September 2016 – Page 31

DFA urged to probe PH envoy to UN for abusing maid

News

Sep 152016

DFA urged to probe PH envoy to UN for abusing maid

A migrant workers advocacy group on Thursday called on the Department of Foreign Affairs (DFA) to send a team to the Philippine Mission to the United Nations in New York City to look into the alleged abusive behavior of Philippine Ambassador Lourdes Yparraguirre towards her household staff. Susan “Toots” Ople, head of the Blas F. Ople Policy Center, said Milagros Braza sought the center’s help via Facebook after repeated appeals to the DFA to act on her case brought no clear results. The 59-year-old domestic worker is still in the United States but would like to seek the government’s help for her safe return to the Philippines. Braza told Ople that last Dec. 25, 2015, Yparraguirre allegedly threatened to call the police unless she leave her residence. The latter was thrown out of the house at 11 o’clock in the evening on Christmas Day. Braza claimed that her employer threw her out after she asked permission to look for a cheap place to stay rather than to sleep in the living room where she couldn’t rest because of the presence of seven other visitors that arrived that day. The housekeeper had been busy serving the seven guests of the ambassador the whole day, and she merely wanted a full night’s rest to prepare for the activities of the ambassador and her guests the next day. The diplomat allegedly got mad and shouted invectives at Braza and ordered her to pack up her belongings and leave immediately. ‘Lent’ Frightened and Read More …

Palace defends Duterte plan to buy arms from China

News

Sep 152016

Palace defends Duterte plan to buy arms from China

A Malacañang official on Thursday defended the President’s plan to look to China as a source of military equipment despite the Chief Executive’s earlier pronouncement questioning its quality of firearms. Presidential Communications Office Secretary Martin Andanar argued that not everything produced by China is defective. He said many items Filipinos use are made in China and they have had no problems with them. “For me, it depends on the product. Maybe the China-made products that the President mentioned were the ones that were defective,” he said in a press briefing. In a speech at the AFP Medical Center last month, President Duterte said firearms sourced from China were substandard or could have been sabotaged. He made the statement as he promised to procure the best equipment for the soldiers in a government-to-government procurement. The President’s spokesperson, Ernesto Abella, on Thursday said that while Mr. Duterte had directed defense officials to study the option of sourcing equipment from China or Russia, “they’re not closing the options to these two alone.” Abella, noting China’s Vice Foreign Minister Liu Zhenmin’s statement that ties between the two countries were at a “new turning point,” said the conversation between the two countries was “friendly.” “You could almost say getting to know you. The whole purpose is to be able to establish warmer relationships,” Abella said. He said he was unaware if there were any preconditions to the two countries’ conversation, but said there was an “openness” between them. Latest Lady Gaga’s new album ‘Joanne’ released Read More …

Filipino Wesley So powers US gold triumph in Chess Olympiad

News

Sep 152016

Filipino Wesley So powers US gold triumph in Chess Olympiad

Filipino grandmaster Wesley So, a transplant to Minnesota, propelled the US team’s victory in the Chess Olympiad. INQUIRER FILE SAN FRANCISCO — Wesley So, a Filipino grandmaster who moved to Minnetonka, Minnesota two years ago, helped the USA team win the Chess Olympiad gold medal for the first time in 40 years. The biennial Chess Olympiad ended Sept. 13, in Baku, Azerbaijan, with 177 countries in the Open division and 147 teams in the women’s division. USA won every country-vs.-country match in 11 rounds of play. Of the 44 individual games, it lost only three times. The U.S. win is largely attributed to Wesley So’s flawless play, which earned him an individual gold medal to go along with his team gold. So’s score was the highest of any of the U.S. players. He climbs up the world rankings to No. 6, and to No. 2 in the U.S. So, 22, a Filipino-born grandmaster, was the US team’s most consistent player, competing in 10 of the 11 rounds without losing a single game, racking up seven wins and three draws. He played while suffering from a runny nose, headache and fever from a bad cold over the final three days of the tournament. He still chalked up two key wins and a draw in that period of time, according to a Startribune.com report. The second-seeded US team beat top-seeded Russia, which has won more Chess Olympiads than any other nation, but ended up in third place this year. The United States Read More …

