Philippine Financial News

Finance Dept. on airlines tax: Equal gain must offset revenue loss

2011-12-11T11:40:00.001+08:00

December 9, 2011 3:37pm The Department of Finance has no objections to repealing the common carrier’s tax (CCT) as long as Congress can come up with a counter measure to compensate for the revenue loss.Government stands to lose P1.6 billion a year once the tax on airlines operating in the Philippines has been scrapped, according to Finance Department estimates.The Aquino administration’s

Financial services for the poor

2011-12-09T06:45:00.001+08:00

By: Gemma Rita R. Marin Philippine Daily Inquirer 10:42 pm | Wednesday, December 7th, 2011 It is interesting to be studying microfinance in a classroom setting after 20 years of being involved in the business. I was accepted to a three-week certificate program on Community-Based Microfinance at the Coady International Institute in Antigonish, Nova Scotia, which began last Sept.

Time to deliver

2011-12-02T06:10:00.001+08:00

Editorial Philippine Daily Inquirer 9:10 pm | Thursday, December 1st, 2011 Are Filipinos dreaming, or are they experiencing something that economic statistics cannot capture? The latest survey conducted by the Social Weather Stations found a growing number of Filipinos saying their lives had improved during the previous 12 months. While still more people—32 percent of

Bangko Sentral mulls raising microfinance loan ceiling

2011-11-27T19:58:00.001+08:00

November 25, 2011 5:54pm The ceiling on microfinance loans — at P150,000 since 2003 — could soon be raised to give entrepreneurs better access to credit, the Bangko Sentral ng Pilipinas (BSP) said on Friday."Although monitoring of microfinance loan is quite strict, a microfinance loan does not require collateral. [Increasing the ceiling] will have an advantage to low-income earners who want

What to say to cash-rich, debt-free Pacman

2011-11-27T17:31:00.001+08:00

EXECS TALK By: Dax Lucas, Margie Quimpo-Espino Philippine Daily Inquirer 10:30 pm | Saturday, November 26th, 2011 What Saranggani Representative Manny Pacquiao owns today is more than what 95 percent of Filipinos will ever have – a house in Forbes Park that reportedly cost P388 million, properties in Los Angeles, a residence in Brentville, expensive cars, businesses, and loads

Philamlife sells pre-need, healthcare units to STI group

2011-11-19T15:59:00.001+08:00

By Liza Reyes, ABS-CBN News Posted at 09/04/2009 1:02 PM | Updated as of 09/06/2009 3:47 AM MANILA - Local financial services firm Philippine American Life and General Life Insurance Co. (Philamlife) has sold its stakes in its pre-need and healthcare units as part of its continuing efforts to focus on its core businesses. According to Philamlife, Filipino-owned firms Systems Technology

BIR taxing voluntary contributions to SSS, GSIS, Pag-IBIG, PhilHealth

2011-11-18T13:14:00.001+08:00

EARL VICTOR ROSERO and MARLON ANTHONY R. TONSON 11/18/2011 | 05:16 AM After tollways, government-backed bonds, professional fees, and retirement funds, the Bureau of Internal Revenue (BIR) has set its sights on collecting taxes on ordinary citizens’ payroll deductions made for their contributions to housing, health and pension funds. BIR Commissioner Kim S. Jacinto-Henares claimed that, “

SMEs seek informal lenders for assistance

2011-11-16T08:26:00.001+08:00

Tuesday, 15 November 2011 19:40 Dennis D. Estopace / Reporter AMID the drop in formal sector lending in the past decade, micro, small, and medium enterprises (MSMEs) turned more to informal sources of cash, a 2009 survey recently released by the Asian Institute of Management reported. Data from 1,740 respondents noted that while majority of the country's MSMEs consider

‘Biggest free trade zone’

2011-11-15T15:06:00.001+08:00

Editorial Philippine Daily Inquirer 2:43 am | Tuesday, November 15th, 2011 Last Friday, before leaving for the 19th Leaders’ Summit of the Asia-Pacific Economic Cooperation (Apec) forum in Honolulu, President Aquino said that the meeting would help solve the problems of the Philippines. He mentioned in particular economic growth, job creation, regulatory reforms,

New payment app aims to make shopping easier

2011-11-15T13:46:00.001+08:00

NATASHA BAKER, Reuters 11/14/2011 | 07:40 PM TORONTO — Ready to ditch your wallet, cash and credit cards? A mobile payment app lets users make purchases with their smartphone without taking the device out of their pocket or purse. Developed by electronic payment startup Square, the app called Card Case allows customers to pay for products and services at local merchants automatically by

New-old UCPB boss alarms coco farmers

2011-11-15T13:28:00.001+08:00

Exec linked to Eduardo Cojuangco Jr. takes over bank Tuesday By Fernando del Mundo Philippine Daily Inquirer 11:34 pm | Monday, November 14th, 2011 A former head of United Coconut Planters Bank (UCPB) accused of arranging allegedly questionable megadeals for companies linked to Eduardo “Danding” Cojuangco Jr. is again taking control of the state-owned bank for coconut farmers,

BDO is still biggest bank with P1.05T in total assets

2011-11-07T11:41:00.003+08:00

Metrobank tops in equity with P104.27B By: Doris C. Dumlao Philippine Daily Inquirer 2:00 am | Monday, November 7th, 2011 Tycoon Henry Sy-led Banco de Oro Unibank remained as the Philippines’ biggest bank, ending September with P1.05 trillion in consolidated resources. Metropolitan Bank and Trust Co. trailed BDO by about P135 billion in balance sheet size as the banking

