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G in NGCP: Grid or Greed?
There’s a news article that came out in a national broadsheet entitled “Why, the NGCP executive wonders, did making money become so ‘demonized’? It was quoting the ‘sentiment’ of National Grid Corporation of the Philippines assistant vice president Cynthia Alabanza after her appearance in the Senate Committee on Energy chaired by Senator Raffy Tulfo.” Apparently, Senator Tulfo pounded the NGCP executives on its huge profits for its investors (State Grid of China, Henry Sy Jr., and Robert Coyuito, Jr.) and giving a very high percentage of its net income as dividends (return on equity of about 36 percent and a dividend payout of about 90 percent) leaving little for reinvestments. Do the senators have the basis to “demonized” the way NGCP makes money? Consider the following facts: In the Year 2015, the cash dividends declared and paid to NGCP shareholders amounts to P21 billion while the total electricity consumption for the same year is at 82.413 billion kilowatt hours. With that as a benchmark, it shows that NGCP shareholders directly pocket about P0.25 per kwh consumed by the public or 25 percent of the whole transmission charge collected (for P1.00 transmission charge per kilowatt hour). Despite these multi-billion pesos yearly cash dividend payout among the three owners, Filipino consumers still suffer from blackouts and delays in more than a dozen of projects, including the Visayas Mindanao Interconnection Project. The senators found out too that NGCP has been allowed to collect transmission charges from projects that have not been completed yet when ERC during the time of Chairman Agnes Devanadera authorized NGCP to increase its income ceiling from P43 billion in 2019 to P47.1 billion in 2020. While other corporations in the energy sector are subjected to the usual tax and are facing competition, Republic Act 9511 or the NGCP Franchise Law granted NGCP exemption from income tax and any and all taxes, duties, fees, and charges of any kind, in lieu of the 3 percent franchise tax. What that meant in practical terms is that the national government is foregoing about P7 billion to P10 billion in annual tax revenues. Consider the following matrix: In the years 2007 and 2008 when TransCo was operating the transmission grid, it paid the national government a total amount of taxes worth almost P19 billion. In the years 2010 and 2011 when NGCP took over TransCo in the operations of the transmission business, it paid the total amount of taxes in the amount of only P4.45 billion. A difference of about P14.55 billion in 2 years! Moreover, the NGCP franchise law had the effect of exempting NGCP from taxes that had nothing to do with the operations, maintenance, and development of the transmission grid. (Per BIR Ruling No. 019-2009 dated 14 October 2009) These include the following: The 20 percent Final Withholding Tax or FWT on interest income is derived from Philippine currency bank deposits and yields from deposit substitutes, trust funds, and similar arrangements derived from sources within the Philippines; The 7 ½ percent FWT on interest income, and yield from deposit substitutes, trust funds, similar arrangements, and other transactions with Offshore Banking Units and depository banks under the expanded foreign currency deposit system; and The documentary stamp tax imposed under Sections 179 and 180 of the Tax Reform Act of 1997, on those deposits, deposit substitutes, trust funds, and similar instruments. While TransCo, a government-owned and controlled corporation, is subjected to ALL taxes imposed by the national government up to this date, NGCP was granted exemption from ALL taxes (save for the 3 percent franchise tax) including interest income on all kinds of deposits and yields on such deposits. All of these are taken together in the context of the national government granting a private entity the monopoly of the national transmission business which is now earning a gross income of more than P44 billion annually, and that has declared and paid a total cash dividend to its shareholders of about P230.8 billion from 2009 to 2021, these exemptions are truly excessive and unconscionable. The post G in NGCP: Grid or Greed? appeared first on Daily Tribune......»»
The Importance of Still Keeping Loose Change
In the Philippines, the convenience of digital payments is quickly becoming the norm. There are now fewer lines to the ATMs every payday, people are now using their phones more for payments, and digital banks are becoming more prevalent. Amidst the digital transformation the country is undergoing, we often hear “I don’t have cash” from […].....»»
Remittances soar to P33.5 billion in 2023 – BSP
MANILA, Philippines — Filipinos abroad sent a record amount of money back home in 2023 as remittances hit $33.5 billion, boosted by a stronger peso. This increase in the value of remittances helped households cope with high inflation. According to the Bangko Sentral ng Pilipinas (BSP), cash remittances through banks totaled $33.5 billion, marking a.....»»
