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Agri-agra loans post 2-digit growth in Q1
Loans extended by domestic banks for agriculture and agrarian reform recorded a double-digit growth of 10 percent to P765.92 billion in the first quarter from P696.35 billion in the same quarter last year, according to the Bangko Sentral ng Pilipinas......»»
Banks pay P2 billion fines annually for agri-agra loan deficiency
Banks have been paying an average of P2 billion in fines annually to the Bangko Sentral ng Pilipinas for failing to meet the mandated loan threshold for agriculture and agrarian reform......»»
Agri-agra loans remain below threshold
Loans extended by Philippine banks for agriculture and agrarian reform slipped by 2.6 percent to P696.35 billion in September 2020 from P714.27 billion in the same period in 2019 as the industry continued to fall short of the mandated threshold for the sector......»»
Agri-Agra Law changes seen to boost farm productivity
The latest changes in the Agri-Agra Law, which mandates private banks to lend a portion of their funds to farmers, are expected to boost agricultural productivity and contribute to economic recovery......»»
UBS to pay $1.4-B to settle US fraud charges on subprime loans
UBS will pay $1.4 billion to settle US charges that it defrauded investors in the sale of mortgage-backed securities central to the 2008 financial crisis, the Justice Department announced Monday. The agreement resolves the last outstanding case brought by federal prosecutors against major banks in the wake of the financial calamity, an initiative which has garnered $36 billion in settlements from nearly 20 financial institutions, a Department of Justice (DOJ) press release said. In its civil case launched in 2018, the DOJ argued that UBS "knowingly made false and misleading statements" in connection with the sale of 40 residential mortgage-backed securities (RMBS) issued in 2006 and 2007. The DOJ had alleged that contrary to UBS representations, the giant Swiss bank "knew that significant numbers of the loans backing the RMBS did not comply with loan underwriting guidelines that were designed to assess borrowers' ability to repay." Ultimately the 40 RMBS "sustained substantial losses," the DOJ said. "With this resolution, UBS will pay for its conduct related to its underwriting and issuance of residential mortgage-backed securities," said Breon Peace, US Attorney for the Eastern District of New York. "The substantial civil penalty, in this case, serves as a warning to other players in the financial markets who seek to unlawfully profit through fraud that we will hold them accountable no matter how long it takes," he added. UBS characterized the case as a "legacy matter," adding in a statement that the funds have been provisioned for in earlier periods. The post UBS to pay $1.4-B to settle US fraud charges on subprime loans appeared first on Daily Tribune......»»
2nd State of the Nation Address
Anti-inflation measures Crafting of Medium-Term Fiscal Framework supported by Congress Implementation of strategies to capacitate economic sectors Results (1) 7.6 percent growth in 2022 — highest rate in 46 years. (2) January to March 2023 — 6.4 growth percent (within 6 to 7 percent target) (3) Philippines considered to be among fastest-growing economies in the Asian region and in the world (4) Strong and stable financial system (5) Banks have strong capital and liquidity positions. (6) Digital economy contributed P2 trillion in 2022, the equivalent of 9.4 percent of our GDP. (7) World Bank projects a 6 percent overall growth rate due to strong local demand, consumer spending, strength from the BPO industry, steady flow of remittances, and continuing jobs recovery (8) Inflation rate eased up from 8.7 percent in January to 5.4 percent in June. (9) Bureau of Internal Revenue posted P1.05 trillion collections — an increase of almost 10 percent over the last year (10) Bureau of Customs increased collection by 7.4 percent for the first seven months of 2023, amounting to P476 billion. (11) PAGCOR increased collection by 47.9 percent (12) PCSO increased collection by 20 percent Reduction of prices of commodities like rice, meat, fish, vegetables and sugar Roll out of more than 7,000 KADIWA stores nationwide that link farmers with consumers, benefited 1.8 million families Agriculture Science-based methods toward food security Revision of