CIMB Bank Philippines savings account comes with P50,000 insurance
CIMB Bank Philippines has launched its Savings Starter Pack to encourage the youth to start their savings journey. By just depositing P500 on their UpSave or GSave Account every month, customers aged 18 to 25 can enjoy 4% interest rate per annum coupled with a free P50,000 personal accident insurance coverage. “We believe that anyone, […] The post CIMB Bank Philippines savings account comes with P50,000 insurance appeared first on Daily Tribune......»»
CIMB Bank Philippines savings account comes with P50,000 insurance
CIMB Bank Philippines has launched its Savings Starter Pack to encourage the youth to start their savings journey. By just depositing P500 on their UpSave or GSave Account every month, customers aged 18 to 25 can enjoy 4% interest rate per annum coupled with a free P50,000 personal accident insurance coverage. “We believe that anyone, […] The post CIMB Bank Philippines savings account comes with P50,000 insurance appeared first on Daily Tribune......»»
CIMB Bank PH Launches Savings Starter Pack with FREE P50K Personal Accident Insurance
CIMB Bank Philippines launched its Savings Starter Pack to encourage the youth to start their savings journey. By just depositing P500 on their UpSave or GSave Account every month, customers aged 18 – 25 can enjoy 4% interest rate p.a. coupled with FREE P50,000 personal accident insurance coverage. “We believe that anyone, especially the youth […].....»»
ANZ raises Philippine inflation forecast to 3.8% this year
ANZ Research hiked its inflation forecast for the Philippines to 3.8 percent this year, from 3.5 percent previously, as risks may drive inflation up to above the central bank’s two to four percent target in the coming months......»»
DOF: GFIs can seek extended relief after Maharlika infusion
Government financial institutions Land Bank of the Philippines and Development Bank of the Philippines will likely seek an extension of its regulatory relief following contributions to the country’s sovereign wealth fund......»»
UnionDigital Bank revenue grows to over P5 billion
UnionDigital Bank, the digital banking arm of Aboitiz-led Union Bank of the Philippines, saw its revenue grow to over P5 billion in 2023 mainly driven by higher deposits and loans......»»
GSIS taps Maya for payments
State-run pension fund Government Service Insurance System is expanding its payment channels through a partnership with digital bank Maya Bank Inc......»»
ADB approves USD 100 mln loan to support small and medium-sized enterprises in Sri Lanka
Manila [Philippines], March 19 (ANI): The Asian Development Bank (ADB) has approved a USD 100 million loan to provide small and medium-sized enterprises (SMEs) in Sri Lanka more access to finance and build their resilience to external shocks, such as the economic crisis and climate change. SMEs play a critical role in Sri Lanka's economy, contributing 52 per cent to the country's gross domestic product and employ 45 per c.....»»
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.....»»
Annual Stockholders Meeting of UnionBank slated on April 26
The annual stockholders' meeting of Union Bank of the Philippines will be held virtually on April 26, 2024 at 1:00 p.m......»»
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......»»
Bouncing Back After a Spending Spree: 3 Simple Steps to Financial Recovery
We’ve all been there — a bit too carried away with the shopping spree, and suddenly, the bank account is giving you the side-eye. No judgment here. But guess what? We’ve got a quick fix for you with three straightforward moves to get your finances back in the groove. Step 1: Hang Out with Your […].....»»
Peso underperformance likely to continue – MUFG
The Philippine peso may continue to underperform against the dollar this quarter amid the country’s wide current account deficit and expensive foreign exchange valuations, Tokyo-based MUFG Bank said......»»
Carcar rape: Bank employee claims 17-year-old girl flirted with him
CEBU CITY, Philippines – The two bank employees, who were accused of raping a 17-year-old girl in Carcar City, Cebu on Friday, had refuted the victim’s allegations against them. Bank account officer Chandie Canadalla alleged that the girl asked him to accompany her to the bathroom and went along with his flirting. From the bathroom,.....»»
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.....»»
