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Andi, Gwen Guck super bonding sa Siargao: ‘Nanay never made it but…’
NAKAPAG-BONDING nang bonggang-bongga ang magkapatid na Andi Eigenmann at Gwen Guck sa napakagandang isla ng Siargao. Tulad ng kuwento sa BANDERA ng Kapuso actor na si Gabby Eigenmann, talagang walang inaksayang oras ang dalawang anak ng yumaong aktres na si Jaclyn Jose sa paglilibot nila sa Siargao. Sa kanyang Instagram account, ibinandera ni Andi ang.....»»
Dating child star na si Krystal Reyes engaged na sa non-showbiz BF
ENGAGED na ang former child star na si Krystal Reyes sa kanyang non-showbiz boyfriend na si Lawrence dela Cruz. Ibinandera ni Krystal sa kanyang Instagram account kahapon, March 25, ang ginawang marriage proposal sa kanya ng partner. Makikita sa photo na ipinost ng dating child actress sa IG ang kanyang fiancé na nakaluhod sa harapan.....»»
Women shaping Philippine monetary policy
Women have made significant strides as leaders in the Philippine financial services industry even as challenges continue to persist. At the helm are two distinguished female members of the Monetary Board (MB) – the policy-setting body of the Bangko Sentral ng Pilipinas (BSP) –both of whom are breaking the bias for women in finance......»»
BSP issues guidelines for payment systems
The Bangko Sentral ng Pilipinas (BSP) has released its first Manual of Regulations for Payment Systems (MORPS), a formal compilation of all payment system regulations approved by the Monetary Board as of end-December 2023......»»
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......»»
March inflation may pick up amid high food prices
Inflation likely accelerated for the second straight month in March, mainly driven by high rice prices, prompting the Bangko Sentral ng Pilipinas (BSP) to keep borrowing costs unchanged at its next policy review in April, analysts said......»»
Philippines posts 196 mln USD deficit in February
MANILA, March 19 (Xinhua) -- The Philippines' overall balance of payments (BOP) posted a 196-million-U.S. dollar deficit in February, significantly lower from the 895-million-dollar BOP deficit recorded a year ago, the country's central bank said on Tuesday. The Bangko Sentral ng Pilipinas (BSP) said the BOP deficit in February reflected outflows arising mainly from the national government's foreign currency deb.....»»
BSP prodded to build up forex reserves
The Bangko Sentral ng Pilipinas should continue rebuilding its gross international reserves amid the wide current account deficit and heavy reliance on debt funding, according to Bank of America Global Research......»»
Further improvement in Philippines external position seen
The Bangko Sentral ng Pilipinas (BSP) sees a further improvement in the country’s external payments position this year due to a likely higher balance of payments (BOP) surplus and a narrower current account (CA) deficit......»»
BSP sees higher budget surplus for this year
The Bangko Sentral ng Pilipinas anticipates a further improvement in the country’s external payments position this year, attributing it to stronger inflows that would result in a higher balance of payments surplus and a reduced current account shortfall......»»
SBCorp. to lenders: Patience is a virtue
The president of Small Business Corporation, the lending arm of the Department of Trade and Industry, has advised entrepreneur lenders to understand the meticulous procedures of getting a loan from the government, as ushering financial help needs patience because it is not a joke to release funds for them. It is due to the fact that despite the available programs and funds from the government, micro, small and medium enterprises still resort to lending money from loan sharks, particularly those involved in the “5-6” scheme. “First, we need to tell our small businesses to have patience in applying for loans from the government, as some Filipino lenders are used to “instant notification”. Also, some of our lenders, particularly those that are already aging, are technologically challenged. They are easy to get tired of inputting information needed when the transaction is online,” SBCorp. president Robert Bastillo said during the DAILY TRIBUNE’s digital show Straight Talk. Meticulous procedures Bastillo explained that they need to onboard meticulous procedures and requirements because they are being supervised by the Bangko Sentral ng Pilipinas, just like banking institutions. “The process is actually short if loans are only petty. We can process the account as fast as one week. We are communicating with lenders through email which is why they must diligently check their emails. Also, another problem is that lenders have no clear signals and internet,” he said. He said interventions from the government are indeed needed, particularly the provision of good Internet connection, in order for these lenders, especially in the far-flung provinces, to have access to the government’s financial aid. Despite this, Bastillo said SBCorp. is continuously making some interventions to draw in more lenders to their programs, particularly those marginalized. “When we did rounds to the poorest municipalities, almost half of them had poor Internet connectivity, while 15 percent had no Internet connection at all. If they are having a hard time applying, the DTI has Negosyo Centers all over the country that can cater to their needs. DTI has Negosyo Centers in 1,300 municipalities,” he said. The post SBCorp. to lenders: Patience is a virtue appeared first on Daily Tribune......»»
