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Results of the Q4 2023 Senior Bank Loan Officers’ Survey (SLOS) indicated that most of the respondent banks kept their credit standards generally unchanged for lending to businesses and consumers based on the modal approach. Meanwhile, the diffusion index (DI) method, showed varied results reflecting a net tightening of credit standards for firms and a net easing of loan standards for households.
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Department of Trade and Industry (DTI) Hits New Record for Business Name Registrations in 20231/23/2024 The Department of Trade and Industry (DTI) reported a noteworthy accomplishment with a total of 984,332 business name registrations for 2023. This marks a consecutive annual increase showcasing a 5% spike from the previously recorded 937,431 registrations in 2022.
SEC Philippines Issues Cease and Desist Order against Infinity8Networks Digital Services OPC1/18/2024 The Securities and Exchange Commission (SEC) has issued a cease and desist order against Infinity8Networks Digital Services OPC and related entities for illegally soliciting investments from the public.
The Securities and Exchange Commission (SEC) has issued a cease and desist order against MFT Group of Companies, Inc. and Foundry Ventures I, Inc. for illegally soliciting investments from the public.
The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) of Citicore Renewable Energy Corporation for as much as P11.252 billion.
Pag-IBIG Fund: New rates will be Implemented Starting February 2024; Members will Gain More Benefits1/17/2024 Pag-IBIG Fund members are set to enjoy doubled savings and higher cash loan entitlements while continuing to have access to affordable home loans, as the agency is set to increase the nearly four-decade old mandatory monthly savings for both members and their employers starting February 2024, officials announced Wednesday (17 January).
Finance Secretary Benjamin E. Diokno welcomed the enactment of the Ease of Paying Taxes (EOPT) Act, which was signed into law as Republic Act No. (RA) 11976 by President Ferdinand R. Marcos, Jr. on January 5, 2024, to modernize the Philippine tax administration and strengthen taxpayer rights.
The Bangko Sentral ng Pilipinas (BSP) has reached another central banking milestone with the onboarding of OmniPay, Inc. to the roster of financial institutions that settle high value transactions safely and instantly through the BSP-owned and operated PhilPaSSplus.
Strengthening the corporate bond market is high on the list of priorities of the Financial Stability Coordination Council (FSCC) in 2024.
The Bureau of Internal Revenue (BIR) has ramped up its tax compliance and tax enforcement drives in 2023, resulting in increased collection performance of PHP 2.34 trillion as of November 2023, exceeding the previous year’s collection of PHP 2.16 trillion by 8.6 percent.
The Department of Finance (DOF)’s Privatization and Corporate Affairs Group (PCAG) has collected a total of PHP 99.98 billion in dividends from Government-Owned or -Controlled Corporations (GOCCs) in 2023, exceeding its collections of PHP 68.34 billion in 2022 by 46 percent.
The Securities and Exchange Commission (SEC) registered a new record in terms of company registrations in 2023, a testament to the ease with which new businesses can be established in the Philippines.
BTr Implements the National Insurance Indemnity Program (NIIP) to Ensure PH’s Financial Resilience1/1/2024 The Bureau of the Treasury (BTr) has officially implemented its National Indemnity Insurance Program (NIIP) to provide adequate and comprehensive insurance coverage for strategically important government assets, ensuring the country’s financial resilience against disasters.
SeedIn Technology, Inc. (SeedIn), a fintech company duly licensed by the Securities and Exchange Commission to act as a crowdfunding intermediary and to operate a crowdfunding portal that provides more funding options to the country's small, medium, and emerging enterprises (SME), released an official statement about a recently discovered possible and apparent fraudulent act committed by its former President, Mr. Edison Tsai, that adversely affects or is likely to adversely affect its ability to meet its obligations. SeedIn stated to the SEC that it is looking into the problem and will offer more information as soon as possible.
The PhilID issued by the Philippine Identification System (PhilSys) has been recognized as the Best New National ID Card by a global consultancy firm.
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