This improvement stemmed primarily from the 4.1-percent increase in the country's total external financial assets
(or investments of residents abroad) from $175.6 billion to $182.8 billion, which compensated for the marginal growth of 0.3 percent in total external financial liabilities (or investments of nonresidents in the Philippines) from $224.4 billion to $225 billion.
The Philippines' net external liability declined to $42.2 billion as of end-March from $48.8 billion in the previous quarter because of the rise in financial assets
, the Bangko Sentral ng Pilipinas (BSP) reported.
The updated standard, issued in 2016, introduced the current expected credit losses (CECL) method for measuring credit losses on financial assets
measured at amortized cost.
The new standard is structured to encompass the pillars of classification, measurement of financial assets
and impairment and was applied retrospectively by Itau Unibanco Holding.
figure By PATRICK ALUSHULA Banks, insurers and telecommunications firms could soon be required to conduct a separate audit report on unclaimed financial assets
as the government moves to boost compliance.The National Treasury has published a draft Unclaimed Financial Assets
(UFA) policy which it says will raise the bar of reporting requirements with regard to abandoned assets such as bank deposits.
The higher net external liability position reflected the $7.1 billion (3.6 percent) expansion in the country's total external financial liabilities to a record $205.3 billion, offsetting the marginal increment of $1.2 billion (0.7 percent) in the total external financial assets
, which registered $170.9 billion in end-September 2018.
Under the new circular, specific guidelines on the classification and measurement, and impairment of financial assets
under the administration of trust entities were provided, taking into consideration the peculiarity of the trust operations.
of households were at the end of June 2018 e1/445.5 bln, 64% of which was cash and deposits, 2% securities, 20% shares and 14% other financial assets
Bulgarians have greater financial assets
than Slovaks, Russians, Romanians, Turks and Serbs.
However, Fitch expects net leverage to remain above 6.0x unless management completes its in planned disposal of certain financial assets
and long-term equity investments.
The government is working on a national policy that could see all holders of unclaimed financial assets
submit them to the Unclaimed Financial Assets