philippines - Banking & Finance - News

National Government to appeal SC Ruling on IRA: DBM Chief

MANILA, July 12 (PNA) - Department of Budget and Management (DBM) Secretary Benjamin Diokno on Wednesday said the national government will appeal a recent Supreme Court (SC) decision on Internal Revenue Allotment (IRA).
Date: 12 July 2018; Type: Legal News; Source: Philippine News Agency

DBM pushes Budget Reform Bill

MANILA, July 11 (PNA) - Department of Budget and Management (DBM) Secretary Benjamin Diokno said Wednesday they will strongly push for the passage of the Budget Reform Bill that seeks to modernize budgetary system in the country, in line with the goal to be one of the top 10 budget institutions in the world.
Date: 11 July 2018; Type: Legal News; Source: Philippine News Agency

Cabinet approves P3.757-T Budget for 2019

MANILA, July 10 (PNA) - Malacanang on Tuesday announced that the Cabinet of President Rodrigo Duterte approved the proposed PHP3.757-trillion budget for year 2019.
Date: 10 July 2018; Type: Legal News; Source: Philippine News Agency

US, PHL Officials discuss Possible Free Trade Agreement

Senior Philippine and United States officials have discussed ways to further deepen bilateral economic cooperation between their two countries, including the possibility of pursuing a Free Trade Agreement (FTA) between these longstanding allies.
Date: 09 July 2018; Type: Industry Updates; Source: Department of Finance

CEZA crafting Rules to safeguard Cryptocurrency Investors

MANILA, June 26 (PNA) - Cagayan Economic Zone Authority (CEZA) Administrator and Chief Executive Officer Raul Lambino said the investment promotion agency (IPA) is in the process of crafting regulations that will protect those investing in cryptocurrency. CEZA is eyeing to become a hub for financial technology (fintech) investments. In a ...
Date: 26 June 2018; Type: Legal News; Source: Philippine News Agency

Romblon Rural Bank Ex-Chair convicted for faking Deposits

MANILA, June 19 (PNA) - Angeles R. Robis, former Chairman of the Board of Directors and President of the closed Rural Bank of Cajidiocan (Romblon), Inc. (RBCI), was found guilty beyond reasonable doubt on three counts of Violation of Section 26 of Republic Act No. 7353 (The Rural Banks Act of 1992) in a decision dated April 19, 2018 promulgated in ...
Date: 19 June 2018; Type: Legal News; Source: Philippine News Agency

BSP gets more Muscle

The House of Representatives has approved on second reading House Bill 7742, which seeks to give more muscle to the Bangko Sentral ng Pilipinas.
Date: 20 June 2018; Type: Legal News; Source: House of Representatives

Former Chairman and President of Rural Bank of Cajidiocan (Romblon) Inc convicted in Criminal Cases filed by the Bangko Sentral ng Pilipinas

Angeles R. Robis, former Chairman of the Board of Directors and President of the closed Rural Bank of Cajidiocan (Romblon), Inc. (RBCI), was found guilty beyond reasonable doubt on three counts of Violation of Section 26 of Republic Act No. 7353 (The Rural Banks Act of 1992) in a Decision dated 19 April 2018 promulgated in open court on 23 April 20 ...
Date: 19 June 2018; Type: Legal News; Source: Central Bank

Duterte names New SEC Chairperson

MANILA, June 6 (PNA) - President Rodrigo Duterte has appointed Emilio Benito Aquino as chairman of the Securities and Exchange Commission (SEC).
Date: 06 June 2018; Type: Industry Updates; Source: Philippine News Agency

FSCC remains Vigilant against Potential Systemic Risks

The Financial Stability Coordination Council (FSCC) recently held its quarterly meeting to assess and review potential risks to the continued stability of the Philippine financial market.
Date: 30 May 2018; Type: Industry Updates; Source: Central Bank

Monetary Board approves Conduct of the Maiden Banking Sector Outlook Survey

The Monetary Board (MB) approved the conduct of the Banking Sector Outlook Survey (BSOS), which will be used to gather the sentiments of the Presidents/Chief Executive Officers of banks in the country related to their growth outlook and risk assessments, business performance strategies, and insights on regulation and supervision. The survey is part ...
Date: 30 May 2018; Type: Industry Updates; Source: Central Bank

House okays P1.16-B Supplemental Budget for Dengvaxia Recipients

MANILA, May 30 (PNA) - With President Rodrigo R. Duterte’s certification of urgency, the House of Representatives on Tuesday night approved on second and third reading a bill authorizing a supplemental budget of PHP1.161 billion to provide assistance for Dengvaxia recipients.
Date: 30 May 2018; Type: Legal News; Source: Philippine News Agency

