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Asialink eyes P2.4 billion in truck loans as e-commerce grows
Asialink Finance Corp. is looking at lending as much as P2.4 billion this year to the fast growing market for brand new and used trucks that are essential to the growth of e-commerce and logistics......»»
MSMEs good payers — SB Corp.
The micro, small and medium entrepreneurs are being extolled by Small Business Corporation, an attached agency of the Department of Trade and Industry, for being good payers even though some of them have already closed shop because of the global contagion three years ago. During his guest appearance at the Daily Tribune’s digital show Straight Talk on Wednesday, SB Corp. president Robert Bastillo said almost one-third of the lenders catered to by SB Corp. have closed their businesses during the height of the Covid-19 pandemic. “The good thing is that these MSME lenders are still paying their debts even if their businesses were shuttered. These are indeed entrepreneurs as they want to have a good reputation and a good track record when it comes to debt. That is important for us. But still, the majority of the lenders are good payers even though some are delayed,” he said. The past-due rate of SB Corp. during the pandemic was 30 percent, considering that most funds in its portfolio were released during the pandemic. Past due rate manageable The past-due rate refers to the lenders who are delayed in their payments. Currently, the past-due rate of SB Corp. is from 20 to 25 percent, considered by Bastillo as healthy, considering that the country is just coping with the pandemic crisis. From 2019 to date, Bastillo said SB Corp.’s total direct MSME lenders are now at 55,000, while those courses through cooperatives, micro-finance institutions, and private financing companies — or what they call loan conduits — are now reaching 300,000. “SB Corp. lenders can borrow from P30,000 up to P20 million maximum. Lenders up to P5 million do not need collateral, but first-time borrowers can only borrow up to P3 million. If they are good payers, they can expand their loan after six months,” he said. No stringent requirements required In terms of process, SB Corp. does not require stringent requirements for MSMEs if they are only lending up to P100,000. “We only require other requirements, such as a Mayor’s Permit, among others if they are already asking more than P100,000. We have credit scoring in place based on the lender’s assets or annual sales. That’s a discipline in lending and a risk management procedure,” he said. SB Corp.’s fund being ushered to MSME lenders is coming from its corporate equity, being a corporation. Inadequate revolving fund “We have a capital of P10 billion, but what has been given to us for the past 28 years, was P2 billion. It’s a revolving fund that is not enough. The P10 billion was given in full in the last pandemic, but those are meant for dying MSMEs. It’s hard during that time,” according to Bastillo. He said even the salaries of their employees are coming from the revolving funds, as they are given by the government annual appropriations because they are a corporation that is supposed to earn money. “We live within what we earn. It is difficult in the sense that it is also challenging. How do you help and keep yourself afloat when everybody around you is struggling? That is our problem during the pandemic. But we are happy to say that despite that, we have a modest income, and we were able to serve MSMEs very fast,” he said. According to Bastillo, MSMEs with P100,000 to P3 million worth of assets are considered micro, MSMEs that have an asset of P3 million to P15 million are considered medium, while those with 100 million assets are considered large entrepreneurs. The country’s MSMEs dominate the entrepreneurial environment, accounting for more than 99.5 percent, 80 percent of which are micro. The SB Corp. is a government financial institution created in January 1991 under Republic Act 6977 or the Magna Carta for Small Enterprises, amended by RA 8289 in 1997 and RA 9501 in 2008. It has the primary responsibility of implementing comprehensive policies and programs to assist MSMEs in all areas, including but not limited to finance and information services, training and marketing. The post MSMEs good payers — SB Corp. appeared first on Daily Tribune......»»
Bill seeks removing scams, stop mules
A measure seeking to penalize individuals engaged in money muling, social engineering schemes, and other fraudulent financial scams was filed in the Senate recently. Senate Bill 2407 or an “Anti-Financial Account Scamming Act” targets to align policies on the administration’s commitment to expand digital transactions, safeguarding the public from scammers and abusive online lenders. “We need to protect the integrity of the country’s financial system and ensure that financial accounts and their owners are protected and are not exploited or lured by cybercriminals or criminal syndicates into the commission of an unlawful or fraudulent activity,” a senator said, highlighting the importance of the significance of cashless transactions and digital payments during the Covid-19 pandemic. The rapid growth and popularity of digital financial services also prompted the rise of financial-related cybercrimes. “Cybercriminals took advantage of technologies to transfer illicit or stolen funds across digital financial services, steal vital information about account holders and take the goal of covertly committing financial crimes,” he said. Senators stressed the need to enact a measure that imposes penalties on individuals “who willingly become conduits for illicit transactions, those who engage in manipulative social engineering tactics and other deceitful schemes” that compromise financial accounts. The post Bill seeks removing scams, stop mules appeared first on Daily Tribune......»»
