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BIR attempts ‘friendly’ tack
February is not just the love month, it also marks the start of a yearlong campaign for the Bureau of Internal Revenue (BIR) to encourage the public to pay their tax obligations. After all, collecting P3.05 trillion is no easy task......»»
Substantiate your opinion : Students join NCCA workshop on film reading
Students in Zamboanga, however, learned a few tips on how to appreciate or read a film better in a workshop facilitated by the National Commission on Culture and the Arts when the national agency visited the southern city last March 8 in celebration of the National Arts Month every February......»»
BPI sells shares in GoTyme Bank
The Bank of the Philippine Islands sold its 752 million common shares of GoTyme Bank Corp. to GoTyme Financial Pte. Ltd. and Giga Investment Holdings Pte. Ltd, the bank said yesterday......»»
Global Dominion spreads love, appreciation to its partner car dealers
To celebrate the occasion of Valentine's Day last month, the division organized a memorable celebration to express their gratitude towards their partner dealers......»»
BSP prodded to build up forex reserves
The Bangko Sentral ng Pilipinas should continue rebuilding its gross international reserves amid the wide current account deficit and heavy reliance on debt funding, according to Bank of America Global Research......»»
Bouncing Back After a Spending Spree: 3 Simple Steps to Financial Recovery
We’ve all been there — a bit too carried away with the shopping spree, and suddenly, the bank account is giving you the side-eye. No judgment here. But guess what? We’ve got a quick fix for you with three straightforward moves to get your finances back in the groove. Step 1: Hang Out with Your […].....»»
Peso underperformance likely to continue – MUFG
The Philippine peso may continue to underperform against the dollar this quarter amid the country’s wide current account deficit and expensive foreign exchange valuations, Tokyo-based MUFG Bank said......»»
Carcar rape: Bank employee claims 17-year-old girl flirted with him
CEBU CITY, Philippines – The two bank employees, who were accused of raping a 17-year-old girl in Carcar City, Cebu on Friday, had refuted the victim’s allegations against them. Bank account officer Chandie Canadalla alleged that the girl asked him to accompany her to the bathroom and went along with his flirting. From the bathroom,.....»»
German prosecutor seeks to confiscate $800 million in Russian assets
Officials in Karlsruhe are reportedly targeting the frozen funds of a Moscow Stock Exchange subsidiary German officials have announced plans to seize almost $800 million in assets from a Russian bank account due to alleged violations of EU sanctions. The Federal Public Prosecutor's Office in Karlsruhe has.....»»
Deceased Maine shooter had mental health problems: police
Police in Maine said Saturday that the man who gunned down 18 people at a bar and a bowling alley and later committed suicide, suffered serious mental health issues, but was able to buy weapons legally because he had never been forcibly committed to treatment. The body of Robert Card, a 40-year-old army reservist, was discovered Friday night inside a tractor-trailer near a recycling center where he used to work, said Maine public safety commissioner Mike Sauschuck. Card had shot himself. Investigators are still struggling to determine Card's motive for carrying out Wednesday's massacre in the town of Lewiston. However, Sauschuck said that Card had reportedly been hearing voices and suffering from paranoia. "Clearly there's a mental health component to this," Sauschuck told reporters. Investigators found a "paper-style" note that Card had left to a loved one which contained a password to his phone and bank account information, Sauschuck said, adding that the note had the tone of a suicide letter. Card was found in possession of three weapons, one of them a long gun, all purchased legally because he had never been forcibly committed to a mental institution. Despite the apparently clear mental health issues and a reportedly recent psychiatric evaluation undergone by Card, "a background check is not going to ping that this individual was prohibited," Sauschuck added. The sigh of relief The discovery of Card's body ended a massive two-day manhunt, which had this quiet city of 38,000 people on lockdown, with businesses and schools closed and residents terrified. Sauschuck acknowledged the help Card's family had provided to the investigation, saying his relatives were among the first people to call the police and identify the suspect. "This family has been incredibly cooperative with us," he said. Lewiston finally breathed a sigh of relief with businesses beginning to open and people appearing on the streets Saturday. Several posters reading "Lewiston strong" were seen in the city. Shukri Abasheikh, 60, was finally able to reopen her halal grocery store after the lockdown. "This morning I'm so happy because the last two days, we were worried a lot and we were scared," Abasheikh told AFP. "My customers were calling me saying we don't have milk, we don't have anything, can you open and I said, 'I'm scared.'" Upon learning that Card was dead, Sheri Withers, 44, owner of a Lewiston art gallery, said she felt "a balance of relief and remembering how to breathe, but also just being sad because, you know, it was a human life." For now, residents are "just trying to rebuild the pieces, and getting on from here is gonna be the next step for our community," she added. A local resident named Danica, who was buying coffee at a drive-through, said she was happy Card was dead, but at the same time wished he had first been brought to justice. "I think he took the coward's way out of doing it by suicide," Danica, who declined to give her last name, told AFP. "I think he should be held accountable for his crimes." In a statement issued shortly after Card's body was discovered Friday night, President Joe Biden vowed to renew efforts to curb gun violence in the United States. "Americans should not have to live like this," Biden said. "I will continue to do everything in my power to end this gun violence epidemic." Biden said the shooting brought "a tragic two days -- not just for Lewiston, Maine, but for our entire country." Authorities on Friday identified the victims, ranging from a husband and wife in their 70s to a 14-year-old boy killed alongside his father. This was one of the deadliest shootings in the United States since 2017, when a gunman opened fire on a crowded music festival in Las Vegas, killing 60 people Mass shootings are alarmingly common in the United States, a country where there are more guns than people and where attempts to clamp down on their spread are always met with stiff resistance. The United States has recorded over 500 mass shootings this year, according to the Gun Violence Archive, a non-governmental organization that defines a mass shooting as four or more people wounded or killed. Efforts to tighten gun controls have for years run up against opposition from Republicans, staunch defenders of the constitutional right to bear arms. The political paralysis endures despite widespread outrage over recurring shootings. The post Deceased Maine shooter had mental health problems: police appeared first on Daily Tribune......»»
