Inter-bank ATM charges set to increase under new rules
Inter-bank automated teller machine charges are set to increase by April as banks switch to “acquirer-based” ATM fee model prescribed by the Bangko Sentral ng Pilipinas from the issuer-based method......»»
Raps filed vs SUV driver in bank crash
Criminal charges were filed against the driver of a sport utility vehicle that crashed into a bank in Quezon City on Thursday afternoon, leaving a woman dead and six others injured......»»
BSP hikes rates6.5%, off-cycle
The Bangko Sentral ng Pilipinas on Thursday raised its policy rate on an off-cycle period to 6.5 percent from 6.25 percent to manage a likely inflation uptrend this year until July next year. The BSP has, thus far, raised its policy rate by 450 basis points after inflation peaked at 8.7 percent in January and re-accelerated again to 6.1 percent last month from 5.3 percent in August. The BSP move will increase borrowing costs, with new interest rates on the overnight deposit at 6 percent and lending facilities at 7 percent. BSP Governor Eli Remolona Jr. said the country’s inflation rate might settle at 4.7 percent next year, higher than the central bank’s previous target range of 2 percent to 4 percent for this year and 4.3 percent in the next. He added inflation might quicken further above 4.7 percent from July to March next year. “The balance of risks to the inflation outlook still leans significantly toward the upside, due mainly to the potential impact of higher transport charges, electricity rates, international oil prices, and minimum wage adjustments in areas outside the National Capital Region,” he explained. Limit spending With the higher interest rates, Remolona said consumers will likely limit their spending which will discourage businesses from raising prices. “The BSP’s Monetary Board recognized the need for this urgent monetary action to prevent supply-side price pressures from inducing additional second-round effects and further dislodging inflation expectations,” the BSP chief said. Remolona added the slow global economic recovery and effects of the weather disturbances from El Niño on food supply might also restrain consumption toward a moderated inflation. “Meanwhile, the effect of a weaker-than-expected global recovery as well as government measures to mitigate the effects of El Niño weather conditions could temper inflationary impulses,” he said. The BSP Monetary Board will again announce to the public on 16 November whether to change its policy rate in compliance with its normal cycle period happening every six weeks. However, Remolona already cautioned the public of likely controlled consumer spending in the medium term as the BSP expects to maintain high interest rates in the near future. Tighter settings “Looking ahead, the Monetary Board deems it necessary to keep monetary policy settings tighter for longer until inflationary expectations are better anchored and a sustained downward trend in inflation becomes evident,” he said. “We will consider another rate hike if things are worse than we thought,” Remolona continued. The BSP has raised its policy rate by 425 basis points after inflation peaked at 8.7 percent in January and re-accelerated again to 6.1 percent last month from 5.3 percent in August. The Philippine Statistics Authority attributed this to persisting higher food and fuel prices partly driven by global food trade restrictions and oil trade disruptions from the Russia-Ukraine war. Falls a little behind “In my view, I think we fell a little behind that’s the reason for this effort to catch up. We didn’t look closely enough at expectations,” Remolona said as he reflected on the BSP’s unchanged rate at its September 21 meeting. “One of them that was very striking was our consumer expectations survey which said about 92 percent think that in the next 12 months inflation will be above 4 percent, similar to expectations by firms,” the BSP chief continued. The post BSP hikes rates6.5%, off-cycle appeared first on Daily Tribune......»»
Belarusian exiles lose hope
When police in Belarus began knocking on doors and interrogating citizens suspected to have taken part in pro-democracy rallies three years ago, Maxim Isayev knew he could never go back. Like thousands of others, the 32-year-old engineer and father of two peacefully protested against the disputed re-election of strongman leader Alexander Lukashenko in 2020 and is currently wanted by the country’s authorities. “I know that they came to my address in Belarus and searched for me,” Maxim told AFP in Warsaw, where he now lives with his wife and children. More than 100,000 people are thought to have left Belarus since security forces began violently cracking down on dissidents, many of whom fled to neighboring Poland and the Baltic states. Lukashenko now wants to shut them out for good. In January, he signed a law allowing courts to strip “extremist” dissidents living abroad of their citizenship, and in September he blocked Belarusian embassies from issuing passports. The decision effectively deprives thousands of Belarusian dissidents of the ability to renew their passports unless they return, making it difficult for them to travel internationally, access public services, open bank accounts or obtain employment. “If people are forced to return to Belarus, many of them will be exposed to rights violations, like arbitrary arrest, and torture,” UN rights expert Anais Marin told AFP after the decision. Describing Lukashenko’s decree as “outrageous,” she called on all governments to refrain from sending Belarusians back to their country over invalidated or expired passports. For Maxim, who fears he faces multiple criminal charges including terrorism, returning is not an option. “I took part in the protests. Rallies, marches, calls for sanctions,” he said. “There are more than ten counts I could be charged with.” Since 1994, Lukashenko has ruled Belarus with an iron fist, in what critics have called Europe’s last dictatorship. Elections held in August 2020 resulted in another landslide victory for the long-time leader, a result which the opposition decried as blatantly falsified. The fallout from the vote led to the biggest protests in Belarus’ modern history, which were soon followed by a record number of arrests. “There are situations where people were travelling to the funeral of their relatives. They were detained and put in jail,” said Helena Niedzwiecka, founder of the Belarusian Solidarity Center that supports exiles in Poland. “You can be imprisoned for liking a post in 2020.” Maxim, whose families’ passports expire in 2024, debated with his wife whether it was safe for her to go back, given she had made fewer political posts. “I said okay, if you want to go, you are an adult... Take one of the children.” “You will get a few years for your political views,” Maxim said. “And they will put the child into an orphanage.” They decided against the idea. Lukashenko has criticized those who have sought refuge abroad as disloyal, casting them as “criminals” who do not deserve citizenship. “Are these people worthy to remain citizens of Belarus if they have fled their native country and actually severed ties with it?” he asked at a government meeting last year. Most dissidents say it is the state that severed ties with them. “My contract with my country was terminated in 2020,” said Inga Okava, a 49-year-old former volunteer who was jailed for trying to independently monitor the 2020 elections. “They falsified everything that everybody wanted,” she sighed. WITH AFP The post Belarusian exiles lose hope 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......»»
