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Agdao Public Market vendors want variety and vegetable sections merged
DAVAO CITY (MindaNews / 24 March) – Vendors of Agdao Public Market here are asking the city government to merge the Variety and Vegetable Sections into one section claiming they have difficulties in getting customers because of their location. In a letter addressed to Mayor Sebastian Duterte, the City Administrator’s Office, the City Economic Enterprise […].....»»
Second graft case filed vs Magalong
Baguio Mayor Benjamin Magalong is facing another graft case before the Office of the Ombudsman in connection with the allegedly anomalous improvement and rehabilitation of a P50-million multipurpose building in Barangay Irisan......»»
Rama asks Malacañang to suspend Gwen over CBRT dispute
CEBU CITY, Philippines – Preventive Suspension. Cebu City Mayor Michael Rama is seeking the suspension of Governor Gwen Garcia over issues related to the Cebu Bus Rapid Transit (CBRT). Rama filed an administrative complaint before the Office of President Ferdinand Marcos Jr. against Garcia after the governor issued a cease and desist order to the.....»»
BPI to sell its entire 15% GoTyme Bank stake back to the Gokongweis
Zobel Family banking unit BPI disclosed that its board of directors has approved the sale of BPI’s stake in GoTyme Bank to a subsidiary of JG Summit and a company called Giga Investment Holdings Pte. Ltd. at a price of P1.20/share......»»
Philippine central bank keeps interest rates unchanged
MANILA, Feb. 15 (Xinhua) -- The Philippine central bank opted Thursday to keep the bank's target reverse repurchase rate unchanged at 6.5 percent, and thus the interest rates on the overnight deposit and lending facilities were kept at 6 percent and 7 percent, respectively. In a statement, the Bangko Sentral ng Pilipinas (BSP) said the Monetary Board noted that the inflation outlook "was broadly unchanged.".....»»
Philippine central bank keeps interest rates unchanged
MANILA, Feb. 15 (Xinhua) -- The Philippine central bank opted Thursday to keep the bank's target reverse repurchase rate unchanged at 6.5 percent, and thus the interest rates on the overnight deposit and lending facilities were kept at 6 percent and 7 percent, respectively. In a statement, the Bangko Sentral ng Pilipinas (BSP) said the Monetary Board noted that the inflation outlook "was broadly unchanged.".....»»
Globe reports steep 73.7% decline in blocked bank-related spam, scam SMS in 2023
The telecommunications company Globe has reported a significant 73.7% decrease in the number of blocked spam and scam SMS related to banks in 2023. This reduction is a result of the interception of 21.9 million bank-related fraudulent messages, a sharp decline from the 83.39 million messages blocked the previous year. Globe attributes this achievement to its proactive strategies and strong partnerships with major banks and financial institutions in the Philippines. The company has established anti-fraud alliances with the Bankers Association of the Philippines and individual players in the finance sector, enabling the sharing of data and intelligence to prevent and investigate fraud effectively. Anton Bonifacio, Chief Information Security Officer at Globe, emphasized the company's commitment to combating financial fraud and enhancing security measures for customer protection. Globe has invested approximately US$20 million to improve its spam and scam SMS detection and blocking system and operates a 24/7 Security Operations Center to filter out unwanted messages from both international and domestic sources. Despite certain limitations, Globe remains dedicated to customer protection and emphasizes the need for a unified approach in the fight against fraud. The company is focused on leveraging technology and strengthening alliances with key stakeholders to combat fraudulent activities. As Globe continues to advance its technologies and collaborations, it aims to provide a safer and more secure digital environment for its customers. For more information about Globe and its initiatives, visit www.globe.com.ph. (SPONSORED CONTENT).....»»
Bankers celebrate anew at BSP’s Fort San Antonio Abad
Former Bangko Sentral ng Pilipinas governors and officials, Monetary Board members, Finance secretaries, members of the diplomatic community and who’s who in the Philippine banking community trooped to the central bank headquarters in Manila last Friday......»»
