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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......»»
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......»»
2 ‘missing environmentalists’ not abducted — NSC
The National Security Council on Friday broke the narratives of left-leaning organizations that the missing students tagged as environmentalists, Jhed Tamano and Jonila Castro, who were allegedly abducted by government forces, were instead "safe and sound" in a safehouse as they turned themselves to the police for fear that their lives might be in danger after leaving the leftists' movement. "They left the movement. Hindi totoo na abducted itong dalawa. They left the movement on their (own) free will," NSC Assistant Director General Jonathan E. Malaya told the media at the National Task Force to End Local Communist Armed Conflict press briefing held at the National Press Club in Manila. "Second. They are not environmentalists, they were organizers ng kaliwa," Malaya added referring to local communists' front organizations like Kabataan and Karapatan. Since 1 September 2023, the two young girls, according to Malaya, were "planning to leave the movement" as narrated by Tamano and Castro in their sworn statements now forwarded to the Department of Justice to prepare charges against individuals and groups that took advantage of the conditions and experiences by the two students. Their sworn statements, Malaya said, were done "not in front" of soldiers or police, but with lawyers from the Public Attorney's Office and Commission on Human Rights representatives. "This is also a scam, may mga kumakalap ng pera (through G-Cash or Pay Maya) calling for donations (to find the two girls)," Malaya said. He challenged the communist front organizations to turn back the money collected or give it to Tamano and Castro or to their parents who suffered more from false narratives. Malaya said the DOJ will file cases against these groups and individuals. P/Capt. Carlito l Buco Jr., chief public information officer of the Bataan Provincial Police Office, on the other hand, said the case brought also some fears to parents of students in the province, as youngsters are targeted by the Communist Party of the Philippines, New People's Army, and National Democratic Front, for recruitment. "We call on the students, maging matalino (be smart) kayo at isaalang-alang (think of your love ones) ang mahal ninyo sa buhay," the police official said. He added while the two reportedly missing students are now safe and sound, their sworn statements would attest to their experiences inside the Communist movement, which make them fearful for their security. The post 2 ‘missing environmentalists’ not abducted — NSC appeared first on Daily Tribune......»»
3 ordinances to help Marikina retailers OK’d
Marikina City Mayor Marcelino “Marcy” Teodoro signed on Thursday three local ordinances to help rice retailers in the city affected by the imposition of a price ceiling on the sale of rice. Teodoro signed Ordinance 68 Series of 2023, also known as “Ordinance Granting Relief on Rental Payments to Rice Retailers at the Marikina Public Market in the City of Marikina.” “In consideration of the economic challenges due to the said imposition of a price ceiling, rice retailers who are renting stalls in the Marikina City Public Market, are hereby granted relief through the waiver of rental payments for the months of September and October, 2023,” the measure stated. The ordinance said that Marikina City recognizes the essential role of rice retailers in ensuring the availability of affordable rice to its residents and thus, it is incumbent upon it to address the economic impact of price ceiling on rice retailers by providing relief payment on their rentals in the Marikina Public Market in order to alleviate their financial burden. The local chief executive also signed Ordinance No. 69 Series of 2023, known as the “Ordinance Granting Relief on Business Tax Payment to Rice Retailers in the City of Marikina.” “The purpose of this ordinance is to grant tax relief to rice retailers within the jurisdiction of Marikina City who have been adversely affected by the imposition of a price cap or ceiling on rice,” the measure read. Under the ordinance, rice retailers operating within Marikina shall be exempted from paying business taxes on their gross sales or receipts for the third and fourth quarter of this year, during which the price cap is imposed. Rice retailers eligible for the tax relief are those in the wet markets, public markets, and other areas accessible to the general public, including sari-sari stores that are actually selling rice, it stated. It noted that the grant of tax relief does not cover supermarkets and convenience stores. Lastly, Teodoro signed Ordinance 70, Series of 2023 entitled “Ordinance Granting Cash Assistance to Rice Retailers in the City of Marikina.” The measure stated that the city government recognizes that rice retailers are partners in delivering food services to the people, and that they should be protected and assisted during economic difficulties. The duty of the City Government of Marikina to address the adverse economic impact of the price ceiling on rice retailers by extending financial assistance to mitigate and cushion the impact of the price cap, it added. The ordinance further stated: “To provide immediate financial relief to rice retailers affected by the price ceiling on rice, the City Government of Marikina shall extend cash assistance in the amount of P5,000 to each eligible rice retailer.” According to the measure, rice retailers in wet markets, public markets, and other areas accessible to the general public, including sari-sari stores that are actually selling rice, operating within Marikina as of effective date of the ordinance are eligible to receive the cash aid. It noted that the grant of cash assistance does not cover supermarkets and convenience stores. After the signing of the three ordinances, Teodoro oversaw the distribution of the P15,000 financial assistance to eligible rice retailers led by the Department of Social Welfare and Development. The post 3 ordinances to help Marikina retailers OK’d appeared first on Daily Tribune......»»