HABI jurors laud skill and artistry of piñaand abaca competition winners
Celebrating innovation and creativity among today’s young weavers, Habi: The Philippine Textile Council announced the winners of its two prestigious weaving competitions for piña and abaca, which were chosen by some of the top names in Philippine textile and fashion, and showcased at the highly attended Likhang Habi Fair in Makati City on 13 to 15 October. Topping the Lourdes Montinola Piña Competition, which received over 30 entries, was Marilyn Almero of La Herminia Piña Weaving, for her “Peacock” piece, which also won her the special Filip + Inna Innovation Award and P50,000. First runner-up was Raquel Eliserio for her “Piña Ina” creation, who took home P30,000; while second runner-up was Anna India Legazpi of Heritage Arts and Culture, who also took home P20,000, for her “Argyle Pattern on Piña Seda.” The Nadres Outstanding Young Weaver Award and P20,000 cash prize went to 26-year-old Zairel Rebusta, a weaver at La Herminia Piña Weaving from Aklan, one of Habi’s regular exhibitors. “The outstanding feature [Rebusta’s] piece is that it’s full ringgue — a gauze-like open weave. This is seldom done and resulted in a very light and soft textile. The insects laid in with the suksuk method are random, which is not easy to do,” said Adelaida Lim, Habi president emeritus. All piña and abaca entries underwent meticulous inspection by a distinguished group of jurors composed of heritage advocates, notable fashion designers and distinguished artisans and craftsmen. Now on its sixth year, the Lourdes Montinola Piña Competition is the country’s premier piña weaving contest. Named after local textile champion Lourdes Reyes-Montinola, chair emeritus of the Far Eastern University, the competition invites local artisans from all over the Philippines to join and proudly exhibit their talents in weaving, dyeing, embroidering, and embellishing piña. The competition aims to keep this traditional craft alive, as well as further promote appreciation and use of Philippine textiles. Training the spotlight on the use of abaca, Habi also held the 2nd Eloisa Hizon Gomez Abaca Weaving competition, which celebrates the well-loved and versatile abaca fiber, as well as its namesake — a prominent Kapampangan who actively encouraged the use of Filipino textiles, and is mother to popular haute couture ‘70s fashion designer-turned-monk Gang Gomez, now known as Dom Martin Gomez, OSB. Winners of the abaca weaving competition include Anna India Legazpi, who won under the Applied Abaca Category; Agustin Tawi Sudaw, for the Abaca Ikat Category; and Edgar Cornito’s “Beyond the Horizon” piece under the Pure Abaca Category. All winners took home P50,000 each as part of their prize. “The innovation really stood out — it’s something different all the way, and what’s beautiful is that you see the innovation coming from the young,” said one of the competition’s judges, Vicky Vizcarra Amalingan-Sales, chair of S.C. Vizcarra Inc., a major brand synonymous with fine, handcrafted bags and home items made of wicker. For the Piña Weaving competition, Sales was joined on the juror panel by no less than Far Eastern University chair emeritus Lourdes Montinola herself; Felicidad Nadres, founder of EN Barong Filipino Inc.; textile designer, heritage conservationist and social activist Patis Tesoro; and author and heritage advocate Felice Sta. Maria. Meanwhile, on the juror panel for the abaca competition were the daughter of Eloisa Hizon Gomez, Erlie Gomez Manaloto; top designers Ditta Sandico, Noli Hans, Barge Ramos and Filip + Inna creative director Len Cabili. All competitors also showcased their works at the recently concluded Likhang Habi Market Fair, the annual three-day exhibit, bazaar, and educational event highlighting the country’s weaving culture. Starting as a 12-booth event back in 2009, Likhang Habi now has over 100 participants, drawing huge crowds year after year. “The idea of our fair is to really go out to the weaving communities and encourage them to come,” says Habi chair emeritus Maribel Ongpin. “Most are now self-sufficient, and we now have a waiting list.” The post HABI jurors laud skill and artistry of piñaand abaca competition winners appeared first on Daily Tribune......»»
Young stars shine at SM Little Stars 2023 Grand Finals
