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BSP issues rules on managing risks

By MAYVELIN U. CARABALLO, TMT July 27, 2019 BANKS and quasi-banks (QBs) must conduct appropriate due diligence before making an investment and on an ongoing basis, according to monetary authorities’ newly approved risk-management guidelines. In a statement on Friday, the Bangko Sentral ng Pilipinas (BSP) said its policymaking Monetary Board …

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Belt and Road Initiative not a debt trap – official

By BERNADETTE E. TAMAYO July 27, 2019 CHINA has described as “groundless” the fears raised by some critics that countries, including the Philippines, that availed of loans under its Belt and Road Initiative (BRI) would fall into a debt trap. At the Belt and Road China-Philippines Forum in Pasay City …

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Govt debt eases to P7.86T in June

By MAYVELIN U. CARABALLO, TMT July 27, 2019 THE national government’s outstanding debt fell to P7.868 trillion in June due to net repayments of both domestic and foreign loans and foreign-exchange fluctuations, the Bureau of the Treasury (BTr) reported on Friday. In a statement, the Treasury bureau said the amount …

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3 foreign banks eye PH branches

By MAYVELIN U. CARABALLO, TMT July 29, 2019 Three foreign banks are applying to set up a branch in the Philippines, a senior central bank official said. “There are three applications waiting for . . . (approval),” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier said on Friday night. …

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Author of rice tariff law gets farmers’ ire

By EIREENE JAIREE GOMEZ July 29, 2019 The Federation of Free Farmers (FFF) urged Sen. Cynthia Villar, main author of the Rice Tariffication Law, to be more proactive in addressing the problems besetting the rice sector. In a statement over the weekend, FFF expressed disappointment over Villar’s recent statement that …

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PSEi to seek path from Fed meet

By ANGELICA BALLESTEROS, TMT July 29, 2019 THE stock market is expected to seek direction this week from a series of macroeconomic events, including the US central bank’s monetary policy meeting and the release of more first-half earnings results. Online brokerage firm 2tradeasia.com said in a market comment over the …

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DoF hopeful for more ‘sin’ taxes

By MAYVELIN U. CARABALLO, TMT July 29, 2019 THE Department of Finance (DoF) is hopeful that the 18th Congress would continue to approve additional “sin” taxes after the signing into law of Republic Act 11346 that imposes higher taxes on cigarettes and a new tax on electronic cigarettes (e-cigarettes) and …

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Observe EoDB law, LGUs told

By TYRONE JASPER C. PIAD July 27, 2019 The Department of Trade and Industry (DTI) urged local government unit (LGU) officials to strictly follow the policies under the Ease of Doing Business (EoDB) law following President Duterte’s order to release clearances and permits immediately. In a statement on Friday, Trade …

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‘Something is wrong with Agri-Agra Law’

By EIREENE JAIREE GOMEZ July 27, 2019 SEN. Cynthia Villar said she will push for a review of the 44-year old Agri-Agra Law to help banks comply with the measure and contribute more to growth in the country’s agriculture sector. On the sidelines of the 2019 Sustainable Agriculture Forum in …

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