Digital banks are required to heed prudential requirements and policies, such as those imposed on universal and commercial banks (U/KBs), given their classification as complex banks. Under Bangko Sentral ng Pilipinas (BSP) Circular No. 1154 issued on Sept. 14, digital banks are required to have corporate governance framework, risk management system such as on information technology (IT) and cyber security, outsourcing, consumer protection and anti-money laundering (AML) and countering terrorist financing. The additional rules were issued following its approval by the policy-making Monetary Board (MB) and the issuance of the digital bank framework in
The Commission on Elections (Comelec) said there is a possibility that its expenses for the Dec. 5 Barangay and Sangguniang Kabataan Elections (BSKE) will balloon if the bill postponing the polls is not passed by the end of October. “As of now, we have spent around PHP1 billion since we have yet to pay those we issued Notices of Award. But once they start making the delivery, payments will have to be made. Therefore, it is possible that before October ends and the law is still not signed and passed, we may be able to spend around PHP2 to
The Hotel Sales & Marketing Association (HSMA) is seeing an increased eagerness among domestic tourists to travel as reflected in the sales generated in its ongoing 2022 September Online Sale (SOS). Based on its data as of Sept. 27, SOS gross sales have reached PHP26.71 million from the 4,465 vouchers sold, up by 38 percent from PHP19.39 million generated in the same period last year. “Looking at the results of the SOS shows the eagerness of the domestic market to travel and this market will lead the recovery of the country’s tourism industry,” Benjamin Martinez, HSMA president, said
Members of the Criminal Investigation and Detection Group (CIDG) have arrested two women for selling smuggled cigarettes in Pangasinan province, a top police official said Wednesday. Philippine National Police (PNP) deputy chief for administration and officer-in-charge Lt. Gen. Jose Chiquito Malayo identified the suspects as Roxanne Mejos, 31, and Karen Rose Marzan, 26. The suspects were arrested by operating units from CIDG Pangasinan Provincial Field Unit (PFU) together with the Infanta Police Station and representatives from Philip Morris Fortune Tobacco Corporation (PMFTC) in an entrapment on Tuesday. Confiscated during the operation were 666 reams of different brands
At least PHP65 million worth of irrigation facilities within the service areas of the Upper Pampanga River Integrated Irrigation System (UPRIIS) were damaged by the onslaught of Super Typhoon Karding. Engineer Rosalinda Bote, department manager of National Irrigation Administration-UPRIIS (NIA-UPRIIS), said on Wednesday the figure is expected to increase when water subsides in the inundated areas of San Miguel, Bulacan province and Cabiao and Gapan City in Nueva Ecija. “Kaya ito ay maa-assess pa namin once na bumaba ang lebel ng tubig sa nasabing lugar (Thus, we can only assess the damage in those areas once the level
A member of the Sangguniang Panlalawigan (SP) of Iloilo is eyeing the passage of his proposed ordinance calling for the establishment of evacuation centers for animals during natural disasters and calamities before this year ends. Board Member Rolando Distura, author of the proposed ordinance, said on Wednesday that it would initially focus on companion pets, mostly dogs and cats. “While we evacuate and make our people safe, but how about our companion pets that are part and parcel of our lives? In such instances they have to be separated in a place where they are secured and will
