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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

More nonlife insurance firms merge

Two nonlife insurance firms will merge before yearend as a number of small players are hard-pressed to comply with the higher capitalization requirement, Insurance Commissioner Dennis B. Funa said Tuesday. "We are down to 54 nonlife companies, but two will be eventually merging before the end of the year---they are actually part of a conglomerate. But I don't want to preempt their announcement. So we will be down to 53 by the end of the year," Funa told reporters on the sidelines of the launch of the AXA Academy in Makati City. The upcoming merger of the two nonlife firms will make the surviving entity "more efficient," Funa said, without disclosing details. Another company earl...Keep on reading: More nonlife insurance firms merge.....»»

Category: newsSource:  inquirerRelated NewsJul 11th, 2018

Hoops-mad Philippines finally catches case of World Cup fever

MANILA, Philippines – Shirts are selling briskly, crowds pack sports bars to watch matches and football is front-page news. Whisper it quietly, but basketball-crazy Philippines has finally been afflicted by World Cup fever. For decades, the nation of more than 100 million was on a very short list of global locations that ........»»

Category: newsSource:  rapplerRelated NewsJul 10th, 2018

De Lima proposes hazard pay for journalists

SENATOR LEILA M. de Lima has filed a bill requiring media companies to provide insurance coverage and hazard pay to journalists and other workers, especially those assigned in conflict or disaster areas......»»

Category: newsSource:  bworldonlineRelated NewsJul 9th, 2018

‘Build, Build, Build’ program pays out P17B in salaries

CAPAS, TARLAC --- The "Build, Build, Build" infrastructure program is creating "a lot of new jobs" and has already paid out P17 billion in salaries in the construction industry since January, according to Finance Secretary Carlos Dominguez III.   The government, he said, spent P281 billion on infrastructure projects in the first five months of the year, 42 percent more than what it spent in the same period last year.   "This is fueling additional income for construction workers, for people who are selling construction materials and, of course, this is creating a lot of new jobs," said Dominguez, who inspected the New Clark City project here along with other Cabinet ...Keep on reading: ‘Build, Build, Build’ program pays out P17B in salaries.....»»

Category: newsSource:  inquirerRelated NewsJul 6th, 2018

Pre-need firm Paz Life suspended for failing to comply with capital requirements

THE Insurance Commission (IC) has suspended the operations of pre-need firm Paz Life Plan, Inc. after it failed to comply with the capitalization requirement. In a statement Thursday, July 5, the IC said it has placed the insurer under conservatorship in an April 3 order, banning it from selling memorial plans. “The result of the… link: Pre-need firm Paz Life suspended for failing to comply with capital requirements.....»»

