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
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
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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Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
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