Capital Market Development Council
|
|
- Paulina Wilkerson
- 5 years ago
- Views:
Transcription
1 Capital Market Development Council
2 Member Institutions DOF FINEX PSE BSP BAP IHAP SEC PLIA Pre-Need OIC PIRA PDS
3 Need to Improve RP s s Low Domestic Savings Rate Philippines 2005 Domestic Savings/GDP = 29% Indonesia 2004 Domestic Savings Rate/GDP = 25.3% Thailand 2004 Domestic Savings/GDP = 33.4% Malaysia 2004 Domestic Savings/GDP = 43.8% Gross Domestic Savings/GDP, in % ASEAN Domestic Savings Rate, Philippines Malaysia Indonesia Thailand Source: ADB
4 Market Capitalization DOMESTIC MARKET CAPITALIZATION Nov (in billion US$) Indonesia Jakarta Stock Exchange JSX Malaysia Philippines Bursa Malaysia Philippine Stock Exchange BM PSE Thailand Stock Exchange of Thailand SET Market Capitalization 250 In Billion US$ JSX BM PSE SET Nov. 2006
5 Policy Advocacies Governance Investor Protection & Education Institution Building Market Discipline Conducive Macroeconomic Environment Sound Regulatory Framework
6 Balance of Incentives Taxation creates a friction cost but provides a social net PUBLIC FINANCIAL MARKET
7 Timing of Capital Market Reforms On the road to fiscal consolidation tax effort ratio approaching pre-crisis level. More leeway to address long-term structural issues. Regulators have adopted venue to harmonize regulations via FSF will encourage parity treatment of bank/non- bank products.
8 Timing of Capital Market Reforms OFW remittances at record high; is a sustainable source of surplus capital. Market looking for products aside from traditional bank deposits in the face of low interest rate scenario. Pave the way to reduce reliance on banking sector given vulnerability to contagion & systemic concerns.
9 Our Working Agenda MARKET: Attaining competitive parity DIVERSITY: Expanding financial choices available to the consumer EFFICIENCY: Improving the delivery of financial products and services STAKEHOLDER S CONSULTATIONS: Agreements to pursue reform paths
10 Initiatives: Tax Reforms for Capital Market Development Competitive Parity Tax Reform Over-all objective: recommend tax-neutral financial market Scope of Financial Sector Taxation Reform (USAID) - review all major tax-related issues in the bank and non- bank sectors - identify products, transactions or undertakings where tax arbitrage may exist - recommend possible changes that could improve tax neutrality - fiscal policy implications and reform paths
11 Initiatives Pension system reform PERA as practice set to equalize tax treatment & regulation of like products (neutrality). Partly addresses pension concerns (SSS, GSIS, RSBS). Not guaranteed by government.
12 Initiatives Set up Credit Bureau. Unfinished business: Corporate Recovery & Insolvency Act, Pre-Need Code, RICA, etc. Investor education & financial literacy campaign.
13 Establish policies Build legal and regulatory framework Build other financial sector infrastructure Develop institutions Develop financial instruments and markets Macro stability Political environment Legal and judicial environment AMLA CRIA Transparency and disclosure Credit Information System Act Institutions Companies Central bank Bank Insurance Pension funds Fund management Markets Capital Securities trading firms Investment fund management firms Contracting enforcement Property rights Lending/collateral LARA Financial instruments Market conduct Wholesale and retail investment services Accounting and auditing Regulations Failure-resolution laws Insolvency Deposit insurance Restructuring agencies Banking and other financial supervision BSP Charter FSF Accounting and acturial professions Payment systems Property rights registries Share registries Research and rating agencies Companies/enterprises Central bank BSP CHARTER Banks Micro and cooperative Specialized Commercial SPAV Contractual Savings Insurance Pensions Pre-Need Insurance Code RICA Capital markets/exchange Securities trading and fund management Exchanges Equities Fixed-income Government Municipal Private sector companies Commodities SRC Fixed-income instruments Equities Currencies Commodities Derivatives Other financial/instruments term (leasing) Securitization housing loans agricultural credit supplier's credit guarantees Tax Reform PERA
14 Why Capital Market Reforms Complement a Stable Fiscal Position Channels funds to investments & provides diversified & higher returns for domestic savings. - OFWs who are not taxable, can then invest in capital market instruments used to raise capital for local companies. Provides access to local currency funding for private sector projects; thus, may not require gov t.. guarantees.