Inflation surged to 5.2% in October

2011-11-05T10:37:00.000+08:00

Increase due to food price spikes caused by typhoons By: Riza T. Olchondra Philippine Daily Inquirer 11:43 pm | Friday, November 4th, 2011 The annual inflation rate accelerated to 5.2 percent in October from 4.8 percent in September on the back of price increases in heavily weighted food items, the National Statistics Office said yesterday. Economists attributed the higher

PERA tax rules ‘workable’

2011-11-02T16:10:00.000+08:00

Posted on November 01, 2011 10:15:42 PM BY DIANE CLAIRE J. JIAO, Reporter THE LATEST DRAFT of Personal Equity and Retirement Account (PERA) tax rules has been welcomed by the private sector, paving the way for an official issuance by the Bureau of Internal Revenue (BIR) next month. Capital Market Development Council members who met last week to review the still-unnumbered revenue

Deal struck to contain eurozone debt crisis

2011-10-28T19:52:00.003+08:00

Banks to absorb 50% losses on Greek bonds Philippine Daily Inquirer 2:17 am | Friday, October 28th, 2011 50 PERCENT CUT Greek Finance Minister Evangelos Venizelos speaks at Finance ministry during a news conference in Athens on Thursday, Oct. 27, 2011. EU leaders Thursday reached a landmark deal which requires banks to take on 50 percent losses on Greeks bonds.

One Network Bank to set up 5 micro offices

2011-10-25T20:27:00.000+08:00

Posted on October 24, 2011 09:20:12 PM DAVAO CITY -- One Network Bank is establishing five micro-banking offices (MBOs) in this city next year in a bid to reach more customers without having to make high investments on full-blown branches. The MBOs, the bank said in a statement, will provide services to smaller accounts. Among these services are cash

Financial literacy

2011-10-10T19:44:00.000+08:00

Speaking Out By ATTY. IGNACIO R. BUNYE October 9, 2011, 11:39pm MANILA, Philippines — Financial literacy: What is it and how is it important to us Filipinos? Financial literacy, or awareness of basic financial concepts, is one of the advocacies of the Bangko Sentral ng Pilipinas (BSP). The BSP has taken a proactive stance in embarking on a consumer education program that seeks to

Teaching employees how to fish

2011-09-21T11:24:00.000+08:00

Money Matters By: Efren Ll. Cruz Philippine Daily Inquirer 12:59 am | Wednesday, September 21st, 2011 Question: At what age should companies start preparing their employees for retirement?-HR practitioner Answer: As soon as they are hired! What?! Oh yeah. Have you ever experienced asking for directions while already traveling? Don’t you just hate it when a person tells you

47 listed firms must sell more shares

2011-09-20T07:01:00.000+08:00

By: Doris C. Dumlao Philippine Daily Inquirer 9:30 pm | Sunday, September 18th, 2011 Forty-seven companies are racing against time to meet the 10-percent minimum public ownership required by the Philippine Stock Exchange to remain publicly listed and enjoy preferential tax on stock trades as the November 30 deadline draws near, based on a list obtained by the Inquirer.

Cha-Ching: Money-smart kids

2011-09-20T06:58:00.000+08:00

By: Michelle V. Remo Philippine Daily Inquirer 10:21 pm | Sunday, September 18th, 2011 HONG KONG—Most successful investors would say that their skills in handling money were learned at an early age. Usually, their parents or guardians have a big role in instilling in them sound values related with money management. Prudential Corporation Asia (PCA), which operates life insurance

Exec molds next generation of values-oriented Filipinos

2011-09-20T06:50:00.000+08:00

By: Charles E. Buban Philippine Daily Inquirer 9:53 pm | Sunday, September 18th, 2011 MANILA, Philippines—Teaching morals and values to children is important at a time when distractions abound in a generation lost in a maze of technological advancements and environmental struggles. But it is always best to know the ripe age for kids to adopt such teachings—when a child’s mind is

LBC Express caused bank’s fall

2011-09-14T16:28:00.000+08:00

Tuesday, 13 September 2011 22:03 Jun Vallecera / Reporter NOW it can be told: The failure of LBC Express, the remitting affiliate of LBC Development Bank, to honor billions of pesos in advances caused the bank’s downfall, regulators disclosed on Tuesday. It was also revealed, to refute insinuations the bank’s closure was precipitate, that the regulators discovered something

LBC Bank placed under receivership

2011-09-12T10:25:00.000+08:00

By: Michelle V. Remo Philippine Daily Inquirer 4:16 am | Sunday, September 11th, 2011 LBC Development Bank, a unit of the LBC Group, has been placed under receivership of the Philippine Deposit Insurance Corp. (PDIC). In a statement over the weekend, PDIC said it took over the assets and liabilities of LBC bank after the Monetary Board of the central bank determined that the

Banks boost kids’ savings project

2011-08-27T14:05:00.000+08:00

Thursday, 25 August 2011 19:14 SEEING the importance of what saving up can do in building their future, 12 of the country’s major banks have teamed up to support the Kiddie Account Program (KAP) jointly promoted by the Bangko Sentral ng Pilipinas (BSP) and the Bank Marketing Association of the Philippines (BMAP). The KAP was designed to encourage children 12 years

