So what’s wrong with being kuripot? (Or, how the stars spend their money…wisely!)

 Entertainment
Jul 122013
 
So what’s wrong with being kuripot? (Or, how the stars spend their money…wisely!)

Indeed, there’s no business like show business where, they say, money is “easy come, easy go.” When money comes, the wise ones make it grow by investing in business, so that when it goes it leaves behind some profit. That’s what some stars are doing (bless them!), so that when hard times come, they won’t be left holding an empty bag, to wit: Luis Manzano operates a fleet of cabs; Ogie Alcasid is partnering with friends on the Japanese restaurant Ryu Ramen (on Tomas Morato Avenue, Quezon City) and so does Sharon Cuneta also on a restaurant (Mesa, same location); Karylle and former boyfriend Dingdong Dantes are investors in Centerstage (a fun place) with the family of Maribi Garcia, while Precious Lara Quigaman and husband Marco Alcaraz own a fine-dining restaurant in a Parañaque City subdivision; Sylvia Sanchez and friend, retired PAL purser Bobby Casuela, also in the Scout Area, Quezon City; Manny Pacquiao has several businesses; and, but of course, the biggest businessman among them is, you guessed it, Willie Revillame (who owns, among others, several multi-million-peso houses in elite addresses, a private plane, a yacht and a soon-to-open condo-mall with a TV studio). There’s nothing wrong with spending a bit more if the thing is of good quality, whether it’s for personal use or otherwise. Funfare asked nine stars — Martin Nievera, Kuh Ledesma, Derek Ramsay, Divine Lee, Christian Bautista, Carla Abellana, Mark Bautista, Bianca Manalo and Matteo Guidicelli — how they handle money. What does the word Read More …

Metrobank to double capital to P100 B

 General
Jul 122013
 
Metrobank to double capital to P100 B

MANILA, Philippines – Metropolitan Bank & Trust Co. (Metrobank), the main banking unit of the Ty family, will double its capital to P100 billion to keep up with the global Basel 3 requirement. In a disclosure to the Philippine Stock Exchange (PSE), Metrobank said it has received approval from Bangko Sentral ng Pilipinas (BSP) to increase its authorized capital stock from P50 billion to P100 billion. The increase would be divided into four billion common shares and one billion preferred shares, each with a par value of P20 per share. “The BSP approval of the amended articles of incorporation together with the earlier approval of 30-percent stock dividend declaration shall be subject to the approval of Securities and Exchange Commission (SEC),” it said. As previously disclosed, the 30-percent stock dividend equivalent to 633.41 million common shares amounting to P12 billion shall be applied as payment of the required  25- percent subscription to the increase in authorized capital stock. Earlier, Metrobank announced its plan to issue some $500 million worth of Tier 2 capital notes to comply with the Basel 3 requirements. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Metrobank informed the PSE that the issuance of the Basel-3 compliant Tier 2 notes was approved by its board in a meeting last April. It said the planned issuance would also allow the bank to proactively manage its capital base for growth and refinancing of maturing capital securities. The Basel 3 guidelines issued by the BSP requires that Tier-2 notes Read More …

Businesswoman implicated in alleged scams involving billions of pesos denies charges 

 News
Jul 122013
 
Businesswoman implicated in alleged scams involving billions of pesos denies charges 

The businesswoman implicated in multi-billion peso ghost projects being probed by the National Bureau of Investigation has refuted accusations an alleged former employee leveled against her, her brother and her company, JLN Corporation. Janet Lim Napoles said in an affidavit she submitted to the Department of Justice that her accuser, Benhur Luy, was not her employee and that the “JLN Group of Companies” Luy has identified is not her JLN Corporation registered with the Securities and Exchange Commission. Napoles’ affidavit was filed last June, but the Department of Justice released it only on Friday. “JLN has never transacted business or closed deals with the government or any of its agencies or instrumentalities, much less the government offices which Benhur mentioned and especially those enumerated by (Luy’s relatives) Arturo, Gertrudes, Arthur, and Annabelle… in their joint sworn statement,” Napoles said. Her company was alleged to have been tapped in ghost projects of the government allegedly pegged in one report as totalling P10 billion worth of projects, including the fertilizer fund scam, the Malampaya fund scam, and anomalies in the implementation of several PDAF (Priority Development Assistance Fund)-funded projects. She did acknowledge that trading in construction materials is among the concerns of her JLN Corp. “I certainly was not involved in any of the high profile scams which occured during the previous administration,” Napoles said in an affidavit she submitted to the Department of Justice. The businesswoman said the fact her name and that of her company were never mentioned in a Read More …

