Phl banking system remained sound in 2017

 

By Rose de la Cruz

 

The Philippine banking system remained sound in 2017 with a positive performance despite volatilities in market conditions and increasing sophistication of global financial services.

 

The banking system, which is the core of the financial system of the country, strengthened their balance sheets with positive double -digit growths in assets, loans, investments, deposits and capital.

 

Banks sustained their profitability which came from strong interest income from lending activities. The banking system posted an annual asset expansion of 11.6 percent to P15.2 trillion driven by a 16.4 percent loan expansion to P8.9 trillion…

Read more: Phl banking system remained sound in 2017

BSP Approves Separate Credit Limits for Stand-Alone Projects

 

In support of the government's Build, Build, Build initiative, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) amended regulations providing entities created as vehicles to implement major projects [often Special Purpose Entities (SPEs)] with a separate single borrower's limit (SBL).

The SBL is currently at 25 percent of a bank's/quasi-bank's (Q.B) net worth. 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 set up, and controls so that assets and cash flows of SPEs…

Read more: BSP Approves Separate Credit Limits for Stand-Alone Projects

 Local court convicts officers of closed rural bank in Camarines Sur

 

By Rose de la Cruz

 

The municipal trial court of CamaliganGainza-Milaor in Camarines Sur convicted the former directors and officers of a closed rural bank for falsification of commercial documents as defined and penalized under Article 172 of the Revised Penal Code and Section 35 of RA 7653 or the New Central Bank Act.

 

On March 8, 2018 in a Joint Judgment dated Jan. 31, 2018 promulgated by Presiding Judge Laurencio A. Puto of the MCTC-Camaligan-Gainza-Milaor, Camarines Sur, in Criminal Case No. 2638, Evelyn Cueto Ramirez was found guilty beyond reasonable doubt of the crime of Falsification…

Read more: Local court convicts officers of closed rural bank in Camarines Sur

Remittances up by 5.4% in February 2018

 

 

By Rose de la Cruz

 

Remittances of overseas Filipinos hit $2.5 billion in February, up by 5.4 percent from those sent during the same period last year, said Bangko Sentral Governor Nestor Espenilla Jr.

 

This brings the cumulative remittances for the first two months to $5.2 billion, or higher by 8.1 percent on a year on year growth.

 

Land-based workers with work contracts of one year or more recorded a 6.5 percent growth to $4 billion while those from sea-based and land-based workers with work contracts of less than one year…

Read more: Remittances up by 5.4% in February 2018

GEARING FOR FUTURE JOBS

 

THE Philippines is developing inclusive innovation hubs to prepare our workers and allow them to adapt to technological advancements and prepare the Filipino workforce for future jobs that include artificial intelligence (AI). 

Trade Secretary Ramon M. Lopez unveiled the plan as the country prepares for the so-called “future of work” which was conceived during the recent CEO Forum held at the sidelines of ASEAN-Australia Special Summit.

The CEO Forum gathered ASEAN and Australian business leaders to discuss six main topics vital to deepening economic integration. 

 

Six topics

Six topics were discussed in separate CEO Forum Roundtables…

Read more: GEARING FOR FUTURE JOBS

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