15 Why Capital Market Reforms Complement a Stable Fiscal Position Ability of the market to price risks will be enhanced; less reliance on bank loans. Attracts different types of investors.
16 Why Capital Market Reforms Complement a Stable Fiscal Position Capital market reforms forces better financial reporting in both the financial and real sectors of the economy. (Higher tax revenues)
17 Work in Progress. Fixed Income Exchange Philippine Stock Exchange Financial Sector Tax Reform New Accounting Standards Corporate Governance Transparency and Disclosure Practices Investor Education and Protection
18 CMDC Remains Committed To be a pro-active public-private sector partnership that is the very core of CMDC To pursue its vision of market development premised on the Filipino consumer To be an active participant in the legislative process as an integral aspect of market development
19
SUMMARY SECTOR ASSESSMENT: FINANCE
Encouraging Investment through Capital Market Reforms, (RRP PHI:48427-001) SUMMARY SECTOR ASSESSMENT: FINANCE Sector Road Map 1. Sector Performance, Problems, and Opportunities 1. The Philippine economy
More informationPROGRAM IMPACT ASSESSMENT
Encouraging Investment Through Capital Market Reforms, (RRP PHI:48427-001) PROGRAM IMPACT ASSESSMENT I. Summary 1. The objective of the Encouraging Investment through Capital Market Reforms (EICMR) Program
More informationSECTOR ASSESSMENT (SUMMARY): FINANCE 1
Country Partnership Strategy: Thailand, 2013 2016 A. Sector Issues and Opportunities SECTOR ASSESSMENT (SUMMARY): FINANCE 1 1. Thailand has a sound and well-regulated banking system, capital market, and
More information2015/SFOM/S/007 Session: 2
2015/SFOM/S/007 Session: 2 Promoting a Stable Economy, a Dynamic Philippine Entrepreneurial Environment and Creating an Affluent Consumer Base in Preparation of ASEAN Integration Purpose: Information Submitted
More informationDEVELOPMENTS IN THE PHILIPPINE STOCK MARKET
THE PHILIPPINE STOCK EXCHANGE, INC. DEVELOPMENTS IN THE PHILIPPINE STOCK MARKET FACTORS THAT LED US TO BE AMONG THE BEST Hans B. Sicat President and CEO 07 NOV 2013 Discussion Outline Economic Performance
More informationGrowing Asia: Its Promising Markets
Prepared for ASF Annual General Meeting 2011 Growing Asia: Its Promising Markets Sung-Uk Yang Sep 29, 2011 Korea Financial Investment Association Table of Contents I. Intro: Recent Issues II. III. IV.
More informationCorporate Governance in the Philippines
Corporate Governance in the Philippines unde Jonathan Juan DC. Moreno Head, Corporate Governance Office & Chief Risk Officer Philippine Stock Exchange July 3, 2009, Sofitel Hotel, Hanoi, Vietnam Outline
More informationECONOMIC REFORM (SUMMARY) I. INTRODUCTION
Interim Country Partnership Strategy: Myanmar, 2012-2014 ECONOMIC REFORM (SUMMARY) I. INTRODUCTION 1. This economic reform assessment (summary) provides the background to the identification of issues,
More informationFuture of ASEAN Banking and Financial Markets
Future of ASEAN Banking and Financial Markets June 27, 2014 Manila, The Philippines Noritaka Akamatsu Asian Development Bank How will the ASEAN banking and financial markets be defined by the AEC? 2 ASEAN
More informationFrom Stability to Prosperity for All
From Stability to Prosperity for All March 2012 PQU Press Presentation Rogier van den Brink, Lead Economist Karl Kendrick Chua, Country Economist Poverty Reduction and Economic Management (PREM) Unit World
More informationADB Assistance for Domestic Capital Market Development
Evaluation Study Reference Number: SES: OTH 2008-36 Special Evaluation Study September 2008 ADB Assistance for Domestic Capital Market Development Operations Evaluation Department ABBREVIATIONS ADB Asian
More informationRepublic of the Philippines: Institutionalizing Capital Market Reforms
Encouraging Investment through Capital Market Reforms Program, SP2 (RRP PHI 48427-002) Technical Assistance Report Project Number: 48427-002 Transaction Technical Assistance (TRTA) October 2017 Republic
More informationRepublic of Indonesia: Capital Market Development Program Cluster (Subprogram I)
Draft Design and Monitoring Framework Project Number: 32507 September 2007 Republic of Indonesia: Capital Market Development Program Cluster (Subprogram I) A design and monitoring framework is an active
