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Trump says ‘I’m not a racist’ after slur

WASHINGTON — US President Donald J. Trump vehemently denied Sunday that he was a racist, after his vulgar disparagement of African countries and Haiti complicated a bipartisan deal on immigration.

“I’m not a racist. I am the least racist person you have ever interviewed,” Mr. Trump told reporters at the Trump International Golf Club in West Palm Beach, Florida, where he was having dinner with Republican House Majority Leader Kevin McCarthy.

Mr. Trump appeared to give up for dead an immigration deal, coming back on the issue in a pair of early morning tweets three days after reportedly referring to African and Haitian immigrants as coming from “shithole countries,” triggering global condemnation.

“DACA is probably dead because the Democrats don’t really want it,” Mr. Trump tweeted, referring to the Deferred Action for Childhood Arrivals program at the heart of the immigration impasse.

Hundreds of thousands of immigrants brought to the country illegally as children — so-called “Dreamers” — face deportation unless a compromise can be reached that would grant them rights to stay.

A bipartisan deal to resolve the Dreamers issue in return for changes demanded by Republicans in the way visas are allocated collapsed in acrimony Thursday over Mr. Trump’s remarks, which were widely denounced as racist.

“I think this man, this president, is taking us back to another place,” John Lewis, a Georgia congressman who was on the front lines of the 1960s civil rights movement, said Sunday on ABC’s This Week.

“I think he is a racist.”

‘DEFEND THE INDEFENSIBLE’
Senator David Purdue, a Republican from Georgia, called charges that Mr. Trump is racist “ridiculous” and his reported remarks a “gross misrepresentation” of the White House meeting on immigration.

But other Republicans, pained by the turn of events, spoke out against the president as debate over the slur spilled into Sunday television talk shows.

“I can’t defend the indefensible,” said Mia Love, a Haitian-American congresswoman from Utah who campaigned on Mr. Trump’s behalf in the country’s Haitian community.

“I still think that he should apologize,” she said on CNN’s State of the Union. “I think that there are people that are looking for an apology. And I think that that would show real leadership.”

Mr. Trump’s “shithole countries” remarks were confirmed by Senator Dick Durbin, a Democrat who attended the White House meeting, after it was reported by The Washington Post and other media.

But Mr. Trump has stuck with a vague denial that he used such language, and so far has made no move to apologize, hurting prospects for a deal on DACA and making life uncomfortable for Republicans as they look ahead to midterm elections this year.

The president sought to shift from the defensive by portraying Democrats as not truly interested in an immigration deal.

“They just want to talk and take desperately needed money away from our Military,” he tweeted.

“I, as President, want people coming into our Country who are going to help us become strong and great again, people coming in through a system based on MERIT. No more Lotteries! #AMERICA FIRST.”

In Florida, Mr. Trump added: “I don’t think Democrats want to make a deal. The folks from DACA should know the Democrats are the ones that aren’t going to make a deal.”

He insisted the White House was “ready, willing and able to make a deal on DACA.”

‘A DEAL TO BE HAD’
But Senator Jeff Flake, a Republican who has been critical of Mr. Trump, said Democrats were serious about a bipartisan deal on immigration.

He said the compromise presented to the White House Thursday would end a visa lottery system and so-called chain migration under which legal immigrants can bring in family members. The Dreamers would be allowed to stay but not become US citizens, according to Mr. Flake.

The senator from Arizona said Mr. Trump’s remarks came in reaction to an element of the deal that would reallocate the visas given out in a lottery to immigrants who are currently in a protected status, like Haitians and the Dreamers.

“I believe there is a deal to be had,” he said.

Mr. Trump announced in September he was scrapping the DACA program but delayed enforcement to give Congress six months — until March — to craft a lasting solution.

On Tuesday, however, a federal judge ordered the government to keep DACA going pending resolution of court challenges to the president’s decision.

Unless the order is overturned by a higher court, DACA recipients will now be eligible to submit renewal applications and the government will be required to “post reasonable public notice” that the program is once again active.

