Advertisements


BPI Direct BanKo loan disbursements hit P13 billion

The microfinance arm of Ayala-led Bank of the Philippine Islands is helping clients particularly micro, small and medium enterprises survive the coronavirus disease 2019 or COVID-19 pandemic......»»

Category: financeSource: philstar philstarSep 28th, 2020

Rice farmers seek bigger financial aid

The one-time financial assistance that the Senate directed the Department of Agriculture (DA) to provide to rice farmers amid the declining prices of palay would not be enough, a group of rice farmers said. (MB file, Keith Bacongco) Federation of Free Farmers (FFF) National Manager Raul Montemayor said rice farmers have lost an average of P10,000 per hectare in the ongoing cropping season due to severely depressed palay prices.   This was his response to the joint resolution recently passed by the Senate Committees on Agriculture and Agrarian Reform, which ordered the DA to appropriate some P3 billion in tariffs from rice imports through the 2021 national budget for cash aid to rice farmers. Under the Rice Tariffication Law (RTL), which allowed unlimited rice importation in the Philippines, tariff collections in excess of P10 billion per year can be used for additional support to farmers, including cash transfers. FFF, however, noted that the proposed appropriation would only provide P5,000 per farmer if distributed to some 600,000 farmers tilling one hectare or less.   If the actual number of qualified farmers is raised to 1.1 million, the subsidy would only amount to about P2,700 per farmer. Either proposal will be unfair to equally affected rice farmers tilling larger areas, the farmers’ group said.   Instead, Montemayor said the government could keep palay prices stable by temporarily imposing safeguard duties or additional tariffs on imported rice. “The government allowed unlimited rice imports, resulting in low palay prices.  Now, it will spend P3 billion to partially offset farmers’ losses. If it had instead imposed additional duties on imports, palay prices would not have dropped too much, there would have been no need for cash aid to farmers, and the government might have even earned extra revenues from the safeguard duties,” said Montemayor. Under the Section 10 of RTL or Republic Act (RA) 11203, in order to protect the Philippine rice industry from sudden or extreme price fluctuations, a special safeguard duty on rice shall be imposed in accordance with Safeguard Measures Act.   R.A. 8800 or the Safeguard Measures Act, on the other hand, allows additional safeguard duties on top of regular tariffs in case an import surge is shown to be harmful to local farmers.   “Safeguard duties will not be inflationary as claimed by the DA, because they will be applied only when there is already a proven oversupply in the market.  They can be removed once the situation stabilizes,” said Montemayor. Agriculture Secretary William Dar is not keen on slapping additional tariff on rice imports, and has repeatedly appealed for public understanding about the “short-term” effects of RTL to palay prices. However, he promised to look for other solutions to the plea of the farmers like asking the National Food Authority (NFA), which buys palay at P19 per kilogram (/kg) to boost the government’s buffer stock, to intensify its palay procurement.   Instead of cash aid, the FFF proposed that existing funds from the Rice Competitiveness Enhancement Fund (RCEF) and extra tariff collections be re-focused to address current problems of farmers.   It noted that half of farmers receiving free seeds under the RCEF had already been using certified seeds in the past, and that many were seeking other types of support that were not available under RCEF.   Numerous farmers have also questioned the DA’s promotion of seed varieties like NSIC Rc222, which is of poor quality and are being shunned by traders. “Also, the P5 billion annual fund for mechanization is not moving well, and it might be more practical at this time to preserve job opportunities for farm laborers instead of displacing them with machines,” Montemayor said.   “Moreover, the P1 billion budget for extension and training could be realigned, considering that farmers cannot attend training activities due to COVID-related restrictions. The P1 billion for credit could be better used for interest rate subsidies or loan guarantee programs, instead of direct loans which will benefit only 20,000 farmers,” he added......»»

