Credit info system goes online by Q1 2017

 Economy
Aug 122016
 
Credit info system goes online by Q1 2017

MANILA, Philippines – The country’s credit information system will go on live by the first quarter next year as banks are expected to complete the turnover of their data to the government. “Most of the big banks, we already have their current data. They are in various stages of compliance,” Credit Information Corp. (CIC) president Jaime Garchitorena told reporters. “I think they will be able to comply by the end of this year,” he added. Signed in 2008, RA 9510 mandated the creation of CIC to facilitate the collection of credit information from the public and corporations. The aim is to assist companies such as banks in surveillance of credit worthiness of their clients. So far, a total of 20 million personal records are already in the hands of CIC, ready to be shared to four existing credit bureaus now operating in the country. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 They are local-based CIBI Information Inc., South Africa’s Compuscan, US-based TransUnion Information Solutions Inc. and Crif Corp. Philippines.  The bureaus are supposed to source data from CIC to generate credit scores and sell the same to lending companies for credit investigation purposes. CIC and the credit bureaus have signed recently a memorandum of support with Microfinance Data Sharing System (MIDAS) to share microfinance data and be put under CIC system. That will provide an additional 4.6 million individual records to the CIC, which currently covers banks, cooperatives and recently with telecommunication companies. “The information will help build Read More …

Highest in 17 months hot money hits $1.067 B in July

 Economy
Aug 122016
 
Highest in 17 months hot money hits $1.067 B in July

Investments – also called hot money for the ease they enter and exit economies – posted a net inflow of $1.067 billion in July, a reversal of last year’s $160.1 million net outflows. Philstar.com/File photo MANILA, Philippines – Foreign portfolio investments rose to their highest level in 17 months in July, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. Investments – also called hot money for the ease they enter and exit economies – posted a net inflow of $1.067 billion in July, a reversal of last year’s $160.1 million net outflows. It also marked the highest level since the $1.19 billion net inflow recorded in February last year. A net inflow indicates more investments entered than left. Net outflow signifies otherwise. “This was mainly due to an initial public offering of an industrial company as well as renewed interest in peso government securities,” the central bank said in a statement. Broken down, total inflows rose more than a quarter to $2.269 billion, while outflows declined 11.4 percent to $1.203 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last month, cement firm Cemex Philippines debuted at the Philippine Stock Exchange by raising P25.13 billion, the biggest initial public offering since 2013. This coincided with the first month in power of President Duterte, during which the PSE index breached the 8,000-mark. According to the central bank, 81.7 percent of hot money flows that month went to PSE-listed securities, particularly to property and holding firms, construction, banks and food, beverage Read More …

PCC seeks private sector help in attracting investments

 Economy
Aug 122016
 
PCC seeks private sector help in attracting investments

MANILA, Philippines – The Philippine Competition Commission (PCC) has called on the private sector to be its partner in improving the country’s investment climate. PCC chair Arsenio Balisacan is appealing to businessmen to treat the anti-trust body as their ally instead of a foe. “I hope the business community will see the PCC not as an additional burden or red tape, but as their partner in making our country more attractive to investments,” Balisacan said. The PCC is an independent quasi-judicial body tasked to regulate anti-competitive mergers and acquisitions, anti-competitive agreements, and abuses of market dominance. A former secretary of socioeconomic planning and director general of the National Economic and Development Authority, Balisacan said ensuring fair market competition is key to accelerating investments in the Philippines. “The PCC will continue to serve its mandate which we believe is a vital contribution not only for sustaining the Philippine economy’s robust growth, but also for making this growth more inclusive,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In performing its mandate under the law, Balisacan assured businesses could expect nothing less than an independent, credible and objective delegation of its duties. Since its official inception last February, the PCC said it has processed and decided over 60 mergers and acquisitions that covered a diverse range of industries, including healthcare, retail and telecommunications. The anti-trust authority is currently undertaking a comprehensive review of the P70-billion joint acquisition of PLDT and Globe Telecom of San Miguel Corp.’s telecommunication assets. Balisacan Read More …