Almirante: Unfair labor practice

 Economy
Jul 122013
 
Almirante: Unfair labor practice

PETITIONER Bankard, Inc. has resorted to job contractualization or outsourcing or contracting out of jobs. Among other programs, it also implemented a Manpower Rationalization Program (MRP), which was an invitation to the employees to tender their voluntary resignation with entitlement to separation pay equivalent to at least two months’ salary for every year of service. Majority of its Phone Center and Service Fulfillment Division employees availed themselves of the MRP. Respondent Bankard Employees Union-AWATU (Union) contended that Bankard committed unfair labor practice (ULP). Is there merit to this contention? Ruling: No. The general principle is that the one who makes an allegation has the burden of proving it. While there are exceptions to this general rule, in ULP cases, the alleging party has the burden of proving the ULP; and in order to show that the employer committed ULP under the Labor Code, substantial evidence is required to support the claim. Such principle finds justification in the fact that ULP is punishable with both civil and/or criminal sanctions. Aside from the bare allegations of the union, nothing in the records strongly proves that Bankard intended its program, the MRP, as a tool to drastically and deliberately reduce union membership. Contrary to the findings and conclusions of both the National Labor Relations Commission (NLRC) and the Court of Appeals (CA), there was no proof that the program was meant to encourage the employees to disassociate themselves from the union or to restrain them from joining any union or organization. There was Read More …

Comelec may proclaim three more party-lists before SONA

 News
Jul 122013
 
Comelec may proclaim three more party-lists before SONA

The Commission on Elections (Comelec) may proclaim three more winning party-lists in the May 13 elections before President Benigno Aquino III’s State of the Nation Address (SONA) on July 22. “Before SONA preferably, sabi ko, matapos namin ‘yan ng July 19,” said Comelec chairman Sixto Brillantes Jr. in an interview Friday. He noted that there are still five seats that have yet to be filled up, including three that were reserved for Senior Citizens and one for Abang Lingkod. Both have pending cases before the Supreme Court regarding their disqualification. “Pinapakuha na namin mga ballot boxes para mabilang na dito [Comelec office in Manila], para ma-proclaim na namin ‘yung tatlo. Matatapos siguro ‘yan before (July) 22,” Brillantes said. The party-list system is a proportional mode of representation in Congress, which means the number of seats is based on the number of votes per party-list. Party-lists that got two percent of total votes cast are guaranteed a seat. Those that got more than two percent may get additional seats, based on the Comelec’s formula on seat allocation. Senior Citizens, in the Comelec’s 10th partial tally, got 677,642 votes, which guarantee it two seats, while Abang Lingkod got 260,215 votes, equivalent to one seat. Although the An Waray group has been proclaimed winner and awarded two seats, its second Certificate of Proclamation has yet to be issued pending the high court’s decision on the cases of Senior Citizens and Abang Lingkod. — KBK, GMA News 

Gov't plans to borrow less next year

 Economy
Jul 122013
 
Gov't plans to borrow less next year

MANILA, Philippines – The national government has proposed a slightly lower borrowing program for next year, with the bulk still to be financed locally in a bid to take advantage of huge domestic liquidity, the National Treasurer said. A total of P714.6 billion will be borrowed by the Aquino administration next year, 2.78 percent down from this year’s P735 billion, said Rosalia de Leon in a phone interview with The STAR on Friday. “The borrowing mix will be 87 percent to 13 percent, in favor of domestic borrowings,” she said. Broken down, funds to be raised in the domestic market will amount to P620 billion, a decline of 7.44 percent from the programmed P669.8 billion this year.  “We still expect strong appetite for government securities even in terms of tenor. Definitely, we see strong demand in the long-end of the curve,” De Leon said. Inflation is expected to remain benign, she explained, and thus that would drive investors to seek for higher yields which will be found in longer-termed papers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On the foreign market, De Leon said a total of P94.6 billion, equivalent to $2.2 billion, may be raised through bond flotations and official development assistance (ODA) from multilateral financial institutions.  Of the total foreign financing, $1 billion may be sourced through offshore bond issuances, while the remaining amount of $1.2 billion may come from the World Bank and Asian Development Bank, among others. The planned external borrowings for 2014 will Read More …

SC Justice brands unseated Marinduque solon's claims as 'baseless, malicious'

 News
Jul 122013
 
SC Justice brands unseated Marinduque solon's claims as 'baseless, malicious'

