Banking & Finance

The Bangko Sentral ng Pilipinas (BSP) has extended the deadline for the exchange or replacement of old bank notes, also known as the New Design series banknotes or NDS, to March 31, 2017. 

By Riza Lozada The state-owned Land Bank of the Philippines (LandBank) will set up by September next year a bank partly owned by overseas Filipino workers (OFWs) and with an authorized capital of P3 billion.

The Bangko Sentral ng Pilipinas (BSP) will tap solar power for its offices to boost the government’s goal to increase the use of renewable energy.

Bank of the Philippine Islands (BPI) recently made the Personal Equity and Retirement Account (PERA) available to a limited number of existing BPI clients.

Higher revenues and reduced expenses boosted the Bangko Sentral ng Pilipinas’ (BSP) net income to P15.26 billion in 2016 as of last October.

Economic managers have revised the government’s foreign exchange target for 2017-18 in response to the prevailing weakness of the peso as a result of overseas developments.

New generation cur­rency (NGC) bank notes that have the signature of Presi­dent Duterte will start circulat­ing this week.

By Riza Lozada The Bangko Sentral ng Pili­pinas (BSP) recently revised foreign exchange regulations amid the entry of more foreign banks in the country includ­ing a requirement that foreign currency capital of a foreign bank’s branch be converted to pesos at the prevailing ex­change rate at the time of the remittance.

Finance Secretary Carlos Dominguez, acting on separate rulings of the Office of the Om­budsman, had dismissed a Bu­reau of Customs (BOC) officer and two municipal treasurers.

Banco de Oro’s insurance arm BDO Life Assurance Co. Inc. (BDO Life) capped the third quarter of 2016 with P6.3 billion in total premium income, representing a 24 percent growth from a year ago.