Buy Now, Pay Later scheme revenue to reach $1.92 B
Revenues from online shopping applications offering the “buy now, pay later” scheme are forecasted to reach $1.92 billion by the end of the year because of the good financial landscape in the Philippines, software developer Appdome said. In fact, according to the Bangko Sentral ng Pilipinas, account ownership among Filipinos stood at 56 percent at end-2021. According to Jan Sysmans, Mobile App Security Evangelist at Appdome, though efforts are underway to increase this to 70 percent by the end of this year, a significant portion of the population remains underbanked or unbanked. However, this success can only be made possible by developers keeping their apps secure from all manner of threats plaguing the mobile landscape. Customer protection prioritized “In response to the changing threat landscape, Buy Now Pay Later app providers must prioritize customer protection. They can do this by automating protections and embedding defense into the developmental lifecycle,” he said. BNPL apps offer mobile shoppers a financial installment service that allows them to delay paying the full price. Micro-credit loans are used to acquire items at a reduced cost, including vacation trips, electronics, and exercise equipment. The remaining amount will then be settled at an agreed-upon date. Currently, the Philippines boasts numerous BNPL apps for users to choose from. These include TendoPay, LazPayLater, Grab PayLater, UnaPay, BillEase, Cashalo, Plentina, Atome and GCredit. Threats Sysmans said BNPL apps’ rising popularity can be attributed to their easy application and credit acquisition processes. However, he said these features have also attracted opportunistic cybercriminals looking to prey on new victims and drain their funds for their own nefarious purposes. Without proper security, users will lose faith in BNPL apps and turn to other competing services that can prioritize their safety. Sysmans said there are five tactics for which BNPL app makers need to be prepared, namely weaponizing BNPL apps for synthetic fraud, overlay and keylogging tactics, data and application programming interface breaches, trojan apps, and hacking and fraudster research. “Hackers understand that one doesn’t simply attack their targets head-on. They first need to be familiar with the app’s environment and features. The best way to do that is by interacting with the primary workflows, such as purchases. Developers can stay on top of this tactic by obfuscating their app’s coding and utilizing solutions that can block the use of Dynamic Binary Instrumentation toolkits like Frida,” he said. Security With more customers adopting BNPL apps to pay for their goods, the need to prioritize security becomes greater than ever. “This is why app makers need to embrace a shift-left mindset that pushes the integration of protection features at the earliest stages of development. And with the mobile security solutions mentioned above, they can continue to build trustworthy experiences, leading to greater user loyalty,” he said. “Appdome empowers app developers with tools and capabilities to seamlessly integrate robust mobile cyber defense measures into their apps without disrupting the development cycle or compromising user experiences. Through Appdome’s advanced mobile malware protection, BNPL app providers can safeguard their users’ data from cyber threats, enhancing trust and fostering loyalty,” he added. The post Buy Now, Pay Later scheme revenue to reach $1.92 B appeared first on Daily Tribune......»»