Fisheries Code Unify 300 farm and fisheries clusters composed of 900 cooperatives Extensive technology training like the use of local bio-fertilizers Distribution of farm machinery, tools and inclement Distribution of more than 5 million rice seedlings and other crops Fuel at fertilizer discount vouchers Geo-Agri map of farm-to-market roads Irrigated 49,000 hectares of farmlands across the country. Constructed 4,000 additional fabrication labs, production at cold storage facilities Built 24 multi-species hatcheries to increase fisheries production Anti-animal pest monitoring, medicines, and vaccines Cloud seeding and buffer stocks in preparation for El Niño 70,000 agrarian land titles distributed Signing of EO No. 4. Or New Agrarian Emancipation Act the condoned P57-billion farmers’ loans Smuggling and hoarding Days of smugglers and hoarders are numbered Water Supply Creation of Water Resources Management Office Working for legislation of Department of Water Resource Management Allocated P14.6 billion for water supply projects Completion of Wawa Bulk Water Supply Project Phase 1 Installed 6,0000 rainwater collection systems across the country Infrastructure 8.3-trillion peso “Build, Better, More” Program in progress 194 flagship projects Continuation of “Build, Build, Build” projects Infrastructure spending stays at 5 to 6 percent of GDP 1,200-kilometer Luzon Spine Expressway Network Program will effectively connect Ilocos to Bicol from 20 hours to just 9 hours of travel Under Mega-Bridge Program, 12 bridges totaling 90 kilometers will be constructed including Bataan-Cavite Interlink Bridge and the Panay-Guimaras-Negros Island Bridges, and Samal Island-Davao City Connector Bridge As of June 2023, 4,000 kilometers of roads and 500 bridges have been constructed, maintained and upgraded Completed Cebu’s Pier 88 smart port, new passenger terminal buildings of Clark Airport and Port of Calapan. North-South Commuter Railway System now in full swing Strategic financing Enactment into law of Maharlika Investment Fund Social security Funds for the social security and public health insurance intact and separate Energy and Power Generation Price of crude oil stabilized Since last year, gasoline and diesel prices have gone down by 18 to 29 percent, respectively. Built 8 new additional power plants, bringing to 17 the total number of power generation facilities Energy production increased by 1,174 megawatts. Almost half a million homes given access to electricity; 100 percent household electrification by June 2028 Renewable energy is the way forward Promotion of renewables targets 35 percent share in the power mix by 2030, and 50 percent by 2040 Opened renewable energy projects to foreign investments Since last year, an additional 126 renewable energy contracts with potential capacity of 31,000 megawatts awarded. To date, more than 1,000 active projects all over the country — 299 are solar, 187 are wind, 436 are hydroelectric, 58 are biomass, 36 are geothermal, and 9 are ocean-powered. Malampaya project is boon, energizing 20 percent of Luzon; renewal of the contract guarantees continued revenues and energy production for another 15 years Push for more gas exploration in other parts of the country Partnered with the BARMM in regard to energy exploration and development The Philippines now has a Unified National Grid with the interconnection of the Luzon, Visayas and Mindanao grids “One Grid, One Market” will enable more efficient transfers and more competitive pricing of electricity Performance review of National Grid Corporation of the Philippines to complete all of its deliverables, starting with the vital Mindanao-Visayas and Cebu-Negros-Panay interconnections. Social welfare Enough funds for underprivileged DSWD, DoLE, DepEd, TESDA and CHEd involved in providing assistance Programs like AICS, TUPAD, TVET for Social Equity, Social Pension for Indigent Senior Citizens, Cash-for-Work for PWDs, and Integrated Livelihood Program-Kabuhayan available for indigents Social protection Pension of the military and the uniformed personnel is as important, urgent, and humanitarian as that of all other civilian Filipino employees Working closely with Congress to ease the transition from the old system to the new one, to guarantee that no effects are felt by those in the uniformed services. The post 2nd State of the Nation Address appeared first on Daily Tribune......»»