PCSO ask lawmakers to toughen laws vs illegal lottery firms
The Philippine Charity Sweepstakes Office General Manager Mel Robles, called out lawmakers on Monday to toughen the law against Illegal lottery firms. Robles personally led the filing of charges at Mandaluyong Prosecutors Office against individuals behind the four firms engaged in unauthorized online lottery operations. “I am calling out the attention of the lawmakers to toughen the law. Maybe others see that they can handle the penalty but we’ll see. Even if it’s light, we will still pursue the cases against them,” Robles said. Robles added that PCSO is losing billions of pesos in revenue because of illegal operations perpetrated by the suspects. “We are serious about this. We will prosecute and imprison everyone associated with this illegal operation to stop them,” he said. The PCSO stated that PayMaya reportedly remitted billions to a company operating an illegal online lottery. “A payment platform, like PayMaya, reported that they were able to remit about P4.7 billion to a company that was operating the Illegal lotto. It is also included in the complaint affidavit,” he said. The criminal complaints were filed against four companies, Eplayment Corporation, Paymero Technologies Limited, GlobalComRCI International, and Blockchain Smart-Tech Co. I.T. Consultancy. The complaints were prompted by an investigation conducted by the National Bureau of Investigation, which revealed that the mentioned companies were responsible for the ownership, operation, and administration of Pakilotto and Surelotto. The companies reportedly misused the PCSO’s name, logo, and various lottery games, soliciting and accepting bets from the public through their unauthorized mobile application and websites. Robles said that based on their investigation, they have found out that the alleged suspects for Illegal online lottery are operating in the cities of Quezon and Cebu. “We found out one in NCR, in Quezon City, the other is in Cebu,” he said. PCSO reported that Eplayment, which operated under the now-defunct website ‘Pakilotto’, was soliciting and accepting bets from the public at an inflated price of P30 per ticket, a 50% markup compared to the standard P20 lotto ticket. Meanwhile, Surelotto, a similar mobile app, sold tickets online for P25, a 25% increase from the regular lotto price. Prizes of smaller denominations are allegedly directly deposited into the winner’s registered bank account, while jackpot prizes require winners to visit the Surelotto office in person. The complaint-affidavit states that the owners, directors, and/or officers of Paymero, Eplayment, GlobalComRMCI, and Blockchain, as owners, operators, and/or administrators of Pakilotto and Sukilotto, have committed Usurpation of Authority under Article 177 of the Revised Penal Code, a violation of R.A. No. 1169, as amended, and a violation of Presidential Decree No. 1602, as amended by Republic Act No. 9287, in connection with Executive Order No. 13, Series of 2017. Robles emphasized that PCSO remains fully committed to preserving the integrity and legitimacy of its lottery games, ensuring fair treatment and protection for the public. The post PCSO ask lawmakers to toughen laws vs illegal lottery firms appeared first on Daily Tribune......»»
