Regulator forms teams to audit social insurance institutions
The Insurance Commission (IC) has formed project audit teams to ensure that the country’s social insurance institutions are adopting the globally accepted Philippine Financial Reporting Standards 4 (PFRS 4), in compliance with the instructions of outgoing Finance Secretary Carlos Dominguez III.
Banks told to adopt measures against cyber attacks
As financial transactions increasingly shift to digital channels, the Bangko Sentral ng Pilipinas (BSP) has directed banks and financial institutions to adopt robust control measures against cyber fraud and attacks on retail electronic payments and financial services (EPFS).
GOCCs remit record P374.5B dividends under Duterte administration
Government-owned and -controlled corporations (GOCCs) have remitted a precedent-setting P374.54 billion in cash dividends to the national treasury from the time President Duterte took office in July 2016 up to the last few weeks before his term ends on June 30.
EastWest names Lawrence Lee as head of consumer banking segment
East West Banking Corp. headed by bankero Tony Moncupa has tapped veteran bankero Lawrence Lee to steer the consumer lending business of the Gotianun-led bank.
DOF places PCIC under the supervision of Insurance Commission
The Department of Finance (DOF) has placed the Philippine Crop Insurance Corp. (PCIC) under the supervision of the Insurance Commission (IC) to empower the latter to regularly examine the financial affairs, condition, and method of business of the state-run agricultural insurance firm.
UnionBank, SSS tie up for UMID Pay Card Program set for full launch in Q4
Union Bank of the Philippines led by bankero Edwin Bautista has partnered with state-run Social Security System (SSS) to develop and launch the Unified Multi-Purpose Identification (UMID) Pay Card, as part of their goal of making financial services more accessible to Filipinos.