SEC goes easy on non-filing, late submission of reports
The Securities and Exchange Commission is granting amnesty to corporations and other regulated entities for late and non-filing of certain reportorial requirements......»»
Can SC reopen Marcoses’ estate tax case decided with finality in 1999?
Supreme Court (SC) Can the P203-billion estate tax case of the family of President Ferdinand “Bongbong” Marcos Jr. be reopened despite the finality in 1999 of the 1997 decision of the Supreme Court (SC)? Possible, said Chief Justice Alexander G. Gesmundo during the Kapihan sa Manila Bay media forum on Wednesday, Oct. 26. The reopening depends on the composition of the SC and the issues and reasons cited by the requesting party, Gesmundo said. Chief Justice Alexander G. Gesmundo (2) The Chief Justice said: “No decision of the Court is written in stone. The modification of the Court’s decision primarily depends on its composition. Like in America, there are conservative and there are liberal magistrates. “If the majority are conservative magistrates, it would be difficult to seek a reversal of its decision. If the majority are liberal magistrates, it would be easy to do that. “Our set-up is similar, each of our magistrates has his or her own opinion about a case.” Earlier, President Marcos Jr. had said he would want to reopen the estate tax case of his family because they were not able to participate in the proceedings since they were in exile in the United States at that time. The Bureau of Internal Revenue (BIR) had sent last March a demand letter for the Marcoses to settle the unpaid taxes which had ballooned to P203 billion due to penalties and surcharges. In 1994, the Court of Appeals (CA) rendered a decision on the payment of the estate taxes. When appealed to the SC, the High Court upheld the CA ruling in 1997. The SC decision was declared final and executory in 1999. During the forum, Chief Justice Gesmundo explained that a decided case may be reopened on issues like blatant violations of constitutional rights of the affected party. “The Court is always guided that cases should be terminated at a certain point in time, it is called res judicata. But, if there are reasons so unique and the parties are filing a reconsideration or sometimes [a request] that the case be heard from a division to the En Banc, there is a possibility that a former decision or a prior judgment can be modified or reversed,” Gesmundo said. The Chief Justice also said: “So, it’s actually on a case-to-case basis. What is important are the issues being brought by the parties before the SC. Is it a question of constitutional rights so blatantly violated? “Then we have to take a second look. It really depends on the situation and on other considerations that would be presented before the Court to justify the modification or the reversal of the decision.” TAGS: #SC #CJ Gesmundo #Marcos tax case.....»»
Dial 'LAGUNA: Centralized hotline number for easy, faster access to government service
As part of its initiative towards digital transformation, the provincial government of Laguna has taken its first step in becoming a Smart Province with the launch of a centralized hotline that will ensure easy access to services, ranging from emergency response, official business, public service and even for reports and inquiries......»»
BSP orders banks to enhance reports on suspicious deals
The Bangko Sentral ng Pilipinas has ordered banks and financial institutions to further enhance the filing of suspicious transaction reports with the Anti-Money Laundering Council as the Philippines ramps up its fight against money laundering and terrorist financing......»»
SEC extends deadline for submission of reports
The Securities and Exchange Commission has extended the deadline for all publicly listed companies to file their annual reports for 2020, as well as quarterly reports for the period ended March......»»
Lucio Tan’s LTG reports P6.49B net income
LT Group Inc. (LTG), the conglomerate of tycoon Lucio Tan, reported a P6.49 billion attributable net income in the first quarter of the year — P276 million or 4.5 percent higher than the P6.2 billion posted last year. In a regulatory filing on Tuesday, LTG said the listed Philippine National Bank (PNB) contributed P1.02 billion […] The post Lucio Tan’s LTG reports P6.49B net income appeared first on Daily Tribune......»»
Investigate PH: The world needs to act now on Duterte gov’t’s rights abuses
Global independent probe on rights abuses in the Philippines launched, announced 3 reports for submission to UN human rights body......»»
