MANILA, Philippines — The higher fines and new set of penalties under the revised charter of the Bangko Sentral ng Pilipinas would deter rogue banks from committing violations, according to BSP Assistant Governor and general counsel Elmore Capule. Capule said the administrative sanctions on supervised entities under RA 11211 signed by President Duterte last Feb. […]
Read MoreMANILA, Philippines — Vehicle importers sold 25 percent less units in January from a year ago as consumer demand for cars remained weak. The Association of Vehicle Importers and Distributors Inc. (AVID) said in a statement yesterday it sold 6,493 units, down from 8,696 units sold in the same month last year. Sales were lower as the passenger car […]
Read MoreMANILA, Philippines — President Duterte has signed into law the Revised Corporation Code of the Philippines, a move which the Securities and Exchange Commission (SEC) said would lead to a stronger and more competitive corporate sector. The new law, aimed at improving ease of doing business in the country, will provide more protection to corporations […]
Read MoreMANILA, Philippines — The national government incurred a fiscal deficit of P558.26 billion in 2018, surpassing the revised ceiling set by economic managers for the period. According to a document obtained by reporters, the national government’s fiscal deficit widened by 59.23 percent to P558.26 billion in 2018 from P350.6 billion in 2017. The figure was higher than the revised […]
Read MoreMANILA, Philippines — The Philippine Competition Commission (PCC) has increased the thresholds for compulsory notifications of mergers and acquisitions (M&As) set to take effect by next month. In a resolution issued yesterday, the PCC raised the threshold to P2.2 billion from P2 billion for the size of transaction (SoT) or value of assets or revenues […]
Read MoreMANILA, Philippines — The country’s external payments position strengthened for the third straight month with the balance of payments (BOP) surplus hitting a six-year high of $2.7 billion in January amid strong inflows. Data released by the Bangko Sentral ng PIlipinas (BSP) Tuesday evening showed last month’s BOP surplus was a complete reversal of the […]
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