Latest Industry News
BSP Advances Sunset Period for TBs, RBs and CBs
The Bangko Sentral ng Pilipinas (BSP) announced today that the Monetary Board has approved the termination of the sunset provision in favor of thrift banks (TBs), rural banks (RBs) and cooperative banks (CBs), resulting in a unified rediscounting window for all types of banks. In 2013, reforms were made to bring the BSP Peso rediscounting …
BSP orders banks to beef up defenses vs cyber attacks
The Bangko Sentral ng Pilipinas yesterday said the global ransomware attack over the weekend had no impact on any Philippine financial institution even as it urged all banks and nonbanks to step up their defenses. Asked if BSP-supervised financial institutions were targeted during the cyber extortion attacks, Deputy Governor Nestor A. Espenilla Jr. replied: “Targeted? …
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Eastern Visayas bank deposits post 11.23% growth in 2016
TACLOBAN CITY — Bank deposits in Eastern Visayas grew by 11.23 percent to P94.61 billion in 2016, showing a sustained economic recovery from the 2013 super typhoon’s devastation, the National Economic Development Authority (Neda) said. Bank deposits in the region managed to maintain its double-digit annual growth rate in the past four years despite impacts …
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BSP extends deadline for the exchange/replacement of old note series (NDS) at par with the new note series (NGC) until 30 June 2017
The Monetary Board approved the extension of the deadline for the exchange or replacement of New Design Series (NDS) banknotes with the Bangko Sentral ng Pilipinas (BSP) or its authorized agent banks at par with New Generation Currency (NGC) banknotes and without charge to 30 June 2017. This recent decision of the Monetary Board, which …
BSP Grants Regulatory Relief to Banks/Non-Bank Financial Institutions with Quasi-Banking Functions (NBQBs) Affected by Typhoon “Nina”
The Bangko Sentral ng Pilipinas (BSP) is granting temporary regulatory and rediscounting relief measures to banks/non-bank financial institutions with quasi-banking functions (NBQBs) with head offices (HOs) and/or branches/extension offices (EOs)/microfinance-oriented banking offices (MBOs) located in the areas which were devastated by Typhoon “Nina”, based on Situation Report No. 12 dated 2 January 2017 of the …
Electronic Processing of Checks to Start Soon
01.19.2017 The electronic processing of checks shall commence on 20 January 2017. The Philippine Clearing House Corporation (PCHC) is set to implement the clearing of checks via electronic presentment through its Check Image Clearing System (CICS). Under the CICS, only the digital images of checks and their electronic payment information will be transmitted to the …
BSP Issues Regulation Enabling Banks to Expand Service Delivery Channels
01.18.2017 In line with the thrust of the Bangko Sentral ng Pilipinas to create an enabling regulatory environment for innovations and allow banks to exponentially expand reach and serve clients more efficiently, the Monetary Board recently approved the guidelines for new bank service channels and relaxed existing regulations on deposit taking activities outside bank premises. …
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BSP Simplifies Guidelines on Establishment of Branches
Consistent with the BSP’s policy of promoting a competitive banking environment and ease of doing business, the Monetary Board (MB) approved the amendments to the guidelines on the establishment of branches to provide banks with more flexibility in expanding their branching network to strategic locations. The new regulation removed the use of theoretical capital as …
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Stand-Alone TBs and RCBs Remain Well-Capitalized
09.30.2016 Stand-alone thrift banks (TBs), and rural and cooperative banks (RCBs) remained well capitalized at end-December 2015. The Capital Adequacy Ratio (CAR) of TBs stood at 19.80 percent at end-December last year, higher than the 19.56 percent posted by the banks a quarter earlier. The TBs’ CAR rose quarter-on-quarter as the growth in the banks’ …
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Building on a strong 2nd-quarter 7% GDP
The good news is that the Philippine economy, as measured by Gross Domestic Product (GDP), grew by 7 percent in the second quarter of this year – April to June. Not so laudatory is the observation that this has not been inclusive growth, that the statistical gain has not been felt by most Filipinos who …
BSP Chief Seeks to Boost Financial Inclusion
Only 4% of Filipinos borrow from banks By: Daxim L. Lucas @inquirerdotnet Philippine Daily Inquirer 12:17 AM August 15th, 2016 DESPITE the rapid growth of the Philippine economy in recent years, a large number of Filipinos still have no meaningful access to the formal financial system—a situation that makes it more difficult for them to …
5 more foreign banks to enter PH – BSP
Five foreign banks from Asia are expected to set up operations in the Philippines following the liberalization of the banking sector. Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla Jr. who expressed this hope, however, did not identify the banks. But in a text message to reporters on Tuesday, he said that one application …
CIC mandates three new credit bureaus for information system
Posted on July 26, 2016 THE CREDIT Information Corp. (CIC) has granted full accreditation to three credit bureaus to offer rating services using information from a national registry that is expected to come online by yearend. In a Subscription Agreement signed yesterday, the CIC formally accredited local firm Credit Information Bureau, Inc., as its special …
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Gov’t pushes development to countryside
July 20th, 2016 IF INVESTORS and businesses were to take their cue from the new administration’s planned economic agenda, then the logical move is to invest outside Metro Manila and the bustling business centers of Cebu and Davao. Based on the recent pronouncements by President Rodrigo Duterte and his Cabinet, there will be an …