SEC Online Submission Tool Now Live
Philippines’ Securities and Exchange Commission (SEC) launched its online submission tool (OST) which will accept different reports such as financial statements (AFS), general information sheet (GIS), and other important annual reports. All of these documents were submitted in person to the SEC before the launching of the OST, which allows for the submission of different […].....»»
Filing and service of court submissions
Filing is the act of submitting a pleading or any other document to the court, while service is the act of providing a party with a copy of the pleading or any other court submission. If a party has appeared by counsel, service upon the party shall be made to his or her counsel (Section 2, Rule 13, 2019 Amendment to the Rules of Civil Procedure [ARCP])......»»
Blachowicz edges Adesanya to retain UFC crown; Nunes wins, makes it 12 in a row
Jan Blachowicz bounced back from a slow start to outpoint Israel Adesanya and retain his light heavyweight title after an enthralling tactical battle at UFC 259 in Las Vegas on Saturday. In the co-main event, Amanda Nunes blasted Megan Anderson en route to an easy first-round submission win to defend her featherweight title, and Petr […] The post Blachowicz edges Adesanya to retain UFC crown; Nunes wins, makes it 12 in a row appeared first on Cebu Daily News......»»
SEC’s online submission tool to start next month
Corporations and partnerships will soon be able to file their audited financial statements,General Information Sheet and other annual reports in digital format and remotely through a newly developed online submission tool , according to the Securities and Exchange Commission......»»
SEC to roll out online filing of annual financial statements, GIS
The Securities and Exchange Commission said over the weekend it will soon allow companies to submit reportorial requirements through a newly developed online submission tool......»»
Duterte threatens to sack airport staff allowing easy entry in Philippines
Duterte said he has received reports that some airport personnel and ship crew are helping people travel without undergoing health protocols. .....»»
PHISGOC& rsquo;s games report completed by month& rsquo;s end
The submission of all reports on the status of the 30th Southeast Asian Games is expected to be done by the end of November......»»
COVID-19’s impact on banks manageable – BSP report
The banking system remains on “solid footing” in terms of assets, loans, deposits, profitability, capital and liquidity buffers despite the COVID-19 health crisis, a report from the Bangko Sentral ng Pilipinas (BSP) said. “The impact of the pandemic on the overall condition and performance of the banking system, which remains the core of the domestic financial system, has been manageable,” according to the BSP’s second semester report on the Philippine financial system. The total assets of the banking system account for 81.9 percent of the financial system’s total resources. MB file photo. The banks remained resilient during the worst of the lockdown period because of the “timely, time-bound and crucial” regulatory relief measures that BSP granted to them during the most severe quarantine months of March until June. These relief measures “helped address the adverse repercussions of the pandemic.” One of these reprieves was the suspension of the submission of some bank reports while most of the country was on enhanced community quarantine (ECQ) restrictions. Banks have had to adjust operations and deal with the slowdown in economic activities that affected their borrowers’ capacity to pay. Based on a set of financial soundness indicators (FSI) to assess banks’ health and soundness, it noted that the banking system is “stable and resilient despite global uncertainties related to the extent and path of COVID-19 menace.” But, the BSP said that the FSI analysis also implies that “consequent risks from lending should be monitored especially in the event of excessive uncertainties that could place additional pressures on the banking system in the short and medium run.” As of the report timeline, banks surveyed have yet to determine the total impact of the grace periods under the Bayanihan law but generally, based on the BSP’s comprehensive baseline survey conducted in April, banks