Why are we poor? (Why are we happy)
By Rose Fres Fausto (The Philippine Star) | Updated January 15, 2014 -
12:00am
An enormous 55% of Filipinos consider themselves poor! That is according
to the SWS survey conducted in the last quarter of 2013. However, based
on the 2012 poverty statistics released by the National Statistical
Coordination Board, which examined various monetary and non-monetary
measures of poverty in the country, only 19.7% were poor. Before we
conclude that there was a dramatic increase in poverty, we should
highlight the main difference in the surveys. The former (55%) was a
self-assessment while the latter (19.7%) was based on monetary and
non-monetary measures.
I am not going to delve on the accuracy of the measures of poverty but I
wish to discuss a very fundamental truth about poverty. Poverty is a
mindset. It is not so much about not having food, clothing and shelter
but a debilitating hopelessness to improve one's financial condition.
And I find it alarming that more than half of our countrymen are in this
situation because I know how powerful the mind is: Whether you think you
can or you cannot, you are right!
A lot of people have given their opinions on what our government is
doing wrong left and right so I will just focus on my observations about
our culture that propagates this poverty mindset. It is noteworthy that
even if some of these attributes are positive at the outset, they could
also bring about propagation of poverty.
1. Generally speaking, Filipinos are meek and humble. It's always good
to be humble but the problem is when we overdo the meekness. The typical
Pinoy will not assert his convictions and goals. Among the things I
always hear are "Hindi ko naman pinapangarap na maging mayaman…" ("I do
not dream of being rich…" or "Hindi ako yayaman kasi…" ("I will never be
rich because…") Boom! In trying to be humble he already sentenced his
financial journey a failure. Come on, are there people who honestly
don't want to be rich? This could also be a way of shielding oneself
from failing. If you announce that you want to be rich and not make it,
the embarrassment might be too much to bear. But always remember the
counsel of wise men: The real danger is not in setting your goal too
high and not attaining it, but in setting it too low and attaining it!
2. A lot of Filipinos have not come to terms with their real
relationship with money. They are still affected by some negative
thoughts about money, which they heard growing up like money is the root
of all evil and the distorted notion of romanticizing poverty. Jesus
said love the poor but not poverty, because poverty can be ugly. It
attacks the hungry and desperate and oftentimes forces them to do evil.
3. Filipinos love the drama of miracles. I'm a Catholic but I have a
problem with fanatic devotions that bring unnecessary harm. Last January
9 was the Feast of the Black Nazarene and as usual a mammoth crowd of
devotees flocked to Quiapo to have a glimpse and touch the image in the
hope of a miracle happening to one's life. More than 1,600 casualties
occurred but somehow I don't see anyone being held responsible for this.
Compare that to a rally that would result in that number of casualties.
It's as if no one dares to question this practice that brings about harm
year in and year out. Why do the devotees have to do that on that
particular day even if it's risky? They have 364 more days to do that in
a more solemn manner because the image is just in Quiapo church. Ah,
because it's only on that day that the miracle will happen! The truth is
miracles happen everyday. And the good and reliable ones are those that
are disguised in everyday opportunities to improve our lives. It's in
getting up early in the morning and doing your work with joy, in helping
and loving others in the most ordinary way. It's no different from
buying lotto tickets and joining noontime shows to win cash prizes, when
one can work to earn a living everyday and religiously save and invest
his earnings for a bright future.
--
-----------------------------------------------------------
CARLOS ANI - Consultant
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63908-1737072 (Smart)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
Friday, January 17, 2014
Friday, January 10, 2014
ASKI NGO gets USAID, NetHope grant to evaluate mobile-banking platform
NGO gets USAID, NetHope grant to evaluate mobile-banking platform
08 Jan 2014 Written by Ramon Efren R. Lazaro and Marvyn N. Benaning /
Correspondents
THE Alalay Sa Kaunlaran Inc. (Aski), a non-governmental organization
(NGO) specializing in microfinance and based in Nueva Ecija, was chosen
as one of the organizations to receive a grant from the United States
Agency for International Development (USAID) and NetHope on the
Electronic and Mobile Payment Implementation and Evaluation Grants Program.
The initiative from USAID and NetHope is aimed at supporting leading
development organizations committed to testing electronic payments,
compare and document the costs, challenges and benefits of using cash
versus electronic payments.
A grant of $42,000 will be awarded by USAID and NetHope to the selected
organizations to demonstrate the potential uses of electronic payments
in relief and development programs, provide insights into procedures for
making this transition, and encourage the adoption of electronic
payments by other implementing partners.
USAID is the principal US federal government agency primarily
responsible for administering civilian foreign aid, providing economic,
development and humanitarian assistance around the world in support of
the foreign policy goals of the United States, while NetHope Inc. is a
consortium of 41 leading international humanitarian organizations
founded in 2001 that is a new-generation collaboration of the
international community's leading NGOs representing over $40 billion of
emergency relief, human development and conservation programs in more
than 180 countries.
Besides Aski, the only organization in Southeast Asia to receive and
implement the said project, other recipients were Concern Worldwide in
Malawi and Mennonite Economic Development Associates in Tanzania.
Aski will use the grant to evaluate mobile banking platform implemented
in partnership with BPI Globe BanKo, the Philippine's first mobile
phone-based, microfinance-focused bank.
In 2012 Aski and BanKo entered into an agreement to introduce mobile
banking platform in its micro-agri loans for rice farmers. The provision
of agricultural loans was pilot-tested with rice farmers receiving a
crop management recommendation from Rice Crop Manager to increase their
rice yield and profit.
The Rice Crop Manager is a web-based tool developed by International
Rice Research Institute, in partnership with the Department of
Agriculture, that provides rice farmers with a fertilizer recommendation
precisely matching the nutrient needs of the crop.
Aski will document the continued expansion of its transition of loan
disbursements from check (a cash-based platform) to mobile, cash-less
platform not only for the farmers but also to other microentrepreneurs.
RolandoVictoria, Aski executive director noted that "Since the
implementation of the program, there has been no comparative study
conducted to look into the benefits of going from cash-based to cashless
transactions."
"We will document the key lessons learned, challenges faced and
processes applied in shifting from cash to electronic payment in the
Philippine perspective specifically in the experience of Aski. We hope
to share with the other organizations across the globe our experiences
on this innovation," Victoria said.
Meanwhile, Frank Schott, interim president and executive director of
NetHope, said that they received and reviewed a wide range of proposals
showing innovative uses for transitioning cash to electronic payments
across a variety of markets.
"Whether organizations are transitioning their payment streams for
internal operational expenses like staff per diems or local suppliers,
or for program clients in health, agriculture or microfinance, it's an
important first step toward promoting financial inclusion. We are
delighted to support these organizations in their commitment toward this
goal," Schott said.
--
-----------------------------------------------------------
CARLOS ANI - Consultant
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63908-1737072 (Smart)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
08 Jan 2014 Written by Ramon Efren R. Lazaro and Marvyn N. Benaning /
Correspondents
THE Alalay Sa Kaunlaran Inc. (Aski), a non-governmental organization
(NGO) specializing in microfinance and based in Nueva Ecija, was chosen
as one of the organizations to receive a grant from the United States
Agency for International Development (USAID) and NetHope on the
Electronic and Mobile Payment Implementation and Evaluation Grants Program.
The initiative from USAID and NetHope is aimed at supporting leading
development organizations committed to testing electronic payments,
compare and document the costs, challenges and benefits of using cash
versus electronic payments.
A grant of $42,000 will be awarded by USAID and NetHope to the selected
organizations to demonstrate the potential uses of electronic payments
in relief and development programs, provide insights into procedures for
making this transition, and encourage the adoption of electronic
payments by other implementing partners.
USAID is the principal US federal government agency primarily
responsible for administering civilian foreign aid, providing economic,
development and humanitarian assistance around the world in support of
the foreign policy goals of the United States, while NetHope Inc. is a
consortium of 41 leading international humanitarian organizations
founded in 2001 that is a new-generation collaboration of the
international community's leading NGOs representing over $40 billion of
emergency relief, human development and conservation programs in more
than 180 countries.
Besides Aski, the only organization in Southeast Asia to receive and
implement the said project, other recipients were Concern Worldwide in
Malawi and Mennonite Economic Development Associates in Tanzania.
Aski will use the grant to evaluate mobile banking platform implemented
in partnership with BPI Globe BanKo, the Philippine's first mobile
phone-based, microfinance-focused bank.
In 2012 Aski and BanKo entered into an agreement to introduce mobile
banking platform in its micro-agri loans for rice farmers. The provision
of agricultural loans was pilot-tested with rice farmers receiving a
crop management recommendation from Rice Crop Manager to increase their
rice yield and profit.
The Rice Crop Manager is a web-based tool developed by International
Rice Research Institute, in partnership with the Department of
Agriculture, that provides rice farmers with a fertilizer recommendation
precisely matching the nutrient needs of the crop.
