Banking & Finance

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.

The Philippines, which is considered among the vulnerable coun­tries for rapid shift climate due to global warm­ing, can tap into $100 billion or P4.8 trillion a year in fund­ing for climate action proj­ects that multilateral funding agencies seek to put up under the United Nations’ Green Climate Fund (UNGCF).

Executives of the Philippines and Pakistan seek to broaden and diversify economic ties of both countries through enhanced co­operation in the fields of agricul­ture, defense, information tech­nology (IT) and pharmaceuticals.

UnionBank of the Philippines (UnionBank) has tapped infor­mation technology firm Voyager Innovations’ Takatack Rewards digital incentive system for the bank’s employees, in line with its efforts for digital transformation.

Online security threats in the aftermath of the high-profile cybertheft of $81 million from the Bangladesh Bank have been rising in the Asia-Pacific region, cybersecurity firm Fortinet has said.