BSP urges all sectors to work together to prevent ATM fraud

 Economy
Mar 162014
 
BSP urges all sectors to work together to prevent ATM fraud

MANILA, Philippines – Banks, law enforcers, and consumers should all work together to minimize losses from stolen information from automated teller machine (ATM) cards, the Bangko Sentral ng Pilipinas said. “This kind of loss  should be approached as a shared responsibility,” BSP Governor Amando M. Tetangco Jr. said in an e-mail to reporters over the weekend. “Banks are required to take all prudent measures to minimize the risk. Customers should be careful in handling their ATM cards. Police authorities should be running hard after the criminal syndicates,” he said. Tetangco made the comment when asked if banks should be required to provide insurance products to cover losses from ATM fraud or scams. “Without these in place, insurance will be a costly and counter-productive proposition. Customers will ultimately bear the cost either in higher fees or more restrictive services,” Tetangco said. The central bank has estimated losses to ATM fraud at P220 million in 2013, Vicente De Villa III, director at the BSP’s Supervisory Data Center, told a Senate hearing last month. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Thieves have resorted to skimming, in which information stored in one’s card is stolen through devices installed in an ATM, the BSP chief said. “A skimmed card by itself will not work unless the PIN has also been compromised. So a related issue is how the password is stolen with the skimmed card,” Tetangco said. “In the past, it was the hidden camera that was the solution. Banks could validate Read More …

SEC issues new accreditation rules for credit rating agencies

 Economy
Mar 162014
 
SEC issues new accreditation rules for credit rating agencies

MANILA, Philippines – Credit rating agencies (CRAs), hired to assess the creditworthiness of companies and debt issuances, will be subject to stringent accreditation and operational requirements. In a memorandum, the Securities and Exchange Commission (SEC) said it came up with guidelines on the accreditation, operations and Reporting of CRAs “to increase transparency and improve the integrity of credit ratings.” CRAs are tapped by corporations that plan to offer of issue commercial papers of debt securities like bonds. Such firms perform credit evaluation of corporations and business projects or of debt issues, assessing the overall creditworthiness of the borrower as a guidance to the investing public. Under the guidelines, SEC said a CRA should be a stock corporation with a paid-up capital of at least P10 million, which will increase to P15 million after the third year to cover operational improvements. CRAs should be composed of qualified and independent officers and personnel to conduct rating activities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the application for annual accreditation, CRAs are required to submit a list of shareholders and corporate affiliation, other business activities, a written code of conduct, rating scale and criteria, operating procedures, and copy of written agreement with issuers. Prior to rating the creditworthiness of an issuer or debt security, the CRA should sign a contract to render assessment services. Local debt watchers include Philippine Rating Services Corp. and Credit Rating and Investors Services Philippines Inc. The top three global credit raters are Fitch Ratings, Standard Read More …

SEC warns public anew on investment scams

 Economy
Mar 152014
 
SEC warns public anew on investment scams

MANILA, Philippines – The country’s corporate watchdog has warned the public anew against conducting business with numerous firms not permitted to sell investment instruments. In a public notice, the Securities and Exchange Commission (SEC) reminded investors about the banned sale of shares in a Boracay-based property developer. The SEC said the public should take note that the Court of Appeals in 2010 affirmed a cease and desist order that prevented Crown Regency Holiday International Inc., Fuente Triangle Realty Development Corp., Megatrend Realty Network Inc. and Boracay Multiple Properties Developers Inc. from selling investment contracts and preferred shares of Boracay Multiple Properties Developers Inc. The agency said the companies have yet to comply with the requisite registration statement for the securities. “The aforementioned decision was upheld by the Third Division of the Supreme Court in its resolution dated Aug. 15, 2012,” SEC said, adding that the ban was final and executory. The corporate regulator also issued a warning against Xingasia Marketing Corp., which is offering investment opportunities like “corperate bond notes” through subsidiaries Xingasia Lending & Investors Corp. and Xingasia Invest & Trust Bank Corp. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Xingasia Marketing is not, under any circumstance, authorized or licensed to engage in activities and/or solicit investments,” the SEC said. SEC documents showed that Xingasia Marketing is not a registered issuer of securities. It is also not licensed to act as securities broker, investment adviser, investment house and transfer agent. “It has not filed nor has it Read More …

Phl lifts decade-long ban on Japanese beef

 Economy
Mar 152014
 
Phl lifts decade-long ban on Japanese beef

MANILA, Philippines – The Philippines is now allowing the entry of Japanese beef after a decade-long ban due to the outbreak of mad cow disease in Japan. The Philippines banned the entry of Japanese beef in 2001 following the outbreak of Bovine Spongiform Encephalopathy (BSE) or mad cow disease. Talks for the resumption for exports commenced in 2004 and were concluded recently. As of last year, the World Organization for Animal Health said Japan has a “negligible risk” of mad cow disease. In a statement, the Japanese embassy in Manila said discussions with the Philippine government on the re-entry of Japanese beef into the Philippine market had been finalized. “Since 2004, both governments of the Philippines and Japan have been discussing animal health conditions to import Japanese beef from Japan to the Philippines. The discussion has recently been finalized and the Philippine government has finally approved the importation of Japanese beef from Japan,” the embassy said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippines and the Animal Quarantine Service of Japan (AQS) will soon start issuing the foreign meat establishment (FME) certificates to the accredited exporters. These certificates will accompany beef shipments.

SSS revenues rise 6% to P38 B in 2013 on higher contributions

 Economy
Mar 152014
 
SSS revenues rise 6% to P38 B in 2013 on higher contributions

MANILA, Philippines – The Social Security System (SSS) registered a six percent rise in revenues in 2013 on higher contributions from members and steady investment earnings. In a statement, the state pension fund said net revenues reached P38.3 billion last year as member contributions breached the P100-billion level. Contribution collections amounted to P103.1 billion, up nine percent from P94.2 billion in 2012.  “The increase in collections was bolstered by ongoing campaigns to promote the value of active SSS membership, improved monitoring of employer compliance and intensified coverage drives spanning a wide range of sectors, including the hard-to-reach informal sector and overseas Filipino workers,” said May Catherine Ciriaco, SSS vice president of management services and planning. Total revenues stood at P137.4 billion in 2013, up seven percent from P128.1 billion in 2012. About  75 percent of the total came from contributions. Operating expenses declined one percent to P7.6 billion, which represented 57 percent of the allowed charter limit.  This  was a result of measures taken by management to maximize SSS resources and promote system-wide prudent spending. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Benefit payments, which account for 92 percent of total expenditures, went up nine percent to P91.4 billion. SSS continued its regular monitoring of pension releases thru the Annual Confirmation of Pensioners (ACOP), a program that protects the fund from fraudulent claims by requiring pensioners to present themselves to SSS or to their depository bank on the member’s birth month to prove their continued eligibility for pension. Read More …

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