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July 3, 2023
TURNING old banknotes into alternative energy sources is just one of the sustainability efforts of the Bangko Sentral ng Pilipinas (BSP). In its maiden Sustainability Report, the BSP outlined its progress in advancing the sustainability agenda in the Philippine financial system toward creating more sustainable, inclusive, and resilient societies and…
June 29, 2023
THE Presidential Commission on Good Government (PCGG) has lost another ill-gotten wealth case it filed before the Sandiganbayan against the late President Ferdinand Marcos, his wife Imelda Marcos and several of their cronies. In a 45-page decision issued by the Sandiganbayan’s Second Division, the anti-graft court held that the PCGG…
June 21, 2023
The Bureau of Internal Revenue (BIR) is urging the taxpaying public not to patronize and obtain their Taxpayer Identification Number (TIN) and/or TIN Card from online sellers. Recently, the BIR has discovered several “enterprising” individuals offering “BIR TIN ID ASSISTANCE” via Facebook, Shopee, Lazada and other online selling platforms. “These…
June 21, 2023
THE sharp rate hikes implemented by the Bangko Sentral ng Pilipinas (BSP) boosted the yields for short-term local currency bonds (LCY) while the increases in US interest rates lowered the yields for longer-term bonds, according to the Asian Development Bank (ADB). In its latest Asia Bond Monitor, ADB said the…
June 19, 2023
THE Bangko Sentral ng Pilipinas (BSP) and local banks are close to reaching an agreement on bringing down the transaction costs for electronic payments. The BSP had initially said banks would be amenable to reducing transaction fees in exchange for a cut in the reserve requirement ratio (RRR). (https://businessmirror.com.ph/2023/02/28/bap-open-to-scuttling-costs-for-small-transactions/) The…
June 15, 2023
A game-changer. This is how House Committee on Ways and Means Chairman Jose Ma. Clemente “Joey” S. Salceda described the central bank’s response to his query whether water districts are eligible for loans provided by the Republic Act (RA) 11901. Salceda issued a statement last Thursday profusely thanking Bangko Sentral…
June 10, 2023
Lumagui: More to come after BIR’s Revenue Region - Makati ISO 9001:2015 expansion In line with Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr.’s program to continuously provide taxpayer-oriented service and to professionalize the institution, the Bureau adopted an expansion on ISO 9001:2015 Quality Management System (QMS) for One-Time…
June 8, 2023
FIRST RRR CUT SINCE 2020 FOR STABLE LIQUIDITY, CREDIT
June 7, 2023
THE country’s Gross International Reserves (GIR) as of end-May fell by $500 million to $101.3 billion from $101.8 billion, according to the Bangko Sentral ng Pilipinas (BSP). “The month-on-month decrease in the GIR level reflected mainly the National Government’s [NG] net foreign currency withdrawals from its deposits with the BSP…
June 4, 2023
The Western Visayas Regional Development Council (RDC) is pushing for the development and rehabilitation of the Iloilo International Airport (ILO) in a bid to expand its operational capacity and better serve the growing number of tourists flocking to the region’s attractions. As reported earlier this week by Panay News, the…