Deceased Maine shooter had mental health problems: police
Police in Maine said Saturday that the man who gunned down 18 people at a bar and a bowling alley and later committed suicide, suffered serious mental health issues, but was able to buy weapons legally because he had never been forcibly committed to treatment. The body of Robert Card, a 40-year-old army reservist, was discovered Friday night inside a tractor-trailer near a recycling center where he used to work, said Maine public safety commissioner Mike Sauschuck. Card had shot himself. Investigators are still struggling to determine Card's motive for carrying out Wednesday's massacre in the town of Lewiston. However, Sauschuck said that Card had reportedly been hearing voices and suffering from paranoia. "Clearly there's a mental health component to this," Sauschuck told reporters. Investigators found a "paper-style" note that Card had left to a loved one which contained a password to his phone and bank account information, Sauschuck said, adding that the note had the tone of a suicide letter. Card was found in possession of three weapons, one of them a long gun, all purchased legally because he had never been forcibly committed to a mental institution. Despite the apparently clear mental health issues and a reportedly recent psychiatric evaluation undergone by Card, "a background check is not going to ping that this individual was prohibited," Sauschuck added. The sigh of relief The discovery of Card's body ended a massive two-day manhunt, which had this quiet city of 38,000 people on lockdown, with businesses and schools closed and residents terrified. Sauschuck acknowledged the help Card's family had provided to the investigation, saying his relatives were among the first people to call the police and identify the suspect. "This family has been incredibly cooperative with us," he said. Lewiston finally breathed a sigh of relief with businesses beginning to open and people appearing on the streets Saturday. Several posters reading "Lewiston strong" were seen in the city. Shukri Abasheikh, 60, was finally able to reopen her halal grocery store after the lockdown. "This morning I'm so happy because the last two days, we were worried a lot and we were scared," Abasheikh told AFP. "My customers were calling me saying we don't have milk, we don't have anything, can you open and I said, 'I'm scared.'" Upon learning that Card was dead, Sheri Withers, 44, owner of a Lewiston art gallery, said she felt "a balance of relief and remembering how to breathe, but also just being sad because, you know, it was a human life." For now, residents are "just trying to rebuild the pieces, and getting on from here is gonna be the next step for our community," she added. A local resident named Danica, who was buying coffee at a drive-through, said she was happy Card was dead, but at the same time wished he had first been brought to justice. "I think he took the coward's way out of doing it by suicide," Danica, who declined to give her last name, told AFP. "I think he should be held accountable for his crimes." In a statement issued shortly after Card's body was discovered Friday night, President Joe Biden vowed to renew efforts to curb gun violence in the United States. "Americans should not have to live like this," Biden said. "I will continue to do everything in my power to end this gun violence epidemic." Biden said the shooting brought "a tragic two days -- not just for Lewiston, Maine, but for our entire country." Authorities on Friday identified the victims, ranging from a husband and wife in their 70s to a 14-year-old boy killed alongside his father. This was one of the deadliest shootings in the United States since 2017, when a gunman opened fire on a crowded music festival in Las Vegas, killing 60 people Mass shootings are alarmingly common in the United States, a country where there are more guns than people and where attempts to clamp down on their spread are always met with stiff resistance. The United States has recorded over 500 mass shootings this year, according to the Gun Violence Archive, a non-governmental organization that defines a mass shooting as four or more people wounded or killed. Efforts to tighten gun controls have for years run up against opposition from Republicans, staunch defenders of the constitutional right to bear arms. The political paralysis endures despite widespread outrage over recurring shootings. The post Deceased Maine shooter had mental health problems: police appeared first on Daily Tribune......»»
PCSO ask lawmakers to toughen laws vs illegal lottery firms
The Philippine Charity Sweepstakes Office General Manager Mel Robles, called out lawmakers on Monday to toughen the law against Illegal lottery firms. Robles personally led the filing of charges at Mandaluyong Prosecutors Office against individuals behind the four firms engaged in unauthorized online lottery operations. “I am calling out the attention of the lawmakers to toughen the law. Maybe others see that they can handle the penalty but we’ll see. Even if it’s light, we will still pursue the cases against them,” Robles said. Robles added that PCSO is losing billions of pesos in revenue because of illegal operations perpetrated by the suspects. “We are serious about this. We will prosecute and imprison everyone associated with this illegal operation to stop them,” he said. The PCSO stated that PayMaya reportedly remitted billions to a company operating an illegal online lottery. “A payment platform, like PayMaya, reported that they were able to remit about P4.7 billion to a company that was operating the Illegal lotto. It is also included in the complaint affidavit,” he said. The criminal complaints were filed against four companies, Eplayment Corporation, Paymero