We are sorry, the requested page does not exist
Bank assets grow 10 percent to P24.8 trillion
Philippine banks’ assets grew by 10.3 percent to P24.81 trillion in January from the P22.49 trillion recorded a year ago, according to data from the Bangko Sentral ng Pilipinas,.....»»
PNB asset sale seen to yield P5.4 billion
Philippine National Bank will raise at least P5.41 billion from the disposition and monetization of foreclosed assets in Makati, Mandaluyong and Quezon City next month......»»
Bank assets up 8% to P31 trillion in 2023
The total resources of the country’s financial system went up by eight percent to hit P31 trillion in 2023, the Bangko Sentral ng Pilipinas said......»»
Philippine bank assets swell to P30 trillion
The total resources of the country’s financial system went up by almost 10 percent to breach the P30-trillion level, the Bangko Sentral ng Pilipinas said......»»
German prosecutor seeks to confiscate $800 million in Russian assets
Officials in Karlsruhe are reportedly targeting the frozen funds of a Moscow Stock Exchange subsidiary German officials have announced plans to seize almost $800 million in assets from a Russian bank account due to alleged violations of EU sanctions. The Federal Public Prosecutor's Office in Karlsruhe has.....»»
PNB eyes P1 billion from sale of assets
Lucio Tan’s Philippine National Bank is set to dispose close to P1 billion worth of real estate properties located mostly in the National Capital Region via a public bidding in the middle of next month......»»
Bank assets hit P24 trillion in 9 months
The resources of Philippine banks grew by 8.7 percent to P24.7 trillion from January to September this year versus last year’s P22.72 trillion, according to the Bangko Sentral ng Pilipinas......»»
Chinabank’s 9-month net income reaches P16.2B
China Banking Corporation, also known as Chinabank, reported a net income of P16.2 billion for the first nine months of 2023, a 10% increase compared to the same period last year. The bank's strong performance was attributed to growth in core businesses and lower loan loss provisions. In the third quarter alone, Chinabank recorded profits of P5.4 billion, a 16% increase from the previous year. The bank's President and CEO, Romeo D. Uyan, Jr., credited the success to effective business strategies and efficient operations. Net interest income grew by 16% to P39.2 billion, while total credit provisions were reduced to P1.3 billion. Despite this, Chinabank maintained a better-than-industry non-performing loans (NPL) cover of 126%. Operating expenses increased by 14% to P20.5 billion, driven by manpower and inflation-related expenses. Chinabank remains the 4th largest private domestic bank with total assets of P1.4 trillion. Gross loans grew by 10% to P765 billion, with consumer loans experiencing a 19% expansion. The bank's NPL ratio remained manageable at 2.2%. Total deposits increased by 14%.....»»
US says anti-Iran strikes in Syria hit ammunition depots
The United States said Friday it sought to degrade ammunition supplies of Iranian-linked militias with strikes in Syria but insisted it did not want to widen the Middle East conflict. The Pentagon on Thursday announced air strikes on two sites in eastern Syria it said were used by Iran's elite Islamic Revolutionary Guard Corps (IRGC) after a string of attacks on US forces in Iraq and Syria since the start of the Israel-Hamas war. "The purpose for those two sites that we targeted was to have a significant impact on future IRGC and Iran-backed militia group operations," National Security Council spokesman John Kirby told reporters Friday. "It went right at storage facilities and ammo depots that we know will be used to support the work of these militia groups, particularly in Syria." "The main goal was to disrupt that ability and also to deter -- to prevent -- future attacks," he said. The White House earlier said that President Joe Biden had relayed a direct warning to Iran's supreme leader Ayatollah Ali Khamenei against militias' strikes on US troops in Syria and Iraq, where US forces are stationed as part of efforts against the Islamic State group, which also has clashed with Shiite Iran. There have been at least 14 attacks on US and allied forces in Iraq and six in Syria since October 17, a period in which 21 American military personnel suffered minor injuries and one contractor died from a cardiac incident, according to the Pentagon. The US strikes on Thursday were the first on Iranian interests since March, breaking a stretch of calm after the Biden administration opened quiet diplomacy with the US arch-enemy that led to a prisoner swap and conversations on Iran's disputed nuclear program. The October 7 assault by Hamas and Israel's retaliatory strikes have inflamed the region. Iran's clerical leaders back Hamas, while the United States is the foremost ally of Israel. Defense Secretary Lloyd Austin, in a statement Thursday, said that the strikes were "narrowly tailored" to protect US personnel. "They are separate and distinct from the ongoing conflict between Israel and Hamas, and do not constitute a shift in our approach to the Israel-Hamas conflict," Austin said. The Pentagon said Friday evening that its current assessment is the strikes did not cause casualties. 