Prosecutors reject Trump claim of ‘absolute immunity’
Federal prosecutors on Thursday rejected Donald Trump's attempt to have election conspiracy charges dismissed on the grounds that he enjoys immunity for actions he took while in the White House. "No one in this country, not even the president, is above the law," special counsel Jack Smith's team wrote in a 54-page motion filed with the judge presiding over the landmark case. Trump, the frontrunner for the 2024 Republican presidential nomination, is to go on trial in Washington in March of next year for allegedly conspiring to subvert the results of the November 2020 election won by Democrat Joe Biden. The former president's lawyers, in a motion two weeks ago to US District Judge Tanya Chutkan, argued that the charges should be thrown out because Trump is "absolutely immune from criminal prosecution." Prosecutors in the special counsel's office dismissed that argument and urged Chutkan to deny Trump's request. "He is subject to the federal criminal laws like more than 330 million other Americans," they said. "No court has ever alluded to the existence of absolute criminal immunity for former presidents. "The implications of the defendant's unbounded immunity theory are startling," they added. "It would grant absolute immunity from criminal prosecution to a president who accepts a bribe in exchange for a lucrative government contract for a family member," they said, or "a president who sells nuclear secrets to a foreign adversary." Trump's bid to invoke the presidential immunity defense is seen as a long shot by legal observers but it could result in a delay to the start of the trial as the argument potentially winds its way up to the conservative-dominated Supreme Court. Trump's attempts to use the "absolute immunity" defense in other cases have been rebuffed by judges, but the nation's highest court has never ruled directly on whether a former chief executive is immune from criminal prosecution. Trump is the first former US president to face criminal charges. 'Unsettled question' Trump's attorneys, citing a Supreme Court case involving former president Richard Nixon, said the law provides "absolute immunity" to the president "for acts within the 'outer perimeter' of his official responsibility." As chief executive, they argued, Trump had a responsibility to "ensure election integrity" and was within his rights to challenge the results of the 2020 vote. "As President Trump is absolutely immune from criminal prosecution for such acts, the Court should dismiss the indictment," they said. While making the argument that Trump cannot be prosecuted, his lawyers acknowledged the Nixon case they cited involved the civil liability of a former president and not alleged criminal conduct. "The question remains a 'serious and unsettled question' of law," they said. The case before Chutkan accuses Trump of conspiracy to defraud the United States and conspiracy to obstruct an official proceeding -- the January 6, 2021 joint session of Congress that was attacked by a mob of Trump supporters. Other criminal cases against Trump include racketeering charges in Georgia for allegedly conspiring to upend the election results in the southern state and a trial in Florida in May 2024 on charges of mishandling top-secret government documents. Trump and his two eldest sons are also currently involved in a civil fraud trial in New York for allegedly inflating the value of their real estate assets to receive more favorable bank loans and insurance terms. The post Prosecutors reject Trump claim of ‘absolute immunity’ appeared first on Daily Tribune......»»