More informationPlenary 4. Capital Markets and Economic Development - New Avenues for the Financing of Small and Medium Enterprises (SMEs)
Plenary 4 Capital Markets and Economic Development - New Avenues for the Financing of Small and Medium Enterprises (SMEs) Mr. Andrew Sheng Chief Adviser, China Banking Regulatory Commission 12 April 2007
More informationMacroeconomic policies conducive to job-rich and inclusive growth
Macroeconomic policies conducive to job-rich and inclusive growth Enrique Blanco Armas Senior Economist World Bank April 14, 2011 Launch of Labour and Social Trends Report for Indonesia Inter-Continental
More informationBusiness and Consumer Expectations Surveys in the Philippines
Business and Consumer Expectations Surveys in the Philippines Gloria A. Cubinar Department of Economic Statistics International Workshop on Short-Term Statistics Beijing, China 18-20 May 2015 Outline of
More informationEconomic Briefing for the Philippine Association of National Advertisers. 24 February 2010
Economic Briefing for the Philippine Association of National Advertisers 24 February 2010 1 Presentation flow 11 themes for 2011 1. Economic growth is real. 2. Service oriented economy. 3. Consumption
More informationMALAYSIA CAPITAL MARKET The Investment Destination. Bursa Malaysia 19 October 2012
MALAYSIA CAPITAL MARKET The Investment Destination Bursa Malaysia 19 October 2012 TABLE OF CONTENTS 1. Market Overview 2. Outlook & Opportunities 3. Development & Strategy 4. Conclusion 2 Market Overview
More informationSpeech by Mr. Amando M. Tetangco, Jr. Governor, Bangko Sentral ng Pilipinas
Speech by Mr. Amando M. Tetangco, Jr. Governor, Bangko Sentral ng Pilipinas At the International symposium hosted by the Center for Monetary Cooperation in Asia (CeMCoA) of the on January 22, 2007 in Tokyo
More informationAsian Financial Markets Years since the Asian Financial Crisis, and Prospects for the Next 20 Years --
November 28, 2017 Bank of Japan Asian Financial Markets -- 20 Years since the Asian Financial Crisis, and Prospects for the Next 20 Years -- Keynote Speech at 2017 Annual General Meeting of Asia Securities
More informationAsian Bond Market Initiative to support Infrastructure Development in the Region
Asian Bond Market Initiative to support Infrastructure Development in the Region Irfa Ampri Vice Chairman Fiscal Policy Agency for Climate Change Finance and Multilateral Policy Indonesia s Minister of
More informationAdjusting the Sails: Supporting the Sustainable Growth of the Real Estate Sector
Adjusting the Sails: Supporting the Sustainable Growth of the Real Estate Sector 3 rd Monthly Business Meeting Chamber of Real Estate & Builders Association, Inc. (CREBA) Hotel Intercontinental Makati,
More informationSustaining Resilience, Expanding Opportunities for Inclusive Growth
1 Sustaining Resilience, Expanding Opportunities for Inclusive Growth Deputy Governor Diwa C. Guinigundo Bangko Sentral ng Pilipinas Source: Google images 2 PH emerges as growth leader in the ASEAN pack
More informationThe Global Economy and Viet Nam: Current Situation and Perspectives
2017/SOM1/EC/006 Agenda Item: 7c The Global Economy and Viet Nam: Current Situation and Perspectives Purpose: Information Submitted by: Central Institute for Economic Management First Economic Committee
More informationASIA REGION FUNDS PASSPORT
ASIA REGION FUNDS PASSPORT Annual Report 2016-2017 Chair Report Jumpei Miwa Chair of the Asia Region Funds Passport Joint Committee Director for International Capital Market Regulation Financial Services
More informationPublic Pension Funds
Discussion Draft Public Pension Funds The slow pace of pension reforms continues to be of concern. In particular, the short-term financial condition of the Social Security System (SSS) remains problematic
More informationA Briefer on NATIONAL HOME MORTGAGE FINANCE CORPORATION. 25 TH CREBA NATIONAL CONVENTION Baguio City October 13, 2016
A Briefer on NATIONAL HOME MORTGAGE FINANCE CORPORATION 25 TH CREBA NATIONAL CONVENTION Baguio City October 13, 2016 Outline I. Mandate II. Programs A. Regular Programs B. Projects in the Pipeline I. MANDATE
More informationDOCUMENTS) A Y Letter of Dev. pment Policy. No. S- 108.A /M.EKON/04/2014 Jakarta,April 25, 2014 No. S- 255/MK.08/2014. Dear Mr.