Phl phishing attacks highest in SE Asia, linked to 2% loss in GDP
At least two percent of the global Gross Domestic Product was lost due to increasing cases of online fraud, phishing, and scams, Senator Mark Villar said Monday. Villar, presiding over the hearing by the Senate Committee on Banks, Financial and Institutions and Currencies, lamented that the proliferation of online scams threatened not only the potential of online banking but also the stability of the banking system and the hard-earned money of the Filipino people. “While digitalization and the widespread use of digital finance opened opportunities for the banking sector, it is also apparent that opportunists also devise new methods to take advantage of this emerging financial market,” Villar said. While there’s an increasing number of Filipinos using online payment platforms, Villar noted that crimes related to digital financial transactions are also growing. “A significant number of Filipinos have been targeted by digital fraud attempts and a portion of them eventually fall victim to it,” he said. The Bangko Sentral ng Pilipinas said it has received more complaints regarding online banking transactions compared to those related to using Automated Teller Machines and credit cards, among others. In fact, the Anti-Money Laundering Council reported a rise in suspicious transactions in 2020 comprising acts of phishing, skimming, and transactions related to money mules. The Security Exchange Commission likewise noted a significant rise in complaints related to online fraud committed by online lending platforms. Villar said as these scammers take advantage of their victims, they also rattle their victims' trust in the country’s banking and financial institutions. “Trust, being the currency of the banking system, must be well-earned. Given the proliferation of online fraudsters, it is imperative that we strengthen our efforts to keep scammers at bay,” he added. Among the existing laws aimed at fighting online bank fraud include Republic Act 11765 or Financial Products and Services Consumer Protection Act; the RA 11934 or Subscriber Identity Module (SIM) Registration Act; and RA 10175 or Cybercrime Prevention Act of 2012. Villa said as criminal elements adapt to legislation to perpetuate fraud, hence, “there is a need to legislate new laws to keep them off track” such as the proposed Anti-Financial Account Scamming Act. “This measure will reinforce and earn back the public’s trust in our financial institutions,” he said. The number of phishing attacks in the Philippines during the first half of 2022 already surpassed the number of attacks at over 1.8 million detected compared to 1.34 million attacks during the entire year of 2021. Villar described the spiking cases of online scams as “extremely concerning.” This, as data from Kaspersky Security Network revealed that cases of financial phishing attempts in the Philippines from February to April 2022 were highest in Southeast Asia. Villar emphasized that the Anti-Financial Account Scamming Act or AFASA will evidently deal with cases of online fraud and will provide a regulatory framework that penalizes scammers as well as entails safeguard measures to protect Filipinos and their financial accounts. “Because of the lack of a regulatory framework that penalizes these scammers, there are and there will be more victims in the foreseeable future,” he added. AMLC executive director, Matthew David, said they required banks and payment operators to maintain the 'Know Your Customer document' for their system and store a system that could verify the identity of the clients, including the bank account owners. “They are required to do some verification in order to make sure the true identity of the customers,” David added. The public committee hearing was followed by an Executive Session due to the confidentiality and sensitivity of the issues and information that will be discussed. Villar said the executive session was conducted to ensure that law enforcement measures being undertaken to apprehend and prosecute scammers will not be disrupted. The post Phl phishing attacks highest in SE Asia, linked to 2% loss in GDP appeared first on Daily Tribune......»»
Economy humming under PBBM — AMRO
Despite the challenges of spiraling prices resulting to a 5.3 percent inflation in August from the 4.7 percent recorded in the previous month, economic experts maintained that the economy is on strong footing under the charge of President Ferdinand “Bongbong” Marcos Jr. Growth was supported by resilient domestic demand with a strong recovery in the labor market despite weaker external demand, according to the ASEAN+3 Macroeconomic Research Office, or AMRO. AMRO held its Annual Consultation Visit to the Philippines from 29 August to 8 September. According to the report, the economy maintained its robust momentum in the first half following a multi-decade high growth rate of 7.6 percent in 2022. It added that notwithstanding a widening current account deficit, the external position remains sound with sufficient international reserve buffer and low external debt. Despite some moderation in 2023, inflation remained high, at a level above the 2 percent to 4 percent target, driven by buoyant demand, the report indicated. Favorable outlook “Economic growth is projected to moderate to 5.9 percent in 2023 due to high base effects and weaker external demand, before edging up to 6.5 percent in 2024 as external demand recovers,” AMRO group head and principal economist Runchana Pongsaparn said. “Meanwhile, domestic demand is expected to remain robust supported by continued improvement in labor market conditions, lower inflation, robust overseas remittances, and higher government infrastructure spending.” Headline inflation is projected to moderate to 5.5 percent in 2023 from 5.8 percent in 2022, and slow further to 3.8 percent in 2024. Despite some moderation, inflationary pressure will likely remain elevated as reflected in the high level of core inflation, due to a positive output gap and the second-round effects induced by increases in the minimum wages and expectations of persistently high inflation. Favorable