IC bars entity selling insurance to BFP workers

For lacking a license to engage in the insurance business, the industry regulator has shuttered the Bureau of Fire Protection Mutual Aid Beneficiary Association Inc. (BFPMBAI). In a statement on Wednesday, Insurance Commissioner Dennis B. Funa said BFPMBAI was placed under conservatorship last Dec. 12, noting the association does not have enough funds to secure the interests of policyholders and creditors. The Insurance Commission (IC) issued the order after it found out that BFPMBAI did not stop operations despite the commission's cease and desist order last Feb. 9, 2017. To recall, Fire Services Mutual Benefit Association Inc. (FSMBAI), a duly-licensed mutual benefit associati...Keep on reading: IC bars entity selling insurance to BFP workers.....»»

Category: newsSource: inquirer inquirerJan 10th, 2018

Labor group welcomes added benefits but worried over SIF sustainability

AN ORDER issued last week by the President increasing workers’ benefits has been welcomed by a labor group, but warned against the potential impact on the State Insurance Fund (SIF). President Rodrigo R. Duterte signed on May 8 Executive Order 54 (EO 54) increasing the benefits of disabled workers from the private sector and qualified […] The post Labor group welcomes added benefits but worried over SIF sustainability appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsMay 13th, 2018

Gov’t studying ways to expand insurance coverage for OFWs

THE Insurance Commission (IC) said a technical working group (TWG) will be established to look at enhancing and expanding the mandatory insurance coverage for overseas Filipino workers (OFWs) as mandated by the law. “[Philippine Overseas Employment Administration (POEA) Administrator Bernard P. Olalia] directed the constitution of a TWG to discuss this proposal especially that an […] The post Gov’t studying ways to expand insurance coverage for OFWs appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMar 22nd, 2018

GSIS selling Port Area lots for P20 billion

MANILA, Philippines — The largest real estate asset of the Government Service Insurance System (GSIS), located at the Port of Manila, is being readied for au.....»»

Category: financeSource:  philstarRelated NewsMar 14th, 2018

GSIS: Securing Filipinos’ lives

Through the Commonwealth Act No. 186 of 1936 and amended by Republic Act No. 8291, the Government Service Insurance System (GSIS), as a social insurance institution, is mandated to insure government workers against the occurrence of certain contingencies in exchange for monthly premium contributions. Thus, its members and their qualified dependents are entitled to different […] The post GSIS: Securing Filipinos’ lives appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMar 14th, 2018

More sustainable, responsive state pension fund

NOW here’s something that government workers should know. State pension fund Government Service Insurance System (GSIS) will restore the policy requiring the annual reporting of all GSIS pensioners. Dubbed Annual Pensioners Information Revalidation (APIR), the program requires all GSIS old-age and survivorship pensioners to appear personally at any GSIS office….....»»

Category: newsSource:  journalRelated NewsMar 13th, 2018

GSIS to sell Port Area property

The state-run pension fund Government Service Insurance System (GSIS) is selling a prime property within the Port Area in Manila for a minimum of P20 billion in what will be its biggest asset sale to date.   According to the GSIS, the largest of its idle assets up for disposition was composed of two lots with land areas of 672,645 square meters and 109,212 sqm.   These lots were nearby the Manila North Harbor's Pier Two as well as Negros Navigation's ferry terminal in Tondo, Manila, according to the GSIS.   "Although it tops our big-ticket assets, we are selling the Port Area property as it does not contribute to our operations except for valuation gains....Keep on reading: GSIS to sell Port Area property.....»»

Category: newsSource:  inquirerRelated NewsMar 12th, 2018

Selling of pinay maids revealed

AN overseas Filipino worker has decried the multiple selling of household service workers to different employers, which is rampant in Saudi Arabia. Hydee Caro, who was victimized by the malpractice, stressed that selling an HSW to different employers, often several times during the duration of one contract, places the worker….....»»

Category: newsSource:  journalRelated NewsFeb 28th, 2018

PhilHealth contribution hike affects only formal sector workers

The Philippine Health Insurance Corp. (PhilHealth) has reiterated that the latest adjustment in premium contribution rates affects only the members in the formal sector, saying that the adjustment has long been overdue. "The adjustment will enable the Corporation to strengthen its current financial position so that it can boost the social health insurance benefit packages and frontline services that are currently accorded to the country's workforce and their qualified dependents," according to a statement issued by Dr. Celestina Ma. Jude P. de la Serna, PhilHealth interim/OIC president and chief executive officer. De la Serna said the premium rate adjustment would be needed to enab...Keep on reading: PhilHealth contribution hike affects only formal sector workers.....»»

