Dec 122013
 

MANILA, Philippines – The Social Security System is warning the public, especially small establishments, against unscrupulous individuals who are passing off fake SSS checks.

The warning was issued following a report from SSS La Union branch officer-in-charge Francisco F. Pentecostes that a phony check was encashed from a grocery store amounting to P9,000.

“We want to remind everyone to be more prudent in accepting SSS checks being encashed to them. The fake SSS check that was encashed may look authentic for someone who is not familiar with the SSS check. But if placed side by side with the real SSS check, one can see a lot of inconsistencies,” the pension fund said.

According to the SSS, the fake SSS check was allegedly issued by Land Bank of the Philippines Baguio City Branch but the account from which it will be drawn is from Land Bank Tarlac Branch.

“The SSS check also indicated two different account numbers and the signatures are not by authorized signatories of the agency,” SSS said.

The pension fund pointed out that authentic SSS checks only have one account number which is located above the check date and at the bottom part of the check, unlike the fake one which contained two different account numbers. The SS number of the member-payee is also printed on the check while such information is not found on the fake check.

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Most importantly, the SSS president is the only signatory for all benefit checks issued by the SSS, the fund said.

The SSS La Union Branch has already cautioned  grocery stories and other establishments within the area of this kind of modus operandi and advised them  to call the SSS branch to verify the genuineness of the SSS checks before accepting any.

Oct 202013
 
Smart introduces Bayadload

MANILA, Philippines – Wireless giant Smart Communications Inc., a unit of dominant carrier Philippine Long Distance Telephone Co. (PLDT), is set to launch a new type of electronic load to enable subscribers to pay monthly contributions to social security, health insurance, and housing funds. PLDT president and chief operating officer Napoleon Nazareno said the company is working closely with the government to launch Bayadload that could be used to pay monthly contributions to the Social Security System, Government Service Insurance System, Philippine Health Insurance Corp. (Philhealth), and Pag-Ibig Fund. “We call it BayadLoad. Bayad in our language means payment. This service will make it much easier for about 15 million self-employed individuals and household help to become active members of these social funds and to benefit from their services,” Nazareno said.  He pointed out that subscribers just need to go to a Smart retailer and purchase the special load and pay their monthly contributions  using their mobile phones. Nazareno, who is also president of Smart, said the company intends to extend the use of BayadLoad to the payment of other government fees and services. “Clearly, our retail distribution network has become a strategic tool for extending the ecosystem for mobile money transactions.  Through this network, which reaches every nook and cranny of the country, we can rapidly deploy new financial services to people living at the periphery of the economic mainstream,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In recent years, Nazareno said the PLDT Group Read More …

Aug 242013
 
DBP to redeem of P6.5B notes

MANILA, Philippines – State-run Development Bank of the Philippines (DBP) will exercise the call option on its unsecured subordinated notes qualifying as Tier 2 capital amounting to P6.5 billion as it prepares for the implementation of Basel 3. The bank said the early notes redemption would lead to interest savings as it implements stricter capital standards and discipline by removing from its qualifying capital notes issued prior to the implementation of Basel 3, a global regulatory framework for more resilient banks and banking systems. The notes were issued on Sept. 1, 2008 with coupon rate of 7.75 percent. The call option date is on Sept. 2, 2013. As of the first six months of 2013, DBP’s capital adequacy ratio rose to 23.9 percent from 21.6 percent.  DBP said the call option amount will be the face value of the notes plus unpaid and accrued interest based on the initial interest up to but excluding the call option date.  “There shall be no more secondary trading of the notes or modifications in the accounts after the book closure date,” the bank said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 DBP is currently the seventh-largest bank in the country in terms of assets, and is the second-largest government-owned bank, next only to the Land Bank of the Philippines.  It is also one of the largest government-owned and controlled corporations (GOCCs) in the Philippines.

Aug 212013
 
OWWA vows more flexible loan programs for OFWS

By Tina G. SantosPhilippine Daily Inquirer 8:40 pm | Wednesday, August 21st, 2013 FILE PHOTO MANILA, Philippines—The Overseas Workers Welfare Administration has vowed to make the government’s loan assistance program for overseas Filipino workers more flexible by easing requirements and application procedures. “We’re [finding ways to make it] more flexible and accessible to OFWs. We are making adjustments in procedures and requirements in response to reports that some are finding it hard to avail of the loan assistance,” OWWA Administrator Carmelita Dimzon said. Dimzon clarified reports that the OWWA was asking for too many requirements that make it difficult for OFWs to avail of the program. “It’s not true, we have to clear that. The OWWA actually almost [does] not ask for any requirement. We just check with our database if they are members, active or non-active. Then we will provide them with certification, saying they are OFW or former OFW, which they have to show to Land Bank,” she said. “If they will avail of the loan on behalf of the member, they just need authorization. And then, of course, they have to undergo training on financial literacy, which only takes a day,” she added. Under the P2-billion reintegration program, the OWWA offering loans for OFWs, especially displaced or distressed workers, who decide to come home for good and put up or expand an existing business in the country. OFWs may apply for business capital loans ranging from P300,000 to P2 million from the P2-billion Reintegration Loan Fund offered Read More …

Aug 192013
 
Banks cancel operations due to heavy rain, flooding

MANILA, Philippines – At least three banks canceled operations on Monday in light of heavy rains and flooding in Metro Manila and surrounding provinces. Security Bank announced the suspension of its branches’ operations in Metro Manila and several areas in Luzon affected by typhoon Maring. “Customers from affected areas can still access their accounts thru ATMs (automated teller machines) and its eBanking Facility,” it said. The bank added that it can be reached through 88-791-88 should customers need additional assistance. Bando de Oro Unibank similarly suspended its operations in Metro Manila and some areas in Rizal and Cavite, Bulacan and Laguna. Meanwhile, Land Bank of the Philippines canceled the operations of its Metro Manila branches after 12 p.m. It noted, however, that its ATM branches remain operational 24/7. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Bank of the Philippine Islands (BPI), on the other hand, said it will be business as usual for its head office and Luzon branches until 3 p.m. today. BPI branches and offices in Visayas and Mindanao will remain open up to 4:30 p.m. “This will give our customers ample time to fulfill their banking transactions for the day and also allow our employees enough time to go home early,” it said. It added that its ATM branches and online services remain operational.

Jun 162013
 
LBP to hike loans to rural banks

MANILA, Philippines – State-owned Land Bank of the Philippines expects to increase its loans coursed through rural banks to provide more people in the countryside greater access to funds. Landbank president and CEO Gilda Pico said “we would be jacking up our loans to rural banks”. Declining to specify as to how much the increase would be, Pico noted that as of April 2013, Landbank’s loan portfolio to rural banks amounted to P7 billion. At the same time, Pico has vowed to look into complaints that some banks, including Landbank, tend to unfairly compete with rural banks in capturing local government units (LGUs) accounts. “We will discuss this with concerned rural banks. Landbank has always been a partner of rural banks in serving the countryside,” she said. “We have been giving the RBs loans through the years. We have to resolve this issue because rural banks are our partners,” Pico added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It was learned that some LGUs normally request the government financial institutions (GFIs) and some commercial banks to offer a so-called consolidated loan package which also carries lower interest rates than that of rural banks. Included in the consolidated loan package of GFIs, it was noted, are salary loans to government employees which apparently are also being eyed by the RBs. During an open forum at the 60th Annual Convention of the Rural Bankers Association of the Philippines (RBAP), Bangko Sentral ng Pilipinas (BSP) deputy governor Nestor Espenilla said they Read More …