Meanwhile, dimming prospects for a 2018 spending agreement means lawmakers will have to resort to a temporary funding extension to avert a government shutdown on January 19. — AFP

Malaysia upholds death sentences for 9 Filipinos over 2013 incursion

KUALA LUMPUR — A Malaysian court on Monday upheld death sentences handed down to nine men from the Philippines in connection with a 2013 incursion into the Malaysian part of Borneo island by Philippine fighters seeking to stake an ancient claim. The incursion by the fighters from the southern Philippines into Malaysia’s Sabah state sparked a month-long crisis and at least 27 people were killed when Malaysian troops backed by fighter jets eventually subdued the militants. The nine were among fighters captured. A five-member Federal Court panel unanimously ruled that the death sentences were the most appropriate, upholding a decision by a lower court to increase the penalty from life sentences, according to the state news agency Bernama. The court also upheld a lower court’s decision to release 14 other men who had been held in connection with the fighting in the sleepy Lahad Datu district. The fighters were from a group that has demanded recognition, and an increased payment from Malaysia, for their claim to be the rightful owners of Sabah, which an ancient sultanate leased to British colonialists in the 19th century. Malaysia dismissed their demands and the Philippine government repeatedly told the group to put down their weapons and go home. The fighters declared loyalty to the self-proclaimed Sultan of the southern Philippine region of Sulu, Jamalul Kiram, in the Philippines. — Reuters

Areas where growing rice is cheap

The National Economic and Development Authority (NEDA) identified 39 rice-growing areas that will benefit from a new 35% tariff imposed on rice imports. Under this new tariff scheme, rice from these areas will be 4 pesos cheaper than imported Thai or Vietnamese rice.

NEDA says these areas can supply 73 percent of the national demand, with the potential to provide more with greater use of hybrid seeds and better farm management practices.

Socioeconomic Planning Secretary Ernesto M. Pernia says that revenue from the new tariff scheme can be invested in domestic agriculture industries, with the hopes of bringing it up to par with its ASEAN counterparts.

China to toughen rules on $38-trillion banking sector

CHINA’S banking regulator pledged to continue its crackdown on malpractice in the $38-trillion industry in 2018, vowing to tackle everything from poor corporate governance and violation of lending policies to cross-holdings of risky financial products.

The China Banking Regulatory Commission (CBRC) unveiled its regulatory priorities for the year in a statement on Saturday. They include inspecting the funding source of banks’ shareholders and ensuring they have obtained their stakes in a regular manner; examining banks’ compliance with rules restricting loans to real estate developers, local governments, industries burdened by overcapacity, and some home buyers; and looking into banks’ interbank activities and wealth management businesses.

The statement comes after China’s financial regulators started 2018 with a flurry of rules to plug loopholes uncovered in last year’s deleveraging campaign, showcasing their determination to limit broader risks to the financial system. Still, analysts have warned that the moves will make it more difficult for companies to obtain financing from loans, equities and bonds and could undermine economic growth.

The “CBRC’s regulatory storm continues” with the weekend announcement covering almost all aspects of banks’ daily operations, Bocom International Holdings Co. analysts Jaclyn Wang and Hannah Han wrote in a note. “We believe challenges for smaller banks in the current regulatory environment remain high,” they wrote, noting that curbs on off-balance-sheet lending and interbank activities may drag on profitability.

While the CBRC will allow a grace period for rectifying some irregularities, any new business after May 1, 2017, must be corrected or the bank will face punishment, according to the statement. Banks are required to submit an initial self-inspection report on their 2017 operations by March 10, and another two reports by June and December detailing their progress.

“CBRC’s new rule basically covers every corner of the banking system and shows their increasingly tougher stance toward financial turbulence,” China Securities Co. analysts led by Huang Wentao wrote in a note.

“Banks, especially smaller ones, should proactively adjust their business models.” — Bloomberg

Overseas Filipinos’ cash remittances

CASH REMITTANCES increased annually for a second straight month in November last year but at a slower pace, the central bank reported yesterday, as overseas Filipino workers (OFWs) likely held on to their cash given a stronger exchange rate. Read the full story.
Remittance increase slows in November

How PSEi member stocks performed — January 15, 2018

Here’s a quick glance at how PSEi stocks fared on Monday, January 15, 2018.

TRAIN upon death

For individual taxpayers, the offshoot of the approval (and line item veto) of Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion Act (TRAIN Law) is uncertain.

Some employed individual taxpayers have been tapping on their mobile phone calculators to forecast the increase in their net pay, whereas those employed in Regional Operating Headquarters are now scratching their heads on whether they can still avail of the 15% preferential tax rate on gross income in view of President Rodrigo R. Duterte’s veto. On the other hand, self-employed individual taxpayers are now drowning their bookkeepers with questions on whether they should avail of the optional 8% tax on gross sales or gross receipts and other non-operating income in excess of P250,000, instead of the graduated income tax rates.