BSP Partners with DepEd and BDO Foundation to promote Financial Education in Schools

Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr., Department of Education (DepEd) Secretary Leonor-Magtolis Briones, and BDO Foundation (BDOF) President Mario Deriquito will sign a Memorandum of Agreement (MOA) on 28 May 2018 to advance financial education in the Philippines. The MOA covers the development of videos as tools to te ...
Date: 25 May 2018; Type: Industry Updates; Source: Central Bank

Monetary Board reduces Reserve Requirements anew

MANILA, May 24 (PNA) - The policy-making Monetary Board (MB) announced Thursday the reduction in the reserve requirement ratio by 1 percentage point as part of its broad medium-term financial market reform agenda.
Date: 24 May 2018; Type: Industry Updates; Source: Philippine News Agency

BSP adopts further easing of Foreign Exchange (FX) Rules

Bangko Sentral ng Pilipinas (BSP) Officer-In-Charge Diwa C. Guinigundo announced today that the rules governing the: (a) conversion of foreign currency loans granted by banks to peso loans; and (b) transfer of such loans, as well as Real and Other Properties Acquired from banks’ foreign currency deposit unit books to the Regular Banking Unit ...
Date: 18 May 2018; Type: Legal News; Source: Central Bank

BSP approves IRR of Credit Card Law

MANILA, May 4 (PNA) - The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), has approved the Implementing Rules and Regulations (IRR) of the law regulating the Philippine credit card industry, a move that is expected to put an end to arbitrary impositions by card issuers on their clients.
Date: 04 May 2018; Type: Legal News; Source: Philippine News Agency

51st ADB Meet opens in Manila

MANILA, May 3 (PNA) - The 51st Annual Meeting of Asian Development Bank’s (ADB) Board of Governors has formally opened Thursday at the ADB Headquarters in Ortigas Center, Mandaluyong City.
Date: 03 May 2018; Type: Industry Updates; Source: Philippine News Agency

Budget Reform Bill ensures Agency Accountability: Diokno

MANILA, May 2 (PNA) - The passage into law of the budget reform bill would enhance accountability of government agencies over the use of public funds with the shift to an annual cash-based budgeting system from a two-year obligation-based budget, Budget Secretary Benjamin Diokno said on Wednesday. During his regular media forum “Breakfas ...
Date: 02 May 2018; Type: Legal News; Source: Philippine News Agency

Former Directors and Officers of a closed Rural Bank in Camarines Sur convicted in Criminal Cases

Evelyn Cueto Ramirez, a former director and principal officer of the closed Rural Bank of Milaor (Camarines Sur), Inc. (RB Milaor) was convicted by the Municipal Circuit Trial Court (MCTC) of Camaligan-Gainza-Milaor, Camarines Sur, in Criminal Case Nos. 2638 and 2639, for Falsification of Commercial Documents, defined and penalized under Article 17 ...
Date: 16 April 2018; Type: Legal News; Source: Central Bank

House acts to raise 2019 Mindanao Budget

A Technical Working Group (TWG) of the House Committee on Mindanao Affairs, chaired by Rep. Maximo Rodriguez (2nd District, Cagayan de Oro), has started discussing the proposal to raise the 2019 budget for Mindanao, with the goal to uplift the socio-economic conditions in the region, especially in its poor provinces.
Date: 11 April 2018; Type: Legal News; Source: House of Representatives

INDUSTRY UPDATES

Legal 'Stalwart' Senior Counsel Jeffrey Chan retires after 45 Years

Jeffrey Chan, the longest-serving legal service officer have retired as a principal senior consultant at the Attorney-General's Chambers last week after completing 45 years of service.

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INDUSTRY UPDATES

350 Major Firms to act as Mentors for SMEs under DIP's Campaign

BANGKOK, 11 July 2018 (NNT) - Some 350 major firms have agreed to perform as mentors for Thai SMEs under the Department of Industrial Promotion's (DIP) campaign and to introduce some 20,000 SMEs in international markets.

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INDUSTRY UPDATES

Comelec Lawyers to handle Poll Body’s Defense in VP Recount Case

MANILA, July 12 (PNA) - The law department of the Commission on Elections (Comelec) will take charge of the poll body's defense in the ongoing electoral protest case for the May 2016 vice presidential race at the Presidential Electoral Tribunal (PET).

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INDUSTRY UPDATES

Judges Group endorses Marquez for SC Post

MANILA, July 12 (PNA) - The Philippine Judges Association (PJA) expressed its support for the nomination of Court Administrator Midas Marquez as Supreme Court (SC) Associate Justice.