Fund transfer just got free
Transferring money got even better with UnionBank of the Philippines. Already offering one of the lowest inter-bank transfer fees in the industry, UnionBank announced a free InstaPay fund transfer for transactions worth P1,000 and below from 8 August to 11 November. UnionBank Online app users can now make the most out of the deals this 8.8 with the savings they can get from the waived InstaPay fees. The good news doesn’t stop there! UnionBank is also bringing back its InstaPanalo Raffle promotion with P3 million in cash prizes to be given away. From 1 August to 15 November, UnionBank Online app users doing InstaPay fund transfers worth above P1,000 can win cash prizes of up to P100,000! For every five successful InstaPay send transactions worth above P1,000 each, customers automatically earn one e-raffle entry. There will be 40 winners of P50,000 in the first two draws and 10 lucky winners of P100,000 during the grand draw. Non-winners during the first and second draw events can still qualify for the grand draw. “These initiatives are a testament to our brand’s relentless passion towards delivering superior value to our customers — they are the reason why we continue to redefine banking through trailblazing digital innovations and value-laden offers,” said Ana Aboitiz-Delgado, UnionBank’s chief customer experience officer and chief digital channels officer. UnionBank has always been known for being at the forefront of promoting financial inclusion through its digital banking solutions. “We want as many people as possible to experience the ease and convenience of cashless transactions. This also supports the thrust of Bangko Sentral ng Pilipinas to promote digital payments to make financial services more accessible to everyone, which, for us at UnionBank, is in line with our commitment to enabling a digital economy that works for and benefits every Filipino,” said chief marketing officer Albert Cuadrante. The BSP Digital Payments Transformation Roadmap aims to convert to digital at least 50 percent of total retail payments by the end of 2023. Experience FREE InstaPay fund transfers and join the InstaPanalo raffle promo now. Download the UnionBank Online app on Google Playstore, App Store and Huawei App Gallery. The post Fund transfer just got free appeared first on Daily Tribune......»»
‘Operation Greyhound’ yields over P1M
TACLOBAN CITY — The Bureau of Jail Management and Penology disclosed on Sunday that its “Operation Greyhound” has yielded large amounts of cash and other prohibited items after an inspection at the Tacloban City jail male dormitory. The BJMP said that it will conduct a swift and thorough investigation regarding the incident. Tacloban City jail warden Jail Chief Inspector Gusser Gadong Sr. revealed that a total of P1,378,160 were found among the belongings of persons deprived of liberty, prompting the jail officials to conduct a more thorough investigation on how the money was brought in and if there are other transactions associated with the money. The operation was conducted last 29 July 2023. Gadong, however, quickly pointed out that there were no drugs found during the conduct of the operation and clarified that what was found were items that are not allowed to be possessed by PDL. Other than money, found in the possession of the PDL were communication devices such as 17 android phones, 10 keypad cell phones, one pocket wifi, one tablet, as well as other banned items. Gadong said the operation was conducted following a letter request from BJMP asking the TCPO led by City Director Police Colonel Michael Palermo to assist them. He added that an investigation will be conducted following the due process. “Operation Greyhound” is considered an essential operational activity of BJMP to maintain peace and order inside the facilities and for the safety of PDL. During the conduct of the operation, the inmates are instructed to stay out of their prison cells and group themselves at the open space within the jail facility as the inspection of the jail cells was conducted. The inspectors would then check the beddings, lockers and personal belongings of PDL for questionable items such as communication devices, money, drugs and bladed and pointed weapons. The post ‘Operation Greyhound’ yields over P1M appeared first on Daily Tribune......»»
Metrobank rewards 10 outstanding Pinoys P1-M each
Ten Metrobank Foundation Outstanding Filipinos, comprised of four teachers, three soldiers, and three police officers, are recognized for going beyond their duty and making a difference in the community. Recipients of this year’s career-service award for Filipino exemplars in the academe, military, and police sectors were presented to the public on Thursday, 3 August. Each of them will receive a cash prize of P1 million each (net of tax), a golden medallion, and “The Flame” trophy in a conferment ceremony on 29 August, ahead of the Metrobank’s anniversary celebration in September. Outstanding Filipinos embody the true meaning of “Beyond Excellence” as they go the extra mile in their chosen profession and selflessly extend a helping hand to those in need through their various service and community involvements while overcoming adversities and challenges. Bagging the 2023 Metrobank Foundation Outstanding Filipino Award for Teachers are (1) Mr. Rex M. Sario, MAT, Master Teacher I/Teacher-in-Charge of Balogo Elementary School (Pangantucan, Bukidnon); (2) June Elias V. Patalinghug, EdD, Master Teacher II, Catalunan Grande Elementary School (Davao City); (3) Edgar R. Durana, MAEd, Master Teacher I/SPED Coordinator, Don Jose Ynares Memorial National High School (Binangonan, Rizal); and (4) Jovelyn G. Delosa, Ph.D., Associate Professor, Northern Bukidnon State College (Manolo Fortich, Bukidnon). To be conferred with the 2023 Metrobank Foundation Outstanding Filipino Award for Soldiers are (5) Staff Sergeant Danilo S. Banquiao PA, Civil-Military Officer — Non-Commissioned Officer, 103rd Brigade, 1st Infantry Division, Philippine Army (Marawi City, Lanao del Sur); (6) Lieutenant Colonel Joseph J. Bitancur PAF, Assistant Commandant, Basic Military School, Air Education, Training, and Doctrine Command, Philippine Air Force (Lipa City, Batangas); and (7) Colonel Joseph Jeremias Cirilo C. Dator PA, Assistant Chief of Staff for Operations (G3), Presidential Security Group (City of Manila) (formerly Commanding Officer, 10th Military Intelligence Battalion, 10th Infantry Division in Mawab, Davao de Oro). Meanwhile, recipients of the 2023 Metrobank Foundation Outstanding Filipino Award for Police Officers are (8) Police Chief Master Sergeant Dennis D. Bendo, Section Team Leader, District Mobile Force Battalion, Manila Police District (City of Manila); (9) Police Major Mae Ann R. Cunanan, Chief, Police Community Relations, Criminal Investigation, and Detection Group, Camp Crame (Quezon City) (formerly Chief, Case Monitoring Section, Regional Investigation and Detection Management Division, PRO 9 in Zamboanga City); and (10) Police Colonel Renell R. Sabaldica, Chief, Morale and Welfare Division, Directorate for Personnel and Records Management, Camp Crame (Quezon City) (formerly Provincial Director of Cagayan Police Provincial Office in Tuguegarao City). “Outstanding Filipinos inspire us to go beyond excellence and pursue a mission that is bigger than ourselves. This year’s batch proved to us how the competence of Filipinos combined with character and compassion can positively impact other people’s lives,” said Metrobank Foundation president Aniceto M. Sobrepeña. “Educators, peacekeepers, and defenders have chosen to render selfless service to the community and the country despite many adversities. We hope their examples and contributions to society create a ripple effect transcending generations,” he added. The post Metrobank rewards 10 outstanding Pinoys P1-M each appeared first on Daily Tribune......»»
