Philippine National Bank President and CEO Lorenzo V. Tan is resigning from the bank effective April 10, PNB said in a statement.
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The Bangko Sentral ng Pilipinas will investigate banks’ trust accounts in lieu of the "unusual and suspicious" increase in volume transacted through their so-called "living trusts."
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The banking sector’s credit card receivables — which represent the total outstanding balance of credit cardholders, reached P69.25 billion last year, 17.4 percent more from the previous year of P59 billion.
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The government was unable to make a full subscription in San Miguel Corp.’s stock rights offering last week due to lack of funds but its veto power and influence is still protected, sans one board seat.
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The electricity rates in the Philippines for residential consumers have climbed anew to being the third highest in the Asian region; next to Japan and Hong Kong, with efforts being pursued to reflect true cost of power generation.
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The Philippine Stock Exchange has teamed up with various institutions to organize two technical working groups to draft rules and put into operation the securities borrowing and lending (SBL) facility and the launching of the exchange traded fund.
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The peso rate closed at P54.76 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P54.902.
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MANILA (Dow Jones) — Fitch Ratings isn’t as pessimistic as it has been on the Philippines’ sovereign rating and may remove its negative outlook on the rating as the government’s finances have stabilized, according to an analyst at the firm.
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Treasury bill yields rose at the regular auction yesterday despite the National Treasury’s rejections of some bid as banks expect the central bank to soon raise interest rates in the face of a steady rise in domestic inflation.
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The National Government’s outstanding non-financial public sector debt as of September 2004 was higher by 5.6 percent to P4.6 trillion, or 94.8 percent of last year’s gross domestic product.
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The Philippines has the lowest tariff rates among the developing economies of APEC (Asian Pacific Economic Cooperation) apart from implementing other measures that signal its determination to fully liberalize the domestic economy, a report by the regional trade bloc’s Peer Review Team on the country’s Individual Action Plan showed.
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The peso rate closed lower at P54.815 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P54.76 last Friday. The weighted average rate appreciated to P54.816 from P54.902. Total volume amounted to $416.5 million.
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