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BSP in talks with Malaysia counterpart to craft Islamic banking framework for PHL

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Malaysia, home to the one of the world’s largest Muslim populations, has expressed interest in helping develop the Islamic banking industry in the Philippines, the Department of Finance said Sunday. Finance Undersecretary Jose Emmanuel Reverente said the Bangko Sentral ng Pilipinas has been holding talks with Bank Negara, Malaysia’s central bank, regarding the creation of …

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BSP resolves 99.5% of bank complaints

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The Bangko Sentral ng Pilipinas (BSP) said it has resolved 99.5 percent of complaints and some inquiries or requests, from bank clients in 2013. In a BSP report, the Financial Consumer Affairs Group (FCAG) has received 2,446 complaints/inquiries/requests or CIRs last year and of this total, 2,433 has been “substantially” acted upon. The central bank …

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BSP to Banks: Upgrade ATM software by April 8

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MANILA, Philippines–Regulators are set to issue a reminder for local banks to upgrade the software their automated teller machines (ATM) are running to ensure they are shielded from possible security risks. This comes ahead of the end of support for the nearly 13-year-old Windows XP operating system by its creator, tech giant Microsoft Corp. “I’m …

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BSP issues warning on ‘Bitcoins’

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THE Bangko Sentral ng Pilipinas (BSP) warned the public of “Bitcoins,” or virtual currencies currently being exchanged in the country, saying monetary authorities were still studying the “appropriate regulatory measure” on the new technological innovation. The central bank said Bitcoins were a form of unregulated digital money that allows purchase of both virtual goods, such …

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Tighter rules on real estate loans mulled

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MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) may implement stricter guidelines on banks’ exposure to the real estate sector as the country’s property market continues to boom. “Our prudential focus here is to monitor and determine whether acceptable credit standards are maintained by banks with respect to their exposures to real estate,” BSP …

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BSP, PDIC Approve the Extension of SPRB Plus

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The Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corporation (PDIC) have approved the extension of the Strengthening Program for Rural Banks (SPRB) Plus from 31 December 2013 to 31 December 2014 with certain amendments and enhancements, to encourage more mergers, consolidations and acquisition of eligible rural banks (RBs) and thrift banks (TBs) …

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BSP Issues 10-Piso Bonifacio Commemorative Coin

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The Bangko Sentral ng Pilipinas (BSP) today announced the circulation of a ten-piso legal tender coin to highlight the nationwide celebration of the 150th birth anniversary of Filipino patriot Gat. Andres Bonifacio. The BSP has previously issued P1-piso legal tender commemorative coins for the 150th birth anniversary of Dr. Jose Rizal. Widely regarded as one …

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BSP Extends Additional Special Regulatory Relief to Yolanda-Hit Banks

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The Bangko Sentral ng Pilipinas (BSP) has made available a special regulatory relief package to universal, commercial, thrift, rural, and cooperative banks with head offices and/or branches in areas severely affected by super typhoon Yolanda. The said measure is in addition to the earlier regulatory and rediscounting relief that the BSP extended to banks in …

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TBs, RBs and Coop Banks Loan Quality Improves in Q2

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The combined non-performing loans (NPLs) of thrift, rural and cooperative banks represented 7.32 percent of their total loan portfolio (TLP) of Php 597.57 billion at the end of second quarter this year. The gross NPL slightly improved from the 7.77 percent in March 2013 as the banks’ NPLs declined by less than one percent amid …

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BSP Grants Regulatory Relief to Banks Affected by Typhoon “Santi”

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The Bangko Sentral ng Pilipinas is granting regulatory relief measures to banks to enable them to similarly assist and ease the financial burden of bank customers adversely affected by Typhoon “Santi” which devastated several parts of the country from 11 to 13 October 2013. Eligible for the relief measures are those in the following areas …

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The mission of the Rural Bankers Association is to support the ability of its members to offer quality banking services to all their constituencies, comply with regulatory requirements, and to promote the welfare of the communities in which they operate.

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