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BSP caps annual interest rate of credit cards at 25%

The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, approved an annual interest rate ceiling of 24 percent on all credit card transactions effective Nov. 3 this year......»»

Category: lifestyleSource: abscbn abscbnSep 24th, 2020

Commercial banks support BSP order to cap credit cards& rsquo; interest rate at 24%

Major banks supported order of the Bangko Sentral ng Pilipinas to put a 24-percent cap on annual interest rate of credit card transactions beginning Nov. 3, saying it will lessen the burden experienced by individuals and businesses during the pandemic......»»

Category: financeSource:  thestandardRelated NewsSep 26th, 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

COA questions ‘validity and propriety’ of Land Titling Computerization Project

The Commission on Audit has questioned the “validity and propriety” of the Land Titling Computerization Project (LTCP) of the Land Registration Authority (LRA)that lacked approval of the President and allegedly deprived the government an estimated P3.12 billion in possible income. COA has questioned the  Build-Own-Operate Agreement  (BOO) for the implementation of the LTCP that has so far earned for the private partner of the LRA some P21 billion in just 10 years. The audit agency’s observations are contained in the recently-released  2019 LRA annual audit report submitted to LRA Administrator Renato Bermejo by COA Director Michael Bacani. The LTCP introduced the automation of the functions and processes and standardization of the registration procedure for land registration in the country. COA said the BOO between the LRA and the Land Registration Systems Inc. (LARES) lacked the mandatory approval of the President as required under Republic Act 77198. “Other necessary documentary requirements were likewise not submitted to the Office of the Auditor, thus, validity and propriety of both the BOO and the corresponding IT service fees collected and released by LRA to Lares, Inc. amounting to more or less P20 billioin out of the P21 billion, as doubtful,” COA stated. The BOO was originally entered into by LRA with the Stradec FF Cruz and CONFAC (SUFC) Consortium, now LARES), in 2000 for the implementation of the agency’s Information Technology Network and Database Infrastructure Project. In a special audit on the contract that was conducted by COA from 2004 to 2005, the audit agency concluded that the LTCP “was not efficiently and effectively implemented and the interest of the government and the public was not adequately protected” due to the delay in its implementation. In the 2015 annual audit report, COA observed that various documents covering the BOO were not certified true copies, including the presidential approval of the agreement through then Executive Secretary Ronaldo Zamora. In 2019, COA sought confirmation of the presidential imprimatur of the agreement but Malacanang was not “able to provide positive confirmation on the authenticity of the presidential approval dated July 31, 2000” that was ostensibly signed by Zamora. Originally costing just P3.483 billion, the project was able to earn P21 billion, P20 billion of which was released to LARES. The LRA management took exception to COA’s doubts on the validity and propriety of the BOO agreement is”without factual and legal basis”. Officials of the agency also pointed out that all BOO Contracts are presented to the president through the National Economic Development Authority. “Since the President chairs the NEDA Board, NEDA Board approval already carries with it the president’s approval,” the LRA argued. In the same audit report, COA disclosed that the LRA has failed to incorporate amendments to the agreement with LARES for the provisions of reasonable rate of return (ROI) to ensure that “no unwarranted benefit is given to the LARES” at the expense of the public.” “Likewise the absence of a revenue sharing arrangement deprived Government of more or less P3.12 billion of possible income,” the state audit agency noted. Audit examiners stressed that LRA has continuously failed to assess the “extent of recoupment of the investment” relative to the total IT services fee imposed and collected.  They said this is”detrimental to the paying public which the government ought to protect.” COA also assailed LRA for allowing the use of 12 “outdated” network switches, “causing security vulnerability and possible performance defect due to bugs.” Further, only two out of 10 software licenses were used for the project. Among the outdated software installed was the Kaspersky Security version 10.0.0.485......»»

Category: lifestyleSource:  abscbnRelated NewsOct 18th, 2020

After credit cards, SEC wants steep interest on salary loans capped

While it is common practice for lenders and borrowers to agree on loan terms, SEC said the current set-up has become prone to abuse by lenders who sometimes resort to harassment in order to collect payments. .....»»