'Finger on the trigger' In new pressure, the United States -- which already considers Hamas and the Revolutionary Guards to be terrorist organizations -- said it was imposing sanctions on a Hamas official based in Iran and members of the IRGC. The Biden administration has vowed to target the finances of Hamas, which holds hundreds of millions of dollars in global assets, according to US Treasury Department estimates. Iran also has a close relationship with Hezbollah, the Lebanese Shiite militia and political movement that has repeatedly fired at Israel but has so far stopped short of opening a full second front. Iranian Foreign Minister Hossein Amir-Abdollahian said Friday that he has spoken with Lebanese and Palestinian militants and they "have their finger on the trigger" if Israel expands its ground operation into Gaza. Speaking to US National Public Radio from the United Nations, Amir-Abdollahian said the militants' actions would be "much more powerful and deeper than what you’ve witnessed." "Therefore I believe that if this situation continues and women and children and civilians are still killed in Gaza and the West Bank, anything will be possible," he said. Amir-Abdollahian insisted, however, that militants would decide their own actions, saying, "We don't really want this conflict to spread out." Addressing the General Assembly on Thursday, Amir-Abdollahian said that the Palestinians "as a nation under occupation" have the "legitimate right to resist the occupation using all available methods, including armed struggle." Hamas militants on October 7 stormed out of the blockaded Gaza Strip and killed 1,400 people, mostly civilians, including children, the elderly and revelers at a music festival, and took more than 220 hostages in the deadliest attack in Israel's history. Israel has struck back with a relentless bombing campaign which Gaza's Hamas-run health ministry says has killed 7,326 people, mostly civilians, among them 3,038 children. UN Secretary-General Antonio Guterres, meeting Friday with Amir-Abdollahian, urged Iran to work toward the "unconditional and immediate release of hostages held in Gaza." The post US says anti-Iran strikes in Syria hit ammunition depots appeared first on Daily Tribune......»»
Crypto crackdown intensifies on Hamas finance
Cryptocurrency has become the latest front in the conflict between Israel and Hamas, analysts say. Israeli and US authorities have intensified their financial hunt into Hamas in recent days as they track illicit funds via digital currencies. Ari Redbord, global policy head at crypto tracking specialist TRM Labs, said there is now less crypto transfer activity on pro-Hamas support networks as a result. "We are seeing a lot less activity in some respects since the war began," Redbord told AFP. This is "primarily because Israel has been very aggressive and successful in taking down these fundraising efforts", he added. Israel has bombed Gaza in response to an unprecedented cross-border attack by Hamas militants who, while firing a massive rocket barrage, killed more than 1,400 people and took 222 hostages on 7 October, according to Israeli authorities. Israeli strikes have now killed more than 6,500 people in Gaza, according to the Hamas-run health ministry. Shadowy world Cryptocurrency is regarded as a speedy way to move cash that is unregulated by any central bank and is less traceable than a traditional bank transfer. The shadowy world of digital units, based on decentralized blockchain technology, has gained notoriety for illicit transactions due to its under-the-radar appeal. Two weeks ago, Israeli police revealed they had located and frozen accounts linked to Hamas that sought "to solicit donations on social networks" via Binance, the world's biggest cryptocurrency exchange. A Binance spokeswoman said it "follows internationally recognized sanctions rules, blocking the small number of accounts linked to illicit funds". Redbord, formerly a senior US government adviser, said Hamas had adopted crypto from 2019 at the latest, to seek funding via the Telegram messaging network and even on its own website. Hamas decided in April that it would no longer accept cash via Bitcoin due to increased global surveillance of the world's biggest digital unit. Crypto fundraising is now operated via a network of Hamas-linked support groups. TRM Labs has closely monitored virtual crypto wallets linked to such support groups since the start of the war. And it has concluded that much smaller amounts of cash than usual are being moved. Two weeks after the attacks, support group Gaza Now received less than $6,000 in one of its crypto wallets, Redbord noted. That compared with $800,000 in total since the wallet's creation in August 2021. Meanwhile, authorities are well aware that digital assets are a minor part of a complex funding picture. The US State Department estimates that Iran funnels $100 million per year to Palestinian groups including Hamas. 