To tweak their curiosity further, the timing of the implementation of the provisions of the TRAIN Law has become an issue. It is a doctrine, however, that laws should be applied prospectively, unless otherwise stated. Indeed, in a new law, varying interpretations abound. Yet, in the midst of all the fuss, lies the proverbial saying that “nothing can be said to be certain, except death and taxes.”

Both death and taxes are present in one of the tax reforms which was just casually received by individual taxpayers — the estate tax. Perhaps this apathy was caused by Filipino culture, which dictates that the topic of death be met with a sullen disposition. For sure, most individual taxpayers are concerned about whether these tax reforms significantly enhance their wealth or not. Will it financially uplift their lives and those of their families? They prefer to think of events unfolding while they are breathing, rather than when the angel of death comes knocking.

With this mindset, the estate tax or the tax imposed on one’s right to transfer properties to other persons or heirs upon their death, paradoxically, has almost seen its death. In 2016, Senate Bill Nos. 1053 and 107 proposed to abolish the estate tax.

The TRAIN Act, however, guaranteed that estate tax will survive, with certain amendments as follows:


On top of the policy to reduce estate tax, the procedures for settling estate tax have been streamlined, namely: (i) collating documents to comply with Revenue Regulation 2-2003 for funeral, judicial, and medical expenses is unnecessary, as these expenses were removed; (ii) filing of estate tax return can be done within one year, instead of six months, from death; (iii) filing of notice of death is no longer mandated; (iv) supporting the estate tax returns with a statement duly certified by a Certified Public Accountant is only required for returns with gross value exceeding P5 million instead of P2 million; (v) paying the estate tax due can be made in two years installment without civil penalty and interest; and (vi) withdrawing the deceased individual’s bank deposit is now allowed by paying a 6% final withholding tax.

With these developments, individual taxpayers may now prefer to transfer their properties upon their death. However, the donor’s tax or the tax imposed on one’s right to gratuitously transfer properties to other persons during the life of the donor was also reduced to a flat rate of 6% computed on the bases of the total gifts in excess of P250,000 exempt gift made during the calendar year. This means that estate tax and donor’s tax rates are now at par with the capital gains tax rate on sale of real property, while the capital gains tax rate on the sale of shares not traded on the stock exchange was increased to 15%. Thus, in deciding what mode of property transfer to take, the individual taxpayer must consider the variables, particularly the tax base and the deductions.

Contemporaneous to these reforms, the government has been active in imposing estate tax. The BIR’s December 2017 media release reported that the heirs and estate administrators of a certain deceased individual were charged with tax evasion for failure to file an estate tax return and to pay the tax thereon, when the BIR noticed that the name of the deceased no longer appeared in the list of Top 100 stockholders of a publicly listed company. The BIR also filed a complaint with the Office of the Ombudsman against a local Register of Deeds for the transfer of realty subject to estate tax without the requisite Certificate Authorizing Registration. This is further bolstered by the government’s pending tax amnesty program covering estate taxes for the year 2016 and the previous years that have remained unpaid as of Dec. 31, 2016. Indeed, the fine print of the law, no matter how intricately carved in stone, has to be read with prudence and action.

Will estate taxes now be a viable source of government revenue? Again, nothing is certain except death and taxes. Suffice it to say, for now, the notion is born:  Tax Remains Alive, Interesting and New (TRAIN) upon Death.

Rhino T. Chua is an associate of the Tax Advisory and Compliance of P&A Grant Thornton. P&A Grant Thornton is one of the leading audit, tax, advisory, and outsourcing services firms in the Philippines.

Nation at a Glance — (01/16/18)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

The craft of selling crafts

Crafts are having a moment. People have been lapping up everything artisanal, with crafts being sold left and right at popups, fairs and workshops, even major malls that acknowledge the niche.

The penchant is understandable: aside from the visual pleasure of art—whether calligraphy, doodles, or watercolor, to name a few—there is something innately personal about something hand‑made and unique. Every stroke of brush0o on paper, every corner off a sheet of cardboard and every drop of ink is a whisper from the soul of its maker, and when you hold a piece of their art, so do you hold a piece of their heart.

The craftsman, particularly in this setting, is two‑faced. Aside from dealing with the creative side, they also play the role of an entrepreneur.