Duterte’s Fil-Am supporters rally in Washingon, DC

News

Sep 152016

Duterte’s Fil-Am supporters rally in Washingon, DC

Rally participants listen to speakers while they wait in front of the Philippine Embassy for the embassy officials to come out, welcome them and receive their statement for President Rodrigo Duterte. CONTRIBUTED WASHINGTON, DC — Filipino American community leaders and supporters of President Rodrigo Duterte held a prayer rally in front of the Philippine Embassy in Washington, D.C. last Sunday, Sept. 11 to declare their support for the president’s programs and the all-out campaign against drugs. While Freddie Aguilar’s campaign song for Duterte played in the background, the rallyists calling themselves U.S. Pinoys for Real Change in the Philippines (USPRCP) wore white tops, carried placards and marched in front of the Embassy, singing and chanting that they wanted change in the Philippines. The 60 or so participants’ placards carried messages expressing support for war against drugs “to save youth, tomorrow’s leaders,” a strong and healthy US –RP relations, due process and respect for human rights, the construction of more rehabilitation centers nationwide, an end to corruption, the disclosures of all killings in the drug war, the war or terrorism and peace talks and end to internal conflicts in the Philippines. They also condemned the bombing in Davao. U.S. Pinoys for Real Change in the Philippines (USPRCP) Chair Atty. Arnedo Valera (center in barong) leads rally participants in prayers in support of the Philippines’ all-out campaign “to prevent it from becoming a narcotics state,” as well as in support for the rule of law and due process. CONTRIBUTED USPRCP Chair Atty. Read More …

Remittances shrink 5.4% in July

Economy

Sep 152016

BSP Governor Amando Tetangco Jr. said cash remittances contracted 5.4 percent to $2.13 billion in July from $2.25 billion in the same period last year. MANILA, Philippines – Overseas Filipinos sent less money to their loved ones in July amid the double-digit decline in the deployment of skilled Filipino workers abroad due to soft oil prices as well as the de-risking activities by foreign banks, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. BSP Governor Amando Tetangco Jr. said cash remittances contracted 5.4 percent to $2.13 billion in July from $2.25 billion in the same period last year. This is the second time this year that the monthly cash remittances declined after contracting 1.4 percent last March. The decline in July pulled down the growth of cash remittances to three percent in the first seven months of the year. The BSP expects OFW remittances to grow four percent this year. Tetangco cash remittances amounted to $15.32 billion from January to July, $449 million higher than the $14.87 billion in the same period last year. “Remittance inflows for the first seven months of 2016 remained stable despite the decline in deployment of skilled Filipino workers,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Latest data from the Philippine Overseas Employment Administration (POEA) showed the number of land-based workers for new hires dropped 10.3 percent to 235,895 while that of sea-based workers plunged 44.4 percent to 134,360. Remittances from land-based workers amounted to $12.1 billion in the first seven Read More …

New forex rules ‘a step in the right direction’ – bankers

Economy

Sep 152016

New forex rules ‘a step in the right direction’ – bankers

MANILA, Philippines – Banks said the implementation of another set of foreign exchange liberalization measures starting today would make the country’s financial system more safe and at the same time reduce the number of black market currency trades. HSBC president and CEO Jose Arnulfo “Wick” Veloso said in a press conference the ninth wave of foreign exchange liberalization measures approved by the Bangko Sentral ng Pilipinas (BSP) “is a very positive move and a step in the right direction.” Veloso also chairs the open market committee of the Bankers Association of the Philippines (BAP). “The benefit to the public is just significant. It allows them to be able to deal with financial institutions instead of any entity that just sells foreign exchange. They are now able to purchase foreign exchange in entities that are regulated extensively by the BSP,” he said. BSP Governor Amando Tetangco Jr. yesterday issued Circular 95 laying down the amendments to the manual of regulations on foreign exchange transactions. The BSP has further relaxed foreign exchange rules by allowing Philippine residents – both natural-born Filipinos and foreigners residing in the country – to purchase up to $500,000 in foreign exchange “without supporting documentation.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For companies, the limit was raised to $1 million. The previous cap for both individuals and corporates was placed at $120,000. “The country becomes a safer place to be able to transact because it allows you to be able to deal with financial institutions. Read More …