Category: lifestyleSource:  abscbnRelated NewsOct 19th, 2020

No games, big losses: Money crisis faces US Olympic sports

By EDDIE PELLS AP National Writer DENVER (AP) — The postponement of the Tokyo Games has catapulted the sports organizations that make up the backbone of the U.S. Olympic team into crisis. At least one has already started layoffs and others are desperate to stay solvent. Some are expecting a major downturn in membership dues, while others are reeling from event cancellations totaling more than 8,000 across all sports. A database analyzed by The Associated Press shows combined projected losses of more than $121 million in revenue between February and June for 43 of the 50 national governing bodies that responded to a survey from the NGB Council in the wake of the coronavirus crisis. As much or more as the U.S. Olympic and Paralympic Committee, which serves as an umbrella regulator of the country's Olympic sports, it's the NGBs that provide funding and other support for athletes to pursue their dreams at the Olympic and other elite levels. About 80% of the typical NGB's budget goes toward supporting athletes. Not including the U.S. Tennis Association — an outlier because of the massive revenue it generates from the U.S. Open — the NGBs have a combined annual revenue of about $685 million. By comparison, the NFL and NBA each reportedly brought in about $8 billion during the latest completed season. Half the NGBs are little more than ma-and-pop operations, working with small staffs and on revenue not more than $5 million a year. The USOPC, which sent cash grants to the individual NGBs to the tune of around $65 million in 2018, is also in uncharted territory. The postponement of the Olympics forces the federation to make up for a shortfall nearing $200 million without the NBC payout that comes during Olympic years. The USOPC broke with recent practice by not taking out insurance against that possible loss, instead deciding to self-insure. Some of the shortfall is expected to come from an endowment fund created out of a surplus from the 1984 LA Olympics. The USOPC says the losses across American sports could range from $600 million to $800 million. A good portion of these losses can be recouped if the games go forward, as expected, in 2021. But staying financially healthy until that time is not a given for some of the more vulnerable NGBs. “I haven't heard anyone say their NGB itself was going to go out of business,” said Max Cobb, the president of U.S. Biathlon, who doubles as leader of the USOPC's NGB Council. “But there's very little buffer to absorb any revenue loss for an NGB. They all run on a very tight revenue and expense model, and very few have much in the way of savings.” Already, USA Cycling, a mid-sized NGB with an approximate annual revenue of $15 million, laid off eight of its 70-person staff. And USA Rugby, which existed on about $14 million in revenue through 2017, was already teetering and could be nearing closer to bankruptcy with the added uncertainty the Olympic postponement has brought. Many NGBs, such as cycling, are event driven — reliant on cash brought when people sign up for local and national competitions that they sanction. Others, such as USA Swimming, get their lion's share of funding from membership dues, which are taking a hit as facilities around the nation close on the order of state and local governments. “We, as an NGB, will feel it next fall when memberships start rolling in. That shortfall could have a profound effect,” said USA Swimming's Tim Hinchey. “We can overcome a lot of these things, I think, if all comes back to normal. But we have to wait and see like everyone else.” The only event that makes money for swimming is its Olympic trials, which are also a significant revenue source for track, gymnastics and other sports that send large teams. All have been postponed, to be rescheduled when the IOC sets a new date for the Olympics in 2021. The USOPC recently sent a letter to Congress asking for $200 million to be included in the $2 trillion coronavirus relief package that passed through the House of Representatives on Friday. The money, it said, was to be used to support about 2,500 athletes and to help NGBs, which have a total of about 4,500 full-time employees. “On short notice, we surveyed NGBs and then made additional assumptions about the current and future impact of the pandemic on athlete financial support,” CEO Sarah Hirshland said. “Reflective of that work, funds were requested on behalf of athletes and NGBs only.” That request wasn't granted — the federal government has a long history of not providing financial support to the Olympics — though Cobb said he was encouraged that not-for-profit businesses such as the NGBs are allowed to apply for loans as part of the stimulus package's $349 billion “Paycheck Protection Program.” Hinchey said he'll direct some struggling swim clubs to also seek relief from the loan program. What's clear to Cobb is that without some help, more layoffs could be imminent at some NGBs, while others will suffer in ways that the broad public might not recognize right away. Without as much revenue to support a wider swath of coaching and training programs, to say nothing of equipment and state-of-the-art training facilities, some sports' pipelines might suffer. “The athletes receiving the support right now have earned that by being the best in the country,” Cobb said. “But it's that next generation of athletes, and all the NGBs rely on that next generation, that's the group that's the most impacted.”.....»»

Category: sportsSource:  abscbnRelated NewsMar 28th, 2020

SSS disburses P26-B salary loans in Jan-Aug

The Social Security System’s (SSS) salary loan disbursements in the first eight months of 2019 rose to P26.33 billion. In a statement on Wednesday, SSS President and Chief Executive Officer Aurora Ignacio said the latest amount was 10.2-percent higher than the P23.89 billion recorded in the same period last year. The number of members who […].....»»

Category: newsSource:  manilatimes_netRelated NewsDec 11th, 2019

2015 Pag-IBIG loans to OFWs grew by 12%

Pag-IBIG Fund, the government's primary home financing institution, approved last year P12.15 Billion worth of housing loans for Overseas Filipino Workers (OFWs), an increase of 12% from 2014's P10.81 Billion disbursements. The number of OFW housing loan .....»»

Category: newsSource:  remateRelated NewsAug 30th, 2016

WB lends $88-m loan to modernize Customs

The World Bank said Tuesday it approved a $88.28-million (P4.23-billion) loan to improve the Philippines’ customs administration, reduce transaction costs and enhance predictability and transparency of the clearance process at the country’s borders......»»

Category: financeSource:  thestandardRelated NewsOct 29th, 2020

JICA gives first phase of P50-b disaster loan

The Japanese Embassy in Manila on Wednesday announced the disbursement of 10 billion yen, or about P4.63 billion of Japan’s total 50-billion-yen post-disaster loan to the Philippines......»»

