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Closed rural bank officials in Negros jailed for bank fraud

Three high-ranking officials of closed Rural Bank of Basay (RB Basay) in Negros Oriental were convicted by local courts of crimes relating to central bank violations amounting to P914,500.
In a statement Friday, June 3, the Bangko Sentral ng Pilipinas (BSP) said the Regional Trial Court (RTC) and t ....

Bayawan City , Negros Oriental , Bangko Sentral , Rener Silorio , Rural Bank , Regional Trial Court , Department Of Justice , Municipal Trial Court , Republic Act , General Banking Law , Revised Penal Code , Related Interests ,

No fault on default

No borrower would like to go on a default, much more a borrower-bank.

And, from my understanding, a bank's equity acquisition on a borrower-bank that went on default is nowhere an infringement of the prior approval regulation of the Bangko Sentral ng Pilipinas (BSP), simply because it’s not the f ....

Bangko Sentral , General Banking Law ,

SC acquits ex-Cabuyao City mayor of graft

Supreme Court (SC)

The Supreme Court (SC) has acquitted the former Cabuyao City mayor who was convicted by the Sandiganbayan of graft in 2019 for being a director of a private development bank when he was the city’s chief executive.
Acquitted in the SC resolution which was made public last Marc ....

Camarines Sur , Felicianoi Lavina , Isidro Lebrilla Hemedes Jr , Supreme Court , Development Banks , Luzon Development Bank , Cabuyao City , Mayor Isidro Lebrilla Hemedes , Corrupt Practices Act , Presidential Decree , Private Development Banks Act , General Banking Law , Ethical Standards , Public Officials , Simple Misconduct , Isidro Lebrilla Hemedes , Republic Act ,

Bill regulating cooperative banks hurdles House

MANILA - The House of Representatives on Monday overwhelmingly approved a measure that provides for the registration, regulation, and operation of cooperative banks. During the plenary session, a total of 156 lawmakers voted to approve House Bill 9541, which provides for the establishment, management, and regulation of cooperative banks under the supervision of the Bangko Sentral ng Pilipinas as primary regulator, conformably with the provisions of the General Banking Law of 2000. The bill seeks to expand the membership of cooperative banks by opening up the sector to foreign cooperatives, provided that such foreign cooperatives may not own more than 40 percent of the total outstanding voting shares of a cooperative bank. It shall authorize cooperative banks to engage in a wide range of financial services such as extending credit, deposit taking, discounting and rediscounting, correspondent banking, dealing in debt securities, acting as collection agent, dealing in foreign exchange tra ....

Bangko Sentral , House Bill , General Banking Law , Automated Teller Machine , Cooperative Code , Manila The House Of Representatives On Monday Overwhelmingly Approveda Measure That Provides For Registration , Nd Operation Of Cooperative Banks During The Plenary Session , A Total Of 156 Lawmakers Voted To Approve House Bill 9541 , Hich Provides For The Establishment , Nd Regulation Of Cooperative Banks Under The Supervision Bangko Sentral Ng Pilipinas As Primary Regulator , Onformably With The Provisions Of General Banking Law 2000 Bill Seeks To Expand Membership Cooperative Banks By Opening Up Sector Foreign Cooperatives , Rovided That Such Foreign Cooperatives May Not Own More Than 40 Percent Of The Total Outstanding Voting Shares Ofa Cooperative Bank It Shall Authorize Banks To Engage Ina Wide Range Financial Services As Extending Credit , Deposit Taking , Iscounting And Rediscounting , Correspondent Banking , Ealing In Debt Securities , Cting As Collection Agent , Ealing In Foreign Exchange Transactions , Cting As Government Depository And Conduit Bank For Lending Programs , Nd Participating In Government Allocation Programs Geared Towards The Promotion Of Financial Inclusion Proposed Measure Shall Also Authorize Cooperative Banks To Invest Equities Allied Undertakings Such As , Inancial Institutions And Non Bank Financial Intermediaries Warehousing Other Post Harvest Facilities Distribution Of Farm Implements Equipment Transportation Agricultural Products , Utomated Teller Machine Network Operations , Public Transportation , Nd Financial Technology The Bill Prescribes Limitations On Lending Authority Ofa Cooperative Bank By Imposing Private Borrowingsa Ceiling Of 25 Percent Its Unimpaired Capital And Surplus It Seeks To Grant Incentives Privileges Banks Including , Mong Others , Xemption From All National And Local Taxes ,

RTL, schools' clarificatory tax signed into law | Jovee Marie de la Cruz

PRESIDENT Duterte has signed several laws, including the amendments to the Retail Trade Liberalization Act and the clarification on the income tax of proprietary educational institutions. The Palace on Thursday said Republic Act (RA) 11595, which amends the RA 8761 or the Retail Trade Liberalization Act of 2000 by lowering… ....

Stella Luz Quimbo , Bernadette Herrera , Bangko Sentral , Wes Gatchalian , Joey Sarte Salceda , Philippine Veterans Bank , Department Of Agriculture , Development Authority , Corporation Code Of The Philippines , Veterans Bank , Bureau Of Customs , Enhancement Fund , National Economic , National Internal Revenue Code , Armed Forces Of The Philippines , Tax Incentives For Enterprises , House Committee On Ways , Retail Trade Liberalization Act , Republic Act , House Committee , Means Chairman Joey Sarte Salceda , Deputy Speaker , Industry Wes Gatchalian , President Duterte , Coordinating Council , Private Educational Associations ,