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COA raises red flags on fund use by DOJ

The Commission on Audit (COA) has raised red flags on the handling of Department of Justice (DOJ) funds in 2017, finding defects in the management of at least P816 million. The audit agency questioned the "undocumented transfer of funds" of P621 million, while it cannot verify the disbursement of P160.8 million due to "deficiencies." At least P33.5 million was kept in bank accounts "without authority," the COA report said. The audit covered the period when the department was led by Secretary Vitaliano Aguirre II, a fraternity brother of President Duterte. He has since resigned after earning the ire of the President over the dismissal of drug charges against businessman Peter ...Keep on reading: COA raises red flags on fund use by DOJ.....»»

Category: newsSource: inquirer inquirerMay 26th, 2018

DOF raises concern on funding for SMC-led Bulacan airport

The Department of Finance (DOF) yesterday raised concern over the capability of San Miguel Holdings Corp. (SMHC) to fund the construction of its proposed international airport in Bulacan and has asked its parent company, San Miguel Corp. (SMC), to back up the project......»»

Category: financeSource:  philstarRelated NewsSep 10th, 2018

CoA flags DoLE fund transfer

It was further disclosed that the implementation of the projects funded by DoLE failed to comply with CoA Circular 94-013 The Commission on Audit (CoA) flagged the Department of Labor and Employment (DoLE) for its alleged failure to liquidate nearly P3.5 billion in fund transfers made to various government agencies last year. In the recently […].....»»

Category: newsSource:  tribuneRelated NewsAug 15th, 2018

COA flags NFA’s P5-billion fund diversion

The Commission on Audit has called out the National Food Authority for diverting the P5.1-billion fund it received from the national government last year intended for the stabilization of the supply and prices of rice and corn......»»

Category: newsSource:  philstarRelated NewsAug 9th, 2018

Ayala Corp. raises P8 billion via private placement

Ayala Corp., the country’s oldest conglomerate, raised P8 billion through a private placement to fund the acquisition of assets fore refinancing......»»

Category: financeSource:  philstarRelated NewsJul 23rd, 2018

CoA flags P38.8 million in ‘deficient’ disbursements by PCOO

By Charmaine A. Tadalan THE Commission on Audit (CoA) flagged the Presidential Communications Operations Office (PCOO) over irregularities in the disbursement of funds for the ASEAN (Association of Southeast Asian Nations) Summit in 2017. The auditing body, in its 2017 report, found the disbursement of P38.8 million from the P219.2-million ASEAN fund “deficient” due to… link: CoA flags P38.8 million in ‘deficient’ disbursements by PCOO.....»»

Category: newsSource:  manilainformerRelated NewsJul 21st, 2018

SSS raises P1.3B via restructuring scheme

Social Security System (SSS) gained P1.31 billion during the first three months of its Loan Restructuring Program, already breaching the target and helping shore up the state-run pension fund's revenue as it struggles to finance the pension hike approved by President Duterte. In a statement, president and chief executive Emmanuel F. Dooc said that from April to June, SSS condoned over P3.35 billion in unpaid loans from 200,960 members. "When we launched the second Loan Restructuring Program in April, we expected to attract 250,000 availees but to our surprise, we've already breached the 200,000-mark in just three months of implementation, and we still have nearly three months to ac...Keep on reading: SSS raises P1.3B via restructuring scheme.....»»

Category: newsSource:  inquirerRelated NewsJul 11th, 2018

ANI raises capital of agri bank, forms fintech firm

  The board of listed AgriNurture Inc. (ANI) said it had approved a plan to infuse P100 million in additional capital into affiliate Agricultural Bank of the Philippines (ABP).   The move, which is subject to the approval of the Securities and Exchange Commission and Bangko Sentral ng Pilipinas, will bring ABP's capital to P200 million.   ANI said ABP's capital hike would fund the expansion of the bank's P2P platform and e-wallet business. Through the capital infusion, ANI aims to enhance supply chain microfinance access of Filipino farmers in remote areas using technology.   ANI president and CEO Antonio Tiu said ABP's P2P platform would allow fa...Keep on reading: ANI raises capital of agri bank, forms fintech firm.....»»

Category: newsSource:  inquirerRelated NewsJun 16th, 2018

EastWest raises P2.45 billion fresh fund via LTNCDs

Gotianun-led East West Banking Corp. returned to the domestic debt market, raising P2.45 billion via the first tranche of its long-term negotiable certificates of time deposits offering......»»

Category: financeSource:  philstarRelated NewsJun 8th, 2018

COA flags DOJ over P621-million fund transfer

The Commission on Audit has flagged the Department of Justice over its “undocumented” transfer of P621.6-million unused funds to its ATM payroll account instead of reverting the money to the national treasury in accordance with the rules......»»

