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BSP sets rules on treatment of credit losses

The Bangko Sentral ng Pilipinas (BSP) has issued guidelines on banks’ treatment of expected credit losses (ECL) in their books and reminded them to apply prudence in making credit decisions in the time of COVID-19 pandemic. The guidelines as provided under Memorandum No. M-2020-061 is part of the BSP’s effort …

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Petron incurs P14.2-B net loss

The country’s major oil industry player Petron Corporation practically suffered bloodbath in the first half logging a net loss of P14.2 billion, and that radically wiped out the P2.6 billion net income it posted in the same period last year. On the scale of revenues, this also declined sharply by …

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SSS releases over P15-B in assistance to members

State-run Social Security System (SSS) released more than P15 billion in calamity assistance loans and unemployment insurance benefits (UIB) in July to help members hit by the pandemic’s economic fallout. A total of P15.63 billion in coronavirus disease (COVID-19) calamity assistance loans and P190.2 million in UIB were disbursed by …

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