Israel says at ‘war’ after rocket barrages, militant infiltration
Palestinian militants have begun a "war" against Israel, the country's defense minister said Saturday after a barrage of rockets were fired and fighters from the Palestinian enclave infiltrated Israel, a major escalation in the Israeli-Palestinian conflict. Violence between Israel and the Palestinians has been surging for almost two years, with fatalities in the occupied West Bank hitting a scale not seen in years. At least two people were killed in Israel, officials said. Israel's Defense Minister Yoav Gallant said Palestinian militant group Hamas has "launched a war against the State of Israel." "Troops are fighting against the enemy at every location," he said in a statement. AFP journalists said Israel's military began air strikes on Gaza, following the rocket barrage from inside the territory which is sealed off from Israel by a militarized border barrier. "Dozens of IDF fighter jets are currently striking a number of targets belonging to the Hamas terrorist organization in the Gaza Strip," the military said. Rockets had earlier streamed across the sky repeatedly after the first launches from multiple locations across the Palestinian territory from 6:30 am (0330 GMT), AFP journalists in Gaza City reported. The armed wing of Hamas, which controls Gaza, said it was behind the aerial assault, saying its militants had launched thousands of rockets and its fighters seized an Israeli tank. Israel's army did not immediately comment on the tank claim when contacted by AFP. Israeli security chiefs convened over the violence, which occurred on Shabbat and during a Jewish holiday. Air raid sirens wailed across southern and central Israel, and the army urged people to stay near bomb shelters. AFP journalists in Jerusalem heard multiple rockets being intercepted by Israeli air defense systems. Sirens blared across the city on more occasions than in any Gaza conflict in the past three years. "We decided to put an end to all the crimes of the occupation (Israel). Their time for rampaging without being held accountable is over," the Ezzedine al-Qassam Brigades said. "We announce Operation Al-Aqsa Flood and we fired, in the first strike of 20 minutes, more than 5,000 rockets." Hundreds of Gazans flee Hundreds of residents fled their homes in eastern Gaza to move away from the border with Israel, an AFP correspondent said. Men, women and children carrying blankets and food left their homes, mostly in the northeastern part of the territory, the reporter said. Israel's military said Hamas launched "massive shooting of rockets", while at the same time "terrorists infiltrated into Israeli territory in a number of different locations". Hamas "will face the consequences and responsibility for these events", it said in a statement. In Israeli-annexed east Jerusalem, some Palestinian residents cheered and blew their car horns as sirens blared. A regional council for Israeli communities northeast of Gaza said its president was killed in an exchange of fire with attackers from Gaza. Separately, a woman in her 60s was killed "due to a direct hit" in Israel, the Magen David Adom emergency services said. Fifteen others were wounded, two of them seriously, medics said. An AFP photographer in the coastal city of Tel Aviv saw a gaping hole in a building, with residents gathered outside. Hamas calls to 'join battle' Hamas called on "the resistance fighters in the West Bank" as well as "our Arab and Islamic nations" to join the battle, in a statement posted on Telegram. The United States condemned the Hamas fire and urged "all sides to refrain from violence and retaliatory attacks." "Terror and violence solve nothing," the US Office of Palestinian Affairs wrote on X, formerly Twitter. Israel has imposed a crippling blockade on Gaza since 2007 after Hamas took power. Palestinian militants and Israel have fought several devastating wars since. The latest violence follows heightened tensions in September, when Israel closed the border to Gazan workers for two weeks. The shutdown of the crossing came as Palestinian demonstrators along the border burned tires and threw rocks and petrol bombs at Israeli troops, who responded with tear gas and live bullets. Resuming workers' passage on 28 September had raised hopes of calming the situation in impoverished Gaza, home to 2.3 million people. In May, an exchange of Israeli air strikes and Gaza rocket fire killed 34 Palestinians and one Israeli. So far this year at least 247 Palestinians, 32 Israelis and two foreigners have been killed in the conflict, including combatants and civilians on both sides, according to Israeli and Palestinian officials. The vast majority of fatalities have occurred in the West Bank, which has been occupied by Israel since the 1967 Arab-Israeli War. There has been a rise in army raids, Palestinian attacks targeting Israelis and Israeli settler violence against Palestinians and their property. The rising violence this year came against the backdrop of divisive judicial reforms introduced by the hard-right government of President Benjamin Netanyahu, who is on trial for corruption charges he denies. Several far-right ministers in Netanyahu's cabinet live in West Bank settlements deemed illegal under international law. The post Israel says at ‘war’ after rocket barrages, militant infiltration appeared first on Daily Tribune......»»
Fools in suits
When a ranking Department of Agriculture official was asked in a recent Congress hearing what steps the agency had taken to break the rice cartel, he replied that he did not believe that a “mafia” existed. Coming from a high DA official, the statement revealed that nothing was being done to stop the syndicate that everyone in the industry knows about since, to the authorities, it does not exist. In the reenacted Anti-Agricultural Smuggling Act of 2016, smuggling, hoarding, profiteering, and forming cartels for agricultural and fishery products are considered economic sabotage and are non-bailable offenses for which a long jail term could be meted out. The strengthened law, however, lacks strong teeth against government officials who are in cahoots or protect the syndicates. Contained in the proposed bill is a provision indicating that any government officer or employee found to be an accomplice in the commission of the crime will “suffer the additional penalties of perpetual disqualification from holding public office, exercising the right to vote, from participating in any public election, and forfeiture of employment monetary and financial benefits.” The bill is pending in both houses of Congress. With the slow grind of justice in the country, a public official looking for a fast buck will not hesitate to risk his job in exchange for a huge payback. The recent series of events showed the markets are being manipulated by the big players in the sugar, vegetable and rice businesses. These syndicates are known to be deeply entrenched due to their connections with government bigwigs who facilitate their domination of the markets either through edicts or the use of public resources. In the most ridiculous situation, the recent spike in onion prices was found to be artificial since farmers were even throwing away their harvests because of low farmgate prices, thus there was no reason for prices to surge. Later, it was exposed in a congressional hearing that a cartel had succeeded in manipulating the onion market to create a condition that would require its importation, from which its members would make a killing. The warehouse and storage facilities are controlled by the mafia which makes it easy to create artificial conditions to which the market reacts by raising retail prices. The ultimate goal is to coax the government to allow importation from suppliers in overseas markets that are also flooded with the commodity, The cartel rakes in profits from both the high markup and the kickbacks from the overseas suppliers desperate to sell their surplus. The woeful victims are the Filipino farmers whom the cartel boxes out of the market. In extreme cases, these farmers just throw away their harvest since they cannot afford to transport their products without the middlemen who are also in the pocket of the cartel. The same goes for the rice industry, where the market was manipulated for a different reason, which was to kill the rice tariffication law that kicked the National Food Authority out of the import business. Rice prices then surged to as high as P56 a kilo, which pushed President Ferdinand Marcos Jr. to impose price ceilings. The NFA used to have a monopoly on importation, but that resulted in acrimonious confrontations at the apex of government. The tariffication law, in turn, opened importation to all grain traders and relegated the NFA to buying rice from local farmers. Under the new anti-smuggling bill which has the endorsement of Mr. Marcos, an Anti-Agricultural Economic Sabotage Council headed by the President or his designated permanent representative will be formed. The proposed body will have the power to investigate and file charges, as well as freeze violators’ funds, properties, bank deposits, placements, trust accounts, assets and records. The creation of the body looks good on paper but in the real world, it might just add another layer of bureaucracy and source of corruption unless the cartel, which DA officials claim does not exist, is dismantled. Chief Presidential Legal Counsel Juan Ponce Enrile has a simple solution for breaking the cartel, which is for the government to confiscate all the rice overstock and let the owners of the warehouses prove that their huge inventory is legitimate. Such a move would prompt the traders to release more rice into the market to avoid confiscation. The imposition of the price cap on rice indicated that the prices are artificial since the markets are now selling at lower than the manipulated prices despite conditions being constant. An expected bumper harvest is also prompting the prices to go back to normal, after the attempt of the cartel to create a price shock to support their effort to return to the old ways. To know the real situation, President Marcos goes out of his way to see what is on the ground. His underlings, particularly at the Department of Agriculture, should do better. The post Fools in suits appeared first on Daily Tribune......»»