Letter of Dev pment Policy MENTERI KEUANGAN REPUBLIK INDONESIA DOCUMENTS) No. S- 108.A /M.EKON/04/2014 Jakarta,April 25, 2014 No. S- 255/MK.08/2014 Mr. Jim Yong Kim President The World Bank Washington,
More informationMarket Conduct Regulation & Supervision: The Malaysia s Experience
Market Conduct Regulation & Supervision: The Malaysia s Experience by Suhaimi Ali Director, Consumer and Market Conduct Department Bank Negara Malaysia (Central Bank of Malaysia) International Seminar
More informationEnhanced Regulatory Framework
Enhanced Regulatory Framework A. Government Policy on Microinsurance On January 2010, the Government launched the Regulatory Framework for Microinsurance that outlines the government s policy thrusts and
More informationA Financial Sector Agenda for Indonesia
A Financial Sector Agenda for Indonesia Indonesia paid a high price paid for its weak financial sector Indonesia s financial sector crisis was one of the costliest in the world - more than 50 per cent
More informationASEAN Charter ASEAN Community Vision 2025 ASCC Blueprint
Tripartite Seminar for Enhancing Strengthening Social Protection in an Integrated ASEAN Community 25-26 November 2015, Jakarta Mega Irena Head, Social Welfare, Women, Labour & Migrant Workers Division,
More informationChanging Economic Landscape and its impact on procurement and supply chains Jonathan Ravelas
Changing Economic Landscape and its impact on procurement and supply chains Jonathan Ravelas Presentation Outline I. World Economy II. Outlook on the Philippines III. Risks IV. Implications to Supply Chain/Procurement
More informationRepublic of the Philippines: Islamic Finance for the Philippines
Technical Assistance Report Project Number: 50325-001 Knowledge and Support Technical Assistance (KSTA) December 2017 Republic of the Philippines: Islamic Finance for the Philippines This document is being
More informationDeveloping a financial inclusion
Developing a financial inclusion strategy: The case of Indonesia Muliaman D. Hadad Deputy Governor The 2010 AFI Global Policy Forum, Bali, 27-29 September 2010 1 Indonesia Some key facts: Population of
More informationINSURING THE POOR. By Emmanuel R. Que. Chairman, Philippine Insurers and Reinsurers Association
INSURING THE POOR By Emmanuel R. Que Chairman, Philippine Insurers and Reinsurers Association Supporting the development of microinsurance: An industry perspective ABOUT PIRA Philippine Insurers and Reinsurers
More informationReport Summary of Studies on Economic Surveillance and Policy Dialogue in East Asia i
Report Summary of Studies on Economic Surveillance and Policy Dialogue in East Asia i Institute for International Monetary Affairs March 10, 2005 Manila, the Philippines The study group working on Economic
More informationPhilippines. Yield Movements
Market Summaries Philippines Yield Movements Between end-september and end-december, Philippine local currency (LCY) government bond yields fell for most tenors with the exception of the 2- and 3-year
More informationSUMMARY POVERTY IMPACT ASSESSMENT
SUMMARY POVERTY IMPACT ASSESSMENT 1. This Poverty Impact Assessment (PovIA) describes the transmissions in which financial sector development both positively and negatively impact poverty in Thailand.