Hurry up
Looking back to the first year of President Ferdinand R. Marcos Jr.’s administration leads us to believe that he has pivoted out of his predecessor Rodrigo Duterte’s tight embrace of China and rebuilt friendships with old allies, particularly the US and Europe. In his official trips abroad to meet with leaders of other Association of Southeast Asian Nations, he never failed to be emphatic about the need to comply with international law and the UN Convention on the Law of the Sea. Explicit appeals had also been made to European nations to support the enforcement of UNCLOS and the historic decision of the Arbitral Tribunal in the South China Arbitration (Philippines v. People’s Republic of China) of 12 July 2016 that unanimously favored our beloved Philippines in its dispute against Chinese claims on Philippine territorial waters. In rebuilding ties with the US, four more US bases were added to the existing five sites under the 2014 Enhanced Defense Cooperation Agreement or EDCA that was signed to bolster the Visiting Forces Agreement between the two countries. While we leave the wisdom of more EDCA sites to the security sector, which should prioritize the national interest above anything else, there is another equally important sector confronted by challenges. The Philippine Atmospheric, Geophysical and Astronomical Services Administration raised the El Niño alert, saying it may declare the start of the phenomenon this week as it expects it in the next two months with a probability of 70 percent. Defined as a climate phenomenon characterized by the abnormal warming of the surface waters of the eastern tropical Pacific Ocean, El Niño could have significant effects on global weather patterns, including on agriculture. Given that farmers, policymakers, and agricultural communities must monitor weather forecasts and adapt their practices to mitigate potential impacts, the President continues to take the lead in handling agriculture — a stand that has been met with askance by many, even among those in the government. Eyebrows were raised at the seeming inability to effectively address what bedeviled agriculture in the past year, including the ginormous prices of essential commodities like sugar, eggs, and onions, which at one point rocketed to as high as P700 a kilo. Behind the critical headaches in the agri sector are the already suffering Filipinos whose pockets are badly frayed by inflation rates, and farmers losing their only source of livelihood. A lingering controversy is the government’s addressing of the soaring rise in sugar prices through importation. In 2022, Sugar Order No. 4 was issued by the Sugar Regulatory Administration, giving the nod to import 300,000 metric tons of sugar. Who would forget that the denial resulted in the firing of SRA and DA officials, along with then-Executive Secretary Vic Rodriguez? Likewise puzzling is the recent selection of just three entities to import 440,000 metric tons of sugar. It remains unclear who handpicked sugar traders All Asian Countertrade, Sucden Philippines Inc., and Edison Lee Marketing Corporation. Either way, it doesn’t look good and bears clarification. Everyone, including many of the President’s supporters, is clueless as to why, despite the myriad issues and problems that he has to attend to in all other sectors, a full-time secretary is yet to be appointed — someone who could give the department and the sector his/her full-time attention. Faced with the imminent threats of El Nîno, time is of the essence. Lowly Filipinos cannot afford to wait unprepared for the dry spell with shifts in rainfall patterns. Whatever it takes, it is crucial to act quickly, efficiently, and without delay. In the words of Albert Einstein, “We cannot solve our problems with the same level of thinking that created them.” To solve agricultural problems, we need to think beyond the existing mindset or approach that might have contributed to those problems in the first place. The post Hurry up appeared first on Daily Tribune......»»
Worker rights abused amid cost-of-living crisis: unions
Workers in nine out of 10 countries have seen their right to strike violated over the past year as they battle the worst cost-of-living crisis in decades, the International Trade Union Confederation warned Friday. A decade after launching its first annual Global Rights Index, the ITUC said the results for 2023 provided "a sobering confirmation of its founding purpose". Eighty-seven percent of the 149 countries reviewed in the index violated the right to strike between April 2022 and March 2023, the union group said. Seventy-nine percent of countries violated the right to collective bargaining, with companies for instance refusing to comply with collective agreements or rejecting established trade unions, it added. "As workers have felt the full force of a cost-of-living crisis, governments have cracked down on their rights to collectively negotiate wage rises and take strike action against employer and government indifference to the impacts of spiralling inflation upon working people," the union group said in a report. Ecuador and Tunisia were highlighted by the IUTC, joining its list of the 10 worst countries for workers in 2023. Mass protests in Ecuador for democracy and collective rights were brutally repressed, it said. "In Tunisia, President Kais Saied has continued to tighten his hold on power, undermining workers’ civil liberties and democratic institutions," it added. Nineteen trade unionists around the world have been murdered, compared to 17 in the previous comparable period. Luc Triangle, the ITUC's acting general secretary, said this year saw an "urgent need for action" by unions as workers are slammed by rising costs in the aftermath of the pandemic and Russia's invasion of Ukraine. However, the index shows "a steady attack on workers who dare to demand fair pay for their labour", he said, adding this was seen "across economic and geographical regions". "Politicians have continued to hold wages down, have refused to honour negotiations with unions, have restricted strike action and have attempted to quash protests claiming that a wage-price spiral must be avoided," Triangle said in the foreword to the index. Many countries are grappling with cost-of-living crises because wages are not keeping up with inflation prompting central banks to raise interest rates to try to tame the rise in prices. The post Worker rights abused amid cost-of-living crisis: unions appeared first on Daily Tribune......»»