Drilon lectures Panelo on martial law

 Entertainment
Aug 112016
 
Drilon lectures Panelo on martial law

DRILON’S EULOGY TO BENITEZ: Senate President Franklin M. Drilon delivers his eulogy to the late Senator Helena Benitez, who passed away last Thursday at the age of 102. “Senator Helena Benitez was one of the fortunate people who were blessed with a long life. She did not only bring honor to her family, community and country, she also opened doors that were previously closed to women. In her lifetime, she paved the way and inspired Filipino women to persevere and prosper in their fields of endeavor,” Drilon said.(MNS photo) MANILA, Aug 11 (Mabuhay) – Senate President Pro-Tempore Franklin M. Drilon on Thursday chided President Rodrigo R. Duterte’s chief legal counsel for claiming that the magnitude of drug cases may warrant the declaration of martial law. “Even a freshman law student can easily debunk Atty. Salvador Panelo’s statement as having no legal basis. I do not know which Constitution he has learned in law school but our present Constitution has only provided two grounds for the declaration of martial law – invasion or rebellion. Drug menace is definitely not one of them,” Drilon said. In his media interviews, Panelo has been quoted as saying that “the magnitude of the drug problem that has risen to a crisis proportion may require the application of the provision of the Constitution when it says that the President can declare martial law when the public safety requires it.” “The presidential chief legal counsel would want us to believe that the Constitution allows the President ‘to Read More …

CalCPA gives advice on battling tax identity theft

 Entertainment
Aug 112016
 
CalCPA gives advice on battling tax identity theft

Photo courtesy of CalCPA Facebook page Many people are aware of the dangers of identity theft but may not realize how quickly it is growing or the numerous areas in which it can occur. Did you know, for example, that identity theft reports to the Federal Trade Commission jumped by nearly 50 percent in 2015, to almost half a million claims? Here’s another surprising statistic: Tax refund fraud is considered the biggest and fastest-growing kind of identity theft. If you’re not sure how to respond to or protect against tax identity theft, the California Society of CPAs (CalCPA.org) offers some timely answers. Be on Notice When You Get an IRS Notice One example of tax identity theft involves a scammer using your Social Security number to file a false return and collect a tax refund they don’t deserve. For that reason, you may find out that you’re a victim of tax identity theft when you receive a notice from the Internal Revenue Service stating that more than one tax return was filed with your information. Your best response is to respond immediately by following the instructions in the notice. If you believe you are at risk of identity theft due to lost or stolen personal information, you should contact the IRS Identity Protection Specialized Unit at 800-908-4490 immediately so the agency can take action to secure your tax account. Don’t Fall for Phishing Be wary if you get a call, email, text or other message from the IRS asking you to supply Read More …

Palace on martial law threat: It was just a rhetorical question

 Entertainment
Aug 112016
 
Palace on martial law threat: It was just a rhetorical question

President Rodrigo R. Duterte poses with the 8th Infantry Division troops during his visit at Camp Vicente Lukban in Catbalogan, Samar on August 8, 2016.(MNS photo) MANILA (Mabuhay) — Malacañang on Wednesday allayed the fears of the public over a possible declaration of martial law under the Duterte administration. “The President merely asked a rhetorical question and said it under the context that his anti-drug campaign cannot wait for the slow wheels of justice – PH style,” Communications secretary Martin Andanar said on a statement. “We have an Action Man for a President who believes justice delayed is justice denied,” Andanar added. On Tuesday, President Rodrigo Duterte threatened Chief Justice Maria Lourdes Sereno to stay out of his way in his war against illegal drugs. “Please wag mo ako..hindi ako…di ako g*g*. If this continues, pigilin mo ako, sige pag nagwala, would you rather that I declare martial law?” Duterte said. “Ikaw ang kingpin sa judiciary. Ako, presidente. Ako may trabaho, ikaw wala. Walang mga judges na nagpa-patrol ng daan. Walang mga sheriff ninyo na naghuhuli,” he added. (Please, I’m not a [expletive]. If this continues and you stop me, would you rather I declare martial law? You are the kingpin of the judiciary. I am the president. I have a job to do, you don’t. There are no judges patrolling the streets. None of your sheriffs catch anyone.) The President’s statement came a day after Sereno questioned allegations that seven judges had been involved in illegal drugs. Sereno said Read More …

