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THE House of Representatives on Tuesday evening approved on second reading a measure strengthening the regulations against money laundering, which is key to helping the country avoid being gray-listed by the Financial Action Task Force (FATF).
YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) dropped on Wednesday following the central bank’s surprise rate cut last week.
BANKS will continue to beef up digital capabilities and rethink branch strategies as consumers are likely to keep engaging in off-the-branch transactions in a post-pandemic world, Bank of the Philippine Islands (BPI) President and Chief Executive Officer Cezar P. Consing said on Wednesday.
A NEW SYSTEM for assessing “dirty money” and terrorism financing risks in financial institutions has been approved by the Bangko Sentral ng Pilipinas (BSP).
INCOME INEQUALITY is expected to worsen in Asia Pacific economies that skimped on social safety nets and welfare spending during the pandemic, according to Moody’s Investors Service.
Philippine banks will struggle with risks to asset quality going into the first half of 2021, Fitch Ratings said.
THE BANGKO SENTRAL ng Pilipinas (BSP) has released proposed guidelines for the management of liquidity risks by Islamic banks and banking units for Shariah-compliant instruments.
DETERIORATING public finances across Asia will be difficult to reverse, with any attempts to return to pre-pandemic debt ratios posing a risk to growth, ANZ Research said.
THE Bangko Sentral ng Pilipinas (BSP) unexpectedly cut benchmark rates to new record lows on Thursday, the fifth reduction this year, citing the continued uncertainty caused by a fresh surge in coronavirus cases globally and the impact of recent typhoons on the struggling economy.
BANKS CONTINUE to be armed by strong buffers as defense versus the impact of the coronavirus pandemic on their asset quality, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.
THE CENTRAL BANK is requiring lenders to submit reports on their transactions that involve the London Interbank Offered Rate (LIBOR) and their transition to the use of alternative reference rates, with the LIBOR set to be sustained only until end-2021.
THE PANDEMIC has stressed corporate finances, raising the possibility of a "slow burn" contagion that could spread across industries as individual firms falter, according to a report issued by the Financial Stability Coordination Council (FSCC).
SECURITY BANK Corp. might see a deterioration in its capital strength over the next two years amid rising credit costs, S&P Global Ratings said.
THE CENTRAL BANK will likely observe a pause in its rate easing with liquidity ample, but it could be keeping another reduction in reserve to boost growth pending a further easing in the quarantine sometime next year, HSBC (Hongkong and Shanghai Banking Corp. Ltd.) said.
THE BANGKO SENTRAL ng Pilipinas (BSP) is working with Singapore’s central bank to promote data connectivity among financial institutions to beef up the management of risks related to money laundering, terrorism financing and cyberattacks.
OFFICIALS FROM several Asian economies discussed strategies in unwinding stimulus measures fired off amid the coronavirus disease 2019 (COVID-19) pandemic to ensure the stability of their respective financial systems.
AMENDMENTS to the Anti-Money Laundering Act (AMLA) will need to be approved by Congress before the Christmas break to give enough time for its implementation, if the Philippines wants to avoid being included in the Financial Action Task Force’s (FATF) so-called “gray list.”
JAZZYPAY is eyeing to provide cashless payments solutions to health and educational institutions while forging partnerships with other business industries such as tourism and recreation.
THE Bangko Sentral ng Pilipinas (BSP) said it is evaluating the timing of moves to wind down its stimulus program as the economy recovers, in order to avoid any negative effects from policy action taken during the height of the crisis, such as the persistence of low interest rates.
MOODY’S ANALYTICS downgraded its growth outlook for the Philippines for 2021 to 6.2% from its 7.8% estimate issued last month, citing the government’s tepid fiscal response which may result in a recovery weaker than it could have been.
THE constraints imposed by the pandemic on restaurant operations will force more consumers to prepare coffee at home, providing an opportunity for brands to sell more via groceries, according to Fitch Solutions Country Risk & Industry Research.
REMITTANCE PLAYERS in the country remain pessimistic on the growth of transactions due to the continued impact of the coronavirus disease 2019 (COVID-19) on the incomes of overseas Filipino workers (OFWs), a study by the Bangko Sentral ng Pilipinas (BSP) showed.
The Bangko Sentral ng Pilipinas (BSP) is considering a framework on publicizing criminal offenses made by supervised financial institutions and their officials as well...
THE PHILIPPINE economy might take two years to return to its pre-pandemic level, Bangko Sentral ng Pilipinas Governor (BSP) Benjamin E. Diokno said on Thursday.
THE Bangko Sentral ng Pilipinas (BSP) said it will begin work this month compiling a credit risk database (CRD) that will help banks more easily evaluate the creditworthiness of small businesses and wean lenders away from requiring excessive collateral cover.
YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) rose on Wednesday on expectations of faster October inflation.
THE buildup in gross international reserves (GIR) among Asia-Pacific economies will support their credit ratings, but at the same time may result in currency appreciations, according to Fitch Ratings.