Weekend Economic Report

Local Mining industry made some headlines these weekend as foreign investors pulled-out some projects in an attempt to mitigate their losses from the onslaught of the worldwide meltdown in industrial metals. After a mining company decided to shut their mining operation in Northern Luzon, another foreign company prepares for take-over from a local mining giant Philex Mining corporation.Publicly listed Philex Mining Corp. said Friday it now has full control over the Bongoyan copper-gold project in Surigao after it bought out partner Anglo American Plc. in the venture.In a statement to the local bourse, Philex said it has acquired the 50 percent...

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Philippine Bullion Report: Gold pass $900, Silver overtakes $12

LOCAL NEWSPrice of precious metals leap as investors shift their gears toward tangible investments. Gold climb to $900 while silver make it to the $12 mark as major currencies particularly the sterling dive in one of its lowest level against the dollar. The Russian ruble lost 40% of its value, while massive job cuts have been declared in a record as soon as President Obama took office.The world economy was hit by a massive wave of job cuts on Monday with companies announcing plans to lay off tens of thousands of workers as US President Barack Obama warned of a crisis that could become "dramatically worse."East West Bank have announce that it...

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Ilocos Norte residents warn on P1-coin hoax

The Bankers’ Association in Ilocos Norte are warning the public not to believe rumors that a one-peso coin could be exchanged for a higher amount of cash.The bankers’ advisory came out as rumors spread in the area that a one-peso coin dated 2004 could be exchanged in banks for P20.Ronald Mandac, Bankers’ Association director, said that there were many who believed in the rumor and flocked to banks asking how their coins can be exchanged. He also said there was no directive from Bangko Sentral ng Pilipinas on the supposed exchange issue.Mandac said however that he believes the issue is related to another rumor which said that the 2004 one-peso...

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Anti-counterfeit Campaign: BSP Revised Reward System "Bayani ka na, magkakapera ka pa!"

The BSP Reward System, launch Anti-Counterfeiting campaign that, encourages the populace to furnish information on person/groups responsible for the manufacture/passing of counterfeits. This nefarious activity can be more effectively suppressed with the cooperation of the public.There is a Committee on Rewards who shall determine the amount of reward in accordance with certain rules and regulation as approved by the Monetary Board.Any person who voluntarily gives definite and sworn information leading to the the arrest/prosecution of a person or group of persons engaged in counterfeiting/passing of Philippine notes and coins or foreign notes...

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BSP tightens regulations to prevent more bank failures

The Bangko Sentral Ng Pilipinas will release new regulations aimed to penalize and restrain “aggressive banking" tactics.Besides setting clear definitions of “aggressive banking," the Bangko Sentral ng Pilipinas (BSP) will issue a circular that will impose harsher penalties on banks who plan to cheat their depositors.“The new guidelines clearly define instances or acts of unsafe and unsound banking practices so that there can be no doubt the regulations have been violated and the banker punished," BSP deputy governor Nestor A. Espenilla said.The new set of rules define “aggressive banking" as giving loans to borrowers that have poor credit histories...

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Peso seen to decline futher this week

The peso is seen to be sliding further to the dollar as the inauguration of the newly elected president Barack Obama draws near.Analysts see the peso's downward trend this week despite the declaration of a unilateral ceasefire of the Israeli forces on its offensive on Hamas that should be favorable to our workers working in the region."[Our bias is still towards] a weaker peso," a trader said.Remittances from overseas Filipino workers (OFWs) have not been enough to sustain the peso’s rise, he added."Due to the financial crisis, many OFWs are being threaten by massive layoffs, meaning there will be less dollar remittances in the succeeding months,"...

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Special Economic Report: BSP forecast more bank mergers

The Central Bank is expecting further consolidation among local banks, with Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. sticking to his goal of five to six local banking groups dominating the sector."I still think five to six local banks plus the branches of foreign banks holding about 70% of the total banking system’s assets would be ideal," Mr. Tetangco told reporters in an e-mail."The BSP’s role is to create a working environment that would encourage banks, through market-based policies, to take advantage of opportunities to consolidate or expand as would suit their risk and profit appetite as well as their own overall...

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Special Economic Report: 4 Rural Banks in Pampanga went on holiday 2 days before New Year

This page requires a higher version browserSta. Rita Rural Bank went on HolidayThe public has not yet fully recovered from the bank closures earlier this month, another wave of another bank closures happened two days before the News Year begins. Just this December alone, 10 banks have been seized by the Philippine Deposit And Insurance Corporation (PDIC), 8 which are owned by the Legacy Group who is also the owner of the Legacy Plans that ceased operation in the middle of this month.All of the rural bank branches that recently went on holiday are located in Pampanga. As the Global Financial Crisis unfolds in the coming year, many analyst foresee that the worst is yet to come to the banking and financial industry.next>>&...

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