Category: newsSource:  manilainformerRelated NewsJul 5th, 2018

Spain replaces fired Lopetegui with Hierro

By Tales Azzoni, Associated Press With only two days to go before Spain's opening match at the World Cup, Julen Lopetegui was fired as national team coach because he accepted a job to lead Real Madrid next season. Spanish soccer federation president Luis Rubiales, who made the announcement on Wednesday in Krasnodar, later said Fernando Hierro would replace Lopetegui as coach for Spain's match against Portugal in Sochi on Friday. The 50-year-old Hierro, a former national team player and Real Madrid captain, had been acting as the federation's sports director and was already in Russia with the national team. Rubiales said firing Lopetegui wasn't the best solution but it was needed after the federation was caught by surprise by Real Madrid's announcement. "The federation cannot be left out of a negotiation by one of its workers and be informed five minutes before the press release," Rubiales said. "We have been compelled to act." Rubiales, who took over as president last month, said Lopetegui betrayed the federation's values and it was the only decision he could make. "It's a difficult situation, but we are not the ones who determined the action that had to be taken. The federation has its values and it has to maintain them," Rubiales said. "It may look like a weakness now, but with time this will make us stronger." Lopetegui did not attend the news conference but was expected to talk to the media later. "We have to work on a series of decisions that come just two days before the opener," Rubiales said. "There's a lot to do." Hierro spent most of his career as a defender for Real Madrid and finished his playing days with English club Bolton in 2005. He played in four World Cups with Spain, from 1990 to 2002, and in two European Championships, 1996 and 2000. Hierro was Carlo Ancelotti's assistant at Real Madrid after Zinedine Zidane left the post in 2014. He coached second-division club Real Oviedo two seasons ago and was Malaga's general manager after leaving his sports director position with the Spanish federation in 2011. After Madrid's announcement that it hired Lopetegui, critics immediately began questioning some of the coach's decisions with the national team, including his choice to leave some Barcelona players such as Sergi Roberto out of the World Cup squad. There were also questions about how Lopetegui would be able to fully focus on the national team while also having to discuss off-season signings for his new club. There are six Madrid players in Spain's team for the World Cup. Lopetegui's name had not been mentioned by Spanish media among the probable candidates for the Madrid job, which opened up after Zidane unexpectedly quit. Last month, Lopetegui agreed to extend his contract with the national team through 2020. "I admire and respect Lopetegui a lot. He is a top coach, and that made it harder to make this decision," Rubiales said. "Winning is important, but above that, we need to know how things have to be handled." The 51-year-old Lopetegui took over from Vicente del Bosque after the 2016 European Championship. He was credited with reviving a team that was on the decline after winning Euro 2008, the 2010 World Cup and Euro 2012. By successfully blending talented youngsters and veterans from its golden generation, Lopetegui kept Spain unbeaten through 20 matches in charge, comfortably leading the team to the World Cup from a qualifying group that included Italy. He won European championships with Spain's under-19 and under-21 teams in the early 2010s, but had a lackluster stint with Portuguese team Porto in his only job with a major club. He was fired after failing to win a title during almost two years in Portugal. Rubiales took over a federation which was in the hands of embattled official Angel Maria Villar for nearly three decades. He was elected president over Juan Luis Larrea, the federation's former treasurer and its interim leader since Villar was suspended following his arrest last year on suspicion of corruption. In one of his first actions, Rubiales canceled a previously arranged "vacation" trip by officials to the World Cup that would cost nearly 2 million euros ($2.3 million). He got the money reimbursed and spent only about 500,000 euros ($590,000) with new travel arrangements for sponsors and federation officials. "We are all affected," Rubiales said about Lopetegui's departure. "We have to think about what is best for the entity, for the federation and the team, and from this afternoon we will all be together to go forward.".....»»

Category: sportsSource:  abscbnRelated NewsJun 13th, 2018

Venezuelans sell sex and hair to survive in Colombian border city

CUCUTA, Colombia – Hymns sung at evening mass float from an open church door across a busy square in Colombia’s border city of Cucuta, as about 20 Venezuelan sex workers wait for clients. Crouched on the steps of a statue and surrounded by grubby motels, fast-food restaurants and bars, Andrea and Carolina say they fled […].....»»

Category: newsSource:  interaksyonRelated NewsJun 11th, 2018

Sports Direct Workers Paid Less than Minimum Wage

A business (also known as an enterprise, a company or a firm) is an organizational entity involved in the provision of goods and services to consumers.Businesses serve as a form of economic activity, and are prevalent in capitalist economies, where most of them are privately owned and provide goods and services allocated through a market […].....»»