Neither estafa nor qualified theft (2)
In Balerta v. People, the Court found that juridical possession as an element of the crime of estafa by misappropriation was not present because the accused was a cash custodian with no independent right or title to the funds received: In the case at bench, there is no question that the petitioner was handling the funds lent by Care Philippines to BABMPC. However, she held the funds on behalf of BABMPC. She had mere physical or material possession over the funds but held no independent right or title, which she could set up against BARMPC. The petitioner was nothing more than a mere cash custodian. Hence, the Court finds that juridical possession of the funds as an element of the crime of estafa by misappropriation is absent in the instant case. In Reside v. People, the Court came to a similar conclusion and held that the accused, a school principal tasked to receive tuition fees and forward these to the school, did not have juridical possession over the funds received. In the case at bench, it cannot be gainsaid that the petitioner, in addition to her duties as principal, was authorized to receive or collect matriculation fees from the parents and/or students enrolled in TGWSI. Per a verbal agreement with De Dios, the petitioner shall forward all payments received together with the remittance voucher slips to the school. As it happens, the money merely passes into the petitioner’s hands, and her custody is only until the same is remitted to the school. Consequently, as principal and temporary cash custodian of TGWSI, the petitioner acquires only physical or material possession over the unremitted funds. Thus, being a mere custodian of the unremitted tuition fees and not, in any manner, an agent who could have asserted a right against TGWSI over the same, the petitioner had only acquired material and not juridical possession of such funds and, consequently, cannot be convicted of the crime of estafa as charged. The prosecution alleged that petitioner Medina was responsible for collecting remittances from the Department of Education, accepting premium payments from PPSTA members, and depositing these payments in PPSTA’s bank account, as instructed by the PPSTA Treasurer. The record is bereft of any allegation or proof that petitioner Medina had any independent right or title to these funds that she could set up against PPSTA. Contrary to the findings of the CA, petitioner Medina was not a “trustee” of the PPSTA members’ payments, as she received these sums as an employee of, and on behalf of, her employer. Consequently, petitioner Medina only had material and not juridical possession of these funds, and she cannot be convicted for estafa under Article 315 (b) (l) of the Revised Penal Code or RPC. Second, jurisprudence holds that a conviction for simple or qualified theft (in lieu of estafa) is possible if all the elements of theft are alleged in the information. However, the evidence on record needs to be more sufficient to convict petitioner Medina of theft, whether simple or qualified. Simple theft is committed when the following elements concur: (1) taking of personal property; (2) that the said property belongs to another; (3) that the said taking be done with intent to gain; (4) that it be done without the owner’s consent; (5) that it be accomplished without the use of violence or intimidation against persons, nor of force upon things; and (6) that it be done with grave abuse of confidence. Theft becomes qualified when committed with grave abuse of confidence, among other qualifying circumstances enumerated in Article 310 of RPC. (To be continued) The post Neither estafa nor qualified theft (2) appeared first on Daily Tribune......»»
HCPTI to ‘make Subic port push NorthPhil economy to new highs’
The development and digitalization of the Subic port can help the economy of North Philippines (NorthPhil) and the rest of the country reach new highs. This projection came from economist and teacher Ronilo Balbieran of the University of Asia and the Pacific, citing the vast expanse and strategic location of NorthPhil’s constituent regions north of Metro Manila. Balbieran said Central Luzon, Cagayan Valley, Ilocandia and the Cordilleras could gain unprecedented economic growth from the Subic Port’s development into a truly world-class international gateway vis-a-vis a similarly ongoing modernization of the Clark Freeport Zone, creating a logistical superhighway and growth corridor, whose benefits would spill over to the rest of the archipelago. Poised to modernize the Subic Port is Harbour Centre Port Terminal Inc. (HCPTI), making its operation fully digitalized and serve as the centerpiece and crowning jewel of the entire Freeport zone. The HCPTI’s development plan envisions the Subic Port as the main draw in the marketing of Subic as an investment destination, the facility being a supposedly world-class international gateway and a catalyst of global trade and commerce. Underscoring the significance of distance in logistics, particularly involving marine freight, Balbieran said the Subic port would highlight the strategic location of NorthPhil in relation to six of the countries in the ASEAN and most of those in the Pacific Rim, including Central America. Balbieran also echoed the “sales pitch” of the Department of Tourism and the Tourism Promotions Board hailing NorthPhil as an undisrupted land mass of diverse nature, culture and adventure, featuring a wealth of resources of four large regions between the West Philippine Sea and the Pacific, or from ridge to reef and from coast to coast. “Those regions account for 18 percent of the country’s total GDP (Gross Domestic Product), adding P3.9 trillion to the national economy just for 2022. And in the last two years, these (regional economies) have grown faster than Metro Manila and the entire nation,” Balbieran explained. “With larger investments in expansion and