The camp of Supreme Court Associate Justice Presbitero Velasco on Friday described as “baseless and malicious” an accusation made by unseated Marinduque Rep. Regina Ongsiako Reyes that the magistrate “wielded his influence” in her disqualification case. At a press conference on Thursday, Reyes accused Justice Velasco of using his “unelected post” to promote the interest of his family. Reyes recently lost a case at the SC, which upheld her disqualification on the grounds that she is an American citizen. Reyes’ rival in the last elections was Velasco’s son, losing congressional bet Lord Allan Jay Velasco. This prompted the SC magistrate to inhibit from the case filed with the SC. “Justice Presbitero J. Velasco Jr did not participate in [the case] as he actually inhibited from the case, although his son, Lord Allan Jay Q. Velasco, is not a party to said case,” said Theresa Genevieve Co from the magistrate’s office. In a 19-page resolution, the Comelec en banc ordered the Provincial Board of Canvassers (PBOC) of Marinduque to proclaim Lord Allan as the winning representative in the province’s lone district. Voting 5-2, the Comelec en banc said Reyes lacked the one-year residency required for an elected official. In March, the Comelec First Division has canceled her certificate of candidacy on the grounds that she is an American citizen. “The allegation that he wielded his influence in said case is baselss and malicious,” Co said in a statement. “Being a lawyer and an officer of the court, Atty. Reyes should have Read More …

De Lima: NBI probe on P10B fund scam may include lawmakers

 News
Jul 122013
 
De Lima: NBI probe on P10B fund scam may include lawmakers

The National Bureau of Investigation (NBI) is studying the possibility of including in its investigation several lawmakers being implicated in the P10-billion fund scam by a syndicate allegedly using “pork barrel” in ghost projects. This was according to Justice Secretary Leila de Lima, who confirmed on Friday that the NBI is in the middle of probing a fund scam being allegedly carried out by businesswoman Janet Lim Napoles, owner of JLN Group of Companies. Her firm was allegedly tapped for government-funded projects that were later found questionable, including the P728-million fund for a fertilizer project for poor farmers that were allegedly diverted to benefit politicians and a sitting president. “Whether or not lawmakers are or will be part of the NBI probe or whether or not there’s need to issue a look out bulletin will depend on results of the evaluation of the evidence,” De Lima said. De Lima refused to give further details on the ongoing NBI probe on the fund scam. She also refused to identify the lawmakers who would be investigated. “Given the gravity of the allegations, we’re keeping such investigation under wraps until the NBI completes its evidence gathering and evaluation,” she said. Napoles and her brother Reynaldo Lim were earlier charged by the NBI for illegally detaining Benhur Luy, a lead employee of JLN Group of Companies and a probable witnesses in the fund scam. The Department of Justice (DOJ), however, dismissed the complaint for lack of probable cause. The NBI has already moved for Read More …

World Bank: Phl should boost reforms to create more jobs

 Economy
Jul 122013
 
World Bank: Phl should boost reforms to create more jobs

Axel von Trotsenburg, World Bank Vice President for East Asia and Pacific (Jovan Cerda) MANILA, Philippines – The Philippine government has to create more jobs to reduce poverty and sustain high economic growth, the World Bank said on Friday. “Turning high growth into inclusive growth is increasingly important for the Philippines, by deepening and accelerating reforms that will create more and better jobs to reduce poverty,” Axel van Trotsenburg, World Bank Vice President for East Asia and Pacific said. Van Trotsenburg said job generation supported by quality education remains a big challenge in the Philippines and other countries in the world, and the country needs to create high-paying jobs directed to the youth sector. The unemployment rate in the country jumped to 7.5 percent in April from the 6.9 percent in 2012 despite gross domestic product soaring by 6.8 percent in 2012 and a 7.8 percent in the first quarter of 2013. For this year, World Bank expects the Philippines to grow by 6.2 percent. Van Trotsenburg earlier met President Benigno Aquino III and the government’s economic team to discuss areas where the multilateral financial institution can help the country in funding projects aimed at reducing poverty and improving governance in the Philippines. He also noted the transfer of the $300-million development policy loan aimed at spurring job-creating and poverty-reducing growth in the country. “There is clear convergence with the government’s goal of inclusive growth and the World Bank Group’s twin goals to end extreme global poverty by 2030 and Read More …

President Benigno Aquino Foundation? It’s a scam

 News
Jul 122013
 
President Benigno Aquino Foundation? It’s a scam

The Ninoy and Cory Aquino Foundation, Inc. (NCAF) on Friday warned the public about a circulating text scam using the foundations supposedly named as “President Benigno Aquino Foundation” and “President Noynoy Aquino Foundation.” “NCAF notifies the public, its friends, and partners that there are no such foundations registered with the Securities and Exchange Commission and neither are there any solicitation campaigns of such nature being conducted by NCAF,” NCAF president and executive director Rafael Lopa said in an emailed statement. Lopa said the Ninoy and Cory Aquino Foundation does not engage in activities contained in the text scam. “The scam is currently being perpetrated through text messages, victimizing unknowing mobile phone subscribers by soliciting contributions and fees… in exchange for certain cash prizes,” he said. “We sincerely ask that the public not to engage or entertain such fraudulent messages,” Lopa added. NCAF is a foundation primarily geared towards nation-building seeking to espouse the core values exemplified in the lives of Sen. Ninoy Aquino and President Cory Aquino. — Rouchelle R. Dinglasan/RSJ, GMA News

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