Aski will document the continued expansion of its transition of loan
disbursements from check (a cash-based platform) to mobile, cash-less
platform not only for the farmers but also to other microentrepreneurs.
RolandoVictoria, Aski executive director noted that "Since the
implementation of the program, there has been no comparative study
conducted to look into the benefits of going from cash-based to cashless
transactions."
"We will document the key lessons learned, challenges faced and
processes applied in shifting from cash to electronic payment in the
Philippine perspective specifically in the experience of Aski. We hope
to share with the other organizations across the globe our experiences
on this innovation," Victoria said.
Meanwhile, Frank Schott, interim president and executive director of
NetHope, said that they received and reviewed a wide range of proposals
showing innovative uses for transitioning cash to electronic payments
across a variety of markets.
"Whether organizations are transitioning their payment streams for
internal operational expenses like staff per diems or local suppliers,
or for program clients in health, agriculture or microfinance, it's an
important first step toward promoting financial inclusion. We are
delighted to support these organizations in their commitment toward this
goal," Schott said.
--
-----------------------------------------------------------
CARLOS ANI - Consultant
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63908-1737072 (Smart)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
Wednesday, December 18, 2013
Big banks expanding to world’s poorest
Big banks expanding to world's poorest
LONDON -- When the Afghan government used mobile phones instead of cash
to pay some of its policemen, the officers thought they'd just had a 30%
pay rise. In truth, they had just been paid the full amount, with
nothing skimmed off by middlemen, for the first time.
A vendor displays his wares in a market in Mozambique. With the use of
technology, banks have been reaching out to the poor to give them access
to financial services. -- Reuters
This anecdote from the US Agency for International Development shows how
technological innovations such as mobile banking and biometrics have
helped integrate more people in emerging markets into the formal
financial system, opening up opportunities for banks willing to take a
chance.
While the market for more affluent and business clients becomes
saturated, providing the world's poorest with access to financial
products is an unmatched growth opportunity.
Half the world's adults, over 2.5 billion people, do not have a formal
bank account, according to the World Bank. In low-income economies, it
can be less than a quarter.
Many developing countries also offer banks the allure of a growing
working-age population and an emerging middle class.
"Twenty years ago, we spoke about the poor with a sense of futility, and
I think now when you talk about the base of the pyramid, more often than
not you're talking about markets and opportunities," said Michael
Schlein, chief executive of Accion, a non-profit organisation that
invests in microfinance institutions.
Between 2010 and 2020, the world's poorest 40% will nearly double their
spending power to $5.8 trillion from $3 trillion, according to Accion's
Center for Financial Inclusion.
The idea of providing the world's poorest with small loans was pioneered
30 years ago by Nobel Peace Prize winner Mohammad Yunus and Grameen Bank
in Bangladesh. Microfinance grew into a global industry with a loan
portfolio of $78 billion in 2011, according to data provider MIX Market.
Big banks, which suffered more than a little reputational damage of
their own during the crisis, realized they needed to go beyond
branch-based models to profitably reach such customers in a market
traditionally reliant on cash.
"The competition and the saturation in those (developed) markets are
getting higher and higher, so they have to look for the next wave, the
next area of possible profitable ventures," said Gerhard Coetzee, a
specialist at the Consultative Group to Assist the Poor, a think-tank at
the World Bank.
Citigroup launched a mobile payments scheme called Mobile Collect for
small stores in the Dominican Republic earlier this year, while
MasterCard teamed up with the Nigerian government in May to roll out 13
million national identity cards that double as electronic payment cards.
COMPETE OR COLLABORATE
Tapping the potential in the market of the unbanked requires alternative
business models.
Fragmentation makes it harder to achieve economies of scale, and banks
also have to overcome the hurdles of poor communications infrastructure
and the often non-existent credit history of many potential customers.
"Many banks think of the digitization opportunity around the world.
There is, however, a constraint, which is the whole issue of
infrastructure," Aigboje Aig-Imoukhuede, chief executive of Nigeria's
Access Bank, told a recent conference.
Another issue is competition. Banks' biggest rivals are not their peers
but rather mobile network operators and large retailers. Mr. Coetzee
says they face a difficult balancing act of rolling out competing
products and collaborating to serve a bigger chunk of the market.
Banks also need mobile network operators to allow their payment systems
to work across rivals' systems -- a commonplace in developed banking
markets -- if they are to achieve scale.
M-Pesa, Safaricom's successful mobile payment system in Kenya, benefited
from the telco's hefty market share to roll out its service, so it had
an in-built advantage. But that doesn't apply everywhere, Mr. Schlein said.
Bob Annibale, Global Director of Community Development and Microfinance
at Citigroup, also highlighted the importance of integrating different
payment systems.
"It is about that financial architecture... The bank payment system also
connects to the mobile payments system. If that becomes the norm, it's a
lot easier for us."
But getting competitors to collaborate is not easy.
"If you're waiting for the industry to come together and collaborate,
it's like asking the turkeys to vote for Christmas," a participant said
at the conference.
Clearing such obstacles could unlock huge rewards.
Barclays, which teamed up with NGOs Care International and Plan UK to
form the Banking on Change partnership, connecting village savings
groups with the formal financial system, estimated that $145 billion --
about a quarter of the Nigerian economy -- could be injected into the
global economy each year if all 2.5 billion of the unbanked were
included in the scheme. -- Reuters
---
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LONDON -- When the Afghan government used mobile phones instead of cash
to pay some of its policemen, the officers thought they'd just had a 30%
pay rise. In truth, they had just been paid the full amount, with
nothing skimmed off by middlemen, for the first time.
A vendor displays his wares in a market in Mozambique. With the use of
technology, banks have been reaching out to the poor to give them access
to financial services. -- Reuters
This anecdote from the US Agency for International Development shows how
technological innovations such as mobile banking and biometrics have
helped integrate more people in emerging markets into the formal
financial system, opening up opportunities for banks willing to take a
chance.
While the market for more affluent and business clients becomes
saturated, providing the world's poorest with access to financial
products is an unmatched growth opportunity.
Half the world's adults, over 2.5 billion people, do not have a formal
bank account, according to the World Bank. In low-income economies, it
can be less than a quarter.
Many developing countries also offer banks the allure of a growing
working-age population and an emerging middle class.
"Twenty years ago, we spoke about the poor with a sense of futility, and
I think now when you talk about the base of the pyramid, more often than
not you're talking about markets and opportunities," said Michael
Schlein, chief executive of Accion, a non-profit organisation that
invests in microfinance institutions.
Between 2010 and 2020, the world's poorest 40% will nearly double their
spending power to $5.8 trillion from $3 trillion, according to Accion's
Center for Financial Inclusion.
The idea of providing the world's poorest with small loans was pioneered
30 years ago by Nobel Peace Prize winner Mohammad Yunus and Grameen Bank
in Bangladesh. Microfinance grew into a global industry with a loan
portfolio of $78 billion in 2011, according to data provider MIX Market.
Big banks, which suffered more than a little reputational damage of
their own during the crisis, realized they needed to go beyond
branch-based models to profitably reach such customers in a market
traditionally reliant on cash.
"The competition and the saturation in those (developed) markets are
getting higher and higher, so they have to look for the next wave, the
next area of possible profitable ventures," said Gerhard Coetzee, a
specialist at the Consultative Group to Assist the Poor, a think-tank at
the World Bank.
Citigroup launched a mobile payments scheme called Mobile Collect for
small stores in the Dominican Republic earlier this year, while
MasterCard teamed up with the Nigerian government in May to roll out 13
million national identity cards that double as electronic payment cards.
COMPETE OR COLLABORATE
Tapping the potential in the market of the unbanked requires alternative
business models.
Fragmentation makes it harder to achieve economies of scale, and banks
also have to overcome the hurdles of poor communications infrastructure
and the often non-existent credit history of many potential customers.
"Many banks think of the digitization opportunity around the world.
There is, however, a constraint, which is the whole issue of
infrastructure," Aigboje Aig-Imoukhuede, chief executive of Nigeria's
Access Bank, told a recent conference.
Another issue is competition. Banks' biggest rivals are not their peers
but rather mobile network operators and large retailers. Mr. Coetzee
says they face a difficult balancing act of rolling out competing
products and collaborating to serve a bigger chunk of the market.
Banks also need mobile network operators to allow their payment systems
to work across rivals' systems -- a commonplace in developed banking
markets -- if they are to achieve scale.
M-Pesa, Safaricom's successful mobile payment system in Kenya, benefited
from the telco's hefty market share to roll out its service, so it had
an in-built advantage. But that doesn't apply everywhere, Mr. Schlein said.
Bob Annibale, Global Director of Community Development and Microfinance
at Citigroup, also highlighted the importance of integrating different
payment systems.
"It is about that financial architecture... The bank payment system also
connects to the mobile payments system. If that becomes the norm, it's a
lot easier for us."
