Microfinance services in rural communities

Microfinance provides financial services to small businesses lacking access to conventional banking. In the Philippines, microfinancing is an activity…Microfinance provides financial services to small businesses lacking access to conventional banking. In the Philippines, microfinancing is an activity dominated by rural banks, non-government and people organizations, supported by... 

Thrift banks – for broader horizons

(Concluded from last week) Manila, Philippines – During the recent Chamber of Thrift Banks (CTB) annual convention, BSP Governor Amando M. Tetangco, Jr. and former CTB President Gigi Montinola, had these words of advice for the CTB. Specifically, the chamber could broaden its horizons by elevating its vantage point. In other words, thrift banks should see the big picture. Let me... 

Thrift banks — for broader horizons

Manila, Philippines – I had the privilege of witnessing the changing of the guard of the Chamber of Thrift Banks during CTB’s recent annual convention. TG Limcaoco, president of BPI Family Bank, took over the helms of the chamber from Patrick Cheng, president of HSBC Savings Bank. It was an auspicious occasion for the thrift bankers whose convention theme was Building for Broader... 

BSP’s ‘Special Banking Laws Annotated’

Manila, Philippines – Economic and financial education has always been an important component of the Bangko Sentral’s goal of developing an inclusive financial system that can ultimately empower the various segments of our society. Incoming search terms:usury laws by bsp (1) Read More »

BSP as Supervisor and Regulator (First of Two Parts)

Manila, Philippines – ONE of the three pillars of central banking is effective supervision and regulation. The other two pillars are: 1. Maintenance of price stability. 2. Maintenance of an effective payment and settlement system. The Bangko Sentral ng Pilipinas (BSP) acts as supervisor and regulator of the following institutions: 1. Banks. 2. Subsidiaries and affiliates of banks. 3.... 

The Chamber of Thrift Banks: Enhancing consumer access to credit

MANILA, Philippines — The Chamber of Thrift Banks, the umbrella organization of the country’s thrift banks, just celebrated its 38th year through its annual convention last week, highlighting the major role it played in helping the economy recover from the recent global financial meltdown. CTB President Patrick D. Cheng, also President & CEO of HSBC Savings Bank, said that... 

Unwanted Spillover

MANILA, Philippines — At the Corona impeachment trial last Monday, February 13, I was prompted to take the floor when the proceedings touched on Republic Act 6426, the “Foreign Currency Deposit Act of the Philippines.” I’m not going to delve into the issues involved in the impeachment complaint, but when that law which affects the growth of the national economy was taken... 

B.S.P. aids typhoon area banks

MANILA, Philippines — The recent typhoons and tropical storms such as “Pedring,” “Mina,” and “Juaning” have brought much devastation to various cities and provinces in the country. While media reports normally focus on the loss of lives, resources, and property, little is said about the storms’ effects on the banking system. Figures from the Bangko Sentral ng Pilipinas...