One notable law signed by President Rodrigo R. Duterte early this month is Republic Act No. 11765, otherwise known as the Financial Products and Services Consumer Protection Act (FCPA), which gave three financial regulators the power to speed up addressing consumers’ complaints against financial...
Pilot and wildlife photographer Floyd Pison Bermejo weighs in on the P1,000 bill's new look The Philippines has a myriad of symbols that embody the culture, heritage, and spirit of the Filipino people. Among the official ones, nothing is quite remarkable as the Philippine eagle. In 1995, the...
The Securities and Exchange Commission (SEC) has issued a memorandum circular that puts a cap on interest rates and other fees imposed by lending and financing companies, and their online lending platforms (OLPs). SEC Memorandum Circular No. 3, Series of 2022 (SEC MC 3), which will take effect on...
The deceleration in price increases last January was a welcome development, but the Department of Finance (DOF) warned that the economy should still keep a close watch on oil price movements. In a research note, Finance Chief Economist Gil S. Beltran said on Thursday, Feb. 17, that headline...
The Securities and Exchange Commission (SEC) is drafting rules that will limit interest rates and other fees imposed by lending and financing companies, and their online lending platforms (OLPs). The draft memorandum circular released for public comment will operationalize Bangko Sentral ng...
Senator Grace Poe on Thursday scored the Bangko Sentral ng Pilipinas (BSP) for alerting financial consumers of fake bills emanating from banks’ automated teller machines (ATMs), saying it should not burden the public of a problem they should be solving. “Reminders by the Bangko Sentral ng...
Senator Grace Poe on Monday pushed for the passage of a measure that would provide increased protection for bank account holders and consumers of other financial products. Poe made the call as her panel, the Senate Committee on Banks, Financial Institutions and Currencies, conducted a hearing on...
The Bangko Sentral ng Pilipinas’s (BSP) Cybersecurity Oversight and Surveillance Group is regularly updating its standards and protocols against cybersecurity threats amid the mounting number of bank hacking and fraud incidents taking place within the banking industry in the last couple of years....
The National Bureau of Investigation (NBI) will pursue the filing of criminal cases against the brains behind the series of bank hacking incident that were reported in December 2021, an official of the Bangko Sentral ng Pilipinas (BSP) said on Monday. Melchor Plabasan, head of the BSP’s...
The research arm of credit rater Fitch Group has maintained its bearish stance on the Philippine peso, as it expects the local currency to even weaken as accommodative policy stances and a worsening current account weigh on the local currency. In a research note on Friday, Jan. 14, Fitch Solutions...
Senator Sherwin Gatchalian on Wednesday appealed to the Bangko Sentral ng Pilipinas (BSP) and the banking community to suspend the collection of fees on online money transfers while COVID-19 cases continue to rise. Gatchalian said it would also be better if financial institutions and companies...
Actor-turned-politician Rep. John Marvin "Yul Servo" Nieto has asked the House of Representatives to join him in calling on the Bangko Sentral ng Pilipinas and government to stop removing the images of the country’s national heroes from Philippine bank notes in active circulation. P1,000 bill new...