GCash sees Paleng-QR as deterent vs.cybercrime
An executive of Globe Telecom’s GCash said e-wallet providers should help further expand the use of QR codes at public markets to teach most Filipinos about cybersecurity in various digital financial services, including digital banking. “You cannot educate someone if he or she is not using the digital platform payment, so we make people part of the digital economy, even in marginalized areas,” said Migs Geronilla, GCash chief information and security officer, during the cybersecurity forum organized by Digital Pilipinas, Bank of the Philippine Islands, and Global Fintech Institute last Friday, 28 July 2023. The Bangko Sentral ng Pilipinas’ Paleng-QR uses QR codes that consumers can scan through their mobile phones and draw funds from their e-wallets to pay for goods at public markets. Cash-lite payments Conceptualized in 2021, this program was launched by the BSP along with the Department of the Interior and Local Government to promote cash-lite payments as the world made a shift to the digital economy. Regarding Paleng-QR, Geronilla said, “We’re very aggressive on it, making this digital payment a part of the daily lives of users. That’s the point of doing financial education and cybersecurity because when we see that it’s good for them, we can pinpoint where they can actually absorb the information.” With the proliferation of e-wallets and digital banks, Lawrence Ferrer, president and CEO of Bayad, a payments collector, said cybercrimes among Filipinos remain rampant and their trust in companies shaky. Organized and well-funded “Cyberfraudsters are organized and well-funded,” he said, recounting a time when “I got an SMS informing me that my bank account was unlocked. I’ve been getting this since last year, so you can imagine the amount of effort they put in. I don’t think this comes only from the Philippines but also outside.” Research group Tangere found in a recent survey it conducted that 80 percent of Filipinos receive scam attempts through text messages and 15 percent of them are alerted with such messages at 2 in the morning. Majority or 90 percent of the 1,000 respondents in the survey said they mostly fear phishing, a method where fraudsters obtain personal information of victims, such as their credit card numbers, by sending them emails or text messages. The post GCash sees Paleng-QR as deterent vs.cybercrime appeared first on Daily Tribune......»»
AboitizPower gains amid furious rebound
Aboitiz Power Corp., the holding company for all energy-related investments of the Aboitiz Group, reported a surge in its first-half income driven by the stellar performance of its generation and retail businesses that prompted higher sales. The company reported to the stock exchange that it logged a P17.8-billion net income from January to June, 79 percent higher than the P10 billion recorded in the same period a year ago. For the second quarter alone, the company’s net income reached P10.3 billion, 46 percent higher than the P7 billion profit a year ago. “The company had an exceptional performance in the first six months of 2023, driven by fresh contributions of the company’s strategic investments and operational excellence outcomes,” AboitizPower president and chief executive officer Emmanuel Rubio said. “We envision a future of continued success in achieving our corporate objectives, where AboitizPower is recognized as a driving force in the country’s energy sector, delivering sustainable growth and substantial returns to our investors,” he added. AboitizPower’s generation and retail supply businesses recorded earnings before interest, taxes, depreciation, and amortization or EBITDA of P30.2 billion during the first six months. The EBITDA, used to measure a company’s financial health and ability to generate cash, was 31 percent higher than the P23.1 billion recorded in the same period last year due to “fresh contributions” from GNPower Dinginin. From the start of the year until the end of June, AboitizPower said its capacity sold increased by 25 percent to 4,718 megawatts or MW from 3,785 MW a year ago. All markers higher Energy sold, meanwhile, increased by 29 percent to 17,736 gigawatt-hours against the 13,762 GWh sold last year. On the other hand, AboitizPower’s distribution business also recorded a first-half EBITDA of P6 billion, 101 percent higher than the P3 billion recorded last year. Energy sales from both Residential and Commercial and Industrial customers likewise increased by 7 percent to 2,983 GWh in the first half, compared to 2,780 GWh in the same period in 2022 due to recoveries in demand in the areas affected by typhoon “Odette.” Notably, AboitizPower’s total consolidated assets as of the end of June stood at P478.7 billion — relatively flat compared to the year-end 2022 amount of P477.6 billion. AboitizPower aims to widen its renewable energy portfolio to 4,600 megawatts or MW, resulting in a 50:50 balance between its RE and thermal capacities by the end of the decade or by 2030. The post AboitizPower gains amid furious rebound appeared first on Daily Tribune......»»
