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GPG-Immobilienskandal: Erste Durchsuchungen - nach Monaten
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House committee endorses bill authorizing PDIC to increase deposit insurance coverage – Manila Bulletin
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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 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.
CALOOCAN CITY, Feb. 27 (PIA) State-owned Development Bank of the Philippines (DBP) is working with the Department of Finance, state regulators and legislators to introduce amendments to its charter as the bank prepares for an expanded role in the economic recovery efforts of the National Government, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bank hopes to hike its authorized capital from the current P35 billion to P100 billion to enable DBP to broaden its credit assistance to priority sectors, which were adversely affected by the current economic downturn.
“The proposed amendments to the DBP Charter would be a boon to our efforts to undertake more developmental projects especially in the countryside, where these types of economic interventions are most sorely needed,” Herbosa said.
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