Category: newsSource:  philstarRelated NewsOct 1st, 2020

Ceaselessly Play your Favorite Mobile Games All-day

With global lockdowns prompting a spike in mobile gaming, vivo, the leading global technology company, released its power-packed and gaming capable vivo Y30, now available in vivo’s official online store, Shopee and Lazada, and vivo concept stores and kiosks nationwide. The latest addition to its best-selling Y-series, the vivo Y30 allows users to play games, stream music, and enjoy their favorite films and TV shows all-day thanks to the phone’s 5000mAh battery and 6.47-inch Ultra O display. Besides its powerful battery which allows for “non-stop play all day” and ultra-clear HD+ display, mobile gamers will be in for a treat as the smartphone is equipped with vivo’s renowned Ultra Game mode and an updated Multi-Turbo 3.0 processor with the tech company’s industry-first vivo Process Guardian (VPG) that helps speed up and increase performance. Moreover, the vivo Y30 comes with 4GB of RAM and 128GB ROM which is more than enough to seamlessly play and store top mobile games. The smartphone also packs an AI Triple camera setup with a 13MP main camera, 2MP super macro camera, and a 2MP bokeh camera and comes in elegant Dazzle Blue and Moonstone white colorways. Get the brand new vivo Y30 today and play all day for just P9999 via the vivo official store, Shopee, Lazada, or through vivo concept stores and kiosks nationwide. You can also purchase the gaming smartphone in 6-month installments at 0% interest via Home Credit and participating credit cards. To learn more visit vivoglobal.ph.....»»

Category: newsSource:  mb.com.phRelated NewsSep 9th, 2020

CCAP opposes cap on finance charges

A proposal to impose a cap on finance charges, if applied to all types of interest rates, may kill the credit card industry at a time when the default rate is expected to double due to the impact of the pandemic, according to the Credit Card Association of the Philippines......»»

Category: financeSource:  philstarRelated NewsAug 25th, 2020

SRA eases lending for sugar farmers

The Sugar Regulatory Administration plans to cut the interest rate of the credit program under the Sugarcane Industry Development Act to help farmers improve productivity as the law’s P2-billion budget has been reduced in the last four years......»»

Category: financeSource:  philstarRelated NewsAug 21st, 2020

Sustainability advantages among top business ink benefits

With sustainability becoming the ever-increasing objective of today’s companies, it is no wonder that business inkjet products are garnering growing interest. In fact, Keypoint Intelligence forecasts a 3.2% compound annual growth rate for these products in the Asia Pacific through 2021, driven by “green” features as well as their simpler design and lower cost per page compared to laser technology......»»

Category: techSource:  thestandardRelated NewsJun 14th, 2020

Digital bank offers biggest annual interest rate to boost your savings

CIMB Bank PH, an all-digital, multi-awarded mobile-first bank, offers a 4% annual interest rate when you open an UpSave Savings account......»»

Category: financeSource:  philstarRelated NewsFeb 27th, 2020

Rate cuts spur double-digit credit growth

Credit growth picked up pace in November last year, rising by 10.1 percent as the Bangko Sentral ng Pilipinas slashed key interest rates and lowered the reserve requirement of banks.’.....»»

Category: financeSource:  philstarRelated NewsJan 9th, 2020

SSS extends help to quake victims

The calamity loan is payable in two years in equal monthly installments with an annual interest rate of 10 percent and one percent monthly penalty for late payments. #SSScalamityloan The post SSS extends help to quake victims appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsNov 17th, 2019

Faster credit growth seen amid rate easing

Credit growth is expected to pick up this year amid the continued drop in interest rates due to the inflation downtrend, according to Dutch financial giant ING Bank......»»