have proactive control measures that will ensure the continued delivery of financial services to the general public and also to protect their personnel, said the BSP. Banks’ business continuity plans, and previous efforts at digitalization, also helped them to respond quickly to conditions brought about by the ECQ. Despite the economy in recession due to the pandemic, the banking system’s total assets reached P18.6 trillion as of end-June, 98.8 percent of the GDP. The end-June tally was 7.9 percent higher year-on-year but was slower than the 9.8 percent growth recorded in June 2019 and the 8.4 percent growth as of end-December 2019. Assets continue to grow because of the expansion of funds that went to lending activities while funding came from deposits, bond issuances and capital infusion. In the meantime, the report said banks’ profitability or net income fell by 22.5 percent to P86.5 billion as of end-June 2020 because of higher provisioning requirements. This was a reversal of the 27.7 percent growth in earnings same time in 2019. “Provisions on credit losses for loans and financial assets significantly increased, weighing heavily on bank profitability. Other income sources are expected to slow down due to lower volume of transactions, waiver of inter-branch and interbank fees as well as the temporary grace period moratorium on the imposition of bank fees, penalties and charges under the Bayanihan Act,” said the BSP. Based on the BSP survey, banks have measures to cushion the adverse impact of the pandemic on profitability such as banks’ plans to impose cost-cutting measures that includes deferred capital spending and freeze hiring of non-critical positions. The BSP said banks have also intensified loan collection activities and its loan monitoring. They have also become more prudent in loan releases, reduced the cost of funds and at the same time boosted marketing campaigns for new loans and deposits. “Across banking groups, (the big banks) also intend to reduce their exposures to vulnerable sectors and to increase ancillary or fee-based business while thrift banks and rural/cooperative banks plan to fast track digitization initiatives to reduce operating expenses,” said the BSP......»»
For Mike Nieto, all roads lead to leading
Mike Nieto's leadership is not just for the basketball court. Apparently, his voice carries just as much weight inside the Nieto household in Cainta. "Hanggang bahay, umaabot yung pagli-lead ko," he shared with a laugh. "Rinig na rinig palagi boses ko sa bahay. Since I've proven to them na I can be a leader sa court, siyempre, I can also be a leader dito sa bahay." What does that mean exactly? Well, let's just say that whenever the Nieto family decides they want and need some quality time together, it's the 23-year-old who sets the time and the place where it would happen. "I think nasanay na rin kasi sila na ako ang palaging nagsasalita kahit sa ganyang bagay so most of the time, ako na talaga nagsasabi saan at anong oras kami pupunta," he said. This is not at all that surprising as when you talk about Mike Nieto, you talk about leadership. That has long been the calling card of the 6-foot-2 swingman - from his days as a Blue Eaglet to his time as a Blue Eagle and from his stint in Batang Gilas to his current run in the Gilas Pilipinas pool. But… Why do people say that in the first place? What is it with Mike Nieto that just speaks, leader? FTW: For The tWin To get the answer, we need to go back to the start. As in, the very, very start. Technically, Mike is the leader of the four Nieto siblings as he is the firstborn of Ateneo de Manila legend Jett and super mom and dentist Girlie. Matt is his brother, but is younger by two minutes. Make no mistake, though, the twins have always gotten along. "Kami ni Matt, ever since, close na talaga kami. We started playing basketball at the age of six and from then on, naging magkasama na kami sa lahat ng bagay," Mike said. He then continued, "Even course namin sa college, pareho kaya almost lahat ng classes namin, classmates kami. Ever since talaga, unusual na hindi kami magkasama." Indeed, the Nieto twins have always been some sort of a package deal. Hence, the reports of their commitment to Ateneo for college had headlines such as "Ateneo scores 'twin kill' as Nieto brothers commit