DAR vows securing farmers’ soft loans
The Department of Agrarian Reform has committed assistance to farmers by securing loans from banking institutions to elevate their lives and livelihoods, as anchored in the Kapatid Angat Lahat Agri Program with Private Sector Advisory Council-Jobs Sector Group Joey Concepcion in the lead. Conrado Estrella made this assurance during his meeting with Concepcion on Monday, along with other stakeholders in the agriculture sector. “We thank the Department of Agrarian Reform for expressing willingness to help our initiative to help our farmers scale up. Uplifting the lives of our small farmers is a daunting task. We need all hands-on deck to accomplish this, and we are glad that we have DAR Secretary Estrella’s commitment to extend a helping hand,” Concepcion said. During the meeting, Concepcion emphasized the need for small farmers to achieve scale, saying it would be hard for them to succeed without it. “Farmers cannot obtain a loan from banks that they can use to boost production and improve their lives because they cannot use their land as collateral under agrarian reform law,” he said. Farm clustering Among the recommendations by KALAP and the think tank group Foundation for Economic Freedom, represented by Dr. Fermin Adriano, is the implementation of farm clustering to boost productivity and help ensure food security. “Clustering does not mean consolidation of land ownership but merely the clustering of land for better production scheduling,” said Adriano, adding this process has already led to higher farm productivity in China, Vietnam, Laos and Cambodia, among others. “The process would enable the government to effectively provide assistance to farmers who are clustered because it will deal with groups rather than millions of individual small tillers,” he added. He said clustering would also pave the way for the use of modern farm machinery and technologies, thereby achieving economies of scale, and allowing the development of downstream industries like food processing activities, because of an adequate and reliable supply of raw materials. Improve access to government services On the other hand, he stressed that the process would also improve access to government services like extension, and credit for clustered farms. Farming will also be more attractive to private sector groups to invest in agriculture because of lesser transactions. To accelerate farm clustering, Adriano called for the immediate and proper implementation of the law condoning the debt of defaulting agrarian reform beneficiaries. “The implementing rules and regulations of the law must ensure that the administrative burden of transferring land ownership to farmer beneficiaries is not burdensome and allow beneficiaries to enter into a leasehold contract agreement with investors but ensure that land will not be converted to non-agricultural uses,” he said. Adriano also advocated for the promotion of agricultural joint-venture agreements between small landowners and agribusiness corporations. Estrella, for his part, expressed support for the proposal, saying the DAR can check within their network of beneficiaries. Big brother companies The DAR chief also lauded the KALAP’s big brother companies for their commitment to sharing their technology and best practices with the DAR and their willingness to become an assured market for the farmers. “I am happy that KALAP’s big brothers are willing to share their technology with DAR. We want to tap into the knowledge of the big brothers to better prepare the beneficiaries of agrarian reform so that the land will be utilized properly,” Estrella said, adding they can also help extend credit assistance to agrarian reform beneficiaries if needed. Meanwhile, National Irrigation Administration (NIA) Administrator Eddie Guillen said the private sector plays a huge role in the success of the agriculture sector. “Around 80 percent of the success of the agricultural sector depends on the private sector. If magsucceed ito sa mga agri reform beneficiaries, mas madaming makikinabang,” he said. Guillen also revealed that President Marcos wants to harmonize concerned agencies and their functions, instead of establishing a task force. President Marcos earlier ordered the geomapping of all agricultural lands in the country to establish soil maps for specific agricultural products to ensure increased yield and improve farmers’ income. The post DAR vows securing farmers’ soft loans appeared first on Daily Tribune......»»