digitalization, the Subic port can further ignite domestic and international trade to and from Luzon, which will expand the economy of NorthPhil even faster.” NorthPhil comprises 84,526 square kilometers, accounting for 28.2 percent of the country’s entire 300,000 sqkm. NorthPhil’s total land mass alone is equivalent to 76.9 percent of Luzon’s 109,965 square kilometers and 87 percent of Mindanao’s 97,530 sqkm. At the same time, the HCPTI’s modernization of the Subic port is also “consistent and fully aligned” with the PBBM administration’s infrastructure and logistics development policy thrust. Balbieran said the National Logistics Strategy of the Department of Trade and Industry included both public and private investments in Logistics 1 of the 6 pillars of improving the country’s logistics efficiency. “The Strategy emphasizes massive investments in ports nationwide, as more than 90 percent of goods pass through the ports,” Balbieran said of what was revealed by the DTI at the recent conference of the Supply Chain Management Association of the Philippines. The DTI’s National Logistics Strategy is also expected to incorporate or be seamlessly integrated with those of the departments of Agriculture, Transportation, Public Works and Highways, and Interior and Local Government as part of another plan to develop a food logistics chain, a cold chain industry, port infrastructure, and farm-to-market roads, thus ensuring affordable availability of food to consumers in real time by reducing logistics cost through investments in appropriate infrastructure and digital technologies. “Thus, the ‘expansion and digitalization of the Subic Port’ by the HCPTI is consistent with the National Logistics Strategy and Food Logistics Plan of the DTI, both getting the nod of President Ferdinand 'Bongbong' R. Marcos Jr. recently,” Balbieran said. “Specifically, though, HCPTI’s modernization of the Subic port will help bring down logistics costs, not just for the businessmen in Northern Luzon, but also for (those in) the rest of the Philippines who will use such facility to trade internationally.” Balbieran said both the DTI and the World Bank had described the Philippines’ logistics cost as “one of the highest” in Southeast Asia at more than 20 percent of sales, compared with Thailand’s only 11 percent. The post HCPTI to ‘make Subic port push NorthPhil economy to new highs’ appeared first on Daily Tribune......»»
War in Israel a new front in US election campaign
The surprise Hamas assault on Israel has opened up a new front in the US election campaign as Republicans accuse President Joe Biden of being soft in his defense of Israel and in his handling of Iran. "I think this is a great opportunity for our candidates to contrast where Republicans have stood with Israel -- time and time again –- and Joe Biden has been weak," Ronna McDaniel, chairwoman of the Republican National Committee, said Saturday on Fox News. Americans will choose a new president and control of Congress in November 2024, with Biden, 80, seeking another term in a race that looks likely to pit him against former president Donald Trump as the Republican candidate. Trump used the stunning Hamas attack by land, sea, and air at dawn Saturday to target Biden. “The Israeli attack was made because we are perceived as weak and ineffective and with a very weak leader,” he said. Other Republican presidential hopefuls, like Florida Governor Ron DeSantis and former Vice President Mike Pence, also dismissed Biden as weak. US stands with Israel A stern-faced Biden gave a short speech from the White House on Saturday to stress firm US support for Israel. "Today, the people of Israel are under attack, orchestrated by a terrorist organization, Hamas," Biden said. "In this moment of tragedy, I want to say to them and to the world and to terrorists everywhere that the United States stands with Israel. We will not ever fail to have their back." Republicans zeroed in on a recent decision by the Biden administration to release $6 billion in Iranian oil revenue frozen in South Korea in exchange for the release of five Americans who were being held prisoner in Iran. Tehran is the main sponsor of Hamas, which the United States and other countries classify as a terrorist group. Senator Rick Scott, for instance, said that in unfreezing that money -- it was transferred to a bank account in Qatar for use only for humanitarian purposes -- the United States had in effect financed the Hamas attack, which won praise from Iran. That charge angered the White House, which called it a "shameful lie" and insisted that the money was tightly controlled in how it could be used and none of it had been spent. A senior administration official speaking to reporters on Saturday accused Republicans of spreading disinformation. Help from congress The official, who spoke on condition of anonymity, stressed it was too early to say whether Iran was directly involved in Hamas' large-scale attack, but that there was "no doubt Hamas is funded, equipped and armed by Iran and others." Aside from the 2024 election, the Republican attacks pose political problems for Biden. The United States already provides billions of dollars a year for Israel but Biden will need Congress if he wants to send more now that Israel has declared itself at war with Hamas. That means Biden has to work with the Republicans, who are blocking passage of a yearly budget. Making matters worse, the House of Representatives is in chaos and limbo now because of the ouster of its speaker, Kevin McCarthy, last week in a revolt by a handful of far right Republicans. The White House would also like the Senate to approve Jack Lew soon to be the new American ambassador to Israel. His nomination was announced more than a month ago. This will require goodwill from the Republican minority in that chamber. The post War in Israel a new front in US election campaign appeared first on Daily Tribune......»»