to play for Blue Eagles." Through and through, however, Mike was thought to be the leader - even though Matt is the point guard. The reason for that? Because "Big Mike" is more vocal. And why is he more vocal" Well, because he had a two minute headstart on "Matty Ice" at letting his voice be heard. Seriously, though, Mike said it was just because he doesn't waste any time at all in being vocal - and that's why he's being heard first and more often. "Siguro, mas maingay lang kasi ako kay Matt. Ako kasi, kapag may nakita akong mali sa ginagawa ng teammates ko, siguradong makakarinig agad sila sa akin," he shared. He then continued, "Hindi ako papayag na lilipas ang isang bagay na alam kong makakasama sa team. Talagang maglalabas at maglalabas ako ng mga salita hanggang ma-solve ang problema." That doesn't mean that Matt doesn't lead, though. As his twin put it, "Matt is the leader on the court. That's the assignment Coach Tab [Baldwin] gave him and I think he has done well with that." Well, yeah, Matt has three rings as court general of the Blue Eagles' dynasty to show for that. LOL: Lead out Loud It was another court general altogether, however, who had made the biggest mark on Mike Nieto. While he never was a point guard due to his wide frame, he was always trying to emulate one of the best ball-handlers in the history of Philippine basketball. "Jimmy Alapag is my role model when it comes to leadership," he said. "I'm just very lucky that for a long time now, he would talk to me on how I can affect the team positively on and off the court." When Alapag was in his prime as captain of Gilas Pilipinas, Nieto was put on the pedestal as skipper of Batang Gilas. While he knew full well that was a tall task, he was also eager to prove himself worthy. "Sa Batang Gilas under coach Jamike [Jarin], he made me team captain kahit second year high school pa lang ako. But that made me realize na I have the capabilities of being a leader," he said. With that, Mike had the responsibility of making sure the likes of Paul Desiderio, Richard Escoto, Jollo Go, Jolo Mendoza, and Renzo Navarro were kept in line. And from then on, he just did not stop keeping at it. Whether it be as the Jrs. MVP as a Blue Eaglet or a rotation regular as a Blue Eagle, Nieto's biggest contribution has always been his leadership. "Being a leader is never easy. At the end of the day, you have to gain the trust of your teammates and your coaches - that's the hardest part," he said. Ask his teammates from high school, many of whom were still his teammates come college, and they would say they always have his back. "Buti na lang nakuha ko ang tiwala ng lahat ng tao na nakapaligid sa akin. Kaya rin ako nag-succeed being the team captain ng every team na nagiging part ako," he said. While he has always had the full faith of longtime teammates and good friends Thirdy Ravena, Gian Mamuyac, Mendoza, and of course, twin Matt, Mike could only acknowledge that it was another challenge altogether being the voice of the team that swept the season. "Ang malaking naging difference ngayong college from high school, kinailangan kong magsalita ng English mas madalas," he said, through chuckles. With foreigners such as Ange Kouame and Filipino-foreigners like Raffy Verano, Nieto, indeed, did have to make sure his communication lines were crystal clear. The thing about leaders, though, is that they give their all in anything and everything - whether that be giving a pep talk or passing the message to somebody like Kouame who only started learning English in 2017. IMO: In My Opinion And the thing about leaders? They do not necessarily care about themselves. Imagine Mike Nieto, a Jrs. MVP, a team captain for Batang Gilas, a literal blue-blood in Katipunan. Do you know his averages through their three-peat? In 47 games total, he saw 14.2 minutes of action and had 5.2 points and 3.7 rebounds per game. Still, that did not matter at all. All that mattered for Mike are all those Ws. "To be a leader, you have to prove palagi that you can lead on and off the court," he said. "I think yun ang napatunayan ko kay coach Tab - na handa akong i-sacrifice ang personal goals ko para sa ikabubuti ng team. Wala akong pakialam sa sarili ko since ang nasa utak ko lang is kung ano ang makabubuti para sa team namin." But did he? Did