The Philippine Chamber of Commerce and Industry President George T. Barcelon posed for Association of Southeast Asian Nations (ASEAN) to strengthen their networks and address their weaknesses in the face of growing competition.
PCCI President Barcelon said that while micro, small and medium enterprises (MSMEs) have a lot to gain from free trade agreements, these also pose potential threats in the form of increased competition from bigger competitors.
Rural banks Land Bank of the Philippines and Bangko Sentral ng Pilipinas (BSP) are the exploring possibility of extending the Consolidation Program for Rural Banks (CPRB) beyond its original deadline of 25 August, according to Philippine Deposit Insurance Corporation (PDIC) President Roberto B. Tan.
Why does it matter if your cooperative submits data to the Credit Information Corporation?
CIC has the ability to enhance the cooperatives' ability to grant individuals bigger loans at lower interest rates, enabling them to generate a surplus that will help them improve the kind of services they provide to their cooperative members.
To lend more, to lend to more and lend more safely is the mantra that CIC has with the use of its credit data.
27 June 2017 - Penalties and sanctions have been approved by the Monetary Board if banks will fail to submit required reports regarding their lending activities and other bank operations, says Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor A. Espenilla Jr.
According to BSP, data from these reports are significant for it serves as the foundation of policy-making for the institution.
METRO MANILA - 11 July 2017 – In an interview with BusinessWorld, CIC President and CEO Jaime Garchitorena said that unless delay from major connectivity and security issues may arise, the Credit Information System (CIS) is ready to go live by January 2018.
The President and CEO said that it will keep its expected date of release despite reports of hacking and issues regarding the system for the agency is keen in monitoring any changes in security and connectivity.
METRO MANILA – 10 July 2017 – Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. aims to focus on diminishing barriers to lending instead of enforcement of mandatory 10% loan requirement.
On his keynote address at the 1st General Membership Meeting and Induction of Officers of the Credit Management Association of the Philippines (CMAP), BSP Governor Espenilla that he prefers voluntary lending basis from banks.
MANILA – 06 July 2017 – Temporary Restraining Order (TRO) filed by Northern Luzon Federation of Cooperatives and Development Center (NORLU CEDEC) against CIC's credit data collection was junked by the Baguio City Regional Trial Court (RTC) last 28 June 2017.
No autonomy violated
The RTC ruled that CIC did not violate the autonomy of cooperatives in mandating them to submit basic credit data of their members.
The P3 Program – Pondo sa Pagbabago at Pag-Asenso - of the Department of Trade and Industry (DTI) is expected to lure small borrowers from the 5-6 loan in the Philippines once it's launched nationwide.
CIC will conduct a one-day Gender Sensitivity Seminar on 30th of May 2017 to all its management and staff in line with the Philippine government’s efforts to sensitize all of its public servants, both officials, and employees, to various gender sensitivity issues.
The International Labor Organization (ILO) views the concept of gender equality as necessary; not only in enabling all men and women to have access to decent work but also in creating social and institutional change that leads to sustainable growth.