Proposed capital regime spooks smaller lenders
THE BANGKO Sentral ng Pilipinas (BSP) has confirmed it is introducing a higher capitalization requirement for banks within the year — a development thrift and rural bankers said could trigger a major shake-up in the industry. Existing capital rules are “under review, and the intention is to raise it, because the existing capital requirement was …
BSP Memorandum No. M-2014-035: Guidelines on the Electronic Submission of the Enhanced Report of Selected Branch Accounts
MEMORANDUM TO: All Member Rural Banks DATE: 18 September 2014 RE: Guidelines on the Electronic Submission of the Enhanced Report of Selected Branch Accounts ———————————————- Please be informed that the Bangko Sentral ng Pilipinas, through Memorandum No. M-2014-035, has issued guidelines on the electronic submission of bank deposit interest rates as part of the Report …
Important Dates for the 2014 RBAP Symposium
MEMORANDUM TO: All Member Rural Banks DATE: 18 September 2014 RE: 57th RBAP Charter Anniversary Symposium ————————————————————- This is to inform you that the Rural Bankers Association of the Philippines’ 57th Charter Anniversary Symposium will be held on November 10-11, 2014 (Monday and Tuesday) at Function Rooms 3 and 4 of the SMX Convention Center …
BSP Circular No. 848: Reportorial Requirements for Bank Deposit Interest Rates
BSP Circular No. 848 RE: Reportorial Requirements for Bank Deposit Interest Rates Pursuant to Monetary Board Resolution No. 1296 dated 20 August 2014, Section X149 and Appendix 6 of the Manual of Regulations for Banks (MORB) are hereby amended. Section 1. Reportorial Requirement A NEW SUBSECTION X149.8 IS HEREBY ADDED TO SECTION X149 OF THE …
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BSP Circular Letter No. CL-2014-045: Anti-Money Laundering Council (AMLC) Resolution No. 43 dated 23 May 2014
Dear Sir/Madam, Please be advised that the Anti-Money Laundering Council (AMLC) issued Resolution No. 43 dated 23 May 2014 which resolved to allow covered persons to submit multiple suspicious transactions under one suspicious transaction report (STR), subject to the observance of the following guidelines: 1. The suspicious transactions shall involve similar suspicious transaction indicator, and …
BSP Memorandum No. M-2014-033: National Risk Assessment (NRA) Project Data/Information Collection Requirement
Dear Sir/Madam, The Office of the President issued Memorandum Circular No.64 dated 20 June 2014 entitled “Enjoining All Concerned Agencies to Fully Support and Actively Participate in the Conduct of the Money Laundering/Terrorism Financing (ML/TF) National Risk Assessment (NRA) Through Involvement in the ML/TF Working Group” The NRA, which is among the Financial Action Task …
Wholistic help for farmers and fisherfolk
Wholistic help for farmers and fisherfolk By Ernesto M. Ordoñez |Philippine Daily Inquirer12:01 am | Tuesday, August 19th, 2014 When help is given to farmers and fisherfolk, it is best to use a wholistic approach. Some limit themselves to production. Thus, they choose cost-effective technology and provide effective training. Others know that even with this …
BSP Circular No. 844: Cross-selling of Collective Investment Schemes and Other Amendments to Circular No. 801 on Revised Cross-selling Framework
Dear Sir/Madam, The Monetary Board, in its Resolution No. 1207 dated 1 August 2014, approved the guidelines on cross-selling of collective investment schemes and amendments of certain provisions of the Manual of Regulations for Banks (MORB), as provided under Circular No. 801 dated 27 June 2013 (Revised Cross-selling Framework) Attached is a copy of the …
BSP Memorandum No. M-2014-031: Regulatory Relief for Banks Affected by Typhoon “Glenda”
To download a copy in PDF file, please click on this link: BSP Memorandum No. M-031
BSP Grants Regulatory Relief to Banks Affected by Typhoon “Glenda”
The Bangko Sentral ng Pilipinas is granting regulatory and rediscounting relief measures to banks with head offices and/or branches located in areas which were devastated by Typhoon “Glenda” based on Situational Report dated 24 July 2014 of the National Disaster Risk Reduction and Management Council (NDRRMC) as follows: Region Cities/Provinces National Capital Region (NCR) Caloocan …
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BSP MEMORANDUM NO. M-2014-029: Withholding of Percentage Tax – Gross Receipt Tax (GRT)
To: ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS WITH QUASI-BANKING FUNCTIONS Subject: Withholding of Percentage Tax – Gross Receipt Tax Under Revenue Regulations No. 02-98, the Bangko Sentral ng Pilipinas (BSP) is required to deduct and withhold the percentage taxes, GRT due from its payments to all banks and non-bank financial institutions with quasi-banking functions, to …
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PDIC signs cross-border partnership deal with Korean counterpart
THE Philippine Deposit Insurance Corporation (PDIC) and the Korea Deposit Insurance Corporation (KDIC) signed a memorandum of understanding (MOU) to foster cross-border cooperation between the two deposit insurance agencies. The MOU was signed by PDIC President Valentin A. Araneta and KDIC Chairman and President Joo Hyun Kim on July 23 at the Peninsula Manila in …
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BSP Circular Letter No. CL-2014-044: Updated Validation Rules of the BSP for the Financial Reporting Package
In an effort to further assist banks in finalizing the Financial Reporting Package (FRP), attached are the updated validation rules used by the BSP to check and determine whether the entries in the FRP are either balanced and reconciled or cited with mathematical defects requiring correction and the submission of amendments that are subject to …