'Small piece of puzzle' "Cryptocurrency is a very small piece of a larger financing puzzle for Hamas," said Redbord. "They are looking to Iran; they're... imposing taxes on the Palestinians; they have a network of charities and a diaspora of supporters who are sending donations not in cryptocurrencies." "But crypto does play a role," he said. Digital currencies still represent a significant revenue stream for Hamas and other allied groups. Crypto addresses identified by Israel as being linked to Hamas received about $41 million between August 2020 and July 2023, according to Israeli analytics and software firm BitOK. Other crypto addresses linked to Islamic Jihad received in excess of $154 million between October 2022 and September 2023, with some still active, it adds. Some players in the sector simply turn a blind eye. "Some cryptoasset businesses are intentionally or unwittingly allowing misuse of the crypto ecosystem," said Joby Carpenter, an expert on the industry. "This trend is magnified where exchanges are based in lightly or unregulated jurisdictions," he told AFP. The post Crypto crackdown intensifies on Hamas finance appeared first on Daily Tribune......»»
Stocks retreat, oil prices advance on Middle East fears
Stock markets slid and oil prices jumped Friday on worries that an expected ground invasion of Gaza by Israel would spark a wider conflict in the crude-rich Middle East. Risk aversion was compounded by US Federal Reserve boss Jerome Powell, who signalled a pause in interest rates at the bank's next meeting but left open the prospect of a later hike. Wall Street moved lower from the opening bell while Europe's main stock markets closed down more than one percent. Brent North Sea crude, the international benchmark, was up one percent at more than $93 per barrel. Gold, a go-to haven asset in times of uncertainty, hit close to $2,000 an ounce. "It has been a tumultuous and eventful week for the global financial markets," said Fawad Razaqzada, market analyst at City Index and Forex.com. "The ongoing situation in the Middle East has triggered a surge of volatility in the oil and stock markets, compelling investors to re-evaluate their strategies and shift their focus from riskier assets to 'safer' investments," he wrote in a note. That has in particular led to a rush into gold. "Gold's safe-haven status has been questioned on a number of occasions over recent years, but times like this highlight that in times of significant uncertainty, traders look for assets with a track record," said market analyst Craig Erlam at OANDA. Hamas carried out a deadly attack on Israel from the Gaza Strip on October 7, and killed at least 1,400 people, mostly civilians who were shot, mutilated or burned to death, according to Israeli officials. In response, Israel launched a relentless bombing campaign on Gaza. More than 4,100 Palestinians, mostly civilians, have been killed, according to the latest toll from the Hamas-run health ministry. Traders are also wrestling with the prospect that US interest rates will remain elevated for some time as the Fed battles to contain inflation. On Thursday, Powell suggested decision-makers would not hike rates at their next meeting at the end of October but left the door open to more tightening down the line. News that weekly jobless claims in the United States came in lower than expected, suggesting the labour market was tighter than many predicted, dealt a blow to traders' confidence. "Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal," Powell told a conference in New York. Additional evidence of "persistently above-trend growth" or fresh signs of tightness in the labour market "could warrant further tightening of monetary policy". Investors have also tracked the yield on the 10-year US Treasury note, seen as a proxy for US interest rates, which stood just below five percent on Friday after briefly hitting that level for the first time since 2007 a day earlier. In Britain, the yield on 30-year government bonds rose to their highest since 1998 at 5.16 percent. In currency markets, the dollar was close to topping 150 yen after surpassing the psychological level at the start of October for the first time in a year. The post Stocks retreat, oil prices advance on Middle East fears appeared first on Daily Tribune......»»