But getting competitors to collaborate is not easy.
"If you're waiting for the industry to come together and collaborate,
it's like asking the turkeys to vote for Christmas," a participant said
at the conference.
Clearing such obstacles could unlock huge rewards.
Barclays, which teamed up with NGOs Care International and Plan UK to
form the Banking on Change partnership, connecting village savings
groups with the formal financial system, estimated that $145 billion --
about a quarter of the Nigerian economy -- could be injected into the
global economy each year if all 2.5 billion of the unbanked were
included in the scheme. -- Reuters
---
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Tuesday, December 17, 2013
Metrobank is lone global recipient of The Banker’s Financial Inclusion Award
Metrobank is lone global recipient of The Banker's Financial Inclusion Award
(The Philippine Star) | Updated December 15, 2013 - 12:00am
MANILA, Philippines - The Metropolitan Bank & Trust Company, through its
corporate social responsibility arm, the Metrobank Foundation Inc., was
awarded the Financial Inclusion Award by The Banker, the world's premier
banking and finance resource monthly magazine based in the United
Kingdom and read in over 180 countries, during the 2013 Bank of the Year
Awards held last Nov. 28 at the Intercontinental Park Lane Hotel in London.
The Financial Inclusion Award given by an international financial
affairs publication owned by The Financial Times Ltd. pays tribute to
the cream of the crop of global banking.
As the lone global Financial Inclusion awardee, Metrobank was
distinguished for its support to the Back-to-Back Financial Education
and Microfinance for overseas Filipino workers (OFW) in Singapore and
their families in the Philippines.
In partnership with Alalay sa Kaunlaran Inc. (ASKI) Philippines, one of
the country's largest microfinance institutions and its subsidiary, ASKI
Global Ltd., the program provides training on financial education and
basic entrepreneurship to OFWs in Singapore and their respective family
members in the Philippines to help create financial stability.
"We are honored to be this year's recipient of The Banker's Financial
Inclusion Award. Beyond the prestige, for us, it is an affirmation of
the work that we are doing for the low-income OFW sector and their
families. Receiving this award extends to the future of the children of
these OFWs because it brings opportunity of income sustainability
through the microfinance funds made available for the establishment or
expansion of micro enterprises," said Metrobank Foundation president
Aniceto Sobrepeña.
"It gives added hope that the OFWs and their families would have to help
each other improve their lives together in their own homes, without
having the OFW family member leave the country to earn a living. The
award will keep inspiring the economic growth in the localities of these
OFW families, because as businesses are established, doors of employment
are opened," Sobrepeña said.
"The prestigious award did not just recognize Metrobank and the
Metrobank Foundation, but the hundreds of thousands of Filipino workers
in Singapore, and the millions of them in world, and their families back
home," he added.
During Metrobank's 50th anniversary celebration last year, the bank
heightened its support to the OFW program of ASKI by extending a
P12-million grant to the program from a previous grant worth P250,000 in
2011.
Dubbed as the MetroGold Financial Education Program and for Migrant
Workers and MetroGold for Migrant Workers, an amount of P2 million and
P10 million were allocated for these two programs, respectively. Before
graduates will be able to avail themselves of a loan, they have to
present business cases of the kind of enterprise that they intend to
establish.
As a result of the support in 2011, 90 percent have increased their
monthly savings by at least 10 percent. All students have submitted
business plans that will enable them to establish business in the
Philippines using the remittances or through applying for a microfinance
loan.
So far, for the MetroGold microfinance program, over P4 million worth of
loan applications have been processed. Most business loans are for
farming, small-scale groceries and restaurants, and Internet cafés.
In Singapore, a total of 322 MetroGold OFW scholars have graduated upon
completion of the Financial Education and Basic Entrepreneurship
courses, with an addition of new modules on Personality Development.
Philippine Ambassador to Singapore Minda Cruz graced the graduation last
Dec. 1 as guest of honor. Special awards were also given to outstanding
graduates such as the Outstanding Basic Entrepreneurship Award,
Outstanding Financial Student Award in Savings and Investment
categories, and the Leadership Award.
In the Philippines, some 150 family members were trained in financial
education in Iloilo and Pangasinan as well as in the National Capital
Region.
The Banker's Financial Inclusion Award was received by Metrobank region
head for Europe Walter Lim from The Banker editor Brian Caplen and BBC
journalist Michael Duncan Buerk.
To date, The Banker's Financial Inclusion Award is the third
international award won for Metrobank by the Metrobank Foundation.
Metrobank bagged the Asian Banking Award for Social Responsibility by
the Asian Bankers Association and the Association of Development
Financing Institutions in Asia and the Pacific, and the Best Corporate
Social Responsibility Program by the Asian Banking and Finance Magazine
in 1999 and 2007, respectively.
---
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(The Philippine Star) | Updated December 15, 2013 - 12:00am
MANILA, Philippines - The Metropolitan Bank & Trust Company, through its
corporate social responsibility arm, the Metrobank Foundation Inc., was
awarded the Financial Inclusion Award by The Banker, the world's premier
banking and finance resource monthly magazine based in the United
Kingdom and read in over 180 countries, during the 2013 Bank of the Year
Awards held last Nov. 28 at the Intercontinental Park Lane Hotel in London.
The Financial Inclusion Award given by an international financial
affairs publication owned by The Financial Times Ltd. pays tribute to
the cream of the crop of global banking.
As the lone global Financial Inclusion awardee, Metrobank was
distinguished for its support to the Back-to-Back Financial Education
and Microfinance for overseas Filipino workers (OFW) in Singapore and
their families in the Philippines.
In partnership with Alalay sa Kaunlaran Inc. (ASKI) Philippines, one of
the country's largest microfinance institutions and its subsidiary, ASKI
Global Ltd., the program provides training on financial education and
basic entrepreneurship to OFWs in Singapore and their respective family
members in the Philippines to help create financial stability.
"We are honored to be this year's recipient of The Banker's Financial
Inclusion Award. Beyond the prestige, for us, it is an affirmation of
the work that we are doing for the low-income OFW sector and their
families. Receiving this award extends to the future of the children of
these OFWs because it brings opportunity of income sustainability
through the microfinance funds made available for the establishment or
expansion of micro enterprises," said Metrobank Foundation president
Aniceto Sobrepeña.
"It gives added hope that the OFWs and their families would have to help
each other improve their lives together in their own homes, without
having the OFW family member leave the country to earn a living. The
award will keep inspiring the economic growth in the localities of these
OFW families, because as businesses are established, doors of employment
are opened," Sobrepeña said.
"The prestigious award did not just recognize Metrobank and the
Metrobank Foundation, but the hundreds of thousands of Filipino workers
in Singapore, and the millions of them in world, and their families back
home," he added.
During Metrobank's 50th anniversary celebration last year, the bank
heightened its support to the OFW program of ASKI by extending a
P12-million grant to the program from a previous grant worth P250,000 in
2011.
Dubbed as the MetroGold Financial Education Program and for Migrant
Workers and MetroGold for Migrant Workers, an amount of P2 million and
P10 million were allocated for these two programs, respectively. Before
graduates will be able to avail themselves of a loan, they have to
present business cases of the kind of enterprise that they intend to
establish.
As a result of the support in 2011, 90 percent have increased their
monthly savings by at least 10 percent. All students have submitted
business plans that will enable them to establish business in the
Philippines using the remittances or through applying for a microfinance
loan.
So far, for the MetroGold microfinance program, over P4 million worth of
loan applications have been processed. Most business loans are for
farming, small-scale groceries and restaurants, and Internet cafés.
In Singapore, a total of 322 MetroGold OFW scholars have graduated upon
completion of the Financial Education and Basic Entrepreneurship
courses, with an addition of new modules on Personality Development.
Philippine Ambassador to Singapore Minda Cruz graced the graduation last
Dec. 1 as guest of honor. Special awards were also given to outstanding
graduates such as the Outstanding Basic Entrepreneurship Award,
Outstanding Financial Student Award in Savings and Investment
categories, and the Leadership Award.
In the Philippines, some 150 family members were trained in financial
education in Iloilo and Pangasinan as well as in the National Capital
Region.
The Banker's Financial Inclusion Award was received by Metrobank region
head for Europe Walter Lim from The Banker editor Brian Caplen and BBC
journalist Michael Duncan Buerk.
To date, The Banker's Financial Inclusion Award is the third
international award won for Metrobank by the Metrobank Foundation.
Metrobank bagged the Asian Banking Award for Social Responsibility by
the Asian Bankers Association and the Association of Development
Financing Institutions in Asia and the Pacific, and the Best Corporate
Social Responsibility Program by the Asian Banking and Finance Magazine
in 1999 and 2007, respectively.