More informationSTATE BANK OF PAKISTAN
STATE BANK OF PAKISTAN Taking Economic Recovery to the Next Level: Role of the Private Sector Presentation at Pakistan Stock Exchange Dr. Saeed Ahmed Chief Economic Advisor, SBP March 14, 2016 1 Outline
More informationzzzzzzzzzz_zzzz,. Foundations of Banking Risk
zzzzzzzzzz_zzzz,. Foundations of Banking Risk An Overview of Bankings Banking Risks, and Risk-Based Banking Regulation RICHARD APOSTOLIK CHRISTOPHER DONOHUE PETER WENT C 259731 GARP ThWil&s W 7 GLOBAL
More informationJordan Country Brief 2011
Jordan Country Brief 2011 CONTEXT The Hashemite Kingdom of Jordan is an upper middle income country with a population of 6 million and a per-capita GNI of US $4,390. Jordan s natural resources are potash
More informationCompletion Report. Project Number: Loan Number: 2199-PHI October Philippines: Microfinance Development Program
Completion Report Project Number: 38579 Loan Number: 2199-PHI October 2009 Philippines: Microfinance Development Program CURRENCY EQUIVALENTS Currency Unit peso (P) At Appraisal At Project {or Program}
More informationRoles and Responsibilities and Key Messages for Various Stakeholder Groups
Roles and Responsibilities and Key Messages for Various Stakeholder Groups Acknowledgement This power point material was prepared on Aug. 2011 by the Technical Working Group (TWG) on the Roadmap to Financial
More informationASIAN DEVELOPMENT BANK PPA: PHI 21223
ASIAN DEVELOPMENT BANK PPA: PHI 21223 PROGRAM PERFORMANCE AUDIT REPORT ON THE CAPITAL MARKET DEVELOPMENT PROGRAM (Loan 1363-PHI) IN THE PHILIPPINES August 2003 CURRENCY EQUIVALENTS Currency Unit peso (P)
More informationThe Joint Statement of the 15 th ASEAN+3 Finance Ministers and Central Bank Governors' Meeting
The Joint Statement of the 15 th ASEAN+3 Finance Ministers and Central Bank Governors' Meeting 3 May 2012, Manila, the Philippines I. Introduction 1. We, the Finance Ministers and Central Bank Governors
More informationMonitoring the Philippine Economy First Quarter Report for 2016
Monitoring the Philippine Economy First Quarter Report for 2016 Project of Angelo King Institute Mitzie Irene P. Conchada 1 Assistant Professor School of Economics Regina S. Villasor BS Applied Economics
More informationPolicy Seminar: A global view on policy approaches to enhance access to insurance
Policy Seminar: A global view on policy approaches to enhance access to insurance Rio, 8th November 2011 Martina Wiedmaier-Pfister on behalf of German Federal Ministry for Economic Development and Cooperation
More informationChapter 7 ADVANCING INCLUSIVE FINANCIAL SYSTEM IN THE NEXT DECADE: MICROFINANCE IN THE PHILIPPINES. By Al Benedict B. Magday 1
Chapter 7 ADVANCING INCLUSIVE FINANCIAL SYSTEM IN THE NEXT DECADE: MICROFINANCE IN THE PHILIPPINES By Al Benedict B. Magday 1 1. Background 1.1 Country Information The Philippines is an archipelago of
More informationArnold McIntyre Presentation at Caribbean Exporters Colloquium March 20-21, 2013
Arnold McIntyre Presentation at Caribbean Exporters Colloquium March 20-21, 2013 Outline A Changed World and Region WIC Report Still Relevant? A Changed World Global and regional economic conditions have
More informationINDONESIA RISING. Policy Priorities for 2010 and Beyond
INDONESIA RISING. Policy Priorities for 2010 and Beyond Towards a Stable, Efficient, and Accessible Financial Sector Key Messages 1. The government s focus on maintaining and strengthening the stability
More informationCross Border Cooperation :
Cross Border Cooperation : Case of ASEAN Capital Market Integration Pattera Dilokrungthirapop Chairperson Association of Thai Securities Companies October 24, 2013 Agenda ASEAN Capital Market integration;
More informationIndonesia. Real Sector. The economy grew 3.7% in the first three quarters.