Representatives from SM City San Pablo and SM City Dasmarinas were hailed as boy and girl Grand Prize winners of the recently concluded SM Little Stars 2023 Grand Finals held at the SM Mall of Asia Music Hall on 14 October 2023. [caption id="attachment_202093" align="aligncenter" width="935"] Grand Prize winners Aljon Christoff Banaira from SM City San Pablo (2nd from left) and Jourdanne Baldonido from SM City Dasmarinas (center) with, from left to right, 1st runner-up Eduardo Joson II from SM Megacenter Cabanatuan, 3rd runner-up Joachim Gale Olpindo from SM Center Muntinlupa, and 2nd runner-up Mara Hestia Caballero from SM City Cebu. Back row, left to right: National University Senior Director for Admissions Dr. Christina Corpuz, Goldilocks Bakeshop Head of Corporate Communications Ley Laksamana, Goldilocks Bakeshop Public Relations and Partnerships Associate Kyleth Paralejas, GMA Consulting Head for Talent Imaging and Marketing Lawrence Tan, SM Supermalls’ Senior Vice President for Marketing Joaquin San Agustin, SM Supermalls’ Assistant Vice President for Marketing Hanna Carinna Sy, and SM Supermalls’ President Steven Tan[/caption] [caption id="attachment_202094" align="aligncenter" width="2560"] Grand Prize winners Aljon Christoff Banaira from SM City San Pablo (2nd from left) and Jourdanne Baldonido from SM City Dasmarinas (center) with, from left to right, 1st runner-up Eduardo Joson II from SM Megacenter Cabanatuan, 3rd runner-up Joachim Gale Olpindo from SM Center Muntinlupa, and 2nd runner-up Mara Hestia Caballero from SM City Cebu. Back row, left to right: Hosts Xian Lim and 2017 Girl Grand Winner Gaea Mischa, judges Teacher Georcelle Dapat-Sy of G-Force, Direk Joey Reyes, Sam Concepcion, 2013 3rd runner-up Esang de Torres, and 2013 Boy Grand Winner Nhikzy Calma[/caption] It was a night to remember for seven-year-olds Aljon Christoff Banaira and Jourdanne Baldonido, who emerged as winners among the 28 grand finalists in the competition. It was a fierce battle of talent, confidence, and personality, with every participant showcasing their skills in dancing, singing, acting, declaiming and playing instruments. With over P9 Million worth of prizes up for grabs, the two Grand Winners went home with a brand-new Suzuki S-presso Special Edition MT MC worth over P600,000, a one-year talent contract at Sparkle GMA Artist Center, a full college scholarship at National University, and a five-day and four-night trip for two to Hong Kong. Additional prizes include a total of P100,000 in cash and SM gift certificates (P50,000 in cash and P50,000 worth of SM gift certificates), P30,000 worth of Toy Kingdom gift cards, an annual pass certificate for unlimited bowling and skating valid for one year, 30 regular ride tickets at SM by the Bay Amusement Park / Sky Ranch, and gift vouchers for a two-night stay with breakfast for two at Radisson Blu Cebu. Completing the list of winners were SM Megacenter Cabanatuan's Eduardo Joson II (1st runner-up), SM City Cebu's Mara Hestia Caballero (2nd runner-up), SM Center Muntinlupa's Joachim Gale Olpindo (3rd runner-up), SM City Clark's Hayley Cairee Miclat (Top 6), SM City Masinag's Jayson De Paz, Jr. (Top 7), SM City Bicutan's Graciella Zahzih Flojo (Top 8), SM City Cebu's Karlyle Miguel Corbeta (Top 9), and SM City Batangas' Marrem Angel Martinez (Top 10). [caption id="attachment_202095" align="aligncenter" width="2560"] 2013 Boy Grand Winner Nhikzy Calma[/caption] [caption id="attachment_202096" align="aligncenter" width="400"] 2013 3rd runner-up Esang de Torres[/caption] [caption id="attachment_202097" align="aligncenter" width="394"] SM City Clark’s Hayley Cairee Miclat[/caption] [caption id="attachment_202098" align="aligncenter" width="342"] SM City Masinag’s Jayson De Paz Jr.[/caption] [caption id="attachment_202099" align="aligncenter" width="377"] SM City Bicutan’s Graciella Zahzih Flojo[/caption] [caption id="attachment_202100" align="aligncenter" width="367"] SM City Cebu's Karlyle Miguel Corbeta[/caption] [caption id="attachment_202101" align="aligncenter" width="633"] SM City Batangas’ Marrem Angel Martinez[/caption] Now on its 14th year, the SM Little Stars is a celebration of young talent and a testament to the outstanding platform that SM provides for these budding stars. This year alone, the competition saw over 33,000 young individuals who shared their talents from 70 SM malls nationwide. [caption id="attachment_202102" align="aligncenter" width="1430"] The 28 grand finalists showcase their skills and talents.[/caption] To know more about SM Little Stars 2023, visit www.smsupermalls.com or follow SM Supermalls on social media. .....»»