Category: newsSource:  tribuneRelated NewsJun 8th, 2018

Pinay missing after Taiwan quake

A Filipina caretaker is among those missing in the 6.4-magnitude quake that shook the east coast of Taiwan, authorities yesterday said. “We have a report that a Filipina caretaker is missing and presumed trapped in one of the damaged (buildings),” said the Manila Economic and Cultural Office (Meco) in Taiwan.The earthquake caused buildings to crumble in the Taiwanese city of Halien, trapping people inside. Taiwan government said the quake had left seven dead and 200 injured.Meco chairman Lito Banayo, in a television interview, said a team led by Philippine Labor Attache Cesar Chavez has reached the site to check on the search operations for the Filipina caretaker.The team, he added, is also checking on possible injured Filipinos in the hospitals damaged by the tremor, but it has seen none so far.According to Banayo, four commercial buildings in the area are either collapsed or tilting following the quake, while two residential buildings were also damaged.“It’s not as bad as it may sound,” he said. In Hualien, rescue workers pulled survivors and bodies from buildings tilting precariously in the Taiwanese city.Emergency responders were focusing on a 12-story apartment block and a nearby hotel, both of which were leaning dangerously with their lower floors pancaked after the 6.4-magnitude quake hit the popular tourist city late Tuesday. There were grave concerns for the badly leaning Yun Tsui residential building, which also housed a restaurant, shops and a hostel. The national fire agency said 88 persons were unaccounted for as of 2 p.m. (0600 GMT) but it was not immediately clear how many of those were trapped inside buildings. Dozens of residents — and a string of pets — were rescued with ropes and ladders overnight. But fire department staff at the site told Agence France Presse at least four bodies had been pulled out of the building in the day. Officials temporarily suspended rescue efforts late afternoon over fears the building might slip further as engineers raced to push large concrete clocks and steel bars against the leaning side.At the Marshal Hotel, which was also leaning and badly damaged, at least two persons were killed when the lower floors collapsed. But most residents got out and authorities said they believed there were no more people trapped inside. Tourists rescued President Tsai Ing-wen visited the apartment block Wednesday morning.“Now is the prime time for our rescue efforts, our first priority is to save people,” she said in a Facebook post.Hualien is one of Taiwan’s most popular tourist hubs as it lies on the picturesque east coast rail line and near the popular Taroko Gorge.The government said 17 foreigners sought medical treatment for minor injuries.Local resident Blue Hsu said some of those carried out of the hotel were foreigners. “The lower floors sunk into the ground and I saw panicked tourists being rescued from the hotel,” eyewitness Blue Hsu told AFP.Officials also said 214 persons had been injured in the quake, with 117 rescued from damaged buildings so far. Some 830 people were in shelters while 1,900 houses were without power. Jason Faustino with AFP.....»»

Category: newsSource:  tribuneRelated NewsJun 7th, 2018

Selling to the devil

The flight from Manila to Dubai last Saturday on my way to this Portuguese capital was full, with many passengers – judging from their conversations – overseas Filipino workers......»»

Category: newsSource:  philstarRelated NewsJun 5th, 2018

UK remembers London Bridge attack victims on 1st anniversary

LONDON --- British Prime Minister Theresa May joined survivors, victims' families and emergency workers at a memorial service Sunday to mark a year since a deadly vehicle-and-knife attack brought terror to London Bridge on a warm Saturday night. Eight people were killed and almost 50 injured when three Islamic State group-inspired extremists ran down pedestrians on the bridge, then stabbed people at packed bars and restaurants in nearby Borough Market, one of London's main foodie hubs. The three attackers were shot dead by police within minutes. The rampage came two weeks after a bombing at an Ariana Grande concert in Manchester Arena that killed 22 people. More than 700 peo...Keep on reading: UK remembers London Bridge attack victims on 1st anniversary.....»»

Category: newsSource:  inquirerRelated NewsJun 3rd, 2018

Insurers launch product for OFW

Global non-life insurance player Madanes Group, insurance and reinsurance broker Jardine Lloyd Thompson (JLT) Group and local health insurance provider PhilHealthCare Inc. (PhilCare) have forged a partnership to launch a new product suited to the needs of overseas FIlipino workers (OFWs)......»»

Category: financeSource:  philstarRelated NewsJun 3rd, 2018

Healthcare for OFWs: PhilCare to roll out new product for OFWs

Healthcare provider PhilCare is rolling out a new product focusing on overseas Filipino workers (OFWs) starting with those based in Israel, as part of the firm’s venture into alternative market segments to broaden their coverage. The homegrown health maintenance organization (HMO) has partnered with Israel’s Madanes Group and London’s Jardine Lloyd Thompson Insurance and Reinsurance […] The post Healthcare for OFWs: PhilCare to roll out new product for OFWs appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMay 30th, 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