Lacson: Martial law ‘just a threat’ by ‘bullheaded’ Duterte

 Entertainment
Aug 112016
 
Lacson: Martial law ‘just a threat’ by ‘bullheaded’ Duterte

Human rights advocates hold a protest rally commemorating the 43rd anniversary of the declaration of Martial Law at the Mendiola Peace Arch on Monday. The protesters urged the government to uphold human rights and immediately address extra-judicial killings in the country. (MNS photo) MANILA (Mabuhay) — “His bullheadedness is epic,” Senator Panfilo Lacson said of President Rodrigo Duterte on Wednesday. “By now, we should already be familiar with his antics especially when making spontaneous statements or announcements to media,” Lacson said in a text message. “Of course, we should know that the martial law threat is just that and nothing more,” he added. Asked if his statement meant that Duterte was not serious about his martial law threat, Lacson said: “Whether he’s serious or not in that regard, defying the SC is always an individual responsibility of any person who will ultimately accept the burden of a possible contempt citation.” The senator issued the statements when sought for comment on Duterte’s scathing remarks against Chief Justice Maria Lourdes Sereno. Duterte raised the possibility of declaring martial law while rebuking Sereno for cautioning judges not to follow his order to report to authorities and explain their alleged involvement in illegal drugs. The President had named several judges in a long list of personalities allegedly involved in illegal drugs. “I’m giving you a warning. Don’t create a crisis because I will order everybody in the executive department not to honor you,” Duterte said. “Please do not, you say, create a constitutional issue. Read More …

PNP: No plans to beef up Bato’s security despite BIFF, ISIS threat

 Entertainment
Aug 112016
 
PNP: No plans to beef up Bato’s security despite BIFF, ISIS threat

President Rodrigo R. Duterte, along with Defense Secretary Delfin Lorenzana (left), 8th Infantry Division Commander Major General Jet Velarmino, and military officers, starts the meeting with a prayer at Camp Vicente Lukban in Catbalogan, Samar on August 8. (MNS photo) MANILA (Mabuhay) — The Philippine National Police (PNP) has no plans yet to beef up the security details of its chief, Dir. Gen. Ronald dela Rosa, amid his admission that drug lords are now teaming up with terrorist groups to kill him and President Rodrigo Duterte. PNP spokesperson Sr. Supt. Dionardo Carlos said Dela Rosa already has enough security details who can protect him from any threat. “The current security detail, they are taking the necessary measures to ensure the safety and security of the chief PNP,” he said in a press conference Wednesday, a day after Dela Rosa said drug lords fearing the government crackdown on illegal drug syndicates have teamed up with ISIS and Bangsamoro Islamic Freedom Fighters. As chief PNP, Dela Rosa plays a big role in the Duterte administration’s campaign to end the illegal drug problem within six months. At the press conference, Carlos vetted for the qualifications of the men and women ensuring Dela Rosa’s security, saying they are members of the PNP’s elite unit. “I think the qualification and the background of the people around him now, malakas po yun,” he said. “They have background, they have been with SAF (Special Action Force), they have the proper training, they have the qualification, matataas yung Read More …

Sotto to Tugade: Eradicate illegal parking instead of using private roads

 Entertainment
Aug 112016
 
Sotto to Tugade: Eradicate illegal parking instead of using private roads

The Senate, led by Senate President Koko Pimentel, welcomed Top Rank founder and CEO Bob Arum to the session today. Arum is the promoter of Senator Manny Pacquiao’s boxing fights. Also in the photos to welcome him are Senate President Pro Tempore Franklin Drilon, Majority Leader Tito Sotto, Senators Manny Pacquiao, Dick Gordon, Sonny Angara, Joel Villanueva, Loren Legarda and Migz Zubiri. (MNS photo) MANILA (Mabuhay) — Sen. Vicente Sotto III on Wednesday said opening up private roads inside gated subdivisions would do little to ease traffic congestion in Metro Manila. Instead, he proposed for the Department of Transportation to go against illegally parked vehicles on city streets so traffic could be diverted there. “Remove illegally parked vehicles in the entire Metro Manila and you’ll practically solve 50 percent of the traffic problems,” he said, interpellating Transportation Secretary Arthur Tugade during a Senate committee hearing on giving emergency powers to President Rodrigo Duterte to solve Metro Manila’s traffic woes. In his speech at the hearing, Tugade bared plans to convince homeowners associations to allow traffic to be diverted to their roads with assurance that their subdivisions’ security would not be compromised. Sotto, however, was apprehensive over the idea. “Siguro mas maigi pag-aralan niyo muna ang pagbukas ng city streets,” he told Tugade. Sotto mentioned community-based traffic and navigation mobile application Waze to demonstrate how viable city streets could be to help ease traffic congestion. “Waze will not tell you to pass by EDSA. He will give you city streets. It’s Read More …

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