---
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Sunday, December 15, 2013
CARD Microfinance institution expands to Mindanao
CARD Microfinance institution expands to Mindanao
Posted by: TYRONE A. VELEZ Posted date: December 12, 2013
by TYRONE A. VELEZ
Davao Today
DAVAO CITY – A Luzon-based rural development institution for women
expanded its reach to Mindanao through its micro-bank operations and
other services.
The Center for Agriculture and Rural Development Mutually Reinforcing
Institution (CARD-MRI), based in San Pablo City, Laguna, will open three
to five micro-banking offices in Mindanao by next year, including
Malalag and Malita in Davao del Sur and Tagum City.
On Friday, CARD MRI opened its CARD Bank branch along Ariel Street in
GSIS Heights along Matina here.
In a press conference here on Friday, CARD MRI President Dolores Torres
said the institution is expanding its services to Mindanao to support
livelihood of women in rural areas through micro-financing, education,
insurance and other economic and social services.
Microfinance is a financial service commonly in the form of extending
soft loans to poor and low-income families and aims to provide means for
the poor to strive for economic upliftment.
Torres said CARD banks provide loans as low as P5,000 to start a small
and micro-business with 2% monthly interest and zero collateral.
CARD's thrust of supporting women began in 1986 with a fund for the
livelihood of women in Laguna.
"We started with a fund that helped provide P1,000 in loan for jobless
women, and offered them that this would be payable in a year," said Torres.
She attributed the warm reception of women to the beneficiaries' trust
on them, citing that CARD's philosophy that they are "stewards of people".
She said they started at a time when other credit groups, including from
government, were going down.
CARD-MRI established its first rural bank in 1997, and from around 30
women it supported in 1986, the micro-finance institute now serves one
million members in 55 branches in more than 40 provinces. There are
13,833 members in Davao.
Torres said that while their clients are primarily women, as part of
their thrust in empowering this sector, they are also open to male
clients who show entrepreneurial potential.
She said they are not afraid of the cases of small banks folding up,
saying that that they have "99.5% repayment on loans, and 0.5% are only
delayed payments."
CARD-MRI has also established a Business Development Service Foundation
Inc. in 2001 to support its micro-entrepreneur clients through marketing
and business development services.
One of its thrust includes promotion of its advocacies. It includes the
recent fashion show dubbed "Galing ni Inay" (Mothers' Best), showcasing
local products such as indigenous weavings, leather, paper and wood from
artisans and rural women workers.
The fashion show also featured clothes and accessories designed by
Laguna-based designer Cris Gamo utilizing indigenous materials such as
piña cocoon from Lumban, Laguna, tiger grass from Albay, Bicol, T'nalak
from Lake Sebu, South Cotabato, and handwoven cloth from Mountain Province.
CARD-BDSFI President Aristeo Dequito said the products even made it to
the World Bazaar October.
The designs can also be seen in CARD's outlet in Abreeza Mall Davao.
Another BDSFI service is the "Hapinoy" for sari-sari store owners, a
program done in partnership with NCCC Mall Davao and Ace Enterprises
Cotabato. It engages in agriculture enterprise development as well in
renewable energy projects.
CARD-MRI also conducts free medical consultation in their clinic along
Magallanes, and provides medical and education support services to clients.
Microfinance has been thriving in the country, according to a report
from the Economist Intelligence Unit in 2012. The EIU ranked the
Philippines 4th out of 55 countries, and is one of three Asian countries
in the top ten.
It added that the Bangko Sentral ng Pilipinas' (BSP) has adapted
microfinance as a policy to help reduce the incidence of poverty.
The Asian Development Bank also cited potential for the country's
microfinance after evaluating the Country's Microfinance Development
Program in 2008 where microfinance clients increased to 5.5 million in
2006 and created 2.6 million jobs. (Tyrone A. Velez, davaotoday.com)
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Posted by: TYRONE A. VELEZ Posted date: December 12, 2013
by TYRONE A. VELEZ
Davao Today
DAVAO CITY – A Luzon-based rural development institution for women
expanded its reach to Mindanao through its micro-bank operations and
other services.
The Center for Agriculture and Rural Development Mutually Reinforcing
Institution (CARD-MRI), based in San Pablo City, Laguna, will open three
to five micro-banking offices in Mindanao by next year, including
Malalag and Malita in Davao del Sur and Tagum City.
On Friday, CARD MRI opened its CARD Bank branch along Ariel Street in
GSIS Heights along Matina here.
In a press conference here on Friday, CARD MRI President Dolores Torres
said the institution is expanding its services to Mindanao to support
livelihood of women in rural areas through micro-financing, education,
insurance and other economic and social services.
Microfinance is a financial service commonly in the form of extending
soft loans to poor and low-income families and aims to provide means for
the poor to strive for economic upliftment.
Torres said CARD banks provide loans as low as P5,000 to start a small
and micro-business with 2% monthly interest and zero collateral.
CARD's thrust of supporting women began in 1986 with a fund for the
livelihood of women in Laguna.
"We started with a fund that helped provide P1,000 in loan for jobless
women, and offered them that this would be payable in a year," said Torres.
She attributed the warm reception of women to the beneficiaries' trust
on them, citing that CARD's philosophy that they are "stewards of people".
She said they started at a time when other credit groups, including from
government, were going down.
CARD-MRI established its first rural bank in 1997, and from around 30
women it supported in 1986, the micro-finance institute now serves one
million members in 55 branches in more than 40 provinces. There are
13,833 members in Davao.
Torres said that while their clients are primarily women, as part of
their thrust in empowering this sector, they are also open to male
clients who show entrepreneurial potential.
She said they are not afraid of the cases of small banks folding up,
saying that that they have "99.5% repayment on loans, and 0.5% are only
delayed payments."
CARD-MRI has also established a Business Development Service Foundation
Inc. in 2001 to support its micro-entrepreneur clients through marketing
and business development services.
One of its thrust includes promotion of its advocacies. It includes the
recent fashion show dubbed "Galing ni Inay" (Mothers' Best), showcasing
local products such as indigenous weavings, leather, paper and wood from
artisans and rural women workers.
The fashion show also featured clothes and accessories designed by
Laguna-based designer Cris Gamo utilizing indigenous materials such as
piña cocoon from Lumban, Laguna, tiger grass from Albay, Bicol, T'nalak
from Lake Sebu, South Cotabato, and handwoven cloth from Mountain Province.
CARD-BDSFI President Aristeo Dequito said the products even made it to
the World Bazaar October.
The designs can also be seen in CARD's outlet in Abreeza Mall Davao.
Another BDSFI service is the "Hapinoy" for sari-sari store owners, a
program done in partnership with NCCC Mall Davao and Ace Enterprises
Cotabato. It engages in agriculture enterprise development as well in
renewable energy projects.
CARD-MRI also conducts free medical consultation in their clinic along
Magallanes, and provides medical and education support services to clients.
Microfinance has been thriving in the country, according to a report
from the Economist Intelligence Unit in 2012. The EIU ranked the
Philippines 4th out of 55 countries, and is one of three Asian countries
in the top ten.
It added that the Bangko Sentral ng Pilipinas' (BSP) has adapted
microfinance as a policy to help reduce the incidence of poverty.
The Asian Development Bank also cited potential for the country's
microfinance after evaluating the Country's Microfinance Development
Program in 2008 where microfinance clients increased to 5.5 million in
2006 and created 2.6 million jobs. (Tyrone A. Velez, davaotoday.com)
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Friday, December 13, 2013
WFP partners with DSWD to increase CCT assistance
WFP partners with DSWD to increase CCT assistance
By Pia Lee-Brago and Rainier Allan Ronda (The Philippine Star)
December 13, 2013 - 12:00am
MANILA, Philippines - The World Food Program (WFP) has partnered with
the Department of Social Welfare and Development (DSWD) to provide P260
million in additional cash assistance to 500,000 beneficiaries of the
conditional cash transfer (CCT) program who were affected by Typhoon
Yolanda.
WFP Philippines country director Praveen Agrawal and Social Welfare
Secretary Corazon Soliman on Wednesday signed a memorandum of
understanding for the cash distributions to CCT beneficiaries in 50
typhoon-hit municipalities in Leyte and Samar.
The cash grant will benefit around 100,000 families.
Each family will receive an emergency cash grant of P1,300 in addition
to their CCT cash grants for December and January. Each family will also
receive a month's supply of rice.
The most food insecure families were identified in WFP's post-Typhoon
Yolanda assessment among vulnerable families enrolled under the CCT program.
"We need to provide the right kind of assistance as circumstances change
and at this point in time, our assessments indicate that a combination
of cash support and in-kind rice is an effective approach," Agrawal said.
Soliman, for her part, said DSWD's partnership with the WFP is another
proof that during times of adversity, the CCT program becomes a good
avenue for humanitarian aid to reach its intended recipients.
"The local economy plays an important role in this recovery and in order
to put it back on track, the people need money that they can use to
purchase goods – goods that they need in order to survive," Soliman added.