Technologies Limited, GlobalComRCI International, and Blockchain Smart-Tech Co. I.T. Consultancy. The complaints were prompted by an investigation conducted by the National Bureau of Investigation, which revealed that the mentioned companies were responsible for the ownership, operation, and administration of Pakilotto and Surelotto. The companies reportedly misused the PCSO’s name, logo, and various lottery games, soliciting and accepting bets from the public through their unauthorized mobile application and websites. Robles said that based on their investigation, they have found out that the alleged suspects for Illegal online lottery are operating in the cities of Quezon and Cebu. “We found out one in NCR, in Quezon City, the other is in Cebu,” he said. PCSO reported that Eplayment, which operated under the now-defunct website ‘Pakilotto’, was soliciting and accepting bets from the public at an inflated price of P30 per ticket, a 50% markup compared to the standard P20 lotto ticket. Meanwhile, Surelotto, a similar mobile app, sold tickets online for P25, a 25% increase from the regular lotto price. Prizes of smaller denominations are allegedly directly deposited into the winner’s registered bank account, while jackpot prizes require winners to visit the Surelotto office in person. The complaint-affidavit states that the owners, directors, and/or officers of Paymero, Eplayment, GlobalComRMCI, and Blockchain, as owners, operators, and/or administrators of Pakilotto and Sukilotto, have committed Usurpation of Authority under Article 177 of the Revised Penal Code, a violation of R.A. No. 1169, as amended, and a violation of Presidential Decree No. 1602, as amended by Republic Act No. 9287, in connection with Executive Order No. 13, Series of 2017. Robles emphasized that PCSO remains fully committed to preserving the integrity and legitimacy of its lottery games, ensuring fair treatment and protection for the public. The post PCSO ask lawmakers to toughen laws vs illegal lottery firms appeared first on Daily Tribune......»»
Neither estafa nor qualified theft (2)
In Balerta v. People, the Court found that juridical possession as an element of the crime of estafa by misappropriation was not present because the accused was a cash custodian with no independent right or title to the funds received: In the case at bench, there is no question that the petitioner was handling the funds lent by Care Philippines to BABMPC. However, she held the funds on behalf of BABMPC. She had mere physical or material possession over the funds but held no independent right or title, which she could set up against BARMPC. The petitioner was nothing more than a mere cash custodian. Hence, the Court finds that juridical possession of the funds as an element of the crime of estafa by misappropriation is absent in the instant case. In Reside v. People, the Court came to a similar conclusion and held that the accused, a school principal tasked to receive tuition fees and forward these to the school, did not have juridical possession over the funds received. In the case at bench, it cannot be gainsaid that the petitioner, in addition to her duties as principal, was authorized to receive or collect matriculation fees from the parents and/or students enrolled in TGWSI. Per a verbal agreement with De Dios, the petitioner shall forward all payments received together with the remittance voucher slips to the school. As it happens, the money merely passes into the petitioner’s hands, and her custody is only until the same is remitted to the school. Consequently, as principal and temporary cash custodian of TGWSI, the petitioner acquires only physical or material possession over the unremitted funds. Thus, being a mere custodian of the unremitted tuition fees and not, in any manner, an agent who could have asserted a right against TGWSI over the same, the petitioner had only acquired material and not juridical possession of such funds and, consequently, cannot be convicted of the crime of estafa as charged. The prosecution alleged that petitioner Medina was responsible for collecting remittances from the Department of Education, accepting premium payments from PPSTA members, and depositing these payments in PPSTA’s bank account, as instructed by the PPSTA Treasurer. The record is bereft of any allegation or proof that petitioner Medina had any independent right or title to these funds that she could set up against PPSTA. Contrary to the findings of the CA, petitioner Medina was not a “trustee” of the PPSTA members’ payments, as she received these sums as an employee of, and on behalf of, her employer. Consequently, petitioner Medina only had material and not juridical possession of these funds, and she cannot be convicted for estafa under Article 315 (b) (l) of the Revised Penal Code or RPC. Second, jurisprudence holds that a conviction for simple or qualified theft (in lieu of estafa) is possible if all the elements of theft are alleged in the information. However, the evidence on record needs to be more sufficient to convict petitioner Medina of theft, whether simple or qualified. Simple theft is committed when the following elements concur: (1) taking of personal property; (2) that the said property belongs to another; (3) that the said taking be done with intent to gain; (4) that it be done without the owner’s consent; (5) that it be accomplished without the use of violence or intimidation against persons, nor of force upon things; and (6) that it be done with grave abuse of confidence. Theft becomes qualified when committed with grave abuse of confidence, among other qualifying circumstances enumerated in Article 310 of RPC. (To be continued) The post Neither estafa nor qualified theft (2) appeared first on Daily Tribune......»»
