March 15, 2021 | 8:05 pm Font Size
PHILIPPINE STAR/ MIGUEL DE GUZMAN
A BILL permitting pension benefits to transfer along with workers as they change jobs is expected to boost retirement packages and help develop the capital markets, economic managers said.
Finance Secretary Carlos G. Dominguez III said at a hearing of the House Committee on Banks and Financial Intermediaries that the pension system is greatly underdeveloped, with pension assets currently equivalent to 16% of gross domestic product. He said a more acceptable ratio would be 100%.
Mr. Dominguez added that the pension system’s deficiencies stem from the passage of the Retirement Pay law, the features of which limit the size of retirement packages.
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March 7, 2021 | 7:51 pm Font Size
PEXELS.COM JANNOON028
THE House Committee on Banks and Financial Intermediaries will discuss a bill this week that proposes amendments to the Usury Law that will cap interest rates for credit cards and otherwise set a prescribed range of fixed rates for various forms of lending.
The Committee Chairman, Quirino Province Representative Junie E. Cua, said the measure will set rates by law. Rates are currently only regulated by memorandum orders of the central bank and Supreme Court decisions.
“The idea is to set a cap on interest especially on credit cards. It will also apply to all lending services,” he said in an interview with
March 7, 2021 | 7:51 pm Font Size
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THE TWO chambers of the legislature will form a Joint Congressional Oversight Committee (JCOC) to monitor the implementation of the Financial Institutions Strategic Transfer (FIST) Law, with its co-chairs saying that the panel will ensure that FIST incentives are not abused by parties availing of its tax-light asset-transfer rules.
“(The JCOC) will particularly ensure that the provisions on the FIST corporation applications and plans, transfer of assets, and availment of incentives and privileges are followed,” Senator Grace S. Poe-Llamanzares, who chairs the Committee on Banks, Financial Institutions and Currencies, said in a text message.
Ms. Poe-Llamanzares will co-chair the joint committee along with her House counterpart alongside Quirino Representative Junie E. Cua, who heads the House Committee on Banks and Financial Intermediaries.
March 1, 2021 | 12:03 am Font Size
PHILIPPINE STAR/MICHAEL VARCAS
THE HOUSE Committee on Banks and Financial Intermediaries approved a bill calling for the partial lifting of the Bank Secrecy Law, which will include a provision to protect financial institutions from cases or suits in connection with deposit examinations.
House Committee on Banks and Financial Intermediaries Chairperson Junie E. Cua said in a phone interview with BusinessWorld on Sunday that the committee report was approved on Friday and is up for review by the Committee on Rules.
“The committee report was already approved…and we included the ‘safe harbor clause’,” Mr. Cua said.