Category: financeSource:  philstarRelated NewsSep 10th, 2019

Raptors on brink of first Finals berth in franchise history

By Steve Aschburner, NBA.com TORONTO -- Twenty-one would be a very cool number for the Toronto Raptors. Before they get it, though, they’ll need to get one. And one would be beyond cool. Off the charts, historic, potentially transformative and largely indescribable. Twenty-one: That’s how many teams in NBA playoff history will have overcome an 0-2 start to win a best-of-seven series, if the Raptors manage to close out the Milwaukee Bucks in the Eastern Conference finals. Whether it happens in Game 6 Saturday night (Sunday, PHL time) at Scotiabank Arena or in Game 7 back in Milwaukee Monday (Tuesday, PHL time), Toronto would buck outlandish odds -- this is the 289th series to begin with the same team winning the first two games, so we’re talking a seven percent likelihood (20-of-288). [Watch the Playoffs on NBA League Pass for 30% less with this limited time offer! Select Annual package and use code SAVE30 at checkout to redeem] One: That’s all that stands between the Raptors and the first NBA Final appearance in Toronto franchise history. One more victory in the next three days would validate the risks and twists of this 2018-19 season for the Raptors, while exorcising nearly a quarter century’s worth of demons. One little win and Toronto finally will break through, capping a stellar six-year run of promising regular seasons and heartbreaking postseasons. They will have earned, in the face of so much uncertainty, their best shot yet at a championship, even if it means going through the mighty Golden State Warriors. When Raptors president Masai Ujiri traded for star forward Kawhi Leonard, he was gambling not just that Leonard could recover from the right quadriceps injury that scuttled his 2017-18. He was guessing that swapping in Leonard for former All-Star wing DeMar DeRozan could push Toronto to, well, right where they’re at. And he was hoping Leonard, a rent-a-player able to leave this summer in free agency, would enjoy the whole experience enough to let Ujiri pay him $220 million over the next five seasons. It’s impossible to know where things stand on that last front, owing to Leonard’s inscrutability and a decision that’s still six weeks away. But the Raptors never have gotten this far, so there is an opportunity here to be savored, with more potentially to come. “It would be a very, very long summer thinking about what could have been or what you could have done,” guard Fred VanVleet said, framing things a bit negatively after raining 7-of-9 three-pointers on Milwaukee in the 105-99 Game 5 victory. “So we've just got to go out there and have no regrets. … One win away from the Finals sounds pretty good to me.” Sounds a little easier, maybe, than it actually will be. The Raptors are at home for Game 6 and the crowd at Scotiabank crowd, already dialed high, will be able to let it rip without any fear -- immediate fear, anyway -- of failure. But Milwaukee will be desperate. Giannis Antetokounmpo has pledged that his team will not “fold.” And the Bucks have zero interest in a knock-knock year, believing all season that they were good enough to reach and win the championship. They wouldn’t be human if they weren’t shaken by the three consecutive defeats Toronto has dealt them. The Raptors have managed to surround and partially stifle Antetokounmpo, while still firing out enough to bother Milwaukee’s three-point shooters into repeated misfires. The Bucks’ defense has been probed and poked like a cut-rate steak. They resorted again to some uncharacteristic switching in Game 5 but had most of their success inside the arc. Late in the pivotal loss, they got beat for five offensive rebounds, when grabbing two or three might have swung the outcome. “It's win or lose,” coach Mike Budenholzer said Friday (Saturday, PHL time) in a conference call with reporters. “When you win, there are things that [still] are concerning and unsettling that you need to work on and improve. I think there's just enough possessions where there's a couple of rebounds that stand out. “Can we do a little bit better job in some of our activity in certain situations. Offensively, I think at times can our spacing be better and our ball movement be better? But I would say it's like a lot of games. We didn't get it done.” One area in which Budenholzer refuses to budge, dire circumstances be darned, is in his use vs. overuse of Antetokounmpo. The load the Greek Freak carries when he’s on the floor, the activity he generates, leads to fatigue and wear-and-tear that requires regular breathers. Extending his star’s minutes, Budenholzer believes, would lead to less “peak Giannis” rather than more, an inevitable tradeoff of quality over quantity. And the Bucks need every bit of Antetokounmpo’s best, or what’s left of it in their 97th game of the season. “Giannis, it's so impressive what he does and how important he is,” Budenholzer said. “I maintain that him getting appropriate rest, appropriate kind of just a chance to catch his breath, refuel… At the end of the day, you need to be able to produce and perform, including in the fourth quarter.” At the possible end of your season, though, you’ll have plenty of time to refuel if the opponent pounces while your star sits. Said Raptors coach Nick Nurse, in his own teleconference: “It's a ‘whatever it takes’ game. It's an unlimited-minutes night. This is just like any other critical must-win game.” Steve Aschburner has written about the NBA since 1980. You can e-mail him here, find his archive here and follow him on Twitter. The views on this page do not necessarily reflect the views of the NBA, its clubs or Turner Broadcasting......»»