Prosecutors reject Trump claim of ‘absolute immunity’
Federal prosecutors on Thursday rejected Donald Trump's attempt to have election conspiracy charges dismissed on the grounds that he enjoys immunity for actions he took while in the White House. "No one in this country, not even the president, is above the law," special counsel Jack Smith's team wrote in a 54-page motion filed with the judge presiding over the landmark case. Trump, the frontrunner for the 2024 Republican presidential nomination, is to go on trial in Washington in March of next year for allegedly conspiring to subvert the results of the November 2020 election won by Democrat Joe Biden. The former president's lawyers, in a motion two weeks ago to US District Judge Tanya Chutkan, argued that the charges should be thrown out because Trump is "absolutely immune from criminal prosecution." Prosecutors in the special counsel's office dismissed that argument and urged Chutkan to deny Trump's request. "He is subject to the federal criminal laws like more than 330 million other Americans," they said. "No court has ever alluded to the existence of absolute criminal immunity for former presidents. "The implications of the defendant's unbounded immunity theory are startling," they added. "It would grant absolute immunity from criminal prosecution to a president who accepts a bribe in exchange for a lucrative government contract for a family member," they said, or "a president who sells nuclear secrets to a foreign adversary." Trump's bid to invoke the presidential immunity defense is seen as a long shot by legal observers but it could result in a delay to the start of the trial as the argument potentially winds its way up to the conservative-dominated Supreme Court. Trump's attempts to use the "absolute immunity" defense in other cases have been rebuffed by judges, but the nation's highest court has never ruled directly on whether a former chief executive is immune from criminal prosecution. Trump is the first former US president to face criminal charges. 'Unsettled question' Trump's attorneys, citing a Supreme Court case involving former president Richard Nixon, said the law provides "absolute immunity" to the president "for acts within the 'outer perimeter' of his official responsibility." As chief executive, they argued, Trump had a responsibility to "ensure election integrity" and was within his rights to challenge the results of the 2020 vote. "As President Trump is absolutely immune from criminal prosecution for such acts, the Court should dismiss the indictment," they said. While making the argument that Trump cannot be prosecuted, his lawyers acknowledged the Nixon case they cited involved the civil liability of a former president and not alleged criminal conduct. "The question remains a 'serious and unsettled question' of law," they said. The case before Chutkan accuses Trump of conspiracy to defraud the United States and conspiracy to obstruct an official proceeding -- the January 6, 2021 joint session of Congress that was attacked by a mob of Trump supporters. Other criminal cases against Trump include racketeering charges in Georgia for allegedly conspiring to upend the election results in the southern state and a trial in Florida in May 2024 on charges of mishandling top-secret government documents. Trump and his two eldest sons are also currently involved in a civil fraud trial in New York for allegedly inflating the value of their real estate assets to receive more favorable bank loans and insurance terms. The post Prosecutors reject Trump claim of ‘absolute immunity’ appeared first on Daily Tribune......»»
Woman arrested for disrupting Trump trial
disrupting Donald Trump’s civil fraud trial after she approached the former United States president in the courtroom and saying she wanted to “assist him,” a court spokesperson said. The woman, who was not identified, was “safely escorted” out of the Manhattan courtroom by officers and has been charged with contempt and immediately placed on administration leave pending an investigation, spokesperson Lucian Chalfen said. The woman “disrupted the proceedings,” Chalfen said in a statement. She was “stopped by court officers before she got near Mr. Trump or any of the attorneys or other litigants,” the spokesperson said, adding that “none of the parties were ever in any danger.” Trump did not seem concerned by the incident, and appeared to only learn of it when speaking to reporters later. “Who got arrested? We don’t know anything about it,” he said. “You know who should be arrested?” he asked. “The attorney general should be arrested. For what she’s doing.” New York’s attorney general Letitia James has accused Trump, his sons Eric and Don Jr. and other executives of the Trump Organization of colossally inflating the value of their real estate assets in order to receive more favorable bank loans and insurance terms. The post Woman arrested for disrupting Trump trial appeared first on Daily Tribune......»»
PNB to sell P10 billion assets
Philippine National Bank is raising over P10 billion via the sale of close to 100 properties in Luzon, Visayas and Mindanao next month......»»