Nieto prove himself to Coach Tab - a coach who has gone around the world and seen it all? The talented tactician's statement right after Ateneo completed its perfect run through UAAP 82 speaks volumes. “Look at all of us and think about where we’re gonna be in 10 or 15 years, you’ll forget most of us,” he said in the post-game conference where he sat alongside the Nieto twins, Ravena, Isaac Go, and Adrian Wong. “But you won’t forget Mike Nieto.” Coach Tab then went on to explain why he said so. As he put it, "Mike is a natural leader. Mike is a communicator. Mike is a thinker. In terms of touching people, making lives better, and making sure that everybody around him has a better chance than what he has, that’s our captain." High praise coming from the very mentor who has been getting nothing but high praise. Safe to say, though, Mike has proven himself to coach Tab. TBC: To Be Continued In doing so, Mike Nieto has also made it possible for the two of them to continue working together. Mike, twin Matt, fellow Blue Eagle Go, University of the East's Rey Suerte, and San Sebastian College-Recoletos' Allyn Bulanadi were the first five names listed for the Gilas pool. The likes of Ravena, Dwight Ramos of Ateneo, Justine Baltazar of De La Salle University, Dave Ildefonso then of National University, and the University of the Philippines foursome of Javi and Juan Gomez de Liano, Kobe Paras, and Jaydee Tungcab also made the list not long after. But the fact remains that "Big Mike" - he of zero starts, but three titles in a row in his last three years in blue and white - was one of the first names there. With that, he is now one of the few Batang Gilas players who have successfully gotten promoted to the Men's team. "Of course, sino bang ayaw i-represent ang bansa natin, 'di ba? That's why I'm very grateful for this opportunity to be part of the Gilas pool," he said. He then continued, "That's why I've been working on my game even harder so that I can provide whatever Gilas needs from me." Of course, what Gilas would need from Nieto is, first and foremost, his leadership. After all, that is still and would always be his greatest strength. To do so, though, the youngster would have to prove himself yet again - not only to Filipinos who are forever invested in their national team, but more importantly, his teammates, many of whom are already superstars in the PBA. For Mike, however, this is nothing new - nothing new at all. "Ever since I was in grade school, people have been doubting that I can progress my game to the next level. What we can't forget is that at the end of the day, it's in your hands if you want to prove them wrong or prove them right," he said. He then continued, "I actually enjoy these kinds of moments since dito talaga lalabas ang totoong pagkatao mo. Ang sigurado ko lang, I will fight for my spot in Gilas." And so, from a successful high school career and then an even more successful college career, Nieto is now seeking success as part of the Gilas pool. Does he deserve to be there? That's for the haters to hate, the doubters to doubt, and the bashers to bash. And that's for Mike Nieto to lead them out of the darkness. --- Follow this writer on Twitter, @riegogogo......»»
Fil-Am MMA fighter Mark Striegl to kick-off UFC Fight Night card in Las Vegas
Filipino-American mixed martial artist Mark "Mugen" Striegl will be kicking off the upcoming UFC Fight Night: Munhoz vs. Edgar fight card in the UFC Apex in Las Vegas this coming Saturday, August 22nd (August 23rd, Manila time). The UFC posted the event's full fight card on their official website, and it shows Striegl in the opening fight of the preliminary card against fellow newcomer Timur Valiev of Russia, confirming earlier reports. Valiev owns a 16-2 professional record with previous stints in the World Series of Fighting and the Professional Fighters League. The 32-year old Striegl officially signed his UFC contract last week, calling the jump to the world's biggest MMA organization "a dream come true." The Baguio-based Striegl owns an 18-2-0, 1 No Contest professional record with stints in the PXC, ONE Championship and the URCC, where he was most recently the promotion's featherweight titleholder. Striegl owns a submission victory over #7-ranked UFC flyweight contender Kai Kara-France. .....»»