The provision of cash support through the CCT program marks a step in
the strategic evolution of assistance provided by the WFP.
To date, the WFP has distributed nearly 6,000 metric tons of rice, 190
MT of high-energy biscuits and two MT of nutritional products for
children to three million people, in partnership with the DSWD and
non-government organizations. With Jaime Laude, Christina Mendez, Alexis
Romero, Artemio Dumlao
- See more at:
http://www.philstar.com/headlines/2013/12/13/1267587/wfp-partners-dswd-increase-cct-assistance#sthash.rfRaiBSi.dpuf
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By Pia Lee-Brago and Rainier Allan Ronda (The Philippine Star)
December 13, 2013 - 12:00am
MANILA, Philippines - The World Food Program (WFP) has partnered with
the Department of Social Welfare and Development (DSWD) to provide P260
million in additional cash assistance to 500,000 beneficiaries of the
conditional cash transfer (CCT) program who were affected by Typhoon
Yolanda.
WFP Philippines country director Praveen Agrawal and Social Welfare
Secretary Corazon Soliman on Wednesday signed a memorandum of
understanding for the cash distributions to CCT beneficiaries in 50
typhoon-hit municipalities in Leyte and Samar.
The cash grant will benefit around 100,000 families.
Each family will receive an emergency cash grant of P1,300 in addition
to their CCT cash grants for December and January. Each family will also
receive a month's supply of rice.
The most food insecure families were identified in WFP's post-Typhoon
Yolanda assessment among vulnerable families enrolled under the CCT program.
"We need to provide the right kind of assistance as circumstances change
and at this point in time, our assessments indicate that a combination
of cash support and in-kind rice is an effective approach," Agrawal said.
Soliman, for her part, said DSWD's partnership with the WFP is another
proof that during times of adversity, the CCT program becomes a good
avenue for humanitarian aid to reach its intended recipients.
"The local economy plays an important role in this recovery and in order
to put it back on track, the people need money that they can use to
purchase goods – goods that they need in order to survive," Soliman added.
The provision of cash support through the CCT program marks a step in
the strategic evolution of assistance provided by the WFP.
To date, the WFP has distributed nearly 6,000 metric tons of rice, 190
MT of high-energy biscuits and two MT of nutritional products for
children to three million people, in partnership with the DSWD and
non-government organizations. With Jaime Laude, Christina Mendez, Alexis
Romero, Artemio Dumlao
- See more at:
http://www.philstar.com/headlines/2013/12/13/1267587/wfp-partners-dswd-increase-cct-assistance#sthash.rfRaiBSi.dpuf
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Thursday, December 12, 2013
UN unit lauds SB Corp microfinance program
UN unit lauds SB Corp microfinance program
(The Philippine Star) | Updated December 10, 2013 - 12:00am
MANILA, Philippines - The International Fund for Agriculture Development
of the United Nations (UN-IFAD) has rated the Rural Micro-Enterprise
Promotion Program (RUMEPP) as "satisfactory."
The program is being implemented by the SB Corp., a line agency of the
Department of Trade and Industry (DTI).
The UN-IFAD funded the program through special drawing rights (SDR) for
a $12.35-million soft loan and another $340,000 grant in 2005.
The program should be completed this year.
The rural development goal is designed to increase economic development
and improve job generation resulting in reduced rural poverty among
200,000 poor rural households.
The program has three major components: microfinance credit services,
micro-enterprise promotion and development and program and policy
coordination.
The microfinance credit services component has a national coverage and
covers all rural areas of the country, while the micro-enterprise
promotion component focused on 19 provinces in five regions namely CAR,
CARAGA, Regions V, VII and XII.
Performance of the microfinance credit services component remains
satisfactory as $14.4 million of the IFAD loan allocated for lending is
expected to be fully utilized by end of 2013.
In terms of outcome, the target for new micro-enterprise borrowers was
met with 56,875 micro-entrepreneurs (MEs) provided with loans from 89
microfinance institutions (MFIs) compared with the original targets of
35,000 MEs and 75 MFIs, an achievement of 156 percent and 119 percent,
respectively.
The micro-enterprise promotion and development component has also
exceeded its targets as a total of 33,873 MEs received business
development services (BDS) and 13,587 MEs were served through 19 MSME
centers.
Based on a survey, 78 percent of the MEs served reported an average
increase in sales of 82 percent as compared to the five percent target.
The convergence target of 15,000 MEs was also achieved as 15,252 MEs
were provided with both BDS and credit services.
For the program and policy coordination component, the mission found
some MFI partners.
The People's Bank of Caraga has adopted a twin approach of providing
credit and BDS to MEs at the same time.
The Cantilan Bank in Surigao del Sur adjusted their loan portfolios to
cater to the needs of the seaweed producers in Surigao del Sur hit by
typhoon "Pablo."
The BIBAK Multi-Purpose Cooperative in Kalinga has adjusted its
operations to provide credit services for BDS beneficiaries of the
program in Kalinga who were unable to access funds during the first four
years of program implementation because there were no SB Corp accredited
MFIs in the area.
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(The Philippine Star) | Updated December 10, 2013 - 12:00am
MANILA, Philippines - The International Fund for Agriculture Development
of the United Nations (UN-IFAD) has rated the Rural Micro-Enterprise
Promotion Program (RUMEPP) as "satisfactory."
The program is being implemented by the SB Corp., a line agency of the
Department of Trade and Industry (DTI).
The UN-IFAD funded the program through special drawing rights (SDR) for
a $12.35-million soft loan and another $340,000 grant in 2005.
The program should be completed this year.
The rural development goal is designed to increase economic development
and improve job generation resulting in reduced rural poverty among
200,000 poor rural households.
The program has three major components: microfinance credit services,
micro-enterprise promotion and development and program and policy
coordination.
The microfinance credit services component has a national coverage and
covers all rural areas of the country, while the micro-enterprise
promotion component focused on 19 provinces in five regions namely CAR,
CARAGA, Regions V, VII and XII.
Performance of the microfinance credit services component remains
satisfactory as $14.4 million of the IFAD loan allocated for lending is
expected to be fully utilized by end of 2013.
In terms of outcome, the target for new micro-enterprise borrowers was
met with 56,875 micro-entrepreneurs (MEs) provided with loans from 89
microfinance institutions (MFIs) compared with the original targets of
35,000 MEs and 75 MFIs, an achievement of 156 percent and 119 percent,
respectively.
The micro-enterprise promotion and development component has also
exceeded its targets as a total of 33,873 MEs received business
development services (BDS) and 13,587 MEs were served through 19 MSME
centers.
Based on a survey, 78 percent of the MEs served reported an average
increase in sales of 82 percent as compared to the five percent target.
The convergence target of 15,000 MEs was also achieved as 15,252 MEs
were provided with both BDS and credit services.
For the program and policy coordination component, the mission found
some MFI partners.
The People's Bank of Caraga has adopted a twin approach of providing
credit and BDS to MEs at the same time.
The Cantilan Bank in Surigao del Sur adjusted their loan portfolios to
cater to the needs of the seaweed producers in Surigao del Sur hit by
typhoon "Pablo."
The BIBAK Multi-Purpose Cooperative in Kalinga has adjusted its
operations to provide credit services for BDS beneficiaries of the
program in Kalinga who were unable to access funds during the first four
years of program implementation because there were no SB Corp accredited
MFIs in the area.
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Saturday, November 30, 2013
EastWest clears regulatory hurdle for merger
EastWest clears regulatory hurdle for merger
East West Banking Corp. has secured the first of the regulatory
approvals required for its proposed merger with Mindanao-based rural
bank Green Bank (A Rural Bank), Inc.
"The Philippine Deposit Insurance Corp. (PDIC) has granted its consent
to the proposed merger of East West Banking Corp. and Green Bank (A
Rural Bank), Inc., with EastWest as the surviving entity," a disclosure
to the stock exchange read on Friday.
The approval of the Bangko Sentral ng Pilipinas and Securities and
Exchange Commission is still needed to fully implement the merger.
EastWest Bank took over Green Bank, based in Butuan City, in August 2011.
The acquisition was done to help EastWest Bank engage in lending to
micro and small borrowers, the Gotianun-led bank earlier said. Green
Bank has 46 branches across the countryside.
As of October, EastWest Bank had a total of 347 branches, including that
of its rural bank subsidiary. It aims to expand its network to 400
branches by the first quarter of 2014.
It has been aggressive in its expansion plans, acquiring Ecology Savings
Bank, Inc. in 2003; AIG Philam Savings Bank, Philam Auto Finance and
Leasing, Inc. and PLF Holdings in 2009; and Finman Rural Bank, Inc. in 2012.
EastWest Bank saw its net income jump 25.37% to P1.7 billion as of
September from last year. Its capital adequacy ratio -- a measure of
financial strength -- stood at 17.1%, well above the central bank's 10%
minimum requirement.