Indonesia Real Sector The economy grew 3.7% in the first three quarters. The economy grew in a 3.5-4% range in each of the first three quarters, in spite of adverse effects from the 22 Bali bombing, the
More informationCORPORATE GOVERNANCE AND FINANCE IN EAST ASIA
i CORPORATE GOVERNANCE AND FINANCE IN EAST ASIA CORPORATE GOVERNANCE A Study of Indonesia, Republic of Korea, Malaysia, Philippines, and Thailand AND FINANCE IN EAST ASIA VOLUME ONE A Consolidated Report
More informationBANK OF UGANDA STATE OF THE UGANDAN ECONOMY DURING 2008/09. Research Function
BANK OF UGANDA STATE OF THE UGANDAN ECONOMY DURING 2008/09 Research Function Prepared for the meeting of the Board of Directors of the Bank of Uganda 0 Introduction This brief report reviews developments
More informationIndonesia: Financial Market Development and Integration Program (FMDIP) Summary Poverty Impact Assessment
Million persons Percentage Indonesia: Financial Market Development and Integration Program (FMDIP) Summary Poverty Impact Assessment A. Introduction 1. This Poverty Impact Assessment (PovIA) describes,
More informationEffectiveness of Aid for Trade
Effectiveness of Aid for Trade Lessons from the Philippines Regional Workshop on Promoting Intraregional Trade, Investment and Connectivity through Bankable Aid for Trade Projects : Addressing Developmental
More informationPhilippines: 2017 Economic Performance and Socioeconomic Priorities 2018 Onwards. Carlos Bernardo O. Abad Santos Assistant Secretary 09 March 2018
Philippines: 2017 Economic Performance and Socioeconomic Priorities 2018 Onwards Carlos Bernardo O. Abad Santos Assistant Secretary 09 March 2018 The Setting: Where We Are Now PH economic growth in sharp
More informationThe Kuala Lumpur Statement on Financing Sources for Public-Private Partnerships in South-East Asia
Sub-Regional Expert Group Meeting (EGM) for South-East Asian Countries Financing Sources for Public-Private Partnerships (PPPs) The Kuala Lumpur Statement on Financing Sources for Public-Private Partnerships
More informationMaking growth work for the poor
Making growth work for the poor A window of opportunity to eradicate extreme poverty and boost shared prosperity within one generation Karl Kendrick Chua Senior Country Economist The World Bank in the
More informationEnhancing Market Openness in Indonesia. Molly Lesher, OECD Trade and Agriculture Directorate
Enhancing Market Openness in Indonesia Molly Lesher, OECD Trade and Agriculture Directorate OECD Regulatory Reform Review of Indonesia, First Working Group Meeting 9 February 2011 Outline of Presentation
More informationJoint Economic Briefing Impact of the Philippine Elections on Foreign Investments
Joint Economic Briefing Impact of the Philippine Elections on Foreign Investments New World Hotel, Makati City Peter Wallace Wallace Business Forum April 18,2016 QRT POL JULY 26, 2015 1 PH s Foreign Direct
More informationDeepening and Diversifying the Financial System
Discussion Draft Deepening and Diversifying the Financial System A vulnerable banking sector and an underdeveloped domestic corporate bond market are undermining the sustained expansion in credit necessary
More informationPromoting Regional Integration: ASEAN Case for Capital Account Liberalization
2015/SFOM/S/009 Session: 2 Promoting Regional Integration: ASEAN Case for Capital Account Liberalization Purpose: Information Submitted by: Philippines Special Senior Finance Officials Meeting Clark, Philippines
More informationPRESENTATION ON Fiscal Policy for Development and Budgetary Implications: Experience in Other Parts of Asia
PRESENTATION ON Fiscal Policy for Development and Budgetary Implications: Experience in Other Parts of Asia By Dr. Ashfaque H. Khan Principal NUST Business School National University of Sciences & Technology,
More informationChanges in Development Finance in Asia: Trends, Challenges, and Policy Implications
February 8, 2012 Chula Global Network Chulalongkorn University, Bangkok, Thailand Changes in Development Finance in Asia: Trends, Challenges, and Policy Implications Toshiro Nishizawa Head, Country Credit
More informationASIA ECONOMIC MONITOR DECEMBER 2010
Asia ECONOMIC Monitor December 2010 ASIA ECONOMIC MONITOR DECEMBER 2010 2010 Asian Development Bank All rights reserved. Published 2010. Printed in the Philippines. Printed on recycled paper. Cataloging-In-Publication
More informationGlobal Economic Prospects and the Developing Countries William Shaw December 1999
Global Economic Prospects and the Developing Countries 2000 William Shaw December 1999 Prospects for Growth and Poverty Reduction in Developing Countries Recovery from financial crisis uneven International
More informationTaxes of an OCW/OFW. Taxable Income and Requirements for Claiming Certain Tax Exemptions