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......»»
Better services seen after GCash acquires ECPay
Customers can expect better services from financial service provider Gcash after its parent firm Globe Fintech Innovations Inc. or Mynt acquired 77 percent of Globe Telecom Inc.'s stake in Electronic Commerce Payments Inc. or ECPay for P2.31 billion. In a stock report on Monday, Globe disclosed that ECPay’s minority stakeholder, Payment One, Inc., is also a party to the transaction — effectively making it a full acquisition of ECPay by Mynt. The deal is still subject to regulatory approvals but once it is closed, ECPay will have access to GCash's platform which would translate to easier and more seamless services for users. “Mynt’s digital savviness will spill over to ECPay, maximizing its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up," Globe’s Chief Finance Officer, Rizza Maniego-Eala said in the report. "With ECPay in Mynt’s capable hands, Globe can better steer its ventures and synergistically grow the entire Globe Group ecosystem,” she added. Meanwhile, for Globe President and CEO Ernest L. Cu, GCash's "aggressive expansion" presents a "perfect environment for strategic synergies with ECPay." "Mynt’s acquisition of ECPay will enable more efficient and effective sharing of each other’s strengths and resources, thus creating a seamless and upgraded experience for their customers," Cu said. Incorporated in 2001, ECPay is one of the leading electronic payment service providers in the country. It was acquired by Globe in 2019 to enhance its distribution network. The ECPay Platform enables merchant partners to process bill payments, electronic prepaid mobile phone top-up loading, electronic pins, e-wallet and cash card reloading, airline ticket payments, online shopping payments, and credit card payments in their various outlets. Aside from boosting payment services, GCash, through its subsidiary Fuse Lending Inc., is also improving its lending services to its end-users. The recently said it expects to disburse hundred million pesos more loans to Filipinos in need — a move that will uphold digital and financial inclusion nationwide. Since 2016, Fuse has disbursed P100 billion in loans and has helped over 3 million Filipinos achieve their dreams. The post Better services seen after GCash acquires ECPay appeared first on Daily Tribune......»»
Additional cuts in bank reserves now off the table
An additional reduction in the amount of cash banks are required to keep with the central bank is now off the table for this year after monetary authorities signaled a possible rate hike in November amid upside risks to inflation, according to Bangko Sentral ng Pilipinas Governor Eli Remolona Jr......»»
Creative Industries Month to witness ‘the grandest battle of creativity’
The buzzwords this month and until November are "creativity" and "creative industries." September has been declared the "Creative Industries Month" by the Philippine government, and one reason for such declaration is the activation of the law known as Philippine Creative Industries Development Act, or Republic Act 11904. Pangasinan 4th District Representative Toff de Venecia is the principal author of the law, the chairman of the House Special Committee on Creative Industry and Performing Arts. De Venecia's clan on his mother's side used to be entrenched in film production. He is a son of Gina Vera-Perez De Venecia, daughter of Dr. Jose Vera Perez, the patriarch of pioneering film companies Sampaguita Pictures and Vera Perez Productions. Before he joined Pangasinan politics as son of former senator Jose De Venecia, Toff was active in theater, all the way back to his schooldays at the Ateneo de Manila. Sen. Loren Legarda, aside from being Senate President Pro-Tempore, is chair of the Senate committee on culture and the arts. For years a top broadcast journalist at ABS-CBN, Legarda is the principal author of Republic Act 11961, also known as the Cultural Mapping Law. [caption id="attachment_186378" align="aligncenter" width="511"] ODANG Putik Pottery held workshops on basic pottery. | PHOTOGRAPH COURTESY OF IG/ ODANGPUTIKPOTTERY[/caption] National competition DTI has announced that it will launch on 24 September a national competition, Young Creatives Challenge (YC2) "through the support of Sen. Imee Marcos." The competition -- described as "the grandest battle of creativity" in the country with a grand prize of P1 million per category -- "aspires to ignite, acknowledge, and spotlight the brilliance of creative minds... in the fields of Songwriting, Screenwriting, Playwriting, Graphic Novel, Animation, Game Development, and Online Content Creation." The semi-finals are set for October 2023, when the Top 30 creators and the Top 10 Grand Finalists will be revealed. At the grand finals on November 2023, cash prizes will be awarded along with millions’ worth of promotions, incentives, registration of intellectual property and possible production or commercialization of creative works. The competition has an Online Content Challenge with distinct mechanics and a separate prize pool. It offers a platform for content creators to showcase their talents and make a significant impact by raising awareness about the vibrant and dynamic Philippine creative industries. The special category will have TikTok as its main channel for entry submission. The DTI invites all natural-born Filipino citizens aged 18-35, regardless of their level of experience, to participate as either individuals or teams. Entrants are required to submit "entirely original creations." The competition theme is deliberately broad, embracing an "open" and "free subject" approach to allow the participants the creative freedom to delve into any topic or subject matter of their choosing. For more information about the competition, visit www.youngcreativeschallenge.com. Capsule workshops On 17 September, the NCCA launched the Creative Industries Month at the Rizal Park Open Air Auditorium in Manila with creative capsule workshops in the afternoon and a grand concert of songs, dances and puppetry in the evening. The festivities had the full support of the National Parks Development Committee and Concert at the Park. The workshops were anchored on various creative industries in the country. For instance, for the audiovisual media domain, the Knowledge Channel Foundation Inc. conducted an introductory workshop on Learning Filipino through Wikaharian. For the digital interactive media domain, Dr. Albert Mulles of METATOKYO tackled “How to Start Your Own Blockchain Game Project” while the Department of Science and Technology presented “Learning Through Minecraft Exhibit.” Under the Design domain, there were workshops on shoemaking, parol and jewelry-making and T-shirt printing Workshop. Under publishing and printed media, Rustico Limosinero offered a basic comics workshop, while the Barasoain Kalinangan Foundation, Inc. discussed book- selling and exhibits. Composer-singer Joey Ayala, meanwhile, held a Songwriting Workshop under the Performing Arts domain and later, at the concert, performed the finale solo vocal numbers. Nanding Josef, artistic director of the Cultural Center of the Philippines' Tanghalang Pilipino, conducted a capsule workshop on Theater Acting. Also within the Performing Arts domain were the dance and puppetry workshops facilitated by the Samahan ng mga Papetir ng Pilipinas. The other domains that presented workshops included the visual arts, traditional cultural expression and cultural sites. Aside from Ayala, the evening concert featured Noel Cabangon, the revived band Color It Red with Cookie Chua still its lead vocalist, Bayang Barrios and her band, the Sindaw Philippines dance troupe, Halili Cruz Dance Company, Teatro ni Juan and a puppetry group. [caption id="attachment_186377" align="aligncenter" width="1440"] HALILI Cruz Dance Company at the evening concert. | PHOTOGRAPH COURTESY OF FB.COM/ HALILI CRUZ DANCE COMPANY[/caption] In his remarks, De Venecia pointed out that there are more than 7 million people in the Philippines employed in the creative industries, and the industries' contribution to Gross Domestic Product in 2022 was 7.3 percent percent or P1. 6 trillion, representing an increase of 12.1 percent from P1. 43 trillion in 2021. "This is a sector that has managed to survive and even thrive on its own, but with institutionalized support from the state, it will really help the creative industry sector grow and accelerate to the point where we want it to be — which is by 2030, the Philippines will be the number one creative economy in all of Asia,” said De Venecia. May we be really number 1 just seven years from today! The post Creative Industries Month to witness ‘the grandest battle of creativity’ appeared first on Daily Tribune......»»
Piggy bank heist
Big-time robbers recently struck, stealing P13 million in cash and jewelry in Tagum City, Davao del Norte. According to police investigators, the brazen break-in at a shopping center on the evening of 5 September was carried out by robbers who entered through a hole in the wall they had bored from a vacant parking lot next to the building. The robbers stole P4 million from an automated teller machine and P9 million in gems from a jewelry store while mall security guards were outside and were unaware of the thefts, according to GMA Integrated News. Police suspected the robbers were also behind the burglary of a grocery store in Davao City and another mall in Agusan del Sur. Robbers used to hit banks for the bigger cash loot, but perhaps such targets are too risky for them these days. In Calasiao, Pangasinan, two thieves also opted to be safe and struck a store. An outdoor surveillance camera caught one man breaking the lower part of the door of the store in Barangay San Miguel. The footage then showed a companion entering through the opening. The robbery netted them not only P8,000 in cash earnings of the store but, apparently not content with the amount, they also took the piggy bank of the store owner’s child, according to GIN. The post Piggy bank heist appeared first on Daily Tribune......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business appeared first on Daily Tribune......»»
Oil prices rise to 10 month-high on China reserve ratio cut
SINGAPORE – Oil prices rose to their highest level in 10 months on Friday, after China cut banks’ cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end. Brent crude rose 46 cents, or 0.5 percent, to $94.16 as of 0027 GMT, while.....»»
