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ADB approves USD 100 mln loan to support small and medium-sized enterprises in Sri Lanka
Manila [Philippines], March 19 (ANI): The Asian Development Bank (ADB) has approved a USD 100 million loan to provide small and medium-sized enterprises (SMEs) in Sri Lanka more access to finance and build their resilience to external shocks, such as the economic crisis and climate change. SMEs play a critical role in Sri Lanka's economy, contributing 52 per cent to the country's gross domestic product and employ 45 per c.....»»
Marcos Jr. eyes stronger maritime ties with India
The Philippines is seeking stronger maritime security cooperation with India to ensure the safety of seafarers from both nations as the world’s oceans are becoming more dangerous for commercial shipping, President Marcos said......»»
SEC formally asks NTC to block Binance
In a letter to the NTC, SEC Chairperson Emilio Aquino says Binance 'poses a threat to the security of the funds of investing Filipinos'.....»»
Recto sees ‘realistic’ 6-6.5 percent growth for Philippines
Finance Secretary Ralph Recto is looking at a “more realistic” economic growth of at least six to 6.5 percent for this year, with medium-term economic expansion likely to be tempered as well......»»
Bank loans used as RRR compliance hit P6.4 billion
Mid-sized and small banks have extended around P6.4 billion loans to micro, small and medium enterprises (MSMEs) as well as large companies, and booked these loans in compliance with their reserve requirement ratios, according to the Bangko Sentral ng Pilipinas......»»
BDO funds 28 green projects from P52.7 billion bond proceeds
Around 28 green projects benefitted from the first ASEAN sustainability bond issuance of BDO Unibank Inc. in January 2022, bolstering the bank’s sustainability commitment......»»
PBCom eyes P2 billion from new bond issue
The Philippine Bank of Communications is looking to raise at least P2 billion, with an option to oversubscribe, from the first tranche of its new peso bond program......»»
China, Not Russia, Still Tops List of Threats to US
WASHINGTON - Russia's war in Ukraine - portrayed by top U.S. officials as posing a danger to the United States itself - still trails China when it comes to long-term threats to America's security, according to a top Pentagon official.The warning from Ely Ratner, the Defense Department's assistant secretary for Indo-Pacific security affairs, comes in testimony prepared for a hearing Wednesday by the House Armed S.....»»
Security Bank, Helios team up for solar energy in households
Security Bank Corp. has tied up with climate fintech firm Helios to boost the access of Filipino homeowners to clean and sustainable energy......»»
Rural Missionaries of Philippines: Can we get back to our ministries?
For more than two years, the Rural Missionaries of the Philippines is unable to access their funds in the bank and use them for their mission activities......»»
BSP onboards 1st nonbank electronic money issuer
The Bangko Sentral ng Pilipinas (BSP) achieved a significant milestone by welcoming OmniPay, Inc. as the first nonbank electronic money issuer (EMI) participant in its Real Time Gross Settlement (RTGS) payment system, PhilPaSSplus. This move aligns with the National Payment Systems Act and signifies a more inclusive national payment system, allowing nonbank financial institutions to conduct efficient and low-risk funds transfers directly through the central bank. Assistant Governor Mary Anne P. Lim emphasized the BSP's commitment to safeguarding the entire Peso RTGS payment system amidst global trends of diversified participation. With 236 institutions, including various banks and nonbank entities, utilizing PhilPaSSplus for large value transactions and retail payment clearing, the BSP's initiative reflects a broader trend of central banks facilitating direct access for nonbank entities to settlement services. This development comes as international standard-setting bodies work on access guidelines to manage risks in evolving payment systems with new players and financial technologies......»»
ADB OKs 450-mln-USD loan to boost Philippines health system
MANILA, Dec. 6 (Xinhua) -- The Asian Development Bank (ADB) Wednesday said it has approved a policy-based loan of 450 million U.S. dollars to help the Philippines strengthen health policy reforms. The program will also improve Filipinos' access to medicines and health services, sustain universal health care (UHC) coverage, and increase financing for the UHC, the bank said. "The Build UHC Program is part o.....»»
ADB OKs 450-mln-USD loan to boost Philippines health system
MANILA, Dec. 6 (Xinhua) -- The Asian Development Bank (ADB) Wednesday said it has approved a policy-based loan of 450 million U.S. dollars to help the Philippines strengthen health policy reforms. The program will also improve Filipinos' access to medicines and health services, sustain universal health care (UHC) coverage, and increase financing for the UHC, the bank said. "The Build UHC Program is part o.....»»
Asian Development Bank approves USD 500 million to transform medical landscape in Maharashtra
Manila [Philippines], November 23 (ANI): In a significant move aimed at advancing healthcare infrastructure and medical education, the Asian Development Bank (ADB) has granted approval for a substantial loan package of USD 500 million. According to ADB, this financial assistance is dedicated to enhancing access to quality and affordable tertiary health care in Maharashtra. ADB Health Specialist, Nishant Jain emphasized th.....»»
