Maniolas

MANILA, Philippines – BDO Unibank Inc. is the first institution in the country to be accredited as administrator of the contributions made by employers and employees to a retirement savings program. The universal bank owned by retail and banking magnate Henry Sy through its Trust and Investments Group is now an administrator for the Personal Equity and Retirement Account (PERA). BDO Trust executive vice president and trust officer Ador Abrogena said being named the first PERA administrator is a distinct privilege. “This will allow BDO to further promote its advocacy for financial inclusion. It is also a great responsibility and thus, we have to see to it that it is properly implemented.  We are working towards aligning our systems and processes with recent and forthcoming regulatory issuances,” he said.  The listed bank hurdled stringent qualification requirements of the Bangko Sentral ng Pilipinas (BSP) and the Bureau of Internal Revenue (BIR). RA 9505 also known as the PERA Act of 2008 was enacted to establish a legal and regulatory framework for voluntary personal retirement plans as a means to promote savings mobilization and capital market development, to contribute to long-term fiscal sustainability through the provision of long-term financing and to reduce the need for social pension benefits. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PERA establishes the legal and regulatory framework for voluntary personal retirement plans as a means to promote savings mobilization, capital market development and long-term fiscal sustainability.  It affords employers an opportunity to become agents in Read More …

If it’s your first time to buy take out a housing loan, it’s best to take time understandig the basics before going through the process. NY/CC BY-SA 3.0 MANILA, Philippines – When purchasing a home, you need to understand how housing loans work. But the subject is often intimidating, especially to first-time home buyers. Many people think it is complex, with all the math and legal mumbo jumbo involved. Don’t worry, because to give you an idea of how housing loans work, here’s an infographic to guide you through some basic concepts you’ll encounter as you try to get your home purchase financed. READ MORE: How to get started with renting out a property Business ( Article MRec ), pagematch: 1, sectionmatch: 1 4 inspiring tips for fearful investors Settling in the metro: Does it still make sense? How long does it really take to own a house? Map: Places to live that may be better than Metro Manila

DEVELOPED countries’ “mediocre” performance since the 2008-2009 economic and financial crisis is set to persist, but this time the loss of momentum in developing countries will become an added threat, the United Nations Conference on Trade and Development (UNCTAD) said.

Getting its fair share of news coverage these days is “endo,” a shortened term for “end of contract,” which is a contractual labor employment scheme that popularly arose from the infamous threat of labor employees of a department store chain in the early ‘60s to regularize sales staff. At that time too, as the freshly minted Martial Law regime was flexing its muscles, similar labor issues were sprouting in the new export processing zones, largely egged by a then militant labor movement. Labor groups were then asking for the regularization of workers that had been working for more than six months, and rightly so, since Philippine labor laws clearly spelled out that any newly hired worker who stays on the job for more than six months has to be regularized by its employer. The problem, in the view of the employer, was that regularization meant higher costs that would have killed the business – not immediately perhaps, but in the long term. Regularization was also viewed as a sure way of increasing the number of unionized workers, and strengthening unions and the overall labor movement, which would have also meant more costs and even uncertainties in future operations if the unions decided to be hostile and demand for unreasonable additional wages and benefits. Those who still remember the ‘60s and the ’70s will agree it was a time of chaos, when rising militancy in the labor sector was a state concern that would, if left unchecked, lead to a breakdown Read More …

MANILA, Philippines – Local hotel chain Waterfront Philippines Inc. (WPI) is banking on the continuous increase in international and domestic tourists in the country to sustain its robust growth. Kenneth Gatchalian, president of WPI, told The STAR there is still a huge opportunity for the Waterfront Group to ride on the gains achieved by the local tourism industry. “It looks like the tourism industry right now is still growing so there’s still a huge room for us,” Gatchalian said on the sidelines of Acesite’s annual stockholders’ meeting. Acesite is a subsidiary of WPI. Renato Magadia, WPI chairman, added the current administration’s drive to strengthen the peace and order situation in the Philippines also increased tourists’ confidence and interest in the Philippines as a safe destination. “I think today, there are more people interested to come in to the country because of the supposed change here, especially in the peace and order situation,” Magadia said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last year, WPI’s consolidated gross revenues rose six percent to P2.1 billion from last year’s P1.97 billion. Gatchalian noted the growth in the group’s earnings was driven by its improved online presence and systems, as well as an increase in the bookings, particularly for meetings, incentives, conventions and exhibitions (MICE). The company official said WPI is targeting an increase of 10 percent in revenues this year.