Various trade unions and federations in the province formed recently the Wage Increase Solidarity-Negros to push for the implementation of the P125 across-the-board wage increase that got stalled in Congress.

National Federation of Sugarworkers secretary-general John Milton Lozande said the demand for wage increase remains a major issue which the labor sector will raise during the celebration of the International Labor Day on May 1.

He said exploitation and oppression of workers continue especially in sugarfarms where unjust labor practices still exist.

BSP okays foreign currency
investments for thrift banks

The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, approved in a meeting recently a proposal to allow thrift banks authorized to operate foreign currency deposit units to invest in long-term readily marketable foreign currency denominated debt instruments.

In a statement released to the media, the BSP said that under existing regulations, universal and commercial banks with expanded FCDU license are allowed to invest in foreign currency denominated debt instruments, regardless of maturity and marketability. On the other hand, thrift banks with FCDU license are only allowed to invest in foreign currency denominated debt instruments that are of short-term maturity and readily marketable.

PNB opens Paris branch

MANILA - The Philippine National Bank recently opened a branch in Paris, France designed at helping overseas Filipino workers easily send remittances to their families in the country.

In a statement from the bank, PNB President and chief executive officer Omar Byron Mier said the Paris branch, located at 165 Avenue Victor Hugo, Paris, was formally opened April 16. Mier said opening of the new branch reflects the Bank's commitment of providing international banking services worldwide as well as growing the Bank's remittance business in the region.

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