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Makati City
Monday, February 20, 2017
Over the past two years, FinTech has emerged as one of the most active deal arenas for insurers around the world. Competition for the latest financial services technologies has become fierce. FinTech financing rose fourfold to $12 billion in 2014 alone, as banks and insurers battled Private Equity and...
The government’s ability to collect taxes continued to languish in levels far below that typically reported by peers in the region, with the Department of Finance citing a tax effort ratio of only 13.72 percent in the first 11 months last year. While the number was 0.2 percent higher than...
The sale of government assets under President Duterte went well in the first six months of his term, the program having generated P261 million in the aggregate, according to the Department of Finance (DOF). Under the leadership of Finance Secretary Carlos G. Dominguez III, the DOF was not only able...
THE Monetary Board  (MB) has placed Siargao Bank (A Rural Bank)  Inc. under the receivership of the Philippine Deposit Insurance Corp. (PDIC).  As  receiver, PDIC took over the bank on June 15.  Siargao Bank is a three-unit rural bank with head office at 03406 Jose C. Sering Building, Borromeo Street, Surigao City,...
BDO Unibank Inc. and SB Cards Corp., the credit card subsidiary of Security Bank Corporation, have signed an agreement whereby BDO accepted SB Cards’s offer to sell its rights as the exclusive issuer and acquirer of Diners Club International (DCI) credit cards in the Philippines. The acquisition includes SB Cards’s...
TWO of the main contenders for the job of central bank governor in the Philippines said global uncertainties require sharper monitoring of financial-market risks. Deputy Governors Nestor A. Espenilla, 58, and Diwa C. Guinigundo, 62, called for stronger measures to assess and analyze risks to financial markets. The nation’s “fundamentals” are...
Greece’s capital controls are beginning to bite—in tiny little nips. From stocking up on milk powder and medicines and standing in line for hours to withdraw the maximum daily-allowed amount of €60 ($67) from automated teller machines to not being able to buy Apple Store apps, the restrictions are adding a new layer...
Sun Life Asset Management Company, Inc. (SLAMCI) has partnered with the Bank of the Philippine Islands (BPI) for its Auto-Invest program to provide convenience to more Filipinos who want to invest in mutual funds. According to SLAMCI President Valerie N. Pama, the company will be partnering with more banks in...
  The Credit Information Corp. (CIC) is now accepting borrower’s data the various banks and financial institutions use to assess creditworthiness. CIC President and CEO Jaime P. Garchitorena said the data system is ready to accept credit information beginning today, June 15. Banks and other financial Institutions are currently working with the CIC...
Consumers may now compare insurance premium rates across companies without having to spend too much time on it with the entry of products comparison firm MoneyMax Philippines in the local market. As an online brokerage company, MoneyMax already partnered with some of the more prominent local insurers to help consumers...
The outstanding debt of the national government stood at P5.787 trillion as of end-March this year, according to the Bureau of the Treasury (BTr). This was 0.5 percent, or P30.59 billion, higher than outstanding debt as a month earlier. Both the domestic and external debt stocks increased during the period. The BTr...
THE Philippine National Bank (PNB) and Misamis Oriental 1 Rural Electric Service Cooperative Inc. (Moresco I) entered into a loan agreement of up to P1.2 billion under a 10-year-term loan facility that will be used to finance the construction of transmission lines, rehabilitate and upgrade existing distribution lines and...
FOREIGN shipping lines have started to lift their port-congestion charges, while trucking charges have gone back to pre-Manila truck ban levels in a sign that port congestion has been licked, according to government officials. Cabinet Secretary Jose Rene Almendras, who is also the chairman of the Cabinet Cluster on Port...
Rang-ay Bank—a rural bank considered one of the biggest and most profitable financial institutions in Northern Luzon— has chosen Oracle’s Flexcube Universal Banking software solution to modernize its existing operations. By deploying Oracle Flexcube, Rang-ay will have a single, centralized system for its critical banking operations and the capability...
The Metropolitan Bank & Trust Co. (Metrobank) projects accelerated government spending for infrastructure in the last quarter of the year to help push local output growth, measured as the gross domestic product (GDP), to 6 percent for this year. Metrobank President Fabian Dee said growth averaging only 5.6 percent in...
The Bangko Sentral ng Pilipinas (BSP) on Tuesday urged the House of Representatives to recast not only its charter but the Anti-Money Laundering Act (Amla), as well as the secrecy provisions covering bank deposits to help promote financial and monetary stability in the country. In a organizational meeting, BSP Deputy Governor Diwa...
THE Philippines has shown a marked improvement in global competitiveness. In the 2014 and 2015 Global Competitiveness Index (GCI) report of the World Economic Forum (WEF), we now rank 52nd among the 144 countries included in the research up 33 places up from where we were in 2010. The WEF GCI...
By Rea Cu Inspire many, collaborate with each other and uplift sustainability. That was what the 2015 Sikat Design Challenge generated from students that joined the seven-monthlong competition. Harnessing the innovativeness of the youth, as well as their passion for helping local communities was what the Sikat Solar Challenge Foundation Inc....
The decision of the US Federal Reserve (the Fed) to increase interest rates should have minimal impact on the ability of the government and corporations to borrow money, officials of the Department of Finance (DOF) said on Friday. National Treasurer Roberto Tan said even on the very day the US...
INTERNAL Revenue Commissioner Kim Jacinto-Henares has issued Revenue Memorandum Circular 57-2015 prescribing new reporting requirements of companies maintaining inventories of stock-in-trade, raw materials, goods and other supplies to track these inventories which are used in computing a company’s net income “This is in line with the bureau’s objective of implementing an...