BSP maintains policy rate at 6.25%
The Bangko Sentral ng Pilipinas maintained its policy rate at 6.25 percent on Thursday to control the rise in inflation due to the looming higher food and transportation costs. Consequently, BSP retained interest rates on the overnight deposit and lending facilities at 5.75 percent and 6.75 percent, respectively. BSP said overall inflation might accelerate to 5.8 percent this year, up from its previous estimate of 5.6 percent and official level of 5.3 percent in August. The central bank also adjusted its inflation forecast upward to 3.5 percent from 3.3 percent for next year, while it kept initial projection of 3.4 percent for 2025. “The upward adjustments in the 2023 and 2024 projections reflect the spillovers from weather disturbances, rising global crude oil prices, and the recent depreciation of the peso” BSP Governor Eli Remolona Jr. said. He said drought from El Niño might reduce agricultural supply which would force businesses to increase food prices to sustain their operations and fulfill customer orders. The weather bureau said El Niño might persist until the first quarter next year. Food as a major inflation growth driver comprises over 30 percent of all the items in the consumer price index. Rice prices recently rose to P60 per kilo, forcing the government to impose price caps for regular and well-milled rice. “No fireworks were seen from the BSP with the central bank simply maintaining its current policy stance. The BSP opted for another “hawkish hold” by keeping policy rates at 6.25 percent while maintaining readiness to hike should data conditions warrant further tightening,” according to Nicholas Mapa, ING senior economist for the Philippines. High global oil prices Remolona added transportation fares and electricity charges will also likely increase as the commodities’ providers aim to recoup losses from higher global oil prices. These have increased by 15 percent over 11 weeks and amid the persisting war between oil exporting countries Russia and Ukraine. With its previous rate hikes of up to 425 basis points post-pandemic, BSP said consumption of certain goods and services has tempered, resulting in lower inflation rates in recent months from a peak of 8.7 percent in January. “At the same time, the BSP Monetary Board noted that recent indicators of domestic economic activity pointed to waning pent-up demand, even as the impact of prior monetary policy tightening continues to weigh on credit,” Remolona said. BSP said inflation would decelerate to government target of 2 percent to 4 percent in the last quarter of this year as long as supply issues do not surface. However, Remolona said the central bank’s Monetary Board is ready to increase its policy rate when supply shocks occur, especially of rice. To prevent rice supply issues, Remolona said the board supports the reduction of 35 percent tariff on rice imported from the members of the Association of Southeast Asian Nations. The Department of Finance suggests lowering the tariff to 0 percent to 10 percent depending on local rice production data. “The Monetary Board also reiterated the need for non-monetary interventions, including the temporary reduction of import tariffs with calibrated volumes and timely arrival of import commodities,” he said. The post BSP maintains policy rate at 6.25% appeared first on Daily Tribune......»»
GCash keeps fee’s subsidy
Financial super application GCash will continue to subsidize the convenience fee for cash-ins to provide a financial cushion to users amid the rising cost of goods. At a recent media briefing of the Globe Group, GCash president and CEO Martha Sazon said that while users are still charged a fee for cash-ins, it is still “much lower” than the P25 that other financial institutions usually charge for cash transfers because of the subsidy. “The P5 convenience fee is only 1/5 of what is normally charged by other financial institutions. As GCash continues to scale, we still subsidize most of the charges as well as heavily invest in upgrading our infrastructure and reinforcing security services,” Sazon said. “This also ensures that our operations will remain seamless for all customers,” Sazon said. “Even with this fee, we will continue to subsidize part of the operating cost for cash-ins as we remain committed to keeping our services accessible to many Filipinos,” she added. More cash-in options Later this year, GCash is set to charge a cash-in or convenience fee of P5 for every cash-in via linked BPI and UnionBank accounts. Cash-ins via linked bank accounts are one way to add funds to a GCash account. Over-the-counter cash-in is also available through cash-in machines, partner convenience stores, pawnshops, supermarkets, department stores, drug stores, gas stations, sari-sari stores and retail stores, among others. Meanwhile, GCash has waived fees for QRPH transactions for merchants until the end of the year, giving micro-entrepreneurs extra earnings while using convenient cashless transactions. Other payment platforms charge up to 2 percent for QR-based or card payments. GCash also continues to offer micro-merchants access to a wallet with a limit of up to P500,000 monthly. GCash also waives the 1.5 percent transaction fee for up to P100,000 in gross sales. The post GCash keeps fee’s subsidy appeared first on Daily Tribune......»»
