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Makati City
Tuesday, June 6, 2017
UNDER current International Financial Reporting Standards (IFRS), insurance liabilities are mainly measured in accordance with accounting policies using other accounting regime, e.g., local generally accepted accounting principles of GAAP, US-GAAP or UK-GAAP. Additionally, the policies used in consolidated financial statements are not to be consistently applied. Consequently, there is no...
The Insurance Commission had directed all insurance and reinsurance companies, mutual-benefit associations, preneed companies and their respective umbrella organizations to make an assessment of the losses and damage caused by Typhoon Ruby (international code name Hagupit) last week. Insurance Commissioner Emmanuel F. Dooc issued an advisory directing the entities under...
Conclusion Consequently, supervisors have begun to set new risk-management expectations for insurers, for example: Establishing more risk-sensitive capital regimes to better strengthen and link risk-management to the capital needs arising; Introducing stress and scenario requirements, including resolution, or strengthening such requirements where these already exist; Expecting remuneration policies for senior executive personnel that...
The proposal to amend the charter of the Bangko Sentral ng Pilipinas (BSP) has made it past the House Committee on Banks and Financial Intermediaries, which agreed to raise its capital to P200 billion. BSP Deputy Governor Diwa C. Guinigundo said the proposed BSP charter would strengthen the BSP as...
Internal Revenue Commissioner Kim Jacinto-Henares has suspended all field audit and other field operations of the Bureau of Internal Revenue (BIR) from today, December 16, 2014, until January 4, 2015, to minimize opportunities for corruption in the form of soliciting for Christmas gifts. Henares issued Revenue Memorandum Circular 87-2014 preventing...
The Bangko Sentral ng Pilipinas (BSP) said on Monday so-called stand-alone thrift and rural banks maintain sufficient capital in relation to their risk-weighted assets as a result of stringent rules imposed on the industry some two years earlier. The central bank said stand-alone thrift and rural banks—or banks that are...
THE BPI Foundation recently partnered with Google Philippines for the first Doodle 4 Google (D4G) competition in the country. Launched in July, D4G encouraged students and learners to look beyond themselves and imagine what they can do for the country by designing their own Google Doodle. The entries were judged...
FOR most of us, Christmas is the time to be jolly, but for overseas Filipino worker (OFW) this is the time that struck them directly into the heart.  Christmas season is a bittersweet experience for Filipino working overseas who are fighting homesickness just to provide things and food for their...

Manila deserves higher rating

Finance Secretary Cesar V. Purisima said on Friday that the Philippines is at least a notch underrated in its international credit standing no matter the most recent upgrade by Moody’s Investors Service which upgraded the country two notches over than the minimum investment grade. “We welcome news of yet another...
Second of a series   Capital For  bank supervisors, the adequacy of capital has always been a cornerstone of their supervision. The same level of intensity has not necessarily applied to insurers given the very different business models between the two sectors, evidenced by liquidity concerns, which have been more heightened in...
THE Philippine central bank is mindful that oil prices can be volatile and cheaper crude won’t necessarily prompt interest-rate cuts, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. said, signaling little change in monetary policy for months. “Declining oil prices certainly give us some scope to keep rates steady,” Tetangco...
THE Court of Tax Appeals (CTA) has ruled that in determining whether an interest expense claimed as a deduction on gross income is paid to a related party, it is the number of shares of stock owned by the lender in the borrower corporation that will control, and not the...
THE Department of Finance (DOF) has released the fiscal performance rating of local government units (LGUs) for 2012, indicating that most have not improved their tax-collection activities and rely heavily on the internal revenue allotment (IRA) for funding. According to the DOF’s Bureau of Local Government Finance (BLGF), LGUs throughout...
MOSCOW—The ruble hit another record low against the dollar on Thursday even after Russia’s Central Bank sought to ease the selling pressure on the currency by raising interest rates again. The currency has been plunging in recent weeks in the wake of the sharp fall in oil prices. The Russian...
SUN Life Financial Philippines expects elevated growth in insurance product sales next year, after a “breather” this year that saw growth of around 15 percent in the earnings of their publicly listed companies. Sun Life Philippines President and CEO Rizalina Mantaring said on Thursday that the listed companies of Sun...
THE Bureau of Internal Revenue collected P585.58 billion in taxes on net income and profits in the first nine months, up 8.65 percent from collections in the same period last year. The P585.58 billion is comprised of collection from corporate income tax, individual income tax, withholding tax on wages, capital gains...
Continuation WHEN does the government incur legitimate savings? When a fraud is discovered and the government stops a project, as in the alleged Laguna Lake silting scam, billions are saved. There is a clear savings when the budget ceiling for an infrastructure project is met by a competitive bid.  There is...
UNITED NATIONS—The global economy will grow by more than 3 percent in 2015 and 2016, the United Nations predicted on Wednesday, but that growth will be uneven in some regions. The UN’s annual economic report says growth edged up in 2014 at an estimated 2.6 percent. The UN is forecasting 3.1-percent economic growth...
NONE of the large universal lenders and their regular commercial banking counterparts took advantage of the central bank’s rediscounting window at any time this year. This resulted to a sharp 93-percent reduction in rediscounted funds of only P1.017 billion in the first 11 months, from P1.735 billion last year, by thrift...
CREDIT-CARD companies heaved a collective sigh of relief after the proposed cap on credit-card interest rates was deleted from the provisions of a proposed legislation. Credit Card Association of the Philippines (CCAP) Executive Director and Spokesman Alex Ilagan said the CCAP fully supports the consolidated bill, titled “An Act to Regulate...
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