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BSP tightens capital infusion rules

By Melissa Luz T. Lopez, Senior Reporter THE CENTRAL BANK has set stricter rules for lenders in choosing strategic investors, as the regulator raised standards on pledges for additional capital. The Bangko Sentral ng Pilipinas (BSP) issued Circular 1002 dated May 10, which tightens standards for banks in declaring capital infusions from third party investors […] The post BSP tightens capital infusion rules appeared first on BusinessWorld......»»

Category: financeSource: bworldonline bworldonlineMay 17th, 2018

BSP tightens rules on white knights in distressed banks

The Bangko Sentral ng Pilipinas has tightened the requirements for the entry of “white knights” or third party investors to address the capital deficiency and restore the viability of a distressed bank......»»

Category: financeSource:  philstarRelated NewsMay 18th, 2018

Zamcelco approves P2.5-b capital infusion

Zamcelco approves P2.5-b capital infusion.....»»

Category: financeSource:  thestandardRelated NewsSep 12th, 2018

Oriental Peninsula formalizes entry into power sector

Listed mining holding firm Oriental Peninsula Resources Group Inc. has formalized its entry into the power sector following its capital infusion in affiliate Oriental Energy and Power Generation Corp......»»

Category: financeSource:  philstarRelated NewsSep 5th, 2018

With rising sea levels, Bangkok struggles to stay afloat

BANGKOK -- As Bangkok prepares to host climate-change talks, the sprawling city of more than 10 million is itself under siege from the environment, with dire forecasts warning it could be partially submerged in just over a decade. A preparatory meeting begins Tuesday in Thailand's capital for the next UN climate conference, a crunch summit in Poland at the end of 2018 to set rules on reducing greenhouse emissions and providing aid to vulnerable countries. As temperatures rise, abnormal weather patterns -- like more powerful cyclones, erratic rainfall, and intense droughts and floods -- are predicted to worsen over time, adding pressure on governments tasked with bringing the 20...Keep on reading: With rising sea levels, Bangkok struggles to stay afloat.....»»

Category: newsSource:  inquirerRelated NewsSep 2nd, 2018

Moody’s affirms Security Bank’s rating

Moody’s Investors Service has affirmed the credit rating of Security Bank Corp. on the back of the bank’s above-industry-average asset quality and strong capital buffers, boosted by a capital infusion from its strategic partner......»»

Category: financeSource:  philstarRelated NewsAug 21st, 2018

BSP eases rules for bank fund raising via bonds

BANKS can now raise fresh capital via corporate bonds with greater ease starting this month, as new rules do away with having to secure approval from the Bangko Sentral ng Pilipinas (BSP). The post BSP eases rules for bank fund raising via bonds appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsAug 12th, 2018

DICT tightens technical requirements as PH searches for 3rd telco player

The Department of Information and Communications Technology (DICT) tightened a key technical requirement as it eased certain financial burdens in the selection rules for a new major telco player. B.....»»

Category: newsSource:  philippinetimesRelated NewsAug 9th, 2018

New York moves to cap Uber, app-ride vehicles

  NEW YORK -- New York's city council on Wednesday dealt a blow to Uber and other car-for-hire companies, passing a bill to cap the number of vehicles they operate and impose minimum pay standards on drivers.   It makes New York the first major US city to limit the number of app-based rides and to impose pay rules, with authorities under pressure to act over pollution and worsening congestion. The financial capital of 8.5 million is the biggest app-ride market in the United States, where public transport woes and astronomical parking costs have helped fuel years of untamed growth by the likes of Lyft and Uber. But that growth has brought New York's iconic yel...Keep on reading: New York moves to cap Uber, app-ride vehicles.....»»

Category: newsSource:  inquirerRelated NewsAug 9th, 2018

BSP simplifies rules for banks’ bond floats

THE CENTRAL BANK has simplified rules for lenders issuing bonds to raise additional capital, its chief said, which is expected to replace long-term note offerings. The post BSP simplifies rules for banks’ bond floats appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJul 27th, 2018

Points system proposed for third telco selection

Max spending commitment under draft rules: P650B over five years Third telco aspirants must be prepared to spend as much as P650 billion over five years if they want to be given the chance to challenge the PLDT-Globe duopoly, new draft rules released on Tuesday showed. Capital and operational expenditures, however, will not be the [...] The post Points system proposed for third telco selection appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsJun 27th, 2018

Last straw for McDonald s, Burger King as Mumbai bans single-use plastics

MUMBAI, India – Burger King, McDonald's and Starbucks are among dozens of companies fined for violating a new ban on single-use plastics in India's commercial capital Mumbai, an official said Tuesday, June 26. The rules, in force since Saturday, June 23, prohibit the use of disposable plastic items such as bags, ........»»

