29 C
Makati City
Friday, June 23, 2017
The Insurance Commission (IC) has warned that it will continue to prosecute complaints against erring insurance agents, especially those accused of misappropriation of money held in a fiduciary capacity, even if such complaints were subsequently withdrawn as a result of a compromise agreement. Insurance Commissioner Emmanuel F. Dooc has issued...
Policy-makers rallied to defend the European Central Bank’s (ECB) independence a day after President Mario Draghi hit back at German critics of his monetary strategy. “Mr. Draghi has to do his work in independence,” Eurogroup President Jeroen Dijsselbloem said in Amsterdam on Friday before a gathering of European finance ministers...

The family and civil society

I have often written about the family becoming an endangered species.  The family, we must be convinced, is a vital cell of society, in fact its nucleus, its very heart.  These days, when questions connected with population growth are considered as secular concerns of the government, little heed is...
Sumitomo Mitsui Trust Holdings Inc. is liquidating a Japan-focused hedge fund after investors withdrew money following poor performance, according to people familiar with the matter, adding to the list of casualties as the industry suffers its biggest outflows since 2009. The firm’s asset-management unit is liquidating its Sumi Trust Japan L-S...
Metropolitan Bank and Trust Co. (Metrobank) reported double-digit growth across its core businesses, even as its net income slid by 1.9 percent in the first six months this year. The George S.K. Ty-led lender reported unaudited consolidated net income of P9.1 billion, slightly lower than P9.28 billion in the same...
The Insurance Commission (IC) and the preneed industry have adopted the implementing rules on micro preneed products to be sold by preneed companies to lower income families. The implementing rules agreed upon by IC and the pre need industry will push for the general policy to provide a dedicated savings...
THE Insurance Commission (IC) said the growth in premium payments the past six years should help push the so-called market-penetration rate of the industry to 50 percent by 2019. Insurance Commissioner Emmanuel F. Dooc said that in three years, one in every two Filipinos should already have some form of insurance...
THE 2016 presidential hopefuls should learn lessons—from their success and failures—from past Philippine p residents in the last 50 years. Learn from their charisms and avoid their Waterloos. Hindsight, of course, lends us a 20/20 vision that sharpens our judgment of history. We can, likewise, say like the old Pepsi Cola advertisement...
Assets under management (AUM) at Sun Life Asset Management Co. Inc. (Slamci) has breached the P50-billion threshold in 2015 and grew nearly 8 percent for the period. In a statement released on Tuesday, Slamci said the undertaking now takes care of assets aggregating P50.675 billion in all nine so-called Sun Life...
Foreign funds seeking safer havens in the wake of an anticipated interest-rate adjustment by the US Federal Reserve (the Fed) should not unduly affect emerging-market economies like the Philippines. This was learned on Thursday from Columbia University Executive Director Arvid Lukauskas, who said emerging markets have developed a degree of...
THE National Commission on Muslim Filipinos (NCMF) is promoting Islamic finance in the country to encourage the greater economic participation of Muslim Filipinos. NCMF Bureau of Muslim Economic Affairs Director IV Aleem Siddiqui Matabalao Guiapal said Islamic finance is expected to spur commercial activities by attracting Islamic funds and investments,...
The Social Security System (SSS) has partnered with 25 banks all over the country to provide convenient and faster coverage of maternity, sickness and employee compensation benefits to its members. Through its Sickness, Maternity and Employees Compensation thru the Banks Program, members can now retrieve payment-benefits from the automated teller...
SECURITY Bank Corp. is looking for acquisition targets in the remaining months of the year, according to President and CEO Alfonso L. Salcedo Jr. “When there’s a good target, we will acquire it. Probably commercial; commercial would be better,” Salcedo said during a corporate gathering. In a previous report, the Dy family-led...
The chairman of the House Committee on Labor on Wednesday asked the Bureau of Internal Revenue (BIR) to reconsider its decision to tax the new provisional monthly allowance granted to military personnel and officers. National Unity Party Rep. Karlo Alexei B. Nograles of Davao, in a statement, said the government would not lose much...
This question was posed to us, panelists, at the recent Meetings Forum 2016 Singapore organized by the Chicago-based Professional Convention Management Association, the Singapore Exhibition and Convention Bureau, and the Singapore Tourism Board. The premise of this question was that associations currently face multiple threats on their traditional sphere of...
The European Central Bank’s (ECB) decision to expand its quantitative easing program to include government bond purchases spurred recent fluctuations in the Swiss franc (CHF). The Swiss National Bank’s (SNB) response to the ECB was an about-face from the policy instituted in 2011 to peg the CHF to the...
The Insurance Commission (IC) has reminded all insurance brokers and reinsurance brokers of the annual filing of audited financial statements by May 31, 2015, as part of the overall requirements for the renewal of their certificates of authority to do business. Insurance Commission Emmanuel F. Dooc issued Circular Letter 2015-21,...
Chinese policy-makers are considering plans to as much as double the size of a cleanup program for shaky local government finances, according to people familiar with the discussions. In what would be the second stage of the program, a further 500 billion yuan ($81 billion) to 1 trillion yuan of...
Conclusion The ICS will be fleshed out through field testing in 2014 and 2015. In the 2014 quantitative field test, the IAIS is requiring volunteers to provide information on four balance sheets, for comparative purposes. 1) The group’s existing economic capital models on a consolidated group-wide basis without modification. The IAIS...
THE Bangko Sentral ng Pilipinas (BSP) on Friday revised downward its balance of payments (BOP) projection for 2016, on account of the possible impact of recent global developments on the Philippine economy. In a press briefing, the central bank released its reassessment of the 2016 BOP surplus projection, down to...
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