PAGCOR Photography Contest 2023 winners bared
The results of the Philippine Amusement and Gaming Corporation’s Photography Contest 2023 were revealed today, 13 September, with PAGCOR’s announcement of the 24 grand winners from among 5,400 entries nationwide. The 12 winners in the conventional photography category received P80,000 each in cash prizes, while the 12 winners in the mobile category took home P35,000 each – the biggest prizes so far in the history of PAGCOR’s photo contest. PAGCOR Chairman and CEO Alejandro Tengco, who graced the event, said the agency was overwhelmed by the huge turnout of participants for the competition, which made a comeback this year following a six-year hiatus. “We were overwhelmed by the significant number of participants who joined this photo competition. Because of this project’s success, we will make this photography competition an annual event,” Tengco said. “At dahil naging matagumpay ang photo contest na ito, we will refine this para maging isang kilalang photography competition organized by PAGCOR. Umasa din kayo na dadagdagan pa natin ang prizes sa mga susunod na taon,” he said. Tengco said this year’s contest, with the theme “Sa’n Tayo Next?”, showcased relatively unknown but beautiful destinations of the Philippines that hold huge potentials of becoming major tourist spots. “The winning photos showed just how beautiful the Philippines is. So, instead of going abroad, we encourage all Filipinos to explore the beauty of our country and help promote domestic tourism,” he added. There were three winners each from Luzon, Visayas, Mindanao and Metro Manila in both categories. The non-winning grand finalists for the conventional category also received P25,000 while the mobile category grand finalists received P10,000. “The Golden View of Mt. Utopia”, captured by 32-year-old self-taught photographer Reymund Requina from Cebu City, bagged one of the grand prizes under the conventional category. “Sobrang blessing in disguise ng photography sa akin. Nung panahong walang wala ako, itong photography ang sumalba sa akin kaya sobra-sobra talaga ang pasasalamat ko rito,” Requina said. The other conventional category winners were Aljon P. Tugaoen (Over and Under the Rocks of Pangil); Gerardo S. Pacios, Jr. (Batok); Dionisis Q. Silva (Amazing Cave); Louie Lawrence B. Lacson (Side Trip Tayo sa Kabalin-An Pond); Jumelito S. Capilo (The Elusive View of Panimahawa); Alvin B. Cempron (Malitbog); Oliver M. Atienza (Kalinaw sa Malinao (Tranquility of Malinao)); Earl Ryan G. Janubas (Splendid Impasugong); Klienne M. Eco (Payapang Umaga); Macbeth T. Omega (A Filipino Masterpiece - The Maligcong Rice Terraces); and Christopher G. Andres (Celebrating Centuries of Cultivation). The 12 mobile category winners, meanwhile, were Nicko A. Melendres (The Mighty Casaroro Falls); John Rhoel V. Florentino (The Last of the Last Frontier); Celbert A. Palaganas (Remnants of the Golden Past); Rowell C. Clenuar (The Alicia Panoramic Park); Jack David C. Ponpon (Philippines meets the Pacific); Daryl P. Anahaw (Playground of the Gods); Anthony T. Into (Green Dots of Hope); Jessie James Jalon F. Esteban (The Next Chapter: Discovering New Frontiers of El Nido Beach); Sherbien M. Dacalanio (Warzone to Wow Zone); Alvin Mike M. Mahait (The Gentle Pawikan of Negros); Gerard Jonathan C. Laserna (Gentle Beast); and Ronald P. Portula (Tropical State of Mind). Mindanao regional screening judge and nature and commercial photographer Edwin Martinez commended PAGCOR for reviving the competition, which highlighted the country’s vast tourism potentials. “This is a very good project as it does not only help develop the talent of our photographers but, more importantly, promotes our tourism industry especially the places that are not so famous but can rival the other known spots in the country in terms of beauty,” he said. The other prominent photographers and artists who served as judges were Jijo de Guzman, Bobot Go, Lauren Malcampo, Wig Tysmans, Pepper Teehankee, Edwin Tuyay, Jo Avila, Jilson Tiu, Ernie Sarmiento, Wawi Navarozza, Sherwin Magsino and Noel Guevara. The post PAGCOR Photography Contest 2023 winners bared appeared first on Daily Tribune......»»
UBS’s Credit Suisse takeover, ‘deal of the century’?
Did banking giant UBS make "the deal of the century" when it bought one of the world's biggest banks for a pittance as it teetered on the edge of the abyss? Switzerland's largest bank was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under. At the time, investors gasped at the risks UBS was taking on with the purchase. But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts. That must mean that Credit Suisse's situation was "much better than described in March", Thomas Aeschi, a member of parliament with the populist rightwing Swiss People's Party (SVP), wrote on X, formerly Twitter. UBS seemed to prove him right when it unveiled its second-quarter results on August 31. The bank posted a towering net profit of $29.2 billion for the three-month period, thanks to an exceptional gain due to the gulf between the amount paid for Credit Suisse and its book value. 'Godsend' "UBS has pulled off the deal of the century," Switzerland's Socialist Party said, maintaining the "rescue" was more of a "godsend", allowing it to snatch up a bank at a dramatically reduced rate. "If we had chosen another path, (like) a temporary or partial nationalization," said Samuel Bendahan, a Socialist MP and economics professor at the University of Lausanne, the Swiss state "would have taken on the risk, but those $29 billion would have gone to the population". Instead, the takeover has created "a monopolistic situation", he told AFP, warning that while this might strengthen UBS, it puts Switzerland in an extremely risky position if the new mega-bank were to one day face a crisis. Politicians are not the only ones taking issue with the takeover. Gisele Vlietstra, founder of the Swiss Investor Protection Association, told public broadcaster RTS that UBS's towering quarterly profit confirms that the "intrinsic value" of Credit Suisse was "far higher" than the purchase price. She said she hoped that the lawsuits brought by her association and others on behalf of thousands of Credit Suisse shareholders will help determine "the correct value" that they should be compensated. 'Nickel and dime' "UBS paid a nickel and dime" and "got rid of its main competitor" in one fell swoop, Carlo Lombardini, a lawyer and banking law professor at Lausanne University, told AFP. The coming restructuring will clearly carry risks, "but having paid just three billion, it can't go wrong", he said, slamming the option chosen by the Swiss authorities. Like UBS, Credit Suisse was listed among 30 international banks deemed too big to fail because of their importance in the global banking architecture. But the collapse of three US regional lenders in March left the firm looking like the next weakest link in the chain. The Swiss government feared Credit Suisse would have quickly defaulted and triggered a global crisis, shredding Switzerland's reputation for sound banking. But its chosen option for dealing with the issue was certainly a boon to UBS, which will now swell to manage $5 trillion of invested assets. Confidence 'evaporated' UBS chief Sergio Ermotti acknowledged in a recent interview with the SonntagsZeitung weekly that the bank had been "worried" about its competitor since 2016, and had among other things looked into the possibilities of buying it, for fear a foreign lender might snap it up. He acknowledged that Credit Suisse may have survived for a time if the central bank had injected more cash, "but it would not have been enough, since confidence had evaporated". Since the takeover announcement in March, UBS has seen its share price soar 31 percent. But the bank still faces significant challenges, Vontobel analyst Andreas Venditti told AFP. The $29 billion "is a huge one-off gain, but this is just accounting", he said, stressing that "the losses and costs will come later". The analyst, who a few months ago wondered in a note whether UBS had secured "the deal of the decade or a decade of headaches", stressed that "it's going to be a huge task". He said it would only become clear "whether it was worth it" after most of the restructuring is done three years down the line. Parts of the business are continuing to "produce huge losses", he said, warning "many things can still go wrong". Swissquote analyst Ipek Ozkardeskaya agreed, recalling that "UBS was forced" into the merger. Now it is up to the bank to "transform an 'obligation' to its advantage". The post UBS’s Credit Suisse takeover, ‘deal of the century’? appeared first on Daily Tribune......»»
