No more Napoles, whistleblowers in Senate ‘pork’ probe next week

 News
Jan 232014
 
No more Napoles, whistleblowers in Senate ‘pork’ probe next week

Expect no further testimonies from controversial businesswoman Janet Lim-Napoles or from the whistleblowers linking her to the alleged P10-billion “pork barrel” scam when the Senate probe on the suspected anomaly resumes next week. In an advisory to the media, the office of Senate blue ribbon committee chairman Teofisto Guingona III said the investigation next Thursday “will focus on policy issues.” Among the issues expected to be tackled are the registration, accreditation and monitoring of non-government organizations (NGOs) that deal with government contracts, Guingona’s office said. Napoles, lawmakers and other government officials allegedly pocketed millions in pork barrel funds by funneling them to bogus NGOs. Senators Ramon Bong Revilla Jr. and Jinggoy Estrada and Senate Minority Leader Juan Ponce Enrile are currently facing plunder raps before the Office of the Ombudsman for their alleged involvement in the scam. Audit chief Grace Pulido Tan, Securities and Exchange Commission (SEC) chair Teresita Herbosa and Philippine Council for NGO Accreditation chair Augusto Carpio have been invited to the probe, Guingona’s office said. In last November’s hearing on the alleged scam, Napoles, who is currently detained in Laguna for a separate illegal detention case, came face to face with her accusers. She, however, clammed up by repeatedly invoking her right against self-incrimination. — Andreo Calonzo/RSJ, GMA News

Mar, Alfred: We've always been friends, no bad blood

 News
Jan 232014
 
Mar, Alfred: We've always been friends, no bad blood

Roxas, Romualdez meet in Congress probe on Yolanda response. Tacloban City Mayor Alfred Romualdez greets DILG Secretary Mar Roxas II (right) before the start of the Congressional Oversight Committee hearing on the government’s Yolanda response at the Senate on Thursday, January 23. Roxas came face to face with Romualdez, a month after the local official accused the Cabinet official of bringing up clan politics in the aftermath of Typhoon Yolanda (Haiyan). Benjie Castro After a month-long word war on the government’s response to Typhoon Yolanda, Interior Secretary Mar Roxas and Tacloban City Mayor Alfred Romualdez said there is no bad blood between them. After a congressional post-Yolanda assessment on Thursday, Roxas and Romualdez shook hands and faced reporters together. “We’ve always been friends. Si Secretary Mar, kahit wala pa sa pagka-Secretary, we were together in Congress,” Romualdez told reporters. Roxas meanwhile said that the issue between him and Romualdez was just “intrigue” blown out of proportion. “Natutuwa ako na nabigyan kami ng chance na magkita uli sa isang convivial na situation,” the Cabinet official said. He also invited Romualdez to a meeting on Tacloban’s rehabilitation after Yolanda. During a hearing last month, Romualdez claimed Roxas told him after Yolanda hit Tacloban City: “We have to be very careful because you are a Romualdez and the president is an Aquino.”  The Tacloban mayor also said Roxas asked him to cede control of the city to the national government instead of immediately responding to the needs of the typhoon victims. But Roxas Read More …

PNB losses from recent calamities to reach P800M

 Economy
Jan 232014
 
PNB losses from recent calamities to reach P800M

MANILA, Philippines – Philippine National Bank (PNB), the main banking arm of tycoon Lucio Tan, has estimated that losses to the group as a result of the damage brought about by recent calamities could reach P800 million. In a prospectus submitted to the Philippine Stock Exchange (PSE) in relation to its rights offering, PNB said “as a result of the typhoons Maring and Santi, the earthquake in Bohol and, in particular Super Typhoon Yolanda — which caused significant damage in Central Visayas and certain parts of Southern Luzon — the bank expects to incur losses as a result of claims for property damage by clients of the Bank’s non-life insurance company, PNB Gen.” “While the amount of these losses, particularly with respect to losses arising as a result of Yolanda have not been fully assessed at this time, the bank currently estimates that these losses will be between P700 million and P800 million,” it said. In addition, PNB said it is still currently assessing the impact of Yolanda on the bank’s owned and invested properties. Despite these expected losses, PNB said it has competitive strengths relative to the banking sector. “The bank believes that it is well-positioned in the robust Philippine banking sector. The Philippines has one of the lowest banking penetrations in Asia, leaving significant headroom for growth,” it said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to the Economist Intelligence Unit, loan growth is expected to be strong at 13.5 percent on average over the Read More …