Taxes of an OCW/OFW Taxable Income and Requirements for Claiming Certain Tax Exemptions Situation I am an Overseas Contract Worker (OCW) or an Overseas Filipino Worker (OFW). I am earning income from abroad
More informationChapter two Overview of the Macroeconomic Situation and Outlook for Africa
002 Chapter two Overview of the Macroeconomic Situation and Outlook for Overview of the Macroeconomic Situation Economic Outlook for and the Role of the Bank Chapter 002 Overview of the Macroeconomic Situation
More informationRepublic of Indonesia: Enhancing Financial Sector Governance, Risk Management, and Depth (Financed by the Japan Fund for Poverty Reduction)
Technical Assistance Report Project Number: 44252-012 Capacity Development Technical Assistance (CDTA) January 2013 Republic of Indonesia: Enhancing Financial Sector Governance, Risk Management, and Depth
More informationAn Introduction. by Titon Mitra UNDP Philippines Country Director MCPI Annual Conference; 28 July 2016
An Introduction by Titon Mitra UNDP Philippines Country Director 2016 MCPI Annual Conference; 28 July 2016 Poverty incidence 34.4% 25.8% 1991 2014 Children going to school 83.2% 95.2% SY 2006-2007 SY
More informationManagement Discussion and Analysis
OVERVIEW 2002 2001 + / (-) Selected profit and loss data: Net interest income 1,509 1,392 8.4 Fees and commissions 374 292 27.9 Dividends 34 36(7.0) Rental income 77 81 (5.2) Other income 228 412 (44.7)
More informationThe Philippine Economy
The Philippine Economy RECENT PERFORMANCE & PRIORITY REFORMS FOR SUSTAINED GROWTH ADORACION M. NAVARRO Undersecretary, Regional Development Office National Economic and Development Authority 1 8 6 4 PH
More informationPresentation. The Boom in Capital Flows and Financial Vulnerability in Asia
High-level Regional Policy Dialogue on "Asia-Pacific economies after the global financial crisis: Lessons learnt, challenges for building resilience, and issues for global reform" 6-8 September 2011, Manila,
More informationFinancial Literacy Roadshow: A vehicle for stakeholder-tailored education in Inclusive Risk Protection
9 th International Microinsurance Conference 12-14 November / Jakarta, Indonesia Financial Literacy Roadshow: A vehicle for stakeholder-tailored education in Inclusive Risk Protection Dr. Antonis Malagardis,
More informationCHALLENGES IN DEBT MANAGEMENT: UGANDA S STATUS
CHALLENGES IN DEBT MANAGEMENT: UGANDA S STATUS 1 ST OECD FORUM ON AFRICAN PUBLIC DEBT MANAGEMENT Amsterdam Netherlands December 7 th 8 th 2006 Wasswa Y. Kajubi Director, Trade and External Debt Bank of
More informationASEAN COMMON EXCHANGE GATEWAY
ASEAN COMMON EXCHANGE GATEWAY For 3 rd OIC Member States Stock Exchanges Forum - October 2009 Bursa Malaysia Berhad ( the Company ) reserve all proprietary rights to the contents of this Presentation.
More informationTowards a More Inclusive and Secure Financial World
Protection through Education Towards a More Inclusive and Secure Financial World Sujatha Sekhar Naik Securities Commission Malaysia SEBI OECD INTERNATIONAL CONFERENCE ON INVESTOR EDUCATION 3 4 February
More informationCOMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS
EUROPEAN COMMISSION Brussels, 13.10.2011 COM(2011) 638 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE
More informationOverview. Financial Systems approach to microfinance Basic roles and functions of government and donors at various points within the financial sector
Overview Financial Systems approach to microfinance Basic roles and functions of government and donors at various points within the financial sector The Borders of Microfinance are Blurring Khan bank serving
More informationThe Chiang Mai Initiative Multilateralisation: Origin, Development and Outlook
The Chiang Mai Initiative Multilateralisation: Origin, Development and Outlook by Chalongphob Sussangkarn Presented at a conference on Regionalism and Reform of the Global Monetary & Financial System:
More informationPresentation at OWG 5 th Session November 26, Aldo Caliari, Rethinking Bretton Woods Project Center of Concern
Presentation at OWG 5 th Session November 26, 2013 Aldo Caliari, Rethinking Bretton Woods Project Center of Concern Preface Recommendations on economic policy NOT intended as goals: they are means. Thinking
More informationCOUNTRY ECONOMIC INDICATORS. Table 1: Country Economic Indicators for Cambodia,
Aureos South-East Asia Fund II (RRP REG 45911) 1 COUNTRY ECONOMIC INDICATORS Table 1: Country Economic Indicators for Cambodia, 2007-2011 Fiscal Year ITEM 2007 2008 2009 2010 2011 Proj 1. GDP per Capita
More informationFinancial Review. Standard Chartered Annual Report and Accounts See page 36 for analysis of the underlying results $million.