LandBank named best for financial inclusion
The Land Bank of the Philippines, or LandBank, was recognized by Kantar Philippines as one of 2023’s Best Philippine Brands under the “Banking” category for providing convenient, accessible and innovative banking services to unbanked and underserved Filipinos nationwide. Kantar conferred the award to LandBank for its strong brand of service, decades of empowering the underserved, and for advancing financial inclusion in the country through the accessibility of its integrated physical and digital banking services. The market research firm also highlighted the Bank’s efficient delivery of cash grants to beneficiaries of the National Government’s social amelioration programs, particularly the digital disbursement of financial assistance under the Conditional Cash Transfer Program. “This recognition is a testament to LandBank’s unwavering pursuit to reach and serve more Filipinos nationwide. We are continuously working towards the strategic expansion of our physical touchpoints and the enhancement of our digital channels to deliver exceptional and accessible banking service,” said president and CEO Lynette V. Ortiz. In support of the National Government’s financial inclusion drive, LandBank has also onboarded 8.35 million Philippine Identification System, or PhilSys, registrants for their own transaction accounts, under the Bank’s co-location strategy with the Philippine Statistics Authority. The partnership aims to bank previously unbanked PhilSys registrants and grant them formal access to basic banking and other financial services. LandBank likewise has 1,111 agent banking partners, or ABPs, nationwide offering services such as cash out, cash in, fund transfer, bills payment, and opening and issuance of LandBank Agent Banking Cards in unbanked and underserved communities. The bank also offers individuals who have no capacity for operationalizing a regular deposit savings account to open a LandBank “Perang Inimpok Savings Option” or PISO account with only P1 as minimum initial deposit and up to a maximum of P50,000 account balance. As of end-August 2023, LandBank has opened 52,406 PISO accounts for unbanked and underserved Filipinos including students, public utility vehicle drivers, vendors, farmers and fishers. Kantar BrandZ report LandBank was recognized for its strong brand image in the Kantar BrandZ Philippine Report, which was based on a comprehensive survey conducted in 2022 covering 44 local brands across four categories — banks, communication providers, general retailers and beverages. Kantar is a global marketing and data analytics company that specializes in analyzing, understanding, and interpreting consumer behavior and trends. The 2023 Philippines Brand Awards is the first edition held by Kantar Philippines in the country to honor the top brands that bring value to the lives of Filipino consumers. The post LandBank named best for financial inclusion appeared first on Daily Tribune......»»
DoE identifies offshore RE sites
The Department of Energy or DoE has identified nine potential renewable energy, or RE, sites to establish offshore wind ports that can serve as offloading terminals for a more seamless and efficient establishment of offshore wind or OSW facilities in the country. Speaking to reporters at the sidelines of an energy forum hosted by the Nordic Chamber of Commerce of the Philippines on Tuesday, Energy Assistant Secretary Mylene Capongcol said these ports will be developed to become staging areas housing the foundation, turbines, blades, and other materials that will be used in building the OSW structures. Capongcol cited Ilocos Norte, Batangas, Bacolod, Mindoro and Cagayan Valley as among the initial locations where the planned ports will be assembled. The Asian Development Bank will assist in evaluating these sites. “These are just initial identification and these nine ports are based on the project developments. They are initially identified to support and advance project constructions in these areas,” she said. To further uncover the country’s OSW potential, the DoE said “suitably sized and strategically located ports are essential for the storage, assembly, construction and operation of OSW farms.” Potential private sector partner Recently, the state-run Philippine National Oil Company disclosed that it is looking for a potential partner from the private sector to convert its 19-hectare Batangas port into an OSW Power Integration Port. It also tapped the University of the Philippines National Engineering Center to “help us because the decision not to award the contract for the commercial port expansion and shift to an offshore integration port was only last month.” The DoE has been pushing for the development of OSW to ramp up local indigenous supply amid growing demand. Based on the Philippines OSW Roadmap launched in 2022, the country has about 178 gigawatts or GW of OSW potential. OSW contracts awarded To date, the DoE has awarded a total of 79 OSW Contracts with a total potential capacity of 61.931 GW, spread mainly North of Luzon, West of Metro Manila, North and South of Mindoro, Panay, and Guimaras Strait. These, according to Capongcol, are all under the development stage, which includes preliminary wind data gathering, application for endorsements, and request for System Impact Studies. Despite the vast supply available nationwide, the OSW roadmap showed that the tedious permitting process as well as grid assets availability should be resolved. As such, the DoE vowed to enhance the policies on the OSW development, taking into account the streamlining and stricter timeframe outlined in the Energy Virtual One-Stop Shop law on the processing and issuance of licenses and permits by the concerned national and local government entities. The post DoE identifies offshore RE sites appeared first on Daily Tribune......»»