Chiefs superfan indicted on bank robbery, money laundering charges
Title: Infamous Kansas City Chiefs Superfan Indicted for Bank Robbery and Money Laundering Kansas City, MO – Xaviar Babudar, better known as Chiefsaholic, an infamous.....»»
UBS to pay $1.4-B to settle US fraud charges on subprime loans
UBS will pay $1.4 billion to settle US charges that it defrauded investors in the sale of mortgage-backed securities central to the 2008 financial crisis, the Justice Department announced Monday. The agreement resolves the last outstanding case brought by federal prosecutors against major banks in the wake of the financial calamity, an initiative which has garnered $36 billion in settlements from nearly 20 financial institutions, a Department of Justice (DOJ) press release said. In its civil case launched in 2018, the DOJ argued that UBS "knowingly made false and misleading statements" in connection with the sale of 40 residential mortgage-backed securities (RMBS) issued in 2006 and 2007. The DOJ had alleged that contrary to UBS representations, the giant Swiss bank "knew that significant numbers of the loans backing the RMBS did not comply with loan underwriting guidelines that were designed to assess borrowers' ability to repay." Ultimately the 40 RMBS "sustained substantial losses," the DOJ said. "With this resolution, UBS will pay for its conduct related to its underwriting and issuance of residential mortgage-backed securities," said Breon Peace, US Attorney for the Eastern District of New York. "The substantial civil penalty, in this case, serves as a warning to other players in the financial markets who seek to unlawfully profit through fraud that we will hold them accountable no matter how long it takes," he added. UBS characterized the case as a "legacy matter," adding in a statement that the funds have been provisioned for in earlier periods. The post UBS to pay $1.4-B to settle US fraud charges on subprime loans appeared first on Daily Tribune......»»
Beware of fake bills, says SPD
The Southern Police District warned the public on Sunday against counterfeit money following the arrest of a former Army soldier who used counterfeit money in a store. According to SPD director Brig. Gen. Roderick Mariano, small store owners should always keep their vigilance against fake bills, now that the “ber” months are approaching and shopping season peaks. “We urge the public to immediately report any person to the authorities using such bills in any transaction for appropriate action as the “ber months’ or the peak shopping season draws near,” Mariano said. The SPD’s statements come after authorities arrested a certain Kevin Jhon Soncio, a dismissed Army soldier after using counterfeit money in a sari-sari store in Barangay Fort Bonifacio Taguig City on Friday evening. The police report said the suspect paid a P1,000 bill for one pack of cigarettes. The witness, a minor who was tending the store during the incident, examined the bill and discovered it was fake. He immediately sought the assistance of village officials, who eventually arrested the suspect. Authorities seized from Soncio nine P1,000 counterfeit bills and different identification cards. During the arrest, the suspect introduced himself as a member of the Philippine Army. Upon validation, police found that he was already dismissed from the service and that he carried falsified documents. The suspect is now facing charges of violation of Article 168 of the Revised Penal Code or Illegal possession and use of false Treasury or Bank Notes and Other Instruments of Credit, usurpation of authority, and falsification of public documents. Meanwhile, the Taguig City Police is now preparing a counterfeit money verification request to the Bangko Sentral ng Pilipinas. The post Beware of fake bills, says SPD appeared first on Daily Tribune......»»
Bogus DoTr liaison entrapped
The police reported yesterday the arrest of a 37-year-old man in Muntinlupa City for allegedly posing as a liaison coordinator for the Department of Transportation to dupe a businessman. Identified as Peejay Giganto Durano, the suspect was arrested by elements of the Criminal Investigation and Detection Group in a sting operation last 31 July. Durano allegedly introduced himself to complainant Rholand Dindo Sioson, a businessman from Valenzuela City, as a liaison Officer from the Office of the President with a special letter of endorsement bearing what turned out to be the forged signature of DoTr Secretary Jaime Bautista. The suspect reportedly convinced Sioson that he could facilitate the processing of the latter’s application for a franchising business, specifically the licensing and registration of motor vehicles with the LTO. With the fake credentials, Durano was able to get from Sioson a total of P405,000 supposedly as the required processing fee, which the latter sent to him through a bank transfer. Durano asked for an additional P100,000 from Sioson which he said was for the release of a department order for the latter’s LTO franchise. Acting on Sioson’s formal complaint, the CIDG-NCR set up an entrapment and gave Sioson marked money to hand to Durano. The exchange took place in Alabang, where Durano was arrested. Durano is now facing charges of violating Article 315 (Large-scale Estafa) in relation to Republic Act 10175, or the Cybercrime Prevention Act, specifically Article 177, on “Usurpation of Authority or Official Function,” and Article 172, on the “Falsification by Private Individual and Use of Falsified Document” of the Revised Penal Code. Sioson presented his case to the Chief Prosecutor of Mandaluyong City, assisted by CIDG investigators Patrolmen Roberto Felipe and Jodar Capati. Four PNP officers based in Camp Crame — P/MSg. Arcadio Manganas Jr. of the Forensic Group; and P/SSg. Jeck Ryan Olarte, P/SSg. Jerome Vicente, and Patrolman Jericho Dela Cruz of the CIDG-NCR Regional Field Unit — handled the booking documentation and disposition of the case. DoTr Secretary Jaime Bautista urged the public not to fall prey to scams using his name because his administration does not condone any illegal activities. The post Bogus DoTr liaison entrapped appeared first on Daily Tribune......»»
