The Philippines' relatively lower reciprocal tariffs, to be levied by the United States (US) on imports, will shield domestic banks from larger losses due to the economic fallout, according to the debt watcher Moody's Ratings. Across the Asia-Pacific region, where many countries will be slapped...
Senator Raffy Tulfo called out the Securities and Exchange Commission (SEC) for the several lapses he observed in terms of regulating financial and lending companies' operation of their respective online lending applications (OLAs). Sen. Raffy Tulfo presides over the Subcommittee on Banks,...
Senate President Pro Tempore Jinggoy Ejercito Estrada has filed a bill banning the issuance of pre-approved credit cards to individuals who did not apply for them. Although such practice is already provided under Bangko Sentral ng Pilipinas (BSP) Circulars Nos. 702 and 845 issued on December...
Interested players aiming to enter the Philippine digital banking sector must propose innovative business models and address specific market needs, according to a senior official from the Bangko Sentral ng Pilipinas (BSP). “The requirement from the governor and the Monetary Board [MB] is that...
Mactan, Cebu — Digicentric financial institutions operating like digital banks should be regulated the same way to address market arbitrage, a Bangko Sentral ng Pilipinas (BSP) official said. "If you're already behaving like a digital bank, you should be regulated like a digital bank, not like a...
By DERCO ROSAL Citi stated that bank management sees full-time operations as the top priority for banks over the next five years to address cross-border payment challenges. “Our clients and their end-users increasingly expect payment services that are instant and available 24x7,” Citi said in...
The Chamber of Thrift Banks (CTB) is once again urging the Bangko Sentral ng Pilipinas (BSP) to reduce the minimum liquidity ratio (MLR) for thrift banks to 16 percent. Despite the central bank's opposition, CTB president Cecilio San Pedro said a lower MLR would provide much-needed flexibility for...
Banks and other lending institutions are reportedly asking the Department of Energy (DOE) for a categorical definition and conclusive policy framework that shall serve as anchor to prospective financing of ‘transition coal’ projects that are still being allowed by the government for commercial...
While warning that the country braces for energy transition that will be expensive, Energy Secretary Raphael P.M. Lotilla has appealed to banks and other financial institutions for longer tenor on loans that will be funneled to power projects across technologies as a way to soften cost impact on...
WASHINGTON — Regulators have closed Republic First Bank, a regional lender operating in Pennsylvania, New Jersey and New York. The Federal Deposit Insurance Corp. said Friday it had seized the Philadelphia-based bank, which did business as Republic Bank and had roughly $6 billion in assets...
NEW YORK (AP) — Big banks warned of an "uncertain" year ahead after mixed financial results during the first quarter in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere. JPMorgan reported a modest 6% rise in profits Friday while...
The Bureau of Internal Revenue (BIR) announced that all its authorized agent banks (AABs) will operate on two Saturdays before the April 15 deadline for filing income tax returns. According to a bank bulletin issued by the tax bureau, the 19 banking institutions that make up the AABs will be open...
