Category: bangko sentral ng pilipinas

Congress approves bill to regulate PH’s credit card industry

Kevin Bruce Francisco

The Congress approved a new bill that appoints Bangko Sentral ng Pilipinas (BSP) to regulate the Philippines’ credit card industry and protect the cardholders against abusive practices, CNN Philippines reports.

credit-cards

Called the “Philippine Credit Card Industry Regulation Act”, it encompasses all credit card issuers, acquirers, and all transaction pertaining to credit cards. It will issue standards of operation to make sure everything is done under the right practices with no one being subjected to any unfair arrangements.

The BSP’s supervision shall include:

The issuance of rules of conduct or the establishment of standards of operation for uniform application to all institutions or functions covered, and the imposition of penalties in case of noncompliance
The conduct of examination as determined by the Monetary Board to determine compliance
Oversight to ascertain that laws and regulations are complied with

The BSP may also limit and prohibit the charging of annual membership fees for credit cards.

Anyone who violates the bill or any BSP-given laws, for that matter, will be faced with fines (from Php50,000 to Php200,000) or imprisonment (from 2-10 years). Additionally, it could also be both fine and imprisonment.

{CNN Philippines}

 

The post Congress approves bill to regulate PH’s credit card industry appeared first on YugaTech | Philippines News & Tech Reviews.

Congress approves bill to regulate PH’s credit card industry

Kevin Bruce Francisco

The Congress approved a new bill that appoints Bangko Sentral ng Pilipinas (BSP) to regulate the Philippines’ credit card industry and protect the cardholders against abusive practices, CNN Philippines reports.

credit-cards

Called the “Philippine Credit Card Industry Regulation Act”, it encompasses all credit card issuers, acquirers, and all transaction pertaining to credit cards. It will issue standards of operation to make sure everything is done under the right practices with no one being subjected to any unfair arrangements.

The BSP’s supervision shall include:

The issuance of rules of conduct or the establishment of standards of operation for uniform application to all institutions or functions covered, and the imposition of penalties in case of noncompliance
The conduct of examination as determined by the Monetary Board to determine compliance
Oversight to ascertain that laws and regulations are complied with

The BSP may also limit and prohibit the charging of annual membership fees for credit cards.

Anyone who violates the bill or any BSP-given laws, for that matter, will be faced with fines (from Php50,000 to Php200,000) or imprisonment (from 2-10 years). Additionally, it could also be both fine and imprisonment.

{CNN Philippines}

 

The post Congress approves bill to regulate PH’s credit card industry appeared first on YugaTech | Philippines News & Tech Reviews.

Security Bank holds Economic Forum 2015

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Security Bank Corporation held its annual economic and business forum at the Fairmont Hotel, Makati. The much-anticipated “by-invitation only” forum brought together some of the most prominent analysts, decision-makers, and business leaders from across different industries to tackle business perspectives and general economic outlook.

Bangko Sentral ng Pilipinas (BSP) Governor, Hon. Amando M. Tetangco, Jr. delivered a keynote message along with other guest speakers: William Pesek, Jr., Award-winning journalist and Tokyo-based columnist for Bloomberg, provided insights on economics, business, markets, and politics in the Philippines and throughout the Asian-Pacific region; Rafael Garchitorena, Managing Director of Deutsche Regis Partners, a renowned brokerage firm, shared his insights on business opportunities and prospects in the market equities; and Atty. Gilbert Teodoro, business leader and former cabinet secretary, discussed needed efforts to support economic growth and other factors that affect businesses in the country.

Karen Davila, TV Anchor of ANC News Channel, hosted the event together with seasoned economic journalist and Business Nightly News anchor, Coco Alcuaz, who moderated the open forum.

The forum which runs annually is one of the distinguished private economic gatherings in the Philippines that provides business analysis and economic forecasts to clients in the corporate, treasury, investment, commercial and retail segment. The forum aims to realize a transparent financial and business reporting on the prevailing market conditions and future prospects of Philippine businesses.

PNB as Outstanding PhilPass REMIT Participant

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From left: Monetary Board Member Alfredo C. Antonio, PNB President Reynaldo A. Maclang, BSP Governor and Chairman of the Monetary Board Amando M. Tetangco, and PNB FSVP Benjamin S. Oliva

The Philippine National Bank was recognized as the Outstanding PhilPass REMIT Participant during the Bangko Sentral ng Pilipinas’ (BSP) 2014 Awards Ceremony and Appreciation Lunch for BSP Stakeholders last July 9, 2014.

BSP recognized PNB’s exceptional performance in terms of remittance volume sent via BSP’s Philippine Payments and Settlement System (PhilPass) for processing and settlement. The PhilPass is a settlement arm for overseas Filipino remittances in order to ensure safe and immediate transfer and settlement of remittance funds.

“As a trusted banking partner of Global Filipinos, we place utmost priority in our clients’ diverse banking needs,” said Benjamin S. Oliva, First Senior Vice-President and head of the PNB Global Banking Group. “This award is a proof of PNB’s commitment in continuously providing the best services to Filipinos around the world,” he adds.

Having the largest overseas footprint among Philippine banks, PNB has built a very strong franchise in the remittance business to cater to the needs of Filipinos around the world. To date, PNB has 77 overseas offices across Asia, Europe, Middle East, and North America.

Personal Remittances Increase to US$4.0 Billion in First Two Months of 2014

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Personal remittances from overseas Filipinos (OFs) amounted to US$2.0 billion in February 2014. This brought the cumulative remittances for the first two months of the year to US$4.0 billion for a year-on-year growth of 6.4 percent, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced today. Personal remittances continued to draw strength from the steady rise in transfers from land-based workers with long-term contracts (4.3 percent), and sea-based and land-based workers with short-term contracts (10.3 percent).

Meanwhile, cash remittances from OFs coursed through banks increased in February 2014 by 5.6 percent year-on-year to US$1.8 billion. For the period January-February 2014, cash remittances grew by 5.8 percent to US$3.6 billion, compared to US$3.4 billion registered in the same period last year. Cash transfers from both land-based (US$2.7 billion) and sea-based (US$903 million) workers expanded by 4.3 percent and 10.3 percent year-on-year, respectively. The major sources of cash remittances were the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, and Canada.

The continued demand for skilled OF workers contributed partly to the steady flow of remittances. Preliminary data from the Philippine Overseas Employment Administration (POEA) indicated that in January-February 2014, approved job orders totaled 75,064, of which 33.2 percent (or 24,895) were processed job orders intended for manpower demand for service, production, and professional, technical and related job categories in Saudi Arabia, the United Arab Emirates, Taiwan, Kuwait and Qatar. Reports from the Department of Labor and Employment (DOLE) showed that the Middle East, Asia, and Oceania remain possible employment options for OF workers.

Likewise, the continued efforts of bank and non-bank remittance service providers to expand their international and domestic market coverage through tie-ups and establishment of remittance centers abroad to capture a larger share of the global remittance market provided support to the sustained flow of remittances.