Oil prices jump as Hamas attack on Israel fuels supply fears
Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East. The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia's output cuts. It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions. The surprise attack and Israel's declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran. "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia," said ANZ Group's Brian Martin and Daniel Hynes. "Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected." Both main contracts surged more than five percent in early Asian business before easing back as the day wore on. However, SPI Asset Management's Stephen Innes warned: "Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises. "Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilizes. "But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario." A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars. The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows. Gold, another key haven, gained more than one percent. Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy. There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose as it opened in the afternoon, having been closed in the morning owing to a typhoon. Sydney and Jakarta eked out gains. Tokyo was closed for a holiday. London edged up at the open while Paris and Frankfurt were lower. The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing. The "Goldilocks" figures -- neither too strong nor too weak -- lifted optimism the world's top economy can avoid a recession even as the Federal Reserve keeps rates elevated. Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target. Key figures around 0715 GMT West Texas Intermediate: UP 3.5 percent at $85.69 per barrel Brent North Sea crude: UP 3.1 percent at $87.23 per barrel Hong Kong - Hang Seng Index: UP 0.4 percent at 17,552.01 Shanghai - Composite: DOWN 0.4 percent at 3,096.92 (close) London - FTSE 100: UP 0.3 percent at 7,518.16 Tokyo - Nikkei 225: Closed for a holiday Euro/dollar: DOWN at $1.0540 from $1.0588 on Friday Pound/dollar: DOWN at $1.2195 from $1.2234 Dollar/yen: DOWN at 149.15 yen from 149.30 yen Euro/pound: DOWN at 86.49 pence from 86.52 pence New York - Dow: UP 0.9 percent at 33,407.58 (close) (Bloomberg News contributed to this story) The post Oil prices jump as Hamas attack on Israel fuels supply fears appeared first on Daily Tribune......»»
Half of finance work could be AI by 2030
Dear Editor, The G.M.A. Integrated News unveiling of A.I. sportscasters Maia and Marco last 24 September captivated many people during the start of the National Collegiate Athletic Association or NCAA Season 99. This groundbreaking introduction sparked intense discussions on social media about Artificial Intelligence’s potential implications on journalism’s future. People expressed a mix of excitement and apprehension, highlighting the need for further exploration and understanding of AI’s role in shaping the field of journalism. As Artificial Intelligence advances at an unprecedented rate, it is not only in journalism where AI can automate work. According to McKinsey, by 2030, approximately half of the finance work could be automated. This automation will bring opportunities and challenges, as AI can streamline processes and improve efficiency. The finance areas that have already started to be automated are the banking and financial institutions, risk assessments, credit scoring, customer service, and market sentiment analysis. In banking and financial institutions, an AI called KAI-GPT can auto-detect risks, generate insights, and make financially literate recommendations. Launched on 31 May 2023, KAI-GPT is the world’s first banking-specific large language model designed to address the industry’s unique accuracy, transparency, trustworthiness, and customization needs. The KAI-GPT provides a human-like, financially literate response. Westpac, Australia’s first bank and oldest company serving more than 12 million customers, is in the process of implementing KAI. Meanwhile, in risk assessment, the tool DataRobot AI can simulate potential fraud scenarios and detect credit risks, fraud risks, and market volatility. Using predictive and generative DataRobot AI improves the technical ecosystem in Financial Services. Sanlam, Africa’s largest non-banking financial institution, uses DataRobot AI, resulting in more streamlined and transparent solutions, driving critical business value levers such as sales and client retention. In the finance area of credit scoring, the Personetics and AIO Logic can detect risk, determine rates, and structure customer loans. Personetics serves over 140 banks and financial institutions across 30 global markets, reaching 135 million banking customers. United Overseas Bank, a Singapore-based Banking and Financial Services organization with 24346 employees and revenues of $9790000.00 billion, uses Personetics. AIO Logic is well known as an AI for Automated Payment Management, Automated Balance Management, Automated Accounting, Complex Structures, Automated Invoicing, Automated Reporting and Analytics. These two credit scoring AI can also assess customers’ creditworthiness and set credit limits. In customer service, robo-advisors, chatbots, and virtual assistants provide a conversational system fit for financial planning assistance. Robo-advisors offer financial advice and limited human interaction, which appeal to Generation Z, who have virtual interactions with advisors and are increasing interest in novel assets like cryptocurrency. The AI is now also in market sentiment analysis, and Bloomberg G.P.T. shows how to automatically analyze news, articles, social media and other classified textual data. Launched on 30 March 2023, Bloomberg GPT is a significant language model with 50 billion parameters trained explicitly on a wide range of financial data. It can perform market sentiment analysis and even help manage investment portfolios. These advancements in AI technology have the potential to significantly streamline and automate many tasks in the finance industry, reducing the need for human intervention. The applications of generative AI in Finance will be widely seen in regulatory compliance and reporting, financial forecasting, portfolio optimization, anti-money laundering and algorithmic trading. However, it is essential to note that while AI can enhance efficiency and accuracy, it is not a substitute for human expertise and judgment. Human oversight and decision-making will still be crucial in navigating complex financial landscapes and ensuring AI technologies’ ethical and responsible use. Still, job displacement in finance may occur, and the need to upskill the workforce is now paramount. Arnel Lopez Cadeliña arnelcadelina@gmail.com The post Half of finance work could be AI by 2030 appeared first on Daily Tribune......»»
