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THE BANGKO SENTRAL ng Pilipinas (BSP) has set up a Payments and Currency Management Sector (PCMS) headed by financial inclusion expert Mamerto E. Tangonan as deputy governor as it aims to make the country a cash-lite society by 2023.
THE HOUSE of Representatives is open to the banking industry’s request for a “safe harbor” clause in the proposed amendments to the Bank Secrecy Law.
MOVES BY THE central bank to tighten regulations for virtual asset service providers will help increase consumer confidence so the local cryptocurrency market can grow further, an industry player said.
PHILIPPINE NATIONAL Bank (PNB) is looking to infuse capital into its joint venture with Japan’s Mizuho Bank, which will boost its shareholdings in the firm, as it anticipates opportunities in the leasing business amid the government’s infrastructure drive.
THE regulatory environment in the Philippines will help accelerate the entry of more digital banks and payments companies, helping the country rise from low penetration rates in a region where the potential market is projected at $1.5 trillion, JP Morgan said.
A MEASURE that seeks to lower corporate income taxes could buoy Philippine economic recovery through investment flows, but could lower revenue collections in the coming months, according to Moody’s Investors Service.
CHINA BANKING Corp. (China Bank) raised P20 billion from its issuance of three-year bonds to be used for its expansion programs and other strategic initiatives.
THE PESO depreciated versus the greenback on Thursday as the market anticipates a recovery in imports and preference for the dollar following upbeat US economic data.
CONSUMER SPENDING in the Philippines is likely to rebound this year when lockdown restrictions are gradually lifted and the coronavirus disease 2019 (COVID-19) vaccine rollout is implemented, Fitch Solutions Country Risk and Industry Research said.
HEADLINE INFLATION is expected to ease by the second half on subsiding pressure from transport and food prices, Citigroup said.
THE Philippines may continue to see a lackluster economic recovery, returning only to pre-pandemic gross domestic product (GDP) level by the fourth quarter of 2022, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said on Monday.
ADDRESSING the Philippines’ infrastructure shortcomings will require more efficient åment of rigid institutional processes to clear up the project pipeline, ANZ Research said.
THE ENACTMENT of the Financial Institutions Strategic Transfer (FIST) Act is urgently needed by the banking industry, as most bank relief measures are only applicable until the end of 2021.
SUSPICIOUS transaction reports related to terrorist financing surged in the past quarter after an updated Philippine law against terror took effect, according to the Anti-Money Laundering Council (AMLC).
THE PHILIPPINES has to prove its revised anti-money laundering and terrorism financing measures boosted safeguards and ensure it does not go back to the “gray list” of the Financial Action Task Force (FATF), the head of the Anti-Money Laundering Council (AMLC) said.
ROBINSONS BANK Corp. and Pru Life UK have renewed their bancassurance partnership amid an increase in demand for insurance products due to the coronavirus pandemic.
UNIONBANK of the Philippines, Inc. has acquired a majority stake in Batangas-based thrift lender Bangko Kabayan, Inc. (BK) through its own thrift unit, further expanding the Aboitiz group’s banking network.
BANKS did not tap the central bank’s rediscount facility last month as liquidity in the financial system remained ample.
The peso closed flat versus the greenback on Tuesday on gains in US stocks and hopes of the passage of a bigger stimulus package...