Union Bank board approves P10-B stock rights offering
The board of directors of Union Bank approved a plan to conduct a stock rights offering to raise up to P10 billion to “fund the capital infusion to UnionDigital” and for “projected retail loan availments”......»»
J-K Bank Q3 net profit up 35 pc to Rs 421 cr, 9-month net jumps 57 pc
Srinagar (Jammu and Kashmir) [India], January 20 (ANI): Jammu and Kashmir bank net profit rose 35 per cent year-on-year (YoY) to Rs 421.08 crore for the October-December Quarter (Q3FY 2024) when compared to Rs 311.59 crore registered for the same period last fiscal, an official release said. According to the release, the bank announced the results today after its Board of Directors reviewed and approved the numbers for Q3.....»»
J-K Bank Q3 net profit up 35 pc to Rs 421 cr, 9-month net jumps 57 pc
Srinagar (Jammu and Kashmir) [India], January 20 (ANI): Jammu and Kashmir bank net profit rose 35 per cent year-on-year (YoY) to Rs 421.08 crore for the October-December Quarter (Q3FY 2024) when compared to Rs 311.59 crore registered for the same period last fiscal, an official release said. According to the release, the bank announced the results today after its Board of Directors reviewed and approved the numbers for Q3.....»»
BSP onboards 1st nonbank electronic money issuer
The Bangko Sentral ng Pilipinas (BSP) achieved a significant milestone by welcoming OmniPay, Inc. as the first nonbank electronic money issuer (EMI) participant in its Real Time Gross Settlement (RTGS) payment system, PhilPaSSplus. This move aligns with the National Payment Systems Act and signifies a more inclusive national payment system, allowing nonbank financial institutions to conduct efficient and low-risk funds transfers directly through the central bank. Assistant Governor Mary Anne P. Lim emphasized the BSP's commitment to safeguarding the entire Peso RTGS payment system amidst global trends of diversified participation. With 236 institutions, including various banks and nonbank entities, utilizing PhilPaSSplus for large value transactions and retail payment clearing, the BSP's initiative reflects a broader trend of central banks facilitating direct access for nonbank entities to settlement services. This development comes as international standard-setting bodies work on access guidelines to manage risks in evolving payment systems with new players and financial technologies......»»
SMNI files motion to inhibit NTC execs
SONSHINE Media Network International (SMNI) has taken action against three National Telecommunications Commission (NTC) officials, filing a motion on January 4 to request their inhibition from an ongoing administrative case. The motion, filed by SMNI's legal representatives Mark Tolentino and Rolex Suplico, argues that NTC officials Commissioner Ella Lopez and Deputy Commissioners Jon Salvahan and Alvin Blanco should recuse themselves due to perceived bias. Tolentino pointed out a perceived conflict of interest within the NTC, stating, On its face, the show cause order suffers from a fatal flaw. NTC is the judge, NTC is also the complainant, and NTC is likewise the executioner. This is worse than an impartial judge, which is totally abhorred in this country. He emphasized the violation of due process, highlighting the necessity for the neutrality of an impartial judge. Suplico echoed these concerns, stating, In short, we cannot expect justice from the NTC in this case. This motion comes in response to NTC's issuance of a show cause order against SMNI in December 2023, which alleged franchise violations and resulted in a 30-day suspension. SMNI's legal counsel argued that the dual role of the NTC officials violates due process, stating, In the instant case… appearance of impartiality can never be obtained with the dual function of this Honorable Commission, that being the judge and complainant at the same time. Suplico also questioned why the case was not directly handled by the three NTC commissioners, expressing concerns about the authority of the hearing officer in conducting the hearing. He emphasized the significance of public interest in the case and raised doubts about the hearing officer's jurisdiction. The case has been submitted for resolution, with a decision expected soon. SMNI's lawyers have requested an extension until January 20 to file a responsive pleading. In a related development, Davao City-based legislator Margarita “Migs” Ignacia B. Nograles proposed a resolution urging the NTC to suspend SMNI's operations, citing alleged franchise violations and the dissemination of false information as grounds for suspension. Former president Rodrigo Duterte also criticized the suspension of two SMNI programs by the Movie and Television Review and Classification Board (MTRCB), calling it a violation of his right to free expression. This motion by SMNI reflects the ongoing legal and regulatory challenges it faces, with implications for freedom of expression and due process. The resolution proposed by Nograles adds another layer of complexity to the situation, indicating the broader impact of these developments on media operations and regulatory oversight......»»