indicators Other positive factors cited in the report include: On the external front, a widening current account deficit was partly offset by net capital inflows; External debt remained low and international reserve buffer was adequate; The banking sector has improved profitability, ample liquidity, and sufficient capital buffer; and Fiscal position continues to improve in 2023, attributed to robust revenue collection and moderate spending. Scar effects linger AMRO, however, warned that the outlook is clouded by risk factors and challenges. In the short term, the economy could be adversely affected by high inflation, especially due to local supply shocks in the food sector, the report added. An economic slowdown in major trading partners and volatility in the global financial market, along with tighter financial conditions, also pose risks. The long-term growth potential is largely affected by the scarring effects of the pandemic, the pace of infrastructure development, geopolitical risks, and the economic losses from natural disasters, which are being exacerbated by climate change. The Bangko Sentral ng Pilipinas, or BSP, tightened monetary policy aggressively to address rising inflation. Policy interest rate was raised by a cumulative 425 basis points, or bps, between May 2022 and March 2023. The 2024 budget aims to continue to reduce the budget shortfall, guided by the medium-term fiscal framework. Complementary tacks Tightened monetary policy and contractionary fiscal stance is an appropriate policy mix amid a positive output gap and persistent inflationary pressure. The “all-of-government approach” against inflation is welcomed as it addresses the supply side problems. Macroprudential tools can be used actively to address potential financial stability issues. The report added in the medium to long term, budget policy should balance between restoring fiscal buffer and supporting sustainable growth and development. Based on the report, fiscal consolidation is supported by strong commitment and well-defined targets and measures, anchored by fiscal rules and discipline. On the financial system side, close coordination between regulators is crucial in identifying, monitoring and mitigating financial stability risks. Meanwhile, the authorities should continue to improve the liquidity management framework, develop the bond and repo markets, and continue to expand financial inclusion, to enhance the system’s resilience to shocks and promote market activities. To do list The report said a comprehensive strategy is warranted to bolster the medium- to long-term economic growth potential. Overcoming the scarring effects of the pandemic mandates a sustained focus on upgrading and upskilling the workforce to embrace a more technology-driven economy, it added. Implementation of policies and measures to attract investments, particularly foreign investments, and promote exports of both goods and services are the underpinnings of long-term economic development, the report added. Furthermore, the government can enhance the country’s competitiveness through infrastructure investment, digitalization, and developing a green economy. The post Economy humming under PBBM — AMRO appeared first on Daily Tribune......»»
Bank lending declines, consumer loans rise
Bank lending of universal and commercial banks posted slower expansion amid higher money supply in the country, data from Bangko Sentral ng Pilipinas showed on Thursday. Preliminary data showed that domestic liquidity (M3) grew by 5.9 percent year-on-year to about P16.4 trillion in June 2023 from 6.6 percent in May, driven by the sustained expansion in bank lending to non-financial private corporations and households. On a month-on-month seasonally-adjusted basis, M3 increased by about 0.2 percent. Domestic claims rose by 10.1 percent year-on-year in June from 11.4 percent in the previous month. Claims in the private sector grew by 7.9 percent in June from 9.3 percent in May. Net claims on the central government also expanded by 17.2 percent in June from 18.3 percent in May, owing mainly to the borrowings by the National Government. Net foreign assets in peso terms fell by 2.8 percent year-on-year in June following a 2.7-percent expansion in May. The BSP's NFA position declined by 0.6 percent in June after increasing by 4.2 percent in the previous month. Meanwhile, the NFA of banks declined on account of higher bills payable. "Looking ahead, the BSP will continue to ensure that domestic liquidity conditions remain in line with the BSP's price and financial stability objectives," BSP said. Meanwhile, U/KBs' outstanding loans, excluding those placed in the central bank's reverse repurchase facility, grew at a slower rate of 7.8 percent year-on-year in June from 9.4 percent in May due to a continued rise in lending to key sectors. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, increased by 0.6 percent. Outstanding loans to residents, net of RRPs, also increased at a softer pace of 7.9 percent from 9.3 percent in May. Outstanding loans for production activities went up by 6.3 in June, following a 7.9-percent expansion in the previous month due to a continued rise in lending in electricity, gas, steam and airconditioning supply (11.8 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (9.7 percent); real estate activities (3.8 percent); financial and insurance activities (7.7 percent); and information and communication (11.2 percent). Likewise, outstanding loans to non-residents went up by 4.8 percent in June from 13.2 percent in the previous month. Meanwhile, consumer loans to residents rose at a slightly faster rate of 23.7 percent in June from 22.7 percent in May given the increase in credit card and motor vehicle loans. "The slowdown in credit activity reflects the impact of monetary policy tightening which continues to work its way through the economy," BSP said. "Looking ahead, the BSP remains prepared to ensure that domestic liquidity and lending dynamics are in line with its price and financial stability objectives," BSP added. The post Bank lending declines, consumer loans rise appeared first on Daily Tribune......»»