Senate bill filed to address increasing money mules, financial scams
Senator Win Gatchalian on Wednesday filed a measure seeking to penalize individuals engaged in money muling, social engineering schemes, and other fraudulent financial scams. Gatchalian said the Senate Bill 2407 or an “Anti-Financial Account Scamming Act” targets to align policies on the administration’s commitment to expand digital transactions, safeguarding the public from scammers and abusive online lenders. “We need to protect the integrity of the country’s financial system and ensure that financial accounts and their owners are protected and are not exploited or lured by cybercriminals or criminal syndicates into the commission of an unlawful or fraudulent activity,” the senator said, highlighting the importance of the significance of cashless transactions and digital payments during the Covid-19 pandemic. Gatchalian lamented the rapid growth and popularity of digital financial services also prompted the rise of financial-related cybercrimes. “Cybercriminals started taking advantage of technologies to transfer illicit or stolen funds across digital financial services, stealing vital information about account holders and taking over their accounts, or enticing account holders with gifts and incentives with the goal of covertly committing financial crimes,” he said. Gatchalian stressed the pressing need to enact a measure that imposes penalties on individuals “who are willingly become conduits for illicit transactions, those who engage in manipulative social engineering tactics and other deceitful schemes” that compromise financial accounts. He added that such encompasses actions such as account takeover, recruiting or enlisting others to commit these acts, and perpetration of these acts on a significant scale comparable to economic sabotage that jeopardizes the security of Filipinos’ financial accounts and the integrity of the country’s financial system. “For the past 3 years, the unsuspecting public lost millions of their hard-earned money to these cybercriminals,” Gatchalian said. As an example, Gatchalian cited the “Mark Nagoyo” scam event wherein more than 700 BDO Unibank customers’ accounts were hacked in late 2021. These unauthorized bank transfers targeted government teachers with Landbank accounts in January last year in which the victims lost between P26,000 to P121,000 from the incident and the massive phishing incident involving GCash users in May this year. “Operations of cybercriminals grew on a large scale, taking advantage of the unemployed, those who are looking for easy money, those who are unaware, and those who are willing to help others, and thriving in jurisdictions with very weak enforcements and penalties like the Philippines,” he noted. In fact, Kaspersky Security Network’s 2022 Report showed that the Philippines ranked 2nd among countries most attacked by web threats in 2022 and the most preferred attack method which includes social engineering schemes. The post Senate bill filed to address increasing money mules, financial scams appeared first on Daily Tribune......»»
Bong Go bats for consumer protection vs fake products
Senator Christopher "Bong" Go expressed his concern over the unchecked proliferation of fake products in the market, emphasizing the grave socio-economic consequences it may bring. Go, a member of the Senate Committee on Trade, called upon the Department of Trade and Industry (DTI) and other agencies to ensure full implementation of the Consumer Act and protect consumer rights. "Nasa Senate Committee on Trade na ang isyu hinggil sa proliferation ng mga fake products sa merkado. At bilang miyembro ng komiteng ito, asahan na talagang tutukan ko ang isyung ito," Go said. This is after the reported proliferation of scammers exploiting celebrity visuals for unregistered medicine endorsements. Go also earlier stressed the need to regulate the operations of online pharmacies in the country, as proposed under the eBotika bill, which was filed by Iloilo 4th District Representative Ferjenel Biron. Meanwhile, the senator's commitment to consumer protection is evident in his co-sponsorship and co-authorship of Senate Bill 1846, or the Internet Transactions Bill, aimed at combating the proliferation of fake products through the protection of consumers and merchants engaged in e-commerce. The bill reflects a timely response to the global pandemic's impact on boosting online businesses nationwide, where the risk of encountering fake products has increased. "The pandemic required us to explore new ways and more convenient options to do business. As we enter the new normal, online transactions have become a necessity, if not the new norm for all of us. This makes the issue of fake products even more pressing," cited Go. He further noted the vast coverage of e-commerce, including basic needs like food, drink, and clothing, where fake products can infiltrate the market. The country's internet economy is projected to grow to $26 billion in gross merchandise value by 2025, according to Google and Temasek's 2021 eConomy SEA Report, highlighting the urgency to address the fake products issue. Go emphasized the importance of protecting small businesses and online sellers from this threat, especially during these times, as it is crucial to the country's recovery. "Protektahan po natin ang ating mga maliliit na negosyo at ating mga online sellers na ang gusto lamang ay maghanapbuhay para sa kanilang mga pamilya, lalung-lalo na po ngayong panahong ito,” said Go. “The proliferation of fake products undermines their efforts and is detrimental to the recovery of our country," he stressed. The proposed law also seeks to mandate the creation of an e-Commerce Bureau under the DTI for better regulation of fake products and provides for the regulatory jurisdiction of the DTI over e-marketplaces, e-retailers, and other digital platforms that may be conduits for fake products. Furthermore, Go continues to advocate for the digitalization of government transactions to reduce red tape, prevent corruption, and improve service delivery. He filed Senate Bill 194, the proposed E-governance Act, to strengthen data sharing among government agencies and digitalize traditional workflows. “The government must use information and communications technology to better serve its purpose and get closer to the people in an era where practically everything can be done online and through other digital channels,” said Go. “This includes taking decisive action against the proliferation of fake products that threaten our economy and the well-being of our citizens,” he earlier said. The post Bong Go bats for consumer protection vs fake products appeared first on Daily Tribune......»»