Menchu Katigbak: The splendid life of a society swan
Hers is a story anyone would love to tell and retell, or hear and hear again. Chances are, as in the book of Menchu, so many things are left unsaid because if these were all said, a single book would not be enough. Carmencita “Menchu” Katigbak’s story is one of love, passion, hurts and disappointments, social triumphs and power in its subtle workings, but mostly the good life and the people who live it and make it happen. She is a woman of the world in the sense of one who has lived in, explored and enjoyed New York, Bangkok, Lausanne, Paris and, her current love, Singapore. Of course, her turf is in Manila with a Capital S and Capital P (as in Power), and Lipa the hometown of her roots. [caption id="attachment_180060" align="aligncenter" width="958"] MENCHU with best friend Susie and her daughter Marivic.[/caption] At a time when the term “socialite” can come cheap, trite or even undeserved, Menchu gives the appellation dignity, respect and the awe it once inspired. Her social credentials are, of course, impeccable. For starters, she attended the Chateau Mont-Choisi, a Swiss finishing school for debutantes and pre-debs belonging to royalty and the world’s upper crust. A socialite today, in loose modern parlance, is perceived as being frivolous, one who attends parties because these men and women are party animals, or party people, as one columnist has named her weekly jottings about the social events of the day. The enjoyment of life is what defines this breed and set, and yet, while Menchu, too, knows how to enjoy, and enjoy life with gusto, there is more to her and that differentiates her from the herd. No, she does not top her charmed life with an icing of well-publicized good deeds and philanthropic beneficence, even if she actually shares her bounty with those in need. Menchu is of a different mold. She is a society swan in the manner of Truman Capote’s chums — Babe Paley, Gloria Guinness, Lee Radziwill. In our part of the world, think Chona, think Minnie, think Chito. She may well be cast in the same crème de la creme mold, glamorous denizens of the inner circles of society, at the same time, ladies who have transcended the vagaries of time. Just recently, Menchu was referred to by a diplomat friend as a global influencer, a 21st-century appellation that only a few are accorded. This one is applied to one who was once a señorita, colegiala and, yes, society girl, again in the tradition of Chona, Baby, Nelly, Chito and Ising. ‘The Katigbaks talk only to the Kalaws’ They don’t need family names, each as important as the other and of the same significance in society. Still, it’s one thing to say that she is Baby Fores, and another if she is Baby Arenas. There were two Vickys, one of national import and memory being the lovely teenager who stood as her father’s First Lady in the early 1950s, and there was the Madrigal matron, Vicky nee Abad Santos, who was low-key and the daughter of the World War II patriot, Jose Abad Santos, who refused to pledge allegiance to the flag of the enemies. Menchu shares first name distinction with Menchu delas Alas Concepcion, also of Batangueña parentage, being the daughter of banker and finance guy and public servant Don Antonio de las Alas. Both aristocrats from Batangas, the two Menchus share many distinctions beauty for one, pedigree, for the other—but that’s as far as I would say, the aforementioned traits being obvious. But to drive his point, Joe Guevarra, the humorous and well-placed columnist known for his tongue-in-cheek pronouncements, once said of the olden times, when the genealogical boundaries were well-defined, “In Lipa, the Katigbaks talk only to the Kalaws, and the Kalaws talk only to the Katigbaks.” [caption id="attachment_180057" align="aligncenter" width="998"] DINNER in Pili with Fernando and Zobel, Tessie Sy-Coson, Guilly Luchangco, Federico ‘Piki’ Lopez | photograph courtesy of MENCHU KATIGBAK[/caption] This self-confessed social climber, as his 8-to-5-and-beyond job would require him to be, admits to not having met (okay, having been introduced to…) the ebullient society hostess, traveler, culinary maven and friend-to-the-powerful Menchu Katigbak. Everything that I am writing here, I learned from the lady’s biography, Menchu, authored by lifestyle journalism icon Thelma Sioson San Juan, the two being decades-old friends. Menchu, one finds out toward the end of the book, is the inspiration for her granddaughter Isabelle’s first tome, Abu, the Sad Princess. I look back on the pages I have read, the memories of Menchu’s lifetime so far, in all its seven glorious and electrifying decades, and I dare say, the description is most apt and is true as well in real life as Menchu today is “living happily ever after” having come to terms with the many issues that confronted her at various times, but more importantly, she is today a fulfilled mother and grandmother and a believer in Jesus Christ. But that is getting ahead of the story. ‘White Matter’ by Lao Lianben Jaime Ponce de Leon, dear Jaime, the man of the hour of Philippine arts for as long as Juan Luna’s missing masterpiece, remains ensconced at the Ayala Museum – gaining for the discoverer more than a foothold in our cultural history – asked me if I was interested in writing about the socially formidable Menchu Katigbak, and I readily said yes, having seen her photographs in the select and more discriminating society pages and columns. I thought to myself it would be an opportunity to meet the lady face to face and add her to my glossary of so-called newfound friends, but that was not meant to be. I was, oh, I was treated to the next best thing – a copy of Menchu which, to someone who aspires to be a bibliophile, is all that matters in the world, except that I am first a social climber. And since I have not been allowed an audience, I take solace in the book and, as my honeyed revenge, will tell you what I feel about the lady who, I understand, could be frank and outspoken. Abrasive is too strong a word, and unfair for I am not sure if I will ever meet her in my lifetime, but I am told the lady will never mince words, that’s probably why she has legions of true friends who probably can give as much as take, or so I am imagining. [caption id="attachment_180055" align="aligncenter" width="1475"] Lunch in the kitchen in Pili with Patty Araneta (left) and Monet Recio-Schem.