Pag-IBIG Fund posts record high P20.61-B income in H1 2023
Pag-IBIG Fund netted a record high income of P20.61 billion in the first half of 2023, the agency’s top executives announced on Thursday, 20 July. From January to June, Pag-IBIG Fund’s gross income reached P35.03 billion, while net income amounted to P20.61 billion. Compared to the same period last year, gross income grew by 12 percent or P3.80 billion while net income increased 11 percent or P2.05 billion, driven mainly by earnings from its housing and short-term (cash) loans, and investment portfolios. “I am happy to report that Pag-IBIG Fund’s performance this year remains strong. Our P20.61 billion net income during the first half of the year is the highest for any January to June period in our history. Our performance shows how excellently we are managing the funds that our members have saved with us. With our strong fiscal standing, we remain in a strong position to finance more homes under the Pambansang Pabahay para sa Pilipino or 4PH Program, in line with the directive of President Ferdinand Marcos, Jr under the Bagong Pilipinas Campaign to help more Filipinos have better and more dignified lives,” said Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development (DHSUD), who serves as chairperson of the 11-member Pag-IBIG Fund Board of Trustees. He also added that as of June, the agency’s total assets have already reached P873.15 billion, a 6% or P45.75 billion growth from the yearend 2022 level of P827.40 billion. Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, emphasized that the increase in net income shall be redound to the benefit of its members. She noted that under its charter, Pag-IBIG Fund is mandated to return at least 70 percent of its annual net income to its members in the form of dividends and returns, which are credited to their savings. “Pag-IBIG Fund is owned wholly by its members - the Filipino workers. That is why as administrators of the Fund, it is our responsibility to manage their contributions wisely and excellently. With our second-half projections on our loan releases, collections, and performing loans ratio high, we are optimistic that we can maintain our financial performance and provide Filipino workers the best returns on their savings as well as the means to acquire their own homes through our affordable home financing," Acosta said. The post Pag-IBIG Fund posts record high P20.61-B income in H1 2023 appeared first on Daily Tribune......»»
MIF to get initial P81.7-B funding from nat’l govt, LBP
The newly established Maharlika Investment Fund (MIF) has received starting cash of P81.86 billion from the national government and the Land Bank of the Philippines, the Department of Finance (DOF) said on Friday. In a briefing in the DOF office, Finance Secretary Benjamin Diokno said that Landbank approved on Friday morning, 21 July, to put P50 billion on Maharlika Investment Corp. (MIC). With the money in place, Diokno believes the MIF will be up and running by the end of 2023. "It is reasonable to expect that the Maharlika Investment Fund will be up and running before the end of 2023," Diokno said. The Bureau of the Treasury has started crafting and implementing rules and regulations (IRR) with help from the original government financial institutions, like the Land Bank and the Development Bank of the Philippines. Section 54 of Republic Act No. 11954, also called the Maharlika Investment Fund Act, says that the Treasury office has 90 days after the law goes into effect to publish the IRR. "We do not intend to utilize the entire 90 days. We anticipate completing the promulgation of the IRR before the end of August," the government's chief economic manager said. For context, President Ferdinand Marcos Jr. signed MIF into law last 18 July, just a few days before his second State of the Nation Address. The MIF will use state assets to invest in businesses that will bring in more money for the government. Marcos signed Republic Act No. 11954 into law despite some critics expressing worries and doubts about MIF. Some politicians pointed out the MIF bill's obvious mistakes, gaps, and unclear parts. Diokno has already ensured that the country's MIF has responsibility and openness measures so that it doesn't end up like Malaysia's 1Malaysia Development Berhad (1MDB) scandal, where former Malaysian prime minister Najib Razak was found guilty of corruption in the 1MDB financial scam and given a 12-year prison term. The post MIF to get initial P81.7-B funding from nat’l govt, LBP appeared first on Daily Tribune......»»
OFW monies reach $2.78B
Cash remittances coursed through banks increased in May following the growth in receipts from workers abroad. Data from the Bangko Sentral ng Pilipinas on Monday showed that overseas Filipino remittances reached $2.78 billion in May 2023, higher by 2.9 percent than the $2.70 billion registered in the same month last year. “The expansion in cash remittances in May 2023 was due to the growth in receipts from land- and sea-based workers,” BSP said in a statement. Consequently, personal remittances for the first five months of the year grew by 3.1 percent to $14.46 billion, from $14.02 billion posted in the comparable period in 2022. On a year-to-date basis, cash remittances reached $12.98 billion, 3.1 percent higher than the year-ago level of $12.59 billion. “The growth in cash remittances from the United States, Singapore, and Saudi Arabia contributed mainly to the increase in remittances in the first five months of 2023,” BSP said. “Meanwhile, in terms of country sources, the US posted the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia and Japan,” BSP added. In an emailed commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the continued growth in the year-on-year overseas Filipino remittances might have to do with increased holiday-related spending since the Holy Week in April 2023. “More people travel to go back to their respective hometowns in the provinces for vacations, also during the school break (June to July), spend for gatherings/reunions, as well as finance vacations locally or overseas,” Ricafort said. He added that relatively higher inflation also required sending more money to families and dependents in the Philippines. Ricafort said that further reopening the economy towards greater normalcy also led to increased spending with some pent-up demand or revenge spending by OFW families and dependents that were partly financed with the increased OFW remittances. Meanwhile, President Ferdinand Marcos Jr. on Monday encouraged overseas Filipinos to return to the Philippines, citing the “great many opportunities” for them here. During the courtesy call of 2023 Very Important Pinoy Tour participants in Malacañang, Marcos encouraged overseas Filipinos to come home and bring their children back to the Philippines so that they could learn about Filipino culture. “There are a great many opportunities for you and for the country as we try to transform the economy,” Marcos said. “I encourage you to come back and see what is happening in the Philippines,” he added. He also praised the contributions of overseas Filipinos to the Philippines, saying that they were “practically parts of their families.” “In every part of the societies that we Filipinos have decided to go to, we have made a very good name for ourselves,” Marcos said. “And for that, we thank our Filipino brothers and sisters who live abroad and continue to make the name of the Philippines shine.” Marcos added that Filipinos worldwide have become and continue to become an essential part of Philippine society and of the places where they decided to live and work. Per its website, the VIP Tour is led by the Department of Foreign Affairs in collaboration with the Department of Tourism and Rajah Tours. The current year’s travel plan blends the finest attractions of Metropolitan Manila, Iloilo and Boracay, offering participants a thrilling and educational vacation experience. The post OFW monies reach $2.78B appeared first on Daily Tribune......»»