Category: newsSource:  rapplerRelated NewsJun 26th, 2018

ANI raises capital of agri bank, forms fintech firm

  The board of listed AgriNurture Inc. (ANI) said it had approved a plan to infuse P100 million in additional capital into affiliate Agricultural Bank of the Philippines (ABP).   The move, which is subject to the approval of the Securities and Exchange Commission and Bangko Sentral ng Pilipinas, will bring ABP's capital to P200 million.   ANI said ABP's capital hike would fund the expansion of the bank's P2P platform and e-wallet business. Through the capital infusion, ANI aims to enhance supply chain microfinance access of Filipino farmers in remote areas using technology.   ANI president and CEO Antonio Tiu said ABP's P2P platform would allow fa...Keep on reading: ANI raises capital of agri bank, forms fintech firm.....»»

Category: newsSource:  inquirerRelated NewsJun 16th, 2018

ANI hikes capital of affiliate agri bank, forms new agri-fintech firm

The board of directors of listed agri-conglomerate AgriNurture, Inc. (ANI) said it has approved a plan to infuse P100-million to increase the capital of affiliate Agricultural Bank of the Philippines (ABP) to Php200-million, subject to final approval by the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP). In a disclosure to the Philippine Stock Exchange (PSE), ANI said on Wednesday that ABP's capital hike would fund the expansion of the bank's P2P platform and e-wallet business. Through the capital infusion, ANI aims to enhance supply chain micro-finance access of Filipino farmers in remote areas using technology. ANI president and CEO Antonio...Keep on reading: ANI hikes capital of affiliate agri bank, forms new agri-fintech firm.....»»

Category: newsSource:  inquirerRelated NewsJun 14th, 2018

Robinsons Bank sets P3B capital hike

LANCE Gokongwei The Gokongwei group seeks to make commercial banking arm Robinsons Bank a more significant player in the banking arena with the infusion of P3 billion in fresh capital by July. Of t.....»»

Category: newsSource:  philippinetimesRelated NewsMay 29th, 2018

PSE proposes continued trading on special non-working days in NCR, gov’t work suspensions

THE PHILIPPINE Stock Exchange (PSE) is proposing an amendment to the trading day clause under the Revised Trading Rules to make it a policy to have continued operations on: (1) Special non-working days in the National Capital Region, and (2) Days when work in government offices is suspended but not in the private sector. The […] The post PSE proposes continued trading on special non-working days in NCR, gov’t work suspensions appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsApr 12th, 2018

4 Public-Private Sector Partners Launch QBO App for PH Startups

S tartups, more so in their infancy, need all the help they can get, not just capital infusion, but also mentors and other experts, among others, to guide digital entrepreneurs. In relation with th.....»»

Category: newsSource:  manilanewsRelated NewsMar 4th, 2018

2GO invests in online delivery firm Mober

Leading logistics provider 2GO Group Inc. has boosted its digital infrastructure with a deal to invest in Mober Technology PTE (Mober), a pioneering tech startup that offers a platform for same-day delivery of bulky items in the Philippines. Mober founder Dennis Ng said on Wednesday that 2GO - a partnership between SM group and Davao-based businessman Dennis Uy - infused fresh capital in exchange for equity in Mober. Aside from the latest capital infusion, Ng said Mober would now be able to service SM's retailing businesses, providing them same-day delivery capabilities. The amount of capital infusion and the equivalent stake were not disclosed but sources estimated this wa...Keep on reading: 2GO invests in online delivery firm Mober.....»»

Category: newsSource:  inquirerRelated NewsFeb 28th, 2018

DICT relaxes rules for third telco player

Committed services and not financial resources will be the basis for choosing the country’s third major telecommunications player, the Department of Information and Communications Technology (DICT) said as it announced the dropping of a P10-billion net worth requirement. “The P10-billion capital required will be [taken]out [because]we have been receiving … comment[s]from the stakeholders themselves,” DICT [...] The post DICT relaxes rules for third telco player appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsFeb 27th, 2018

2Go invests in Mober online delivery service

SM Investments Corp.’s integrated transport solutions provider 2GO Group, Inc. (2GO) is investing in the online delivery service Mober Technology PTE. In a statement issued Friday, Mober said it has received a capital infusion from 2GO, effectively linking it to SM Investments Corp. (SMIC). The holding firm of the country’s richest man Henry Sy, Sr. […] The post 2Go invests in Mober online delivery service appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsFeb 24th, 2018

SABAH IS OURS! ‘Malaysia tightens grip on mineral-rich island of Sulu sultanate’

