April 2015 – Page 26

Financial institutions told to submit full credit info

Economy

Apr 092015

Financial institutions told to submit full credit info

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is set to issue a circular reminding all banks and non-bank financial institutions to submit complete credit information to the Credit Information Corp. (CiC). The CiC is a government-owned and controlled corporation that would be the lead provider of independent, reliable and accurate credit information in the Philippines. It was created in 2008 by Republic Act (RA) 9510, otherwise known as the Credit Information System Act (CISA). CiC president and chief executive officer Jaime P. Garchitorena said the BSP circular merely reiterates and serves as a reminder to the banking system of its duty to submit to the government bureau both positive and negative credit information. “The BSP circular also benefits the monetary regulator since we are servicing the same industry, and that it will likewise benefit from the global view of the credit risk profile of the country’s banking industry,” he said. He likewise reminded that under RA 9510, the CiC could penalize institutions violating the law. The credit bureau’s principal supervisor is the Securities and Exchange Commission (SEC). Garchitorena said the CiC would first focus on the banking industry and all non-bank financial institutions under the BSP supervision, before expanding to other industries including insurance, credit cooperatives, financial companies and institutions, utility companies and other businesses that extend loans. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Thirty-three institutions and companies have already signed up, and another 20 are undergoing data format revisions and reviews. “We expect roughly Read More …

A misty-eyed look at post-war theaters

General

Apr 092015

Two years after World War II wiped out the movie theaters in Manila, newly-built and newly-renovated ones were back in operation between Jan. 1 and Dec. 31, 1946. Contributor Celso de Guzman Caparas has made a list of the theaters and the re-opening movies as a rejoinder to Funfare’s tribute to Post-war Actresses and Post-war Actors and Directors published last year. This feature is also in commemoration of the 70th anniversary of the Battle of Manila (Feb. 3 to March 3) and the 96th anniversary of Philippine Cinema. Ideal (Rizal Ave., Sta. Cruz) — Somewhere I’ll Find You, Clark Gable and Lana Turner; owned by the Roces family in partnership with Teotico, Basa, Tuason and Guidote families (the first theater was made of wood in 1912). Times (Quezon Blvd.) — We’ve Never Been Licked, Richard Quinne and Anne Gwynne; re-opened on Aug. 21, 1945, erected in 1939 and designed by architect Luis Araneta with an Art Moderne relief; the only pre-war theater still in operation, showing double foreign films. Lyric (Escolta) — Desert Song, Dennis Morgan and Irene Manning, Warner; re-opened on Sep. 16, 1945. Zest (R. Hidalgo St., Quiapo) — I Was A U-Boat Prisoner, Bruce Bennett and Erik Rolf; re-opened on Nov. 9, 1945. Entertainment ( Article MRec ), pagematch: 1, sectionmatch: 1 Globe (Raon St., Quiapo) — None Shall Escape, Marsha Hunt and Alexander Knox; re-opened on Nov. 11, 1945. Astor (Plaza Sta. Cruz) — The Fleet’s In, Dorothy Lamour and William Holden; re-opened on Nov. 11, Read More …

Lopez firm pumps in P1.4B fresh capital to property unit

General

Apr 092015

Lopez firm pumps in P1.4B fresh capital to property unit

MANILA, Philippines – The Lopez family’s investment firm is infusing fresh capital to a property unit for its expansion. First Philippine Holdings Corp. (FPH) is pumping in P1.4 billion in subsidiary First Philippine Properties Corp. for the latter’s land and related acquisitions. “Part of the funds is intended for the purchase of the property located at the Philtown Industrial Park,” FPH said. FPH last January topped the auction for a 46-hectare property located at the Philtown Industrial Park in Tanauan, Batangas. The property, which was previously owned by Brilliante Realty Corp. and Mitsubishi Motors Philippines Corp., consists of “land and improvements.” The Lopez-led firm, through subsidiary First Philippine Industrial Park, currently operates an industrial park in Santo Tomas, Batangas. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 FPH has strategic initiatives in manufacturing and property development but its major business is in power generation and distribution. The company operates the power business through units Energy Development Corp. and First Gen Corp. FPH is also into property development through Rockwell Land Corp., a listed premier property developer of residential and commercial projects catering to the high-end and upper-mid markets mainly in Metro Manila. Last year, the company’s earnings surged 140 percent to P5.6 billion from P2.3 billion the previous year due to revenues which went up 14 percent. FPH said electricity sales grew P4 billion or five percent last year behind EDC’s Bacman, Nasulo and Burgos wind plants that went online in 2014. Contracts and services also increased 49 percent Read More …