Remittances reach P2.78B, rise by 2.9%
PAMPANGA – Cash remittances coursed through banks increased in May following the growth in receipts from workers abroad. Data from Bangko Sentral ng Pilipinas showed on Monday that overseas Filipino remittances reached $2.78 billion in May 2023, higher by 2.9 percent than the $2.70 billion registered in the same month last year. "The expansion in cash remittances in May 2023 was due to the growth in receipts from land- and sea-based workers," BSP said in a statement. Consequently, personal remittances for the first five months of the year grew by 3.1 percent to $14.46 billion, from $14.02 billion posted in the comparable period in 2022. On a year-to-date basis, cash remittances reached $12.98 billion, 3.1 percent higher than the year-ago level of $12.59 billion. "The growth in cash remittances from the United States, Singapore, and Saudi Arabia contributed mainly to the increase in remittances in the first five months of 2023," BSP said. "Meanwhile, in terms of country sources, the U.S. posted the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan," BSP added. In an emailed commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the continued growth in the year-on-year overseas Filipino remittances growth might have to do with increased OFW remittances sent back home in May 2023 in time to finance holiday-related spending continued since the Holy Week in April 2023. "More people travel to go back to their respective hometowns in the provinces for vacations, also during the school break (June to July), spend for gatherings/reunions, as well as finance vacations locally or overseas," Ricafort said. He added that relatively higher inflation also required sending more overseas Filipino remittances to families and dependents in the Philippines. Ricafort said further reopening the economy towards greater normalcy also led to increased spending with some pent-up demand or even some revenge spending by OFW families and dependents locally that are partly financed by increased sending OFW remittances. The post Remittances reach P2.78B, rise by 2.9% appeared first on Daily Tribune......»»
Inflation eases further to 5.4%
President Ferdinand Marcos Jr. on Wednesday said a collaboration with farmers is crucial to reducing inflation which has eased for the fifth straight month in June. Marcos made the statement as data from the Philippine Statistics Authority showed the consumer price index had eased from 6.1 percent in May to 5.4, mostly due to cheaper prices of food, transportation, housing, and utilities. Overall food prices decelerated to 6.7 percent in June from 7.4 percent in May, with the most notable declines in the prices of sugar, meat, and other animal products. Speaking to reporters on the sidelines of Livestock Philippines 2023 in Pasay City, Marcos said the government is working with farmers to lower prices, improve production efficiency, and take full advantage of new technologies. “If you remember, inflation increased in January and February, particularly due to the rise in the cost of agricultural products,” Marcos said. “That’s why this kind of collaboration and exchange of ideas being done now is important because we are helping the producers of agricultural commodities to lower prices, improve production efficiency, and take full advantage of new technologies.” Marcos cited the example of sugar, which contributed significantly to inflation in recent months. He said the government has stabilized the price of sugar by making a clear importation schedule. “This is the kind of thing that is helping to bring down the inflation rate,” he said. “That’s why doing this, improving the technologies, helping our farmers at both ends of that value chain, there is an advantage because the farmers will make more money because they are spending less because they are more efficient,” he said. Ensure stability The government, he said, will continue to work with farmers to reduce inflation. He said the goal is to ensure that prices are stable and that consumers can plan for the future. The latest overall inflation rate was the lowest since June last year although fish prices were up 6.2 percent from 5 percent, while the prices of vegetables and rice increased slightly by only decimal points. Fuel prices were also down to -3.1 percent from -0.5 percent, while electricity costs for households dropped to 10.3 percent from 13.6 percent. Meanwhile, core inflation, which excludes volatile items such as food and fuel, also decreased to 7.4 percent from 7.7 percent. Prices of restaurant and financial services, clothing and footwear, and telecommunications remained stable, while personal care products increased slightly to 5.8 percent from 5.7 percent. The National Economic and Development Authority or NEDA expects the continued downtrend in inflation to approach the government’s target of 2 percent to 4 percent by the end of the year. “The government remains committed to protecting the purchasing power of the Filipino people by ensuring food security, reducing transport and logistics costs, and lowering energy costs for households,” NEDA Secretary Arsenio M. Balisacan said. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said government agencies must monitor the factors that could potentially derail the inflation trajectory from the aforementioned target. “The El Niño or drought, especially in the latter part of this year to early 2024, could reduce agricultural production and supplies, such as rice, thereby leading to a pickup in prices and overall inflation,” she said. She added that the recent P40 increase in the minimum wage in Metro Manila could push up consumer prices again as the public has more cash to spend. “The latest increase in the minimum wage for non-agricultural workers in Metro Manila would lead to some pass-on inflation effects or higher prices of other goods and services in the economy, similar to last year,” he noted. He said government agencies must have other strategies in place to prevent a reversal of the inflation trend as “the wage hike had been somewhat anticipated.” @tribunephl_tiz The post Inflation eases further to 5.4% appeared first on Daily Tribune......»»
