philippines - Banking & Finance - News

SEC urges Public to scrutinize Firms before investing

MANILA, Jun 26 (PNA) - As it intensifies the crackdown on suspected investment scams, the Securities and Exchange Commission (SEC) has advised prospective investors to scrutinize first the legitimacy of a company before making their investment decisions.
Date: 26 June 2019; Type: Industry Updates; Source: Philippine News Agency

BSP OKs New Guidelines for External Auditors

MANILA, May 29 (PNA) - The Monetary Board approved the revised guidelines governing the selection, appointment and delisting of external auditors of Bangko Sentral ng Pilipinas (BSP) Supervised Financial Institutions (BSFIs).
Date: 29 May 2019; Type: Legal News; Source: Philippine News Agency

BSP releases First Tranche of National Payment Systems Act IRR

MANILA, Apr 24 (PNA) - The Bangko Sentral ng Pilipinas (BSP) released the draft circular providing for the implementing rules and regulations (IRR) of Republic Act 11127 or the National Payment Systems Act (NPSA), a landmark legislation that supports the BSP's mandate relating to the third pillar of central banking -- the maintenance of a safe, eff ...
Date: 24 April 2019; Type: Legal News; Source: Philippine News Agency

Enactment of 2019 National Budget to spur Economic Growth

MANILA, Apr 16 (PNA) - Finance Secretary Carlos Dominguez III hailed the signing into law of the PHP3.7-trillion 2019 national budget, citing its importance towards attaining sustained growth of the Philippine economy. “We fully support the President in his desire to focus national expenditure on projects and activities that redound to t ...
Date: 16 April 2019; Type: Legal News; Source: Philippine News Agency

BSP extends Transitory Period for Banks' Amended Reports

MANILA, Apr 14 (PNA) - The Monetary Board (MB) approved the extension of transitory period of the amended report on bank interest rates on loans and deposits until 31 December 2019.
Date: 14 April 2019; Type: Legal News; Source: Philippine News Agency

Banks issue Advisories for April Holidays

MANILA, Apr 5 (PNA) - Several banks will close most of their branches nationwide on Tuesday for the commemoration of the Araw ng Kagitingan (Day of Valor).
Date: 05 April 2019; Type: Industry Updates; Source: Philippine News Agency

SEC makes Cease and Desist Order vs KAPA Permanent

MANILA, Mar 18 (PNA) - The Securities and Exchange Commission (SEC) has declared permanent an order barring Kapa-Community Ministry International, Inc. (KAPA) from soliciting investments from the public without the necessary license, the SEC disclosed in a statement on Monday.
Date: 18 March 2019; Type: Legal News; Source: Philippines News Agency

House agrees to recall its Version of 2019 Budget

MANILA, Mar 18 (PNA) - Senator Panfilo Lacson on Monday said the leadership of the House of Representatives has agreed to withdraw its own version of the proposed PHP3.757-trillion national budget for 2019.
Date: 18 March 2019; Type: Legal News; Source: Philippine News Agency

BSP starts formulating Roadmap for Securities Issuance

MANILA, Mar 8 (PNA) - A roadmap is now being formulated for possible securities issuance after the Bangko Sentral ng Pilipinas (BSP) has been authorized to issue debt paper under the central bank charter.
Date: 08 March 2019; Type: Legal News; Source: Philippine News Agency

Bill setting Minimum Capital and Requirements for Foreign Retailers approved

The House of Representatives approved on second reading House Bill No. 9057, which seeks to set the minimum paid up capital and locally produced stock inventory requirements for foreign retail business enterprises.
Date: 05 March 2019; Type: Legal News; Source: House of Representatives

PRRD urged to ‘promptly’ Name next BSP Chief

MANILA, Feb 24 (PNA) - Philippines’ economic journalists have called on President Rodrigo R. Duterte to “promptly” name the successor of Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr., who died of cancer Saturday, to address any market uncertainty.
Date: 24 February 2019; Type: Industry Updates; Source: Philippine News Agency

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

INDUSTRY UPDATES

SEC urges Public to scrutinize Firms before investing

MANILA, Jun 26 (PNA) - As it intensifies the crackdown on suspected investment scams, the Securities and Exchange Commission (SEC) has advised prospective investors to scrutinize first the legitimacy of a company before making their investment decisions.

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INDUSTRY UPDATES

SC sets Ground Rules for Oral Arguments on Writ of Kalikasan

MANILA, Jun 25 (PNA) - The Supreme Court (SC) on Tuesday issued guidelines for the July 2 oral arguments on the writ of kalikasan suit filed by petitioners seeking assertive government action on the disputed Ayungin Shoal, Panganiban Reef, and Panatag Shoal.