Wall Street and Beijing Address Fallout of Ransomware Attack on Chinas Largest Bank
The Daily Guardian Exclusive: Gain Full Access to FT.com Through Trial Period In a groundbreaking move, The Financial Times is offering a trial period that.....»»
Belarusian exiles lose hope
When police in Belarus began knocking on doors and interrogating citizens suspected to have taken part in pro-democracy rallies three years ago, Maxim Isayev knew he could never go back. Like thousands of others, the 32-year-old engineer and father of two peacefully protested against the disputed re-election of strongman leader Alexander Lukashenko in 2020 and is currently wanted by the country’s authorities. “I know that they came to my address in Belarus and searched for me,” Maxim told AFP in Warsaw, where he now lives with his wife and children. More than 100,000 people are thought to have left Belarus since security forces began violently cracking down on dissidents, many of whom fled to neighboring Poland and the Baltic states. Lukashenko now wants to shut them out for good. In January, he signed a law allowing courts to strip “extremist” dissidents living abroad of their citizenship, and in September he blocked Belarusian embassies from issuing passports. The decision effectively deprives thousands of Belarusian dissidents of the ability to renew their passports unless they return, making it difficult for them to travel internationally, access public services, open bank accounts or obtain employment. “If people are forced to return to Belarus, many of them will be exposed to rights violations, like arbitrary arrest, and torture,” UN rights expert Anais Marin told AFP after the decision. Describing Lukashenko’s decree as “outrageous,” she called on all governments to refrain from sending Belarusians back to their country over invalidated or expired passports. For Maxim, who fears he faces multiple criminal charges including terrorism, returning is not an option. “I took part in the protests. Rallies, marches, calls for sanctions,” he said. “There are more than ten counts I could be charged with.” Since 1994, Lukashenko has ruled Belarus with an iron fist, in what critics have called Europe’s last dictatorship. Elections held in August 2020 resulted in another landslide victory for the long-time leader, a result which the opposition decried as blatantly falsified. The fallout from the vote led to the biggest protests in Belarus’ modern history, which were soon followed by a record number of arrests. “There are situations where people were travelling to the funeral of their relatives. They were detained and put in jail,” said Helena Niedzwiecka, founder of the Belarusian Solidarity Center that supports exiles in Poland. “You can be imprisoned for liking a post in 2020.” Maxim, whose families’ passports expire in 2024, debated with his wife whether it was safe for her to go back, given she had made fewer political posts. “I said okay, if you want to go, you are an adult... Take one of the children.” “You will get a few years for your political views,” Maxim said. “And they will put the child into an orphanage.” They decided against the idea. Lukashenko has criticized those who have sought refuge abroad as disloyal, casting them as “criminals” who do not deserve citizenship. “Are these people worthy to remain citizens of Belarus if they have fled their native country and actually severed ties with it?” he asked at a government meeting last year. Most dissidents say it is the state that severed ties with them. “My contract with my country was terminated in 2020,” said Inga Okava, a 49-year-old former volunteer who was jailed for trying to independently monitor the 2020 elections. “They falsified everything that everybody wanted,” she sighed. WITH AFP The post Belarusian exiles lose hope appeared first on Daily Tribune......»»
UnionBank cardholders get pre-sale Miss Saigon tickets access
The new staging of one of the most iconic musicals of all time takes the stage in the Philippines, and Union Bank of the Philippines (UnionBank) is giving its cardholders a chance to score tickets before everyone. GMG Productions, in association with GWB Entertainment, has announced that Sir Cameron Mackintosh’s globally acclaimed new production of Boublil & Schönberg’s Miss Saigon is coming to Manila in March 2024. Dedicated to bringing top-tier musical entertainment to Manila, GMG Productions is again partnering with UnionBank to fan the flames of theatrical passion and give its customers exclusive access as the official presenting sponsor and pre-sale partner of Miss Saigon Philippines. Get the best seats before they’re gone as UnionBank will be holding a ticket pre-sale event exclusively for UnionBank credit and debit cardholders. Exclusive booking period From 23 to 27 October 2023, UnionBank card holders can enjoy the exclusive booking period and a 10 percent discount on their ticket purchase by using the first six digits of their card as a promo code. There will also be another chance for UnionBank cardholders to get their hands on tickets, with the extended pre-sale from 28 October to 3 November 2023. Tickets open to the public on 6 November 2023. Miss Saigon is a retelling of Giacomo Puccini’s Madame Butterfly, moving the story to 1970s Vietnam, where Kim, a young Vietnamese woman, falls in love with an American G.I. named Chris during the final days of the Vietnam War. The story follows Kim as she embarks on her three-year journey to reunite, all while carrying a secret. Filipino artists such as Lea Salonga, Monique Wilson, Joanna Ampil, Jon Jon Briones, Rachelle Ann Go, Isay Alvarez-Seña, Leo Valdez, Aicelle Santos and Red Concepcion have all been a part of the classic stage production over the years, along with countless other homegrown talents who have showcased the incredible depth of talent within the Filipino community. The post UnionBank cardholders get pre-sale Miss Saigon tickets access appeared first on Daily Tribune......»»