HCPTI to ‘make Subic port push NorthPhil economy to new highs’
The development and digitalization of the Subic port can help the economy of North Philippines (NorthPhil) and the rest of the country reach new highs. This projection came from economist and teacher Ronilo Balbieran of the University of Asia and the Pacific, citing the vast expanse and strategic location of NorthPhil’s constituent regions north of Metro Manila. Balbieran said Central Luzon, Cagayan Valley, Ilocandia and the Cordilleras could gain unprecedented economic growth from the Subic Port’s development into a truly world-class international gateway vis-a-vis a similarly ongoing modernization of the Clark Freeport Zone, creating a logistical superhighway and growth corridor, whose benefits would spill over to the rest of the archipelago. Poised to modernize the Subic Port is Harbour Centre Port Terminal Inc. (HCPTI), making its operation fully digitalized and serve as the centerpiece and crowning jewel of the entire Freeport zone. The HCPTI’s development plan envisions the Subic Port as the main draw in the marketing of Subic as an investment destination, the facility being a supposedly world-class international gateway and a catalyst of global trade and commerce. Underscoring the significance of distance in logistics, particularly involving marine freight, Balbieran said the Subic port would highlight the strategic location of NorthPhil in relation to six of the countries in the ASEAN and most of those in the Pacific Rim, including Central America. Balbieran also echoed the “sales pitch” of the Department of Tourism and the Tourism Promotions Board hailing NorthPhil as an undisrupted land mass of diverse nature, culture and adventure, featuring a wealth of resources of four large regions between the West Philippine Sea and the Pacific, or from ridge to reef and from coast to coast. “Those regions account for 18 percent of the country’s total GDP (Gross Domestic Product), adding P3.9 trillion to the national economy just for 2022. And in the last two years, these (regional economies) have grown faster than Metro Manila and the entire nation,” Balbieran explained. “With larger investments in expansion and digitalization, the Subic port can further ignite domestic and international trade to and from Luzon, which will expand the economy of NorthPhil even faster.” NorthPhil comprises 84,526 square kilometers, accounting for 28.2 percent of the country’s entire 300,000 sqkm. NorthPhil’s total land mass alone is equivalent to 76.9 percent of Luzon’s 109,965 square kilometers and 87 percent of Mindanao’s 97,530 sqkm. At the same time, the HCPTI’s modernization of the Subic port is also “consistent and fully aligned” with the PBBM administration’s infrastructure and logistics development policy thrust. Balbieran said the National Logistics Strategy of the Department of Trade and Industry included both public and private investments in Logistics 1 of the 6 pillars of improving the country’s logistics efficiency. “The Strategy emphasizes massive investments in ports nationwide, as more than 90 percent of goods pass through the ports,” Balbieran said of what was revealed by the DTI at the recent conference of the Supply Chain Management Association of the Philippines. The DTI’s National Logistics Strategy is also expected to incorporate or be seamlessly integrated with those of the departments of Agriculture, Transportation, Public Works and Highways, and Interior and Local Government as part of another plan to develop a food logistics chain, a cold chain industry, port infrastructure, and farm-to-market roads, thus ensuring affordable availability of food to consumers in real time by reducing logistics cost through investments in appropriate infrastructure and digital technologies. “Thus, the ‘expansion and digitalization of the Subic Port’ by the HCPTI is consistent with the National Logistics Strategy and Food Logistics Plan of the DTI, both getting the nod of President Ferdinand 'Bongbong' R. Marcos Jr. recently,” Balbieran said. “Specifically, though, HCPTI’s modernization of the Subic port will help bring down logistics costs, not just for the businessmen in Northern Luzon, but also for (those in) the rest of the Philippines who will use such facility to trade internationally.” Balbieran said both the DTI and the World Bank had described the Philippines’ logistics cost as “one of the highest” in Southeast Asia at more than 20 percent of sales, compared with Thailand’s only 11 percent. The post HCPTI to ‘make Subic port push NorthPhil economy to new highs’ appeared first on Daily Tribune......»»
