Maniolas

While the country’s attention was drawn to the death of 44 SAF policemen in an operation in Maguindanao, a House of Representatives committee quietly conducted a hearing the other week on the difficulties that politicians allegedly go through in their banking transactions. The hearing is an offshoot of House Resolution 1857, which seeks an inquiry into the practice of banks of refusing to accept deposits to the accounts of their legitimate depositors, or the opening of news accounts of relatives, of politically exposed persons even for amounts not covered by law. Its proponent, Rep. Rodolfo Fariñas, said the banks’ action was “causing undue convenience, damage and prejudice” to those persons. A politically exposed person (PEP) is “a natural person who is or has been entrusted with prominent public positions in the Philippines or in a foreign State, including heads of state or government, senior politicians, senior national or local government, judicial or military officials, senior executives of government or state owned or controlled corporations and important political party officials.” At the hearing, Fariñas cited his experience of being treated as a “criminal perpetrator” when he tried to deposit P450,000 in his Citibank account. Citibank denied the imputation and said it conducts due diligence in the acceptance of deposits in compliance with banking regulations. A Bangko Sentral ng Pilipinas (BSP) official stated banks should accept deposits as long as they do not exceed P500,000 and are not suspicious under the Anti-Money Laundering Act. Treatment It is no surprise that the congressmen Read More …

CLARK FREEPORT ZONE, Philippines— The Asia-Pacific Economic Cooperation (Apec) launched a “scholarship initiative” to allow greater access to cross-border education in the Asia-Pacific region among its 21-member economies during the first day of the Senior Officials’ meeting at the Fontana Convention hall on Friday in Clark, Pampanga. “The initiative aggregates sponsored study and career development exchanges offered by universities and companies in Apec member economies and supports the creation of new opportunities by facilitating coordination among government, higher learning institution and companies in the region,” Apec said in a statement. John F. Kerry, Secretary of State of the United States said in a statement that “a well-educated, well-trained and well connected workforce is critical to ensuring long-term growth and prosperity on both sides of the Pacific.” “Together, Apec and the private sector are opening the gates of opportunity to provide more of the region’s three billion people the knowledge, skills and experience they need to thrive in a 21st century marketplace,” Kerry said. The Apec scholarship Initiative was introduced during a meeting of Apec trade ministers in China in May 2014 and was endorsed by the Apec leaders in Beijing in November 2014 during the 22nd Apec summit. “Our goal is to maximize oppurtunities afforded by globalization to strengthen people’s employability and earning potential,” said Dr. Allan Bollard, executive director of the Apec secretariat. “We are particularly intent on empowering the youth and women to narrow economic inequalities and drive new growth,” Bollard added. According to Bollard, “broadening access to education training Read More …

People walk by an electronic stock board of a securities firm in Tokyo on Monday, Jan. 26, 2015. Most Asian equities climbed on hopes Greece’s new government will be able to negotiate a bailout deal that will stop it leaving the eurozone. AP PHOTO/KOJI SASAHARA HONG KONG–The euro extended its gains against the dollar Tuesday while most Asian equities climbed on hopes Greece’s new government will be able to negotiate a bailout deal that will stop it leaving the eurozone. Regional dealers were given a lift from advances in Europe and New York, where news of Sunday’s Greek election win for anti-austerity party Syriza had been largely factored in, analysts said. However, Hong Kong and Shanghai suffered heavy losses as traders booked profits after a rally over the past week. Tokyo rallied 1.72 percent, or 299.78 points, to 17,768.30, Sydney added 0.82 percent, or 45.38 points, to close at 5,547.2 and Seoul rose 0.86 percent, or 16.72 points, to close at 1,952.40. But Shanghai fell 0.89 percent, or 30.22 points, to 3,352.96 and Hong Kong eased 0.41 percent, or 102.62 points, to 24,807.28. Shanghai had rallied more than eight percent since last Monday, when it posted its biggest loss since mid-2008 in response to a government crackdown on margin-trading. Markets have been buoyed by rhetoric coming out of Athens and from Greece’s EU and IMF creditors that raised hopes the two sides can reach an agreement over repaying its 240 billion euro ($270 billion) bailout. Syriza had campaigned on renegotiating terms of Read More …