WTCMM to host global meet

Economy

Apr 092015

MANILA, Philippines – The global market is coming to Manila as the World Trade Center Metro Manila (WTCMM) plays host to the forthcoming 46th World Trade Centers Association General Assembly (WTCA GA) with the conference theme, “Better Together, Global Unity and Cooperation,”on April 26-29, at the exhibition hall of WTCMM. The three-day WTCA GA is the most important event in the WTCA’s annual calendar and platinum sponsors supporting the prestigious global assembly are the Tourism Promotions Board promoting 2015 as Visit Philippines Year; Philippine Airlines as the official carrier of delegates flying in from all over the world; and the Center for Culinary Arts highlighting Filipino culinary talent through stylized Filipino cuisine. Other government agencies and local companies supporting WTCMM are the Philippine International Trading Corp, Sycip, Gorres & Velayo Co., Philippine Retirement Authority, Oxford Business Group, Philippine Exporters Confederation, Tourism Infrastructure and Enterprise Zone Authority, Ralph’s Wines and Spirits, Figaro Coffee Systems, Inc., Live Events, Worldstage, Eras Furniture, and Sofitel Philippine Plaza Manila. The global market, represented by some 250-300 businessmen and investors from nearly 100 countries is coming to Manila and top-level business contacts are expected to realize great potential for near-term investments through networking and business matching with local delegates representing the Makati Business Club, Management Association of the Philippines, Financial Executive Institute of the Philippines and the Philippine Chamber of Commerce and Industry. The general assembly is hosted by a World Trade Center and each year rotates to different continents and draws some 250-300 foreign delegates Read More …

P-Noy resignation counter-productive

Economy

Apr 092015

He is not going to resign, nor will he be impeached. So let us stop wasting time and energy on this unproductive rant and give him the last 15 months to prove that he can manage and lead the country as we all hoped when we voted him into office. “Daang Matuwid” is a great tag line, but nobody mentioned the ruts and cracks along the way that need to be filled if we are to make progress down this road. These are the sort of things that may seem small in the scale of things that are important to governing a fractious country. In truth, these are all that matters for the majority of Filipinos and it is what shapes their perception of what good government is all about. That permits and licenses are issued promptly and with the minimum of fuss, that garbage is collected, that trains run on time, that they don’t get mugged coming home from work and that basic health care is available, etc. In other words, things that make daily life to be a little less burdensome through the effective provision of the basic public services that the respective government agencies are mandated to perform. And this effectiveness boils down to a matter of good and effective management of these agencies. Unfortunately, mismanagement seems to be more prevalent in many government agencies. And one that seems to be the poster boy of them all is the DOTC which is proving to be one such Read More …

Banks comply with US law on offshore accts

Economy

Apr 092015

Banks comply with US law on offshore accts

MANILA, Philippines – A notable 214 Philippine banks and financial institutions have registered under the Foreign Account Tax Compliance Act (FATCA), a US law that requires non-US entities to identify American accounts holding over $50,000, the Bangko Sentral ng Pilipinas reported. Enacted in 2010, the FATCA mandates banking and financial institutions that conduct business with US individuals and entities to report the name and address as well as the largest account balance in the year and total debits and credits of any account owned by a US resident. This measure is designed to help US authorities track resident individuals and companies hiding income and assets in foreign jurisdictions. It is also aimed at curbing offshore tax evasion by American citizens. According to the BSP, 51 of the 214 domestic financial institutions that registered under FATCA as of the end December last year comprised of banks. Failure to comply with FATCA’s requirements will expose such financial institutions to a hefty 30-percent withholding tax on all US-sourced revenues including dividend, interest, fees and sales as well as the investments of their customers. The BSP said the Philippines signed on Nov. 30, 2014 an intergovernmental agreement (IGA) with the US Internal Revenue Service (IRS), making it easier for the country to comply with the provisions of FATCA. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The status of the Philippines as a jurisdiction treated to have an IGA in effect provides welcome relief on some FATCA-related operational issues confronting Philippine financial institutions,” Read More …

New images show progress of Chinese reclamation in Panganiban Reef

News

Apr 092015

New images show progress of Chinese reclamation in Panganiban Reef

Senator hits PNP’s ‘failure’ to solve student’s killing MILF’s Iqbal shows up at House Mamasapano probe Authorities: Man stashed 2 pounds of heroin in underwear Nonstop scrutiny for Mayweather vs Pacquiao Sandigan denies Arroyo move to junk evidence in PCSO plunder case Mamasapano probe: Lie-detector test for Mangahis, Del Rosario mulled Fil-Am’s video wins Damon and Affleck’s short film award Never again, in this Thai resto From Asia Maritime Transparency Initiative website ( http://amti.csis.org/wp-content/uploads/2015/04/mischief_mar16_2015_ge01_southsite-1024×781.jpg) THE reclamation activities of China in Panganiban (Mischief) Reef, an area within the Philippines’ exclusive economic zone in the disputed West Philippine Sea (South China Sea), has progressed in a few months, latest satellite images showed. “A chain of small, artificial land formations is visible. New structures, fortified seawalls and construction equipment are present at several locations along the reef, the Washington-based Center for Strategic and International Studies’ Asia Maritime Transparency Initiative said on its website. The images were taken last March 16. “Several dredgers are also present, and construction appears to be ongoing,” it added. The entrance to the reef has also been expanded to a width of about 275 meters. “The southern platform has been further expanded using sand recovered from the reef’s southern entrance,” the CSIS said. Last February, the Philippines said that the Chinese was engaged in dredging activities in the Panganiban Reef. It was in 1995 when China first occupied Panganiban Reef and built a military garrison. China has claimed most parts of the resource-rich West Philippine Sea and has been Read More …