MSMEs’ digital shift needs collaboration
The global Covid-19 pandemic has profoundly impacted the micro, small and medium enterprises, or MSMEs, with the economic shocks reverberating worldwide. However, the pandemic also saw an unprecedented focus on the struggling sector. Despite being diminutive in size, MSMEs make up for the shortcoming with their sheer volume, making them a source of significant contributions to the local economy. The latest data from the Philippine Statistics Authority showed MSMEs comprised 99.52 percent of total businesses in the country, or over 998,342 Filipino enterprises delivering goods and services daily. “In the fast-paced business landscape, MSMEs are facing increased pressure to apply digital technology on their operations to remain competitive and even upscale,” Dino Velasco, the senior vice president and institutional segment marketing head at Union Bank of the Philippines, said in an interview with the Daily Tribune’s digital show Business Sense. “The Covid-19 pandemic has accelerated this trend, with businesses across the globe, regardless of size, rapidly adopting digitalization to survive and thrive in the so-called new normal,” he added. UnionBank ceded it could not take the whole task by itself. It needed to partner with stakeholders to address the enormity of the challenge. Foremost in the task is the geography of the Philippines with 7,641 islands which are broadly categorized in three main geographical divisions from north to south. Some of these islands are off-grid, which requires powering up first before they can be connected digitally and served by traditional financing facilities, like UnionBank. “We also do understand and accept the fact that we cannot do it alone. For us at UnionBank, it’s very important to work with partners and we do have partners both in the technology space and in the brick-and-mortar space that allow us to expand or reach even further. Going beyond the 80 percent of the population that are connected and reach the other 20 percent off-grid,” Velasco added. Looking at the Philippine financial landscape, the fintech space has evolved, with telcos, power providers and distributors, money business services, logistics, and others, who are present in off-grid communities as part of the whole-of-nation approach to achieving financial inclusion. Velasco went on, “We continue to partner with these vital stakeholders so that we can provide and extend our financial services to the markets in those areas.” GlobalLinker The greatest hurdles to the successful adoption of digital technology among MSME is overcoming the lack of expertise and good practices, and the associated costs. For a broader uptake of digital tools for these sectors, there needs to be more widely available standardized and even ready templates that the MSMEs can use like a plug-and-play setup. These ready templates would help avoid the appearance of costly and complicated tools and potentially enhance the opportunities for MSMEs to achieve sustainability. “That has always been the challenge for technology, not just for banking, but a lot of industries. How do we educate the more senior segment of the population,” Velasco replied when queried on how to educate MSMEs to embrace digital tools to advance sustainability. Velasco added: “What works is to educate the influencers for that more senior population of the segment. A lot of the small businesses today have in the past, involved other members of the family in running their businesses and they become part of educating those who are trying to use technology for the first time. We noticed that we can adapt that strategy by involving these family members who influence the other members, especially those who are already digitally savvy.” In addition, UnionBank has launched the Global Linker, an online platform designed for e-Commerce that allows users or MSMEs to create their website, while also offering them the opportunity to manage their inventories and link up with other merchants, suppliers, and even resellers. The UnionBank GlobalLinker is a digital SME online platform that aims to digitize SMEs in the country. To create trade fairs and online marketplaces for Filipinos all over the country, we are dedicated to the digital education of all Filipino SMEs. Velasco explained that after creating their website through GlobalLinker, the merchants are now accessible to potential clients “wherever there may be, here or outside the Philippines.” “Imagine if you are an exporter from the Philippines and you have a potential client from India. Because of GlobalLinker, you can communicate with each other and ensure that the goods and services can be ordered and delivered to your client overseas. More importantly, this e-Commerce site is equipped with the necessary tools in ways by which customers can settle or pay digitally,” he said. Velasco continued, “And if you are using our MSME Business Banking app, you can transact overseas and pay someone using Swift (code). Basically, the GlobalLinker is business networking for MSMEs and startups.” Mobile app introduced In the age of a growing demand for digital presence, Velasco said it goes unsaid that UnionBank sees the need for digital technology as a critical tool for MSMEs that want to grow or expand. “What we’re focusing on is to feature our MSME Mobile Business Banking App that we developed to answer the needs of our customers from beginning to end,” Velasco said. “Meaning end-to-end from the time a small business owner needs to apply for an account to the time when they need to manage their businesses. Using the app right solely instead of going to other channels where they need to get out of their offices and go to the branch.” The UnionBank mobile app aims to educate its users to allow the app to let “everything happen while they’re using the app or the platform.” The app also aims to create solutions for the users, like the QR code feature to allow merchants to accept payments from their customers. “It is really an end-to-end feature from account opening to transferring funds, to paying suppliers to accept payments from their customers and up to even applying for a loan facility,” Velasco added. The mobile app is something UnionBank wants to make available in the hands of its customers by simply accessing the mobile banking app for MSMEs. Necessary journey It is no longer a choice for MSMEs. Digitalization is now a necessary journey that all MSMEs must embrace to survive and succeed. Using digital technology may save significant costs for the MSMEs, while at the same time enhancing their operations, sales, marketing, and presence. A digitized MSME may also see increased productivity and efficiency, and improved customer service. But digitalization also comes with several challenges, including technological know-how, funding, and even data security. UnionBank of the Philippines is offering several platforms to solve these challenges. All you have to do is click and download their digital platform offerings. UnionBank is committed to helping MSMEs achieve their digital transformation goals, with their expertise and cost-effective solutions. The post MSMEs’ digital shift needs collaboration appeared first on Daily Tribune......»»