We asked four outstanding ladies in this field for some tips from how to get started with selling, market to the public, and eventually turn a profit.

Abbey Sy

Abbey Sy is a visual artist, published author and entrepreneur rolled into one. Her bestselling books include The ABCs of Hand Lettering, The ABCs of Journaling, Hand Lettering from A to Z. Recently, she launched ABC Magazine, a publication for artists, crafts and makers. Visit her site, her new YouTube channel and her Instagram to see what upcoming events, workshops and publications she has up her sleeve. She will also be a speaker at Graphika Manila this February, along with 11 other artists.

 

Alexis Ventura

Alexis Ventura is a calligrapher and founder of two major things in the local craft scene: The Craft Central and Ink Scribbler. The Craft Central is a growing brick‑and‑mortar specialty store for all your crafting needs, as well as a platform for local artists to showcase their own crafts. The Ink Scribbler, on the other hand, is a modern calligraphy and design agency. For your art supplies fix, visit The Craft Central at Greenbelt 5 and SM North EDSA. For your design needs, you may read about and contact the studio through www.inkscribbler.com.

 

Aencille Santos

Aencille Santos is a watercolor and graphite illustrator whose subject matter usually deals with nature and celestial bodies. She has conducted participated in art markets and conducted workshops, all while working as a communications executive at a five-star hotel in Manila. Check out her works and stay updated on her upcoming events on Instagram and Facebook.

 

Kat Santos

Kat Santos is a calligrapher and watercolor illustrator, with a particular interest in designing wedding stationery. She got her start with her artistic pursuits through a request from an online accessories store, and now she’s got both local and foreign clients (in fact, she was the one who designed the wedding invites of Camille Prats and VJ Yambao!). You can catch her on Instagram as @thepapercat

There’s no one formula to succeed in the creative industry, but the recurring constants in their stories include commitment, artistic and business know‑how, and marketing.

Here’s a little summary of what they said.

You may be interested in freelancing, doing commissioned artworks, giving workshops, or setting up a (physical or online) store. After which, take a long look at the pros and cons of having to monetize, and then evaluate the skills you already possess and what you still need to learn.

Ventura shares that the business opportunity for Craft Central emerged because she conducted numerous beginner’s workshops on calligraphy. “There was a need for more accessible and affordable craft supplies, and because of the workshops, I automatically had a captive market,” she told SparkUp. “We started with calligraphy supplies, but the long-term goal was to encompass all sorts of crafts, and to be a hub for other crafters to sell their products.” Meanwhile for the Ink Scribbler, she envisioned an agency with a team of people making art.

On the other hand, Sy was able to utilize not just her artistic skills, but also her business and marketing know‑how when she started making money from her crafts in college. Apart from her freelance design work and major in Advertising Management, she sold tote bags as a creative outlet as an undergrad, which also gave her firsthand experience: “I was a one-woman team—designing the bags, painting on them, dealing with online transactions, taking photos for the shop, doing accounting. Looking back, that really gave me a lot of background on how e‑commerce now works.”

You may also want it as your bread and butter, or as something on the side, but be prepared with a solid plan, fallback and money saved up, especially for the former.

Sy was juggling freelance creative work while in a corporate job as a fresh grad. She eventually quit her day job after weighing her options, but made a compromise to herself: “I said if I couldn’t survive after a year, I would go back to corporate. Three years later, looks like I’m here to stay and never to go back to the four walls of working in an office.”

Don’t be fooled by the sound of a side hustle, though. “Art on the side is no walk in the park,” says Aencille Santos, who manages to maintain an impressive clientele and hold workshops, despite being busy with her other commitments. “My Sundays are sacred. It’s my art day. I make sure to stay at home and paint, whether it’s a huge piece or just quick exercises. A schedule keeps me disciplined. I finish all my corporate-related tasks on weekdays. I am also blessed to have colleagues and a boss who are very supportive. My workshops will not happen without their support.”

For larger‑scale projects, there may be the need to collaborate with a team. Ventura made The Ink Scribbler into a design agency, so as to lessen the workload and delegate tasks. She says, “That way, it is more sustainable and reliable and less prone to burning out, as compared to being a freelance artist.”

Sy also manages a small team that she up or downsizes according to the demand for her work: “Right now I have four members, but we will be back to just two soon. They’re assigned per brand—let’s say, one is in charge of shop operations and another is in charge of workshops and events. But again, it varies depending on the type of work that is heavy for a specific time period. I have two assistants for the shop this quarter because it’s the holidays.”