Lawyers seek De Lemos head for NBI blunder
A group of lawyers who requested anonymity for fear of reprisal blamed the recent significant mistakes of the National Bureau of Investigation on overstaying Director Medardo de Lemos and called for his immediate resignation. The Department of Justice confirmed that Jose Adrian “Jad” Dera, a co-accused of former senator Leila de Lima in her remaining drug case, was arrested by authorities on Wednesday, 21 June, after he allegedly went out from and came back to the NBI Detention Center. Dera’s lawyer says his medical condition necessitates his leaving the NBI premises, even as the NBI has its medical doctor. DoJ Assistant Secretary Mico Clavano said that “firearms, cash, and other contraband” were confiscated from Dera. Six NBI security personnel were arrested together with Dera. Dera is also implicated in the slaying of Negros Oriental Governor Roel Degamo last 4 March 2023. Lawyer Levito Baligod, legal counsel for the Degamo family, said that aside from Jad Dera, alleged co-mastermind Marvin Miranda also enjoys furlough from corrupt NBI officials, leaving the NBI Detention Center as he pleases. A reliable source inside the bureau revealed that the Degamo witnesses’ recantation started with the arrest of Marvin Miranda, the alleged recruiter of the killers of Gov. Degamo. The same source said that he is an asset/informant of a newly-appointed Chief of a District Office of a province near Metro Manila, promoted by the NBI Director De Lemos himself. The same source said that unknown to the public, it was kept from the Department of Justice officials’ knowledge that Miranda is an asset/informant of a newly-installed Chief of a District Office of a province near Metro Manila. The same Chief of the District Office is married to a lady agent who also was a newly-installed Bureau Chief. The same person is rumored to be the paramour of the NBI Director. She was reported to have been with the latter during a foreign trip. “Miranda is a Trojan horse who has a connection with the top officials of the Bureau. And this is just one of the many things that are eroding the morale of the career officers and personnel of the NBI,” the source said in dismay. The widow of Governor Degamo, Pamplona, Negros Oriental Mayor Janice Degamo, in her Facebook post, said; “I have lost my trust in the NBI… It is in this facility that all gunmen recanted (their testimonies). Paano nangyari yun?” She added that “as if the Bureau has no IDEA at all how things like this could happen. Tapos nangyari ito na nahuli si Dera??? Tapos wala itong kinalaman sa recantation? Hanggang saan sa NBI umabot ang P25 million?” “We would request another agency of the government to handle the Degamo case, wag na sa NBI (expletive),” Mayor Janice emphatically said. An NBI source said the recantation of testimonies of all 10 gunmen in the Degamo case is a first in the history of the Bureau. The same group of lawyers said De Lemos might as well resign. He should have retired weeks ago as he reached the age of compulsory retirement last 8 June having reached the age of 65. “The compulsory retirement age of the NBI Director is sixty-five (65). Said position cannot be reappointed because the position is technical and not confidential,” as stated in the description of the position of the NBI Director. Extended term A copy of a memorandum from the Office of the President circulated on social media dated 9 June 2023, signed by Executive Secretary Lucas Bersamin to Secretary of Justice Crispin Remulla, states “… Mr. De Lemos, who holds a coterminous appointment as Director (Director VI) of the NBI, is considered automatically extended in the service upon reaching the compulsory retirement age of 65 years on 8 June 2023, until the expiry date of his appointment which is until the end of the term of the President, unless his services are earlier terminated”. Executive Order 136 series of 1999 or the law Requiring Presidential Approval of Requests for Extension of Services of Presidential Appointees Beyond the Compulsory Retirement Age, however, states: “That Officials or employees who have reached the compulsory retirement age of 65 years shall not be retained in the service, except for exemplary meritorious reasons.” “The blunders at the NBI is surely not a meritorious reason for De Lemos to be extended in office,” one of the lawyers said. Also cited was a memorandum from Executive Secretary Salvador Madialdea, under then-President Rodrigo Duterte, dated 18 February 2021, and addressed to the heads of departments, agencies, offices, and instrumentalities of government, including Government-Owned or Controlled Corporations or GOCCs. “To ensure the effective and efficient delivery of service, President Rodrigo Roa Duterte has instructed the strict adherence of all concerned to Republic Act 8921, otherwise known as the Government Service Insurance System Act 1997, which provides that the compulsory retirement age of government employees is sixty-five (65) years. As such, the extension of service of government officials and employees who have reached the compulsory retirement age will no longer be allowed,” the memorandum read. The post Lawyers seek De Lemos head for NBI blunder appeared first on Daily Tribune......»»
