Maniolas

MANILA, Philippines – Asian Bankers Association (ABA) chairman Lorenzo V. Tan has urged bankers to open up the region’s economies through innovative yet segmented financial services. Speaking at the 31st ABA General Meeting and Conference in Muscat, Oman, Tan underscored the important role of ABA in addressing issues that impact the whole banking industry with special focus on the requirements of Asian banks. “Our Oman gathering is designed to provide another platform for ABA members, and our invited experts, to discuss matters of significant interest to Asian banks on our journey in the modern-day silk route towards economic growth and increased prosperity for our people,” Tan, who is also the president of Bankers Association of the Philippines (BAP), said. ABA’s membership includes over 100 of the leading banks from 25 countries in the Asia-Pacific region. “The challenge is to help unlock further the potential of the region’s economies through excellence in segmented financial services to customers, from the largest conglomerates to the smallest enterprises and even to microfinance,” Tan said. He said it could be through innovative products that help the movement of debt and equity from markets with excess funds to markets with demand for development such as in infrastructure, manufacturing equipment or other long term needs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This could be through the efficient and low-cost cash management and distribution systems, enabled by the use of innovations in technology. Asian banks are also urged to keep abreast with risk management expertise, Read More …

MANILA, Philippines – The Philippines is set to launch activities for its hosting of the Asia-Pacific Economic Cooperation (APEC) 2015 to encourage local businesses to explore opportunities available for them during the event. “While the Department of Trade and Industry (DTI) has lined up several activities as the country chairs APEC in 2015 and hosts the 23rd APEC Economic Leaders’ Meeting, we aim to spur greater private sector participation and generate new prospects for local and foreign businesses to flourish,” Trade Secretary Gregory Domingo said in a statement. The launch tomorrow, to be held at Green Sun in Makati City, is expected to be attended by the local business community. Domingo said the Philippines’ hosting of the APEC next year will be a perfect opportunity for local businesses to further contribute to the economy. “In the country’s hosting next year, we seek to underscore the significance of the small and medium enterprises (SMEs) in the country’s economy, and their role and integration in global supply chains,” he said. He noted that SMEs play an essential role in driving economic growth and generating employment in the local communities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The country’s micro, small and medium enterprises (MSMEs) account for 99 percent of the total registered businesses, and contribute 65 percent of the jobs generated by all types of establishments. As such, the government is promoting the growth of the MSME sector to help them become competitive globally. “The DTI has continuously implemented several Read More …

MANILA, Philippines – Domestic liquidity, technically known as M3, continued to ease in October following the Bangko Sentral ng PIlipinas’ adjustments in banks’ reserve requirements and special deposit account (SDA) rate. M3—the broadest measure of liquidity—expanded 15.4 percent to P7.208 trillion last month, slower than the 16.2 percent growth recorded in September and 18.3 percent in August. But the BSP said money supply continued to rise in October amid sustained demand for borrowings. Domestic claims increased 18.2 percent to P6.667 trillion in October on continued expansion of credits to the private sector. “In particular, the bulk of bank loans during the month was channeled to key production sectors such as manufacturing, real estate, renting, and business services, wholesale and retail trade, utilities, and financial intermediation,” the central bank said. Public sector loans also went up 19.1 percent to P1.069 trillion last month as deposits of the National Government with the BSP fell amid the former’s withdrawal of funds for maturing government securities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Net foreign assets (NFA) at the same time grew 3.4 percent to P3.683 trillion in October. “The NFA of banks increased as banks’ foreign assets expanded at a faster pace relative to that of their foreign liabilities,” the BSP said. The BSP said it expects domestic liquidity growth to further moderate in the coming months following previous monetary policy adjustments. The BSP earlier raised banks’ reserve requirement ratios by 200 basis points and the SDA rate by 25 basis Read More …

Vicente T. Paterno, former chairman of the BOI (Board of Investment) (1970-1979), Minister of Industry (1974-1979), and Minister of Public Highways (1979-1980), Senator of the Republic (1987-1992), and, now, private businessman, as founder and chairman of the Philippine Seven Corporation, has written a book about himself, his beginnings and his achievements. “A ‘follow-your-dream’ story.” Entitled On My Terms: The Autobiography of Vicente Tirona Paterno (Anvil, 2014), the book is an inspiring life story of talent put to good use through hard work, family values, competent use of learning, humility, and a strong moral and ethical compass. It is not a “rags-to-riches” story. Paterno’s tale is more romantic: “follow-your-dream” — “On my terms!” as he puts it. “Youth and origins.” Paterno descends from a well-to-do and very comfortable background. He traces his ancestry to an immigrant from China whose immediate descendants succeeded as businessmen. His parents were highly educated professionals – his father a medical doctor who became a highly paid manager, and his mother a Tirona from Cavite, an educator. When war broke out, Paterno was a boy maturing into young manhood, too young to become a soldier but old enough to face the challenges of hardships and survival. He helped his mother provide for the family during those dangerous years. His father was marooned in Hong Kong for the duration of the war. His family and social connections were extensive among the privileged in Philippine society. Ting Paterno married Socorro Paz Pardo who came also from another well-connected family Read More …

Commission on Elections chairman Sixto Brillantes Jr. has branded ousted Comelec commissioner Augusto Lagman a troublemaker and attention seeker who has nothing new to say. Lagman and his ragtag group have been marching all over town over Comelec’s upcoming biddings for the supply of additional optical mark recognition (OMR) machines and the repair or upgrade of the existing OMR-anchored Precinct Count Optical Scan (PCOS), as well as over the participation certain groups in these public biddings.  Lagman and his fellow Comelec bashers still cannot get over the fact that nobody believes their conspiracy theories of wholesale rigging in the 2010 and 2013 computerized elections using the PCOS machines and Automated Election System (AES)/OMR technology supplied by Smartmatic. Lagman is the ringleader of the Automated Election System Watch (AES Watch) and the newly launched Citizens for Clean and Credible Elections (C3E), both of which want Smartmatic blacklisted from future elections, claiming AES/PCOS-engineered electoral fraud in the past two polls. Aside from the competitive bidding or negotiated contract for refurbishing the used 80,000 PCOS machines, the Comelec recently issued invitations for the bidding for the P2.07-billion lease of 23,000 units of additional OMRs (at P90,000 per unit), and for theP30.75-million lease of 410 units of DRE machines (at P75,000 apiece). Apart from Smartmatic, four more companies namely Indra Sistemas, E-Konek Pilipinas Inc., Election Systems and Software; and Miru Systems Co. Ltd., have expressed interest in joining the bidding. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It is obvious that Lagman Read More …