Advertisements


LGU LOAN MORATORIUM ACT

MALAKING bagay at tamang-tama lalo sa panahon ng pandemya dulot ng Covid-19 ang isinusulong na House bill ni Navotas City Rep. John Rey Tiangco, ang HB 6899 o ang LGU Loan Moratorium Act. Kaya naman, agad ang pasasalamat nito sa Committee on Banks and Financial Intermediaries at kay Quirino Rep. Junie Cua, ang chairman ng […] The post LGU LOAN MORATORIUM ACT appeared first on REMATE ONLINE......»»

Source: Remate RemateCategory: NewsNov 20th, 2020Related News

P4P sa DOE: Uling nagpalala sa kalamidad, ‘wag nang gamitin

Manila, Philippines-Nanawagan nitong Martes ang sustainable energy advocacy group na People for Power Coalition sa Department of Energy na alisin ang uling sa energy mix ng bansa dahil nagpapalala sa natural calamities ang coal-fired plants. Ayon sa P4P, dapat gamitin ng DOE ang idineklara nitong coal moratorium para alisin ang coal-fired power plants sa bansa […] The post P4P sa DOE: Uling nagpalala sa kalamidad, ‘wag nang gamitin appeared first on REMATE ONLINE......»»

Source: Remate RemateCategory: NewsNov 17th, 2020Related News

SSS issues loan moratorium guidelines

State-run Social Security System has imposed a two-month grace period on housing loan payments to give its members more time to settle their dues amid the economic difficulties brought about by the pandemic......»»

Source: Philstar PhilstarCategory: FinanceNov 8th, 2020Related News

COVID-19’s impact on banks manageable – BSP report

The banking system remains on “solid footing” in terms of assets, loans, deposits, profitability, capital and liquidity buffers despite the COVID-19 health crisis, a report from the Bangko Sentral ng Pilipinas (BSP) said.  “The impact of the pandemic on the overall condition and performance of the banking system, which remains the core of the domestic financial system, has been manageable,” according to the BSP’s second semester report on the Philippine financial system. The total assets of the banking system account for 81.9 percent of the financial system’s total resources. MB file photo. The banks remained resilient during the worst of the lockdown period because of the “timely, time-bound and crucial” regulatory relief measures that BSP granted to them during the most severe quarantine months of March until June. These relief measures “helped address the adverse repercussions of the pandemic.” One of these reprieves was the suspension of the submission of some bank reports while most of the country was on enhanced community quarantine (ECQ) restrictions. Banks have had to adjust operations and deal with the slowdown in economic activities that affected their borrowers’ capacity to pay. Based on a set of financial soundness indicators (FSI) to assess banks’ health and soundness, it noted that the banking system is “stable and resilient despite global uncertainties related to the extent and path of COVID-19 menace.”  But, the BSP said that the FSI analysis also implies that “consequent risks from lending should be monitored especially in the event of excessive uncertainties that could place additional pressures on the banking system in the short and medium run.” As of the report timeline, banks surveyed have yet to determine the total impact of the grace periods under the Bayanihan law but generally, based on the BSP’s comprehensive baseline survey conducted in April, banks have proactive control measures that will ensure the continued delivery of financial services to the general public and also to protect their personnel, said the BSP. Banks’ business continuity plans, and previous efforts at digitalization, also helped them to respond quickly to conditions brought about by the ECQ. Despite the economy in recession due to the pandemic, the banking system’s total assets reached P18.6 trillion as of end-June, 98.8 percent of the GDP. The end-June tally was 7.9 percent higher year-on-year but was slower than the 9.8 percent growth recorded in June 2019 and the 8.4 percent growth as of end-December 2019. Assets continue to grow because of the expansion of funds that went to lending activities while funding came from deposits, bond issuances and capital infusion. In the meantime, the report said banks’ profitability or net income fell by 22.5 percent to P86.5 billion as of end-June 2020 because of higher provisioning requirements. This was a reversal of the 27.7 percent growth in earnings same time in 2019.  “Provisions on credit losses for loans and financial assets significantly increased, weighing heavily on bank profitability. Other income sources are expected to slow down due to lower volume of transactions, waiver of inter-branch and interbank fees as well as the temporary grace period moratorium on the imposition of bank fees, penalties and charges under the Bayanihan Act,” said the BSP. Based on the BSP survey, banks have measures to cushion the adverse impact of the pandemic on profitability such as banks’ plans to impose cost-cutting measures that includes deferred capital spending and freeze hiring of non-critical positions. The BSP said banks have also intensified loan collection activities and its loan monitoring. They have also become more prudent in loan releases, reduced the cost of funds and at the same time boosted marketing campaigns for new loans and deposits.  “Across banking groups, (the big banks) also intend to reduce their exposures to vulnerable sectors and to increase ancillary or fee-based business while thrift banks and rural/cooperative banks plan to fast track digitization initiatives to reduce operating expenses,” said the BSP......»»

Source: Mb.com.ph Mb.com.phCategory: NewsNov 8th, 2020Related News

Moratorium on new coal plants to guide investors into RE

The recently declared moratorium on endorsements of new coal power plant projects is seen to guide energy investors into the renewable energy sector, an official of the Department of Energy (DOE) said......»»