Ongpin Group firms up control of Alphaland

 Economy
Jan 232014
 
Ongpin Group firms up control of Alphaland

MANILA, Philippines – The group of former Trade Minister Roberto V. Ongpin has firmed up control of Alphaland Corp. after the trial court junked the plea of erstwhile British partner to cancel an equity infusion. With Ashmore Group diluted to a minority stake, Alphaland management is moving forward with various projects including a share sale to increase its public ownership level. In a disclosure, upscale property firm Alphaland said the Makati Regional Trial Court (RTC), in an order dated Jan. 22, upheld Ongpin’s position and denied Ashmore’s request for a temporary restraining order (TRO). The Ongpin Group earlier secured 50.57 percent of Alphaland’s outstanding shares following a P1.5-billion capital call that was ignored by the London-based Ashmore Group. Prior to the transaction, Ongpin Group owned 21.73 percent of Alphaland while Ashmore Group controlled 69.37 percent, which is now down to 24.41 percent. “Instead of participating in the capital call, Ashmore Group applied for an ex parte TRO for 72 hours from the executive judge of the RTC on Jan. 14,” Alphaland said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The judge denied the application and had the case raffled. A hearing was then conducted on Jan. 16, on whether a 20-day TRO should be issued, Alphaland said. Alphaland claimed that Ashmore Group misrepresented the sale of 49.6 million Alphaland shares worth P942 million to comply with the minimum public ownership requirement. “The shareholders agreement was not properly and fully executed. And it is also void for being contrary Read More …

BSP charter changes ‘critical’ for financial stability

 Economy
Jan 232014
 
BSP charter changes ‘critical’ for financial stability

MANILA, Philippines – Amendments to the central bank charter that would give the institution additional powers of surveillance over banks and its sister companies is “critical” for financial stability, the International Monetary Fund said. “That’s critical… that’s a very important aspect and most countries have that actually,” IMF resident representative Shanaka Jayanath Peiris told reporters. “The lesson from the global crisis was that there should be a regulator with powers to ensure financial stability, to cover and avoid regulatory gaps, and to be able to look at institutions including financial and non-financial entities,” he continued. Peiris was commenting on the Bangko Sentral ng Pilipinas’ proposed amendments to the New Central Bank Act of 1993 aimed at strengthening the institution’s monetary and financial stability mandates. The said amendment is deemed important in order to trace where bank loans go to or if these funds are being granted as fresh loans by the borrower. This will help the BSP assess the risks faced by the banks if the end-borrower does not pay the firm that originally received the loan from the bank. “From the global crisis, we learned that not knowing was the problem but also you need the power to act as well,” Peiris said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “So first you need to enhance the monitoring which also partly being done but you also have to have the legal mandate for it if you need to act in the future,” he added. The global financial Read More …