DOTr liaison poser nabbed for usurpation, estafa
Police nabbed a 37-year-old man who posed as liaison coordinator for the Department of Transportation (DOTr) and duped a businessman who wanted to have a franchise for motor vehicle registration with the Land Transportation Office (LTO). Elements of Criminal Investigation and Detection Group - National Capital Region (CIDG-NCR) of the Philippine National Police (PNP) pounced on Peejay Giganto Durano of Muntinlupa City at a sting operation on 31 July in Susana Heights. CIDG-NCR Chief P/Col. Hansel Marantan said on 22 May of this year, Durano introduced himself to complainant Rholand Dindo Sioson, a businessman from Valenzuela City, as a liaison officer from the Office of the President with a special letter of endorsement bearing the forged signature of the Department of Transportation (DOTr) Secretary Jaime Bautista. Marantan said Durano convinced Sioson that he can facilitate the processing of the latter’s application for a franchising business, specifically the licensing and registration of motor vehicles with the LTO. The CIDG-NCR chief said, with fake credentials, Durano was able to get from Sioson a total of P405,000 supposedly as the required processing fee, which the latter sent to him through a bank transfer. Durano even asked for an additional P100,000 from Sioson which he said was for the release of a department order for the latter’s LTO franchise. Acting on Sioson’s formal complaint, Marantan and his men set up an entrapment and gave Sioson marked money to hand to Durano on Alabang, where the exchange was to take place in Alabang where they netted Durano. According to Marantan, Durano is now facing charges of violating Article 315 (“Large-scale Estafa”) in relation to Republic Act 10175 (“Cybercrime Prevention Act”), Article 177 (“Usurpation of Authority or Official Function”), and Article 172 (“Falsification by Private Individual and Use of Falsified Document”) of the Revised Penal Code (RPC). Sioson presented his case to the chief prosecutor of Mandaluyong City, assisted by CIDG investigators Patrolmen Roberto Felipe and Jodar Capati. Four PNP officers based in Camp Crame – P/MSg Arcadio Manganas Jr. of the Forensic Group; and P/SSg Jeck Ryan Olarte, P/SSg Jerome Vicente, and Patrolman Jericho Dela Cruz of the CIDG-NCR Regional Field Unit (RFU) – handled the booking documentation and disposition of the case. CIDG, the primary investigation arm of the PNP, is tasked with investigating and prosecuting all crimes involving economic sabotage and other large-scale crimes that may be committed by highly placed or professional criminal syndicates or organizations. Bautista, on the other hand, issued a stern warning to everyone not to fall prey to scams like this because his administration does not condone any illegal activities. The post DOTr liaison poser nabbed for usurpation, estafa appeared first on Daily Tribune......»»
SC: Efficiency not penalized
The Supreme Court absolved officials of the Social Security System clearing them of administrative liability in the approval of the purchase of 25 million Philippine Commercial International Bank shares worth P7.5 billion in 1999. The high bench explained there was no undue haste in the purchase since they were able to justify the transactions. Edgar Solilapsi, who was then senior vice president for Investment; Horacio Templo, then chief actuary of the SSS Executive Management Committee; and Lilia Marquez, then head of the Institutional Loans Department were the ones cleared of the charges in the multi-billion purchase of PCIB shares. The court said they should be paid salaries and other emoluments that they did not receive during a six-month suspension of the purchase. The SC First Division in its 29 March 2023 decision, said the officials’ expeditious actions in relation to the transaction are not evidence of wrongdoing. Incentivize, instead “On the contrary, efficiency is a virtue that all branches of government should nurture and incentivize. Paralyzing indecision should be suppressed. Once all legal requirements are complied with, government personnel should be confident to act as required by the exigencies of the service,” it said. The case stemmed from a complaint filed by SSS officers and members who alleged that the purchase of PCIB shares was overpriced by P1.165 billion which was based on the supposed P245 market price of PCIB shares, and the purchase price of P290.075 per share. SSS officials named in the complaint said the alleged overprice was a premium which is normal in negotiated purchases of blocks of shares. The SC said the expeditious purchase of the shares was due to a change in how the SSS’ Securities Trading and Management Department worked. The court noted that in an earlier meeting, Solilapsi was directed to fast track share purchase recommendations because the SSS had missed out on an earlier opportunity to buy Metro Pacific Corporation shares at a lower price. Preparations could not keep up with market changes, it said. The post SC: Efficiency not penalized appeared first on Daily Tribune......»»