MALAYSIA HAS tightened its grip on Sabah which is being claimed by the Sultanate of Sulu following a proposal – by a member of the Philippines’ 25-man consultative committee tasked with reviewing and proposing amendments to the Constitution – to include the mineral-rich island as the country’s 13th federal state. Former senator Aquilino Pimentel Jr made the proposal while Filipino lawmakers are preparing to amend the 1987 Constitution and shift from presidential to federal form of government. He said the Duterte administration should continue to push for the country’s claim to Sabah in a way acceptable to international laws. “There should be a way that is acceptable under international laws to assert our claim to Sabah. I think we can defer it a little bit more, but to say that we stop doing it is not in the context of my proposal,” he told ABS-CBN Television recently. He also wanted Scarborough and Spratlys – which is being claimed by China and other ASEAN countries as theirs – to be part of the federated states of the Philippines.  Pimentel has also proposed the following to form part of the federal states Northern Luzon, Central Luzon, Southern Luzon, Bicol, Eastern Visayas, Central Visayas, Western Visayas, Minparom, Northern Mindanao, Southern Mindanao, Bangsamoro and Metro Manila as its capital. “Eventually once we have asserted our sovereignty and rights over Sabah, we should include Sabah. Not only Sabah, but also Scarborough, Benham Rise, and Spratlys,” Pimentel said. According to a report by Channel News Asia, Kuala Lumpur has strongly rejected Pimentel’s proposal to include Sabah as a federal state of the Philippines. “Malaysia is aware of remarks made by Mr Aquilino Pimentel Jr, a member of the Philippines’ Consultative Committee, which appeared in the media on the claim on Sabah recently,” it said, citing Malaysian Foreign Minister Anifah Aman as saying in a press statement. “The Government of Malaysia reiterates its position that Malaysia does not recognise and will not entertain any claims by any party on Sabah. Sabah is recognised by the United Nations and the international community as part of Malaysia since the formation of the Federation on 16 September 1963,” Anifah said. “Therefore, statements such as these will only expose the ignorance of history and international law of those who make them, as well as potentially harming the excellent bilateral relations which Malaysia and the Philippines currently enjoy.” Death Sentence Just last month, Malaysia’s Supreme Court upheld the death sentence for 9 Filipinos who were charged with waging war against the Malaysian King during the 2013 assault on Lahad Datu in Sabah. The Filipinos have been identified as Julham Rashid, 70; Virgilio Nemar Patulada, 53; Salib Akhmad Emali, 65; Tani Lahad Dahi, 64; Basad Manuel, 42; Datu Amirbahar Hushin Kiram, 54; Atik Hussin Abu Bakar, 46; Al Wazir Osman, 62; and Ismail Yasin, 77. Chief Justice Md Raus Sharif said the January 15 decision of the five-man panel of the Federal Court was unanimous, according to reports by The Star and Asia News Network, adding, the panel agreed with the Court of Appeal that the death sentence was the most appropriate based on the findings of the facts of the case. The other judges were Chief Judge of Malaya Ahmad Maarop, Chief Judge of Sabah and Sarawak Richard Malanjun, and Justices Ramly Ali and Azahar Mohamed. Basad Manuel is the son of the Jamalul Kiram III, the self-proclaimed Sultan of Sulu, who died from multiple organ failure in Manila in 2013. The bloody incursion by some 200 followers of Kiram from the southern Philippines in February 2013 was inspired by the supposed sultan’s claims of historical dominion over Sabah. The two-month siege was the most serious security crisis faced by Malaysia in years, involving armed conflict between the Sultan’s loyal followers and the Malaysian armed forces sent to root them out. The panel also dismissed the prosecution’s appeal against the acquittal of 14 men on the charge of waging war against the King and terrorist-related offences linked to the intrusion from Feb 12 to April 10, 2013, the reports further said. Chief Justice Md Raus said the panel has no reason to decide otherwise and affirmed the decision by the Court of Appeal delivered last June. At the height of fighting between Kiram’s followers and security forces, Malaysia deployed armoured vehicles and combat helicopters, including naval boats in an effort to flush out the Filipinos on the oil-rich island being claimed by both sides. About a dozen armoured personnel vehicles arrived in the town of Lahad Datu to support ground troops hunting down at least 50 members of the Sultanate of Sulu headed by Raja Muda Agbimuddin, the sultan’s younger brother. The group intruded Sabah in February 2013 to exert claim over Sabah, citing historical and legal claims, but Malaysia rejected this and launched a massive assault on about 200 of the sultan’s men following a deadline for them to surrender peacefully. The assault by Malaysian jets and ground artilleries left at least 62 intruders dead, but the fighting between the two groups also killed and wounded 18 Malaysian policemen and soldiers. Malaysia arrested more than 300 Filipinos who are suspected of supporting or aiding Raja Muda Agbimuddin’s group under a strict anti-terrorism law. More than 2,000 Filipino Muslims have returned to Sulu and Tawi-Tawi provinces after fleeing Sabah in 2013 for fear they would be arrested in a massive crackdown launched by Malaysian on illegal immigrants and […].....»»

Category: newsSource:  mindanaoexaminerRelated NewsFeb 3rd, 2018