DoE identifies offshore RE sites
The Department of Energy or DoE has identified nine potential renewable energy, or RE, sites to establish offshore wind ports that can serve as offloading terminals for a more seamless and efficient establishment of offshore wind or OSW facilities in the country. Speaking to reporters at the sidelines of an energy forum hosted by the Nordic Chamber of Commerce of the Philippines on Tuesday, Energy Assistant Secretary Mylene Capongcol said these ports will be developed to become staging areas housing the foundation, turbines, blades, and other materials that will be used in building the OSW structures. Capongcol cited Ilocos Norte, Batangas, Bacolod, Mindoro and Cagayan Valley as among the initial locations where the planned ports will be assembled. The Asian Development Bank will assist in evaluating these sites. “These are just initial identification and these nine ports are based on the project developments. They are initially identified to support and advance project constructions in these areas,” she said. To further uncover the country’s OSW potential, the DoE said “suitably sized and strategically located ports are essential for the storage, assembly, construction and operation of OSW farms.” Potential private sector partner Recently, the state-run Philippine National Oil Company disclosed that it is looking for a potential partner from the private sector to convert its 19-hectare Batangas port into an OSW Power Integration Port. It also tapped the University of the Philippines National Engineering Center to “help us because the decision not to award the contract for the commercial port expansion and shift to an offshore integration port was only last month.” The DoE has been pushing for the development of OSW to ramp up local indigenous supply amid growing demand. Based on the Philippines OSW Roadmap launched in 2022, the country has about 178 gigawatts or GW of OSW potential. OSW contracts awarded To date, the DoE has awarded a total of 79 OSW Contracts with a total potential capacity of 61.931 GW, spread mainly North of Luzon, West of Metro Manila, North and South of Mindoro, Panay, and Guimaras Strait. These, according to Capongcol, are all under the development stage, which includes preliminary wind data gathering, application for endorsements, and request for System Impact Studies. Despite the vast supply available nationwide, the OSW roadmap showed that the tedious permitting process as well as grid assets availability should be resolved. As such, the DoE vowed to enhance the policies on the OSW development, taking into account the streamlining and stricter timeframe outlined in the Energy Virtual One-Stop Shop law on the processing and issuance of licenses and permits by the concerned national and local government entities. The post DoE identifies offshore RE sites appeared first on Daily Tribune......»»