Let your bank work for you

2011-08-24T21:11:00.000+08:00

1:14 am | Wednesday, August 24th, 2011 With P250,000 in extra cash, one can already buy a second-hand car or make a down payment for a brand-new one. It can be used as equity for a condo unit, or spent for your Bucket list—be it a budget European sightseeing or a cruise somewhere. But if you are not in the market for a car or a house, in no mood to splurge, scared to do

Branching out to where no bank has gone before

2011-08-24T21:03:00.000+08:00

By: Michelle V. Remo Philippine Daily Inquirer 1:06 am | Wednesday, August 24th, 2011 In a bid to widen people’s access to banking services and support the growing funding needs of the economy, the Bangko Sentral ng Pilipinas has issued regulations that will effectively allow banks to open more branches. According to the central bank, the time has come to allow more

Credit bureau to open in 2012

2011-08-19T15:17:00.000+08:00

Posted on August 18, 2011 09:01:12 PMBY ANN ROZAINNE R. GREGORIO, ReporterA CENTRAL credit information bureau is expected to launch operations only in December 2012, or more than four years after the law establishing it was approved. Baltazar N. Endriga, the newly appointed president of the Credit Information Corp. (CIC), told BusinessWorld in an interview on

Bangko Sentral allows banks to install mobile ATMs in provinces

2011-08-19T14:22:00.000+08:00

08/18/2011 | 09:15 PM Mobile automated teller machines (ATMs) will be commonplace in some densely populated centers in the provinces soon after the Bangko Sentral ng Pilipinas (BSP) lifted the rule restricting such machines to Metro Manila. The BSP revealed Thursday that it has allowed banks to deploy mobile ATMs outside the National Capital Region but has limited the itinerary of the

US credit slip more boon than bane to Filipinos

2011-08-14T10:29:00.000+08:00

By: Riza T. Olchondra Philippine Daily Inquirer 12:31 am | Sunday, August 14th, 2011 S&P DOWNGRADE. A news ticker reads "Standard & Poor's downgrades US credit rating from AAA to AA+" in Times Square on Aug. 5, 2011 in New York City. The ratings agency decided to downgrade the US credit rating after the prolonged debt-limit debate in the US government. AFP What does the

US stocks: Wall St roars back but selling may return

2011-08-12T19:36:00.000+08:00

By Caroline Valetkevitch08/12/2011 | 06:25 AM NEW YORK - U.S. stocks shot up 4 percent on Thursday as bargain-hungry investors overcame the recent wave of fear that drove selling over the last two weeks. Thursday's rally marked the second bounce in a yo-yo week. After a sell-off that pushed the S&P 500 down as much as 17 percent since July 22, the market is showing some signs of

Easy banking, happy clients

2011-08-12T06:51:00.000+08:00

INQUIRER.net 1:14 am | Friday, August 12th, 2011 In a sea of financial institutions, what makes a bank stand out? Customer service. Filipinos choose the bank that satisfies their changing needs with relevant services. They trust the bank that makes money management as convenient as possible. Rising up to the challenge is BPI. In line with its “Let’s make it easy”

Global stocks gyrate wildly; sell-off resumes in markets

2011-08-12T05:54:00.000+08:00

Philippine Daily Inquirer 4:41 am | Friday, August 12th, 2011 NEW YORK—Back to reality for the stock markets—and back down. Negative investor sentiment in the United States spilled to Asia and then Europe as markets gyrated wildly amid concerns about America’s bleak economic prospects and fast-moving rumors about a sovereign rating downgrade of France as well as talk

What is different about the Philippines?

2011-08-10T23:21:00.000+08:00

Wednesday, 10 August 2011 20:58 John Mangun / Outside the Box There is a term, provincial thinking, for someone whose attitude and opinion, is supposedly limited and unsophisticated, not really aware of the big “real world” outside his own little space. I think there should be a term opposite to that which describes someone whose attitude and opinion is so oriented to the

Unabated stock sell-off deepens global crisis

2011-08-10T07:44:00.000+08:00

Philippine Daily Inquirer 3:59 am | Wednesday, August 10th, 2011 BEAR TERRITORY Many global markets were reported to have entered bear market territory on Tuesday after one of the worst days on Wall Street since the collapse of Lehman Brothers in 2008. At left, a brown bear receives food at the Safari park in Fasano, Italy, on Aug. 4. Above, a broker at the stock market in

US markets plummet: Dow Jones falls 600 points in manic Monday sell-off

2011-08-10T07:34:00.000+08:00

New York: Wall Street stocks plummeted on Monday as skittish investors, already concerned about the economy, struggled to work out the implications of an unprecedented downgrade of the United States government's credit rating, and sought safer places to put their money. The declines, coming in the first opportunity for investors to sell since Standard & Poor's cut its

Banks’ NPL ratio fall to historic low of 2.8%

2011-07-25T08:35:00.000+08:00

Soured loans down to P81.91B as of end-May By: Michelle V. Remo Philippine Daily Inquirer 8:50 pm | Sunday, July 24th, 2011The Exposure of the country’s universal and commercial banks to bad debts fell to a historic low in May, a development that highlighted the significant progress of the banking sector since the Asian financial crisis of the late 1990s. The Bangko Sentral ng

Philippines leads in income inequality in Asean, says study

2011-07-23T12:25:00.000+08:00

By: Abigail L. Ho Philippine Daily Inquirer 8:59 pm | Friday, July 22nd, 2011 The gap between the rich and the poor is most pronounced in the Philippines as compared with neighboring Southeast Asian nations, a new study by research and advisory firm Stratbase Research Institute showed. The study noted that the Philippines registered a Gini coefficient of 44 percent last year,

Rural bank mergers pushed

2011-06-21T20:24:00.000+08:00

Posted on June 20, 2011 08:52:26 PM BY ANN ROZAINNE R. GREGORIO, ReporterRURAL BANKS are urged to hasten mergers or consolidations to create stronger banks that will not only provide better products and services to clients, but more importantly, compete with commercial banks that have started to branch out to the countryside, the incoming president of the association of rural banks said.