Source: Philstar PhilstarCategory: FinanceNov 1st, 2020Related News

Solar PH taps local, foreign partners for new projects

Solar Philippines said Thursday it is speeding up the construction of solar power projects with joint venture partners following the Department of Energy’s declaration of a moratorium on new coal plants......»»

Source: Thestandard ThestandardCategory: FinanceOct 30th, 2020Related News

Power firms support shift from coal to clean energy

Energy companies, environmental groups and consumers on Wednesday welcomed the Department of Energy’s declaration of a moratorium on endorsements for greenfield or new coal power plants......»»

Source: Thestandard ThestandardCategory: FinanceOct 29th, 2020Related News

Energy group supports ban on new coal plants

The Center for Energy, Ecology and Development has welcomed the moratorium on the endorsement of new greenfield coal power plants, but urged for the further phase-out of coal plants in the country to be able to provide cleaner energy sources......»»

Source: Philstar PhilstarCategory: NewsOct 28th, 2020Related News

DOE declares moratorium on endorsing coal power plants

Energy Secretary Alfonso Cusi on Tuesday declared a moratorium on endorsements for greenfield or new coal power plants following the periodic assessment of the country’s energy requirements......»»

Source: Thestandard ThestandardCategory: FinanceOct 27th, 2020Related News

An oil boom?

Share prices of once-dormant listed petroleum exploration companies have doubled and even more than quadrupled in recent days, from their March 2020 lows, thanks to the so-called lifting by President Duterte of the moratorium on oil and gas exploration in the West Philippine Sea (WPS)......»»

Source: Thestandard ThestandardCategory: NewsOct 27th, 2020Related News

Government ends energy neutrality, favors renewables ahead of boom

The moratorium on new coal plant applications was announced in tandem with the relaxation on foreign ownership limits in geothermal energy......»»

Source: Philstar PhilstarCategory: FinanceOct 27th, 2020Related News

Landbank grants 60-day timeout on loan payments under Bayanihan 2

PASIG CITY, Oct. 24 (PIA) --State-run Landbank of the Philippines (LANDBANK) is providing a one-time 60-day moratorium for all existing, current, and outstanding loans falling due from September 15.....»»

Source: Philippinetimes PhilippinetimesCategory: NewsOct 24th, 2020Related News

Landbank grants 60-day timeout on loan payments under Bayanihan 2

PASIG CITY, Oct. 24 (PIA) --State-run Landbank of the Philippines (LANDBANK) is providing a one-time 60-day moratorium for all existing, current, and outstanding loans falling due from September 15.....»»

Source: Manilanews ManilanewsCategory: NewsOct 24th, 2020Related News

& lsquo;Unilateral& rsquo; lifting of moratorium

Last week, President Duterte announced he would be lifting the moratorium to explore oil and gas in the disputed areas of the South China Sea (SCS)......»»

Source: Thestandard ThestandardCategory: NewsOct 23rd, 2020Related News

DOE allows work to resume in WPS; China joint dev& rsquo;t up

Private firms with service contracts in the West Philippine Sea received “resume-to-work” notices from the Department of Energy on Monday, after President Rodrigo Duterte lifted a moratorium on oil and gas exploration in the area and China said it had reached a "consensus" with the Philippines in working in the disputed waterway......»»

Source: Thestandard ThestandardCategory: NewsOct 19th, 2020Related News

‘West Philippine Sea oil exploration OK, but not with China’

President Duterte’s move to lift the moratorium on oil exploration in the West Philippine Sea would be beneficial for the country, but the government must bar China from any joint venture to exploit mineral resources in the area until Beijing abides by the 2016 ruling of the Permanent Court of Arbitration, senators said yesterday......»»

Source: Philstar PhilstarCategory: NewsOct 18th, 2020Related News

Philippines lifts ban on oil and gas exploration in South China Sea

The Philippines has lifted a moratorium on oil and gas exploration in the disputed South China Sea, which the government said Friday could fast-track talks with Beijing on a joint energy project......»»

Source: Manilanews ManilanewsCategory: NewsOct 18th, 2020Related News

Oil-gas explorers allowed to resume work in WPS; moratorium lifted

President Rodrigo Duterte approved the recommendation of the Department of Energy to lift the suspension of petroleum activities and the resumption of exploration in the West Philippine Sea, Energy Secretary Alfonso Cusi said Thursday night......»»

Source: Thestandard ThestandardCategory: NewsOct 17th, 2020Related News

China says it has reached consensus with Philippines on South China Sea oil exploration

A day after President Rodrigo Duterte lifted the moratorium on oil and gas exploration in the resource-rich West Philippine Sea, China said it has "reached consensus" with the Philippines regarding the joint exploration of the area's resources......»»

Source: Philstar PhilstarCategory: NewsOct 17th, 2020Related News

Duterte OKs resumption of energy projects in West Philippine Sea

President Duterte has lifted the moratorium on oil and gas explorations in the West Philippine Sea to allow service contractors Forum Energy Ltd. and PXP Energy Corp. to resume their activities in the area, presidential spokesman Harry Roque Jr. said yesterday......»»

Source: Philstar PhilstarCategory: NewsOct 16th, 2020Related News