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The Grameen Bank, which extends small loans to the poor without requiring collateral, is a godsend for impoverished families in Bangladesh. Founded in 1976, the bank (Grameen is “village” in the native tongue) has a simple philosophy: Offer small loan amounts for start-up businesses, make sure that loans are used for what they are intended and that payments are made (peer pressure is often employed in communities). Through the innovative concept of microfinancing, the Grameen Bank has gone on to help the poorest of the poor in Bangladesh. It was made an independent bank by law in 1983, with 90 percent owned by its borrowers and 10 percent by the government.
This letter is to correct the misconceptions that the Aug. 13 editorial “Rural banking woes” may have created among Inquirer readers.
Last Aug. 1, the Bangko Sentral ng Pilipinas ordered the closure of another rural bank—the Rural Bank of San Jose del Monte in Bulacan—due to insolvency.
This is in relation to Raul J. Palabrica’s column on the closed Export and Industry Bank (“Rehabilitation, not liquidation,” Business, Inquirer, 5/31/13).
By Cielito F. Habito
When I visited Iloilo City with my wife in June last year, it had been years since I had last been there, and I was pleasantly surprised at how much the place had changed. I have since returned several times, and I could tell that this is a city in rapid transition, with exciting things in store.
The man is now CEO of the Bank of Singapore, one of the world’s largest banks. His biggest challenge as the bank’s top honcho is an enviable one—continual increase in business, although he admits that people are quite a challenge. Renato de Guzman was featured in the Feb. 24 issue of the Inquirer’s Business section. [...]
Bangko Sentral ng Pilipinas Governor Amando Tetangco said something truly important at the gathering last week of the Chamber of Thrift Banks. In his speech, Tetangco said the BSP was drafting rules that would compel banks to improve on the ways they protect consumers. He said it would formalize “specific standards for consumer protection, including how banks should handle consumer complaints,” the goal being “to elevate consumer protection to a stature of a core bank function, and not simply an ancillary advocacy.”
By Solita Collas-Monsod
What can the Presidential Commission on Good Government (PCGG) be thinking? For that matter, what can the Office of the Solicitor General (OSG) be thinking? Why are they just sitting back and scratching their b–s as they wait for the merger of Allied Bank and Philippine National Bank to take place? Why aren’t they going to the Supreme Court and seeking a temporary restraining order, or instituting quo warranto proceedings? Why are they allowing the Filipino people to get screwed (again)?
We respond to AMLC executive director Vicente S. Aquino’s letter and take exception to his obscurantist posturing against Sen. Joker Arroyo’s stand on the Anti-Money Laundering Act or Amla (Inquirer, 1/11/13).
Two developments in the banking sector in the past two weeks passed hardly noticed despite their expected profound impact on bank management and public access to financial services. The first had to do with the Bangko Sentral ng Pilipinas’ directive for bank board directors to undergo mandatory training in “good corporate governance.” The BSP reminded [...]
I would like to commend the efforts of Pinky Macaalay, branch manager of RCBC, Loyola Heights Katipunan, in liasing with the bank’s credit card affiliate regarding disputed transactions.
This is to clarify the Commission on Audit Report on the P471.19 million worth of loans written off by Land Bank of the Philippines (LandBank) in 2010. (“House to probe LandBank for losing P500M in bad loans to cooperatives.” (Inquirer, 5/8/12)