BSP strengthens control standards of local banks

 Economy
Feb 272015
 
BSP strengthens control standards of local banks

MANILA, Philippines – Banks and other financial institutions will need to revise guidelines on internal control and internal audit following the Bangko Sentral ng Pilipinas’ approval of additional rules yesterday. “The guidelines feature the fundamental elements of internal control namely, management overseeing and control culture; risk recognition and assessment; control activities; information and communications; and monitoring activities and correcting deficiencies,” the central bank said in a statement. “These effectively broaden the regulatory expectations on internal control from previously being limited only to the implementation of basic internal control activities to promoting shared accountability of the board and personnel at all levels in the control process,” the BSP said. The policy-making Monetary Board mandated the amended rules to strengthen the quality of governance in the institutions under the BSP’s watch and align them with international standards and best practices.  “The Monetary Board recognizes though, that there is no ‘one size fits all’ internal control framework. As such, consistent with the principle of proportionality, (financial institutions) are expected to adopt internal control frameworks that are suited to their size, risk profile and complexity of operations,” the BSP said. The central bank said the new guidelines also support the view that internal audit function of banks are there to assess and complement operational management, risk management, compliance and other control functions. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Financial institutions are permitted to outsource their internal audit function so long as this will not include areas covered by laws on deposit Read More …

Vietnam, Thailand win NFA bid to supply 500,000-MT rice

 Economy
Feb 272015
 
Vietnam, Thailand win NFA bid to supply 500,000-MT rice

MANILA, Philippines – Vietnam yesterday won the majority share of the 500,000 metric tons (MT) of the programmed importation for buffer stocking this year after agreeing to match Thailand’s price offer to be able supply the balance of the requirement. The National Food Authority’s (NFA) government-to-government procurement committee yesterday awarded the supply of a total of 300,000 MT to Vietnam Southern Food Corp., while the supply of a total of 200,000 MT was awarded to Thailand, which was represented by its Department of Foreign Trade. The NFA yesterday received offers for the procurement of 250,000 MT of well-milled, long grain white rice at 25 percent brokens and 250,000 MT at 15 percent brokens. The rice stock would be used for the country’s mandatory buffer stocking requirement for the lean season that starts in July. The government is required to maintain a buffer stock of at least 30 days—but ideally 90 days—for use during the lean season. The total volume would be purchased through government-to-government procurement deals with countries that have procurement agreements with the Philippines like Thailand and Vietnam that submitted offers yesterday. Cambodia, which also has a rice supply agreement with the Philippines, did not submit offers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The NFA Council is set to award the supply of 100,000 MT to Thailand for 15 percent brokens and 150,000 MT to Vietnam. Thailand offered $441 per MT against the government’s budget of $442.9 per MT. To be able to supply the balance, Read More …

BCDA, MNTC sign deal for SCTEx operation, maintenance

 Economy
Feb 272015
 
BCDA, MNTC sign deal for SCTEx operation, maintenance

MANILA, Philippines – State-run Bases Conversion and Development Authority (BCDA) has signed the business agreement for the management, operation and maintenance of the Subic-Clark-Tarlac Expressway (SCTEx) with Manila North Tollways Corp. (MNTC). The business agreement was signed by BCDA president and chief executive officer Arnel Paciano Casanova and Manuel V. Pangilinan, chairman of MNTC and Metro Pacific Investments Corp. on Thursday at the Malacanang Palace and was witnessed by President Aquino and French President Francois Hollande. French firm EGIS Projects SA owns 10 percent of MNTC and is part of the consortium that would provide the toll equipment for the upgrading of the SCTEx. Under the business agreement, MNTC would be responsible for the management, toll collection, traffic safety and security, toll road and facilities maintenance including greening and landscaping, public relations and marketing, as well as other necessary support services for the SCTEx, which traverses the provinces of Bataan, Pampanga and Tarlac, for a period of 28 years or until Oct. 30, 2043. The agreement also covers the payment of concession fees equivalent to 50 percent of SCTEx gross toll revenues to the government. MNTC turned over a check worth P3.5 billion to the BCDA during the signing of the agreement as part of the conditions set during the price challenge conducted earlier this month for the management, operation and maintenance of the SCTEx. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 While BCDA and MNTC entered into a business operating agreement covering the management and operation of Read More …