Category: sportsSource:  abscbnRelated NewsMay 25th, 2019

By rate card or discounted ad values: Pol ads of Roxas, 6 Hugpong bets near breach of spending caps in law

Front-runners, cliff-hangers, or tail-enders, candidates for senator who come from political clans with deep pockets or rich backers have dominated the air war for votes. The top seven spenders have chalked up adspend valued at PhP2.28 billion, by the published rate cards of media. This is 60 percent of the total PhP3.77-billion adspend bill that […] The post By rate card or discounted ad values: Pol ads of Roxas, 6 Hugpong bets near breach of spending caps in law appeared first on The Daily Guardian......»»

Category: newsSource:  thedailyguardianRelated NewsMay 15th, 2019

Numbers to know heading into Raptors-Sixers Game 5

By John Schuhmann, NBA.com It's not clear that, by the end of the Eastern Conference semifinals series between the Toronto Raptors and Philadelphia 76ers, we'll know which is the better team. One of these teams is going to beat the other four times. But it may just be a case of survival, one team scratching out four wins and moving on to the conference finals. [Watch the Playoffs on NBA League Pass for 30% less with this limited time offer! Select Annual package and use code SAVE30 at checkout to redeem] Through four games, this has been the least efficient series in the conference semifinals, with the teams combining to score just 104 points per 100 possessions. The two teams rank sixth and eighth in offensive efficiency among the eight teams playing in this round. "We haven't been in great rhythm here in the last few games," Raptors coach Nick Nurse admitted Tuesday (Wednesday, PHL time). "That's playing the same team over and over." The Raptors did score 101 points on 93 possessions in Game 4, their second-best offensive game of the series. The Sixers have been the better offensive team overall, but have really had just one good offensive game and three rough ones. Game 2 was one of two in these playoffs where a team won while scoring less than a point per possession. A slow grind This series has also been played at a pace (95.4 possessions per team per 48 minutes) slower than that of any NBA team in the regular season. And that could an issue for the Sixers, who played at a faster pace than the Raptors in the regular season and at a much faster pace than Toronto in the first round. The 95.4 rating is only 0.3 possessions per 48 minutes slower than the Toronto-Orlando series, but it's 10.2 possessions per 48 slower than the Philly-Brooklyn series. Prior to Game 4, it was noted that the Raptors weren't scoring in transition as efficiently as they did in the regular season. With J.J. Redick having shot 5-for-6 from three-point range in the first six seconds of the shot clock, the Sixers have actually scored very efficiently in transition in this series: 1.33 points per transition possession. But they haven't gotten the same number of transition opportunities as they did in the regular season or in the first round. In the regular season, Philly scored 1.07 points per possession (a bottom-10 rate) on 20.0 transition possessions per game. In the first round against Brooklyn, the Sixers scored just 1.00 points per possession on 19.0 transition possessions per game. In this series, they've scored those 1.33 points per possession, but on just 13.5 transition possessions per game. Against Brooklyn, Ben Simmons averaged 3.6 shots per game in the first six seconds of the shot clock, according to Second Spectrum tracking. In the conference semis, he has just five total field-goal attempts in the first six seconds. The Raptors have seemingly won the pace battle, in part because they've averaged only 5.5 live-ball turnovers per game, with Brooklyn having averaged 7.8 in the first round. But Sixers coach Brett Brown explained after Game 2 that, with his team's shorter rotation and the remaining players playing more minutes, it's more difficult to push the ball in transition on every opportunity. "We'll try from time to time to play as fast as we can," Brown said, "but the reality is it's just a grind. And when you shrink your rotation, you're probably not going to be able to call upon that type of freshness as much as if you were playing like a normal 9 1/2, 10 [guys]." Problems in the paint The bigger difference between Toronto's two wins and Philadelphia's two wins has been on the Toronto end of the floor, where he Raptors have scored 109.4 points per 100 possessions in Games 1 and 4, and just 96.8 in Games 2 and 3. But one number stands out in regard to the Sixers' offense in wins vs. losses. In their two wins, they've shot 45-for-77 (58 percent) in the paint. In their two losses, they've shot 37-for-79 (47 percent) in the paint. "We have to own some of it," Brown said Monday (Tuesday, PHL time) of his team's inability to finish in Game 4. "You give credit to Toronto's length and their attention to that area." Indeed, the Raptors played bigger in Game 4 and Serge Ibaka blocked three shots inside. In the regular season, Philly ranked fifth in field goal percentage in the paint (57.4 percent), but 17th in effective field goal percentage on shots from outside the paint (49.3 percent). So defending the former seems like a good priority for Toronto. Of course, if the Raptors are going to collapse in the paint and focus on contesting shots inside, the Sixers will get open looks on the perimeter. They made 12 three's on Sunday (Monday, PHL time), but Tobias Harris (2-for-13) and Mike Scott (0-for-3) were a combined 2-for-16 from beyond the arc. Over the four games, Harris (7-for-22) has attempted more catch-and-shoot three's than J.J. Redick (9-for-20), which is probably a good thing for the Raptors. Right after Kawhi Leonard hit the biggest shot of the series on Sunday (Monday, PHL time), Harris missed a wide-open corner three when the Toronto defense collapsed on a Joel Embiid roll to the rim. If Harris made that shot, it's back to a one-point game with about 40 seconds left. Alas, he missed and the Raptors made enough free throws to seal the game and even the series. John Schuhmann is a senior stats analyst for NBA.com. You can e-mail him here, find his archive here and follow him on Twitter. The views on this page do not necessarily reflect the views of the NBA, its clubs or Turner Broadcasting......»»