‘Bayanihan sa Barangay’ launched
The Metropolitan Manila Development Authority and the local government of Makati City kicked off on Tuesday the “Bayanihan sa Barangay” project at Barangay Bangkal as part of the agency’s clean-up drive aimed to help densely populated areas and bring the agency’s services closer to the public. MMDA acting chairperson Atty. Don Artes said the project aims to raise public awareness on the importance of proper waste disposal. Personnel from MMDA offices such as Flood Control and Sewerage Management Office, Health, Public Safety and Environmental Protection Office, Sidewalk Clearing Operations Group and Traffic Engineering Center conducted various activities and services such as drainage de-clogging, sidewalk clearing operations, painting of pedestrian lanes and installation of road signage. The agency also conducted orientation sessions on anti-smoking, anti-littering, solid waste management, disaster preparedness and trash-to-cash programs. Artes also said the agency have already submitted the names of individuals who will be part of the Tupad Program of the Department of Labor and Employment, and who will be deployed to local government units to assist with the declogging operations. “The agency plans to conduct the ‘Bayanihan sa Barangay’ project on all Metro Manila LGUs,” Artes said. The MMDA chief also called for the public’s help in maintaining the cleanliness in their surroundings. Meanwhile, the MMDA TEC has recently recorded the highest vehicle volume count plying EDSA numbering to 425,890 vehicles from the previous high of 405,822 in 2019. Even with the increase in volume of vehicles, Artes said the travel speed along EDSA has improved from 21.67 kph last January 2020 to 24.98 kph recorded last 22 May of this year. Artes also said the number of motorcycle-related accidents has decreased tremendously along Commonwealth Avenue in Quezon City after the implementation of the motorcycle lane. The implementation of Exclusive Motorcycle Lane along Commonwealth Avenue started last March 2023 to help reduce the number of fatal road crashes involving motorcycles and to improve traffic flow. The post ‘Bayanihan sa Barangay’ launched appeared first on Daily Tribune......»»
DBM okays P5-B for BARMM
ZAMBOANGA CITY — T he Bangsamoro Autonomous Region in Muslim Mindanao will receive P5 billion from the Department of Budget and Management for use in rehabilitating its conflict-ridden communities, including those in Marawi City. BARMM Chief Minister Ahod Balawag Ebrahim said yesterday that DBM Secretary Amenah Pangandaman confirmed the approval of the fund as provided under Section 2, Article 15 of Republic Act 11054 or the Bangsamoro Organic Law. “BARMM is taking advantage of this funding and will fully utilize it to help those in need, and to improve areas that need further development,” Ebrahim said. According to Ebrahim, RA 11054 mandates the national government to allocate a yearly P5-billion Special Development Fund to the BARMM government over a period of 10 years to rebuild, rehabilitate and develop the region’s conflict-affected communities. The budget allocation will be released by the Bureau of Treasury to the BARMM government through an authorized government servicing bank, subject to cash programming by the national government. Ebrahim said the P5 billion is on top of the P64.8-billion block grant for the Bangsamoro government in the 2023 Budget. In line with President Ferdinand “Bongbong” Marcos Jr. directive, DBM will continue to assist BARMM to ensure a smooth transition and strengthen its communities. The post DBM okays P5-B for BARMM appeared first on Daily Tribune......»»
Globe Group, Aklan LGU push for responsible tourism in Boracay
Globe recently partnered with the local government of Malay, Aklan in its move to encourage sustainable tourism with the return of Love Boracay (formerly known as LaBoracay) held on 28 April to 1 May 2023. Globe has been supportive of Boracay’s environmental conservation efforts by conducting offshore clean-up drives, coral reef rehabilitation, community support for prevention of untreated effluents from entering the sea and raising awareness among the youth and the community on how they can contribute to environmental conservation. "Globe fully supports the local government of Malay, Aklan in its efforts to advance responsible tourism in Boracay. At this year’s Love Boracay, we carried out activities to encourage customers to adopt sustainable practices. We hope that this event raises awareness for responsible tourism throughout our country," said Pia Gonzalez-Colby, Globe chief marketing officer. To encourage Boracay visitors to “Go Lang Nang Go” and discover how they can responsibly enjoy the island’s beauty, Globe held various activities at the Globe Eco Station located at the picturesque beachfront of Boracay’s Station one. Plastics for a prize. Tourists got the chance to spin and win prizes by turning over single-use plastic bottles, plastic cups, cans or plastic bags and presenting their GlobeOne app and proof of SIM card registration. They also got a shot at the prize by donating at least P10 to the Save Philippine Seas group via the GlobeOne app or GCash. GForest signup. A GCash booth allowed customers to sign up to GForest, where actual trees are planted through points collected via activities such as walks tracked on health apps or transactions within the e-wallet, from bills payment and bank transfers to buying load. Globe At Home cash giveaway. Globe At Home gave away P5,000 in GCash credits to customers who took a photo at the Globe At Home photo wall and shared it on social media. The photo with the most likes and shares got the prize. Customers also received P50 GCash credits for turning over plastic bottles at the Globe At Home booth. Globe and KonsultaMD essentials. Globe also had booths at D’Mall and Lake Town where customers got the chance to win beach kit essentials by downloading the GlobeOne app, registering their SIM or registering to Go+99 via GCash. KonsultaMD also offered medicine vouchers, vitamin packs and other freebies to those who registered and downloaded the app. At the GCash booth, customers also got a kit with beach essentials for every proof of payment with GCash at partner establishments. For sports fans, the Globe Boracay Sportsfest proved to be a treat. The event held tennis, ultimate frisbee, volleyball and soccer competitions at the Station 1 beachfront from Estacio Uno to Ambassador on 29-30 April. The awarding ceremony was held at the sunset session featuring a local DJ, with Globe and GCash providing cash prizes for the games. Globe also brought top DJs and bands at the Globe Love Boracay Musicfest in Lake Town. [caption id="attachment_135104" align="aligncenter" width="525"] Globe held various activities at the Globe Eco Station located at the picturesque beachfront of Boracay’s Station 1.[/caption] “GCash has been powering the Globe Group's goal of promoting a digital ecosystem in the country. For example in Boracay, you can now pay for your e-trike rides, food trip, activities and other local shopping via the GCash app. This is our way of not only promoting local tourism but also making sure that businesses in Boracay benefit from the growing digital economy," said Neil Trinidad, GCash Chief Marketing Officer. To learn more about Globe’s sustainability initiatives, visit www.globe.com.ph/about-us/sustainability. The post Globe Group, Aklan LGU push for responsible tourism in Boracay appeared first on Daily Tribune......»»