Property bubble

2011-06-21T20:16:00.000+08:00

June 17, 2011 | Manila, Philippines Popular EconomicsBY FRANZ JONATHAN G. DE LA FUENTE WHEN REAL estate prices drop sharply after rapid price increase, causing a scramble among real estate owners to sell properties in an attempt to avoid greater losses, the market is said to be experiencing a property bubble burst. The Bangko Sentral ng Pilipinas (BSP) defines a bubble as the overvaluation

GSIS to review pre-need plan program

2011-06-06T19:46:00.000+08:00

BY KATRINA MENNEN A. VALDEZ REPORTER STATE-RUN Government Service Insurance System (GSIS) said it will review its policy on educational plans to improve the product offering. Citing his dialogue with pension fund members, Robert Vergara, GSIS president and general manager, said that educational plans remain one of the major concerns. “We decided that we will review the pre-need plan, and

The Philex Mining saga: How First Pacific acquired control

2011-05-27T16:52:00.000+08:00

by Lala Rimando, ABS-CBNnews.com Special ReportPosted at 05/27/2011 3:44 AM | Updated as of 05/27/2011 4:39 AMThe Philex Mining saga: How First Pacific acquired control Last of a two-part series. Read part one here. There were many moving parts when different business entities and political personalities changed hands in controlling Philex Mining Corp. in 2009 to 2010. This last of the 2-

DBP-Ongpin-Philex controversial deals detailed

2011-05-25T16:51:00.000+08:00

by Lala Rimando, ABS-CBNnews.com special reportPosted at 05/25/2011 2:46 PM | Updated as of 05/25/2011 3:22 PM Trading Philex: The curious case of P510-M DBP loan First of two parts MANILA, Philippines – Reynaldo David vividly recalled having lunch with peers in June 2009 when he received a call. He was asked to attend the annual shareholders meeting of Philex Mining Corp., the

He wanted to be a doctor, then lawyer, but never banker

2011-05-08T18:37:00.000+08:00

By Michelle Remo Philippine Daily Inquirer First Posted 00:01:00 05/08/2011 BECOMING a central bank governor was never a dream he had as a child. Like any typical smart kid, Amando M. Tetangco Jr. wanted to become either a medical doctor or a lawyer. Nevertheless, aided by his skills, fate put him at the helm of the Bangko Sentral ng Pilipinas and led him to becoming recognized globally as

April inflation surges to 12-month high

2011-05-06T11:15:00.000+08:00

BSP responds with 2nd consecutive rate hike By Ronnel Domingo, Michelle Remo Philippine Daily Inquirer First Posted 21:36:00 05/05/2011 MANILA, Philippines—Prices of local goods and services rose faster than expected in April, prompting the Bangko Sentral ng Pilipinas to raise borrowing costs in an attempt to squelch inflationary pressures. Government data released Thursday showed that

GSIS withdraws $675-M overseas placements

2011-05-05T12:58:00.000+08:00

ReutersPosted at 05/04/2011 4:16 PM | Updated as of 05/04/2011 8:32 PM MANILA, Philippines (UPDATE) - The country's biggest state pension fund, GSIS, has started withdrawing foreign placements worth $675 million and will reinvest these locally as uncertainty over the pace of global economic recovery grows, and with prospects of better returns in the country, its president said on

BPI offers online investment services

2011-05-05T10:15:00.000+08:00

By Doris Dumlao Philippine Daily Inquirer First Posted 22:53:00 04/30/2011 THE PRIVATE BANKING unit of Bank of the Philippine Islands has rolled out the country’s first full-service online investment platform, seeking to harness the Internet to broaden participation in its managed funds. BPI asset management and trust group—a leading wealth management unit in the Philippines with close to

Catholic faithful finds ‘sachet life insurance’ a blessing

2011-04-29T11:44:00.000+08:00

04/28/2011 | 10:07 PM Patiently preaching about the virtues of insurance coverage finally paid off for Pioneer Insurance. It was able to convince the Catholic Bishops Conference of the Philippines (CBCP) that insuring the lives of the faithful is good for their souls and easy on their pockets. Church workers in the diocese of Antipolo, Caloocan, Cavite, Nueva Vizcaya and few other

Sorsogon power coop now EVAT-free

2011-04-27T18:01:00.000+08:00

By PNA and U.S. News Agency / Asian Power consumption charges here and in six municipalities of Sorsogon province are now 12 percent lower owing to the exemption granted by the Bureau of Internal Revenue (BIR) to the local electric cooperative from the Expanded Value Added Tax (EVAT). The exemption which took effect last January according to Sorsogon Electric Cooperative (SORECO) II general

BPI launches online service for investment instruments

2011-04-27T11:08:00.000+08:00

Date Published: April 27, 2011 THE BANK of the Philippine Islands (BPI) yesterday launched a service that will allow clients to conduct transactions for their trust funds and mutual funds over the Internet. The full-service online investment facility dubbed “Investment 3.0” will enable clients to open a new investment fund

