By Rose de la Cruz Finance Secretary Ralph Recto, who sits as chair of the Maharlika Investment Corp., the new sovereign wealth of the country, is not convinced that officials and technical staff must be getting an unusually high salary. Instead he proposed that such compensation should be ‘result oriented and performance-based’ rather than atrociously high. This, considering that MIC …
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The Monetary Board has approved the lifting of the moratorium on the grant of new digital banking licenses starting 01 January 2025 and allowed a maximum of ten (10) digital banks to operate in the country. The grant of new digital bank licenses, which include the conversion of an existing bank’s license to digital bank license, aims to continuously harness …
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The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved amended guidelines on the “Settlement of Electronic Payments under the National Retail Payment System (NRPS) Framework” as part of ongoing efforts to ensure integrity and efficiency of the payment system. Issued under Circular No. 1196 on 27 June 2024, the revised guidelines provide operational flexibility to Automated Clearing …
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The Government Service Insurance System (GSIS) has set aside P18.5 billion in emergency loans to assist 864,089 members and pensioners affected by Tropical Storm Carina and the southwest monsoon (Habagat) in Batangas, Rizal, and the National Capital Region (NCR). These regions have been declared calamity areas. Members and pensioners may apply for the loan from July 26 to October 28, …
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By Rose de la Cruz The Bangko Sentral ng Pilipinas said it is on track with the study and testing of its central bank digital currency– the first in the world– which it estimates to be ready for adoption in late 2029. “We’re already about to conclude proof of concept. This is an innovative payment instrument. In fact, there’s no …
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A-FLOW Properties I Corp. (A-FLOW), a joint venture between Ayala Land, Inc. (ALI) subsidiary AyalaLand Logistics Holdings Corp. (ALLHC) and FLOW Digital Infrastructure, and Land Bank of the Philippines (LANDBANK) announced the signing of a P2.4 billion loan agreement representing Tranche 1 of a P10.8 billion 10-year loan. The signing of the loan facility agreement underscores the mutual commitment to …
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By Rose de la Cruz While playing my favorite games on my Android, I noticed this ad constantly popping up at every break. It had Bangko Sentral ng Pilipinas Governor Eli Remolona, an Ayala tycoon and a local newscaster, supposedly interviewing these respectable business leaders who were endorsing Tesler Code, an investment scheme that would attract people with at least …
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Preliminary data indicated that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, grew by 10.1 percent year-on-year in May from 9.6 percent in April. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, rose by 1.1 percent. Meanwhile, outstanding loans to residents, net of RRPs, increased …
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Preliminary data showed that domestic liquidity (M3) grew by 6.5 percent year-on-year to about ₱17.4 trillion in May from 5.6 percent in April. On a month-on-month seasonally-adjusted basis, M3 increased by about 1.1 percent. Domestic claims expanded by 10.7 percent year-on-year in May similar to the previous month, as revised. Claims on the private sector grew by 11.6 percent in …
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If you haven’t upgraded your SSS UMID Card to the all-new UnionBank SSS UMID Pay Card, now’s the time to do it! Don’t want to miss out on the chance to win a brand new Nissan Navara pick up truck in the UnionBank SSS AsenSSSo Raffle promo extended until July 31, 2024! SSS members who have upgraded to the new …
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The Market Monitor Minding the Nation's Business