Posted at 01/19/19 6:38 AM
Philippine regulators and a global investment banker weigh in on calls to halt reclamation projects in the Manila Bay area, and it's set to go through a P47 billion rehabilitation.
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Banking stocks reported to have loan exposures to Hanjin fell on Friday, following reports the South Korean shipbuilder was seeking rehabilitation with some $412 million in debt.
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Five Philippine lenders seeking to cover some $412 in loans to Hanjin are "in close contact with one another" and "will do what's best for the banking industry and for the country," Bank of the Philippine Islands president Cezar Consing said.
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The Bangko Sentral ng Pilipinas is "monitoring" the banks' actions and there is "no cause for worry," said Deputy Governor Chuchi Fonacier. The case was first reported on the Philippine Daily Inquirer.
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Jonas Ravelas, Chief Market Strategist at BDO Unibank, shares his thoughts on the peso's continued strength.
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Philippine shares managed to extend their rise, inching closer to the 8,000 mark.
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It's been two years since the Bangladesh Bank heist, one of the world's biggest cyber bank heists.
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The Philippines, where Alorica employs roughly 40,000, is a "primary growth driver" for the company, said its Asia president, Bong Borja.
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Alorica built its facilities in the Philippines, Japan and South Korea to cater to millennials, "collaborative and in tune with the times," said the firm's president for Asia, Bong Borja.
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Loosening the country's bank secrecy law will help government's crackdown on money laundering, according to a former lawmaker who led an investigation into the $81-million cyber heist on Bangladesh Bank.
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