Category: newsSource:  inquirerRelated NewsFeb 11th, 2018

Helping fellow entertainers ‘not a one-off thing’ for Imelda Papin

  Life is short, Imelda Papin stressed, so she's determined to make the most out of it by doing "positive deeds," like looking after the welfare of her colleagues in the entertainment biz. The seasoned singer, who heads the Actors Guild of the Philippines, recently inked an agreement with the Philippine Health Insurance Corporation (PhilHealth) for the medical coverage of some 1,500 members of the said organization, which includes actors, producers, stuntmen, bit players and other workers. "I want to give back to my fellow artists. It wasn't until I was elected president last year that I fully realized that not a lot of people in show biz are members of PhilHealth or ha...Keep on reading: Helping fellow entertainers ‘not a one-off thing’ for Imelda Papin.....»»

Category: newsSource:  inquirerRelated NewsFeb 3rd, 2018

MMDA workers caught selling free mmff passes

The Metropolitan Manila Development Authority (MMDA) will be reviewing its policies in distributing free passes for the Metro Manila Film Festival (MMFF) after two of its personnel, including a traffic enforcer, were caught selling them on social networking sites. Tim Orbos, MMDA general manager and chair of the MMFF executive committee, said that while they were saddened by their employees' actions, they would not hesitate to file charges against them. On Friday, Orbos said that agents of the National Bureau of Investigation arrested traffic enforcer Cyril Pama and two other people, one of them also an MMDA employee, in entrapment operations. He added that the three had offered...Keep on reading: MMDA workers caught selling free mmff passes.....»»

Category: newsSource:  inquirerRelated NewsDec 23rd, 2017

How digitization is changing the insurance landscape in Asia Pacific, Philippines

SINGAPORE — As one of the oldest industries in the world, insurance is also one of the most traditional, especially with the advent of agents selling bonds,.....»»

Category: financeSource:  philstarRelated NewsDec 6th, 2017

PDIC selling P37 M foreclosed assets

MANILA, Philippines — State-run Philippine Deposit Insurance Corp......»»

Category: financeSource:  philstarRelated NewsNov 5th, 2017

Gov’t plans sale of $500-M bonds to OFW

MANILA, Philippines -  The government is planning to raise $500 million by selling bonds next year to overseas Filipino workers (OFWs), the Bureau of the Tre.....»»

