BSP eases rules on banking hours

 Economy
Jun 032014
 
BSP eases rules on banking hours

MANILA, Philippines – Local banks may now easily extend their banking hours to provide more services to their clients after the Bangko Sentral ng Pilipinas issued new regulations that liberalized operating hours for banks. In a statement, the BSP said it had approved a new framework that makes it easier for banks to extend their banking hours. “The new framework recognizes the evolving needs of financial consumers, especially those who require banking services beyond current regular business hours,” the central bank said. “This is firmly in line with the BSP’s thrust of empowering financial consumers, which is essential to fostering the stability of the financial system,” it added. The central bank currently requires banks to open for business for a minimum of six hours a day, and five days a week, except for holidays. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The BSP said this is different from their provision of e-banking services and automated teller machine operations. Under the new framework, banks wanting to change or lengthen the schedule of their operations will only need to send a “prior written notice” to the central bank. Providing full banking services during the extended period is also allowed under the new framework which means banks may conduct check processing, bank certification, payment orders, check reorders, bills and loan payments, and other services. Previously, banks are required to get a BSP approval for changing the schedule of their banking hours, for carrying on services other than their core functions during Read More …

BPI Family launches new auto loan, investment package

 Economy
Jun 032014
 
BPI Family launches new auto loan, investment package

MANILA, Philippines – BPI Family Savings Bank, the thrift arm of Bank of the Philippine Islands, is launching an auto loan and investment package rolled into one, the first of its kind in the industry, that will give customers a 10 percent rebate after five years. “We call this the Auto Rebate Program or the Money Back Promo, which is only available if you get an auto loan from BPI Family Bank. This is available for 60 months, then we will give back to the customer 10 percent of the loan amount,” BPI Family vice president for the auto loans division Felipe Carlos said. The promo will allow the client to enjoy a 10 percent rebate (based on the client’s loan amount) at the end of the loan term if the loan is fully paid, has satisfactory handling, and if another loan will be availed within six months of full payment. Moreover, if no new loan is availed, the client is still entitled to a five percent rebate. Furthermore, Carlos explained that the vehicle must be brand new, intended for private use, and should be sourced from a local and accredited automotive dealer. “The BPI Family Auto Loan Money Back promo aims to change how people see cars and car loans, as it is now an investment. With this new promo, you get to immediately realize the benefits of having a new car, get to own a highly useful asset and eventually get a sizeable amount at the end of Read More …

Can our justice system handle Napoles?

 Economy
Jun 032014
 
Can our justice system handle Napoles?

Ombudsman Conchita Carpio Morales was supposed to have said there is enough evidence to convict Senators Enrile, Estrada and Revilla. But she said she is still studying their motion for reconsideration and “only God knows if they will be indicted in court.” She also said she does not have a time frame to sign the charges against the senators. I hope she was just not quoted well. Maybe the lawyers know exactly what she means. But to us who are not lawyers, the Ombudsman has done a perfectly good job of confusing us. If there is enough evidence, why not file the cases at the Sandiganbayan already? Time is of the essence. The public, indeed the world, needs to be reassured we have what it takes to punish public wrongdoing among our officials. But the Ombudsman says she is not concerned about the time frame for prosecuting the senators. The fact that she is on a junket to the United States while the Napoles revelations have gone into overdrive can’t be a good indicator of how seriously she regards these cases. I realize due process demands she first acts on the merits of the motion for reconsideration filed by the respondent senators. But it is not reassuring to hear the Ombudsman saying that “only God knows if they will be indicted in court.” We all know how slowly our justice system works. Still, the Ombudsman should not douse hope among our people that, in this case, the wheels of justice Read More …

