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Feb 18 2021 Would ‘COVID loans’ be a more affordable and sustainable way to support national economies?
Faced with a COVID-19 pandemic of unknown severity and duration, governments around the world are looking for effective and sustainable ways to maintain economic confidence and employment.
Even New Zealand, where lockdowns have been few and short-lived, is confronting the reality of repeated lockdowns, especially since the United Kingdom variant has now been detected in community…
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Feb 18 2021 Banking industry groups welcome FIST law
BANKING GROUPS welcomed the signing of the Financial Institutions Strategic Transfer (FIST) Act and hope it will spur bolster credit growth as the crisis continues.
“With this measure, banks can gradually recover from non-performing loans (NPLs) that have increased due to the pandemic. As financial institutions utilize the special purpose vehicles, banks may now continue to…
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Feb 17 2021 FIST law to bring down banks’ bad loan ratio
THE BANKING industry’s nonperforming loan (NPL) ratio is expected to be reduced, with the implementation of the Financial Institution Strategic Transfer (FIST) law, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said.
“It will ease the NPL ratios of banks moving forward. FIST is expected to reduce the NPL ratio by about 0.63 to 7.0 percentage…
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Feb 17 2021 ‘Too early’ to raise rates now — Diokno
BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno said it is “too early” to raise interest rates, as the central bank is keen on keeping an accommodative policy to support recovery.
“I think it’s too early [to] raise interest rates. We’re focused on assessing developments abroad and at home and right now, we don’t see…
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Feb 17 2021 RCBC’s DiskarTech App Disburses Social Security Loan Proceeds and Benefits
Members of the Social Security System (SSS) nationwide can now get their SSS benefits and loans proceeds through Rizal Commercial Banking Corporation’s (RCBC) DiskarTech app.
During the partnership launch, RCBC President and Chief Executive Officer Eugene S. Acevedo and SSS President and CEO Aurora C. Ignacio encouraged the use of the DiskarTech mobile app by offering incentives to participating SSS…
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Feb 17 2021 Fast-tracked pace of digitization will boost global trade
WHILE the pandemic has caused so much disruption, one good thing that may come out of it is digitization which could improve the efficiency of global trade, according to an expert from the Asian Development Bank (ADB).
In an Asian Development Blog, ADB Trade and Supply Chain Finance Head Steven Beck said paper-based trade has been…
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Feb 16 2021 BDO Unibank Enables QR Code Withdrawals From Select ATMs
BDO Unibank announced that its customers can now make cardless, QR code-based withdrawals from select ATMs.
Customers will have to login to their BDO banking app in order to generate a QR code.
BDO said that each QR code is unique to each withdrawal transaction and is valid for only 24 hours upon generation to protect its…
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Feb 16 2021 Credit card use seen to recover
AN industry group is anticipating credit card loans to gain some recovery this year as more business activities resume after government moves to ease lockdown measures amid increasing number of Covid cases.
Credit Card Association of the Philippines (CCAP) Executive Director Alex B. Ilagan told the BusinessMirror that the growth in credit card borrowings this year,…
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Feb 16 2021 SSS loans and benefits can now be received via RCBC’s DiskarTech
The necessity of the development of various technological innovations even before the pandemic has proven to be very helpful as the demand for efficient, safe and touchless transactions surged.Now, all the members of the Social Security System (SSS) worldwide can now get their SSS benefits and loans proceeds through the DiskarTech mobile app of the…
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Feb 16 2021 Duterte signs FIST into law
PRESIDENT Rodrigo R. Duterte on Tuesday signed the law allowing financial institutions to sell bad loans to asset management companies, according to Finance Secretary Carlos G. Dominguez III.
Republic Act No. 11523, otherwise known as the Financial Institutions Strategic Transfer (FIST) Act, creates specialized asset management firms that would acquire nonperforming assets from distressed financial institutions.
The…