Jan 232014
 

Expect no further testimonies from controversial businesswoman Janet Lim-Napoles or from the whistleblowers linking her to the alleged P10-billion “pork barrel” scam when the Senate probe on the suspected anomaly resumes next week.

In an advisory to the media, the office of Senate blue ribbon committee chairman Teofisto Guingona III said the investigation next Thursday “will focus on policy issues.”

Among the issues expected to be tackled are the registration, accreditation and monitoring of non-government organizations (NGOs) that deal with government contracts, Guingona’s office said.

Napoles, lawmakers and other government officials allegedly pocketed millions in pork barrel funds by funneling them to bogus NGOs.

Senators Ramon Bong Revilla Jr. and Jinggoy Estrada and Senate Minority Leader Juan Ponce Enrile are currently facing plunder raps before the Office of the Ombudsman for their alleged involvement in the scam.

Audit chief Grace Pulido Tan, Securities and Exchange Commission (SEC) chair Teresita Herbosa and Philippine Council for NGO Accreditation chair Augusto Carpio have been invited to the probe, Guingona’s office said.

In last November’s hearing on the alleged scam, Napoles, who is currently detained in Laguna for a separate illegal detention case, came face to face with her accusers.

She, however, clammed up by repeatedly invoking her right against self-incrimination. Andreo Calonzo/RSJ, GMA News

Nov 232013
 
SEC plans hike in transaction fees

MANILA, Philippines – The Securities and Exchange Commission plans to substantially hike its transaction fees and charges. The proposed new rates are in line with higher costs and capacity building measures in the pipeline, the corporate regulator said in a public notice. “The primary purpose for increasing the fees and charges is better public services delivery,” the SEC said. “In general, the increase in the registration fees and annual fees is being proposed in view of the increasing cost of registration, supervision and monitoring of SEC-registered entities,” the agency said. The SEC said other factors it took into consideration include the inflation rate since current rates were implemented in 2004, higher cost of hiring and retaining qualified personnel, and increased cost of improving and maintaining the SEC’s systems to properly supervise and monitor licensees. Higher rates will also support the “increase in complexity of work assignments, oversight of new products and new markets, investment in capacity building measures, and overhead expense,” it added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Domestic corporations, foreign companies and multinationals, financing and lending companies, stock market brokers and dealers, investment houses and transfer agents, and self-regulatory organizations and central depositories will have to bear the increase in rates. Transaction fees and charges might spike to as much as 100 percent. For instance, the revision fee for amended articles of partnership will double to P2,000 from P1,000 and charge for the amendment in by-laws to P1,000 from P500. For foreign multinationals, petitions for Read More …