FLI debt papers get top PhilRatings grade
The proposed P10-billion bond float of property developer Filinvest Land Inc., or FLI, has been assigned the highest credit ratings and stable outlooks by the Philippine Rating Services Corporation, or PhilRatings. FLI’s proposed bonds, amounting to P10 billion with a P2-billion oversubscription allowance, were assigned an issue credit rating of PRS Aaa. The high rating was also assigned to FLI’s outstanding bonds, totaling P35.4 billion. Proceeds from the issuance will be used for capital expenditures and debt refinancing. “We are delighted to receive a PRS Aaa rating from PhilRatings for our proposed bond issuance. This rating reflects our healthy fundamentals and underscores our constant focus on growth and financial sustainability,” Tristan Las Marias, FLI president and chief executive officer, said. PRS Aaa signifies the highest credit quality with minimal risk. The capacity to meet financial commitment is extremely strong under the grade. Outlook stable PhilRatings also issued a stable outlook on PhilRatings. An outlook gives a glimpse on the direction of any rating change within one year. A Stable outlook means the rating will likely be unchanged in the next 12 months. PhilRatings said it took “into account the following key considerations: FLI’s established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion; its sound growth strategies; its improved revenues and operating cash flow, supported by more than satisfactory liquidity and interest coverage” for the outlook. For 2023, FLI will launch condominium and housing developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal. FLI will also accelerate the development of its township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental. The FLI townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind. For malls, FLI is currently constructing Marina Town in Dumaguete City which will open by end-2023, and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao which will open by end-2024. These will expand FLI’s retail portfolio by about 55,000 square meters in gross leasable area, or GLA, bringing FLI’s nationwide retail GLA to 300,000 square meters. The post FLI debt papers get top PhilRatings grade appeared first on Daily Tribune......»»
Fraud ring targets global crypto pools
Online scammers have stolen more than $1 million from so-called cryptocurrency liquidity pools recently, according to cybersecurity system provider Sophos. Sophos released findings on a pig butchering operation through the use of fake trading pools of cryptocurrency. The report, “Latest Evolution of ‘Pig Butchering’ Scam Lures Victim in Fake Mining Scheme,” details the story of one of the scammed victims in the pools, named Frank, and how he lost $22,000 in one week after “someone” pretending to be “Vivian” on the dating app MeetMe contacted him. After Sophos X-Ops investigated Frank’s story, the team uncovered a total of 14 domains associated with the scam operation, as well as dozens of nearly identical fraud sites that, together, netted one “ring” of pig butcherers more than $1 million in three months. The scam takes advantage of the largely unregulated world of decentralized finance, or DeFI, cryptocurrency trading applications. These applications create “liquidity pools” of various types of cryptocurrencies that users can then access for trades. Those who participate in the pool receive a percentage of any fee paid when a trade is made, creating an enticing return on investment. To join a pool, participants sign an online smart contract that gives another account, typically the operators of the pool, permission to access participants’ wallets to facilitate trades. Fake pools, which pig butcherers are increasingly utilizing to siphon funds from targets, operate in much the same way. Liquidity pools cleaned up However, unlike legitimate pools, at some point these scammers “pull the rug” and empty the entire liquidity pool for themselves. “When we first discovered these fake liquidity pools, it was rather primitive and still developing. Now, we’re seeing sha zhu pan scammers taking this particular brand of cryptocurrency fraud and seamlessly integrating it into their existing set of tactics, such as luring targets over dating apps,” according to Sean Gallagher, principal threat researcher, Sophos. Very few understand how legitimate cryptocurrency trading works, so it’s easy for these scammers to con their targets. “There are even toolkits now for this sort of scam, making it simple for different pig butchering operations to add this type of crypto fraud to their arsenal. While last year, Sophos tracked dozens of these fraudulent ‘liquidity pool’ sites, now we’re seeing more than 500,” Gallagher said. Sophos X-Ops first learned of this liquidity mining operation from a victim named Frank. Frank had connected on the dating app MeetMe with a scammer hiding behind the persona of Vivian, a German woman supposedly living in Washington, D.C. for work. For weeks, Frank chatted with Vivian, who mixed her romantic promises with persistent attempts to convince Frank to invest in crypto. Eventually, Frank opened a Trust Wallet account (a legitimate app for converting dollars to cryptocurrency) and connected to the link to the liquidity pool site Vivian recommended. In reality, the pool site was fraudulent and utilized the brand of Allnodes, an established decentralized finance platform provider, as a cover. Between 31 May and 5 June, Frank invested $22,000 in the