Banking & Finance

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has closed the operations of the Community Rural Bank of Dingras (Ilocos Norte) Inc.

By Riza Lozada The Bangko Sentral ng Pili­pinas (BSP) has revised the rules on dormant deposits and bank fees, which the BSP said was part of efforts to strengthen protection of depositors.

BPI-Philam Life Assurance Corp., the country’s largest bancassurance company, kicked off with the first ever Bancassurance Month this Oc­tober during the unveiling of the new BPI-Philam Life Makati Building (formerly Ayala-Life FGU).

Financial inclusion is slowly gaining ground as more banks offer investment products for retail investors.

Landbank of the Philip­pines’ (Landbank) Build­ers program was awarded the “Best SME Product” at The Asian Banker’s Phil­ippine Country Awards 2016.

Chinese currency renminbi (RMB) has been in­cluded among the country’s currency reserves in line with the International Monetary Fund’s (IMF) inclusion of it in the basket of reserve notes, the Bangko Sentral ng Pilipinas’ (BSP) said.

By Riza Lozada Local insurer Philippine American Life and General Insurance (Philam Life) will join major investments to put up infrastructure as part of its aim to help the local economy to reach its full potential.

The government is cracking down on “informal money lenders” or the so-called loan sharks including those engaged in the 5-6 scheme who usually charge exorbitant interest rates or victimize borrowers through fraud, falsification and harassment.

Inflation for October is expected to remain within target despite the country being hit by two successive typhoons, BSP Deputy Governor Diwa Guinigundo said.

The European Central Bank’s (ECB) decision to maintain interest rates will buoy the region’s economy, which in turn will benefit the Philippines, a Bangko Sentral ng Pilipinas (BSP) official said.