Maniolas

The internal audit organization of every company is moving beyond their traditional role. Often construed as an in-house “police,” internal auditors are increasingly becoming involved in various company initiatives that go beyond compliance and encompass activities that create business value. Nowadays, the challenge for most companies is setting up an internal audit organization that has the capability and flexibility to respond to the diverse business and regulatory environment. An effective internal audit function requires a diverse set of skills by resources that many companies find difficult to source and retain – resources that are available to service providers such as the Big Four firms and where internal audit sourcing comes into play. What are the options? A white paper on internal audit sourcing written by KPMG enumerated the following forms of internal audit sourcing: – Internal hiring, wherein resources within the company are pooled and trained to become part of the internal audit organization. Internal resources are assumed to have better understanding of the company’s operations and areas that are deemed to be given audit priority. This sourcing option is often selected by companies to give their valued employees an opportunity to explore various verticals of the organization and prepare them for future management roles. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 However, management will need to invest on time and money to train internal resources to achieve the capability and flexibility in auditing new and complex areas. There is also a tendency to impair independence as internal Read More …

MANILA, Philippines – Philippine Amusement and Gaming Corp.’s   Las Vegas-style casino and tourism complex Entertainment City has the potential to become the next major central business district in Metro Manila and replicate the success of Bonifacio Global City where demand for real estate properties has gone up significantly, according to the head of the state gaming firm. Pagcor chairman and chief executive officer Cristino Naguiat Jr. said Entertainment City, located on 100 hectares of reclaimed land along Manila Bay, is not only poised to become the country’s premier gambling destination but is also seen to lead the next wave of growth in the metropolis. Naguiat said real estate values in Manila have been on the uptrend especially with the ongoing development of the Entertainment City. Property consultancy firm Colliers International said developers have been stepping up construction in Manila and Pasay as demand for residential properties in the area spiked up with the opening of the first of four integrated resorts planned within the complex. The demand is mainly driven by foreign expats who have moved to the Philippines to work in Entertainment City, which is touted to become the region’s next best bet for tourism and gaming. Foreigners are allowed to own condominium units in the Philippines. For this year alone, around 7,181 units from 18 new residential condominiums are expected to come online, 10 percent higher than the 2012 figure. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Naguiat said Pagcor owns more than 50 hectares Read More …

MANILA, Philippines – The Home Development Mutual Fund or Pag-IBIG Fund is considering an increase in the minimum monthly contribution of its members to P200 as part of its goal to double its loan portfolio to P50 billion. Pag-IBIG chief executive officer Darlene Marie Berberabe said the increase in members’ contributions from the current P100 may be done via a flexible schedule. She said an enlarged capital will allow Pag-IBIG to provide more housing loans to its members as well as real estate developers. To date, the fund has a housing loan portfolio of around P21 billion.  It also has P40 billion in investible funds other than the housing and cash loans. Pag-IBIG is mandated to invest up to 70 percent of its portfolio in housing while the rest are for member loans. It is looking at a 15 percent increase in its net earnings this year to P15 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pag-IBIG is also planning to boost its membership base to about 20 million by yearend from the present 12.6 million, targeting the overseas Filipinos market, three million of which are already members. To better serve the needs of its members, Pag-Ibig has partnered with Globe Telecom to allow its 12.6 million members to pay their monthly contributions and housing loans using their mobile phones.