The Market Monitor Minding the Nation's Business

After previewing its newest television innovations at last year’s International Consumer Electronics Show (CES), Sharp launched recently its newest and best Aquos TV line-up: the Sharp Aquos XU Series, the first 4K TV with 8K resolution. 

By Jerry Maglunog  The Bangladeshi government may be in for a big disappointment over the amount the Philippines will surrender from what has so far been recovered of the $81 million that hackers stole from the Bangladesh Bank’s deposits in New York and laundered in the country’s casinos through the Rizal Commercial Banking Corp. (RCBC). 

By Luis Leoncio The Bangko Sentral ng Pilipinas (BSP), raising alarm over the wide-scale hacking of the voters’ database of the Commission on Elections (Comelec), has issued a memorandum to all local banks to strengthen their know-your-customer (KYC) practices and strictly apply these in every transaction they make to prevent the misuse of the stolen information for spurious financial transactions.

The World Bank (WB) has called attention to the reluctance of Philippines government leaders to effect a wide range of reforms in the country’s taxation system, which was evident in President Aquino’s rejection of Congress’s initiative to overhaul the income-tax schedule. 

By Riza Lozada Government indifference is slowly killing the local fishing industry, according to Panagat, an informal network of more than 20 non-governmental organizations (NGOs) advocating policy reforms in the fisheries sector. 

By Riza Lozada The operator of the country’s electricity network, the National Grid Corp. of the Philippines (NGCP), will undergo an “operation audit” to ensure greater supply of electricity and a rational pricing of the power supply. 

By Riza Lozada  Listed mass-housing developer 8990 Holdings Inc. has tapped China Bank Capital Corp. to arrange and underwrite the securitization of up to P5 billion of contract to sell (CTS) receivables of its property development subsidiaries.

Gaming firm Leisure and Resorts World Corp. (LRWC) reported a consolidated net income of P1.03 billion last year or a 37-percent increase from a P750-million profit in 2014 despite a substantial drop in its junket casino business.

The country’s top corporations are now more conscious about online security and are starting to invest heavily on information-technology (IT) products and services to address business disruptions from cyberattacks like those from computer viruses. 

When we consider the total amount of stolen money a Philippine bank had let slip through safety protocols at its head office (HO), add to this the total originally intended by the bank robbers who had employed this particular bank, then the monetary fines that regulators say might be imposed may actually reward than punish those derelict of their charge.