EastWest Bank's shares remained flat at P25 apiece on Friday. -- Diana
Jean B. Evite
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East West Banking Corp. has secured the first of the regulatory
approvals required for its proposed merger with Mindanao-based rural
bank Green Bank (A Rural Bank), Inc.
"The Philippine Deposit Insurance Corp. (PDIC) has granted its consent
to the proposed merger of East West Banking Corp. and Green Bank (A
Rural Bank), Inc., with EastWest as the surviving entity," a disclosure
to the stock exchange read on Friday.
The approval of the Bangko Sentral ng Pilipinas and Securities and
Exchange Commission is still needed to fully implement the merger.
EastWest Bank took over Green Bank, based in Butuan City, in August 2011.
The acquisition was done to help EastWest Bank engage in lending to
micro and small borrowers, the Gotianun-led bank earlier said. Green
Bank has 46 branches across the countryside.
As of October, EastWest Bank had a total of 347 branches, including that
of its rural bank subsidiary. It aims to expand its network to 400
branches by the first quarter of 2014.
It has been aggressive in its expansion plans, acquiring Ecology Savings
Bank, Inc. in 2003; AIG Philam Savings Bank, Philam Auto Finance and
Leasing, Inc. and PLF Holdings in 2009; and Finman Rural Bank, Inc. in 2012.
EastWest Bank saw its net income jump 25.37% to P1.7 billion as of
September from last year. Its capital adequacy ratio -- a measure of
financial strength -- stood at 17.1%, well above the central bank's 10%
minimum requirement.
EastWest Bank's shares remained flat at P25 apiece on Friday. -- Diana
Jean B. Evite
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Gov’t to set up earthquake insurer
By Diana Jean B. Evite
Gov't to set up earthquake insurer
A company could be set up solely to provide the earthquake insurance the
government seeks to make mandatory for households and small businesses,
the Asian Development Bank (ADB) has proposed.
The ADB presented to the Insurance Commission (IC) on Wednesday a
business plan to set up Earthquake Protection Insurance Corp. (EPIC) --
a "model company" that will lead the implementation of the proposed
compulsory earthquake insurance in the Philippines.
"There is already a virtual agreement from the industry to put up a
dedicated insurance company that will provide compulsory earthquake
insurance cover to small and medium enterprises (SME) and middle-class
residential units," Insurance Commissioner Emmanuel F. Dooc told reporters.
"But, this has to be formally taken up with us (IC), the local insurance
industry and the Department of Finance," he went on.
Discussions on the ADB proposal will start in January.
The proposed initial capital for EPIC -- which will run under a
public-private partnership -- is $400 million dollars, while its
proposed production target is at least 300,000 earthquake policies
within five years.
The model company is expected to attract domestic and foreign insurers
to invest in the earthquake insurance program in the country.
"The idea why we need to put up a model company in the form of EPIC is
we want to secure support of the insurance companies overseas," Mr. Dooc
said.
"If they see a company dedicated to earthquake risks adequately
capitalized and with investors which are reputable and also backed up by
adequate resources, then getting reinsurance support will not be a
problem," he explained.
Mr. Dooc noted that earthquake insurance is not popular among SMEs and
households because it is too expensive. Making it mandatory will bring
down its cost and expand its reach, thereby making it a more
commercially viable business for insurers.
"Traditional players or insurance providers will not just come in
because it will not be a viable commercial proposition to engage in that
particular business line, without the scale, without the appropriate
premium and without certain assurance that the market will support it,"
the IC chief explained.
The regulator has been pushing for a bill that will make earthquake
insurance coverage mandatory as the country lies in the Pacific Rim of
Fire -- an area in the Pacific Ocean where most of the world's
earthquakes and volcanic eruptions occur.
Mr. Dooc said some legislators have already expressed support for the
proposed bill.
"I don't think we'll have difficulty lining up support of legislators in
light of the recent calamities that hit us," he added.
On Nov. 8, super-typhoon Yolanda (international name: Haiyan) struck
central Philippines, killing almost 6,000 people and causing widespread
damage in infrastructure and agriculture.
Prior to that, a 7.2-magnitude earthquake shook the provinces of Bohol
and Cebu, leaving 200 dead and destroying billions worth of agriculture
and infrastructure, including iconic heritage sites.
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Gov't to set up earthquake insurer
A company could be set up solely to provide the earthquake insurance the
government seeks to make mandatory for households and small businesses,
the Asian Development Bank (ADB) has proposed.
The ADB presented to the Insurance Commission (IC) on Wednesday a
business plan to set up Earthquake Protection Insurance Corp. (EPIC) --
a "model company" that will lead the implementation of the proposed
compulsory earthquake insurance in the Philippines.
"There is already a virtual agreement from the industry to put up a
dedicated insurance company that will provide compulsory earthquake
insurance cover to small and medium enterprises (SME) and middle-class
residential units," Insurance Commissioner Emmanuel F. Dooc told reporters.
"But, this has to be formally taken up with us (IC), the local insurance
industry and the Department of Finance," he went on.
Discussions on the ADB proposal will start in January.
The proposed initial capital for EPIC -- which will run under a
public-private partnership -- is $400 million dollars, while its
proposed production target is at least 300,000 earthquake policies
within five years.
The model company is expected to attract domestic and foreign insurers
to invest in the earthquake insurance program in the country.
"The idea why we need to put up a model company in the form of EPIC is
we want to secure support of the insurance companies overseas," Mr. Dooc
said.
"If they see a company dedicated to earthquake risks adequately
capitalized and with investors which are reputable and also backed up by
adequate resources, then getting reinsurance support will not be a
problem," he explained.
Mr. Dooc noted that earthquake insurance is not popular among SMEs and
households because it is too expensive. Making it mandatory will bring
down its cost and expand its reach, thereby making it a more
commercially viable business for insurers.
"Traditional players or insurance providers will not just come in
because it will not be a viable commercial proposition to engage in that
particular business line, without the scale, without the appropriate
premium and without certain assurance that the market will support it,"
the IC chief explained.
The regulator has been pushing for a bill that will make earthquake
insurance coverage mandatory as the country lies in the Pacific Rim of
Fire -- an area in the Pacific Ocean where most of the world's
earthquakes and volcanic eruptions occur.
Mr. Dooc said some legislators have already expressed support for the
proposed bill.
"I don't think we'll have difficulty lining up support of legislators in
light of the recent calamities that hit us," he added.
On Nov. 8, super-typhoon Yolanda (international name: Haiyan) struck
central Philippines, killing almost 6,000 people and causing widespread
damage in infrastructure and agriculture.
Prior to that, a 7.2-magnitude earthquake shook the provinces of Bohol
and Cebu, leaving 200 dead and destroying billions worth of agriculture
and infrastructure, including iconic heritage sites.
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Friday, November 29, 2013
Merger of China Bank unit with rural bank approved
Merger of China Bank unit with rural bank approved
THE MERGER of China Bank Savings Inc. and Pampanga-based Unity Bank,
Inc. (A Rural Bank) has been greenlighted by the central bank, allowing
the Sy-led thrift bank to build its presence in the countryside.
The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) on Nov. 21
approved the merger between the two banks, with China Bank Savings as
the surviving entity, "on the condition that the merger will be
implemented within six months," China Banking Corp., the parent of China
Bank Savings, said in a disclosure yesterday.
The banks are now awaiting the nod of the Securities and Exchange
Commission -- the last regulatory approval needed to fully implement the
merger.
China Bank said the deal was done under the BSP's Strengthening Program
for Rural Banks Plus (SPRB Plus), which aims to improve the delivery of
financial services in the countryside.
Under the P5-billion program, universal, commercial and thrift banks are
encouraged to rescue ailing rural and thrift banks in exchange for a
spate of incentives.
The merger will expand China Bank Savings' network to 90 branches,
gaining 15 branches from Unity Bank and 24 new branch licenses in
restricted areas from the BSP -- one of the incentives under SPRB Plus
"With the merger, [China Bank Savings] is on track to meet its target of
73 branches by yearend and 100 by next year," the bank said in a statement.
The BSP last year approved China Bank's acquisition of 99.95% of Unity
Bank's outstanding subscribed capital stock.
China Bank Savings began operations on September 2008 following China
Bank's acquisition of Manila Bank the year prior.
In September, a memorandum of agreement was also inked for Planters
Development Bank -- the country's leading bank for small and medium
enterprises (SME) -- to become a part of the China Banking Group.
The merger between China Bank and Plantersbank is expected to bolster
the former's SME portfolio and network expansion.
China Bank saw its consolidated net income grow 25% to P3.93 billion as
of the third quarter from P3.14 billion in the same period last year.
As of September, the Sy-led bank's assets climbed 15% to P359.03 billion.
Its shares remained flat at P60 apiece yesterday. -- Diana Jean B. Evite
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THE MERGER of China Bank Savings Inc. and Pampanga-based Unity Bank,
Inc. (A Rural Bank) has been greenlighted by the central bank, allowing
the Sy-led thrift bank to build its presence in the countryside.