[/caption] A painting that Menchu has kept all these years, “White Matter” by Lao Lianben, signed and dated 1997, has been featured as one of the rare pieces to be auctioned in Leon Gallery’s forthcoming magnificent September auction, with the starting bid of P2,600,000. So, there, if you’re wondering what Jaime, who moves around the best circles, has got to do with this enigmatic swan. ‘We are not rich’ But let’s stick to what the book says. While she intersperses in her narrative personal encounters with her subject, TSJ, for the most part, devotes the pages of this book to Menchu alone, and with our cosmopolitan lady, the many friends in the upper echelons whose lives she has touched and who have touched hers in turn. Menchu, once she was ready to be told, heard it straight from her mother, “Tandaan mo, baka akala mo mayaman tayo. Hindi tayo mayaman. Kung napadala ka namin sa Switzerland at si Tita at si Tony napadala naming sa America, kasi nagpawis ako ng dugo (Remember, you may think we are rich, we are not rich. If we sent you to Switzerland and Tita and Tony to America, it was because I sweated blood). If you think you’re going to inherit something from us, banish the thought. So if you don’t study well, bahala ka sa sarili mo (you’re on your own).” The perfect words for the Asuncionista (Assumptionista) who much preferred to bake food for the gods, brownies and upside-down cakes and do naughty things like hiding the bell used to signal the start and end of class periods. Her mother, the former Charing Roxas Dimayuga, who attended Assumption Convent, dealt in buying, developing and selling homes in the gated Makati villages. She also developed horizontal and vertical commercial spaces as well as imported retazos from abroad. [caption id="attachment_180056" align="aligncenter" width="696"] Wearing the Van Cleef earrings purchased before their public launch.[/caption] Her father, Enrique Luz Katigbak, on the other hand, was a top certified public accountant, an alumnus of the Northwestern University and a director on the boards of Monte de Piedad and Philtrust banks. Of his connections, none is more eminent than his friendship with His Eminence, Rufino Cardinal Santos, archbishop of Manila and the first Filipino Cardinal of the Catholic Church. It was not a happenstance that Menchu received the sacrament of confirmation from the Cardinal himself right in the Katigbak home, the first ever that was held in a private home if any other followed at all. Like most children, Menchu recalls in the book how she detested being “slapped” by the pious prelate. If she was any pleased about her family’s closeness to the holy man, it was that the Assumption sisters did not expel her for her not-too-infrequent infractions because they went to her father if they needed something from the Cardinal. Dona Aurora Recto for a ‘guardian’ Hers was a lonely childhood since her older siblings were away. They were the triple seven, which alluded to their being born seven years apart, with Menchu as the youngest. On certain days, her parents, both busy, would deposit her in the home of the statesman Claro M. Recto where she would play with his favorite granddaughter, Techie, who had all these toys, Menchu could not help realizing her parents did not buy her a toy. She played with her jackstones while Techie had a closetful of toys, including a toy “cash register.” Techie was so generous she was giving this fancy plaything to her, but Menchu refused knowing her mother would not approve. What she remembers best of that time was the sight of Dona Aurora, the first beautiful woman she beheld in her young mind and eyes, and from her, she learned her first lessons in etiquette, because the family ate with a full complement of silverware and flatware. (To be continued) The post Menchu Katigbak: The splendid life of a society swan appeared first on Daily Tribune......»»
Lapid eyes credit assistance program for OFWs
Senator Manuel “Lito” Lapid is rallying for the establishment of a credit assistance program for Overseas Filipino Workers to recognize their contributions to the country’s economy. Lapid filed Senate Bill 2390 or an Act Establishing a Credit Assistance Program for Overseas Filipino Workers, which allows beneficiaries to avail themselves of a loan of up to P50,000 from the Overseas Worker and Welfare Administration. “It is not enough that we acknowledge the contributions of OFWs to the country. A word without corresponding action is nothing. In recognizing their immense role in our economy, we must respond to their needs to repay their sacrifices,” he said. Lapid explained the program targets to defray the living expenses of OFWs’ dependents during the first three months of absences, as well as recruitment expenses, including placement fees, documentation costs, and plane tickets. Under the bill, the loan shall be paid in 12 equal monthly installments or more but not exceeding 24 months at a preferred interest rate not to exceed six percent per annum. “It cannot be overly stressed how important the role OFWs play in the shaping of the country's economy,” Lapid said, noting that cash remittances from OFWs hit a record high in 2021, while the world was reeling from the effects of the COVID-19 pandemic. Records from the Bangko Sentral ng Pilipinas showed that cash remittances coursed through banks rose by 5.1 percent to $31,418 billion in 2021 from $29,903 billion in 2020. “For this reason, the least that we can do to repay them is to craft programs that would allow access to services more easily and without the rigorous processes which are laden with bureaucratic runarounds,” Lapid pointed out. The post Lapid eyes credit assistance program for OFWs appeared first on Daily Tribune......»»
