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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Obama coins failed to capture the taste of local collectors

The "Obama Fever" has failed to capture the taste of local coin collectors unlike of that when the "Harry Potter" coin series and commemorative medals appeared at the local market.The United States and the rest of world (particularly the African country, Kenya where Obama traces his roots) recently have their own versions of celebrations to welcome the first African-American President on his first official day at the White House as the 44th President of the United States.Local Ebay sellers, bargain seekers, collectors, and speculators have their own respective opinions why buying or selling Obama memorabilia and mementos is a definite one of...

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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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Harvard's Ferguson Praises `Ascent of Money' as Markets Plunge

Niall Ferguson, a canny chronicler of financial history, knows a thing or two about market timing. Sellers have sliced more than $10 trillion off global stock- market value this month, the U.S. is mired in its worst housing crisis since the Great Depression, and hedgehog Andrew Lahde has shut his fund, telling investors, ``Goodbye and good luck.'' So what does Ferguson do? He publishes ``The Ascent of Money,'' an upbeat account of finance from Mesopotamia to McMansion. His thesis: ``Money is the root of most progress.'' After that windup, you might expect me to trash his book. Alas, I can't. Ferguson,...

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