Maniolas

MANILA, Philippines – The Villar Group plans to expand its newly opened coffee chain Coffee Project to bring its total network to 23 by the end of 2017. It is pouring in P225 million to roll out 15 more branches in the next 15 months. Villar Group founder Manuel Villar Jr. decided to put up the coffee chain because he is a coffee lover. “I am a coffee lover and I always wanted to have a coffee shop. I had always thought that if I were to put up a food chain, it will be a coffee shop concept,” said Villar. To achieve its goal, the company will put up six branches before the end of the year and add nine more branches in 2017. At present, Coffee Project has seven branches including Wil Tower in Quezon City, Metropolis mall in Alabang, Vista Mall Sta. Rosa, Vista Mall Pampanga, and Vista Mall Bataan. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Villar said the new locations for its coffee stores are within the group’s properties in Legaspi and Salcedo Villages in Makati, Bonifacio Global City, Lakefront in Muntinlupa, Parañaque and Vista City in Daanghari. Villar said his coffee chain could join the growing number of Filipino-owned coffee companies such as Figaro and Bo’s Coffee. The company uses local and imported beans, mostly Arabica beans. Villar likewise noted the homey atmosphere of his coffee stores. “Coffee Project is half flavor and half ambience,” Villar said.  The Villar Group opened the Read More …

London, U.K. — I understand the president has clarified the Philippines will remain committed to its treaty obligations. The issue of US troops leaving Mindanao was overblown. My sources say that US withdrawal started last year. Moreover, there are less than a hundred left. Even this matter has been given a different spin by our officials, stating it was the president’s concern for their safety that made him say what he said. Even presidential spokesman Abella joined the chorus by saying that the President was misunderstood and there was no need to fret as no timetable was given. For clarification, the presence of US special forces in Mindanao does not arise from EDCA, but from a UN resolution calling on all countries to combat global terrorism. As far as I am concerned, the president is committed to its treaty obligations. Do not confuse the Mindanao issue with EDCA. Once again, the Palace spinmasters have failed to consolidate matters with all concerned. Result is a halo-halo of explanations. As I have said before, “message discipline” is needed and “one messenger.” The president’s impromptu announcements, laced with impolite statements, confounds all of us.  He really should forewarn his staff before any major speech. Russian Vladimir Putin once said: “When one crosses the borders of good manners, it is a manifestation of one’s weakness, not their strength.” Many of us have expressed the hope that former presidents like FVR should tactfully volunteer guidance on foreign policy matters. Digong was not elected because of Read More …

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) will adopt the electronic clearing of checks starting Jan. 20 wherein checks would be cleared within one day from the current three days. The BSP has issued Memorandum No. 2016-012 informing banks about the adoption of the clearing of checks via electronic presentment as approved by the Monetary Board. “To ensure the smooth implementation of this new process, banks are enjoined to actively participate in the preparations for the electronic check clearing,” the central bank stated in the memo. The BSP has designated Philippine Clearing House Corp. (PCHC) as the exclusive provider of electronic check clearing services and will be tasked to implement the clearing of checks via electronic presentment through its Check Image Clearing System (CICS). Using the CICS, only the digital images of checks and its electronic payment information would be transmitted to the paying bank unlike the previous clearing system that requires the physical delivery of checks. The new check clearing process is expected to speed up the crediting of funds to depositors’ account from three to five banking days to only one banking day. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Aside from promoting financial consumer welfare, this reform initiative enhances the efficiency of the domestic payment system and promotes the faster movement of goods and services in the country. The BSP recognizes the importance of check clearing to the domestic payment system. Last July 12, the BSP and PCHC signed a memorandum of agreement Read More …

MANILA, Philippines – A proposal to harmonize all capital income taxes to 10 percent is expected to encourage more depositors and investors to park their money in banks. “We propose to harmonize all capital income taxes regardless of currency, maturity and type toward 10 percent,” Finance Secretary Carlos Dominguez said. “This way, the poor pay less on the interest income and the rich pay more,” he told House ways and means committee last Tuesday. Capital income taxes pertain to final levies charged on bank deposit earnings as well as interest income from investments in bonds. Under the present law, peso deposits are charged differently depending on their maturities, with those parked for less than three years being slapped with a 20-percent rate. Money staying put for three to less than four years is taxed 12 percent, four to less than five years with five percent, while those for longer periods are tax-free. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Foreign currency deposits, meanwhile, have a fixed 7.5-percent rate, while interest from investing in bonds are levied 20 percent. Dominguez said retail depositors with small amount of money do not even feel the benefits of saving in the bank. “Small depositors are burdened with high tax rates because they save less and cannot keep their money in banks for a long time, while rich depositors, who park their money in banks because they do not have an immediate need for it, are not taxed,” he said. “Is that fair?” Read More …

BSP Governor Amando Tetangco Jr. said cash remittances contracted 5.4 percent to $2.13 billion in July from $2.25 billion in the same period last year.  MANILA, Philippines – Overseas Filipinos sent less money to their loved ones in July amid the double-digit decline in the deployment of skilled Filipino workers abroad due to soft oil prices as well as the de-risking activities by foreign banks, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. BSP Governor Amando Tetangco Jr. said cash remittances contracted 5.4 percent to $2.13 billion in July from $2.25 billion in the same period last year. This is the second time this year that the monthly cash remittances declined after contracting 1.4 percent last March. The decline in July pulled down the growth of cash remittances to three percent in the first seven months of the year. The BSP expects OFW remittances to grow four percent this year. Tetangco cash remittances amounted to $15.32 billion from January to July, $449 million higher than the $14.87 billion in the same period last year. “Remittance inflows for the first seven months of 2016 remained stable despite the decline in deployment of skilled Filipino workers,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Latest data from the Philippine Overseas Employment Administration (POEA) showed the number of land-based workers for new hires dropped 10.3 percent to 235,895 while that of sea-based workers plunged 44.4 percent to 134,360. Remittances from land-based workers amounted to $12.1 billion in the first seven Read More …