BSP tightens know-your-employee rules for banks
BSP CIRCULAR No. 1112, signed by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on April 8, directed banks to apply adequate policies, risk management and control measures in hiring and performance management of bankers.
Philippines hopeful of vaccine manufacturing investments by 2022
INVESTMENTS for domestic vaccine manufacturing could start coming into the Philippines by next year, Trade Secretary Ramon M. Lopez said on Thursday.
BIR collection slips amid lockdown
THE Bureau of Internal and Revenue (BIR) missed its collection target by 13% in March, as the government began tightening lockdown restrictions to curb the spike in coronavirus disease 2019 (COVID-19) infections.
Lawmakers vow to rush Bank Secrecy Law amendments
EASING the Bank Secrecy Law will strengthen the case for the Philippines to avoid being “gray-listed” by the Financial Action Task Force (FATF), government officials said.
DBM releases 78% of P4.5-T budget in Q1
THE Department of Budget and Management (DBM) has released P3.514 trillion to state offices and local government units (LGUs) as of end-March, and implemented cuts to the Agriculture and Education departments’ budgets, latest data from the agency showed.
Construction material prices in Metro Manila soar to 17-month high
WHOLESALE PRICES of construction materials in Metro Manila posted their fastest growth in 17 months in March, the Philippine Statistics Authority (PSA) reported on Wednesday.
February NPL ratio highest in 11 years
LENDERS’ bad loans rose for the second straight month in February, bringing the nonperforming loan (NPL) ratio to its highest since 2009 as borrowers had difficulty making payments amid the coronavirus pandemic.
Duterte certifies three economic bills as urgent
PRESIDENT Rodrigo R. Duterte certified as urgent three bills aimed at easing foreign investment restrictions in the country.
Car sales surge in March
AUTO SALES in March surged by almost 88% compared with a year earlier as the industry recovers from the impact of the strict lockdown implemented last year.
LGUs directed to set up electronic business one-stop shops by June
LOCAL GOVERNMENT UNITS (LGUs) will be required to move their entire business permit application processes online by mid-June, the Anti Red Tape Authority (ARTA) said.
Duterte creates new agency to tackle red tape
PRESIDENT Rodrigo R. Duterte on Tuesday signed an executive order creating a separate agency tasked to streamline government processes.
January FDI inflows highest since 2019
FOREIGN INVESTMENT flows to the Philippines recovered in January to the biggest monthly print since 2019, which the central bank attributed to investor optimism as the economy gradually reopened.