scheme. Just three days later, the scammers emptied Frank’s digital wallet. Frank, looking to recover his money, turned to Vivian, who advised him to invest even more in the pool to recover his funds and reap the “rewards.” While waiting for his bank to authorize a money transfer to Coinbase, Frank started researching what was going on and came across an article on liquidity mining from Sophos. At this point, Frank reached out to Gallagher for help. Even after Gallagher instructed Frank to block Vivian, she eventually found him on Telegram and continued her attempts to entice him into “continuing their investment,” going so far as to send a lengthy, emotional letter that was very likely created by a generative AI app. “What makes these sorts of scams particularly tricky is that they don’t require any malware to be installed on a victim’s device. They don’t even involve a fake app, like some of those we’ve encountered in other CryptoRom scams. This entire fake liquidity pool was run through the legitimate Trust Wallet app.” At one point, Frank even tried to contact Trust Wallet’s support to recover his money, but he connected with a fake support contact from the fraudulent liquidity pool site. There is no regulation of these pools, legitimate or otherwise, on these crypto apps. These scams succeed solely through social engineering, and the scammers are persistent. Vivian continued trying to contact Frank for weeks after he blocked her on WhatsApp. “The only way to stay safe from these scams is to be vigilant and know that they exist and how they operate. That is why Frank wanted to share his story. Users need be wary of anyone they have no connection with reaching out to them suddenly via any dating app or social media platform, particularly if the ‘person’ reaching out wants to move the conversation to a platform like WhatsApp and then discusses investing in cryptocurrency,” Gallagher said. Sophos has shared its data on this case with Chainalysis and Coinbase, as well as other threat intelligence professionals in the cryptocurrency space, all of whom continue to investigate. “People who believe they may be a victim of pig butchering or liquidity mining fraud are free to reach out to Sophos. They should also reach out to their local law enforcement for assistance,” Gallagher advised. 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Filinvest Land bonds earn top credit score, stable outlook from PhilRatings
The proposed bond issuance of full-range developer Filinvest Land Inc. (FLI) has been assigned the highest issue credit ratings and stable outlooks by the Philippine Rating Services Corporation (PhilRatings). FLI’s proposed bonds, amounting to P10 billion with a P2 billion oversubscription option, were assigned an issue credit rating of PRS Aaa. The same PRS Aaa rating was also assigned to FLI’s outstanding bonds, totaling P35.4 billion. Proceeds from these bonds will be used for capital expenditures and debt refinancing. "We are delighted to receive a PRS Aaa rating from PhilRatings for our proposed bond issuance. This rating reflects our healthy fundamentals and underscores our constant focus on growth and financial sustainability. We are grateful for PhilRatings’ trust and confidence in Filinvest Land and aim to continue building the Filipino dream through our various property developments,” said Tristan Las Marias, FLI president and chief executive officer. Obligations rated PRS Aaa (the highest rating assigned by PhilRatings) are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment to the obligation is extremely strong. Each of the ratings was also assigned an Outlook of Stable. An Outlook is an indication as to the possible direction of any rating change within a one-year period and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators, and the general public. A "stable outlook" means the rating will likely be unchanged in the next 12 months. According to PhilRatings, the assigned credit ratings "take into account the following key considerations: (1) FLI’s established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion; (2) its sound growth strategies; (3) its improved revenues and operating cash flow, supported by more than satisfactory liquidity and interest coverage,” among other factors. For 2023, FLI will launch condominium and housing developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal. FLI will also accelerate the development of its township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental. These FLI townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind. For malls, FLI is currently constructing Marina Town in Dumaguete City which will open by end-2023, and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao which will open by end-2024. These will expand FLI’s retail portfolio by about 55,000 square meters in gross leasable area (GLA), bringing FLI’s nationwide retail GLA to 300,000 square meters. FLI is also present in the industrial park and ready-built factory leasing businesses with its Filinvest Innovation Parks in New Clark City, Tarlac, and Calamba City, Laguna. Last 19 August, FLI broke ground on the 25-hectare Filinvest Innovation Park Ciudad de Calamba, an expansion of the 50-hectare Filinvest Technology Park in Ciudad de Calamba. FIP-CDC is envisioned to become a stage for new and relevant products that will catalyze progress in the local community. The post Filinvest Land bonds earn top credit score, stable outlook from PhilRatings appeared first on Daily Tribune......»»