DBP cited for good governance
The Development Bank of the Philippines (DBP) has received recognition for its exemplary corporate governance practices. The government's chief corporate regulator, the Governance Commission for GOCCs (GCG), has honored DBP with the Corporate Governance Scorecard (CGS) Hall of Fame award for consistently ranking in the top ten of the CGS ratings since 2017. DBP President and CEO, Michael O. de Jesus, highlighted the significance of this accolade, emphasizing the bank's unwavering commitment to best practices in corporate governance. Established under the GOCC Governance Act of 2011, the GCG utilizes the CGS to evaluate and assess the corporate governance initiatives of government-owned and controlled corporations. Moreover, DBP was also recognized as a Top 4 performer in the Corporate Governance Scorecard for 2022, attaining a high score of 100. De Jesus reaffirmed the bank's dedication to fortifying its corporate governance mechanisms, aligning with its core values and the national agenda for good governance. He emphasized DBP's resolve to uphold the highest standards in corporate governance, underscoring its support for the government's efforts to foster sustainable and inclusive economic growth......»»
Quick takes from around the market
AbaCore Capital said that the board of its subsidiary, Philippine Regional Investment Development Corp. (PRIDC), approved a measure giving the company the ability to sell up to a 40% equity interest in PhilStar Development Bank at a valuation pegged to 1.5 times adjusted book value......»»
Davao’s WNM Samantha Umayan wins 2 Uaap golds
Davao City's Samantha Umayan, a woman national master, emerged victorious in the University Athletic Association of the Philippines (UAAP) Season 86 chess competition. Representing Far Eastern University (FEU), Umayan secured the gold medal in the high school girls board 2 category, contributing to FEU's successful defense of their championship title. The 17-year-old Umayan, a senior high school student, showcased her exceptional skills with a flawless seven-point performance, defeating opponents from National University (NU) and De La Salle Zobel. Umayan expressed her happiness and gratitude for her teammates and coaches, whose daily training sessions over the past month paid off. This marks Umayan's third consecutive UAAP gold, having previously won individual and team golds in Season 85 and a team silver and individual bronze in Season 82. Despite her achievements, Umayan expressed regret for not being able to compete in the Batang Pinoy national championships due to her commitments in Manila. FEU secured the overall championship with 26.5 points, followed by NU in second place, University of Santo Tomas (UST) in third, and Adamson University (AdU) in fourth......»»
Chinabank’s 9-month net income reaches P16.2B
China Banking Corporation, also known as Chinabank, reported a net income of P16.2 billion for the first nine months of 2023, a 10% increase compared to the same period last year. The bank's strong performance was attributed to growth in core businesses and lower loan loss provisions. In the third quarter alone, Chinabank recorded profits of P5.4 billion, a 16% increase from the previous year. The bank's President and CEO, Romeo D. Uyan, Jr., credited the success to effective business strategies and efficient operations. Net interest income grew by 16% to P39.2 billion, while total credit provisions were reduced to P1.3 billion. Despite this, Chinabank maintained a better-than-industry non-performing loans (NPL) cover of 126%. Operating expenses increased by 14% to P20.5 billion, driven by manpower and inflation-related expenses. Chinabank remains the 4th largest private domestic bank with total assets of P1.4 trillion. Gross loans grew by 10% to P765 billion, with consumer loans experiencing a 19% expansion. The bank's NPL ratio remained manageable at 2.2%. Total deposits increased by 14%.....»»
