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The Philippine Deposit Insurance Corporation (PDIC) and the Kazakhstan Deposit Insurance Fund (KDIF), active members of the International Association of Deposit Insurers (IADI) and the IADI Asia-Pacific Regional Committee, forged a historic Memorandum of Understanding (MOU) to enhance bilateral relations, the first collaborative partnership between the two agencies to strengthen their respective insurance systems. The partnership focuses on cross-border cooperation and reflects the shared commitment of the two jurisdictions to more effectively carry out the mandates of depositor protection and financial stability.
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The SSS contribution rate will increase to 15% on January 1, 2025, according to Circulars Nos. 2024-006 to 2024-010, which cover five member groups. These circulars, issued on December 19, supersede Circulars Nos. 2022-033 to 2022-037, which established a 14 percent contribution rate for 2023.
The country’s net external liability position eased by 3.6 percent quarter-on-quarter to P2.9 trillion in Q2 2024 from P3 trillion in Q1 2024 due to the higher net external asset position of the Central Bank. However, this was partially tempered by the increased net external liability position of the general government.
At the Development Budget Coordination Committee (DBCC) meeting on December 2, 2024, the DBCC in consultation with the BSP, decided to retain the current inflation target of 2.0 – 4.0 percent for 2025 – 2026 and set the same inflation target for 2027 – 2028. By announcing a medium-term inflation target, the BSP aims to strengthen its forward-looking approach to monetary policy formulation with the view of helping anchor inflation expectations to the target.
The Bangko Sentral ng Pilipinas (BSP) has released the specific penalties for offenses on the use of the Peso Real-Time Gross Settlement (RTGS) payment system. The penalties are to ensure consistent and efficient enforcement actions on RTGS participants.
The Philippine Statistics Authority (PSA) has successfully released the Provincial Product Accounts (PPA) for all 82 provinces and 33 Highly Urbanized Cities (HUCs) in the Philippines. Among the provinces and HUCs, Quezon City’s economy accounted for the largest share to the Philippine economy in 2023 at 6.0 percent. This was followed by the City of Makati and Laguna, with shares of 5.6 percent and 4.9 percent, respectively. These three economies recorded trillion-peso Gross Domestic Product (GDP) amounting to P1.27 trillion, P1.18 trillion, and P1.03 trillion, respectively.
The Bangko Sentral ng Pilipinas (BSP) has officially launched the “First Philippine Polymer Banknote Series” at Malacañang.
The Philippine Stock Exchange, Inc. (PSE) reminds the public that its subsidiary, Capital Markets Integrity Corporation (CMIC), and its employees do not solicit investments and that any investment solicitation that is supposedly sponsored by CMIC did not come from, and is not authorized by, CMIC.
BPI Wealth Builder Allows You to Begin Investing for Just P1,000 and Regularly Top Up for Only P10012/18/2024 For as low as P1,000, BPI Wealth Builder lets you grow your wealth while unlocking lifestyle, health, medical and life protection benefits at every milestone.
Credit rating agency Fitch Ratings has recognized sound monetary policy in the country that has helped inflation to slow down.
The Bangko Sentral ng Pilipinas warns the public against text hijacking, a method to deliver smishing attacks wherein fraudsters use named SMS Sender IDs to send malicious SMS (texts).
SEC Released List of Corporations in Danger of Being Suspended for Failure to Submit Annual Reports12/15/2024 The Securities and Exchange Commission (SEC) highly encourages the corporations to avail of the SEC Enhanced Compliance Incentive Plan (ECIP) to avoid having their certificates of incorporation suspended.
SEC Partners with OECD to Boost PH Capital Market; Launches Comprehensive Capital Market Review12/14/2024 The Organisation for Economic Co-operation and Development (OECD) has released an in-depth assessment of the Philippine capital market, and outlined recommendations to strengthen the country’s market framework for a more sustainable economic growth.
The Bangko Sentral ng Pilipinas (BSP) and the Japan International Cooperation Agency (JICA) have agreed to continue the partnership on their Credit Risk Database (CRD) project designed to widen access to financing for small and medium enterprises (SMEs).
The Bangko Sentral ng Pilipinas (BSP) and participating financial institutions (FIs) have completed the testing for Project Agila, which will allow FIs to transfer funds to each other even during off-business hours, including evenings, weekends, and holidays. These transactions can safely be supported by open-source distributed ledger technology through the Oracle Cloud Infrastructure.
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