Chevrolet PH launches FREE Periodic Maintenance Service (PMS) promo

 Economy
Jun 032014
 
Chevrolet PH launches FREE Periodic Maintenance Service (PMS) promo

MANILA, Philippines – Chevrolet Philippines – The Covenant Car Company Inc (TCCCI) truly knows how much their Filipino customers value vacations and out of town road trips with friends and family; hence, to provide new Chevy-buyers a worry-free experience in terms of going the distance, Chevrolet Philippines is offering the first 10,000-kilometer Periodic Maintenance Service (PMS) and 1-year motorcar Insurance for free for every purchase of a Chevrolet through a PBCOM Auto Loan program from May 10 to July 31, 2014! Worry less about your car maintenance expenses and just enjoy your perfect summer getaway! And what better way to do so than by driving to some of the most picturesque land-travelled beaches of Batangas, La Union and Baler with an awesome and dependable traveling companion—Chevrolet. Concerned about the sharp turns or the steep uphill and downhill of the roads to Baguio or Batangas? Then take your family for a ride on the Chevrolet Trailblazer. It’s got enough space to comfortably seat a family of seven. Equipped with the improved Duramax Turbo-diesel engine, the Trailblazer now produces 200hp of power at 3,600 rpm and a whopping 500Nm of torque at 2,000 rpm, making the Trailblazer the most powerful in its class and perfect for any summer road trip terrain. Looking for ways to beat the heat? In that case, take the gang for a trip to Tagaytay or Baguio with the all new Chevrolet Spin. The Spin is a 7-seater all-around utility vehicle which is the first in its class Read More …

BFAR eyes 1-million roster

 Economy
Jun 022014
 

DAVAO CITY — The Bureau of Fisheries Aquatic Resources (BFAR) hopes to register 1 million fisherfolk by July through the National Municipal Fisherfolk Registration Program in order to fulfill its commitment to national treaties and further improve its share in the European Union (EU) fish market.

It hurts when I pay my taxes

 Economy
Jun 022014
 

EVERY TIME I get my pay slip, I get depressed. I see the amount of what I was supposed to have earned and, right below it, the amount of tax deducted from my income that I would never see again. Of course, some would argue that I do see the tax I paid in terms of infrastructure and public services. But even if I try to console myself with such platitudes, I find myself feeling more depressed every time I ride the MRT and get squeezed by the hordes of people also trying to get in, or when I go to a government office just to be practically ignored or, on special days, even snarled at.

CALAX project attracts ‘big guns’

 Economy
Jun 022014
 
CALAX project attracts ‘big guns’

MANILA, Philippines – The Department of Public Works and Highways (DPWH) received yesterday proposals from four prequalified bidders for the P35.4 billion Cavite-Laguna Expressway (CALAX) project. Submitting their technical bids were: MPCALA Holdings, which is led by Metro Pacific Tolllways Development Corp. (MPTDC), a unit of listed Metro Pacific Investments Corp. (MPIC); Optimal Infrastructure Development Inc., which is led  by San Miguel Corp. (SMC); Team Orion, which consists of Ayala Corp. and Aboitiz Group; and  Alloy MTD Philippines. “We prequalified four bidders and all submitted their bids,” DPWH Secretary Rogelio Singson said. He said the agency checked yesterday the legal and technical bids and is set to issue a bid bulletin scheduling the opening the financial bids on Friday. “We hope to be able to open the financial (bids) by Friday,” he explained DPWH Undersecretary Rafael Yabut said the agency’s Special Bids and Awards Committee together with the Technical Working Group would review the legal and technical proposals to determine the compliance of the four prequalified bidders. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The agency earlier issued Supplemental Bid Bulletin 32 containing the changes to the instruction to bidders for the PPP project. A major revision requires bidders to submit a bid in the form of the viability gap funding (VGP) or subsidy not to exceed P5 billion or the amount that would be paid to the government as concession payment. This was in sharp contrast to the original guidelines wherein the basis for the bid was Read More …

Peso sheds 4 centavos on Monday

 Economy
Jun 022014
 
Peso sheds 4 centavos on Monday

MANILA, Philippines – The peso shed 4 centavos against the dollar on Monday, closing at 43.8 from the previous day’s 43.76. Total volume transacted at the Philippine Dealing System amounted to $772.4 million, lower than the $883 million posted on Friday. The peso opened the week at 43.8.

Peso sinks midday Monday

 Economy
Jun 012014
 
Peso sinks midday Monday

MANILA, Philippines – The peso dropped against the dollar midday Monday, settling at 43.871 from the previous day’s 43.76. Total volume transacted at the Philippine Dealing System amounted to $364.4 million in the morning, lower than the $470 million posted the same period on Friday. The peso opened the week at 43.8.

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