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Jan 20 2021 PHL banks continue to face credit risks — S&P
EMERGING MARKETS such as the Philippines will continue to face credit risks this year, as the central bank is likely to lift regulatory relief measures and the loan payment moratorium expires, S&P Global Ratings said.
At the same time, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said they are still looking into asset…
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Jan 20 2021 PSE, PDS urge Congress to act swiftly on CREATE bill
As the country hopes for an economic rebound this 2021 after taking a hard blow brought by the coronavirus pandemic, the Philippines’ equities and fixed-income exchanges have called on the Congress to swiftly pass the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) to make the Philippines an attractive investment hub in the region…
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Jan 19 2021 Bicameral panel approves stricter ‘dirty money’ rules
THE BICAMERAL Conference Committee on Tuesday approved the bill strengthening the anti-money laundering law, although a key amendment pushed by Malacañang was not included in the final version.
The panel on Tuesday reconciled House Bill No. 7904 and Senate Bill (SB) No. 1945 which amends Republic Act No. 9160 or the Anti-Money Laundering Act (AMLA) of…
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Jan 19 2021 Bank plans to onboard more SMEs with app
A bank led by the Aboitiz clan launched last Tuesday a digital platform targeting to onboard small and medium-scale enterprises (SMEs).
Union Bank of the Philippines President and CEO Edwin R. Bautista said they plan to onboard 1 million SMEs into all its digital platforms in the next few years.
“It is an ambitious number but we…
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Jan 19 2021 SEC: Circular on contact details applies to all firms
The Securities and Exchange Commission (SEC) said the memorandum circular that requires all companies, partnerships and associations to designate their respective contact details also applies to the agency’s regulated and supervised corporations.
In a notice, the SEC said it needed to issue such clarification after the agency regarding the coverage of the measure which will be…
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Jan 18 2021 Fintech Alliance.PH Urges Enactment of Corporate Tax Incentives Bill
The Fintech Alliance.PH together with 43 other private business groups in the Philippines have expressed support for the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill and are pushing for its quick enactment into law.
The groups urged the congress to prioritise the bill and enact it within the month of January 2021.
The joint statement reiterated that “every day…
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Jan 17 2021 Philippine Banks’ Pandemic Rebound Quicker Than Asian Crisis Era
BLOOMBERG — Philippine banks will recover faster from the impact of the coronavirus pandemic than they did from the Asian financial crisis due to record-low interest rates, higher capital and a stable economy, the head of the nation’s bankers group said.
Lenders in the Southeast Asian nation may bounce back in three to four years, about half…
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Jan 17 2021 CIMB Philippines Doubles Customer Base to Over 3 Million
CIMB Bank Philippines had doubled its deposit customer base to exceed 3 million total banking customers with an 800% increase in deposits balance sheet, and 30% of these deposit customers claimed that CIMB was their first bank account.
Amidst the pandemic, average balance per customer and average cash-in per customer increased by 350% and 400%, respectively…
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Jan 17 2021 Fintech Apps that Made the Grade Amidst the Pandemic
2020 saw significant changes to the way we live, work and play. As people stayed in the safety of their homes for weeks and months on end, we needed to alter our daily routines and use technology more than ever. From Zoom meetings and food deliveries to online shopping and Netflix bingeing—and occasionally, doing all…
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Jan 14 2021 ‘Gains in reopened economy outweigh Covid risk’
REASONS to open up the economy far outweigh those that require it to be kept closed, according to the National Economic and Development Authority (Neda).
The pronouncement came after the Department of Health (DOH) reported on Wednesday that the new Covid-19 strain that originated in the United Kingdom has already reached Philippine shores.
In a presentation, Socioeconomic…