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PEER GROUP SERVICES
WBF has over a quarter of a century experience in professional consulting and assisting business in their operations in the Philippines. It has gained a well-deserved reputation among the foreign and local business community in the Philippines... Read more
- Yolanda master plan approved Pres. Aquino has approved the P167.9 billion Comprehensive Rehabilitation and Recovery Plan (CRRP) yesterday which is “envisioned to bring forth the recovery of the 171 affected cities and municipalities in 14 provinces and 6 regions” hit by super-typhoon Yolanda (Haiyan) in November last year. Communications Secretary Herminio Coloma, Jr. said the CRRP details over 25,000 rehabilitation and recovery plans based on “the principle of ‘build-back-better’ by focusing on long-term, sustainable efforts to reduce vulnerabilities and strengthen capacities of communities to cope with future hazard events.” Budget for infrastructure is P35.15 billion; P26.41 billion for social services; P75.68 billion for resettlement; and P30.63 billion for livelihood. About 52 billion has been released by the budget department from the national budget since November 2013. The CRRP has been submitted for approval by Presidential Assistant for Rehabilitation and Recovery Panfilo Lacson on Aug. 1.
- BSP’s new bank regulation a credit positive – Moody’s The Bangko Sentral ng Pilipinas (BSP)’s recent move that should strengthen credit risk management and tightening lending standards is credit positive for local lenders, said Moody’s Investors Service. The BSP measure will require local banks to cap the value of their real estate collateral and will accelerate loan-loss provisioning for distressed loans. Moody’s said this will reduce banks’ credit risk concentration among borrowers in interconnected industries. The BSP mandated banks to focus on borrowers’ cash-flow analysis and ability to pay instead of collateral. Banks were also ordered to develop internal risk rating systems and stress testing policies to better assess their credit risk exposures. The new regulation also encourages banks’ lending to micro and small firms by exempting them from some documentary requirements. Banks are also now required to limit credit exposures to some segments and diversify their portfolio to mitigate risks.