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Police Chief bans Mass Rally outside Constitutional Court Building

Jakarta, Jun 25 (ANTARA) - Police has banned mass rallying outside the Constitutional Court (MK) building during the court's Consultative Meeting of Judges before it gives a ruling on the presidential election dispute, Indonesian Police Chief Gen. Tito Karnavian emphasized.

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Government plans to build New Shah Alam Court Complex - Liew

SHAH ALAM, Jun 24 (Bernama) - The government plans to build a new Court Complex in Shah Alam to replace the existing building, said Minister in the Prime Minister’s Department Datuk Liew Vui Keong.

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Niosh offers free needs Analyses for Sabah and Labuan Workplaces

KOTA KINABALU, Jun 24 (Bernama) - The National Institute of Occupational Safety and Health (NIOSH) stands ready to conduct free needs analyses of workplace safety for organisations in Sabah and the Federal Territory of Labuan, with the aim of identifying appropriate training required.

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Ministry launches Sexual Predation Awareness Campaign

PUTRAJAYA, Jun 24 (Bernama) - The Women, Family and Community Development Ministry today launched a sexual predation awareness campaign via digital medium Youtube.

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Ambushed fiscal named Mindoro judge

MANILA, Jun 21 (PNA) - A female prosecutor who was shot and wounded as she was entering her home in Oriental Mindoro last June 10 is among the newly-appointed judges, Justice Secretary Menardo Guevara announced on Friday.

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ASEAN Chamber of Commerce, UiTM ink MoU to collaborate in Various Areas

KUALA LUMPUR, Jun 22 (Bernama) - ASEAN Chamber of Commerce and Universiti Teknologi Mara (UiTM) have inked a memorandum of understanding (MoU) to pave the way for collaboration in various areas of entrepreneurship, including research.

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President Jokowi to attend 34th ASEAN Summit in Thailand

Jakarta, Jun 20 (ANTARA) - Indonesian President Joko Widodo will attend the 34th ASEAN Summit in Bangkok, Thailand, from June 22 to 23, 2019.

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PCC OKs East West purchase of PBCOM Auto Loan Portfolio

MANILA, Jun 19 (PNA) - The Philippine Competition Commission (PCC) approved the acquisition by East West Banking Corporation (East West) of the auto loan portfolio of Philippine Bank of Communications (PBCom).

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RI hopes for Progress in Timor Leste joining ASEAN

Jakarta, Jun 19 (ANTARA) - The Indonesian government has expressed its hopes that the ongoing evaluation of Timor Leste will result in its becoming a member of the Association of Southeast Asian Nations (ASEAN).

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MyCC to focus Efforts on Monitoring Cement Industry

KUALA LUMPUR, Jun 19 (Bernama) - The Malaysia Competition Commission (MyCC) says it will focus its efforts on consistently monitoring the cement industry in order to complement the government’s initiative in protecting the welfare of consumers.

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Amended Code did not affect Conflict of Interest - Witness

KUALA LUMPUR, Jun 18 (Bernama) - The Code of Ethics for Administration Members and Members of Parliament was amended by the Cabinet in 2013 but did not affect the conflict of interest provision, according to a Cabinet former deputy secretary-general (Constitution and Communication).

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Court urges Johor PTG to meet Orang Asli to settle Compensation Issue

JOHOR BAHRU, Jun 18 (Bernama) - The High Court here today encouraged the state Land and Mines Office (PTG) to engage in discussions with the Seletar tribe Orang Asli of Kuala Masai with the aim of settling compensation due as a result of wrongful acquisition of their land in Stulang Laut.

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Ex-CJ speaks out against Lawyers' Tendency to seek Postponements

KUALA LUMPUR, Jun 16 (Bernama) - Former Chief Justice Tun Zaki Azmi has spoken out against the tendency by certain defence lawyers to seek postponements of cases being heard in court.

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New Competition Commission already under Fire

Myanmar’s professed commitment to competition reform has come under fire after the government packed the new Competition Commission with bureaucrats serving under a minister.

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NA Deputies give Opinions on Revised Labour Code

Hanoi, Jun 12 (VNA) - The revised Labour Code will the focus during the sitting of lawmakers on June 12 in the ongoing 7th session of the 14th National Assembly.

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INDUSTRY UPDATES

Ability to pay Taxes Online a Boon for Vietnam’s Import-Export Businesses

Hanoi, Jun 6 (VNS/VNA) - Around 99 percent of import and export tax payments in Ho Chi Minh City are made online, according to the customs department.

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