Philippines
Philippines may stay on FATF list
The Philippines may have to wait another year before it can be removed from the list of so-called "uncooperative" countries by the Financial Action Task Force (FATF,) Governor Rafael Buenaventura of the Bangko Sentral ng Pilipinas said Monday 31 May.
BSP warns public over text message scam
Philippines central bank governor Rafael Buenaventura warned the public on Tuesday 13 April against a text messaging-based scam that uses the name of the Bangko Sentral ng Pilipinas (BSP) in a fake raffle which tells people they have won millions of…
Philippines steps up anti-counterfeiting drive
The Bangko Sentral ng Pilipinas (BSP) launched an intensified campaign against counterfeit money on Tuesday 6 April, with the promise of rewards to whistleblowers with information that would lead to the arrest of counterfeiters.
IMF warns of Philippines debt crisis
The International Monetary Fund has expressed "serious concerns" over the Philippines government's budget and indebtedness in a report.
BSP raises $500M from foreign banks
The Philippine central bank said on Wednesday 31 March that it has raised 500 million dollars in financing from a syndicate of eight foreign banks.
Central bank communication Philippines style
With elections fast approaching in the Philippines, campaigners are using SMS text messaging to drum up support. But reports say central bank governor Rafael Buenaventura is also a fan of texting.
Philippines set to boost reserves by US $500m
The Philippines central bank said it intends to increase its dollar reserves before the May 10 presidential election through a new 500 million US dollar borrowing.
Philippines bank bailouts up to P31bn in 2003
The Bangko Sentral ng Pilipinas could have spent at least P31 billion in 2003 in bailing out banks. Data showed that emergency loans and other advances extended by the BSP amounted to P130.44 billion, up from the P113 billion it reported in 2000.
Court upholds immunity of former BSP chief Laya
The Third Division of the Philippines Sandiganbayan Court has upheld the immunity granted to former Central Bank governor Jaime Laya by the Presidential Commission on Good Government (PCGG) and dismissed the $65 million graft case against him.
BIS offers to manage Philippines reserves- reports
The Philippines central bank is studying a BIS proposal to manage the country's gross international reserves. A source at the BSP said the BIS expressed interest in acting as its "external fund manager".
Court rejects plea to prosecute BSP chief
The Supreme Court in the Philippines has denied "with finality" a petition to prosecute central bank governor Rafael Buenaventura and several central bank officials for the closure of medium-sized Urban Bank in 2000.
BSP and SEC will jointly oversee money changers
Bangko Sentral ng Pilipinas and the Securities and Exchange Commission have agreed jointly to monitor operations of money changers and non-bank remittance centers. The central bank will regulate these firms while the SEC will supervise them, BSP governor…
BSP printing plant: More than just about money
This article in the Philippine Daily Inquirerlooks at the Bangko Sentral ng Pilipinas (BSP) bank note printing operations. The BSP owns the printing, minting and refining facility it calls the Security Plant Complex (SPC), an imposing structure…
High Court dismisses criminal case vs BSP officers
The Philippines Supreme Court has upheld the decision by the Office of the Ombudsman to dismiss the criminal complaint against central bank governor Rafael Buenaventura, according to a report by AFX The Court rejected the petition of former Urban Bank…
FATF to review Philippines' anti-money laundering
A team from the Financial Action Task Force (FATF) will arrive in the Philippines later this month to review the implementation of anti-money laundering laws, Agence Presse reports. The review is part of the process of removing the country from the FATF…
Philippines central bank joins the BIS
The Philippines central bank has joined the BIS, AFP reports. Deputy governor Alberto Reyes said "Membership in the BIS will give the Philippines a voice among the world's central bankers and allow the country to recommend measures affecting the banking…
Banco Filipino sues BSP
The Banco Filipino Savings and Mortgage Bank plans to sue the Bangko Sentral ng Pilipinas and its Monetary Board for damages, according to the Manila Times. In a statement on Thursday 25 September, Banco Filipino said it filed the case because the…
Philippines central bank urges further fiscal rest
With an election scheduled for May 2004, Rafael Buenaventura of the Philippine central bank said he is confident that the government would resist the temptation to increase spending in the run up to the polls, Reuters reports. "I don't they will be…
Philippines central bank targeted with phone scam
Fraudsters in the Philippines are offering members of the public the chance to win the "anniversary raffle" of 2 million pesos, Reuters reported. People are told to call a number where they will hear a recorded message from the central bank governor…
Charges against BSP governor dismissed
The Philippines Supreme Court on Thursday dismissed criminal charges filed against BSP Governor Rafael Buenaventura and 20 other central bank officials, according to a report by ABS-cbnews. In a resolution dated August 11 but obtained by reporters only…
Ex-banker files case against BSP chief
The former president of the now defunct Urban Bank, Teodoro Borlongan, filed a case against Philippines central bank governor Rafael Buenaventura at the Supreme Court on Wednesday 10 September, according to a report by INQ7 Money. Borlongan said he would…
Buenaventura asks court to cancel his suspension
Philippines central bank governor Rafael Buenaventura on Friday September 5 asked the Court of Appeals to cancel a one-year suspension imposed on him last month, according to Agence France-Presse.
Buenaventura defends actions, vows to clear name
Philippines central bank governor Rafael Buenaventura vowed to clear his name on Thursday 28 August, saying he was right to close down the troubled Urban Bank, according to AFP. A court recently ordered the suspension of Buenaventura and four other…
Philippine c bank ordered to stabilise fx market
President Gloria Arroyo on Wednesday ordered the Philippine central bank to "crack the whip on speculators" and use feasible monetary tools to stabilize the currency exchange market.