BusinessWorld
March 2, 2021 | 7:54 pm
THE Court of Appeals (CA) has upheld the dismissal of a customs employee over her failure to disclose a Bulacan property in her annual Statements of Assets, Liabilities, and Net Worth (SALNs), the Department of Finance (DoF) said Tuesday.
The DoF said in a statement that former customs operations officer Miriam Casurayan was found to have deliberately omitted from her SALN ownership of a house in San Jose del Monte, Bulacan. The DoF was citing an October 2020 CA ruling sent to the DoF on Jan. 11.
The property was purchased in 1998 but not declared in Ms. Casurayan’s SALN, according to the anti-corruption arm of the DoF, the Revenue Integrity Protection Service (RIPS).
SunStar
+ February 24, 2021 THE country’s financial sector regulators have signed a memorandum of agreement (MOA) under the auspices of the Financial Sector Forum (FSF) on the establishment of a Cooperative Oversight Framework on financial technology (fintech) innovation.
FSF is a voluntary inter-agency body comprised of the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission, Philippine Deposit Insurance Corp., and the Insurance Commission.
“The framework aims to facilitate seamless regulation and supervision of fintech companies across the financial sector leveraging on the consultative and collaborative platform under the MOA. This will ensure that risks attendant to fintech activities are effectively managed without stifling innovation. The operationalization of the MOA is seen to avoid regulatory overlaps and arbitrage and promote adherence to standards set out in relation to cyber security, anti-money laundering/combatting of financing
Reporter
THE HOUSE of Representatives is open to the banking industryâs request for a âsafe harborâ clause in the proposed amendments to the Bank Secrecy Law.
Quirino Rep. Junie E. Cua, chair of the House Committee on Banks and Financial Intermediaries, said the request by the Bankers Association of the Philippines (BAP) is âwell taken,â noting the provision could be included in the bill to ease concerns of the industry.
âThose things will further be clarified in the IRR (implementing rules and regulations). The first safeguard in the bill is that it provides for a thorough study from the Monetary Board, before it approves (the request to open an account),â Mr. Cua told
Banks seek safe harbor clause Lawrence Agcaoili
In changes to bank secrecy law
MANILA, Philippines Philippine banks want a “safe harbor” provision in the proposed amendments to the country’s bank secrecy law to shield industry players from possible civil liability in connection with any deposit examination by the central bank.
In a position paper submitted to the Committee on Banks and Financial Intermediaries of the House of Representatives, the Bankers Association of the Philippines (BAP) said it fully supports the proposed amendments to Republic Act 1405 or “The Secrecy of Bank Deposits Law.”
The BAP wrote committee chairman Rep. Junie Cua, seeking to provide the industry with a “safe harbor” clause to protect banks against “frivolous suits” from depositors in connection with any deposit examination done by the Bangko Sentral ng Pilipinas (BSP).
February 1, 2021 | 7:39 pm Font Size
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CASH DIVIDENDS remitted by government-owned and -controlled corporations (GOCCs) to the National Government more than doubled to a record P157 billion last year as the government leaned on the sector to help fund the pandemic response, the Department of Finance (DoF) said.
The 2020 tally was up 127% from a year earlier, factoring in foregone dividends, which the government allowed for GOCCs that needed to retain earnings, the DoF said in a statement Monday, citing a report from Undersecretary Antonette C. Tionko.
The DoF said the 2020 collection was the highest since Republic Act No. 7656 was signed in November 1993. The law requires GOCCs to remit at least 50% of their annual net earnings as cash, stock or property dividends to the National Government.