All four ladies mention social media and digital marketing as having a part in their artistic endeavors, particularly Instagram. “Instagram proved to be a powerful tool for promoting my work and, later on, the services I offered,” says Kat Santos. “What worked for me was consistently sharing and engaging with followers by responding to their comments and questions.” Sy shares the same sentiments about engaging with people on social media, mentioning that most of her current work projects are from Instagram: “The thing about social media is as much as numbers make a big impression overall as a brand, it’s really engaging with your followers that keeps the numbers at a good pace.”

Aencille Santos advises consistency and genuinity: “For social media, consistent content is king. You have to let your audience in on your authentic journey as an artist–your struggles, your skillsets, your new discoveries… Know your niche then expand from there. Don’t force yourself to abide by a trend or a certain style just because. From there, you get your work out there for everyone to see via social media.”

Ventura considers the online sphere as the Ink Scribbler and Craft Central’s first home, having started as a blog and Instagram account. “The Craft Central started as an online store and only after 2 years did we take the opportunity to have a brick and mortar store. This is still our main space to announce our activities and events. We build the community and encourage our patrons by reposting their works on our account.”

One of the most mystifying aspects of the creative industry how to price your art. Kat Santos had initially thought she didn’t deserve to charge much, but then asked fellow artists for advice: “I often got told to charge a price I was comfortable with, but to remember not to undersell. In order to do that, I researched on how much other artists were charging, just to get an idea, and made adjustments accordingly.” She mentions that it was hard at first, but “in the process of underpricing your work, you pull down not only yourself but the industry itself.”

Sy mentions that there is by default no standard for how pricing works, instead mentioning several factors to consider before deciding on a final price: “I started out pricing like, P500 for an invitation, what was I thinking? But again, you gotta start somewhere. Eventually I learned to price better based on time, energy, resources, and of course, skill. At this point I have my manager to thank because she helps me price my work in a feasible way. It’s also important to consider the client budget and of course the reach of your work. This topic is generally taboo but I recommend naming your price based on how you find your work to be in terms of value. It will increase over time.”

Much easier said than done, but even established artists experience the all‑too‑familiar pang of not being good enough. Kat Santos had been hesitant to accept the art commissions she had been receiving from sharing her work online. “I was reluctant at first because I didn’t think my work was good enough, but I eventually started taking [them] after leaving my job.”

Ventura also shares that self‑doubt was her biggest challenge when she started, especially after having been faced with online bashers criticizing her work at one point. She now advises, “there may already be a lot of artists and enthusiasts delving into art, but try not to compare yourself too much. If you are determined, you can always make space for yourself. Just keep one doing what you do, frequently and relentlessly.”

As Aencille Santos says of all the effort that takes place behind the scenes, “It’s the hardest part, yet it’s also fun. It’s all about marketing and public relations applied to your art. It’s about reaching out to the audience that love, and may love your work.”

Success is not guaranteed and there are surely hurdles to overcome when first starting out with a creative enterprise, each completely dependent on your own unique situation. But by all means, go for it if you believe that your purpose and passion for art are worth the effort.

Got a short film idea? Here’s how you can enter the 2018 Cinemalaya film fest

Calling aspiring and veteran digital film makers! You have approximately two months to submit your entries to the Short Film category for the 2018 Cinemalaya Philippine Independent Film Festival and Competition.

The mechanics for the Short Film category requires that short films be made by Filipino filmmakers, are primarily in Filipino or any Philippine language, in a digital format, and no more than 20 minutes long.

Interested participants can submit their final work in a DVD format or in a USB flash drive (six copies), with violator, and properly labelled with the following: title, production company address, contact numbers, production date, director’s name and running time.

Don’t forget to send that with the completed application form (available here), an English synopsis of your film, and a brief biodata along with two recent 2×2 photos of the filmmakers. Place all of that and your DVDs/USBs in a properly labeled long brown envelope.

Deadline for submission is on March 2, 2018, 6:00 p.m., to the Media Arts Division of the Cultural Center of the Philippines (CCP) in Pasay City.

The top ten short features will be announced on May 8, 2018 and will be screened during the 2018 Cinemalaya Festival on August 3‑12, 2018 at the CCP and other festival venues.

