya Jr. announced on Thursday.
Date: 13 December 2018; Type: Industry Updates; Source: Philippine News Agency

SGMA Bill regulating Islamic Banking in PHL Hurdles Final Reading

The House of Representatives, voting 121-0 without abstention, approved on third and final reading House Bill 8281 or “An Act Providing for the Regulation and Organization of Islamic Banks” which is authored by former President and now Speaker Gloria Macapagal-Arroyo.
Date: 27 November 2018; Type: Legal News; Source: House of Representatives

House extends availability of 2018 Budget

MANILA, Nov 26 (PNA) - The House of Representatives on Monday approved on third and final reading a joint resolution seeking to extend the availability of the 2018 appropriations for maintenance and other operating expenses (MOOE) and capital outlays (COs) until Dec. 31, 2019.
Date: 26 November 2018; Type: Legal News; Source: Philippine News Agency

DBM adopts More Government Budgetary, Fiscal Reforms

TAGAYTAY CITY, Nov 23 (PNA) - The Department of Budget and Management (DBM) is adopting more budgetary and fiscal reforms for an innovative, effective, and responsive government in the long term, Budget Secretary Benjamin E. Diokno said on Thursday.
Date: 23 November 2018; Type: Legal News; Source: Philippine News Agency

BPI BanKo partners with BSP for Exchange of Unfit Currencies

MANILA, Nov 21 (PNA) - Ten branches of BPI Direct BanKo (BanKo) nationwide will start accepting unfit currencies starting December 3, 2018 as part of the bank's partnership with the Bangko Sentral ng Pilipinas (BSP), to jointly promote coins recirculation and the Clean Notes program.
Date: 21 November 2018; Type: Industry Updates; Source: Philippine News Agency

House approves Bill on Regulation of Islamic Banks

MANILA, Nov 20 (PNA) - A measure seeking to organize and regulate Islamic banks in the country hurdled final reading at the House of Representatives.
Date: 20 November 2018; Type: Legal News; Source: Philippine News Agency

House okays P3.757-T 2019 National Budget

MANILA, Nov 20 (PNA) - The House of Representatives on Tuesday approved on third and final reading the proposed PHP3.757-trillion 2019 national budget.
Date: 20 November 2018; Type: Legal News; Source: Philippine News Agency

RA 11057 to help MSMEs acquire Loans

MANILA, Nov 19 (PNA) - Universal and commercial banks (U/KBs) in the Philippines are expected to hike their Agri-Agra rule compliance through the Personal Property Security Act, which effectively increases the list of assets that small businesses can use as loan collaterals.
Date: 19 November 2018; Type: Legal News; Source: Philippine News Agency

Corporate Tax Reform offers Better, more attractive Incentives - DOF

Qualified enterprises can benefit from an improved set of investment incentives under the second package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP) that may bring down their tax payments while creating jobs or meeting export targets, according to the Department of Finance (DOF).
Date: 14 November 2018; Type: Industry Updates; Source: Department of Finance

Duterte signs Law regulating Payment Systems

MANILA, NOv 16 (PNA) - President Rodrigo Duterte has signed a law providing for the regulation and supervision of payment systems in the country.
Date: 16 November 2018; Type: Legal News; Source: Philippine News Agency

House okays Islamic Banking bill on Second Reading

MANILA, Nov 13 (PNA) - The House of Representatives on Tuesday approved a bill seeking to organize and regulate Islamic banks in the country.
Date: 13 November 2018; Type: Legal News; Source: Philippine News Agency

Senate 'Conditionally' approves Proposed 2019 PCOO Budget

MANILA, Nov 12 (PNA) - The Senate Finance Sub-Committee “F” on Monday “conditionally” approved the PHP1.47-billion proposed 2019 budget of the Presidential Communications Operations office (PCOO) and its attached agencies, pending the issuance of an executive order (EO) that would revert the PCOO to the Office of the Press S ...
Date: 12 November 2018; Type: Legal News; Source: Philippine News Agency

BSP tightens Rules on Cyber Risk Reporting

In response to the increasingly persistent, sophisticated and targeted attacks launched against financial institutions, the Monetary Board (MB) recently approved amendments to existing regulations which tighten the reporting regime for Bangko Sentral supervised financial institutions (BSFIs) on cyber-related incidents and operational disruptions.&n ...
Date: 26 October 2018; Type: Legal News; Source: Central Bank

Banks ordered to report Tech Glitches within Two Hours

MANILA, Oct 19 (PNA) - The Bangko Sentral ng Pilipinas (BSP) will now be requiring all banks to submit an initial report on any cybersecurity issues in their system within two hours of its discovery.
Date: 19 October 2018; Type: Legal News; Source: Philippine News Agency