The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) on Nov. 21
approved the merger between the two banks, with China Bank Savings as
the surviving entity, "on the condition that the merger will be
implemented within six months," China Banking Corp., the parent of China
Bank Savings, said in a disclosure yesterday.
The banks are now awaiting the nod of the Securities and Exchange
Commission -- the last regulatory approval needed to fully implement the
merger.
China Bank said the deal was done under the BSP's Strengthening Program
for Rural Banks Plus (SPRB Plus), which aims to improve the delivery of
financial services in the countryside.
Under the P5-billion program, universal, commercial and thrift banks are
encouraged to rescue ailing rural and thrift banks in exchange for a
spate of incentives.
The merger will expand China Bank Savings' network to 90 branches,
gaining 15 branches from Unity Bank and 24 new branch licenses in
restricted areas from the BSP -- one of the incentives under SPRB Plus
"With the merger, [China Bank Savings] is on track to meet its target of
73 branches by yearend and 100 by next year," the bank said in a statement.
The BSP last year approved China Bank's acquisition of 99.95% of Unity
Bank's outstanding subscribed capital stock.
China Bank Savings began operations on September 2008 following China
Bank's acquisition of Manila Bank the year prior.
In September, a memorandum of agreement was also inked for Planters
Development Bank -- the country's leading bank for small and medium
enterprises (SME) -- to become a part of the China Banking Group.
The merger between China Bank and Plantersbank is expected to bolster
the former's SME portfolio and network expansion.
China Bank saw its consolidated net income grow 25% to P3.93 billion as
of the third quarter from P3.14 billion in the same period last year.
As of September, the Sy-led bank's assets climbed 15% to P359.03 billion.
Its shares remained flat at P60 apiece yesterday. -- Diana Jean B. Evite
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BanKO gets P200-M fresh infusion from Ayala Group
BanKO gets P200-M fresh infusion from Ayala Group
By Ted P. Torres (The Philippine Star)
Updated November 24, 2013 - 12:00am
MANILA, Philippines - BPI Globe BanKO (BanKO) has received a fresh
infusion of funds from stakeholders amounting to a total P200 million.
BanKO is a joint venture thrift bank and the only mobile
technology-based, microfinance-focused bank in the Philippines. The
major stakeholders are the Bank of the Philippine Islands (BPI), Globe
Telecom Inc. (Globe), and Ayala Corp.
BanKO chief operating officer John Rubio said its stakeholders continue
to embrace the importance and significance of financial inclusion and
the bank's unique contribution to bringing credit to the unbanked and
under banked segment of the population.
"We presented a three-year program that will result in a net income of
over P100 million," Rubio added.
Total deposit base stood at P2.05 billion, while the wholesale loan
portfolio stood at P922 million. Retail loan portfolio stood at P43 million.
Lending interest rates was a modest 2.5- to three percent per month,
well below the notorious five-six scheme which results in a high
20-percent monthly interest rate.
The thrift bank's customer base stood at 431,000 with an average deposit
of P310.
Instead of bank branches, BanKO relies on more than a hundred bank
personnel and agents, 34 major institutional partners, and over 1,953
partner outlets including cash-in, cash-out centers.
BanKO's current partners include Tambunting Pawnshop, CVM Pawnshop,
Generika drugstores, Czarina Foreign Exchange, gasoline stations,
Internet cafes, loading stations, convenience stores, and many more.
The thrift bank also partners with microfinance institutions (MFIs) such
as rural banks, non-government organizations (NGOs) and cooperatives,
offering wholesale institutional loans to fund MFIs' on-lending to its
client-base, and capability-building developmental loans in the form of
technical assistance and financial training for the MFIs and their clients.
Base of the transactions is the mobile or cellular phone (through the
Globe's GCash), and automated teller machine (ATM) cards.
Bank customers open accounts that are bundle savings, insurance and
later on, credit or loans.
Account opening takes place at agent locations where the agents are
certified to perform "know-your-customer" (KYC) registration, allowing
customers to leave with a fully- activated electronic wallet and an ATM
card after a 10-15 minute registration process.
Registration is then processed and approved resulting in account
activation. From then on, transactions can be done through the mobile
phone, while actual cash transaction are done through the partner
outlets, which takes the place of the traditional branches.
Recently, BanKO and the United States Agency for International
Development (USAID), through its Scaling Innovations in Mobile Money
(SIMM) project, launched the country's first-ever mobile banking
platform with the local government of Pulilan, Bulacan.
The project started a mobile money payroll platform that allows the
local government of Pulilan, Bulacan to pay its 300 employees through
mobile phones. It likewise allows the 10,000 Pulilan households to pay
its water bills using their mobile phones.
It will result in savings for the local government unit (LGU) and the
thousands of households using the local water district, as it eliminates
handling cost of transporting cash from Baliwag to Pulilan, aside from
eliminating risk of theft or robbery while payroll is in-transit in case
of field-based employees.
It results in no average daily balances, no need for vault, enclosure or
security personnel to secure cash, simplified requirements for opening
accounts, and increased access points through ATMs and neighborhood
partner outlets.
For the residents of Pulilan, they do have to physically go to the
payment centers.
A similar operation has since been implemented in Batangas, and by the
end of the year or early next year, it will be implemented in Quezon City.
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By Ted P. Torres (The Philippine Star)
Updated November 24, 2013 - 12:00am
MANILA, Philippines - BPI Globe BanKO (BanKO) has received a fresh
infusion of funds from stakeholders amounting to a total P200 million.
BanKO is a joint venture thrift bank and the only mobile
technology-based, microfinance-focused bank in the Philippines. The
major stakeholders are the Bank of the Philippine Islands (BPI), Globe
Telecom Inc. (Globe), and Ayala Corp.
BanKO chief operating officer John Rubio said its stakeholders continue
to embrace the importance and significance of financial inclusion and
the bank's unique contribution to bringing credit to the unbanked and
under banked segment of the population.
"We presented a three-year program that will result in a net income of
over P100 million," Rubio added.
Total deposit base stood at P2.05 billion, while the wholesale loan
portfolio stood at P922 million. Retail loan portfolio stood at P43 million.
Lending interest rates was a modest 2.5- to three percent per month,
well below the notorious five-six scheme which results in a high
20-percent monthly interest rate.
The thrift bank's customer base stood at 431,000 with an average deposit
of P310.
Instead of bank branches, BanKO relies on more than a hundred bank
personnel and agents, 34 major institutional partners, and over 1,953
partner outlets including cash-in, cash-out centers.
BanKO's current partners include Tambunting Pawnshop, CVM Pawnshop,
Generika drugstores, Czarina Foreign Exchange, gasoline stations,
Internet cafes, loading stations, convenience stores, and many more.
The thrift bank also partners with microfinance institutions (MFIs) such
as rural banks, non-government organizations (NGOs) and cooperatives,
offering wholesale institutional loans to fund MFIs' on-lending to its
client-base, and capability-building developmental loans in the form of
technical assistance and financial training for the MFIs and their clients.
Base of the transactions is the mobile or cellular phone (through the
Globe's GCash), and automated teller machine (ATM) cards.
Bank customers open accounts that are bundle savings, insurance and
later on, credit or loans.
Account opening takes place at agent locations where the agents are
certified to perform "know-your-customer" (KYC) registration, allowing
customers to leave with a fully- activated electronic wallet and an ATM
card after a 10-15 minute registration process.
Registration is then processed and approved resulting in account
activation. From then on, transactions can be done through the mobile
phone, while actual cash transaction are done through the partner
outlets, which takes the place of the traditional branches.
Recently, BanKO and the United States Agency for International
Development (USAID), through its Scaling Innovations in Mobile Money
(SIMM) project, launched the country's first-ever mobile banking
platform with the local government of Pulilan, Bulacan.
The project started a mobile money payroll platform that allows the
local government of Pulilan, Bulacan to pay its 300 employees through
mobile phones. It likewise allows the 10,000 Pulilan households to pay
its water bills using their mobile phones.
It will result in savings for the local government unit (LGU) and the
thousands of households using the local water district, as it eliminates
handling cost of transporting cash from Baliwag to Pulilan, aside from
eliminating risk of theft or robbery while payroll is in-transit in case
of field-based employees.
It results in no average daily balances, no need for vault, enclosure or
security personnel to secure cash, simplified requirements for opening
accounts, and increased access points through ATMs and neighborhood
partner outlets.
For the residents of Pulilan, they do have to physically go to the
payment centers.
A similar operation has since been implemented in Batangas, and by the
end of the year or early next year, it will be implemented in Quezon City.