The best Cinemalaya short feature will receive ₱150,000.00 and the Balanhai trophy during the Cinemalaya Awards Night at the last night of the festival at the CCP Main Theater.

And with mainstream media slowly realizing the potential of independent films with Siargao and Ang Larawan winning several awards last Metro Manila Film Festival, the success of Smaller and Smaller Circles and the anticipation for Goyo: Ang Batang Heneral (a sequel to Jerrold Tarrog’s Heneral Luna), this may open doors to Filipino filmmakers seeking nationwide acclaim and success.

For information, complete guidelines, and entry forms, you can visit the Cinemalaya website, the CCP website, or call the CCP Media Arts Division (tel. no: 832-1125 local 1705 and 1712).

Gov’t all set for global bond offer

THE GOVERNMENT is set for a planned $2-billion global bond offer involving an equal dose of new money and a liability management segment, an official of the Bureau of the Treasury (BTr) said.

“The size of the transaction is $2 billion: $1 billion in new money and $1 billion for liab[ility management],” Deputy Treasurer Ma. Sharon P. Almanza told reporters late Thursday when asked for updates on the planned Republic of the Philippines (ROP) bond offer, even as she declined to disclose the tenor.

She said it is only a matter of time before the offer is launched as the Treasury has secured necessary approvals from the Monetary Board and the US Securities and Exchange Commission, among others.

“So we would just line the issuance,” she added.

“I think we are almost ready for the launch of the ROP, but depending on the market conditions.”

SECOND GLOBAL BOND UNDER DUTERTE
Finance Secretary Carlos G. Dominguez III had said last week that the planned offer will “happen between now and February.”

At the same time, Mr. Dominguez told reporters last Thursday that the sale would still be “depending on market conditions.”

In January 2017, the government of President Rodrigo R. Duterte entered into a similar $2-billion deal with 25-year tenor. It raised $500 million in new money then, while swapping some $1.5 billion as part of the government’s debt-liability management exercise.

The government plans to borrow a total of P888.23 billion this year, of which P176.27 billion — nearly a fifth — will be sourced from foreign markets.

The 2018 full-year financing program is 22.05% more than the upwardly adjusted P727.74-billion program for 2017.

The government borrows to pay maturing debt and help plug its fiscal deficit, which is pegged at equivalent to three percent of gross domestic product (GDP) until 2022 — as it plans to drastically raise spending, particularly on infrastructure.

The Duterte administration has set an P8.44-trillion infrastructure spending plan until 2022, when it ends it six-year term, to boost GDP growth to 7-8% starting this year from a targeted 6.5-7.5% in 2017. — Elijah Joseph C. Tubayan

Philippines to form part of tracked banking data

THE PHILIPPINES will soon be part of global statistics on cross-border banking after it has been accepted as a reporting institution by the Bank of International Settlements (BIS).

The Bangko Sentral ng Pilipinas (BSP) said the Philippines will join an “elite group” of less than 50 economies included in the international banking statistics (IBS) released by the global financial authority.

In a statement on Sunday, the central bank said it has cleared rigorous standards set by the BIS as it vouched for the quality of industry data maintained by the BSP. Hence, Philippine data will be included in BIS’ global aggregates on banking information starting this month.

“The participation of the Philippines in the IBS is a significant milestone [because] it confirms the international importance of the Philippine banking system,” BIS General Manager Agustin Carstens was quoted as saying in the statement.

Established in 1930, the BIS is an international organization that fosters cooperation among 60 central banks. It also prescribes global standards on bank supervision and financial stability via the Basel III framework.

“Our inclusion in the elite group provides us with more granular cross-border banking data that would be very critical in formulating well-informed policies when and how they may be needed,” BSP Governor Nestor A. Espenilla, Jr. said.

Starting this month, the BSP will report banking statistics to the international body that will include quarterly balance sheet positions of local banks reflecting both foreign and domestic credit, among other data.

There were 592 universal, commercial, thrift, rural and cooperative banks operating in the Philippines as of September 2017 running 10,980 branches and offices nationwide. Loans by these lenders reached P8.574 trillion as of end-November, against deposits worth P11.48 trillion, according to latest central bank data.

The Philippines is also one of the world’s biggest recipients of remittances and has grown foreign direct investments (FDI). In 2016, net FDI inflows reached $8 billion, while remittances from overseas Filipino workers amounted to $26.9 billion. — Melissa Luz T. Lopez

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