24.4 C
Makati City
Monday, February 20, 2017

The will

“WHERE there’s a will, there’s a way.” This is an old English proverb meaning a person with determination will find a way of doing something. Remember the last World War? Hitler started the blitzkrieg in Europe, taking one country after another. Britain was caught off-guard having been deaf to the Watchman,...
PHILIPPINE banks need to merge to better prepare themselves for new competition as the wave of integration begins next year. The Malaysian investment bank MIDF Amanah Investment Bank Berhad said the banking sector is fragmented at present, having 680 different bank entities in the country. “Although profitable and stable, these banks...
ONE of the main features of the financial crisis was that it revealed the inadequacy of banks’ risk-data systems and processes. This had serious impacts both on managements’ ability to understand and manage risk and on regulators’ attempts to maintain liquidity and limit contagion. Regulators are now seeking to instill...
Insurance Commissioner Emmanuel F. Dooc has ordered all insurance agents to have compulsory insurance coverage under the Social Security System (SSS) as self-employed individuals. Dooc issued Circular Letter  2014-40 pursuant to the Social Security law, requiring all self-employed individuals, including insurance agents registered with the Insurance Commission, to have compulsory...
The World Bank has tagged the fast-rising city of Chengdu as the benchmark city for investment in inland China. At present, 13 of the world’s 20 best software enterprises are now in Chengdu. Chengdu attracts foreign investors to build their businesses in the city because of four critical factors that include talented workers, friendly government policies to foreign investors, convenient and high-speed transportation...
The creation of a price index that will serve as standard official guide for valuing residential properties in the country is set for release early next year, the Bangko Sentral ng Pilipinas (BSP) said. BSP Deputy Governor for the Monetary Stability Sector Diwa Guinigundo said that a prototype residential real-estate...
THE Department of Finance (DOF) now permits the unrestricted trading of government securities and allows the transfer of these government securities between tax-exempt and taxable entities. Finance Secretary Cesar V. Purisima signed Department Order   (DO) 68-2014 to allow the transfers of government securities across the different tax categories, which...
Share prices dropped for the fifth straight trading day on Monday, with the main index dropping below the 7,200-point level, as investors continue to sell ahead of the United States Federal Reserve (the Fed) meeting this week. The benchmark Philippine Stock Exchange index (PSEi) shed 40.61 points to close...
In our recurring feature, experts from KPMG’s regulatory centers of excellence review current developments. Here, they explore the emerging focus on data and technology and its implications. Technology as a source of risk Over the last 10 to 15 years, banks’ reliance on technology has undergone a number of changes of...
THE Court of Appeals (CA) has affirmed the resolutions issued by the Insurance Commission (IC)putting the preneed firm Prudentialife Plans Inc. (PPI) under receivership, and subsequently ordering its liquidation after  the company’s total liabilities ballooned to P12.36 billion in 2011. In a decision written by Associate Justice Ramon Cruz,...
THE Chamber of Thrift Banks (CTB) has welcomed the cross-selling of financial products of financial conglomerates as an additional business for its members. CTB President Jose Teodoro K. Limcaoco said the Bangko Sentral ng Pilipinas (BSP) earlier issued part two of the revised cross-selling guidelines of Circular 844. “Under...
IF countries like the Philippines want to avoid the middle-income trap and become a knowledge-based economy, the Asian Development Bank (ADB) recommended that governments must increase their investments in information and communication technology, innovation, and research and development. In a report titled “Innovative Asia: Advancing the Knowledge-Based Economy,” the ADB...
BANKS have tempered expectations on the remittance business but see growth in business for new products for migrant Filipino workers. Development Bank of the Philippines (DBP) Vice President George Sy Inocencio, who heads the bank’s Remittance Department, said the remittance business has not managed to maintain the growth trend that...
THE Supreme Court (SC) has ordered the Regional Trial Court (RTC) in Manila to proceed with the criminal prosecution of the former officials of the now-defunct Orient Commercial Banking Corp.(OCBC) for misappropriating the bank’s funds that led to its closure in 1998. In a 23-page decision penned by Associate Justice...
THE banks are in the pink of health and sufficiently capitalized to better serve the financial requirements of the borrowing public, according to the Bangko Sentral ng Pilipinas (BSP). Banks reported record-high figures in the first half, indicating continued growth in the industry, the BSP said. At the 50th founding anniversary of...
THE Bank of the Philippine Islands (BPI) on Monday reported steady growth in its retail customer base now numbering 6.8 million. BPI Executive Vice President Natividad Alejo, Head of Consumer Banking Group, said the bank was seen attracting 700,000 to 800,000 new customers this year alone. “We continue to see growth...
AS of this writing the stock market has been up for almost 22 percent for the year. We’ve seen the likes of DoubleDragon move from P2 per share to more than P10 per share and the relatively quiet ones like Concepcion Industrial Corp. quietly move from P20 per share...
GLOBE President and CEO Ernest L. Cu said in a chance interview that an expansion of its telecommunications services to other Southeast Asian neighbors would be a bit difficult as providers in these nations have already established their names in their respective countries. Thus, the company must look for other...
THE Bangko Sentral ng Pilipinas (BSP) ruled out on Sunday the likelihood of tighter credit, whether in foreign currency or in the local currency the peso, in the near certainty that US monetary policy normalizes and interest rates head north. Such an event is believed to cause a degree of volatility...
FINANCIAL institutions are increasingly reliant on data and information technology (IT) as the foundation of efficient operation, regulatory compliance and future growth and profitability. This pervasive data reliance carries risks, as well as opportunities. The role of the chief information officer (CIO) in helping navigate a path through this complexity...