Proxies and agents
The country has been the focus of China’s foreign influence operations, or FIOs, over the past few years, which are activities that had intensified in parallel to the worsening situation in the West Philippine Sea. The Philippines has been the focus for the bulk of the People’s Republic of China FIOs relating to the WPS, as much of the offshore territory claimed by the PRC in this area that lies within the Philippines’ EEZ, based on a report of Dr. Peter Chalk, a former senior analyst with the RAND Corporation in Santa Monica, CA. United Front Work, which is a euphemism for covert activities in the Philippines, is allegedly undertaken mostly by five local groups: China Council for the Promotion of Peaceful National Reunification, which promotes universal adherence to the CCP’s One China Principle by advocating against recognition of Taiwan and, presumably, its claims in the SCS; Chinese People’s Association of Friendship with Foreign Countries, which works to foster cordial relations with other countries to “improve” their opinions of the PRC; China Overseas Friendship Association, which acts as a platform for information exchanges, and people-to-people links and provides networking across the global overseas China diaspora; and China Zhi Gong Party, which focuses on outreach to overseas Chinese individuals and communities. The groups act as proxies of the United Front Work Department, or UFWD, of the Chinese government which have specific tasks to coopt influential Filipinos and members of the Filipino-Chinese community into backing the PRC’s position on regional affairs. With respect to the WPS, the UFWD focuses on swaying businessmen, civic leaders, academics, journalists, and politicians to act as pliable conduits for promoting and endorsing Beijing’s presence in the littoral area. Chalk then recounted the overarching influence of Beijing that extended to the May 2022 national elections, when the UFWD reportedly attempted to manipulate candidates including one in northern Luzon, who was instrumental in Beijing’s effort to oppose the annual US-Philippines Balikatan exercise. “Though the drill ultimately went ahead, the official issued a statement that he would not support US forces rotating through two military bases” in his province, Chalk stressed. “This reticence may reflect that the governor remains under some degree of PRC influence, at least in terms of his opposition to an American military presence in strategically significant regions of the archipelago,” Chalk continued. Chalk also identified “pseudo-strategic think tanks” in the country as promoting one-sided analyses and commentaries supporting President Xi Jinping’s Indo-Pacific maritime policies. He cited the Philippines Association for China Studies, the Asia Pacific Pathways to Progress Association, and the Integrated Development Studies Institute as examples. Apart from using these centers as a means for spreading pro-PRC propaganda, the UFWD has allegedly compromised these organizations’ senior leadership to penetrate the highest echelons of the Philippine government and security establishment. Chalk mentioned a case in point which was in August 2022, when the President of PACS had to withdraw his candidacy to become the deputy national security advisor to President Ferdinand “Bongbong” Marcos Jr. after officials with the National Intelligence Coordinating Agency sent an unsigned letter accusing him of having close links to China and selling classified information on the WPS disputes. The post Proxies and agents appeared first on Daily Tribune......»»