Palace order puts SEC back under the Finance dep’t

2011-04-27T10:58:00.000+08:00

Posted on April 26, 2011 11:43:41 PM MALACAÑANG has placed the Securities and Exchange Commission (SEC) back under the Department of Finance (DoF) from the Department of Trade and Industry (DTI). Executive Order 37, signed by President Benigno S. C. Aquino III on April 19, will "ensure better coordination and effective implementation of strong and stable

090209: Microfinance institution raises P500M from bonds

2009-09-02T21:18:00.000+08:00

MICROFINANCE institution Center for Agriculture and Rural Development (CARD), Inc. has tapped the bond market for funds for relending to its clients, blazing the trail for similar institutions that seek an alternative financing source. CARD, the largest microfinance institution in the country with outstanding loans of P1.8 billion as of July and 450 offices nationwide, raised P500 million

061609: Mutual fund AUMs hit P62 billion in April

2009-06-28T22:52:00.007+08:00

By Tep P. Torres Updated June 16, 2009 12:00 AM MANILA, Philippines – The mutual fund industry has reported that its assets under management (AUM) amounted to P61.8 billion end April 2009, or up slightly by three percent from the P60 billion end 2008. The Investment Company Association of the Philippines (ICAP), the trade organization of the country’s mutual fund

062309: Sun Life launches dollar balanced fund

2009-06-28T22:52:00.005+08:00

Updated June 23, 2009 12:00 AM MANILA, Philippines The Sun Life Asset Management Co. Inc. (SLAMC) has re-launched its Sun Life Prosperity Dollar Abundance Fund (SLP DAF) from a dollar-denominated fixed income or bond fund to a balanced fund as more and more domestic mutual funds increase their focus on the foreign-currency funds. The net asset of the SLP DAF stood at $17.2

062609: Manulife to offer mutual funds

2009-06-28T22:52:00.003+08:00

Friday, June 26, 2009 | MANILA, PHILIPPINES Finance CANADA-BASED insurer Manulife Financial will set up a fund management company in the Philippines to pave its entry into the mutual funds business. Philip H. Smith, executive vice-president and general manager for Manulife's Southeast Asia operations, said the company will enable it to offer mutual funds to its Philippine clients. The

060509: PDEx to launch Internet-based trading platform

2009-06-28T22:52:00.001+08:00

Friday, June 5, 2009 | MANILA, PHILIPPINES Today's Headlines INVESTORS LOOKING to place their funds in fixed-income securities can turn to the Web as the Philippine Dealing Exchange Corp. (PDEx) officially launches its Internet-based trading platform today. PDEx, which operates the central trade reporting system for the market, will be unveiling its Fixed Income Broker Internet Order

052809: Use of remittances in community development up for discussion

2009-06-28T22:51:00.005+08:00

Thursday, May 28, 2009 | MANILA, PHILIPPINES GLOBAL MONEY transfer firm Western Union Company will spearhead talks on improving the contribution of remittances to community and economic development in the country. It said that while there is growing interest among migrant workers on how their earnings can support, not just the basic needs of family members, but also community

052809: Central bank padlocks another rural bank

2009-06-28T22:51:00.004+08:00

Thursday, May 28, 2009 | MANILA, PHILIPPINES ANOTHER RURAL bank has been placed under receivership after mismanagement led to insolvency. In a memorandum dated May 14 but publicized only yesterday, the Bangko Sentral ng Pilipinas (BSP) said it had placed the Rural Bank of Sapang Dalaga in Misamis Occidental under the receivership of the state deposit insurer. "Notice is hereby given

052809: Bills boosting capital market OK'd

2009-06-28T22:51:00.003+08:00

Thursday, May 28, 2009 | MANILA, PHILIPPINES TWO BILLS intended to invigorate the country’s capital market were approved on second reading at the House of Representatives on Tuesday night. House Bill (HB) 6017 seeks to scrap the premium and documentary stamp taxes slapped on life insurance, while HB 6379 allows individuals to co-own real estate assets through real estate investment

052809: SEC transferred to Trade dep't

2009-06-28T22:51:00.001+08:00

Thursday, May 28, 2009 | MANILA, PHILIPPINES PRESIDENT Gloria Macapagal-Arroyo has transferred supervision of the Securities and Exchange Commission (SEC) to the Department of Trade and Industry (DTI) from the Department of Finance. The move, Executive Secretary Eduardo R. Ermita said, can be traced to concerns involving the pre-need industry, which is currently under the ambit of the

050809: eVoting for Filipino Expats

2009-06-28T22:50:00.004+08:00

By Tony LopezThe Manila TimesA certain A. M. Quedi, from an engineering and design division of a company in Saudi Arabia, sent a reaction to my column of April 21, 2009 on the behavior of the middle class. I said in my column that the Filipino is now middle-class having at least a daily per capita income of $5.64. Middle-class according to the World Bank is having a per capita income of

050709: Why is the Philippines poor?