ADB lends $300 million to Philippines for financial inclusion program
The Asian Development Bank has approved a $300-million policy-based loan for the Philippines to help expand Filipinos’ access to financial services and promote the country’s economic growth......»»
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......»»
Fraud ring targets global crypto pools
Online scammers have stolen more than $1 million from so-called cryptocurrency liquidity pools recently, according to cybersecurity system provider Sophos. Sophos released findings on a pig butchering operation through the use of fake trading pools of cryptocurrency. The report, “Latest Evolution of ‘Pig Butchering’ Scam Lures Victim in Fake Mining Scheme,” details the story of one of the scammed victims in the pools, named Frank, and how he lost $22,000 in one week after “someone” pretending to be “Vivian” on the dating app MeetMe contacted him. After Sophos X-Ops investigated Frank’s story, the team uncovered a total of 14 domains associated with the scam operation, as well as dozens of nearly identical fraud sites that, together, netted one “ring” of pig butcherers more than $1 million in three months. The scam takes advantage of the largely unregulated world of decentralized finance, or DeFI, cryptocurrency trading applications. These applications create “liquidity pools” of various types of cryptocurrencies that users can then access for trades. Those who participate in the pool receive a percentage of any fee paid when a trade is made, creating an enticing return on investment. To join a pool, participants sign an online smart contract that gives another account, typically the operators of the pool, permission to access participants’ wallets to facilitate trades. Fake pools, which pig butcherers are increasingly utilizing to siphon funds from targets, operate in much the same way. Liquidity pools cleaned up However, unlike legitimate pools, at some point these scammers “pull the rug” and empty the entire liquidity pool for themselves. “When we first discovered these fake liquidity pools, it was rather primitive and still developing. Now, we’re seeing sha zhu pan scammers taking this particular brand of cryptocurrency fraud and seamlessly integrating it into their existing set of tactics, such as luring targets over dating apps,” according to Sean Gallagher, principal threat researcher, Sophos. Very few understand how legitimate cryptocurrency trading works, so it’s easy for these scammers to con their targets. “There are even toolkits now for this sort of scam, making it simple for different pig butchering operations to add this type of crypto fraud to their arsenal. While last year, Sophos tracked dozens of these fraudulent ‘liquidity pool’ sites, now we’re seeing more than 500,” Gallagher said. Sophos X-Ops first learned of this liquidity mining operation from a victim named Frank. Frank had connected on the dating app MeetMe with a scammer hiding behind the persona of Vivian, a German woman supposedly living in Washington, D.C. for work. For weeks, Frank chatted with Vivian, who mixed her romantic promises with persistent attempts to convince Frank to invest in crypto. Eventually, Frank opened a Trust Wallet account (a legitimate app for converting dollars to cryptocurrency) and connected to the link to the liquidity pool site Vivian recommended. In reality, the pool site was fraudulent and utilized the brand of Allnodes, an established decentralized finance platform provider, as a cover. Between 31 May and 5 June, Frank invested $22,000 in the scheme. Just three days later, the scammers emptied Frank’s digital wallet. Frank, looking to recover his money, turned to Vivian, who advised him to invest even more in the pool to recover his funds and reap the “rewards.” While waiting for his bank to authorize a money transfer to Coinbase, Frank started researching what was going on and came across an article on liquidity mining from Sophos. At this point, Frank reached out to Gallagher for help. Even after Gallagher instructed Frank to block Vivian, she eventually found him on Telegram and continued her attempts to entice him into “continuing their investment,” going so far as to send a lengthy, emotional letter that was very likely created by a generative AI app. “What makes these sorts of scams particularly tricky is that they don’t require any malware to be installed on a victim’s device. They don’t even involve a fake app, like some of those we’ve encountered in other CryptoRom scams. This entire fake liquidity pool was run through the legitimate Trust Wallet app.” At one point, Frank even tried to contact Trust Wallet’s support to recover his money, but he connected with a fake support contact from the fraudulent liquidity pool site. There is no regulation of these pools, legitimate or otherwise, on these crypto apps. These scams succeed solely through social engineering, and the scammers are persistent. Vivian continued trying to contact Frank for weeks after he blocked her on WhatsApp. “The only way to stay safe from these scams is to be vigilant and know that they exist and how they operate. That is why Frank wanted to share his story. Users need be wary of anyone they have no connection with reaching out to them suddenly via any dating app or social media platform, particularly if the ‘person’ reaching out wants to move the conversation to a platform like WhatsApp and then discusses investing in cryptocurrency,” Gallagher said. Sophos has shared its data on this case with Chainalysis and Coinbase, as well as other threat intelligence professionals in the cryptocurrency space, all of whom continue to investigate. “People who believe they may be a victim of pig butchering or liquidity mining fraud are free to reach out to Sophos. They should also reach out to their local law enforcement for assistance,” Gallagher advised. The post Fraud ring targets global crypto pools appeared first on Daily Tribune......»»