Bank deposits rose last year as changes in spending habits brought about by the coronavirus pandemic boosted Filipinos’ savings, the state-run Philippine Deposit Insurance Corp. (PDIC) reported.
Roberto B. Tan, PDIC president and chief executive said on Friday, April 23, that total deposits i
BusinessWorld
April 22, 2021 | 12:04 am
REUTERS
BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno will ask President Rodrigo R. Duterte to certify as urgent a bill seeking to ease the Bank Secrecy Law, as he noted the Philippines is the only country with such tight restrictions on bank deposit information.
“We will request the President to certify the bill as urgent,” Mr. Diokno said at an online briefing on Wednesday.
The House Committee on Banks and Financial Intermediaries in February approved House Bill (HB) 8991, which amends Republic Act No. 1405 or the Secrecy of Bank Deposits Law.
The bill expands the supervisory powers of the BSP by allowing it to look into the deposit accounts of bank stockholders, owners, directors, officers or employees in the course of its investigation into closed banks, but only if there is reasonable grounds for fraud, serious irregularity or unlawful activity.
Published April 13, 2021, 7:00 AM
The International Monetary Fund (IMF) is urging the Bangko Sentral ng Pilipinas (BSP) to strengthen its bank resolution and crisis management policy beginning with the “too big to fail” banks for early intervention and timely remedial action, making it easier to release emergency liquidity assistance (ELA).
In this file photo taken on April 15, 2020, the seal of the International Monetary Fund (IMF) in Washington, DC.
(Photo by SAUL LOEB / AFP / MANILA BULLETIN)
In its latest “Financial System Stability Assessment” (FSSA), IMF strongly recommended that banking co-regulator, the Philippine Deposit Insurance Corp. (PDIC), should be granted “comprehensive” powers as the banking sector’s “resolution authority.”
Loans and advances released by the central bank to its supervised financial institutions amounted to P130.9 billion by end-fourth quarter 2020, down by 34.61 percent year-on-year or from P200.2 billion.
The Bangko Sentral ng Pilipinas (BSP), which extends loans and advances to banks with liqu
The Bangko Sentral ng Pilipinas (BSP) is planning on putting up an electronic or e-money protection fund in case the bank or non-bank holding the e-money has liquidity issues.
The BSP is currently studying the e-money fund protection scheme and is expected to soon release findings and recomme