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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…
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…
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…
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…
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…