War in Israel a new front in US election campaign
The surprise Hamas assault on Israel has opened up a new front in the US election campaign as Republicans accuse President Joe Biden of being soft in his defense of Israel and in his handling of Iran. "I think this is a great opportunity for our candidates to contrast where Republicans have stood with Israel -- time and time again –- and Joe Biden has been weak," Ronna McDaniel, chairwoman of the Republican National Committee, said Saturday on Fox News. Americans will choose a new president and control of Congress in November 2024, with Biden, 80, seeking another term in a race that looks likely to pit him against former president Donald Trump as the Republican candidate. Trump used the stunning Hamas attack by land, sea, and air at dawn Saturday to target Biden. “The Israeli attack was made because we are perceived as weak and ineffective and with a very weak leader,” he said. Other Republican presidential hopefuls, like Florida Governor Ron DeSantis and former Vice President Mike Pence, also dismissed Biden as weak. US stands with Israel A stern-faced Biden gave a short speech from the White House on Saturday to stress firm US support for Israel. "Today, the people of Israel are under attack, orchestrated by a terrorist organization, Hamas," Biden said. "In this moment of tragedy, I want to say to them and to the world and to terrorists everywhere that the United States stands with Israel. We will not ever fail to have their back." Republicans zeroed in on a recent decision by the Biden administration to release $6 billion in Iranian oil revenue frozen in South Korea in exchange for the release of five Americans who were being held prisoner in Iran. Tehran is the main sponsor of Hamas, which the United States and other countries classify as a terrorist group. Senator Rick Scott, for instance, said that in unfreezing that money -- it was transferred to a bank account in Qatar for use only for humanitarian purposes -- the United States had in effect financed the Hamas attack, which won praise from Iran. That charge angered the White House, which called it a "shameful lie" and insisted that the money was tightly controlled in how it could be used and none of it had been spent. A senior administration official speaking to reporters on Saturday accused Republicans of spreading disinformation. Help from congress The official, who spoke on condition of anonymity, stressed it was too early to say whether Iran was directly involved in Hamas' large-scale attack, but that there was "no doubt Hamas is funded, equipped and armed by Iran and others." Aside from the 2024 election, the Republican attacks pose political problems for Biden. The United States already provides billions of dollars a year for Israel but Biden will need Congress if he wants to send more now that Israel has declared itself at war with Hamas. That means Biden has to work with the Republicans, who are blocking passage of a yearly budget. Making matters worse, the House of Representatives is in chaos and limbo now because of the ouster of its speaker, Kevin McCarthy, last week in a revolt by a handful of far right Republicans. The White House would also like the Senate to approve Jack Lew soon to be the new American ambassador to Israel. His nomination was announced more than a month ago. This will require goodwill from the Republican minority in that chamber. The post War in Israel a new front in US election campaign appeared first on Daily Tribune......»»
LandBank named best for financial inclusion
The Land Bank of the Philippines, or LandBank, was recognized by Kantar Philippines as one of 2023’s Best Philippine Brands under the “Banking” category for providing convenient, accessible and innovative banking services to unbanked and underserved Filipinos nationwide. Kantar conferred the award to LandBank for its strong brand of service, decades of empowering the underserved, and for advancing financial inclusion in the country through the accessibility of its integrated physical and digital banking services. The market research firm also highlighted the Bank’s efficient delivery of cash grants to beneficiaries of the National Government’s social amelioration programs, particularly the digital disbursement of financial assistance under the Conditional Cash Transfer Program. “This recognition is a testament to LandBank’s unwavering pursuit to reach and serve more Filipinos nationwide. We are continuously working towards the strategic expansion of our physical touchpoints and the enhancement of our digital channels to deliver exceptional and accessible banking service,” said president and CEO Lynette V. Ortiz. In support of the National Government’s financial inclusion drive, LandBank has also onboarded 8.35 million Philippine Identification System, or PhilSys, registrants for their own transaction accounts, under the Bank’s co-location strategy with the Philippine Statistics Authority. The partnership aims to bank previously unbanked PhilSys registrants and grant them formal access to basic banking and other financial services. LandBank likewise has 1,111 agent banking partners, or ABPs, nationwide offering services such as cash out, cash in, fund transfer, bills payment, and opening and issuance of LandBank Agent Banking Cards in unbanked and underserved communities. The bank also offers individuals who have no capacity for operationalizing a regular deposit savings account to open a LandBank “Perang Inimpok Savings Option” or PISO account with only P1 as minimum initial deposit and up to a maximum of P50,000 account balance. As of end-August 2023, LandBank has opened 52,406 PISO accounts for unbanked and underserved Filipinos including students, public utility vehicle drivers, vendors, farmers and fishers. Kantar BrandZ report LandBank was recognized for its strong brand image in the Kantar BrandZ Philippine Report, which was based on a comprehensive survey conducted in 2022 covering 44 local brands across four categories — banks, communication providers, general retailers and beverages. Kantar is a global marketing and data analytics company that specializes in analyzing, understanding, and interpreting consumer behavior and trends. The 2023 Philippines Brand Awards is the first edition held by Kantar Philippines in the country to honor the top brands that bring value to the lives of Filipino consumers. The post LandBank named best for financial inclusion appeared first on Daily Tribune......»»