DOF proposes harmonized 100% capital income taxes

Economy

Sep 152016

DOF proposes harmonized 100% capital income taxes

MANILA, Philippines – A proposal to harmonize all capital income taxes to 10 percent is expected to encourage more depositors and investors to park their money in banks. “We propose to harmonize all capital income taxes regardless of currency, maturity and type toward 10 percent,” Finance Secretary Carlos Dominguez said. “This way, the poor pay less on the interest income and the rich pay more,” he told House ways and means committee last Tuesday. Capital income taxes pertain to final levies charged on bank deposit earnings as well as interest income from investments in bonds. Under the present law, peso deposits are charged differently depending on their maturities, with those parked for less than three years being slapped with a 20-percent rate. Money staying put for three to less than four years is taxed 12 percent, four to less than five years with five percent, while those for longer periods are tax-free. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Foreign currency deposits, meanwhile, have a fixed 7.5-percent rate, while interest from investing in bonds are levied 20 percent. Dominguez said retail depositors with small amount of money do not even feel the benefits of saving in the bank. “Small depositors are burdened with high tax rates because they save less and cannot keep their money in banks for a long time, while rich depositors, who park their money in banks because they do not have an immediate need for it, are not taxed,” he said. “Is that fair?” Read More …

Hot money reverses to $2-B inflow in 8 months

Economy

Sep 152016

Hot money reverses to $2-B inflow in 8 months

Foreign portfolio investments or “hot money” turned around to a $2-billion net inflow in the first eight months of the year amid the country’s strong macroeconomic fundamentals, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. MANILA, Philippines – Foreign portfolio investments or “hot money” turned around to a $2-billion net inflow in the first eight months of the year amid the country’s strong macroeconomic fundamentals, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. This was a complete reversal of the $211.8-million net outflow in the same period last year. The central bank traced the inflows to the P37-billion infusion made by Japan’s largest financial institution, the Bank of Tokyo Mitsubishi UFJ Ltd (BTMU), in exchange for a 20 percent stake in Security Bank Corp., as well as the P25.13 billion initial public offering of cement maker Cemex Holdings Philippines Inc. The BSP also cited large net inflows in shares of two holding companies as well as the renewed interest in peso government securities. Data showed inflows fell 15.77 percent to $12.6 billion from January to August this year against the $14.96 billion booked in the same period last year while outflows dropped 29.9 percent to $10.63 billion from $15.17 billion. Hot money are referred to as speculative funds controlled by investors who actively seek short-term returns and high interest rate investment opportunities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the month of August alone, the country booked a net inflow of $427.07 million, reversing the net outflow Read More …

BSP starts 1-day check clearing in Jan

Economy

Sep 152016

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) will adopt the electronic clearing of checks starting Jan. 20 wherein checks would be cleared within one day from the current three days. The BSP has issued Memorandum No. 2016-012 informing banks about the adoption of the clearing of checks via electronic presentment as approved by the Monetary Board. “To ensure the smooth implementation of this new process, banks are enjoined to actively participate in the preparations for the electronic check clearing,” the central bank stated in the memo. The BSP has designated Philippine Clearing House Corp. (PCHC) as the exclusive provider of electronic check clearing services and will be tasked to implement the clearing of checks via electronic presentment through its Check Image Clearing System (CICS). Using the CICS, only the digital images of checks and its electronic payment information would be transmitted to the paying bank unlike the previous clearing system that requires the physical delivery of checks. The new check clearing process is expected to speed up the crediting of funds to depositors’ account from three to five banking days to only one banking day. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Aside from promoting financial consumer welfare, this reform initiative enhances the efficiency of the domestic payment system and promotes the faster movement of goods and services in the country. The BSP recognizes the importance of check clearing to the domestic payment system. Last July 12, the BSP and PCHC signed a memorandum of agreement Read More …

Shares recover on bargain hunting

Economy

Sep 152016

The stock market recovered yesterday following a very slow start earlier in the day after foreign buyers made some last minute bargain hunting. File photo MANILA, Philippines – The stock market recovered yesterday following a very slow start earlier in the day after foreign buyers made some last minute bargain hunting. The benchmark Philippine Stock Exchange index (PSEi) soared 162.41 points, or 2.15 percent, to close at 7,708.42. On the other hand, the broader All Shares index remained in negative territory, shedding 49.29 points or 1.06 percent. Likewise, most counters recovered, led by the financials, industrial and holding firms. Total value turnover reached P8.04 billion as advancers edged out decliners, 110 to 75 while 54 stocks were left unchanged. Luis Limlingan, managing director at Regina Capital said, “the PSEi shrugged off a slow start despite US stocks closed narrowly mixed as further weakness in oil prices after a weekly inventory data showed an unexpected decline in US crude-oil inventories but an increase in stockpiles of refined products.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Limlingan said stock markets including the local mart have been whipsawed in recent weeks amid opposing views from Fed officials as investors seek more clarity on the US central bank’s next policy move. “Our own forecast is for next rate hike to be moved to December, as historically no decision is made prior to election. Most notably the PSEi was trading flat most of the session with some foreign brokers buying up stocks at Read More …

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