Conflict’s dark realm
The unseen struggle behind the seething conflict in the West Philippine Sea may be more intense than what has been playing out daily in the open, as recounted by global media. Jamestown Foundation, a Washington-based adviser to US policymakers, has identified several groups in the Philippines conducting so-called foreign influence operations, or FIOs, which it identified as groups that have direct lines to the hierarchy of the Communist Party of the People’s Republic of China, or PRC. The conservative think tank, which is often consulted on the sea conflict said an aspect of “PRC statecraft that has garnered comparatively less attention, is the use of covert, coercive and corrupting practices to distort the national Filipino debate on sovereign competition in the (West Philippine Sea, or WPS).” The report stated that the policy falls under the ambit of the Chinese government’s United Front Work Department, or UFWD, which “squares clearly with the ruling Chinese Communist Party’s, or CCP, general emphasis on achieving information dominance.” The function of the UFWD overlaps and interlinks with the intelligence community. It also works closely with the CCP International Liaison Department and the Central Propaganda Department in promoting “political influence inside and outside of the PRC.” The body is on top of an elaborate network of proxies and front organizations “to reward, intimidate, surveil and ‘positively’ influence the overseas Chinese community as well as foreign academic institutions, political parties, and other influential bodies and personalities.” According to the report, the overarching goal is to win the hearts and minds of “targeted entities and unite them in supporting the Communist Party’s goals while neutralizing critics.” It revealed that the UFWD’s battle cry, “To rally our true friends to attack our true enemies,” came directly from China’s Great Leader Mao Zedong, and President Xi Jinping has himself referred to united front work as an “important magic weapon to win the cause of revolution, construction, and reform, and also realize the greatness of the Chinese nation.” The bulk of the foreign influence operations is now focused on the Philippines amid the heightened rift in the WPS. Based on the report, China’s United Front Work has three broad goals: 1) Sow discord in domestic Philippine politics to encourage the population to focus on internal conflict and tensions rather than on China as a main threat; 2) Weaken the US-Philippine defense alliance and promote a pro-PRC government in Manila, and; 3) Shape Philippine public opinion in support of Beijing’s claims in the South China Sea. The report admitted that much remains unknown about the overall bureaucracy of the UFWD in the Philippines, but its affiliated groups are present and active in the country. The Jamestown Foundation said that UFWD proxies have a specific remit to coopt influential Filipinos and “Chinoy” or Chinese-Filipino community members into backing the PRC’s position on regional affairs. “Concerning the South China Sea, the department focuses on manipulating businessmen, civic leaders, academics, journalists, and politicians to act as pliable conduits for promoting and endorsing Beijing’s presence in this littoral area,” the report said. On the American interest in the covert operations of Beijing, it indicated that an uptick in such operations in the Philippines is of immediate concern “given its sensitivity to any Chinese endeavor that could endanger freedom of navigation in the South China Sea.” The report urged Washington to develop and prioritize proactive initiatives to help Manila identify and counter foreign interference that China is specifically using to expand and entrench its littoral presence around the archipelago’s northwestern waters. An active role by the US in the “development of a robust and resilient counter interference network in the Philippines would not only assist in stemming Chinese territorial adventurism in the WPS but in doing so would also contribute to weakening the Chinese Communist Party’s drive to recalibrate Asia’s power structure in Beijing’s favor,” the report noted. The battle for the minds would thereon be expected to be fiercer than what transpires on the disputed waters. For Filipinos, vigilance and discernment to separate lies from the truth are essential. The post Conflict’s dark realm appeared first on Daily Tribune......»»