US, Japan echo pledge of defense, maritime cooperation with PH

News

Apr 092015

US, Japan echo pledge of defense, maritime cooperation with PH

BATAAN, Philippines – The United States and Japan renewed their pledges of defense cooperation with the Philippines during the 73rd anniversary of the Day of Valor (Araw ng Kagitingan or Bataan Day). The former World War II enemies both vowed to uphold previous agreements with the Philippines in the face of new threats in the region, such as China’s expansion of outposts in the South China Sea (West Philippine Sea). Japanese Ambassador Kazuhide Ishikawa, during the Day of Valor rites in Mt. Samat, Bataan, said collaboration between his country and the Philippines, in the context of security and defense cooperation, has been expanding. “Our cooperation in maritime security issues based upon the rule of law is a good example,” he said. “Just this January, two defense ministers signed a memorandum of defense cooperation and exchange in Tokyo.” Defense Secretary Voltaire Gazmin and Japan’s Defense Minister Gen Nakatani signed the agreement in January. Like the Enhanced Defense Cooperation Agreement with the US, the memorandum provides for a framework for the defense relations and strategic partnership of Japan and the Philippines. Both Japan and the Philippines have territorial disputes with China. Despite its role during the World War II, Japan has become a close ally of the United States. Ishikawa boasted that Japan has been able to build a “free and democratic nation.” “Japan has also been contributing to the peace, stability, and prosperity of the Asia Pacific region throughout these 70 years as peace-loving nations, as one of the best partners Read More …

PH welcomes framework for Iran nuclear agreement

News

Apr 082015

PH welcomes framework for Iran nuclear agreement

Senator hits PNP’s ‘failure’ to solve student’s killing MILF’s Iqbal shows up at House Mamasapano probe Authorities: Man stashed 2 pounds of heroin in underwear Nonstop scrutiny for Mayweather vs Pacquiao Sandigan denies Arroyo move to junk evidence in PCSO plunder case Mamasapano probe: Lie-detector test for Mangahis, Del Rosario mulled Fil-Am’s video wins Damon and Affleck’s short film award Never again, in this Thai resto MANILA, Philippine — The Philippines has welcomed the recently concluded framework on the nuclear program of the Islamic Republic of Iran, which was agreed upon after talks with six countries in Switzerland last week. “The framework is a positive development that provides an outline in reaching a comprehensive deal on the Iranian nuclear issue,” the Department of Foreign Affairs (DFA) said in a statement. Under the proposed deal which is set to be signed and take effect in June, Iran will reduce its uranium enrichment capability and change to its nuclear facilities. If these are done, existing sanctions on Iran would be lifted. “The Philippines supports diplomatic efforts to address concerns on Iran’s nuclear program with a view to achieving a peaceful and lasting resolution,” the DFA said. The European Union announced the framework agreement on April 3 after eight days of marathon talks in Lausanne, Switzerland, between the so-called P5+1—the US, UK, France, China and Russia plus Germany—and Iran. RELATED STORIES FM: Iran could resume nuclear activities if West withdraws Netanyahu blasts Iran nuclear deal Get Inquirer updates while on the go, add Read More …

Bataan survivors, descendants to meet at Hotel Queen Mary for 31st annual reunion

Entertainment

Apr 082015

Bataan survivors, descendants to meet at Hotel Queen Mary for 31st annual reunion

Soldiers of the 57th Infantry Regiment, Philippine Scouts. “They were ready anywhere, anytime.” Survivors of the Battles of Bataan and Corregidor, and the Bataan Death March, and their descendants will gather in Long Beach on Friday and Saturday, April 24 – 25, at the annual meeting and reunion of the Philippine Scouts Heritage Society. These men are the soldiers who fought America’s first ground battles of World War II. The United States Army awarded its first three Congressional Medals of Honor of World War II to Philippine Scouts: Lt. Alexander R. Nininger, Sgt. Jose Calugas and Lt. Willibald C. Bianchi, for their heroic actions on Bataan. Ultimately, all 80,000 American and Filipino servicemen in the Philippine Islands became Prisoners of War, and more than half of them died in Japanese prison camps. The Philippine Scouts were a unique and special U.S. Army organization consisting of highly-trained Filipino soldiers, and American and Filipino officers, who formed the backbone of General Douglas MacArthur’s United States Army Forces in the Far East (USAFFE). In the wake of the Japanese attacks on Pearl Harbor and the Philippines on December 7, 1941, the Philippine Scouts were reinforced by U.S. Army National Guard units and joined by Philippine Army Infantry divisions, and ordered to hold back the Japanese advance. On Bataan Peninsula and Corregidor Island these men were surrounded and starved out by the Japanese Army and Navy, but managed to fight on for more than four months while every other country and island in Southeast Asia and the Western Pacific succumbed Read More …

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