Banking & Finance

By Jerry Maglunog  Alarmed by complaints that many banks’ automated teller machine (ATM) cards, including those of universal banks (unibanks), are not being honored outside the country, the Bangko Sentral ng Pilipinas (BSP) said it will look into the international clearing connections between local banks and their foreign partners.

The Cabinet-level Development Budget Coordination Committee (DBCC) maintained the government’s two to four percent inflation target range for this year up to 2018.

Economic managers said the foundation have is in place to ensure continued long-term improvement in fiscal health. 

By Riza Lozada The Metropolitan Bank and Trust Co. (Metrobank), which is the country’s biggest lender, will exercise its option to redeem the entire capital security it floated in the international market worth $125 million on February 15 next year which is the First Optional Redemption Date.

By Riza Lozada  Chinabank is infusing P2 billion into its saving bank unit, China Savings Bank Inc. (CSBI), to comply with the Bangko Sentral Ng Pilipinas (BSP)- mandated capital infusion prior to giving its final approval to the merger between CSBI and Planters Development Bank (PDB). 

Union Bank of the Philippines (UBP) will fund P1 billion of the Gaisano group’s Metro Retail Stores Group Inc.’s (MRSGI) expansion plan in Metro Manila. 

By Luis Leoncio President Aquino signed into law on December 8 the Tax Incentives and Management Act (Timta), which was much anticipated by the business sector, as it proposes to streamline the granting of government tax perks to business projects. 

By Jerry Maglunog Effective January 1, 2017, all 55 million automated teller machines (ATMs) cards and 8 million credit cards must shift to the Europay, MasterCard, Visa (EMV) standard, which basically means that the magnetic strip used in earlier credit cards will soon become history. However, as of now, no more than 30 percent of all ATMs and credit cards …

By Jerry Maglunog The inclusion of China’s currency, the renminbi, also called yuan, to the basket of currencies that will determine the value of reserves of every member of the International Monetary Fund (IMF) will bolster trading between the Philippines and China, several observers said.

Banco de oro Unibank Inc. (BDO) and the Japan Bank for International Cooperation (JBIC)-backed Fidea Holdings Co. Ltd.(Fidea Group) signed a memorandum of understanding to promote inward investments, mainly from Akita, Yamagata and Miyagi prefectures in the northern region of Tohoku in Japan.