Category: newsSource:  philstarRelated NewsMay 25th, 2018

COA flags DOJ fund transfers worth P621 million

The Commission on Audit (COA) has flagged as anomalous several undocumented fund transfers, payrolls, and unauthorized bank accounts in its 2017 audit report on the Department of Justice (DoJ.) “[W]e noted that there were transfer of funds (amounting to P621,646,352.48) where no corresponding payments were made while there were also payments (amounting to P305,390,659.08) with […] The post COA flags DOJ fund transfers worth P621 million appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsMay 25th, 2018

HMD Global raises USD 100 million to fuel its next phase of growth

Finland based start-up, HMD Global, the home of Nokia phones, announced that it has raised additional USD 100 million from multiple investors to scale business operations and fund the company’s growth in its second year. HMD Global raises USD 100 million to fuel its next phase of growth HMD Global raises USD 100 million to… link: HMD Global raises USD 100 million to fuel its next phase of growth.....»»

Category: newsSource:  manilainformerRelated NewsMay 23rd, 2018

BPI raises P50 billion from stock rights offering

BANK OF THE Philippine Islands (BPI) has completed its stock rights offer (SRO), raising P50 billion to fund its business operations and expansion. In a disclosure to the local bourse on Wednesday, the Ayala-led BPI said it has completed its rights offering and sold 558.7 million common shares priced at P89.50 apiece. Eligible shareholders were […] The post BPI raises P50 billion from stock rights offering appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsMay 3rd, 2018

BPI raises P50 billion from stock rights offer

Bank of the Philippine Islands (BPI) has completed its stock rights offer (SRO), raising P50 billion to fund its business operations and expansion. In a disclosure to the local bourse on Wednesday, May 2, the Ayala-led BPI said that it has completed its P50-billion rights offering, which sold 558.7 million common shares priced at P89.50 […] The post BPI raises P50 billion from stock rights offer appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMay 3rd, 2018

Metrobank raises P60B from SRO

METROPOLITAN BANK & Trust Co. (Metrobank) has completed its stock rights offer (SRO), raising P60 billion to fund its business operations and expansion. In a disclosure to the local bourse on Thursday, the Ty-led Metrobank announced that it has completed its P60-billion rights offering, through which it sold 799.8 million common shares priced at P75 […] The post Metrobank raises P60B from SRO appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsApr 13th, 2018

IMF chief flags debt risk as ‘Belt and Road’ advances

BEIJING — International Monetary Fund Managing Director Christine Lagarde said on Thursday that China’s Belt and Road initiative is showing signs of progress, but warned of potential debt risks for partner countries involved in joint projects. One challenge is to ensure that Belt and Road only travels where it is needed, and the second is […] The post IMF chief flags debt risk as ‘Belt and Road’ advances appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsApr 13th, 2018

GT Capital raises P25B to fund participation in Metrobank’s SRO

By Krista A.M. Montealegre, National Correspondent GT CAPITAL Holdings, Inc. secured fresh debt to participate in the stock rights offer of Metropolitan Bank & Trust Co. (Metrobank), which will use the funds for its business operations and expansion. GT Capital Chief Financial Officer Francisco H. Suarez said in a briefing on Tuesday the company has […] The post GT Capital raises P25B to fund participation in Metrobank’s SRO appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsApr 4th, 2018

Gov’t raises uniform allowance to P6,000

  Government workers will receive a higher uniform allowance of P6,000 this year, Budget Secretary Benjamin E. Diokno saidWednesday. Under the 2018 national budget, P1.12 billion was allocated for the increase in the uniform and clothing allowances of government personnel, Diokno told reporters. Previously, the allowance was only P5,000 a year. "The uniform allowance has been set at P5,000 for years. We got the money from the miscellaneous personnel benefits fund," Diokno said. Last March 8, the Department of Budget and Management issued Budget Circular No. 2018-1, which laid down the rules and regulations on the grant of uniform/clothing allowance to civilian gov...Keep on reading: Gov’t raises uniform allowance to P6,000.....»»

Category: newsSource:  inquirerRelated NewsMar 15th, 2018

IMF slightly raises growth projection for Philippines

MANILA, Philippines — The International Monetary Fund has upgraded its 2018 growth forecast for five major Southeast Asian states, including the Philippines......»»

Category: financeSource:  philstarRelated NewsJan 23rd, 2018

China’s Didi raises $4 billion to fund global turf war with Uber

Chinese ride-sharing firm Didi Chuxing said it had raised $4 billion from investors, months after a funding round that made it Asia’s most valuable startup, as it presses on with a global battle with US giant Uber. #BeFullyInformed China’s Didi raises $4 billion to fund global turf war with Uber Chinese ride-sharing firm Didi Chuxing… link: China’s Didi raises $4 billion to fund global turf war with Uber.....»»

Category: newsSource:  manilainformerRelated NewsDec 22nd, 2017

IMF flags sources of domestic risk

By Melissa Luz T. Lopez Senior Reporter THE CENTRAL BANK should be ready to deploy its tools to temper rapid credit growth in the Philippines, the International Monetary Fund (IMF) said, flagging potential overheating despite generally favorable economic conditions. “The combination of high credit growth, buoyant private investment, and fiscal expansion without tax reform could […] The post IMF flags sources of domestic risk appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsNov 7th, 2017