House panel opens deliberations on SGMA bill creating centralized home financing program

Low-cost socialized housing may be right around the corner as the House Committee on Urban Housing and Development chaired by Rep. Alfredo Benitez (3rd District, Negros Occidental) began on Wednesday its deliberations on a bill seeking to establish a unified housing and urban development fund and a centralized home financing program.
Date: 12 October 2018; Type: Legal News; Source: House of Representatives

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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INDUSTRY UPDATES

Government affirms NCPO Order 2/2019 is Fake

BANGKOK, Feb 11 (NNT) - The Government has affirmed that the circulating NCPO Order 2/2019 is fake.

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INDUSTRY UPDATES

ASEAN Secretariat calls for Nominations for ASEAN Prize 2019

Jakarta(ANTARA News) - Jakarta-based ASEAN Secretariat calls for nominations for the prestigious regional award ASEAN Prize 2019 acknowledging an individual`s or organization`s inspiring and outstanding achievements in fostering the ASEAN identity, promoting ASEAN spirit, and championing ASEAN way.

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INDUSTRY UPDATES

Thousands of Workers march for stronger Labour Laws

Thousands of workers on Sunday marched in downtown Yangon to demand that the country’s labour laws meet International Labour Organisation (ILO) standards.

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INDUSTRY UPDATES

ASEAN NCAP labelling Guideline Compliance to become Compulsory from March 2020

PUTRAJAYA, Feb 12 (Bernama) - Starting March 1 next year, automotive companies selling motor vehicles in Malaysia will be compelled to comply with the ASEAN New Car Assessment Programme (ASEAN NCAP) Labelling Guideline.

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INDUSTRY UPDATES

New Policies, Incentives needed under EAC to spur Investments

KUALA LUMPUR, Feb 12 (Bernama) - New policies and incentives must be formulated to encourage both domestic and foreign private investments for the newly minted Economic Action Council (EAC) to achieve its aim of stimulating sustainable growth.

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INDUSTRY UPDATES

SC Chairman elected Vice Chair of International Organisation of Securities Commission

KUALA LUMPUR, Feb 12 (Bernama) - The Securities Commission Malaysia (SC) chairman Datuk Syed Zaid Albar has been elected vice-chair of the International Organisation of Securities Commissions (IOSCO) Growth and Emerging Markets (GEM) Committee.

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INDUSTRY UPDATES

Economic Action Council formed

PUTRAJAYA, Feb 11 (Bernama) - The Prime Minister’s Office (PMO) today announced the establishment of the Economic Action Council, which is tasked with scrutinising and making decisions regarding economic and financial affairs as well as the people's well-being.

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INDUSTRY UPDATES

NGOs call for Speedy Passage of Information Freedom Law

A group of 19 non-governmental organisations and associations have urged the Kingdom’s legislative and executive bodies to expedite the passage of a draft law on freedom of information, which the group said had been delayed for years.

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INDUSTRY UPDATES

Najib's New Money Laundering Case transferred to High Court

KUALA LUMPUR, Feb 11 (Bernama) - The case of former prime minister Datuk Seri Najib Tun Razak involving three additional charges of money laundering to the tune of RM27 million of SRC International funds will be heard in the High Court.

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INDUSTRY UPDATES

Labor Minister holds event to Promote Health Insurance

CHONBURI, Feb 8, (NNT) - The Ministry of Labour has held an event to promote health among insurance policyholders in Amata City Industrial Estate in Chonburi Province, providing medical check-ups for employees from various companies operating in the estate.

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INDUSTRY UPDATES

CA Justice, Judge named to Court Rules Revision Body

MANILA, Feb 8 (PNA) - The Supreme Court (SC) has named two new members to the high court's committee on the revision of the Rules of Court.

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INDUSTRY UPDATES

Sabah Government should Consider amending Wildlife Conservation Enactment 1997 - Lee Lam Thye

KUALA LUMPUR, Feb 10 (Bernama) - The Sabah State Government should consider amending its Wildlife Conservation Enactment 1997 to make the killing of fully protected animals as a strict liability offence, animal rights activist Tan Sri Lee Lam Thye urged.

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INDUSTRY UPDATES

Cases at Court in push to tackle Jail Overcrowding

A working group established to streamline court procedures, with the aim of resolving prison overcrowding, last week began sending cases to municipal and provincial courts throughout the country, Ministry of Justice spokesman Chin Malin said on Wednesday.

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