The Chinatrust Commercial Bank Corp. is seeking to upgrade its current status and authority from a commercial bank to a universal bank. Chinatrust made a request to the Bangko Sentral ng Pilipinas (BSP), asking it to convert its banking license to “unibank” at the end of last year to allow it to implement globalization plans.
With [...]

At the height of the controversy surrounding the closure of the Aguire-led Banco Filipino Savings & Mortgage Bank, Philippine Deposit Insurance Corp. (PDIC) president Jose Nograles has resigned from his post as head of the state-run deposit insurer.
Sources were quick to clarify that the decision of Nograles to quit was not in any way connected [...]

The Department of Justice (DoJ) received charges filed by Bangko Sentral ng Pilipinas (BSP) and Banco Filipino Savings and Mortgage Bank against each other. To conduct a  preliminary investigation on the said charges, Justice Secretary Leila de Lima formed a three-man panel lead by Senior State Prosecutor Rosanne Balauag, and members Assistant State Prosecutors Bernardo [...]

The Bangko Sentral ng Pilipinas (BSP) relaxes on the requirement on the risk-based assessment of qualifying capital instruments. The BSP amended Circular No. 709 on the Definition of Qualifying Capital Instruments under the Risk-Based Capital Adequacy Framework for Banks and Quasi-Banks by removing the loss absorption feature from among the requirements that an external legal [...]

The Bangko Sentral ng Pilipinas (BSP) said in its 170-page opposition filed before the Court of Appeals that Banco Filipino Savings and Mortgage Bank was operating using the fraudulent “Ponzi” or pyramiding scheme. BSP filed the said report to justify its closure order and place Banco Filipino under the receivership of the Philippine Deposit Insurance [...]

New guidelines for all authorized agent-banks have been issued by the Bureau of Internal Revenue (BIR) as part of preparations for the 2010 income tax filing season. The new guidelines is requiring all authorized agent-banks to be open for two Saturday immediately prior to April 15 of every year and extend their banking hours from [...]

There was a buzz circulating in social media Twitter and Facebook that the 11,000 ATM accounts Banco de Oro Unibank Inc. (BDO) where compromised. However, BDO belied this report and said there is no truth to this rumor.
The buzz was several Twitter users reported on Thursday the 11,000 BDO ATM cards were compromised Wednesday evening, [...]

The Bangko Sentral ng Pilipinas (BSP) said that Banco Filipino Savings and Mortage Bank was engaged in high-risk, high-yield schemes to attract depositors. But when the withdrawals started getting heavy, the bank failed to meet its obligations.
“As long as people were putting in money, then the music continued for them,” BSP Deputy Governor Nestor Espenilla [...]

While it is still processing the payment of deposit insurance to its depositors, the Philippine Deposit Insurance Corp. (PDIC) also started in its inventory of the assets of the closed Banco Filipino Savings and Mortgage Bank.
Officials of the closed bank, however, insists that it is not insolvent. It even went into having full-page advertisement in [...]

The Bangko Sentral ng Pilipinas (BSP) issued closure order last for Banco Filipino Savings and Mortgage Bank and put it under receivership by the Philippine Deposit Insurance Corp. (PDIC) due to its capital deficiency.
Banco Filipino on Monday asked the Court of Appeals to the closure order of BSP. Perfecto Yasay, BF vice chairman and former [...]

The Bangko Sentral ng Pilipinas (BSP) said that despite the closure of Banco Filipino Savings and Mortgage Bank last week, the country’s banking industry remains sound and stable. BSP Governor Amando M. Tetangco Jr. said they have not monitored any negative impact on the banking industry sine Banco Filipino was ordered closed by the Monetary [...]

After ordering its closure, and putting it under the receivership of the Philippine Deposit Insurance Corporation (PDIC), the next order of business is how to give back the money to the bank’s 177,652 depositors of Banco Filipino Savings and Mortgage Bank. BSP Deputy Governor Nestor Espenilla Jr. said that from the total number of depositors, [...]

After closing its doors last Monday, “temporarily” as it claimed, Banco Filipino Savings and Mortgage Bank was shut down by the Bangko Sentral ng Pilipinas (BSP).
BSP ordered the closure of Banco Filipino yesterday for insolvency after its liabilities overwhelmed its assets by P8.4 billion, prompting monetary authorities to prepare charges against the board of directors [...]

Banco Filipino Savings and Mortgage Bank branches in the country were closed yesterday after experiencing heavy withdrawals from its depositors worried about its financial health. The thrift bank has 62 branches in the Philippines, with a total of P17 billion worth of deposits.
Banco Filipino vice chair Perfecto Yasay assured depositors that they bank is still [...]

To meet the local coffee demand of 64,000 metric tons (MT), a Coffee Fund to finance production is being set up by the Land Bank of the Philippines and (LBP) and coffee grower Corporate Holdings Management Inc. (CHMI).
President Noel S. Gonzales of CHMI said, “Any business will not survive without funding from banks. We can’t [...]

Jesus Vicente-Garcia, executive vice-president and branch banking head of Philippine Veterans Bank, believes that time deposit remains to be one of the simplest, safest and most rewarding investments . Despite the many investment options available in banks, Garcia explained that a time deposit is a sound option to grow one’s investment because it enjoys higher [...]

Based on World Bank’s (WB) assessment, the Philippines have the potential of generating more investment this year, as well as next year. The World Bank cited recent reports about improving business sentiments that could fuel economic growth faster than its previous estimates. It has set its growth forecast for the Philippines at 5 percent this [...]

A new circular containing the guidelines on the additional single borrower’s limit (SBL) for exposures of banks to proponents of major infrastructure or development projects, oil companies and trust corporations. According to BSP Governor Amando M. Tetangco, Jr., the new guidelines amended the regulation on SBL under the provision of the Manual of Regulation for [...]

JPMorgan Chase & Co. opened two new Global Service Centers (GSC) in the Philippines this year, as part of its expansion in the country. The two new GSC will provide support for the New York listed company’s business lines and customers around the world, bringing to four the company’s GSCs in the Philippines.
The latest GSC, [...]

The country’s power sector, including renewable energy projects, is likely to get a big boos from the World Bank (WB). WB’s private sector arm, the International Finance Corp. (IFC), is looking at pouring in more than $300 million in investment to the said industry in the Philippines.
IFC resident representatives to the Philippines, Jesse Ang, said [...]