MANILA, Philippines – The policy making body of the Bangko Sentral ang Pilipinas (BSP) is dangling an incentive for rural banks to merge and consolidate.
On Friday, the Monetary Board of the BSP said in a statement that it has approved, in principle, the grant of financial incentives and regulatory relief to third party investors eyeing local rural banks.
The policy body said the financial incentives are applicable to mergers, acquisitions and consolidations with, or among, rural banks, especially those that are capital deficient.
The incentives will be drawn from the P5 billion common fund that the BSP and the state-owned Philippine Deposit Insurance Corporation will put up. Both regulators will contribute P2.5 billion each to the fund.
Interested parties can draw from the fund when they subscribe to preferred shares to reinforce the capital position of the thrift bank, and/or through direct loans.
Efforts to beef up the capital base of local thrift banks came in the heels of the Legacy Group’ thundering collapse. At least 14 rural banks under the group led by businessman-turned-politician Celso de los Angeles closed one after the other in December 2008 when its capital base could no longer keep up with client withdrawals. –abs-cbnNEWS.com
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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