As ex-transport chief, Mar OK with ‘Boy Pick-Up’ tag

 News
Jan 232014
 
As ex-transport chief, Mar OK with ‘Boy Pick-Up’ tag

Interior Secretary Mar Roxas on Thursday said he was not offended when Senator Ramon Bong Revilla Jr. called him “Boy Pick-Up” in a privilege speech earlier this week. Roxas said he considered the moniker as a joke that must not be given any malice. “Parang joke nga eh. Sinabi niya sa akin, Secretary of Transportation ka, dapat ipagmaneho mo ako. Sabi ko, okay lang,” Roxas told reporters after attending a congressional assessment of the government’s response to Typhoon Yolanda. Roxas was the chief of the Department of Transportation and Communications from 2011 to 2012. Revilla even briefly attended the hearing where Roxas was one of the resource persons, but the two were not able to interact. In a privilege speech last Monday, Revilla called Roxas “Boy Pick-Up” for supposedly driving him to Malacañang to discuss the impeachment trial of former Chief Justice Renato Corona with President Benigno Aquino III. Roxas maintained that there was nothing irregular with what he did, saying it was a way of reaching out to a former colleague. “Wala namang masama. Sa personal ko, tiningnan ko ito bilang pagpapakumbaba, bilang personal outreach to my former colleague,” he said. He also belied Revilla’s claim that he concealed his plate number, saying he never uses his official plate number in the first place. — Andreo Calonzo/KBK, GMA News

Chinese ships leave Paracel Islands after landing drills

 News
Jan 232014
 
Chinese ships leave Paracel Islands after landing drills

By Matikas SantosINQUIRER.net 6:26 pm | Thursday, January 23rd, 2014 MANILA, Philippines – A fleet of three Chinese ships, one of which has an “advanced weapons system,” has completed patrols and landing exercises in the Paracel Islands in the South China Sea Wednesday, Chinese state media reported. “The three-ship flotilla, consisting of amphibious landing craft Changbaishan and destroyers Wuhan and Haikou, left from a military port in south China’s Hainan Province on Monday,” Xinhua news agency reported Wednesday. “The flotilla undertook a ‘three-dimensional’ patrol of several islets, using surface vessels, hovercraft and shipboard helicopters. Marines with the flotilla conducted a 20-minute landing training on Wednesday,” it said. The ship Changbaishan was described as China’s largest landing ship and has an “advanced weapon system.” The fleet also has three helicopters and one company of Marines onboard, the report said. Disputed islands Paracel Islands is a group of island in the South China Sea that is the subject of a dispute between China and Vietnam. China calls it Xisha Islands while Vietnam calls it Hoang Sa Islands. In 1974, a military engagement between Chinese and Vietnamese troops left at least 50 from the Vietnamese side and 18 from the Chinese side dead. One Vietnamese ship was sunk while a total of seven ships were damaged. China won the battle and have controlled and occupied Paracel Islands ever since. Sansha city was established July 2012 to administer over the The islands are covered under the recently implemented fisheries regulations of Hainan province that Read More …

Palace assures assistance to OFWs allegedly abused in Malaysia

 News
Jan 232014
 
Palace assures assistance to OFWs allegedly abused in Malaysia

By Nestor CorralesINQUIRER.net 5:01 pm | Thursday, January 23rd, 2014 Communications Secretary Herminio Coloma. INQUIRER FILE PHOTO MANILA, Philippines—Malacañang on Thursday assured the public it will call the attention of the Department of Foreign Affairs (DFA) to check the alleged abuses committed against Filipinos in Malaysia. This was after a Palace reporter recounted the experience of his brother being maltreated by Malaysian authorities in line with the nationwide crackdown on illegal migrants. “We will call the priority attention of the DFA on this. We need to get the particulars because if we will just present about the general situation, we would not be able to trace this,” Communications Secretary Herminio Coloma said Thursday in a press briefing. Coloma said the government could not tolerate violation of basic human rights committed against Filipino citizens. He, however, pointed out the Department of Foreign Affairs has yet to receive reports from the Philippine embassy in Malaysia on the said incident reports. He cited they need details of the incident reports of maltreatment before filing any case against Malaysian authorities. “These allegations are serious that is why we need to have enough evidence of the maltreatment and violence to our citizens,” he said. He assured the public especially our Overseas Filipino Workers (OFW) in Malaysia the government is doing the necessary steps to give justice to the maltreated OFWs. He said our government is respecting the rights of foreigners in our country so he expects that other countries should do the same. A nationwide Read More …

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