Higher rates pull up BPI profit
Bank of the Philippine Islands or BPI grew its net income to P13 billion in the second quarter, higher by 4.5 percent compared with the level in the same period last year due to higher interest-based incomes. This brought its total profits to P25.1 billion or 23 percent higher in the first six months of the year, BPI’s disclosure to the Philippine Stock Exchange revealed Thursday. Total revenues climbed by 13.8 percent to P65.6 billion from January to June, driven by a 27.4 percent growth in net interest income amounting to P50.1 billion. Total loans jumped by 10.5 percent to P1.7 trillion during this period as the bank saw growth across its lending business: 42.7 percent for credit cards, 20.4 percent for automobiles and 8 percent for corporate. NPLs manageable Non-performing loans ratio remained manageable at 1.88 percent after provisions for such loans shrank to P2 billion or 60 percent lower than the P5 billion in the first half of last year. Total deposits increased by 7.6 percent to P2.1 trillion, resulting in an ideal loan-to-deposit ratio of 80.2 percent. Meanwhile, total non-interest income was reduced by 15.4 percent to P15.5 billion despite higher fees from credit cards, various service charges and securities trading due to the sale of a property. Excluding this, BPI said its non-interest income would be higher by P2.2 billion. Total assets stood at P2.7 trillion, up by 8.9 percent from the level in the first half last year. Return on assets figured at 1.92 percent. Total equity amounted to P336.1 billion, while return on equity reached 15.5 percent. BPI remained well-capitalized, with a Common Equity Tier 1 Ratio of 15.5 percent and a Capital Adequacy Ratio of 16.4 percent, both above regulatory requirements. The post Higher rates pull up BPI profit appeared first on Daily Tribune......»»
Loan dilemma
Dear Atty. Shalie, I am a small-scale entrepreneur, trying to sustain my business as hard as I could, even during the pandemic. In the course of my business operations, I needed additional capital to finance new products for intended for buy-and-sell purposes. Since it was difficult to obtain a loan from a bank, I resorted to going through another financing company, wherein I will not have to present a lot of documents and undergo complicated loan application processes. I submitted an application form and was asked to sign a promissory note by the said financing company. However, finding that the interests to the loans far exceed my capacity to pay, even after my profits, I decided to forego the loan and asked a friend, instead, for additional financing, with manageable interests. I received the loan proceeds from my friend and used the same for my business. A few months after, the financing institution came back to me, demanding payment for the supposed loan, interests thereon, plus additional charges and penalties for non-payment. It is forcing upon me to acknowledge the promissory note that I signed at the time of my loan application, and is threatening me with a case for collection of the sum of money and damages. Do they have a case against me, based on the promissory note, even when I did not receive any amount from the said financing company? Wendy Dear Wendy, Yours is a case of simple loan, which is a contract where one party delivers to another, either money or a consumable thing, on the condition that the same amount or the same kind and quality shall be paid. It is indispensable that the delivery of the proceeds of the loan by the lender to the borrower happens, to perfect the loan. When the loan proceeds have been delivered, the borrower is bound to pay the lender, the amount equal to that received. You allege that you took the loan from your friend instead and did not push through with the transactions with the financing institution and received no loan proceeds from the latter. Thus, there was no perfected contract of loan. As for the promissory notes, the same may be contradicted or disputed, and it is incumbent upon the financing institution to prove that the proceeds of the loans had been delivered and that you, as the borrower, received said proceeds and acknowledged such receipt. Absent this proof of delivery, receipt, and acknowledgment from a borrower, there is no loan transaction to speak of, and the case for collection is bound to fail. Atty. Shalimar P. Lazatin-Obinque The post Loan dilemma appeared first on Daily Tribune......»»
Missing mom
Finding alive a person missing for many years can be intriguing as in the case of a Houston, Texas man. Reports say Rudy Farias, 25, was found by a Good Samaritan with cuts and bruises outside a Houston church and he was brought to a local hospital for treatment on 29 June. On 2 July, the Texas Center for the Missing tweeted that Farias was miraculously reunited with his mother, Janie Santana, on 1 July, New York Post reported. Reports quoted missing persons organizations as saying that Farias was 17 when he walked their dogs on 7 March 2015. The dogs returned home without him. An activist, Quanell X, told Fox 7 Austin that Santana claimed her son was kidnapped by Mexican traffickers and she raised money to find him but she used the funds instead for vacations and personal expenses. Santana got $2,000 in donations on GoFundMe to purportedly help search for her missing son. The fundraising platform said it has banned her, Fox News reported. X and Farias’ cousin, Michelle Rodriguez, also claimed that Santana mentally, physically, and sexually abused her son so he left. In a 6 July press conference, the Houston Police Department said they interviewed Farias, who denied the allegations. The HPD, however, said the man was never really missing. Farias returned home one day after his mother reported him missing, but Santana had told investigating police that Farias was her nephew, Lt. Christopher Zamora told reporters, according to Fox News. The misled HPD is still investigating but no charges have been filed against Santana. The mother and son were seen together in a friend’s home indicating there was no issue between them. Meanwhile, a San Diego, California man told an investigator of the US Social Security Administration last year that his mother was still alive and living in Japan where she was born. But much earlier, on 22 October 1990, Donald Felix Zampach, 65, had notified the US embassy in Tokyo that his mother, identified as STZ, had died, LA Times reported. She had returned to her home country that year after being diagnosed with pancreatic cancer in the US. US authorities eventually learned that Zampach continued to collect his dead mother’s pension and survivor benefits from the Department of Defense that were deposited in her bank accounts by not informing the SSA that she was dead. He also received $12,000 from filing false tax returns, opened multiple credit card accounts, and obtained a home refinance loan of $126,000 all under his mother’s name, according to LAT. Federal prosecutors said Zampach’s take was more than $830,000 in public funds over more than 30 years, the longest-running and largest fraud of its kind in the Southern District of California. Zampach pleaded guilty to fraud charges and agreed to pay $830,000 in fines and surrender the house to the government, according to LAT. The post Missing mom appeared first on Daily Tribune......»»
