MANILA BULLETIN reported last May 31, 2017 that the Philippines’ 164 thrift banks generated P3.77 billion in net profit, reflecting a 27.39 percent increase from the P2.96 billion generated during the same period last year. The thrift bank sector’s income for this period mainly comes from lending and deposits.
Based on data from the Bangko Sentral ng Pilipinas (BSP), the country’s top five banks in terms of assets and loans as of year-end 2016 are BPI Family Savings Bank, Philippine Savings Bank, RCBC Savings Bank, China Bank Savings and Philippine Business Bank.
BUSINESSWORLD reported on Congress approving the first of four tax reform packages aimed at funding the administration’s plans to boost infrastructure spending until 2022.
House Bill 5636 or the Tax Reform for Acceleration and Inclusion Act (TRAIN) proposes tax exemptions on taxpayers’ earnings up to P250,000 and modified tax rates for other earnings brackets, including higher tax rates for the “ultra-rich,” or those earning more than P5 million annually.
In a news article from BUSINESSWORLD dated May 30, 2017, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor A. Espenilla, Jr. was mentioned as saying that the central bank is eyeing the relaxation of rules with respect to micro-banking offices (MBOs) by allowing them to offer more services.
Credit Information Corporation (CIC) will be conducting a one-day Gender Sensitivity Seminar for all of its management and staff on May 30, 2017. This seminar is in line with the Philippine government’s efforts to sensitize all of its public servants, both officials and employees, to various gender issues.
The BIR has issued Revenue Regulations (RR) No. 3-2017 to implement the tax provisions of Republic Act (RA) No. 10693, otherwise known as the “Microfinance NGO Act.” In 2015, RA 10693 was signed into law to pursue poverty alleviation programs by encouraging underprivileged Filipinos to undertake entrepreneurial ventures that provide income security to their families.
Asean Business Advisory Council (ABAC) chairman Joey Concepcion called for an alliance of the country’s business groups in order to help push streamline programs geared towards inclusivity.
Concepcion made this announcement on Tuesday at the Manila Polo Club where at least 14 business groups were invited for the initiative. Concepcion expects the number to still grow in the coming months.
Credit Information Corporation (CIC) has formally opened its credit information system for beta testing to the financial institutions that have fully complied with CIC’s mandate of submitting the basic credit information of its members/borrowers.
Incoming Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla will take the helm of the BSP while our banking sector continues to perform well and enjoy renewed global confidence.
By the end of 2016, consolidated bank loans amounted to P7.4 billion, growing 19 percent from the year before. BSP data shows that by the end of November last year, the banking industry’s total assets increased by 12.4 percent, reaching P13.2 trillion. Deposits also reached an all-time high of P10.1 trillion.
Credit Information Corporation (CIC) recently acknowledged IBM Global Financing Philippines (IBM Global Financing) as one of its “prime movers” in terms of submission of basic credit data to the CIC. IBM Global Financing is a provider of technology financing using project-specific payment plans, loans, payment deferrals, asset recovery and buy-back offerings to assist in the disposal of obsolete systems by recycling, reselling or replacing them through IBM.
Compared to banks, non-bank institutions such as leasing companies could have the greater potential to contribute to the economy. This was the view expressed by Credit Information Corporation (CIC) President and CEO Jaime Garchitorena during CIC’s recognition ceremony for the PCCI Finance Corporation (PCCIFC).