By Rose de la Cruz

 

The Philippine bond market is not yet big enough for two trading systems and the recent loss of Land Bank of the Philippines in its attempt to get majority control of the holding firm of the Philippine Dealing System is a testament to this.

 

Thus said Rep. Henry Ong, vice chair of the committee on banks and financial intermediaries, even as he stressed that only one bond market for the Philippines is the best, and not two competing systems.

 

Aside from that, the market and its players would be averse to too much government influence in the market. Conflict of interest would also be an issue. These are the two underlying reasons for the failure of Land Bank to take over the Philippine Dealing System, Ong emphasized.

 

If the intention of the government is to help small- and medium-sized enterprises (SMEs), then that would be achieved with a window or board for SME bonds, not with two separate systems.

 

If the government’s bonds and the SME bonds are viable and sound investments, buyers will line up for them in an open market setting.

Read more: Rep. Ong says only one Phl. Bond market is best

 

 

The Monetary Board cancelled recently the certificate of registration of Edzen Enterprises and World Wide Money Changer

 

Both are sole proprietorships owned by Zenaida M. Artuz and Elliot M. Artuz, respectively.

 

The cancellation was due to significant violations of their Deeds of Undertaking, specifically on the commitment to strictly comply with Republic Act No. 9160 (Anti-Money Laundering Act), as amended, and its Revised Implementing Rules and Regulations; and the minimum procedures on the sale and purchase of foreign currencies by MCs/FXDs and the transactional requirements for large value payouts by RAs/MCs/FXDs.

Read more: MB cancels registration of money changer, remittance agent

Manufacturing sustains growth in first half of 2018

 

 

By Rose de la Cruz

Manufacturing sustained its growth strength during the first six months of 2018 and is seen to continue in the coming months.

 “The positive performance of manufacturing is expected to continue in the first semester, amid the sustained economic growth momentum, increased net foreign direct investments, higher OFW cash remittances, and favorable merchandise trade,” said Socioeconomic Planning Secretary Ernesto M. Pernia.

In the Monthly Integrated Survey of Selected Industries (MISSI) of the Philippine Statistics Authority, the Volume of Production Index (VoPI) for manufacturing grew by 13.6 percent in March 2018, slightly higher than the…

Read more: Manufacturing sustains growth in first half of 2018

Separate credit limits for stand-alone projects ok’d

 

By Rose de la Cruz

 

To propel the Build Build Build program of the government, the Bangko Sentral ng Pilipinas has approved a separate credit limit for stand-along projects, thus amending current regulations providing entities created as vehicles to implement major project (often called Special Purpose Entities) with a separate single borrower’s limit.

 

The SBL is currently at 25 percent of a bank’s/quasi bank’s networth. Such SPEs were given their own separate SBL in consideration of the independence they usually enjoy under project finance schemes.

 

Under these schemes, SPEs are ring-fenced by appropriate legal structures, operational…

Read more: Separate credit limits for stand-alone projects ok’d

BSP issues rules to make credit readily available to consumers

 

 

By Rose de la Cruz

 

To make consumer credit readily available under safe, sound, efficient and fair business conditions aligned with global best practices, the Monetary Board—Bangko Sentral ng Pilipinas’ policy-making body, issued the implementing rules and regulations for RA 10870 or the Philippine Credit Card Industry Regulation Law.

 

The IRR provides the framework for the entry of new players in the credit card business beyond just the banks, their affiliates and subsidiaries.

 

Opening up the market to a wide range of players can lead to more transparent and competitive interest rates, innovative products and…

Read more: BSP issues rules to make credit readily available to consumers

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