Paleng-QR now available in Mandaue
The city government of Mandaue in Cebu has launched the digital payment Paleng-QR as it helps the Bangko Sentral ng Pilipinas expands the population of Filipino adults with bank accounts. “Paleng-QR aims to strengthen the financial resilience of Filipinos and help them maximize economic opportunities through inclusion in the formal financial system,” BSP Governor Eli Remolona Jr. said in a statement released Friday. Payments facilitated Paleng-QR facilitates payments for various purchases of businesses and customers at public markets by scanning QR codes using their e-wallets and banking mobile apps which offer other financial services. “This then leads to access to other welfare-enhancing financial services, such as formal credit in a digital way, and then access to savings, insurance, and of course, investing,” Atty. Charina B. De Vera-Yap, BSP’s financial inclusion and consumer empowerment officer, said. BSP targets to increase bank account holders from 51 percent of Filipino adults to 70 percent and cashless payments up to 50 percent of all retail transactions this year. Enabling Filipinos to thrive in digital era “We aim to enable more Filipinos to thrive in this digital era. The Department of the Interior and Local Government or DILG fully supports the Paleng-QR because we believe in this policy research-backed project, which emphasizes that in order for Filipinos to really adopt cashless transactions, the palengke is the right place to start,” DILG regional director Leocadio Trovela said. According to Fintech Alliance Philippines, the majority or 37 percent of the 285 digital financial firms in the country focused on e-payments last year, while 20 percent offered loans. Filipinos who are capable of owning bank accounts could increase from 65 million to 85 million, or 30 percent higher, by 2030 as digital wallet providers and banks become more popular, data from global market analyst McKinsey & Company revealed. The post Paleng-QR now available in Mandaue appeared first on Daily Tribune......»»
BSP target: 70% of adult Filipinos to have bank accounts
The country's central bank may achieve its aim of having 70 percent of adult Filipinos with bank accounts later this year as more Filipinos are now part of the official financial system, the new Bangko Sentral ng Pilipinas (BSP) chief recently said. "In our financial inclusion survey in 2021, 56 percent of [adults] in the country had a bank account, a significant increase from just 23 percent in 2017," he said during the BSP 30th Anniversary Reception for the Banking Community. "We're confident we will reach our target of 70 percent by this year," he added. Remolona attributed digitalization to financial equality in the country, allowing people to save money, invest in their futures, and participate in the digital economy more effectively. He added that more Filipinos made more digital payments and formally opened bank accounts. "We're making some progress. At last count, 42 percent of retail payments were in digital form. This is up from just one percent 10 years ago. That proportion should hit our target of 50 percent this year," Remolona said. So far, 258 digital payment companies have been given licenses by the BSP. Remolona expects competition and network effects to result in a system where the "most innovative, efficient, and responsible providers truly respond to customers' needs." Meanwhile, on the sidelines of the banking event, BSP deputy governor Bernadette Romulo-Puyat said that the central bank's recently deployed coin deposit machines (CODM) in various retail locations across Greater Manila Area have already recorded P12 million worth of deposits within just one month of operation. "It's been only one month since we deployed all the machines, but we started with just ten machines. Yet, we have already received 12 million worth of deposits," Puyat told reporters. The machines located in Robinsons Manila, SM Hypermart, SM, and Filinvest Alabang have been experiencing heavy foot traffic, with the Robinsons Manila machine being the most popular. The influx of people depositing coins has been attributed to the artificial coin shortage in circulation, as people tend to keep their coins at home or find it troublesome to deposit them at the banks. The coin deposit machines accept all coins except unfit ones and reject deposits with scotch tape or other items mixed with the coins. Puyat also shared that the highest deposit received was worth P50,000 in coins, which the depositor immediately converted to e-wallet credits. "In fact, 98 percent of depositors use e-wallets for their transactions," Puyat said. The BSP plans to expand the initiative to more locations in Metro Manila. When asked about future plans, she mentioned, "We're planning to relaunch it with Gov. Eli (Remolona) and maybe in Pasig, as Mayor Vico texted me. He also wants it in Pasig." The post BSP target: 70% of adult Filipinos to have bank accounts appeared first on Daily Tribune......»»