GREATEST PERFORMANCES: Blazers’ breakthrough NCAA title
John Vic De Guzman vowed to return for his fifth and last year in the NCAA after College of St. Benilde was shown the exit door following a stinging five-set defeat at the hands of University of Perpetual Help in the Final Four of Season 91. He promised glory. The Blazers were reduced to mere spectators that year as they watched their women’s team write history by claiming its first volleyball title in four games against a thrice-to-beat opponent. De Guzman and the rest of the Blazers promised that in Season 92, they will be the ones celebrating the championship on the court. However, the promise of a good season turned sour early when CSB opened the tournament with a bitter straight-sets defeat to the same squad that booted them out of the semis in 2016. But it didn’t dampen the Blazers' goal of bringing honor to the Taft-based squad. The squad used that defeat as fuel to their burning desire for glory. CSB banked on De Guzman, Isaah Arda, Ron Jordan and Francis Basilan with Mark Deximo orchestrated the flow of their offense as the Blazers crushed their next eight opponents in the elimination round. Closing the elims with an 8-1 win-loss record, CSB was on another collision course with the then defending champion Altas in a playoff for the Final Four top seed. The Blazers got their payback as they whipped Perpetual into submission in three sets. With momentum on its side, CSB sliced through Arellano University in straight sets to earn a seat into the best-of-three Finals and the right to challenge Perpetual for the throne. For the Blazers facing their semis tormentors the year before opened old wounds. Wounds that can only be healed by vengeance. Game 1 was all CSB. De Guzman had his way around the defense of the Altas, scoring 19 points including a 16-of-28 spiking clip, while Basilan took care of business at the net as he shut down Perpetual's spikers with four of CSB’s nine kill blocks. On that same day, the Blazers witnessed their women’s team lose its title in the stepladder semifinals. It only pushed CSB’s determination to capture the championship. In Game 2, the Blazers encountered a different Altas squad. With its back against the wall, Perpetual gave CSB a scare when it took the second and third sets after yielding the first frame. The Altas made the Blazers know that they’re not giving up their reign that easy. CSB recovered in the fourth frame and forged a deciding set. The Blazers saw themselves in a difficult situation when they trailed by five, 7-12. “Walang imposible sanay tayong pina-practice ‘to,” De Guzman reminded his team. “’Apply lang natin ‘yan. Magtiwala lang tayo sa isa’t isa. Sanay tayo sa ganito. Nagsakripisyo tayo sa ganito. Nagpakapagod tayo para rito. Kukunin natin ‘to.” The team captain’s words breathed new life to his team, which mounted a counter offensive to tie the frame at 13. De Guzman saved a match point as the two squads went neck-and-neck in the mad dash to the finish. CSB saved another match point for its final run and capped it off with Arda’s off the block hit as the Blazers finally ended their long wait to raise the championship trophy. “Talagang pinaghirapan namin ito. Personally, ito ang frustration ko simula nung college pa na di namin nakuha,” said CSB coach Arnold Laniog, whose squad finished runner-up to Emilio Aguinaldo College in Season 90. De Guzman, in his last duty for the green and white, posted 28 points including 26 kills. Looking back, their journey to the throne started that fateful day when they walked out of the arena with their heads bowed and hearts shattered the year before. “Naging stepping stone namin ‘yun, nung natalo kami noon,” he shared. “Mas nag-prepare kami (after noon). Emotionally tinanggap namin siya. Ginawa namin siyang motivation.” --- Follow this writer on Twitter, @fromtheriles.....»»
NBA: Mavericks plan to protest loss to Warriors–report
The Dallas Mavericks are planning to file a formal protest to the NBA after claiming a mistake by referees late in the third quarter led to their 127-125 loss to the Golden State Warriors on Wednesday night, according to a report by The Athletic. Referees supposedly changed a call without alerting Dallas’ bench, causing the […] The post NBA: Mavericks plan to protest loss to Warriors–report appeared first on Cebu Daily News......»»
Megan Fox, Machine Gun Kelly are on a break — reports
Celebrity couple Megan Fox and Machine Gun Kelly are pausing their wedding plans to take some time apart, according to several media reports......»»
Oil spill: LGUs to sue sunken vessel owners
Local government units affected by the oil spill from the sunken motor tanker Princess Empress are eyeing the collective filing of charges against the owners of the vessel, according to Oriental Mindoro Gov. Humerlito Dolor......»»