PNoy backs Loren in NY condo unit issue

 News
May 062013
 
PNoy backs Loren in NY condo unit issue

President Benigno Aquino III on Monday attested to Senator Loren Legarda’s “long and credible record of advocacies” amid accusations that the senator did not declare a posh New York City condominium unit in her statements of assets, liabilities and net worth (SALNs). On Monday, Legarda’s office released to the media copies of Aquino’s statement expressing support for the senator. Presidential spokesperson Edwin Lacierda confirmed that the President issued the statement for Legarda, who is currently running for reelection under the administration slate. “Throughout this campaign, Loren Legarda has enjoyed the overwhelming support of voters, which is in keeping with her longstanding status as a member of the Senate and a public official. She has a long and credible record of advocacies, which is the foundation for her public support,” Aquino’s statement read. “I am confident that she is not only prepared, but will do her utmost best, to answer any and all allegations raised against her,” the President added. Last week, Legarda was found to own a condominum unit in New York worth $700,000. The senator’s SALNs did not categorically state that she owned this property, instead referring to “other investment,” without the specifics required by the Civil Service Commission. In response to the accusation, Legarda’s office said the condominium unit

Palace: No 'hit list' vs communist rebels

 News
May 062013
 
Palace: No 'hit list' vs communist rebels

Malacañang on Monday denied the existence of a supposed “hit list” containing names of “most wanted” communist rebels in the country, which progressive groups said may cause further harassment in their ranks from government security forces. “There is no ‘hit list.’ What we have is the list of those who have been issued warrants of arrest,” presidential spokesperson Edwin Lacierda said at a press briefing. He added that the list of persons with standing arrest warrants can be easily accessed by the public from courts. “They are public. These are all public documents. A warrant of arrest is a public document issued by the courts,” he said. The Manila Standard Today on Monday published a report on some political and human rights activists fearing the revival of a supposed “hit list” the government may use against communist rebels. The report said lawmakers from the Makabayan bloc wants the government to publicly release the names of 235 wanted communists in the country.   Last year, the Department of Interior and Local Government and the Department of Defense came up with a joint order listing the names of 235 suspected insurgents with standing warrants, carrying P176-million total bounty on their heads. Bayan Muna Rep. Neri Colmenares, for his part, said the public deserves to know which names are on this list, since the bounty being offered comes from their taxes. “Kapag naghahanap ka nga ng labandera, inilalagay mo sa labas ng bahay mo: ‘Wanted Labandera.’ The public deserves to know this. We want Read More …

PH-China defense talks help ease sea dispute tension – DND

 News
May 062013
 
PH-China defense talks help ease sea dispute tension – DND

By Frances Mangosing Philippine Daily Inquirer 5:22 pm | Monday, May 6th, 2013 MANILA, Philippines – Notwithstanding territorial disputes, Philippines and China discussed “evolving regional security situation” and bilateral defense relations among others in its talks recently. “This year’s talks enabled the two sides to exchange views on the evolving regional security situation to include maritime security,” the Department of National Defense said in a statement Monday. It said the dialogue also “served as a platform for the Philippines and China to share perspectives on the regional security architecture to include regional multilateral institutions and relations between regional powers such as that between the US and China.” The dialogue, held last April 27, is the fourth Defense Talks since 2005 and is hosted alternately, with China as country host for this year. Among the activities of the Philippine delegation in China include a visit to National Defense University (NDU),where the Philippines has been sending officers from the Armed Forces of the Philippines. At present it has sent two AFP officers. “Both the Philippines and China acknowledged that the dialogue is indicative of their respective thrusts to continue cultivating good relations notwithstanding divergence of position on certain issues. The talks are in accordance with the declaration of President Aquino and former Chinese President Hu Jintao to have 2012-2013 as the Years of Friendly Exchange for the Philippines and China,” the statement added. The two countries also had the opportunity to review their bilateral defense relations and explore mechanisms “to further promote Read More …

Japanese robbed of P33,000 in valuables by fake talent scout

 News
May 062013
 

By Julie M. Aurelio Philippine Daily Inquirer 5:04 pm | Monday, May 6th, 2013 MANILA, Philippines — A Japanese national who wanted to try a modelling career ended up getting duped by a man who pretended to be a talent manager and carted away her personal belongings and cash. Shum Honda, 21, pointed to a certain Danny Francisco as the fake manager who got her black bag containing a Samsung tablet worth P20,000, a Samsung phone worth P6,000 and P7,000 cash. Senior Police Officer 4 George Villanueva, the case investigator, said the victim went to the Kamuning police station to complain about the theft, which happened at a restaurant along Timog Avenue in Barangay (village) Sacred Heart at around 1:30 p.m. on Sunday. The victim first met the suspect as she was walking along Edsa in Mandaluyong City. The man was able to convince the girl to try a modelling career. Honda was enticed to go with the suspect to a restaurant near GMA 7, where the girl was told to try on some outfits to demonstrate her modelling skills. The girl went to the restroom to change her clothes, leaving behind her belongings which the suspect carted away. Villanueva theorized that the Japanese was duped by a skillful con artist who had victimized other people.