Category: sportsSource:  abscbnRelated NewsMay 7th, 2019

BSP wants more banks to join credit rate database

The Bangko Sentral ng Pilipinas wants more banks to participate in the establishment of a credit rate database, particularly for small and medium enterprises, with the help of the Japan International Cooperation Agency......»»

Category: financeSource:  philstarRelated NewsOct 24th, 2020

BSP mulls interest rate cap on other loans

The Bangko Sentral ng Pilipinas is studying the possibility of imposing a ceiling on interest rates for other types of loans to ease the burden of consumers amid the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsOct 23rd, 2020

Philippines total external trade shrinks 21.0 pct annually in August

MANILA, Oct. 9 (Xinhua) -- The Philippines' total external trade in goods in August declined at an annual rate of 21.0 percent to 12.33 billion U.S. dollars, the Philippine Statistics Authority (PS.....»»

Category: newsSource:  philippinetimesRelated NewsOct 9th, 2020

‘Rate, RRR cuts no longer effective to stoke demand’

The additional interest rate cuts and further lowering of banks’ reserve requirement ratios by the Bangko Sentral ng Pilipinas are no longer effective in stoking demand amid the COVID-19 pandemic, according to British banking giant HSBC......»»

Category: financeSource:  philstarRelated NewsSep 30th, 2020

Low Interest Rate, Tax Reform to Attract More ‘Hot Money’ to PH

The Philippines’ low interest rate environment and the continued approval of tax reform measures are seen to address the outflows in the country’s foreign portfolio investments, an economist of Rizal Commercial Banking Corp. (RCBC) said on Friday. Data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday showed that registered foreign portfolio investments, otherwise […].....»»

Category: newsSource:  metrocebuRelated NewsSep 26th, 2020