Old and young people will have equal opportunities to get employed under the proposed “Anti-age Discrimination in Employment Act.” House Bill 156, authored by Rep. Edwin Olivarez (1st District, Parañaque City), will protect the not so young job seekers from employers who do not hire applicants because of age and not because of qualifications. “In the face of rising productivity and affluence, older workers find themselves disadvantaged or discriminated against their efforts to retain employment or to regain employment when displaced from their jobs,” Olivarez said. Under the measure, employers who fail or refuse to hire or discharge any individual with respect to compensation and other terms and conditions of employment by reason of age shall be unlawful. “It shall also be unlawful for an employment agency to fail or refuse to refer for employment, or otherwise to discriminate against any individual because of age, or to classify or refer for employment any individual on the basis of age,” Olivarez said. Employers with less than 20 employees shall be exempted from the prohibition of the bill. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The act of segregating or classifying employees, which will deprive individuals of employment opportunity or otherwise adversely affect the status as an employee because of age shall be punishable by law. The measure also prohibits the employer from reducing the wage rate of any employee by reason of age. Any labor organization that shall exclude or expel from its membership or discriminate against any individual Read More …
BANDAR SERI BEGAWAN — Sixteen Asia-Pacific countries are set to start talks next month on a free-trade zone that would cover over half the world’s population, according to a document obtained by AFP yesterday.
THE POWER Sector Assets and Liabilities Management Corp. (PSALM) will auction off the Naga power plant complex in Cebu in the second half of the year, the state firm’s top official said yesterday.
IN ORDER to compete with neighbors in the retirement and wellness market, the Philippines should provide long-stay visas, set up retirement communities and improve the quality of health care, according to speakers at the 3rd Philippine Retirement and Healthcare Summit.
Celebrity attendees included Holly Robinson Peete PASADENA, CA—40,000 community autism supporters united for a single cause at the 11th annual Los Angeles Walk Now for Autism Speaks at the Pasadena Rose Bowl on Saturday, April 20, 2013. The event raised more than $1.8M for autism. Powered by volunteers and families with loved ones on the autism […]
The United Nations Military Observer Group in India and Pakistan (UNMOGIP) honored and awarded on April 12 Filipino soldier Major Ricado M. Lucero Jr., and 31 other UN military observers with UN Mission Service Medals at the UNMOGIP headquarters in Islamabad. Speaking during the Medal Parade Ceremony, Major General Young Bum Choi, UNMOGIP’s Chief Military […]
The Aquino administration welcomed reports that the Philippine Stock Exchange index (PSEi) broke the 7,000 mark on Monday for the first time in history, a Palace official said. Presidential Spokesperson Edwin Lacierda issued the statement after the PSEi closed on Monday at 7,120.48 points. “This marks the 88th record high in 34 months of the […]
WASHINGTON, D.C.—An initiative of the National Kidney and Transplant Center (NKTI) that made renal care accessible and affordable to ordinary Filipinos has been recognized as one of the best public-private partnerships (PPP) not only in Asia but also in the rest of the world, the Philippine Embassy announced today. In a statement, the Embassy congratulated […]
MANILA, Philippines – Commercial lender Asia United Bank (AUB) of the Rebisco Group has moved closer to debuting in the local bourse through a P9.68-billion initial public offering (IPO). The Securities and Exchange Commission (SEC) on Monday approved the listing of AUB, which will be the second IPO in the local stock market this year. In an en banc decision, the corporate regulator allowed AUB to sell 88 million shares, including an over-allotment option of eight million shares, at a maximum price of P110 per share. Hence, the IPO will generate as much as P9.68 billion for the lender. The final price of the shares up for sale will be announced on May 3, with the offer period to start on May 7 and end on May 14. AUB said its shares will be listed on the Philippine Stock Exchange on May 17. It will be the second IPO this year, following the P3.2-billion share sale of thrift lender Philippine Business Bank in February. AUB is owned by a consortium of Filipino industrialists, Taiwanese investment banks and Singapore venture capitalists. Republic Biscuit Corp. (Rebisco), the Philippines’ leading manufacturer, distributor, and exporter of snack food products, owns 44 percent of AUB. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “AUB has evaluated its capital in light of its business strategy and determined that the offer would further solidify the bank’s capital adequacy and financial strength and, more importantly, allow AUB to pursue its strategic growth initiatives,” the lender said. Specifically, Read More …
MANILA, Philippines – State-run Development Bank of the Philippines (DBP) said its net income nearly doubled to P1.52 billion in the first quarter from P720 million in the same period last year. In a statement, DBP attributed the jump in earnings to the country’s strong economic performance and favorable market conditions which contributed to the growth in its loan portfolio and deposit base. While gains from securities trading remained a major revenue contributor, DBP said its net income was likewise boosted by its gross loan portfolio that grew 20.42 percent to P143.77 billion, from the previous P119.39 billion. A major depository of national and local government agencies, DBP hiked its deposits to P148.41 billion, up 16.52 percent from last year’s P127.37 billion. The bank’s total assets reached P327.7 billion, an increase of 8.25 percent from the previous year’s P302.73 billion. Capital adequacy ratio remained well above the central bank’s minimum requirement of 10 percent at 23.06 percent, an improvement from last year’s level of 20.11 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The bank remains consistent in its efforts to support the government’s national development thrusts, channelling much-needed financial facilities to strategic sectors such as infrastructure and logistics, environment protection, social services involving health care, education, housing and community development, and micro, small and medium enterprises. Just recently, DBP launched its P2-billion Higher Education Loan Program for Students (HELPS) for lending to qualified schools and other educational institutions, for re-lending to poor but deserving students. The program Read More …