Some areas will still experience brownouts

 General
Feb 272015
 
Some areas will still experience brownouts

SOME areas in Mindanao will still experience brownouts despite having an optimistic power supply situation on the island, an official from Mindanao Development Authority (MinDA) said. Romeo Montenegro, director of investment promotions and public affairs of MinDA, told Sun.Star Davao earlier that some electric cooperatives in Mindanao are buried in debts. “They are saddled with debts, that is why their ability to contract is limited to their cash flow,” he said, adding that many of these electric cooperatives are mostly located in the Autonomous Region of Muslim Mindanao (Armm). He said they are working closely with the Department of Energy (DOE), National Power Corporation (NPC), and the National Electrification Administration (NEA) to look into the situation of these electric cooperatives. “Definitely, one of the discussions way forward is coming up with specific plans to be able to address their financial debacle,” Montenegro said. He also said the collection efficiency of these electric cooperatives should also be improved. “Before these electric cooperatives would be able to expect improve supply situation for their respective areas, it is important that they are also able to demonstrate headways and improvements in terms of collection efficiency,” Montenegro said. Aside from that, another factor why some areas will still be experiencing problems is that these electric cooperatives have contracted power projects that are yet to operate in 2016 and 2017. “There are some electric cooperatives who may find themselves still having short fall because their contracts are not yet available since the power plants are still Read More …

Dismissed PMA cadet fails to get SC relief

 Entertainment
Feb 272015
 
Dismissed PMA cadet fails to get SC relief

President Benigno S. Aquino III graces the 109th Commencement Exercises of Philippine Military Academy (PMA) Siklab Diwa Class of 2014 at the Fajardo Grandstand, Borromeo Field, Fort General Gregorio del Pilar in Baguio City on Sunday(March 16). The PMA boast of a long and illustrious history of preparing only the best Filipino men and women for military service. (MNS photo) MANILA (Mabuhay) — The Supreme Court on Tuesday affirmed the dismissal of Cadet Jeff Aldrin Cudia from the Philippine Military Academy (PMA). Cudia’s petition seeking a reversal of the dismissal was filed by Cudia and his father Renato on March 15, 2014. Cudia’s mother, Filipina, on March 25, 2014 moved to intervene in the case. The family has since formally asked the high tribunal—through separate motions for resolution—to finally decide on the matter. In February 2014, the PMA Honor Committee found Cudia guilty of lying about his reason for being late for a class, a violation that led to his dismissal from the academy. The PMA, the PMA Honor Committee of 2014 and the PMA Cadet Review and Appeals Board, through the Office of the Solicitor General, filed their consolidated comment last June 17, 2014. The comment was countered by Filipina in a reply on July 14 and later adopted by Renato Cudia. Cudia filed his first motion on July 21, 2014. With no response from the high court, Cudia, on September 30, 2014, filed a second motion. In his latest motion filed last December, Cudia and his family said Read More …

Model BF proposes to Diana Zubiri

 Entertainment
Feb 272015
 
Model BF proposes to Diana Zubiri

Diana Zubiri (MNS Photo) MANILA (Mabuhay) -– Sexy actress Diana Zubiri will be walking down the aisle again, the latest addition to the growing list of celebrity weddings in the past months. In her Instagram account on Saturday, Zubiri posted a picture of what seemed to be an engagement ring. The photo was accompanied by the lyrics of the ‘N Sync song “This I Promise You,” which the actress posted in the caption. For his part, Zubiri’s boyfriend, Andrew Smith, posted a video of his proposal to the actress on his Instagram account earlier. Zubiri first got married in 2008 but she unfortunately lost her husband two years later. The actress returned to the Kapamilya network in 2012 and was last seen on the soap “Bukas Na Lang Kita Mamahalin.” Smith, on the other hand, was the 2007 Mossimo Bikini Summit winner. (MNS)