Easier money transfers via PERA HUB mobile app, virtual card
PERA HUB, one of the country’s foremost consumer financial services providers, has launched a more enhanced and inclusive PERA HUB Mobile App with a new PERA HUB Virtual Card feature, which enables users to experience a fast and easy way to do remittances, cash and e-commerce transactions online without using any physical cards or having to go to a branch. With more Filipinos choosing digital-based solutions for their remittances and other cash-related services, PERA HUB aims to provide a broader range of channels and options for Filipinos to do their transactions anytime and anywhere. The PERA HUB Virtual Card serves as the main highlight of the new and improved mobile app. App features include sending or receiving Western Union domestic and international remittances; Interbank transfers to over 50 banks and e-wallets; Bills Payments with over 250 billers to choose from; Free PERA HUB to PERA HUB fund transfer; Cash-in via ECPay at over 15,000 partner locations nationwide; Cash-out at any of the 186 PERA HUB branches nationwide without additional charges; e-load and game credits; and affordable microinsurance. The enhanced PERA HUB Mobile App has a user-friendly interface where users can personalize their home dashboard and feature the services they always use and are interested in, so they can easily make transfers and keep track of their payments any time and receive or send money transfers instantly within minutes. Fast and easy It allows users to perform fast and easy PERA HUB to PERA HUB fund transfers by scanning their recipient’s unique PERA HUB Account QR code, saving contacts, and scheduling transfers for remittance and interbank transfers. The PERA HUB Virtual Card, powered by Visa, may also be used for Lazada, Shopee, Amazon and other local and international online shopping platforms. It is available for new and existing users with FREE registration for all via the app or via any of the 186 PERA HUB branches nationwide. “It has always been our priority to deliver innovative solutions for our customers. With the enhanced mobile app and the new PERA HUB Virtual Card feature, we want to create a digital experience that is inclusive for all so they always have access to convenient remittance and other financial services across different channels,” said PERA HUB president and chief executive officer Ian Ocampo. “There are Virtual Cards available in the market, but a challenger will always find a place, especially when it offers more relevant and customized solutions to address the remittance and other cash-related needs of the community it serves,” said assistant vice president for the PERA HUB Mobile App Mennie So. The post Easier money transfers via PERA HUB mobile app, virtual card appeared first on Daily Tribune......»»
Index rebounds amid bargain hunt
Bargain hunting fueled a recovery at the local bourse as it gained by 74.18 points or 1.17 percent on Wednesday to 6,410.09. Market sentiment received an added boost from the first half 2.9 percent growth in cash remittances, even though slightly missing the government’s target of 3 percent growth for the year. Philstocks Financial Assistant Research Manager Claire Alviar said many investors remained on the sidelines, with a net market value turnover of P3.78 billion, as investors awaited the policy meeting of the Bangko Sentral ng Pilipinas. Banks receive beating The banking sector was the sole loser, down by 0.18 percent while the mining sector led the gainers among the indices, increasing by 1.85 percent. For index members, Universal Robina Corporation emerged as a front-runner, gaining 4.96 percent to P124.90 while PLDT Inc. had the biggest loss, dropping by 2.06 percent to P1,234.00. The post Index rebounds amid bargain hunt appeared first on Daily Tribune......»»
Marcos EO maximizes Pasig River potential
Department of Human Settlements and Urban Development Secretary Jose Rizalino Acuzar on Tuesday said that President Ferdinand R. Marcos Jr.’s Executive Order 35, constituting the Inter-Agency Council for the Pasig River Urban Development, targets not only the rehabilitation of the historic waterway but also to maximize its economic potentials and address issues like safe and decent housing for informal settler families. Acuzar, who was tapped to head IAC-PRUD, said he has already coordinated with other member-agencies to discuss initial plans on how to implement EO35. “The issuance of Executive Order 35 is like hitting many birds with one stone. It will trigger huge positive impacts to several sectors like housing, transportation and even tourism,” said Acuzar. “The rehabilitation of Pasig River could serve as a catalyst for economic opportunities along its banks from Manila to Pasig,” he added. The DHSUD chief stressed that while EO 35 primarily calls for full rehabilitation of the Pasig River, its implementation will also secure the safety of thousands of ISFs living along the riverbanks, promote mixed-use development and tourism that will trigger economic opportunities. According to Acuzar, DHSUD has already laid out initial plans covering pilot areas along the portions of Pasig River in Manila in coordination with some of the IAC-PRUD member-agencies like MMDA, the National Commission for Culture and the Arts and the Philippine Ports Authority. The IAC-PRUD was primarily tasked to “facilitate and ensure the full rehabilitation of the banks along the Pasig River water system and nearby water systems in order to provide alternative transportation, propel economic opportunities, and boost tourism activities.” The council was directed to formulate a Pasig River Urban Development Plan which shall serve as the blueprint for the full rehabilitation of the river with the end view of realizing its full potential for mixed-use development, transportation, recreation, tourism and sustainable human settlement, taking into consideration its historic and cultural value. It was also ordered to “study, prepare and implement a comprehensive shelter plan for massive relocation of informal settler families and other unauthorized or unlawful occupants along the Pasig River banks, including identification of suitable relocation sites; strategies for economic and social integration for ISFs, and long-term solutions to address ongoing migration into the Pasig River banks. EO 35 also authorizes the IAC-PRUD to “accept grants, contributions, donations, endowments, bequests, or gifts in cash or in kind from local and foreign sources in support of the formulation and implementation of the Pasig River Urban Development Plan, subject to existing laws, rules and regulations. The post Marcos EO maximizes Pasig River potential appeared first on Daily Tribune......»»
BSP: Record-high OFW remittances in June
Cash sent home by overseas Filipino workers rose to a three-month high in June due to increases in inbound money transfers from land- and sea-based overseas, data from the Bangko Sentral ng Pilipinas showed on Tuesday. Preliminary data from the central bank showed personal remittances increased by 2.2 percent to $3.13 billion in June 2023 from $3.06 billion registered in the same month last year. Cumulative personal remittances also grew by 3.0 percent to $17.59 billion in the first half of 2023 from $17.09 billion recorded in the comparable period in 2022. Cash remittances coursed through banks also hit $2.81 billion in June 2023, 2.1 percent higher than the $2.75 billion posted in the same month last year. "The expansion in cash remittances in June 2023 was due to the growth in receipts from land- and sea-based workers," BSP said in a statement. On a year-to-date basis, cash remittances grew by 2.9 percent to $15.79 billion from $15.35 billion registered in the same period last year. The growth in cash remittances from the United States, Singapore, and United Arab Emirates contributed mainly to the increase in remittances in the first half of 2023. 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 The post BSP: Record-high OFW remittances in June appeared first on Daily Tribune......»»