Metrobank gets global recognitions for exceptional performance
Built on trust, Metropolitan Bank & Trust Co. has been recognized as the Strongest Bank in the Philippines by The Asian Banker for the third straight year and the Best Domestic Bank in the country by Asiamoney. This attests to the Bank’s strength and reliability in putting its clients in good hands. The Bank gained these prestigious international recognitions from The Asian Banker and Asiamoney for its consistent strong financial performance across the board. In the first half of 2023, Metrobank maintained a strong 34 percent growth in net income of P20.9 billion, fueled by the Bank’s expanding assets, enhanced margins, and robust fee income growth while sustaining a stable asset quality. One of the World’s Best Companies On top of these awards, the Bank was also listed by TIME Magazine and Statista as one of the World’s Best Companies. The “World’s Best Companies” is a comprehensive list that ranks top performing companies across the globe based on employee satisfaction, revenue growth, and sustainability. “We’re honored to receive these back-to-back recognitions, especially as we celebrate the Bank’s 61st anniversary. At Metrobank, we always strive for excellence — whether it be in addressing our clients’ needs, achieving exceptional financial performance across our business, or contributing to nation-building. These awards are testaments to the steadfast commitment and relentless drive of each Metrobanker to keep Filipinos in good hands,” said Metrobank president Fabian Dee. Reliable partner through Filipinos’ financial journey For decades, Metrobank served as a reliable partner for Filipinos throughout their life journey — providing them financial services and guidance that are tailor-fit to their needs, even as they now navigate a modern and digital world. But before offering them a product or a service, every Metrobanker ensures that their clients fully and clearly understand the financial products and services they will avail of. The Bank’s mission to enable Filipinos throughout their financial journey goes beyond simply offering relevant solutions. Despite its financial success, the Bank’s priority and advocacy is to educate Filipinos first as they step into their financial journey. This is to make sure that every client makes a fully-informed financial decision and know how to protect themselves against fraud. This is made evident through Metrobank’s sustained financial education efforts — designed to equip Filipinos with reliable financial advice, fit for every life stage. In 2022, Metrobank introduced a comprehensive personal finance e-book developed to help Filipinos to become financially resilient. Meanwhile, the Bank’s Earnest app aims to simplify investing, through bite-sized lesson cards and easy-to-understand articles that cover basic investing concepts. For more advanced investors, there is Wealth Insights, an online portal that contains publicly accessible market-moving news and insights, as well as exclusive premium content that includes bespoke articles which dive deep into timely and actionable investment ideas. Meanwhile, Metrobank provides its clients with regular reminders and guidance to protect themselves against fraudulent transactions via SMS, emails, and social media posts. Today, Filipinos can easily start their financial journey by going to Metrobank’s hundreds of branches nationwide or digitally via the Earnest app. Those aiming to further grow their funds through investments can do so with Metrobank’s Online Time Deposit, which offers an interest rate of up to 4.5 percent, or through Metrobank’s wide-range of unit investment trust funds (UITF). With its commitment to give customers a safe, simple and secure experience on the NEW Metrobank app, the Bank recently introduced its interoperable QR feature, which allows on-the- go clients to enjoy more convenient fund transfers to and from other banks and e-wallets. Meanwhile, clients who are ready for a life upgrade - be it a new car or their dream home, can avail of Metrobank’s home and car loan offers with affordable rates and flexible payment terms. Growth partner for businesses Metrobank’s services transcends from customers to enterprises. When Metrobank was founded in 1962, it was primarily built to be a bank for businesses. Over six decades later, the Bank continues to stay true to its roots by offering a full suite of best-in-class financial solutions designed to serve enterprises of all sizes — from SMEs to large corporations based here and abroad. The post Metrobank gets global recognitions for exceptional performance appeared first on Daily Tribune......»»
DBP backs NG’s logistics action plan
State-owned Development Bank of the Philippines (DBP) is prepared to extend the needed technical and financial assistance to strategic initiatives that would ensure the successful implementation of the Marcos administration’s three-year logistics master plan aimed at reducing the cost of commodities particularly food, a top official said. DBP President and Chief Executive Officer Michael O. De Jesus said the bank would work closely with the Department of Trade and Industry, Department of Agriculture, and other government agencies and key stakeholders to modernize the food distribution system and storage and to address prevailing supply chain gaps. “DBP is one with President Ferdinand Marcos, Jr.’s goal of ensuring reliable food supply at reasonable prices for all Filipinos,” De Jesus said. “DBP will leverage on its experience and financial capability to support key programs to support this goal.” DBP is the eighth largest bank in the country in terms of assets and provides strategic financing support to critical economic sectors such as infrastructure and logistics, micro, small and medium enterprises, social services, and the environment. In August this year, President Marcos, Jr. approved the country’s three-year food logistics action agenda aimed at promoting food availability, accessibility, and affordability through strategies that would modernize the country’s food distribution system, increase investments in logistics infrastructure, and address other supply chain gaps. De Jesus said that as of the end of the first half of 2023, DBP has allocated P281.6 billion for projects under the infrastructure and logistics sector, representing 55.5 percent of its total loan to borrowers amounting to P506.9-billion. He said total loan releases to the sector have reached P45.5 billion while deals in the pipeline are around P18.5 billion for the period covering January to June this year. "As of July this year, DBP has approved a total of P25.55-billion in loans for 189 borrowers nationwide under the auspices of the Bank’s Connecting Rural Urban Intermodal Systems Efficiently (CRUISE) program, which serves as our flagship facility for transport infrastructure and logistics sector,” De Jesus said. The post DBP backs NG’s logistics action plan appeared first on Daily Tribune......»»