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INDUSTRY UPDATES

SEC sets up Online Kiosks for Business Registration

MANILA, July 12 (PNA) - The Securities and Exchange Commission (SEC) on Thursday announced the availability of on-line kiosks that allow faster and trouble-free registration of new corporations, partnerships and associations, to enhance ease of doing business in the country.

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INDUSTRY UPDATES

President Jokowi to familiarize Public with PPPh Policy for MSMEs

Jakarta, July 12 (ANTARA News) - President Joko Widodo will disseminate information on a policy in which the Final Income Tax (PPh) for Micro, Small, and Medium Enterprises (MSMEs) is set at 0.5 percent during the 71st National Cooperatives Day 2018.

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INDUSTRY UPDATES

New Chief Justice proposes Panel of Nine Judges in Constitutional Cases

PUTRAJAYA, July 12 (Bernama) - The new Chief Justice, Tan Sri Richard Malanjum, has proposed that court cases involving constitutional issues be heard by a panel of nine judges of the Federal Court including the top four judges.

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INDUSTRY UPDATES

Government to follow Rule of Law in Zakir Naik's Case - Gobind Singh

SHAH ALAM, July 12 (Bernama) - The government will act accordingly and by always applying the 'follow the rule of law' policy in any case and not only with regard to the controversial preacher Dr Zakir Naik, said Communications and Multimedia Minister Gobind Singh Deo.

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INDUSTRY UPDATES

New Chief Justice proposes Balloting Selection of Federal Court Judges Panel

PUTRAJAYA, July 12 (Bernama) - The new Chief Justice, Tan Sri Richard Malanjum, has proposed selection by balloting of the panel of Federal Court judges to hear cases in the Federal Court.

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INDUSTRY UPDATES

ASEAN should relook Policies in Transformative Digital Economy

KUALA LUMPUR, July 12 (Bernama) - ASEAN needs to relook at its various policy initiatives, including trade and investment policies, in response to the transformative digital economy, said CIMB ASEAN Research Institute (CARI).

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INDUSTRY UPDATES

Bank Negara Malaysia maintains OPR at 3.25 per cent

KUALA LUMPUR, July 11 (Bernama) - Bank Negara Malaysia (BNM) has maintained the Overnight Policy Rate (OPR) at 3.25 per cent after the two-day Monetary Policy Committee (MPC) meeting which ended today.

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INDUSTRY UPDATES

Richard Malanjum is the new Chief Justice

Richard Malanjum is the new Chief Justice

Kuala Lumpur, 11 July 2018 (Asean LIP News): Tan Sri Datuk Seri Panglima Richard Malanjum has sworn in as the new Chief Justice of Malaysia. He replaces Tun Md Raus Sharif as the top judge of Malaysia. Richard Malanjum was the Chief Judge of Sabah and Sarawak. He was elevated to the Federal Court in June 2005 and was appointed as the Chief Judge of Sabah and Sarawak in 2006.

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INDUSTRY UPDATES

Pioneer Batch of 24 Lawyers receive Professional Certification in Building and Construction Law

24 lawyers have received professional certification in building and construction law from the Singapore Academy of Law under the ' Specialist Accreditation Scheme'.

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INDUSTRY UPDATES

DOLE warns PLDT: Regularize 7K Workers or face Sanctions

MANILA, July 11 (PNA) - The Department of Labor and Employment (DOLE) warned anew telecommunications firm Philippine Long Distance Telephone Company (PLDT) to comply with its order on the regularization of more than 7,000 workers from its contractors.

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INDUSTRY UPDATES

Four New DOJ Officials named

MANILA, July 11 (PNA) - The Department of Justice (DOJ) on Wednesday confirmed that Malacañang has appointed three new undersecretaries and one assistant secretary to the agency.

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INDUSTRY UPDATES

House receives ConCom's Draft Federal Charter

MANILA, July 11 (PNA) - Speaker Pantaleon Alvarez on Wednesday formally received the draft federal constitution prepared by the 22-member Consultative Committee (ConCom) on Charter Change.

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INDUSTRY UPDATES

Indonesia promotes Strategic Industries in Central, South America

Jakarta, July 10 (ANTARA News) - The Ministry of Foreign Affairs promoted Indonesia's strategic industry in Central and South American countries to encourage penetration into non-traditional markets.

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INDUSTRY UPDATES

Thai Court to rule in Defamation Trial of 14 Myanmar Workers

A court in Bangkok is to rule today on 14 Myanmar migrant workers who have been charged with defaming their employer after accusing the company of serious labour rights violations.

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