 |
 |
|
|
       |
Six banks eyeing sale of bad assets worth P100B in September, BSP says |
|
By: Maricel E. Burgonio
The Manilia Times, Monday, 12 July 2004 AT least six banks have expressed interest in disposing about P100-billion worth of bad assets through a special purpose vehicle, the Bangko Sentral ng Pilipinas said. This is only half of an early forecast made by regulators, as they earlier estimated that the SPV Act, once implemented, can immediately wipe out P200 billion in bad assets from banks’ balance sheets. Passed early 2003, the SPV law provides incentives for both banks and buyers of their bad assets. The law provides for a five-year availment period of these incentives, which include tax perks and waivers on various fees. “A total of six banks have expressed their interest and are trying to beat the deadline on September [this year],” Nestor Espanilla, BSP assistant governor, told reporters. He however refused to disclose the identity of the banks citing confidentiality agreements, although some of the banks have earlier announced their plans. Espenilla said the banks have informed the BSP of their plans, although the approval of the Monetary Board, which is the policy-making body of BSP, would still be needed. The BSP has no plans of pushing for the extension of the law’s deadline, which falls on September for the registration of bad assets for sale. As of June 28, the amount of bad assets transferred under the SPV law amounted to P3.008 billion. |
 |
Circular Letters/Memoranda |
|
Speeches/ Presentations |
|
Photo Gallery |
|
The 2008 RBAP Charter Symposium |
|
2008 CFI Awards |
|
Rural Banking Week Celebration Golf Tournament |
|
Client Satisfaction Survey for Licensing Management System of the Supervision and Examination Sector |
|
Financial Reporting Package 2008 |
|
BSP releases regulations on liquidity, market risk weighting |
