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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.
KUALA LUMPUR (March 15): The Asean Capital Markets Forum (ACMF) has announced the rolling out of its new five-year action plan (2021-2025) which aims to foster growth and recovery with sustainability.
Two other strategic objectives of the plan are promoting and sustaining inclusiveness, and strengthening and maintaining orderliness and resilience.
ACMF, a grouping of capital market regulators from all 10 Asean jurisdictions, said in a statement today that the plan was endorsed during its 34th Chairs Meeting that was hosted virtually by Autoriti Monetari Brunei Darussalam.
To support the strategic objectives, ACMF stressed five key priorities, namely driving higher levels of transparency and disclosure, continuing with regulatory harmonisation, intensifying capacity building, amplifying communication and awareness building, and strengthening cooperation and coordination.
Date
15/03/2021
The ASEAN Capital Markets Forum (ACMF) endorsed the ACMF Action Plan 2021-2025 (“Action Plan”) during its 34
th ACMF Chairs Meeting hosted virtually by Autoriti Monetari Brunei Darussalam. In realising the ACMF Vision 2025, the Action Plan sets out three strategic objectives namely (i) fostering growth and recovery with sustainability, (ii) promoting and sustaining inclusiveness; and (iii) strengthening and maintaining orderliness and resilience. The five key priorities that support the strategic objectives are: (i) driving higher levels of transparency and disclosure, (ii) continuing with regulatory harmonisation, (iii) intensifying capacity building, (iv) amplifying communication and awareness building; and (v) strengthening co-operation and co-ordination.
NIB joins EBRD and Baltic central banks to develop commercial paper market
Introduction of new capital market instrument addressing liquidity and working capital needs
Alternative sources of finance in line with ECB recommendation The Nordic Investment Bank (NIB) is joining the European Bank for Reconstruction and Development (EBRD) and the central banks of Estonia (Eesti Pank), Latvia (Latvijas Banka) and Lithuania (Lietuvos Bankas) in the joint effort to develop a regional market for commercial papers. Commercial papers (CPs) are short-term unsecured promissory notes issued by companies with a fixed-term maturity and used to address short-term liquidity or working capital needs. Demands for such alternative sources of finance are rapidly increasing in the current coronavirus pandemic.