Rioting costs France damages worth over 1B euros
Days of violent protests in France cost more than one billion euros in damage to businesses ransacked by rioters. The government had by Tuesday counted attacks on 10 shopping malls, 200 supermarkets, 60 sporting goods shops, almost 440 tobacconists and 370 bank branches since 27 June. Geoffroy Roux de Bezieux, head of employers’ organization Medef, said in an interview with the Parisien daily on Monday that the figure excludes cost to tourism. President Emmanuel Macron suggested Tuesday that the “peak” of rioting “has passed” but Abdelhamid Faddeoui, head of Aetos Private Security based near Paris, said “everyone is afraid that this is just a false calm” and “most of my clients are keeping up a high level of security.” Joseph Guret, whose tobacco shop outside Paris was gutted, complained that he has nothing left. The 30-year-old shop owner said his tobacconist in Neuilly-sur-Marne was attacked by 10 people on Thursday night who “took everything they could” and then “burned everything.” With some shop owners talking about going out of business in the wake of attacks, Economy Minister Bruno Le Maire has vowed government aid and pushed insurers and banks to help out. “When your shop has been totally burned down, when your whole life’s work is turned to ash, the state has to be there by your side,” he said Tuesday, promising “case-by-case cancellations of tax and social charges for the worst-affected shopkeepers.” France Assureurs president Florence Lustman told broadcaster Franceinfo that 5,800 claims had reached insurers, worth “at least 280 million euros” — significantly higher than France’s three-week riots in 2005, which totalled 204 million. Daniel Baal, general manager of cooperative bank Credit Mutuel Alliance Federale, said his firm would offer affected businesses holidays from loan payments or short-term overdrafts to get through the toughest times. The rioting, sparked by the killing of 17-year-old Nahel during a police traffic stop in a Paris suburb on 27 July, saw the interior ministry deploy 45,000 officers overnight backed by light armored vehicles and crack police units to quell the violence. WITH AFP The post Rioting costs France damages worth over 1B euros appeared first on Daily Tribune......»»
New door opens
The Maharlika Investment Fund bill after months of deliberation is as good as signed. The next step would be the crafting of the implementing rules and regulations or IRR where the nitty-gritty of the law will be addressed. The IRR will be prepared by economic managers. President Ferdinand “Bongbong” Marcos Jr. will then pick the people who will comprise the Maharlika Investment Corp. or MIC that the law mandates will manage the fund. The MIC will manage the sovereign wealth fund that will invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure, based on the provisions of the law. The battleground for the MIF thus returns to the Executive branch as detractors now have the economic managers in their crosshairs as the IRR is being drafted. One of the prime movers of the MIF, Albay Rep. Joey Salceda, said the IRR will flesh out the specifics of the crucial fund build-up and the forming of the MIC, such as the company’s regulation by the Civil Service Commission, the listing of the MIF in the stock market, and allowing multilateral financing institutions like the World Bank and Asian Development Bank to be strategic partners of the MIF. “I congratulate House Speaker Ferdinand Martin Romualdez, Chairman Irwin Tieng, and our Senate counterparts. I will continue to offer what I can by way of prior experience and subject matter expertise in the drafting of the IRR,” Salceda said. Congress ratified the bill before adjourning its session last 31 May but the final copy had to be refined following intrigues hurled by unrelenting critics who deemed it unconstitutional primarily due to the differing prescriptive periods for filing charges related to irregularities. The discrepancies proved to be clerical errors and not a reason to veto the bill as the inconsolable minority had demanded. The MIF comes at a propitious period after the economy grew by 7.6 percent and 7.2 percent in the third and fourth quarters, respectively, and 6.4 percent in the first quarter of this year — numbers that show the country has among the fastest development clips in the world. Finance Secretary Benjamin Diokno expects the MIF to be in full operation before the end of the year. The P125-billion seed fund will be drawn from the Land Bank of the Philippines, the Development Bank of the Philippines, and the national government. The national government’s contribution will come from Bangko Sentral ng Pilipinas dividends, its share in the income of the Philippine Amusement and Gaming Corp., privatization proceeds, and royalties and special assessments. Being looked into is channeling Malampaya natural gas earnings to bolster the fund. The MIF will initially have at its disposal P75 billion by the end of the year, which will come from Landbank and DBP and may forthwith be invested in several ventures or the capital markets. Fund managers estimate a return of over 10 percent just for the initial P75-billion investment. Economic managers envision the MIF as creating a new source of financing for the government which now mainly relies on tax revenues and borrowings to plug the fiscal gap. The MIF will free up the government’s fiscal space as the burden of borrowing is reduced with the sovereign wealth fund augmenting the government’s resources. Another MIF function will be to accelerate investments in development projects such as infrastructure through tie-ups with capitalists and other sovereign funds. The perennial budget deficits, which are the culprit in the debt pile-up, may soon be a thing of the past when the MIF goes full throttle. The post New door opens appeared first on Daily Tribune......»»