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.

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.