Philippines
BSP says role in AMC creation limited
PHILIPPINES - The Bangko Sentral ng Pilipinas (BSP), the Philippine's central bank, yesterday, Monday 8 October, said its plans for creating an independent special purpose vehicle to handle banks' bad assets are limited to providing technical advice and…
Philippine central bank orders banks to prepare
PHILIPPINES - The central bank has required banks to submit a contingency plan within 30 days to contain possible risks arising from the terrorist attacks in the US last month, central bank deputy governor Alberto Reyes said.
Philippines must pass anti-money laundering bill
PHILIPPINES - The Philippine government said today, Monday 17 September, the terrorist attacks in the U.S. make it more urgent for an anti-money laundering bill to be passed in the coming weeks to avoid the threat of international sanctions.
Philippines faces sanctions on money laundering
PHILIPPINES - The Philippines could face sanctions from a range of industrialised countries from the end of September thanks to its failure to tackle money laundering, according to an international agency which monitors the issue.
Philippines C bank move to raise bank transparency
PHILIPPINES - The Philippine central bank will soon issue additional disclosure requirements to make banks more transparent, while encouraging more foreign participation in the local banking sector, said central bank deputy governor Alberto Reyes.
Philippines faces money laundering law deadline
PHILIPPINES - The Philippines will ask an international agency fighting money laundering to delay its sanctions if Manila fails to pass a law against laundering by a September 30 deadline.
Regulators to order banks to publicly reveal more
PHILIPPINES - The Bangko Sentral ng Pilipinas (BSP) will soon implement stricter disclosure requirements for banks as part of its thrust to promote greater transparency in the industry.
BSP eases ruling on bearer checks
PHILIPPINES - Banks may now resume issuing pay-to-cash checks after the Bangko Sentral ng Pilipinas (BSP) reversed its earlier decision to ban so-called "bearer checks".
Philippines Arroyo says peso speculators face jail
PHILIPPINES - Philippine President Gloria Macapagal Arroyo said on 17 August the peso had rebounded because of the central bank's crackdown on currency speculation and warned speculators of harsh punishment, up to life imprisonment, in the future.
IMF corrects its estimate of Philippine reserves
PHILIPPINES - The International Monetary Fund has acknowledged that the Philippine central bank's gross international reserves position is stronger than the fund's initial estimate, the bank said.
Manila's Arroyo not pushing for currency control
PHILIPPINES - Philippine President Gloria Macapagal Arroyo said on 9 August she was not pushing for currency controls but added: "Never say never."
Philippine money laundering probe threshold cut
PHILIPPINES - Lawmakers plan to cut the deposit threshold of bank accounts that can be probed under anti-money laundering legislation.
Philippine Ctrl Bk mulls hiking liquidity reserves
PHILIPPINES - The Philippine Central Bank is considering hiking anew the liquidity reserve requirement of commercial banks to help boost the ailing peso.
Manila c bank says no need to print more money
PHILIPPINES - There was no danger that monetary authorities would be forced to print more money to pay for government debts, Philippine central bank governor Rafael Buenaventura said on 31 July.
Philippine c bank may cut reserve requirements
PHILIPPINES - Philippine Central bank Governor Rafael Buenaventura said today, 27 July, that as the economy picks up later in the year the liquidity reserve requirements of banks would be lowered to channel more funds into the economy.
Philippine Bank will strictly enforce Forex rules
PHILIPPINES - In a stern warning to banks deemed responsible for several days of volatility in the peso market, the Philippine Central Bank said today, 23 July it will strictly implement existing sanctions against violators of foreign exchange rules,…
Philippine bank mulling reserve requirement hike
Philippines - The Philippine Central Bank is considering raising the liquidity reserve requirement of commercial banks, a move that could help damp speculative pressure building on the peso.
Philippine bank expands dollar hedging facility
PHILIPPINES - The Philippine Central Bank said today, 19 July, its policy- making Monetary Board has approved the expansion of coverage under the currency risk protection program, a hedging facility managed by the monetary authority.
Bank directors told to undergo training
PHILIPPINES - The Bangko Sentral has expanded its "fit and proper" rule for bank officers and directors by requiring all appointees to banks' boards to undergo mandatory training in "good corporate governance".
Rules tightened by Philippine central bank
MANILA - The Philippine central bank said on 11 May that it has expanded the duties and responsibilities of the board of directors of banks to strengthen the banking system.
Philippine c.bank confirms 50 bps cut in key rates
PHILIPPINES - Philippine central bank governor Rafael Buenaventura confirmed on Apr 19 that its policy-making Monetary Board decided to cut key benchmark interest rates by 50 basis points, matching the move by the U.S. Fed overnight.
Philippine monetary board OKs liquidity facility
PHILIPPINES - The Monetary Board, the policy-making body of the Philippine central bank, has approved the establishment of an inter-day liquidity facility to help banks in their financing requirements.
Former Philippine c. bank chief made consultant
PHILIPPINES - Former Philippine central bank governor Gabriel Singson has been appointed presidential consultant on banking and foreign loans, a presidential palace statement said on Mar 28, 2001.
Philippines engages PWC to create PNB rehab plan
The Phillipines government has hired PriceWaterhouse Coopers to draw up a plan to rehabilitate partly state-owned Philippine National Bank in preparation for the sale of an 83% stake in the loss-making bank, Central Bank Governor Rafael Buenaventura said…