MANILA – The Court of Appeals has directed the Bangko Sentral ng Pilipinas to reopen Banco Filipino and ordered the implementation of the P25-billion financial assistance as contained in the business plan previously approved by the BSP and the Monetary Board.

In a 50-page ruling, the CA ordered the BSP and the Monetary Board to reopen BF and allow it to resume business in the Philippines under the comptrollership of the BSP and the MB, complete with a viable rehabilitation plan, in order to ensure fast and immediate recovery of the bank from the ill-defects of the illegal closure.

The CA gave the BSP 30 days to extend financial support to Banco Filipino based on the indicated business plan approved by the BSP and MB.

PSALM bidding out
power barges

MANILA – The Power Sector Assets and Liabilities Management Corporation continues the government’s power privatization program with the issuance of the Invitation to Bid for the auction of the diesel-fired Power Barges 101, 102, 103 and 104 capable of generating 32 megawatts each, a government press release said.

PSALM president and chief executive officer Emmanuel Ledesma Jr. said, the bidding of the power barges continues the privatization efforts of PSALM, which will ultimately lower the universal charge to be imposed on consumers as provided under the Electric Power Industry Reform Act.

"Although the privatization was temporarily put on hold at the start of the Aquino administration, PSALM is again committed to immediately dispose of our remaining assets pursuant to the EPIRA," Ledesma said, the press release said.

Security Bank
gets 25% ROE

Paste article here.