GCash sees Paleng-QR as deterent vs.cybercrime
An executive of Globe Telecom’s GCash said e-wallet providers should help further expand the use of QR codes at public markets to teach most Filipinos about cybersecurity in various digital financial services, including digital banking. “You cannot educate someone if he or she is not using the digital platform payment, so we make people part of the digital economy, even in marginalized areas,” said Migs Geronilla, GCash chief information and security officer, during the cybersecurity forum organized by Digital Pilipinas, Bank of the Philippine Islands, and Global Fintech Institute last Friday, 28 July 2023. The Bangko Sentral ng Pilipinas’ Paleng-QR uses QR codes that consumers can scan through their mobile phones and draw funds from their e-wallets to pay for goods at public markets. Cash-lite payments Conceptualized in 2021, this program was launched by the BSP along with the Department of the Interior and Local Government to promote cash-lite payments as the world made a shift to the digital economy. Regarding Paleng-QR, Geronilla said, “We’re very aggressive on it, making this digital payment a part of the daily lives of users. That’s the point of doing financial education and cybersecurity because when we see that it’s good for them, we can pinpoint where they can actually absorb the information.” With the proliferation of e-wallets and digital banks, Lawrence Ferrer, president and CEO of Bayad, a payments collector, said cybercrimes among Filipinos remain rampant and their trust in companies shaky. Organized and well-funded “Cyberfraudsters are organized and well-funded,” he said, recounting a time when “I got an SMS informing me that my bank account was unlocked. I’ve been getting this since last year, so you can imagine the amount of effort they put in. I don’t think this comes only from the Philippines but also outside.” Research group Tangere found in a recent survey it conducted that 80 percent of Filipinos receive scam attempts through text messages and 15 percent of them are alerted with such messages at 2 in the morning. Majority or 90 percent of the 1,000 respondents in the survey said they mostly fear phishing, a method where fraudsters obtain personal information of victims, such as their credit card numbers, by sending them emails or text messages. The post GCash sees Paleng-QR as deterent vs.cybercrime appeared first on Daily Tribune......»»
