27 C
Makati City
Wednesday, August 23, 2017
The Insurance Commission (IC) has announced the schedule for the release of the second tranche of liquidation proceeds for educational plan holders of the closed Prudentialife Plans Inc. (PPI). The IC has issued a notice to holders of educational plans issued by PPI that the checks representing their share in...
Frasers Logistics & Industrial Trust is seeking as much as about S$900 million ($654 million) for its Singapore initial public offering (IPO), according to people with knowledge of the matter, which would make it the biggest such share sale in the city state since 2013. The trust, backed by 51...
THE Insurance Commission (IC) is scandalized the local insurers have in their possession untold amounts of unclaimed benefits that have accumulated through the years mostly because their beneficiaries are unaware of their existence. As a result, IC chief Emmanuel F. Dooc should soon come out with a circular mandating insurance companies...
A ranking prelate of the Church suggested that, instead of putting on gloomy faces during Lent and the rest of the year, we all wear joyful smiles and put on an attitude in line with the Holy Father’s desire for us to undertake lives full of mercy and compassion....
The Ramon Magsaysay Award Foundation (RMAF) recently announced the six 2016 Ramon Magsaysay Awardees from around the region at the Luna Gardens, Rockwell, Makati City. Leading the awardees was Ombudsman Conchita Carpio-Morales. The RMAF recognized her for “her moral courage and commitment to justice in taking head on one of...
Insurance Commissioner Emmanuel F. Dooc has allowed insurance companies, reinsurance companies and mutual benefit associations (MBAs) to invest in mutual funds and unit investment trust funds (UITFs), subject to certain conditions. To give additional investment outlets for insurance companies, Dooc has issued Circular Letter 2014-50 to give insurance companies more...
Companies in Asia, including top conglomerates in the Philippines, are increasingly getting drawn to investing in European real estate. Robert Scholten, head of ING Real Estate Finance (REF) Asia-Pacific, a unit of ING Wholesale Banking, considers deals such as the Torre Espacio acquisition a foretelling of deals to come. Demand for...
Former National Economic and Development Authority Director General Felipe M. Medalla said the slight, temporary inflation uptick seen resulting from the proposed adjustments in oil excise taxes under the Tax Reform for Acceleration and Inclusion Act (TRAIN) should not hurt low-income earners or members of the informal sector. Medalla, who...
After wrapping up the migration of over a million of its credit cards to the Europay MasterCard Visa (EMV) chip-enabled system mandated by the central bank, the Bank of the Philippine Islands (BPI) would do the same to its debit cards. Jenelyn Lacerna, vice president for credit cards, in a...
Taiwan-based Yuanta Savings Bank, one of the first foreign-bank entrants to the local lending scene since the government liberalized and opened the sector to foreign investors, is now set to operate full speed ahead, with plans to offer financial services to foreign, particularly Asian, investors keen on putting money...
The adoption of new monetary-policy framework by the Bangko Sentral ng Pilipinas (BSP) will have no immediate effect on the country’s growth, but could potentially cut the needed reserve money for local banks to extend out loans to financial consumers. This was the assessment made by HSBC economic experts in...
The Department of Health (DOH) is confident that the implementing rules and regulations (IRR) on the Graphic Health Warning (GHW) law would be finally out very soon to ensure smooth implementation of the law by March 3, 2016. Health Secretary Janette Garin said at least three department members of the...
The Court of Tax Appeals (CTA) has ruled that a consolidated rural bank does not enjoy another five-year exemption from all kinds of taxes, except corporate-income tax and local taxes, as provided by the Rural Banks Act, if the constituent banks have already availed themselves of such tax exemption. In...
NOT twice, not thrice, but four times in a row already. The Bangko Sentral ng Pilipinas (BSP) awarded on July 13 the Outstanding PhilPaSS (Philippine Payments and Settlements System) Participant Servicing Customer ePayments Thrift Bank Award to perennial winner Sterling Bank of Asia (SBA) “its fourth in a row” at...
The country’s economic managers said a weak peso should not bother Filipinos, as this will translate to higher tax revenues, additional monetary benefits for overseas Filipino workers (OFWs), and will support the country’s thriving business-process outsourcing (BPO) sector. Finance Secretary Carlos G. Dominguez III said even with a strong dollar,...
Customs stakeholders now need to check with the Bangko Sentral ng Pilipinas (BSP) for the official exchange rate, on which to base the computation of duties and taxes, according to a recent memorandum by the Bureau of Customs (BOC). “The exchange rate officially disseminated to the public by the Bangko...
The Export Development Council (EDC) aims to improve the capability of local exporters to overcome nontariff measures (NTM), including those concerning sanitary and phytosanitary standards (SPS), fumigation testing and labeling requirements. The EDCs technical working group (TWG) on NTM met recently to find ways to boost the export competitiveness of...
The Metropolitan Bank & Trust Co. (Metrobank) is eyeing a strong double-digit growth in its small and medium enterprise (SME) lending operations, as the positive effects of the country’s economic expansion trickle down to small businesses in the countryside. Metrobank Senior Vice President (SVP) and Business Banking Center Head Godofredo...
Philippine Bank of Communications (PBCom) reported expanded net-interest income in the January-to-June period as a result of bigger loan portfolio and higher operating income. In a disclosure to the Philippine Stock Exchange on Monday, the lender posted 6.3 percent higher net-interest earnings in the first half of 2016 to P1.2...
EastWest Bank (EastWest)  has demonstrated grit by picking people’s champ Manny Pacquiao as its newest endorser. While it seems like a bold and unorthodox move, EastWest President Antonio C. Moncupa Jr. said it was actually a logical decision because Pacquiao embodies some of the best qualities of a Filipino—courage and...
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