Maniolas

MANILA, Philippines – Members of the Association of Southeast Asian Nations (Asean) have already begun discussions on banks wanting to operate outside of their home country following the finalization of a banking integration framework, the Bangko Sentral ng Pilipinas said.  “(Other members) have already started to discuss bilaterally with other Asean members. We also have initial (discussions with other members) but I still cannot reveal them because they are very preliminary,” central bank Governor Amando M. Tetangco Jr. said. This came following the conclusion of an Asean Banking Integration Framework (ABIF) during a meeting of the member countries’ central bankers that ended on Saturday. Tetangco said that a framework for a Qualified Asean Bank (QAB) has also been established during the meeting, which basically updated the ABIF agreed upon by member countries back in December. “The framework would now allow a bank from any of the Asean members to operate within Asean but there will be conditions… Now the next step would be for governments to agree on a bilateral (accord),” Tetangco said. This means that before any Asean bank could operate in another member’s jurisdiction, regulators from both countries would have to agree on a set of rules for the QAB. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 At the same time, Tetangco stressed that banks aiming to be a QAB should comply with international standards on capital and other financial reforms. Among the ABIF’s objectives are creating strong and well-managed banks in the region, exposing the Read More …

MANILA, Philippines – The Asian Development Bank (ADB) has maintained a cautious growth outlook for the Philippines at 6.4 percent this year and 6.3 percent in 2016. ADB country director for the Philippines Richard Bolt said the 2016 outlook is slightly lower than this year due to external uncertainties such as the economies of Japan and the US. “The 2016 outlook reflects investors’ cautiousness amid uncertainties due to the elections,” Bolt said in a press briefing yesterday. Business and investments generally take a wait-and-see attitude towards national elections. Philippine gross domestic product (GDP) expanded 6.1 percent in 2014, marking several consecutive years of over six percent growth. The ADB official said that inflation is forecast at a lower 2.8 percent this year, before rising to 3.3 percent in 2016. Bolt said most of the positive drivers of growth last year would remain major factors this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Factors that powered private consumption in 2014, such as growth in employment, modest inflation, and higher inflow of remittance, are expected to support solid growth this year,” he added. Growth is projected to accelerate this year on buoyant private consumption, a solid outlook for investment and exports, and recovery in government pending. However, the ADB said the Philippines need to stimulate investment an generate more and better jobs. “Even when the employment rate fell to 6.6 percent in January 2015, the lowest in 10 years, 2.6 million people remained jobless, half of them aged 15 Read More …

MANILA, Philippines – It is vital to our families’ well-being to keep them safe from the harmful effects of insect bites. That is why we regularly spray insect killers in our homes, offices, and other places that people frequent. This practice, however, can be quite painful on the pocket as the more popular insect killers can cost an arm and a leg. Unknown to many, there is a multi-insect killer that presents an affordable alternative. Generally priced 20 percent to 30 percent less than the products we have been using. Temox comes in two variants: Temox insect killer in kerosene and waterbased formula that effectively kills flying and crawling insects. Temox multi insect killer waterbased is formulated with FDA approved formulation and its effectiveness is comparable with the leading brand, leaving flying and crawling insects dead while keeping the environment safe, and your loved ones too. Temox chalk roach and ant killer gets rid of cockroaches, ants, and other crawling insects fast, leaving a visible line that is easy to use and remains effective for weeks. Proudly Filipino-made, FDA-approved Temox ascribes to international standards of product safety and environmental protection. And because of its formulation, the liquid spray produces a scent that is neither harsh nor harmful to human, pets and environment. With Temox, insekto’y tepox! Isn’t it time you tried the multi-insect killer that is kind to the pocket but lethal against disease-causing pesky insects? Temox multi-insect killer is available at leading supermarkets, hardware and drugstores in Metro Manila, Read More …

Rep. Romero “Miro” Federico S. Quimbo. FILE PHOTO MANILA, Philippines–The Lower House is looking at raising the tax exemption cap for workers to an all-inclusive, gross annual income of at least P150,000, according to Marikina City Rep. Romero Federico S. Quimbo. Quimbo, chair of the House ways and means committee, told the Inquirer that they were also looking at raising the taxable income ceiling to P10 million from only P500,000 at present to align with inflation the tax brackets in place since the 1990s. “We intend to retain the highest income tax rate of 32 percent for those earning P10 million and above a year,” Quimbo said. At present, an annual taxable income of as low as P10,000 and less is already slapped a 5-percent tax rate, which goes up to a high of 32 percent for those earning P500,000 and above. To ease the burden on salaried workers as well as on tax collectors, Quimbo said the substitute bill being finalized by the House ways and means committee to unify all the pending income tax reform measures would be based on gross income. “We’re going to set aside all deductions, personal exemptions, de minimis, minimum wage … Everything will be based on gross income. It is easier to compute and easier to administer by the BIR [Bureau of Internal Revenue],” Quimbo said. The tax brackets would also be less, or about three to four, from seven at present, he added. As part of the overhaul and rationalization of the Read More …

DAVAO CITY — Electric cooperatives in Mindanao, which have a combined paid-up capital of more than P14 billion, are being urged to consolidate and make a bid for the Agus-Pulangi hydroelectric facilities, which are scheduled for privatization within the next two years.