2009-06-28T22:50:00.003+08:00

Banking & Finance Written by Free Enterprise / Zoilo ‘Bingo’ Dejaresco III THURSDAY, 07 MAY 2009 20:30 THE proud claim of Philippine Airlines of being Asia’s first airline is not an empty boast. For, after all, it was just a few decades ago when the Philippines was the second-biggest economic might

050509: Central bank tightens rules on pawnshop ownership

2009-06-28T22:50:00.001+08:00

http://www.manilatimes.net/national/2009/may/05/yehey/business/20090505bus5.htmlTHE policy-making body of the Bangko Sentral ng Pilipinas (BSP) has imposed a tighter set of rules on pawnshops similar to what the regulator requires of banks. In a statement, the BSP said the Monetary Board last week approved the application of the "fit and proper" rule on pawnshops, thus requiring proprietors

011706: Editorial: Dollar remittances and social paralysis

2009-06-23T12:28:00.000+08:00

Business Mirror January 17, 2006http://www.businessmirror.com.ph/2006/0117/17%20oped%20editorial.php EDITORIALDollar remittances and social paralysis LAST Friday, the Bangko Sentral ng Pilipinas (BSP) happily announced that remittances from overseas Filipino workers (OFW) coursed through

052507: New rural development program signed for Mindanao

2009-06-23T12:23:00.001+08:00

By Manuel T. Cayon Reporter DAVAO CITY—The World Bank and the country’s Department of Agriculture hoped to reduce poverty incidence by about 15 percent at the end of a two-phase rural development program that began in 1998. Agriculture Secretary Arthur Yap said the Mindanao Rural Development

052407: Shares close mixed on profit-taking, PLDT gains

2009-06-23T12:19:00.007+08:00

May 24, 2007 Updated 13:07:36 (Mla time) Xinhua Financial News Service MANILA, Philippines – (UPDATE) Share prices closed mixed as profit-taking hit banking, property and mining stocks, but investors resumed buying select blue chips including Philippine Long Distance Telephone Co. (PLDT) and San Miguel Corp. after Wednesday’s pullback, dealers said. The 30-company composite index ended

052407: RP stocks resume climb with modest gains

2009-06-23T12:19:00.006+08:00

BUSINESS 05/24/2007 | 01:03 PM Philippine share prices resumed their climb on Thursday, boosted by the confidence of investors on the Philippine economy, analysts said. The 30-company Philippine Stock Exchange index gained 4.21 points or 0.1214 percent to end at 3,470.77. The all share index jumped 6.30 points to 2,227.42. The local bourse's gains defied the trend in the region as most

052507: Balanced '08 budget: who will sacrifice?

2009-06-23T12:19:00.005+08:00

WHO will bear the burden of balancing the budget in 2008? This is the question posed by civil society organizations led by Social Watch Philippines with the release of National Memorandum Order 100, better known as the Budget Call by the Department of Budget and Management (DBM). Aside from providing policy guidelines and procedures to heads of government

052507: BSP seen allowing more peso gains

2009-06-23T12:19:00.004+08:00

By LEE C. CHIPONGIAN The Bangko Sentral ng Pilipinas (BSP) will likely allow the peso to appreciate further to P45: to "take some pressure off reserve purchases," foreign exchange market analysts said yesterday. The peso closed P45.87 versus the US dollar yesterday from P46.31 Monday. It has since gone down to the R46/ range closing

052607: Shares close lower on profit-taking

2009-06-23T12:19:00.003+08:00

May 25, 2007 Updated 15:46:29 (Mla time) Xinhua Financial News Service (UPDATE) MANILA, Philippines -- Share prices closed lower as investors locked in profits after Wall Street's slump overnight, but gains in Philippine Long Distance Telephone Co. helped the market cut losses, dealers said. Investors also exercised caution amid recent comments by former US Federal Reserve chairman Alan

052607: Shares close lower on profit-taking

2009-06-23T12:19:00.002+08:00

May 25, 2007 Updated 20:22:45 (Mla time) Agence France-Presse MANILA, Philippines -- Share prices are expected to undergo a correction next week amid caution after former Federal Reserve chairman Alan Greenspan's warning on China's rapidly rising stocks, dealers said Friday. "We might see share prices slide a little," said Jose Vistan of AB Capital Securities. "I think the markets

Outside the Box: The PSE: May 2006 to May 2007

2009-06-23T12:19:00.001+08:00

Electric rice cookers have taken all the challenge and most of the fun out of making rice. Before these modern appliances, you had to think about the amount of flame under the pot. You had to consider the length of time of cooking. You had to check if the rice should be stirred halfway through the process. Sort of like

043009: Deposit cover raised

2009-06-23T12:19:00.000+08:00

Vol. XXII, No. 190Thursday, April 30, 2009 | MANILA, PHILIPPINES Today’s Headlines PRESIDENT Gloria M. Arroyo yesterday signed into law the amendments to the state deposit insurer’s charter, doubling the insurance coverage for bank depositors to P500,000. Republic Act No. 9576, which comes amid a dim global financial environment, will also enhance the Philippine Deposit Insurance Corp.’

