April 2013 – Page 12

Cuna named PSBank prexy

Economy

Apr 182013

MANILA, Philippines – Philippine Savings Bank (PSBank), the thrift unit of the Metrobank Group, has appointed Vicente Cuna Jr. as its new president following the retirement of Pascual M. Garcia III effective today. Garcia, however, will take on another position within the Metrobank Group, consistent with its policy on cross-posting. The turnover to Cuna, who is currently Metrobank senior executive vice president, would be held in an organizational meeting, after the bank’s annual stockholders’ meeting today. Garcia, PSBank president since 2001, has been instrumental in rallying the bank to become one of the key players in the consumer banking market. With his vision and leadership, the bank has become the second-largest savings bank in the country. With Garcia’s departure, PSBank said the operation of the bank would be turned over to the equally capable hands of Cuna. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Cuna has been privy to the strengths of the bank as its former vice chairman and director from 2009 to 2011. He previously served as the head of institutional and corporate banking at Metrobank. He was chairman of Metro Remittance (Canada) Inc. He also held the position of adviser of Metrobank and Philippine Charter Insurance Corp., and director at SMBC Metro Investment Corp. Cuna held previous positions in Citibank Manila, Citibank New York and JP Morgan New York.

How to prevent, prosecute & collect bouncing checks

Economy

Apr 182013

How to prevent, prosecute & collect bouncing checks

MANILA, Philippines – A substantial number of collection cases filed in the office of the prosecutor or court using BP 22 and /or estafa are dismissed due to legal technicalities. You should never be a victim of bouncing checks again if you know the right way to prevent it, prosecute offenders, and collect debts effectively. Many lawyers fail to defend their clients on this effectively because they only learn this subject matter as a two to three hour lecture in law school. To arm yourselves with the full knowledge of the law against bouncing checks, the Center for Global Best Practices is launching a one-day pioneering seminar entitled, “How to Prevent, Prosecute and Collect Bouncing Checks: Best Practices Guide on the Use of BP 22 and Estafa and Other Effective Collection Methods” on May 8 at The Peninsula Manila, Makati City, Philippines. In this one-day comprehensive seminar, commercial and criminal law experts will teach you all the relevant regulations governing bouncing checks, how to file a court case properly against the offenders, surefire ways to secure criminal conviction, as well as how to enforce court decisions and recover your money with the right out-of the-box collection strategies. For details call Manila lines: (+632) 556-8968 or 69; telefax (+632) 842-7148 or 59; Cebu lines: (+632-512-3106 or 07; Baguio: (+632) 423-5148. You may also check details and all other upcoming best practices seminars at www.cgbp.org. This special seminar will feature lawyer Marlo B. Campanilla who has authored six criminal law books and Read More …

Myanmar has a brand new airport

Economy

Apr 182013

Go ahead and cry and turn green with envy. And be mad as hell in frustration too. Myanmar, a country that was stuck in the past has been making fast and bold leaps into the future. And they started doing that while our leaders were busy playing politics or otherwise doing nothing more productive than shuffling papers and restudying long completed project studies. A friend of mine from the old UP days just came from Myanmar, as part of a JICA team to help Myanmar formulate its national transport plan. Guess what? According to him, Myanmar “has built a new international airport in three years time, with a spanking new terminal building that puts our T3 to shame.” Good Grief! In the three years this administration was busy restudying plans and getting DOTC lawyers to pretend they were engineers, Myanmar got going and has inaugurated a brand new airport they can’t even fully utilize. The new airport “was designed by Changi airport with a capacity to handle five million passengers per annum. Current traffic is only 40,000 passengers per year.” According to my friend, a transport expert working on projects in Asean, “had Myanmar applied cost-benefit analysis, phasing and staging would have resulted in a more modest airport. But there it is, standing on a new capital that is 3x the size of MetroManila.” I hope Mar and his gang of lawyers won’t say Myanmar succeeded in opening a brand new airport larger and better than our Terminal 3 because Read More …

Magna Carta for poor still valid, says Salceda

Economy

Apr 182013

Magna Carta for poor still valid, says Salceda

MANILA, Philippines – A Magna Carta for the poor remains a viable state instrument for the emancipation of poor families, but its formulation cannot be left alone to “congressional caprice.” This was stressed by economist and former presidential adviser Joey Salceda, saying “the poor are so poor that the Magna Carta for their emancipation is urgent.” “If I were allowed to make an input, I would have phrased it this way: Like IRA (Internal Revenue Allotment) to LGUs (local government units), the poor shall be entitled to at least three percent of the gross domestic product, which would automatically be appropriated annually in the state’s national expenditures,” he said. The poor’s share, he added, should be an integral part of the multi-year development instruments such as the Medium Term Philippine Development Plan and the Medium Term Public Investment Program. He, however, said the poor and the expenditure program must be defined by the National Anti- Poverty Commission, with the secretary of the Department of Social Welfare and Development as its ex-officio chair. President Aquino vetoed the proposed law recently, saying it was a “mission impossible” because the government has no means to produce the P3.3 trillion budget it requires to uplift the poor. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippine government has only a P2-trillion annual national budget this year. The President, however, has ordered the Cabinet social welfare cluster group to draw up a “substitute measure that will be given to the next Congress, which Read More …