Financial Review Group Summary The Group has delivered another strong performance for the year ended 31 December. Profit before taxation rose 27 per cent to $4,035 million, with operating income increasing
More informationADB Economics Working Paper Series. Poverty Impact of the Economic Slowdown in Developing Asia: Some Scenarios
ADB Economics Working Paper Series Poverty Impact of the Economic Slowdown in Developing Asia: Some Scenarios Rana Hasan, Maria Rhoda Magsombol, and J. Salcedo Cain No. 153 April 2009 ADB Economics Working
More informationASEAN Bankers Association
ASEAN Bankers Association Role of the financial sector in the development of sustainable energy Address: 80 Cecil Street #7-0 Bangkok Bank Building Singapore 0696 Tel No: +6-6-7 Fax No +6-6-077 Email:
More informationHonourable Remi Babalola Page 2 of 7
KEYNOTE ADDRESS BY THE HONOURABLE MINISTER OF STATE FOR FINANCE, REMI BABALOLA AT THE NATIONAL CONFERENCE ON FINANCING THE 7-POINT AGENDA THROUGH THE CAPITAL MARKET PROTOCOL On behalf of the Federal Ministry
More informationASEAN Financial Integration towards ASEAN 2025:
ASEAN Financial Integration towards ASEAN 2025: Call for a well-coordinated supervisory and regulatory framework Satoru (Tomo) Yamadera Principal Financial Sector Specialist Asian Development Bank Outline
More informationViet Nam: Microfinance Development Program (Subprograms 1 and 2)
Validation Report Reference Number: PVR-478 Project Numbers: 42235-013 and 42235-023 Loan Numbers: 2877 and 3213 December 2016 Viet Nam: Microfinance Development Program (Subprograms 1 and 2) Independent
More informationDirector Erlinda M. Capones Social Development Staff 10 December 2008
The Global Economic Crisis and the Philippine Economy Director Erlinda M. Capones Social Development Staff 10 December 2008 NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY Key Questions How will the global
More informationLatest Philippine and Regional Economic Performance, and Socioeconomic Priorities 2018 Onwards
Latest Philippine and Regional Economic Performance, and Socioeconomic Priorities 2018 Onwards Carlos Bernardo O. Abad Santos ASSISTANT SECRETARY 28 November 2018 PH economic growth in an upward trajectory
More informationSECTOR ASSESSMENT (SUMMARY): FINANCE
% of GDP Basis points for bid-ask spreads $ millions for size Encouraging Investment through Capital Market Reforms Program, SP (RRP PHI: 87-00) Sector Road Map SECTOR ASSESSMENT (SUMMARY): FINANCE 1.
More informationFinancial Integration and Supervision Challenges for Central Banks. Nestor A. Espenilla, Jr. Deputy Governor Bangko Sentral ng Pilipinas
Financial Integration and Supervision Challenges for Central Banks Nestor A. Espenilla, Jr. Deputy Governor Bangko Sentral ng Pilipinas Issues Covered in this Discussion The premise of regional integration
More informationSocial Security: Key Issues for Trade Unions
Social Security: Key Issues for Trade Unions Social protection for all is the goal and part of Decent Work agenda - & also one of the important elements of GJP Global economic crisis increases the urgency
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS ISSUES PAPER ON GROUP-WIDE SOLVENCY ASSESSMENT AND SUPERVISION 5 MARCH 2009 This document was prepared jointly by the Solvency and Actuarial Issues Subcommittee
More informationKeynote Address at the 3rd Annual Conference of the Association of Financial Advisers
SIARAN AKHBAR Ref. No.: 10/14/13 For immediate release Keynote Address at the 3rd Annual Conference of the Association of Financial Advisers Financial Advisers The Future Right Here, Right Now By Jessica
More informationOverview of Selected Issues
Natural Resource Wealth & Economic Development Overview of Selected Issues Jan Gottschalk TAOLAM This training activity is funded with grants from Japan. Overview I. Some Basic Issues II. Key Factors for
More informationInnovation for Financial Inclusion: Indonesia s Perspective
2013/FMP/WKSP1/002 Session 1 Innovation for Financial Inclusion: Indonesia s Perspective Submitted by: Indonesia Workshop on Promoting Financial Access Through Innovative Delivery Channel to Enhance Financial
More informationThe Need for a Coordinated Industrial Strategy to Boost Pakistani Exports: Lessons from Asia
The Need for a Coordinated Industrial Strategy to Boost Pakistani Exports: Lessons from Asia Tenth Annual Conference on Management of Pakistan Economy March 2014 Azam Chaudhry Gul Andaman Lahore School
More information