Confidence of business sector in the Philippine economy increased in 2nd quarter of 2016

admin   •   May 27, 2016   •   2836

IMAGE_MAY-27-2016_UNTV NEWS_PHILIPPINE ECONOMY

From 41.9 percent, the confidence index or business outlook rose to 48.7 percent based on the latest survey of Bangko Sentral ng Pilipinas.

It means, the trust of businessmen and company owners in the Philippine economy has increased.

The survey was conducted nationwide with 1,482 business respondents from April 1 to May 17, 2016.

According to the report, among the factors that resulted in increased confidence are the May 9 election-related spending, sustained increase in orders and projects, anticipated increase in demand during summer, influx of tourists, low inflation, stable interest rates and sustained foreign investment inflows.

The deputy governor of the Bangko Sentral ng Pilipinas Diwa Guinigundo said, the result of the elections that secured the huge win of Rodrigo Duterte as incoming president, might have also affected the outcome of the survey.

“Business respondents are prepared to see how the new administration, the new political leadership will navigate the economic and financial waters and we hope that this is going to continue,” Guinigundo said.

The results of the survey also show the confidence of the business sector in the eight-point economic agenda of Duterte for the country.

“They have seen the eight-point program, and the first point in that eight-point program is precisely to continue with macroeconomic policies and to make sure that tax reforms are pursued. So, I think that should provide optimism to our business respondents,” Guinigundo further added.

The confidence of the business sector in the country’s economy is a good indication.

It translates to business expansions, economic growth, and more job opportunities for the people.

Even though the overall business confidence index rose in the second quarter of 2016, Bangko Sentral ng Pilipinas said, this may change a bit in the third quarter of the year because of the rainy season, enrollment period and the higher price of oil in the market.

(ROSALIE COZ/UNTV News)

BSP on Yasay’s arrest for alleged violations of banking laws: ‘No comment’

Robie de Guzman   •   August 23, 2019

Former Foreign Affairs Secretary Perfecto Yasay Jr.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Friday said it will not issue any comment on the arrest of former Foreign Affairs Secretary Perfecto Yasay Jr., for his alleged violation of the country’s banking laws.

“The Bangko Sentral ng Pilipinas will not issue any comment as the matter is pending before the court and to do so would violate sub judice rule,” the central bank said in a statement.

On Thursday night, the Manila Police served a warrant of arrest to Yasay for his supposed violations of the provisions of Republic Act 8791 otherwise known as the General Banking Law, and Republic Act 7653 or the New Central Bank Act.

READ: MPD serves warrant of arrest to ex-DFA Sec. Yasay

Based on the information about the case, Yasay, together with five associates of the Banco Filipino Savings and Mortgages Bank conspired and aided each other in securing a loan amounting to P350-million for Tierrasud Incorporated which was partly guaranteed and secured by Tropical Land Corporation.

Yasay and company allegedly failed to report such loan accommodation to the BSP.

“The service of the Warrant of Arrest against Perfecto R. Yasay, Jr. is a consequence of the filing of criminal information by the Department of Justice before the court,” the BSP said.

“A judge issued the said warrant pursuant to the provisions of the Rules of Court,” it added.

On his Facebook account, Yasay denied the allegation, pointing out that he joined Banco Filipino in 2009, while the alleged crime was committed from 2003 to 2006.

Yasay served as Secretary of Foreign Affairs of the Philippines in an ad interim basis from June 30, 2016 until March 8, 2017.

MPD serves warrant of arrest to ex-DFA Sec Yasay

Maris Federez   •   August 22, 2019

The Manila Police District (MPD) Warrant and Subpoena Service-Criminal Investigation and Detection Group (WSS-CIDU) on Thursday afternoon served a warrant of arrest to former Secretary of Foreign Affairs Perfecto Yasay Jr at his home in Makati City.

According to a statement issued by the MPD, representative from the Bangko Sentral ng Pilipinas (BSP), Atty. Jonn Irvin Velasques appeared at their office and requested for police assistance to implement the warrant of arrest against Yasay.

The statement added that after proper coordination with the concerned police district, the team together, with Atty. Velasques proceeded to Yasay’s residence and served him the order of arrest dated March 8, 2019, issued by Judge Danilo Leyva of Manila RTC Br. 10.