PNoy one of Time's '100 Most Influential People'

News

Apr 182013

PNoy one of Time's '100 Most Influential People'

(Updated 12:17 a.m., 19 April 2013) Time magazine has included Philippine President Benigno Aquino III in its list of the “100 Most Influential People in the World”. Aquino and 22 other personalities including Pope Francis and U.S. President Barack Obama were among 23 “leaders” in the list. Others in the list were divided into categories such as artists, icons, titans, and pioneers. “In a country of nicknames, Filipinos proudly call their President PNoy — a pun on the word they use for themselves: Pinoy. For his courage, however, he really should have the pet name the family gave his eldest sister Maria Elena: Ballsy,” Time news director Howard Chua-Eoan wrote in describing Aquino. Chua-Eoan said Aquino inherited the legacy of his late father former Sen. Benigno Aquino Jr. and received a boost from sympathy over the death of his mother former President Corazon Aquino. But he said Aquino “quickly began making his own name” and pushed through the Reproductive Health law. The Time article even credited Aquino for “[becoming] the face of the regional confrontation with Beijing over its claim to virtually all of the South China Sea.” “It is a brave stance, the long-term consequences still unknown,” said Time. Meanwhile, Aquino, upon being told of the Time article, credited the country for his inclusion in the list: “Ito po ay dahil sa inyong lahat.” The Presidential Communications Operations Office called attention to the Time story Thursday night. Presidential spokesman Edwin Lacierda added this was the first time Aquino appeared Read More …

PHL authorities confident in safety of fertilizer plants, shops

News

Apr 182013

PHL authorities confident in safety of fertilizer plants, shops

Over 100 hurt in Texas fertilizer plant explosions. A wrecked vehicle is seen near the burning remains of a fertilizer plant after an explosion in the facility in the town of West, near Waco, Texas early Thursday, April 18. The deadly explosion ripped through the fertilizer plant late on Wednesday, injuring more than 100 people, leveling dozens of homes and damaging other buildings including a school and nursing home, authorities said. Reuters/Mike Stone Following a deadly explosion at a fertilizer plant in the US, the Philippines’ Fertilizer and Pesticide Authority (FPA) on Thursday assured the public that stringent regulations govern the operations of fertilizer shops and plants in the country. Also, according to a report aired on GMA 7’s “24 Oras”, the FPA noted distributors, processors, importers, exporters and plant operations of fertilizer and pesticide companies are currently under going inspections. The government agency also provided photos of those inspection visits to prove that they were made. The explosion and subequent fire at the West Fertilizer Co. plant located in Texas on Thursday (PHL time) took at least 15 lives and hurt more than 160 others as it razed the facility and nearby establishments. Since 2002, the FPA noted, the use of ammonium nitrate and potassium nitrate had been banned in the country. Besides as a component for making fertilizer for fruit-bearing trees, the chemicals could also be used to make improvised explosives. “Ang napagkasunduan as per resolution, banning the importation of ammonium nitrate,” Gabino Barlin, FPA executive director, said Read More …

Coast Guard: 568 more Pinoys return from Sabah

News

Apr 182013

Coast Guard: 568 more Pinoys return from Sabah

At least 568 more Filipinos have returned to the Philippines from Sabah aboard three vessels, the Philippine Coast Guard said Thursday. In an article posted on its website Thursday afternoon, the Coast Guard said the 568 were from Sandakan town in Sabah, and were assisted by Philippine officials. Assisting them were teams from the Coast Guard Jolo station, the Department of Social Welfare and Development, the Philippine National Police, and the Philippine Marines. The first group of 256 arrived aboard the wooden-hulled passenger vessel ML Nur-ena, owned and operated by Hadjili Raja, arrived in Hadju Warid Pier in Patikul, Sulu. A second group of 249 arrived aboard the wooden-hulled cargo vessel ML Billy the Kid, owned and operated by HJA Habibiya Albani at Tanjung Pier in Jolo, Sulu. Meanwhile, the passenger/cargo vessel, M/V Liliflora, owned and operated by Magnolia Shipping Corp., arrived at Jolo Pier with 63 aboard. “Upon arrival at the respective piers, the returnees’ disembarkation were assisted by the personnel and representatives of [Coast Guard] Jolo, DSWD, PNP and the Philippine Marines,” the Coast Guard said. It said the Filipinos were then brought to the RPMA Terminal for medical examination, documentation, feeding and other necessities. Several Filipinos in Sabah had fled their homes in recent weeks due to the clashes between followers of Sulu Sultan Jamalul Kiram III and Malaysian security forces. Malaysian forces had conducted offensives against Kiram’s followers since March 5, following deadly clashes on March 1 and 2 that ended a three-week standoff. — BM, Read More …