BTA greenlights Bangsamoro revolving fund act
PAGADIAN CITY — The Bangsamoro Transition Authority Parliament has approved Parliament Bill 41 or the Bangsamoro Revolving Fund Act of 2023 which seeks to establish a P1-billion revolving fund to ensure prompt payment for nationally-funded workers and personnel. Parliament Member and Minister of Public Works Eduard Guerra on Thursday disclosed that members of the Parliament approved the measure on Wednesday with 49 affirmative votes, zero negative votes and zero abstentions. The approval of the bill will establish a revolving fund to ensure prompt payment of salaries, compensation and emoluments for nationally-funded workers and personnel under the direct supervision of the implementing BARMM ministries, agencies or offices. It also seeks to protect the interests of workers and personnel, ensuring their full protection and promotion of general welfare to enhance the efficient delivery of services and programs to the Bangsamoro constituents. Guerra said Bangsamoro Autonomous Region in Muslim Mindanao Chief Minister Ahod Ebrahim certified the bill as urgent, emphasizing the importance of “paying the workers’ dues before their sweat has dried up.” He added that the landmark legislation will address the “perennial problem” of the delay in the transfer or download of funds from the national government for the payment of salaries of the workers under nationally funded programs. According to Guerra, a total of 3,725 workers will benefit from the legislation, including doctors, nurses, midwives and social program participants. The Ministry of Finance and Budget and Management, meantime, will administer and manage the fund by establishing cash management and disbursement systems and procedures, while adhering to existing government accounting and auditing rules and regulations. It will also ensure the availability of requested funds for the purpose specified and a mechanism will be provided for immediate reimbursement to the fund once the concerned national government agency transfers or downloads the corresponding national funds. The fund will remain active unless the ministries, agencies, and offices have ceased submitting requests for at least two fiscal years and the MFBM will also provide official quarterly reports on the releases, obligations and disbursements of the fund to the Parliament, ensuring transparency and accountability in its utilization. The post BTA greenlights Bangsamoro revolving fund act appeared first on Daily Tribune......»»
Digital ‘budol-budol’
Often for kicks, I open the “Spam” folder of my Email and entangle myself with what digital fraudsters are up to lately in messing up people’s lives. I precisely did that after apprising the big news about the potential personal data breach at GCash, the popular digital payments platform of Globe Telecom Inc. and immediately searched for fake GCash emails. Usually, for safety’s sake, I quickly delete such fakeries. But I took a conscious effort at scrutinizing a message I got last month which purportedly came from the “GCash Help Center.” The message urgently asked me to activate my account by clicking the provided link. Helpful missive that was, innocent-sounding even. Only it was a head-scratcher: I never applied for a GCash account nor have no intentions whatsoever of enrolling into one. I often wonder how these people could assume I wasn’t strictly a cold-cash-paying Luddite struggling with where to place in my all too-small billfold those new-fangled unfoldable one thousand peso bills. Anyway, since I was also often bombarded by National Telecommunication Commission (NTC) text alerts imploring me to be ever watchful with digital fraud, or in the more suitable and folksier digital “budol-budol,” I had become suspicious enough to spot dead giveaways showing fraud. By the way, all of us really have to keep up with fraudsters’ ways. In fact, in our digital era “face-to-face fraud doesn’t really happen anymore. It’s all digital,” says Louis Smith, credit card Visa’s chief risk officer for Southeast Asia. At any rate, in the case of those fake emails, technically known as “phishing” emails, the dead giveaways I learned were: a. the email usually has a generic greeting like “Hi”; the email says your account is on hold because of a billing problem; and the email invites you to click on a link to update your payment details by sending all your personal data. Those raise fakery alarms since legitimate companies, even if they might communicate with you by email, won’t ever email or text you with a link to update your payment information. So there. Still, the growing sophistication and sheer volume of digital “budol-budol” every day catches us off-guard. Nowadays, the risks of digital fraud are alarmingly high. In fact, Globe Telecoms, which owns GCash, reported that it has already blocked 4.07 million malicious bank-related messages in the first quarter of the year, 2.7 percent higher than the number of malicious messages from last year. Last year, too, Globe blocked 85 million bank-related spam and scam messages, part of the record-high 3 billion scam and spam messages filtered by the giant telecom firm between January 2022 and January 2023. In another report, TransUnion, an American credit reporting outfit, says the nation had the third-highest rate of suspected fraudulent digital transactions among all countries and regions analyzed in 2022, with as much as 8.7 percent of digital transactions suspected as fraudulent. TransUnion also reported that from a three-month survey, 71 percent of Filipinos had been targeted by digital fraud attempts through emails, phone calls, online messaging, or texts. Eleven percent of those surveyed admitted to falling victim to fraud. The common fraud schemes experienced by Filipinos were “phishing (fraudulent emails, social posts, websites and QR codes), “smishing” (fraudulent mobile text messages), third-party seller scams, and identity theft. Now if all these scams make it our personal responsibility not to be duped, companies and the government also have to do all they can not to make things worse than it already is. Companies really have to beef up their cybersecurity measures and the government can’t content themselves with launching useless probes after a digital disaster or with registering cellphone SIMs. Where, for instance, is a government-run digital facility where the public can quickly report text or email scams? The US, for example, has SPAM (7726), a sort of 911 where Americans can forward any “smishing” text message. Here, we’re still resorting to reporting digital fraud on social media. The post Digital ‘budol-budol’ appeared first on Daily Tribune......»»