Fools in suits
When a ranking Department of Agriculture official was asked in a recent Congress hearing what steps the agency had taken to break the rice cartel, he replied that he did not believe that a “mafia” existed. Coming from a high DA official, the statement revealed that nothing was being done to stop the syndicate that everyone in the industry knows about since, to the authorities, it does not exist. In the reenacted Anti-Agricultural Smuggling Act of 2016, smuggling, hoarding, profiteering, and forming cartels for agricultural and fishery products are considered economic sabotage and are non-bailable offenses for which a long jail term could be meted out. The strengthened law, however, lacks strong teeth against government officials who are in cahoots or protect the syndicates. Contained in the proposed bill is a provision indicating that any government officer or employee found to be an accomplice in the commission of the crime will “suffer the additional penalties of perpetual disqualification from holding public office, exercising the right to vote, from participating in any public election, and forfeiture of employment monetary and financial benefits.” The bill is pending in both houses of Congress. With the slow grind of justice in the country, a public official looking for a fast buck will not hesitate to risk his job in exchange for a huge payback. The recent series of events showed the markets are being manipulated by the big players in the sugar, vegetable and rice businesses. These syndicates are known to be deeply entrenched due to their connections with government bigwigs who facilitate their domination of the markets either through edicts or the use of public resources. In the most ridiculous situation, the recent spike in onion prices was found to be artificial since farmers were even throwing away their harvests because of low farmgate prices, thus there was no reason for prices to surge. Later, it was exposed in a congressional hearing that a cartel had succeeded in manipulating the onion market to create a condition that would require its importation, from which its members would make a killing. The warehouse and storage facilities are controlled by the mafia which makes it easy to create artificial conditions to which the market reacts by raising retail prices. The ultimate goal is to coax the government to allow importation from suppliers in overseas markets that are also flooded with the commodity, The cartel rakes in profits from both the high markup and the kickbacks from the overseas suppliers desperate to sell their surplus. The woeful victims are the Filipino farmers whom the cartel boxes out of the market. In extreme cases, these farmers just throw away their harvest since they cannot afford to transport their products without the middlemen who are also in the pocket of the cartel. The same goes for the rice industry, where the market was manipulated for a different reason, which was to kill the rice tariffication law that kicked the National Food Authority out of the import business. Rice prices then surged to as high as P56 a kilo, which pushed President Ferdinand Marcos Jr. to impose price ceilings. The NFA used to have a monopoly on importation, but that resulted in acrimonious confrontations at the apex of government. The tariffication law, in turn, opened importation to all grain traders and relegated the NFA to buying rice from local farmers. Under the new anti-smuggling bill which has the endorsement of Mr. Marcos, an Anti-Agricultural Economic Sabotage Council headed by the President or his designated permanent representative will be formed. The proposed body will have the power to investigate and file charges, as well as freeze violators’ funds, properties, bank deposits, placements, trust accounts, assets and records. The creation of the body looks good on paper but in the real world, it might just add another layer of bureaucracy and source of corruption unless the cartel, which DA officials claim does not exist, is dismantled. Chief Presidential Legal Counsel Juan Ponce Enrile has a simple solution for breaking the cartel, which is for the government to confiscate all the rice overstock and let the owners of the warehouses prove that their huge inventory is legitimate. Such a move would prompt the traders to release more rice into the market to avoid confiscation. The imposition of the price cap on rice indicated that the prices are artificial since the markets are now selling at lower than the manipulated prices despite conditions being constant. An expected bumper harvest is also prompting the prices to go back to normal, after the attempt of the cartel to create a price shock to support their effort to return to the old ways. To know the real situation, President Marcos goes out of his way to see what is on the ground. His underlings, particularly at the Department of Agriculture, should do better. The post Fools in suits appeared first on Daily Tribune......»»