Category: newsSource:  thestandardRelated NewsOct 28th, 2020

Landbank’s agriculture loan portfolio expands to P230 billion in 9 months

The Land Bank of the Philippines’ total loan portfolio to the agriculture sector expanded to P230.34 billion as of end-September, as its intensified lending activities enabled it to reach more than two million farmers this year......»»

Category: financeSource:  philstarRelated NewsOct 28th, 2020

BPI& rsquo;s income down 22% to P17.2b in first nine months

Bank of the Philippine Islands, the third-largest lender in terms of assets, said Thursday it posted a 22.1-percent drop in net income in the first nine months to P17.17 billion from P22.03 billion in the same period last year, on higher provisions for loan losses in anticipation of increased non-performing loans amid the health crisis......»»

Category: financeSource:  thestandardRelated NewsOct 23rd, 2020

DTI Opens P4-B CARES Fund Loan for MSME workers’ 13th Month Pay

Micro, Small and Medium Enterprises (MSMEs) may borrow from a PHP4 billion Covid-19 Assistance to Restart Enterprises (CARES) fund for their workers’ 13th month pay, according to Trade Secretary Ramon Lopez. The Trade Secretary told reporters through a text message on Tuesday the PHP4 billion for the CARES program is funded by the Bayanihan 2 […].....»»

Category: newsSource:  metrocebuRelated NewsOct 22nd, 2020

Rediscount loans down 77% in 9 months

The peso rediscounting loan facility of the Bangko Sentral ng Pilipinas plunged by 77.3 percent to P26.9 billion from January to September compared to P118.67 billion in the same period last year amid the ample liquidity in the financial system......»»

Category: financeSource:  philstarRelated NewsOct 12th, 2020

COVID-19 recovery loan for LGUs now P20 billion

State-run Land Bank of the Philippines has allocated an additional P10 billion to help local government units recover from the effects of the coronavirus disease 2019 or COVID-19 pandemic......»»

Category: newsSource:  philstarRelated NewsOct 10th, 2020

COVI-19 recovery loan for LGUs now P20 billion

State-run Land Bank of the Philippines has allocated an additional P10 billion to help local government units recover from the effects of the coronavirus disease 2019 or COVID-19 pandemic......»»

Category: newsSource:  philstarRelated NewsOct 9th, 2020

Gov’t Requests P540-B Financial Aid from BSP

The national government is requesting a P540 billion financial aid from the Banko Sentral ng Pilipinas (BSP). BSP Governor Benjamin Diokno said in a Viber message that the national government will submit a formal request to the Monetary Board “soon.” Diokno also mentioned that the proceeds of the financial aid will help restore the budget […].....»»

Category: lifestyleSource:  abscbnRelated NewsOct 2nd, 2020

World Bank approves $600-m loan to support poor Filipinos

The World Bank said Wednesday its board of executive directors approved a $600-million loan, or around P29 billion, to provide support to the Department of Social Welfare and Development’s Pantawid Pamilyang Pilipino Program and pursue fast, innovative and responsive service transformation for beneficiaries......»»

Category: financeSource:  thestandardRelated NewsSep 30th, 2020

Philippines, Japan ink P23.3 billion post-disaster loan

The Japanese government has provided the Philippines access to a P23.3 billion loan facility that aims to support the country’s post-disaster response efforts in the event of a calamity or worsening health crisis......»»

Category: newsSource:  philstarRelated NewsSep 16th, 2020

Japan provides P24 billion post-COVID-19 loan to Philippines

Japan is providing 50 billion yen (approximately P24 billion) in loans to the Philippines to support the country’s quick recovery from natural and health-related disasters......»»

Category: newsSource:  philstarRelated NewsSep 16th, 2020

Net FDI inflows drop 18% in H1

The net inflow of foreign direct investments declined by 18.3 percent to $2.99 billion in the first half from $3.67 billion in the same period last year, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsSep 15th, 2020

PH, Japan sign 50-billion-yen post-disaster loan

The Philippines and Japan signed Tuesday an agreement for a 50-billion yen (P23 billion) standby loan that aims to quickly disburse Japanese funding for the Philippine government’s post-disaster response efforts in the event of a national calamity or health emergency. .....»»

Category: financeSource:  thestandardRelated NewsSep 15th, 2020

Loans for COVID-19 hit small businesses hit over P1.3 billion

Loan applications approved under a program to help micro and small enterprises weather the coronavirus disease 2019 pandemic have reached over P1.3 billion, the Department of Trade and Industry said......»»

Category: newsSource:  philstarRelated NewsSep 6th, 2020

Japan releases P23.5 billion loan for Philippine COVID-19 plan

The Japanese government released yesterday the 50 billion yen (P23.5 billion) emergency loan to the Philippines to be used for pandemic response, the Japan International Cooperation Agency said......»»

Category: financeSource:  philstarRelated NewsAug 14th, 2020