The arrest warrant is for the former DFA official’s several violations of the provisions of Republic Act 8791 otherwise known as the General Banking Law, and Republic Act 7653 otherwise known as the New Central Bank Act.

Based on the information of the case, Yasay, together with five associates of the Banco Filipino Savings and Mortgages Bank conspired and aided each other in securing a loan amounting to 350-million pesos for Tierrasud Incorporated which was partly guaranteed and secured by Tropical Land Corporation.

Yasay and company allegedly failed to report such loan accommodation to the BSP.

Yasay was initially brought to the MPD for documentation and set to be transferred to CDS while awaiting commitment order from the court of origin.

On his Facebook account, Yasay denied the allegation, pointing out that he joined Banco Filipino in 2009, while the alleged crime was committed from 2003 to 2006.

He also stressed that he will not post bail until he is brought before the judge where he said he will question such act which he described as “an abuse of process” and a mockery to the justice system.

He also posted a picture of him taken by his wife while being processed for a mugshot.

Yasay served as Secretary of Foreign Affairs of the Philippines in an ad interim basis from June 30, 2016 until March 8, 2017. (with details from Lea Ylagan) /mbmf

Solon urges BSP to name banks asking for higher ATM fees

Robie de Guzman   •   August 16, 2019

Image by Peggy und Marco Lachmann-Anke from Pixabay

MANILA, Philippines – Makati City Representative Luis Campos Jr. on Friday urged the Bangko Sentral ng Pilipinas (BSP) to name the banks that are asking for higher charges on automated teller machine (ATM) transactions.

Campos noted the BSP’s Consumer Financial Protection Department could release the names of banks that have already submitted applications for ATM fee adjustment.

“The banks are bound to be identified anyway, considering that both the House and the Senate are poised to launch separate inquiries,” he said in a statement.

Campos earlier said the House of Representatives is set to conduct an inquiry into the looming increase in ATM charges following the lifting of the moratorium imposed by the BSP in 2013.

Senator Grace Poe, who chairs the Senate Committee on Banks, Financial Institutions and Currencies, also said they are eyeing to investigate the reported plan to increase ATM fees that is seen to further burden Filipino workers.

READ: House seeks inquiry on looming ATM fee hike

READ: Poe eyes probe on plan to hike ATM fees

A BSP official earlier disclosed that less than 10 banks have already petitioned to raise their ATM transaction fees. At least one bank, however, is actually seeking permission to slash its ATM user fee.

“That’s good news. If one big bank can bring down its ATM charge, presumably due to economies of scale, why can’t the rest of the big banks do the same?” Campos said.

Economies of scale with respect to ATM operations simply means that the bigger banks with more machines achieve greater cost-savings from the higher level of use.

“While it might be understandable for the smaller banks with fewer ATMs to want to raise their fees, it might be harder for the bigger banks to justify their plans to jack up charges,” Campos said.

Currently, banks are charging between P10 to P15 per interbank withdrawal transaction, and P2 to P2.50 per interbank balance inquiry.

Campos noted that a number of banks had wanted to push up their ATM charges by as much as 50 percent before the BSP ordered a standstill in 2013.

He said the five largest full-service universal private banks in terms of market capitalization at the Philippine Stock Exchange are BDO Unibank Inc. (BDO), Bank of the Philippine Islands (BPI), Metropolitan Bank & Trust Co. (Metrobank), Security Bank Corp. and Philippine National Bank (PNB).

The solon noted that BDO has over 4,000 ATMs, not counting the 976 ATMs of sister lender China Banking Corp.

BPI has over 2,100 ATMs, while Metrobank has over 2,300 ATMs, excluding the 575 ATMs of subsidiary Philippine Savings Bank (PSBank).

Security Bank has 760 ATMs, while the PNB has 1,395.

Meanwhile, the state-owned LandBank of the Philippines (LBP) has 2,099 ATMs.

Campos noted that Surigao del Sur Representative Johnny Pimentel wanted the BSP to explain why it suddenly decided to lift the moratorium.

The Department of Trade and Industry led by Secretary Ramon Lopez also on Wednesday vowed to fight the looming increases in ATM fees.

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