Charmed by singer/composer Engelbert Humperdinck at the Saban

 Entertainment
Feb 272015
 
Charmed by singer/composer Engelbert Humperdinck at the Saban

A lovely girlfriend treated some of us to watch the recent one-day showing of  Engelbert Humperdinck’s concert at the historic Saban Theatre in Beverly Hills. We’ve all heard  his popular songs when we were in high school and we were all surprised to see a nostalgic performance and experience the 79-year old Humperdiinck’s charm and enigmatic voice belting out the cherished songs of our youth. Arnold George Dorsey (Humperdinck’s real name), was born in “Madras, British India (now Chennai, India),  on May 2, 1936. He was one of the 10 children to British Army NCO Mervyn Dorsey, who was of Irish descent and his wife Olivia, who was of German descent. Their family moved to Leicester, England when he was ten years old  He soon showed interest in music and began learning to play the saxophone. Soon after, he began playing saxophone in nightclubs, but he is believed not to have tried singing until he was seventeen, when friends coaxed him into entering a pub contest; His impression of Jerry Lewis prompted friends to call him “Gerry Dorsey,” a name he used for almost a decade.” Engelbert Humperdinck Dorsey’s music career was interrupted when he had to  serve in the British Army Royal Corps of Signals but when he was discharged, he had the opportunity to record with Decca Records in 1958 with his first single, “I’ll Never Fall In Love Again.” Though that single wasn’t a hit, he continued working the nighclub circuit until 1961 when he was stricken with tuberculosis for a short while, until he “regained his health and Read More …

Palace apologizes for Edsa day traffic

 Entertainment
Feb 272015
 
Palace apologizes for Edsa day traffic

President Benigno Simeon Aquino III leads the wreath-laying ceremony at the EDSA People Power Monument during the commemorative activities of the 29th Anniversary of the EDSA People Power Revolution in White Plains Avenue corner Epifanio de los Santos Avenue (EDSA) on Wednesday (February 25, 2015). This year’s theme is “Ituloy ang Pagbabago.” The 1986 peaceful and bloodless uprising ousted the dictatorship and catapulted the late Corazon C. Aquino to the Presidency. also in photo are Executive Secretary and EDSA People Power Commission chairperson Paquito Ochoa, Jr., EPPC commissioner Cesar Sarino and EPPC commissioner Herminio “Ogie” Alcasid, Jr.. (MNS photo) MANILA (Mabuhay) – The government will try its best to prevent massive traffic jams similar to what happened during the celebration of the 29th anniversary of the Edsa People Power Uprising, Malacañang said Thursday. “Humihingi kami ng paumanhin sa ating mga kababayan na naipit sa traffic dulot ng pagsasara ng mga daan kahapon,” Communications Secretary Herminio Coloma Jr. said in a Palace briefing. (We apologize to our citizens who were caught up in traffic caused by the closure of roads yesterday.) Many Filipinos were either stuck in traffic or were forced to walk several blocks on Wednesday after parts of Edsa and other roads were closed for the said celebration. “Sa susunod na pagkakataon maglalabas ng mas maaga at mas kumpletong abiso hinggil sa mga alternate routes na maaring daanan upang wag dumanas ulit ng malaking abala at sakripisyo sa matinding trapik,” Coloma added. (Next time we’ll release an earlier and Read More …

Aquino approves six-month extension of deadline for Martial Law claims application

 Entertainment
Feb 272015
 
Aquino approves six-month extension of deadline for Martial Law claims application

Filipino poet Bonifacio Ilagan, one of hundreds of activists imprisoned during the Martial Law period which was declared by the late strongman Ferdinand Marcos, poses by the granite wall which is engraved with the names of Martial Law victims, including his sister Rizalina Ilagan, at the Heroes Shrine at suburban Quezon city, northeast of Manila, Philippines Monday Jan. 28, 2013. More than 9,000 victims will be awarded compensation using $246 million that the Philippine government recovered from Marcos’ ill-gotten wealth. But all claims will still have to evaluated by an independent commission and the amount each will receive will depend of the abuse suffered. (MNS photo) Three months after the November 10, 2014 deadline expiration, President Benigno “Noynoy” Aquino III has approved Joint Resolution No. 3 extending for six months the deadline for Martial Law claims application to May 2015. Joint Resolution No. 3 is the consolidation of Senate Joint Resolution No. 10 and House Joint Resolution No. 16. “The enactment of the law is a crucial victory for the families and victims of human rights violations during the Martial Law period whose hope and opportunity to file their claims for reparation and redress for the sacrifices and sufferings they endured in the past were blighted by the November 2014 deadline,” Akbayan Rep. Barry Gutierrez. “With the new deadline, we ensure that all legitimate claimants, particularly those who are now in their final years and those who are living in the far-flung areas, are given the vital time and full Read More …

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