In Panatag, PHL fishermen engage Chinese authorities in cat-and-mouse game

News

Apr 182013

In Panatag, PHL fishermen engage Chinese authorities in cat-and-mouse game

As the government awaits developments in its case against China in connection with Beijing’s alleged excessive claim over the South China Sea, a fishing town in the province of Zambales has been feeling the brunt of the territorial dispute. According to Mayor Desiree Edora of Masinloc town, the local fishermen’s livelihoods have been “paralyzed” as a result of the continued presence of Chinese ships at the Panatag (Scarborough) Shoal, a disputed area. “Actually naga-attempt silang pumunta kaya lang itinataboy sila ng mga Chinese,” Edora said in a recent interview. “Marami na nakapaikot na mga malalaking barko. So itong mga fisherman na ito, ano naman ang kakayahan nila para lumapit nga e nakaharap sa kanila, baril. So ang ginawa nila, umalis na lang sila.” Mario Forones, a local fisherman, said ever since the standoff at the Panatag Shoal a year ago, he and his companions have to do their fishing in small boats to avoid detection by Chinese vessels. “Parang nakaw-nakaw na lang sir ang pagpupunta dun. ‘Yung bangka kong malaki lalayo, tapos yung maliliit na bangka na ganyan, [na] hindi gaanong pansinin, yan ang nangingisda doon,” he said. Edora said they have received complaints that local fishermen were being driven away by Chinese ships stationed at the Panatag Shoal’s lagoon entrance — an allegation that the Department of Foreign Affairs (DFA) denied as early as last year. In May last year, the Bureau of Fisheries and Aquatic Resources (BFAR) declared a fishing ban around Panatag Shoal, located about 124 nautical Read More …

BSP eases foreign exchange rules anew

Economy

Apr 182013

MANILA, Philippines – Foreign exchange (FX) rules were relaxed anew on Thursday in a bid to ease business transactions and encourage outflow of dollars amid a strengthening peso. The Bangko Sentral ng Pilipinas (BSP) unveiled new foreign exchange liberalization measures “to keep policies responsive to current economic conditions,” Deputy Governor Nestor Espenilla Jr. said. “The new rules aim to further simplify FX transactions of the general public with banks,” Espenilla told reporters in a briefing. Patria Angeles, director of BSP international operations department, said the measures may “ease pressure” on the peso, which was Asia’s second best performer versus the greenback last year. The peso closed three centavos stronger at 40.22 to a dollar Thursday. Under the new regulations, foreign money allowed to be purchased by residents without the need for BSP approval was doubled to $120,000 from $60,000. Espenilla said this is to cover “rising costs” in studying abroad, medical bills, or travelling. In the same manner, foreigners and balikbayans departing the country may now exchange their remaining pesos up to $10,000 or the equivalent amount in other currencies. The original cap to avoid BSP clearance was set at $5,000. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Expatriates and foreign students living in the Philippines may now also open peso bank accounts using their earnings here. “Previously, opening of bank accounts for non-residents may only be done by exchanging your foreign money to pesos and then using that pesos to open the account,” said BSP managing director Read More …

Resigning or not? Brillantes to decide Monday

News

Apr 182013

Resigning or not? Brillantes to decide Monday

To leave or not to leave, Elections chairman Sixto Brillantes Jr. will make his decision by Monday. On Thursday, Brillantes, who was extremely disappointed with the recent decisions of the Supreme Court against the Comelec, said he will talk first with his daughters, especially his eldest who is in Connecticut. “I’ll take a break Saturday, Sunday. Konting meditation, konting pag-iisip tapos I will make a final decision by Monday. I will be talking to some people. I have to talk to my daughters, who are the people behind me. Sila lang naman ang pinaniniwalaan ko,” he told reporters. He said his daughters have been against his taking the post from the start. Brillantes has three daughters. “Matagal na nilang ayaw ako nandito e. Pinagagalitan na nga nila ako noon pa. Seryoso, sabi ko nag-iisip ako na ayoko na. ‘Di ba sinabi ko naman noon pa,’ sabi nung bunso ko, ‘hindi ka naman dapat pumunta na dyan matanda ka na e’,” said Brillantes, 73. It was only his daughter who is abroad whom he has yet to speak with. Asked if he would still pursue his meeting with the President, Brillantes said the schedule given to him was next week. He said he can dispense with the meeting with Aquino since all he wanted to ask from him was the appointment of the two new commissioners. But if the President will ask for him, he will come. Brillantes served as President Aquino’s election lawyer in 2010. He was appointed Comelec chief Read More …

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