Category: financeSource:  philstarRelated NewsJun 28th, 2017

Cruz, Sanders face off on Obamacare – CNN News

Sen. Ted Cruz urged fellow Republicans Tuesday to quickly &'8220;honor the promises&'8221; the party made over the years to repeal Obamacare. &'8220;2010, 2014, 2016, I believe were a mandate from the voters. We're tired of the premiums going up. We're tired of deductibles going up,&'8221; Cruz said at a CNN town hall debate with Sen. Bernie Sanders over the future of Obamacare. &'8220;Should Congress move swiftly to repeal Obamacare? Absolutely.&'8221; Cruz and Sanders &'8212; two senators with diametrically opposed views of government's role in health care &'8212; faced off at the debate moderated by CNN's Jake Tapper and Dana Bash and featuring questions from an audience consisting of both defenders and critics of the Affordable Care Act. Cruz's call on his party to &'8220;repeal every word of Obamacare&'8221; came as the GOP is grappling with how quickly to repeal the law. The party hasn't yet reached a consensus on an alternative to the law. President Donald Trump said Sunday that a replacement plan may not be rolled out until next year. The GOP's incredible, shrinking Obamacare repeal The town hall debate underscored the many challenges surrounding efforts to dismantle the Affordable Care Act &'8212; a sweeping health care law that covers some 20 million Americans. The evening began with each lawmaker laying out starkly different views of the controversial law. &'8220;If you are one of 20 million Americans who finally has received health insurance, forget about it &'8212; you're gone,&'8221; Sanders warned about repealing Obamacare. &'8220;That means when you get sick, you ain't gonna be able to go to the doctor. And when you end up in the hospital, you'll be paying those bills for the rest of your life, or maybe you'll go bankrupt.&'8221; Cruz, a Texas Republican who made his name in national politics by fiercely opposing the health care law, said former President Barack Obama made a series of promises that were broken. &'8220;If you like your doctor, you can keep your doctor,&'8221; Cruz said. &'8220;Millions discovered that was not true.&'8221; Several policy questions are at the center of the ongoing battle about reforming Obamacare, including the popular provision to protect people with pre-existing conditions and the controversial mandate that nearly all Americans get coverage. Republican lawmakers are also wrestling with how to live up to their promises to make Obamacare more affordable and to reform Medicaid. The CNN debate highlighted how Republicans and Democrats fundamentally disagree on many of these issues. One woman in the audience, Neosho Ponder, spoke about her fight against breast cancer and said she was undergoing radiation treatment. Ponder expressed fear that without Obamacare, she wouldn't be able to afford health insurance. Cruz insisted that Republican lawmakers support prohibiting insurance companies from canceling coverage for someone just because they are sick. All GOP proposals that have been introduced to replace Obamacare with, Cruz said, &'8220;prohibit companies from jacking up the insurance rates because they got sick or injured.&'8221; Ted, I cannot believe what you just said. It's a direct contradiction of everything you ran for President on,&'8221; he said. &'8220;What Ted has said is he wants to get rid of all federal mandates. Did you say that a hundred times?&'8221; &'8220;I didn't say it once,&'8221; Cruz said. &'8220;Virtually all of the Republican legislation that has been filed — that the Democrats have opposed — maintains a continuity of coverage.&'8221; The issue of pre-existing conditions came up again when Maria Shahid Rowe, a woman who is five-months pregnant, said she was worried she wouldn't be able to get health coverage without Obamacare. Cruz responded that Democrats are mandating that people get &'8220;every coverage on earth &'8212; and it sounds really good.&'8221; However, &'8220;you should get the policies that meet your needs,&'8221; he said. Sanders shot back that before Obamacare, Shahid Rowe's pregnancy would have been treated as a pre-existing condition. &'8220;What Ted is really telling you is they will not guarantee coverage for you.&'8221; Another woman in the audience, Melissa Borkowski, told Sanders she simply can't afford the health services she needs. Burkowski recently had an abnormal Pap smear, but said she couldn't get additional tests because she hasn't met her out-of-pocket deductible. Her fear: that she may now have undiagnosed cancer. Sanders, who repeatedly stressed that Obamacare was far from perfect, said it is &'8220;totally absurd&'8221; that Borkowski has such an &'8220;outrageous deductible.&'8221; &'8220;If you were in Canada, you know what? You would get the health care that you need,&'8221; he said. &'8220;The idea that we have policies like that, like the one you describe, is clearly an outrage.&'8221; Cruz lamented that coverage choices have gone down &'8220;dramatically&'8221; since Obamacare became law. The senator, whose Canadian birthplace became a political controversy during his 2016 presidential run, also added: &'8220;Bernie mentions Canada quite a bit. I know quite a bit about Canadian health care. I was born there. You know Bernie, that may be the best argument against your position. Look what it produced.&'8221; Sanders joked as he gestured at Cruz: &'8220;Look what the result is.&'8221; Another key pillar of Obamacare that came up was the so-called &'8220;employer mandate&'8221; &'8212; the law's requirement that small businesses employing 50 or more workers to provide healthcare for its employees. LaRonda Hunter, who owns five hair salons in Texas, said she can't afford to provide coverage to her employees because of low profit margins and that the Obamacare rule is preventing her from growing her business. [&'].....»»

Category: newsSource:  mindanaoexaminerRelated NewsFeb 8th, 2017

IC, OWWA, POEA to conduct insurance seminars for OFWs

The Insurance Commission, along with other government agencies, has agreed to coordinate on the provision of seminars and modules to better inform agency-hired overseas Filipino workers (OFWs) of their compulsory insurance coverage before they depart from the country......»»

Category: financeSource:  philstarRelated NewsJan 28th, 2017

2 suspects nabbed for selling fake gold bars

2 suspects nabbed for selling fake gold bars.....»»

Category: newsSource:  bicolstandardRelated NewsJan 17th, 2017

PDIC selling P66-M assets

MANILA, Philippines – State-run Philippine Deposit Insurance Corp......»»

Category: financeSource:  philstarRelated NewsOct 12th, 2016

Samsung Life buys stake in Samsung Securities as step towards holding entity

South Korea’s Samsung Life Insurance Co. has decided to buy all shares of Samsung Securities Co. owned by its financial affiliate Samsung Fire &'038; Marine Insurance Co., a move seen to accelerate the process of the life insurer becoming the finan.....»»

Category: newsSource: NewsAug 20th, 2016

New law bars employers from hiring workers based on age

New law bars employers from hiring workers based on age.....»»

Category: newsSource:  rapplerRelated NewsAug 2nd, 2016

Additional Medical Aid Up for Active PhilHealth and OWWA Members

Pasay City — Overseas Filipino Workers (OFWs) who are active members of the Philippine Health Insurance Corp. (PhilHealth) and Overseas Workers Welfare Administration (OWWA) are set to receive an additional medical assistance from OWWA through...The.....»»

Category: newsSource:  metrocebuRelated NewsJul 27th, 2016