052307: Shares close lower on profit-taking after 7-day rally

2009-06-22T12:25:00.001+08:00

May 23, 2007 Updated 13:03:06 (Mla time) Erik de la Cruz Xinhua Financial News Service (UPDATE) MANILA, Philippines -- Share prices closed lower, bucking the trend in most major bourses in Asia this morning, as investors decided to pocket their gains following a seven-day record-breaking rally, dealers said. The main index hit new record highs early in the session but profit-taking

052307: RP stocks extend record gains

2009-06-22T12:23:00.009+08:00

By Ian C. Sayson Bloomberg PHILIPPINE stocks rose, sending the benchmark index to a record for a third day. Metropolitan Bank & Trust Co. advanced after borrowing costs declined, and Ayala Land Inc. climbed to its highest in almost 11 years. “Low-interest rates encourage companies and consumers to borrow and

052307: Arroyo sees more bull runs, lauds PSE for market gains

2009-06-22T12:23:00.008+08:00

By Mia M. Gonzalez Reporter PRESIDENT Arroyo on Tuesday predicted sustained growth for the Philippine stock market, the index of which rose to an all-time high this week of 3,505.03 points. The President made her fearless forecast in a brief speech she delivered at the Philippine Stock Exchange’s

052307: Finally, investment plan gets OK

2009-06-22T12:23:00.007+08:00

AGRI, FISHERY AND SUPPORT SECTORS TOP PRIORITY LIST; MINING-ASSOCIATED CEMENT PROJECTS ARE IN By Mia M. Gonzalez and Max de Leon Reporters BUSINESSMEN worried about the absence of a clear road map from the government on what sectors get first priority can rest easy: amid the dust kicked up by the midterm elections

052207: Shares close higher; key index hits new record

2009-06-22T12:23:00.005+08:00

May 22, 2007 Updated 13:06:30 (Mla time) Rocel Felix XFN-Asia MANILA, Philippines -- Share prices closed higher on follow-through buying as the market stretched gains for the seventh consecutive session, lifting the main index to another record level, dealers said. Investors, still upbeat about the outlook for the domestic economy, snapped up stocks of companies that have performed well

052207: Philippine stocks rise to record for 2nd day

2009-06-22T12:23:00.003+08:00

By Ian C. Sayson Bloomberg PHILIPPINE stocks Monday rose, lifting the index to a second-straight record, on speculation last week’s elections reduced the risk President Gloria Macapagal-Arroyo will face another impeachment attempt, allowing her administration to focus policy on economic growth and ending years

052207: 4 more HSBC wealth management centers up this year

2009-06-22T12:23:00.001+08:00

By Leah B. del Castillo Special Projects Editor HSBC this year aims to open four more wealth management centers for the “mass affluent” of the country, in addition to the 16 currently existing in Metro Manila, Cebu and Davao. Targetting those with at least P4 million being managed by the global

Personal Finance: Financial freedom, the TWAHCD way

2009-06-22T12:22:00.004+08:00

In one sermon, a priest related a funny yet meaningful incident. As people were lining up for communion, he recognized one guy as the son of a lady parishioner whom he knew very well but hadn’t seen for a long time. His attention was so focused on the particular communicant that when it was the latter’s turn at the

051907: Stocks hit all-time high; peso soars

2009-06-22T12:22:00.003+08:00

Local stocks soared to record high while the peso powered its way further ahead against the US dollar yesterday, closing at P46.60/$ 1 as investors felt more bullish about the outlook of the economy following the holding of the mid-term elections. The main index of the Philippine Stock Exchange closed yesterday at a new peak of 3,449.18

051907: JP Morgan turns 'very bullish' on Philippines

2009-06-22T12:22:00.001+08:00

May 19, 2007 Updated 05:33:35 (Mla time) Elizabeth Sanchez-Lacson Inquirer MANILA, Philippines -- Global financial services giant JP Morgan is telling investors to fatten their exposure in the Philippines, saying the country’s prospects are boosted by low interest rates, a strong peso, reforms in the power sector, an encouraging mining industry, and government mega-infrastructure spending.

051907: JP Morgan gives bullish outlook assessment for RP economy

2009-05-15T13:18:00.001+08:00

By FIL C. SIONIL The Philippine economy is poised to pick up its growth on a faster pace this year "powered" by stable macroeconomic fundamentals and improving fiscal condition of the state. In a press conference held early evening Thursday, Singapore-based JP Morgan Managing Director David G. Fernandez said the challenge, however, is how the

051907: Stocks reach new all-time high

2009-05-15T13:17:00.007+08:00

May 19, 2007 Updated 03:09:11 (Mla time) Elizabeth Sanchez-Lacson Inquirer MANILA, Philippines -- The Philippines' main share index Friday reached its highest level in the 80 years of the stock market, buoyed by heavy foreign buying, good economic indicators and increased corporate earnings, dealers said. The Philippine Stock Exchange (PSE) index closed at 3,449.18 points, its highest

051907: Stocks could hit new all-time high next week

2009-05-15T13:17:00.005+08:00

May 18, 2007 Updated 16:23:29 (Mla time) Agence France-Presse MANILA, Philippines--Share prices could hit a new all-time high next week as the result of the generally peaceful mid-term elections, analysts said Friday. "We expect the market to attempt to reach the all-time high given... the positive sentiment, positive earnings, and healthier economy after the generally peaceful election,"

051807: Shares close firmer on rosy outlook

2009-05-15T13:17:00.003+08:00

May 18, 2007 Updated 14:41:47 (Mla time) Erik de la Cruz Xinhua Financial News Service MANILA, Philippines -- Share prices edged higher, lifting the main index to a record level at the close, as investors chose to focus on the bullish outlook for the Philippine economy and ignored Wall Street's retreat overnight and in most Asian markets this morning, dealers said. Strong interest in

0510807: RP shares advance over 10-yr. high

2009-05-15T13:17:00.001+08:00

By Ian C. Sayson Bloomberg THE Philippine stock index yesterday rose for the fourth day to the highest in more than 10 years. Bank of the Philippine Islands rose after the central bank said loan growth will continue due to lower interest rates. “An expansion in lending would be good for banks because that would mean more