Philippine central bank hikes interest rate to 6.50 pct
MANILA, Oct. 26 (Xinhua) -- The Philippine central bank decided on Thursday to take off-cycle action to raise the bank's target reverse repurchase rate by 25 points to 6.50 percent and the interest rates on the overnight deposit and lending facilities to 6 percent and 7 percent, respectively. "The Monetary Board recognized the need for this urgent monetary action to prevent supply-side price pressures from induc.....»»
Xinhua Asia-Pacific news summary at 1600 GMT, Oct. 26
MANILA -- The Philippine central bank decided on Thursday to take off-cycle action to raise the bank's target reverse repurchase rate by 25 points to 6.50 percent and the interest rates on the overnight deposit and lending facilities to 6 percent and 7 percent, respectively. "The Monetary Board recognized the need for this urgent monetary action to prevent supply-side price pressures from inducing additional sec.....»»
BSP hikes rates6.5%, off-cycle
The Bangko Sentral ng Pilipinas on Thursday raised its policy rate on an off-cycle period to 6.5 percent from 6.25 percent to manage a likely inflation uptrend this year until July next year. The BSP has, thus far, raised its policy rate by 450 basis points after inflation peaked at 8.7 percent in January and re-accelerated again to 6.1 percent last month from 5.3 percent in August. The BSP move will increase borrowing costs, with new interest rates on the overnight deposit at 6 percent and lending facilities at 7 percent. BSP Governor Eli Remolona Jr. said the country’s inflation rate might settle at 4.7 percent next year, higher than the central bank’s previous target range of 2 percent to 4 percent for this year and 4.3 percent in the next. He added inflation might quicken further above 4.7 percent from July to March next year. “The balance of risks to the inflation outlook still leans significantly toward the upside, due mainly to the potential impact of higher transport charges, electricity rates, international oil prices, and minimum wage adjustments in areas outside the National Capital Region,” he explained. Limit spending With the higher interest rates, Remolona said consumers will likely limit their spending which will discourage businesses from raising prices. “The BSP’s Monetary Board recognized the need for this urgent monetary action to prevent supply-side price pressures from inducing additional second-round effects and further dislodging inflation expectations,” the BSP chief said. Remolona added the slow global economic recovery and effects of the weather disturbances from El Niño on food supply might also restrain consumption toward a moderated inflation. “Meanwhile, the effect of a weaker-than-expected global recovery as well as government measures to mitigate the effects of El Niño weather conditions could temper inflationary impulses,” he said. The BSP Monetary Board will again announce to the public on 16 November whether to change its policy rate in compliance with its normal cycle period happening every six weeks. However, Remolona already cautioned the public of likely controlled consumer spending in the medium term as the BSP expects to maintain high interest rates in the near future. Tighter settings “Looking ahead, the Monetary Board deems it necessary to keep monetary policy settings tighter for longer until inflationary expectations are better anchored and a sustained downward trend in inflation becomes evident,” he said. “We will consider another rate hike if things are worse than we thought,” Remolona continued. The BSP has raised its policy rate by 425 basis points after inflation peaked at 8.7 percent in January and re-accelerated again to 6.1 percent last month from 5.3 percent in August. The Philippine Statistics Authority attributed this to persisting higher food and fuel prices partly driven by global food trade restrictions and oil trade disruptions from the Russia-Ukraine war. Falls a little behind “In my view, I think we fell a little behind that’s the reason for this effort to catch up. We didn’t look closely enough at expectations,” Remolona said as he reflected on the BSP’s unchanged rate at its September 21 meeting. “One of them that was very striking was our consumer expectations survey which said about 92 percent think that in the next 12 months inflation will be above 4 percent, similar to expectations by firms,” the BSP chief continued. The post BSP hikes rates6.5%, off-cycle appeared first on Daily Tribune......»»