th images menu user export search eye clock list list2 arrow-left untitled twitter facebook googleplus instagram cross photos entrep-logo-svg

Kick start your day, March 10: Which PH business records P1-billion sales in 2015?

Plus, know about an international fund heist allegedly involving a PH bank.
By Entrepreneur Staff |

RCBC under probe for money laundering

Rizal Commercial Banking Corporation (RCBC) is now under probe for allegedly being involved in money laundering.

 

The bank is being investigated for the $81-million deposited in its Jupiter, Makati City branch, including the transactions made via the account, ABS-CBN reported on March 9.

 

While keeping the confidentiality of its accounts, RCBC Vice Chairman Cesar Virata said the bank is already organizing a committee to look into the matter.

 

The bank is fully compliant with anti-money laundering laws, and it does not support any illegal activities, said RCBC President Lorenzo Tan. He added that he has been in the banking industry for 18 years instituting reforms and that all its actions are always according to applicable laws and the Bangko Sentral ng Pilipinas’ policies.

 

RCBC officials responded to a Philippine Daily Inquirer report published on March 8 citing that the $81 million suspected to have come from the same source, “managed to enter the local banking system and was released to local clients of RCBC.”

 

The Bangladesh central bank owns the compromised account and it is planning to sue the Federal Reserve Bank of New York after hackers allegedly stole nearly $100 million from a reserve account, Agence France-Presse reported.

 

Potato Corner

Potato Corner bags P1-billion sales in 2015

Homegrown food cart business Potato Corner had 2015 as its banner year by hitting over P1 billion ($21.36 million) in sales.

 

The 23-year-old company benefited from a robust domestic market, plus expansive growth network, ABS-CBN reported on March 9.

 

Potato Corner, whose franchisees swear success through the brand has over 550 Potato Corner stores worldwide: 90 are located in overseas markets such as Australia, Indonesia, Panama, United Arab Emirates, and the US.

 

Related: This banker couple retired early, thanks to franchising

 

Jose Magsaysay Jr., the chief executive of Potato Corner said they also plan to do business in like Myanmar and Vietnam.

 

He is also looking forward to the Association of Southeast Asian Nations’ (ASEAN) economic integration. The integration, through the ASEAN Economic Community, envisions the region into a single market and production base, a highly competitive region of equitable economic development, and fully integrated into the global economy.

 

Despite his business success, Magsaysay revealed in the interview that they are hoping the new administration will make setting up businesses truly easier. – Lynda C. Corpuz

Latest Articles

Property Tycoon Urges Php200-300 Hike in Daily Wages for Construction Workers

A boon for labor, the proposal could be tough for small construction firms that cannot absorb the...

byPauline Macaraeg | October 17, 2017 11:00:00

Financial Adviser: 5 Retail Lessons Every Startup Can Learn from the Co-Founder of Lazada

Lazada is the largest e-commerce destination in the country today. How did they do it?

byHenry Ong | October 17, 2017 11:00:00

The Most Powerful Word in Business Is 'No'

Focus in business is one of the key ingredients to success. Focus comes from the word no

byTim Denning | October 17, 2017 08:00:00

How One Entrepreneur Found Lasting Success By Focusing on 3 Basic Business Principles

A single-minded focus on revenue can blind you to how badly your business is really doing

bySerenity Gibbons | October 17, 2017 06:00:00

Use This Successful Entrepreneur's Scheduling Secret to Have Your Most Productive Day

Monitor your energy levels to know when to attempt your biggest tasks

byNina Zipkin | October 17, 2017 02:00:00

22 Influential Matriarchs From Notable Filipino Families

We round up a list of inspiring and accomplished women who have made an impact on Philippine society

byHannah Lazatin and Paolo Chua for TownandCountry.ph | October 17, 2017 00:00:00

Is Your Company Among 6 PH Firms Included in Forbes’ List of the World’s Best 500 Employers?

The local companies include the country’s biggest banks and property developers

byLorenzo Kyle Subido | October 16, 2017 17:00:00

Bigger and “Instagrammable” Stores Driving Greenwich To Growth

Franchise the homegrown pizza-and-pasta brand for a minimum fee of Php1 million per store

by | October 16, 2017 16:00:00

3 Takeaways on Digital Transformation from IMMAP’s DigiCon 2017

The conference chairman sums up the highlights of the three-day mobile marketing summit

byLorenzo Kyle Subido | October 16, 2017 12:00:00

3 Ways to Build Entrepreneurial Resilience for the Next 'Wave' of Challenges

When the problem is what you didn't do, the solution begins with figuring out what to do next

byJeff Boss | October 16, 2017 08:00:00

If You're Going to Fight, Fight Early

Facing conflict head on, asserting yourself and getting on the same page is critical to success

byKevin Hart | October 16, 2017 06:00:00

Here's Why Companies Lose 17% of Women Employees at Mid-Career

While many women take a career off-ramp for different reasons, most just don't want to be "stuck"

byAmanda Schnieders | October 16, 2017 02:00:00