051807: Investors keep fingers crossed

2009-05-15T13:16:00.006+08:00

Vol. XX, No. 207 Friday, May 18, 2007 | MANILA, PHILIPPINES Today’s Headlines BY REAGAN D. TAN, Reporter Though upbeat about prospects after the May 14 elections, foreign businessmen are keeping their fingers crossed that elected politicians actually legislate reforms needed to boost the country’s competitiveness and lure investors. They said this may not be easy

051707: RP stocks advance to 10-yr. high

2009-05-15T13:16:00.005+08:00

By Ian C. Sayson Bloomberg THE Philippine stock index Wednesday climbed for a third day to the highest in more than 10 years, on speculation the result of Congressional elections will not hamper President Gloria Macapagal-Arroyo from managing the economy. “There is optimism that Mrs. Arroyo will maintain

051607: Shares close flat on profit-taking

2009-05-15T13:16:00.003+08:00

May 16, 2007 Updated 14:03:22 (Mla time) Xinhua Financial News Service MANILA, Philippines -- Share prices closed little changed on profit-taking in blue chips like Philippine Long Distance Telephone Co. after the main index jumped to an all-time high during the session, finally catching up with the record breaking run in other regional bourses, dealers said. Investors were quick to cash

051607: Study to seek information on profits of micro enterprises

2009-05-15T13:16:00.001+08:00

By Rommer M. Balaba Reporter A World Bank study measuring microenterprise profits in developing countries issued a policy suggestion to ask owners directly for their profits rather than detailed revenue and expense accounts for their small businesses. The bank, from its experience giving firms

041907: Market Files - Investment scam in a hospital

2009-05-15T13:15:00.000+08:00

Investment scam in a hospital With the interest rates on bank deposits tumbling down to new lows, there has been an upsurge in investment scams that purportedly offer higher rates, apparently to entice investors to part with their money. The scams have been fine-tuned to effectively go over the

051607: P1.4-B savings from poorest debtors

2009-05-01T18:01:00.000+08:00

By Jun Vallecera Reporter NEARLY penniless people obtained financing from microlenders in 2006 aggregating to P4 billion and turned around for the better the lives of 650,100 of their members. And like true entrepreneurs, said Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr., they did not spend

051607: Stock market in 10-year best after polls

2009-05-01T18:00:00.003+08:00

By Louise M. Francisco Researcher AFTER experiencing relatively peaceful midterm elections, dealers cheered Tuesday as the Philippine Stock Exchange (PSE) index closed at its highest in a decade and breaching the 3,400-point mark at 3,408.73. It is the index’s best finish after it closed to 3,398.89 on February 4, 1997.

051507: Shares close firmer; key index at 10-year high

2009-05-01T18:00:00.002+08:00

May 15, 2007 Updated 13:56:47 (Mla time) Xinhua Financial News Service MANILA, Philippines -- Share prices closed stronger as investors cheered the generally peaceful conduct of midterm elections, lifting the main index to a fresh high in over a decade, dealers said. The peso also rallied to a new six-year high of P46.95 to the US dollar, buoyed by remittances from Filipinos working

051507: Net foreign buying in PSE up 73%

2009-05-01T18:00:00.001+08:00

By Honey Madrilejos-Reyes Reporter NET foreign buying in the local stock market reached P33.76 billion from January to April this year, or 73.2-percent higher than the P19.49-billion level recorded in the same period in 2006. Based on figures released by the Philipine Stock Exchange (PSE), total foreign

051507: Net foreign buying in stock market up 73.2% in Jan-Apr

2009-05-01T18:00:00.000+08:00

May 15, 2007 Updated 10:54:01 (Mla time) Xinhua Financial News Service MANILA, Philippines -- Net foreign buying at the Philippine Stock Exchange (PSE) jumped to P33.76 billion in the first four months of the year, 73.2 percent more than the P19.49 billion-worth of net purchases in the corresponding period of last year, the bourse said. PSE president Francis Lim said in a written

051207: Foreign direct investments up 33.5% to $551M in Feb

2009-05-01T17:59:00.005+08:00

By Des Ferriols The Philippine Star 05/12/2007 Foreign direct investments continued to surge in February, increasing by 33.5 percent as The Coca-Cola Company bought 65 percent of Coca-Cola Bottlers Philippines Inc. (CCBPI) from San Miguel Corp. (SMC). The Bangko Sentral ng Pilipinas (BSP) reported yesterday that the transaction brought the net foreign direct investments (FDIs) in February to

051107: Net hot money inflow hits $1.089B in Jan-Apr

2009-05-01T17:59:00.004+08:00

By Des Ferriols The Philippine Star 05/11/2007 Net hot money inflow amounted to $1.089 billion in the first four months of the year, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. Preliminary data ending April 28 indicate that total inflow amounted to $4.417 billion during the four-month period but outflow amounted to $3.327 billion, leaving only $1.089 billion in net inflow.

050907: FCDU assets grow 14%, hit all-time high

2009-05-01T17:59:00.003+08:00

ASSETS held by foreign currency deposit units totaled $23.6 billion at end-2006, nearly 14 percent higher than a year earlier and representing an all-time high, the Bangko Sentral ng Pilipinas reported on Tuesday. Some 80 percent of the assets consisted of deposits of $18.8 billion, itself a 14-percent increase from the end-2005 level of only