Gov’t hints at ‘rift’ in CPP could be affecting peace talks

 News
May 062013
 
Gov’t hints at ‘rift’ in CPP could be affecting peace talks

By Nikko DizonPhilippine Daily Inquirer 1:54 pm | Monday, May 6th, 2013 MANILA, Philippines–The government on Monday hinted at a rift within the so-called “reaffirmist faction” of the Communist Party of the Philippines that could be influencing the stalled peace negotiations between the government and the communist rebels. Presidential peace adviser Secretary Teresita Deles: Now for the difficult part. INQUIRER file photo Presidential adviser on the peace process Teresita Deles said the government peace panel’s recent consultations with communities affected by the decades-long insurgency have raised one important question: is the government even talking to the right people? “Who are we talking to? Are they the right people? That was the advice to us, that we should examine that question,” Deles said at the Foreign Correspondents Association of the Philippines forum. CPP founder Jose Ma. Sison and Luis Jalandoni are heading the negotiating panel of the CPP and its political arm, the National Democratic Front and armed group, the New People People’s Army. Government chief negotiator Alex Padilla said that according to the government’s intelligence sources, Benito and Wilma Tiamzon, members of the CPP’s Central Committee, are now the ones “in-charge.” Padilla said that one indication that Sison may no longer have control over the CPP’s people on the ground was when the latter reneged on the documents that he himself presented during the “special track” on the talks that was proposed by the CPP-NDF-NPA panel itself. Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, Read More …

APECO shelves freeport zone plan

 Economy
May 052013
 
APECO shelves freeport zone plan

MANILA, Philippines – The controversial Aurora Pacific Economic Zone and Freeport Authority has abandoned its plans to develop a freeport zone in Casiguran, Aurora, the National Economic and Development Authority reported on Monday. “Apparently, APECO, the manager and operator of the zone, has veered away from the original plan of establishing a freeport zone, based on the findings of the study conducted by NEDA to assess the economic potential of the controversial project,” the state agency said. As an alternative to a freeport zone, NEDA said the establishment of an agro-aqua and ecotourism zone will help in promoting growth and development in Casiguran and other neighboring municipalities. “A well-defined market for outputs within and outside of the ecozone as well as the abundant agri-aqua raw materials and human resources in the area serve as a strong draw for locators,” the NEDA assessment noted. “This new plan would generate employment and spur development not just in the catchment area of Dilasag-Casiguran-Dinalungan in Aurora, but also in the nearby provinces,” it added. The state agency, however, did not recommend an immediate implementation of the proposal. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ““Further investment support for the installation of all these additional facilities will be contingent on APECO’s completion of its master plan, and other essential corporate business plans and policies in place, including its land use plan. Partnership with local government units and other national agencies through dialogues and consultations would truly make the effort supportive of inclusive growth,” Read More …

Filipino bride, 4 others killed in California limousine fire

 News
May 052013
 
Filipino bride, 4 others killed in California limousine fire

Agence France-Presse 7:15 am | Monday, May 6th, 2013 SAN FRANCISCO—A woman and four members of her bridal shower burned to death in a horrific accident, when their rented limousine caught fire en route to a party in California celebrating her wedding, US media reported Sunday. The limo driver and four women managed to escape the burning vehicle, but the bride and four of her friends perished in the blaze, news reports said. “We don’t know what caused the accident yet,” California Highway Patrol Officer James Evans told The San Francisco Chronicle. “It wasn’t a traffic collision, we do know that, but we are still investigating.” The Chronicle reported that the woman for whom the bridal shower was thrown had recently married and had planned to return to her native Philippines for another ceremony next month. But for unknown reasons, the party-bound vehicle—which was en route to a wedding shower in nearby Foster City—burst into flames on the San Mateo Bridge, just south of San Francisco. The dead women, all in their 30s and 40s, included newlywed Neriza Fojas, 31, of Fresno, according to the Chronicle, which quoted the deceased woman’s sister. Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines. Tags: Accident , Fire , Philippines , US Factual errors? Contact the Philippine Read More …

The next great upheaval in financial reporting for insurance firms

 Economy
May 052013
 

IN JULY 2010, the International Accounting Standards Board (IASB) issued an Exposure Draft (ED) on Phase 2 of International Financial Reporting Standard (IFRS) 4, Insurance Contracts, which detailed several significant changes to the way insurers measure insurance contracts. The ED required them to apply current market assessment when they measure their liabilities. The comment period for the ED ended on Nov. 20, 2010 and the IASB has since conducted re-deliberations and has reached tentative conclusions on key topics.

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