House to prioritize LEDAC-approved bills
The House of Representatives reconvened for the second regular session of the 19th Congress on Monday after a nearly two-month break. Speaker Martin Romualdez, leading the plenary, assured the Executive department that the legislature would prioritize the bills approved by the Legislative-Executive Development Advisory Council or LEDAC during its second meeting. LEDAC-endorsed bills are in line with the Marcos government’s Agenda for Prosperity or socio-economic policy. “We face the remaining bills in the LEDAC priority list with enthusiasm and optimism, steadfast in our determination to transform these initiatives into concrete laws for the benefit of our fellow Filipinos,” Romualdez told his peers during his speech hours before the President delivered his second State of the Nation Address. Three hundred eleven congressmen responded in the roll call during the opening of the session. Negros Oriental Rep. Arnie Teves was not around due to his suspension. “Our unwavering aim is to realize them before the year ends. We stay committed to spurring economic growth, alleviating poverty, augmenting healthcare services, and fostering job opportunities for our fellow countrymen,” he continued. The House leader, cousin of the President, is referring to 20 LEDAC bills, namely, amendments to the BOT Law or Public-Private Partnership bill; National Disease Prevention Management Authority; Internet Transactions Act or E-Commerce Law; Health Emergency Auxiliary Reinforcement Team Act, formerly Medical Reserve Corps; Virology Institute of the Philippines; Mandatory ROTC and National Service Training Program; Revitalizing the Salt Industry; Valuation Reform; and E-Government and E-Governance. Completing the LEDAC list are the Ease of Paying Taxes Equally; National Government Rightsizing Program; Unified System of Separation/Retirement and Pension of Military and Other Uniformed Personnel; LGU Income: Classification; Waste-to-Energy Bill; New Philippine Passport Act; Magna Carta of Filipino Seafarers; National Employment Action Plan; Amendments to the Anti-Agricultural Smuggling Act; Bangko Sentral ng Pilipinas-endorsed Bank Deposit Secrecy; and Anti-Financial Account Scamming Act. Aside from the LEDAC, the House said it would keep its eyes on how the newly enacted New Agrarian Emancipation Act (RA 11953), inked by the President last 7 July, is being implemented. “It is equally imperative to address the issues confronting our agricultural sector in the soonest possible time. We will redouble our efforts to stop the smuggling of rice, sugar, and onions, which harms our farmers’ competitiveness and disrupts the agricultural value chain,” said Romualdez, among the principal authors of RA 11953. “We shall safeguard our farmers’ interests, ensure equitable market conditions, and foster sustainable farming methods to ensure our nation’s food security.” The law wrote off "all principal loans, unpaid amortization, and interest" of 610,054 agrarian reform beneficiaries totaling P57 billion from the time of the President's late father, Ferdinand E. Marcos Sr. The post House to prioritize LEDAC-approved bills appeared first on Daily Tribune......»»
Teching up mompreneurs through digitized transactions
Making good on its commitment to empowering Filipino micro, small, and medium enterprises through technology and promoting cashless payments, Union Bank of the Philippines once again supported the Momzilla Fair as a digital payment provider that allowed shoppers to pay for their purchases securely and conveniently via QRPh. The Momzilla Fair is an event that aims to provide moms with an avenue to discover businesses and brands catering to parents. The annual event attracts more than 200 MSMEs offering baby care products, most of which are mompreneurs, with thousands of visitors per exhibit. The event held last 1 and 2 July at The Fifth at Rockwell in Makati City is the third of five planned for this year. “Momzilla is an event for moms, and we know how busy moms can be. By providing them with a more convenient cashless option to pay for their purchases, they won’t need to take time out of their busy schedules to withdraw from an ATM or visit a bank branch,” said Kato Lim, Momzilla founder. “But more than making life easier for the shopping moms, the partnership is also about empowering Filipino MSMEs through UnionBank’s superior digital banking capabilities, allowing them to digitize their business and maximize growth in today’s digital economy,” Jaypee Soliman, UnionBank’s Business Banking head, added. With the help of UnionBank, Momzilla merchants could collect payments from shoppers easily via QRPh. This also eliminated the need to give the exact change and ensured that every transaction was secure and accounted for. Shoppers, in return, could pay quickly with the banking app or e-wallet of their choice, as QRPh accepts payments from a wide range of options. UnionBank also had a booth during the event where customers could learn more about the bank’s products and services and even digitally open their bank account on the spot. Aside from helping MSMEs thrive in the digital economy, UnionBank’s partnership with Momzilla is also part of its efforts to help promote the broader adoption of digital payments in the country in line with the Digital Payments Transformation Roadmap of the Bangko Sentral ng Pilipinas. This, in turn, is part of the Bank’s “Tech-Up Pilipinas” advocacy, which includes providing digital solutions to MSMEs and players in the retail segment. For those who missed the last Momzilla Fair, another exhibit will be on 2 and 3 September at The Fifth at Rockwell in Makati City. The final leg for the year will be held on 18 and 19 November at the SMX Aura in Bonifacio Global City in Taguig City. The post Teching up mompreneurs through digitized transactions appeared first on Daily Tribune......»»