‘As long as we have AC’: Phoenix heat shows gap between US rich, poor
Melanie Floyd took her kids to the zoo in Phoenix in the morning, when temperatures in the heat wave roasting the city and much of the US southwest were still bearable. Standing before a turtle exhibit, she downplayed this extreme weather event in a world grappling with climate change. "As long as we have AC and as long as everyone is making smart choices," this stay-at-home mother aged 32 told AFP, "staying hydrated, going in the shade, staying cool, not overexerting themselves, I think it's tolerable." At her home it is, indeed, nice and cool. She keeps the air conditioning between 75 and 78 degrees Fahrenheit (23 and 26 degrees Celsius) so she can look after her kids, aged two and six, comfortably as they play with coloring books and crafts. Outside, day after day for more than three weeks, the temperature in Phoenix is surpassing a hard-to-fathom 110F. The heatwave affecting much of the southwest and southern United States -- including the record temperatures in Phoenix -- is igniting debate on how fast global warming is moving. For Floyd, this particular weather event is no big deal. "You have to fluctuate as the weather fluctuates, so you have to be flexible with it," Floyd said. In this desert city many people that spoke to AFP expressed similar views about the rising frequency of brutally dangerous heat as global warming caused by human activity grinds on: One must learn to live with it. - Living without AC - For many of them life is a series of mad dashes from offices to restaurants to shops, all with air conditioning cranked up good and frosty. In the city center and well-to-do suburbs, people do not think twice about leaving their car running while they get out to do an errand, so as to keep it cool for when they come back. But in less wealthy areas, heat like this is another thing altogether. "If the temperatures go on like this, many people will not be able to cope," said Rosalia Licea, 37, who is raising five kids on her own. She lives in a mobile home park where most of the trailers are from the 1950s. Early in this heat wave her air conditioning broke down. For two days the temperature inside their mobile home hit 97F. The whole family had to take refuge in the room of the eldest child, which had a window AC unit. One of the smaller kids started having headaches. Licea, who hails from Mexico, works several low-paying jobs to make ends meet. She does not have the $2,000 it would cost to buy a new AC system. So she came up with a makeshift solution: spend $800 to fix the broken one. "I had no choice, what with my kids," she said. "It was the priority, more than buying groceries or paying my rent." Even with the new motor in the old AC unit, one of the air conduits is broken so the cold does not reach her living room. That is something else she will have to pay to have fixed. - AC going full blast - Licea tried but failed to qualify for aid offered by the city or some utility companies for people to upgrade their air conditioning units. A study in 2022 by Arizona State University found that while mobile homes make up five percent of all housing in Maricopa County, which includes Phoenix and its suburbs, they account for 30 percent of indoor heat-related deaths in the city. "It is easy to say 'we can adapt' when you have access to everything," Licea said. "It is different for us." A fire broke out some days ago at her mobile home park, where the residences are hooked up directly to electrical pylons through shoddy connections. One mobile home was destroyed. The fire is believed to have started because of an electrical overload, with washing machines, dryers, fridges and full-blast air conditioning all operating at once. After 19 years in Arizona, Licea lives in fear of an electrical short circuit. So she mainly prepares salads for meals and tries to avoid turning on the lights to keep her electricity consumption, and the temperature, as low as possible. "If I could move to a state that is not so hot I would do it," Licea said. rfo/dw/bfm © Agence France-Presse The post ‘As long as we have AC’: Phoenix heat shows gap between US rich, poor appeared first on Daily Tribune......»»
Digital trade tax leaks massive
The government is foregoing substantial earnings as it continues to struggle to impose taxes on digital transactions and nonresident digital service providers amid the electronic commerce boom, a law expert said in a forum of state think tank Philippine Institute of Development Studies. Emerson S. Bañez, University of the Philippines College of Law associate professor and author of the PIDS study “Rethinking Taxation in the Digital Economy,” observed that the complexity of the digital economy poses a challenge for tax agencies. The Bureau of Internal Revenue puts at P500 billion yearly the losses from tax evasion, majority of which comes from electronic trade which is difficult to monitor. “The national tax system is struggling to capture revenues from digital transactions due to the complexity of these transactions, the absence of physical presence, and the strong dependence on intangible assets,” he said. Bañez explained that enterprises with a physical presence in a given jurisdiction could be easily identified, monitored and subjected to tax, but this is not the case for digital commerce. Online businesses can divide their assets across jurisdictions and fragment their activities to shift profits from higher-tax to lower-tax and no-tax locations — a practice known as base erosion and profit shifting. Digital platforms as tax conduits He clarified that while it is technically legal, it is also detrimental to tax administration because businesses can avoid or pay minimal taxes. By analyzing the digital commerce value chain, Bañez noticed that digital platforms such as online marketplaces and payment systems are the crucial nodes in the network of value flows. He, thus, recommended the passing of legislation mandating additional tax liabilities and requiring them to act as withholding agents or providers of data required to determine the tax liability of related actors and transactions. There is no current legal coverage for platforms located abroad. Thus, he recommended entering multilateral treaties as a countermeasure against base erosion. One of these is the OECD’s Two-Pillar Solution, which proposes an attribution to the user’s home state and calculates the tax liability of online platforms. Tax Management Association of the Philippines president Suzette A. Celicious-Sy, who served as a discussant at the webinar, concurred with Bañez’s recommendations. She asserted, however, that current tax laws adequately address the taxation of digital businesses that are registered or conducting business in the country. Among these is the Bureau of Internal Revenue’s memo that reiterates the obligations of online businesses to register with the BIR and secure the required invoices or receipts and the required expanded withholding tax. The post Digital trade tax leaks massive appeared first on Daily Tribune......»»