SIM registration deadline stays — DICT chief
Despite calls to extend the deadline amid low registration turnout, the Department of Information and Communications Technology said it will maintain the 26 April deadline for SIM card registrations as prescribed by the law. In an interview with reporters at the sidelines of an event in Pasay City on Monday, DICT Secretary Ivan John Uy said a significant chunk of the 165 million recorded nationwide subscribers is expected to ditch registration. “We see good progress with the registration, which is currently at 41 percent because out of the total of the 165 million, a big portion is really just SIM cards that were bundled and thrown away. It's not the percentage but the actual number,” Uy told reporters. Uy said around 100 to 120 million active subscribers are only expected to register their identities. The DICT, he said, will study the possibility of extending the registration beyond April but reiterated that “as much as possible,” the agency wants to keep the original schedule. “We will study that because what is it like, the deadline for filing a leave of absence. As much as possible, we want to stick to what the law allows us and so far it's to comply. As of today, the deadline is still on April 26,” he said. As of 16 April, consolidated DICT data showed that more than 71.95 million subscribers already registered their SIM cards -- that’s 42.82 percent of the 165 million subscribers. Last week, dominant telecommunications players Globe Telecom, Inc. and PLDT, Inc. appealed to the DICT to extend the SIM registration deadline due to subscribers’ lack of valid government identification cards and challenged digital literacy. PLDT’s wireless unit Smart Communications, Inc. already filed a formal letter of request to ask the DICT and the National Telecommunications Commission to give subscribers ample time to register. While Globe also supports the call for an extension, it added that the industry regulators should also provide alternative forms of identification for registrants, allow conditional registration, and create an always-on registration site. Under the implementing rules and regulations of the SIM Registration Act, users have until 26 April to register their cards or else their SIMs will be deactivated. The DICT, meanwhile, has the prerogative to extend the SIM Registration process for another 120 days. A deactivated SIM card can potentially affect several aspects of a person’s life. For instance, it will cut their access to online banks, e-commerce, transportation, healthcare, education, and entertainment, among others. The post SIM registration deadline stays — DICT chief appeared first on Daily Tribune......»»
New Agri-Agra law aims to boost agri, fisheries sector: Palace
MANILA - The new law expanding financing for farmers and fisherfolk will give a boost to the agriculture and fisheries sector, Malacanang said.In a Facebook post, Press Secretary Trixie Cruz-Angeles said Republic Act (RA) 11901 would make the agricultural and fishing industries more competit.....»»
Banks told to comply with PWD magna carta
The Bangko Sentral ng Pilipinas has reminded banks to strictly comply with laws and regulations against discriminatory practices to persons with disabilities......»»
BSP backs changes to Agri-Agra Law
Further amendments to the mandated loan threshold for the agriculture and agrarian reform activities will push the country into the next stage of development post-pandemic, according to the Bangko Sentral ng Pilipinas......»»
Loans to MSMEs, large firms as RRR compliance near P200 billion
To comply with the reserve requirement, banks have extended nearly P200 billion in loans to small, medium and large firms as of end-March, according to the Bangko Sentral ng Pilipinas......»»
BSP to banks: Comply with credit card debt moratorium
The Bangko Sentral ng Pilipinas has ordered banks and credit card issuers to strictly comply with newly signed laws that grant temporary reprieve or debt moratorium to delinquent borrowers......»»
Banks told to implement debt reprieve
The Bangko Sentral ng Pilipinas has directed banks and other financial institutions to immediately comply with the provisions of a new law including the 60-day reprieve on loan payments amid the coronavirus disease 2019 or COVID-19 pandemic......»»
Belmonte, Binay call for climate action funding from development banks
The C40 coalition of cities, a network of nearly 100 mayors, asked MDBs to increase urban climate investment, integrate urban climate action into their strategies, and implement tailored programs to support city projects. .....»»
Infrastructure projects get better loan terms from Japan
The Philippines has secured better financing terms for two big-ticket infrastructure projects funded by the Japanese government aimed at improving public transport and road connectivity......»»
Tech advancements in agri sans job threats in Date 2024
Despite the pivotal role of technology, artificial intelligence (AI), and the Internet of Things (IoT) in agricultural development, farmers and laborers in Davao Region face no immediate threat......»»
‘Senate rules on Cha-cha on the right track’
The Senate rules on amending the 1987 Constitution are “on the right track” and ready even before the sub-committee wraps up its discourse on the Resolution of Both Houses 6 pushing Charter change, a senator said......»»