---
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Thursday, November 28, 2013
2 out of 3 Filipino families able to save 25% of income–NSCB report
2 out of 3 Filipino families able to save 25% of income–NSCB report
By Ana G. Roa
Philippine Daily Inquirer
8:37 pm | Tuesday, July 10th, 2012
MANILA, Philippines — Two in three Filipino families were "savers" between 2003 and 2009, keeping an average of P23 to P25 out of every P100 they earned, a recent National Statistical Coordination Board (NSCB) report showed.
The report also showed that female-headed households saved more than male-headed ones.
The percentage of "savers" or families with income higher than expenditure were 65.5 percent in 2003, 65.1 percent in 2006 and 65.9 percent in 2009.
The "non-savers" or families with savings less than or equal to zero accounted for 34.5 percent in 2003, 34.9 percent in 2006 and 34.1 percent in 2009.
The latest Family Income and Expenditures Survey (FIES), which was used as basis for the NSCB report was in 2009. The National Statistics Office will conduct the next FIES survey in July 2012 and January of 2013, with 2012 as reference year.
The report, written by former NSCB secretary general Romulo A. Virola, NSCB director Jessamyn O. Encarnacion and NSCB statistical coordination officer Mechelle M. Viernes, used data from the Family Income and Expenditures Survey, which is conducted by the National Statistics Office triennially.
The "savers" reported an average annual per capita savings of P10,693 in 2003, P11,982 in 2006 and P14,298 in 2009.
This would mean that the "savers" have the capacity to "save" at least one person out of food poverty, the NSCB said, citing the official annual per capita food threshold in 2003 at P7577, in 2006 at P9,257 and in 2009 at P11,686.
On the other hand, the "non-savers" reported a deficit of 14 to 15 percent of their income between 2003 and 2009 or for every P100 that they earn, they spend P114 to P115 pesos.
In terms of spending patterns, the biggest difference between "savers" and "non-savers" was on food expenditures, with the latter spending about 4 to 5 percent more.
Previous findings from poverty analysis showed that the poor spent proportionately more on food than the non-poor, the NSCB noted.
Education was one of the items being sacrificed by non-savers, the report found.
"This could mean that many of our kababayans could no longer afford to send our children to school, or that higher education is no longer the priority that it used to be among Pinoy families," the report said.
Another worrisome finding was that "non-savers" spend relatively more on alcoholic beverages and tobacco than the "savers," NSCB noted.
In current prices, the total income of all families in the country was P2.4 trillion in 2003, P3 trillion in 2006 and P3.8 trillion in 2009 while total expenditures amounted to P2 trillion in 2003, P2.6 trillion in 2006 and P3.2 trillion in 2009.
This resulted in the share of total savings to total income of 16.4 percent in 2003 to 14.8 percent in 2006 and 14.9 percent in 2009.
Removing the impact of price increases overtime, real per capita annual savings across all families nationwide went down from P5,261 in 2003 to P4,667 in 2006 and P4,957 in 2009.
By geographic location, the Cordillera Administrative Region (CAR) had the highest savings ratio in 2009 at 0.23 followed by Cagayan Valley at 0.21 and Central Visayas at 0.20.
The regions with the lowest savings ratio in 2009 were Western Visayas (0.12), Bicol Region (0.14) and National Capital Region (0.15).
Among the "non-savers" in the regions, the highest deficit ratios in 2009 were observed in CAR (0.21) Socsksargen (0.18) and Cagayan Valley (0.17).
"CAR and Region II appear to exhibit extreme behavior…they are home to families who are the highest savers as well as the most lavish spenders," the NSCB said.
Among savers between 2003 and 2009, the savings ratio of matriarchal or female-headed households was consistently higher than the patriarchal or male-headed ones.
Matriarchal households that were "savers" spent relatively less on food, non-durable furnishing, clothing and footwear compared to the patriarchal households. Patriarchal households that were "savers" spent relatively less on recreation, special family occasions, gifts and contributions, NSCB said.
Among non-savers, the income deficit of matriarchal households was consistently less than the patriarchal households.
Matriarchal households that were "non-savers" spent relatively more on personal care and effects compared to their male-headed counterparts, while patriarchal households that were "non-savers" spent relatively more on alcoholic beverages, tobacco, and durable furnishing.
The savings ratios of "savers" among households whose heads were single were practically the same as those of "savers" with married household heads.
"Clearly, the challenge for those of us not on the Forbes List is how to spend our money more wisely…less on non-basic expenditures so that we will have more for essentials, like education and health," the NSCB said.
Read more: http://business.inquirer.net/70266/2-out-of-3-filipino-families-able-to-save-25-of-income-nscb-report#ixzz2lvKk9eiu
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Wednesday, November 27, 2013
Two thrift banks merge
Two thrift banks merge
THE MERGER of Producers Savings Bank Corp. and Iloilo City Development
Bank (ICDB) has been granted regulatory approval, with the former being
the surviving entity.
"The Securities and Exchange Commission (SEC) approved on Oct. 31 the
agreement and articles and plan of merger of Producers Savings Bank
Corp., the surviving corporation, and Iloilo City Development Bank, the
absorbed corporation," the central bank said in Memorandum Circular No.
063 issued on Nov. 18.
All assets and liabilities of Iloilo Development Bank will be
"transferred to and absorbed by Producers Savings Bank Corp.," it added.
Producers Savings Bank started its operations as a merged thrift bank on
Nov. 12. ICDB is a 46-year old thrift bank based in Iloilo. It had three
branches.
In 2009, the Monetary Board approved Producers Savings Bank's request to
purchase up to 49% of the issued and outstanding common shares of ICDB.
Later on, it allowed the application of Producers Savings Bank to
convert its banking license from a rural bank to a thrift bank.
Producers Savings Bank was formerly known as Producers Rural Bank of San
Jose City when it was incorporated in October 1995.
As a rural bank, it had the largest branch network in Luzon and
second-largest nationwide.
In 2003, it merged with the Rural Bank of Rosales, Inc., which had 11
branches and was headquartered in Pangasinan.
In 2010, Producers Savings Bank also acquired New Rural Bank of
Victorias, Inc. (Bank Victorias). -- ARRG
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THE MERGER of Producers Savings Bank Corp. and Iloilo City Development
Bank (ICDB) has been granted regulatory approval, with the former being
the surviving entity.
"The Securities and Exchange Commission (SEC) approved on Oct. 31 the
agreement and articles and plan of merger of Producers Savings Bank
Corp., the surviving corporation, and Iloilo City Development Bank, the
absorbed corporation," the central bank said in Memorandum Circular No.
063 issued on Nov. 18.
All assets and liabilities of Iloilo Development Bank will be
"transferred to and absorbed by Producers Savings Bank Corp.," it added.
Producers Savings Bank started its operations as a merged thrift bank on
Nov. 12. ICDB is a 46-year old thrift bank based in Iloilo. It had three
branches.
In 2009, the Monetary Board approved Producers Savings Bank's request to
purchase up to 49% of the issued and outstanding common shares of ICDB.
Later on, it allowed the application of Producers Savings Bank to
convert its banking license from a rural bank to a thrift bank.
Producers Savings Bank was formerly known as Producers Rural Bank of San
Jose City when it was incorporated in October 1995.
As a rural bank, it had the largest branch network in Luzon and
second-largest nationwide.
In 2003, it merged with the Rural Bank of Rosales, Inc., which had 11
branches and was headquartered in Pangasinan.
In 2010, Producers Savings Bank also acquired New Rural Bank of
Victorias, Inc. (Bank Victorias). -- ARRG
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Friday, November 8, 2013
One Network Bank expands in Western Visayas
One Network Bank expands in Western Visayas
DAVAO CITY -- One Network Bank, a Consunji-led rural bank based here, is
preparing to build its presence in Western Visayas by establishing three
new branches and renovating six more in Panay Island.
These are outside of the six branches it acquired through a merger with
an Iloilo City-based rural bank early this year.
The new branches, the bank said in a statement, will be located in
Pototan and Barotac Nuevo, both in Iloilo, and in San Jose de Buenavista
in Antique.
One Network Bank is also renovating the six branches it acquired through
its merger with Rural Bank of San Enrique, based in Iloilo.
In an earlier interview, One Network Bank President Alex V. Buenaventura
said the three new branches comprise the first batch out of the 10 the
bank plans to set up over the next two years. Two more will be located
in Panay while the rest of the new branches will be in Mindanao.
He said about P7 million would be invested with every new branch and
that the bank generally owns the land where the buildings are located.
The entry of One Network Bank into the Panay market, Mr. Buenaventura
said, will allow customers to experience the services only commercial
banks provide, like check-clearing and remittance operations. The bank's
142 automated teller machines are linked under Bancnet, which has about
40 bank members.
This developed as One Network Bank -- the country's largest rural bank
-- announced it recorded a net income after tax of P575 million as of
the third quarter, breaching its full-year profits of P478 million in 2012.
The bank attributed its performance to aggressive expansion, "making its
affordable deposit and loan products available to more unserved and
underserved sectors," it said on Monday.
One Network Bank has about 680,000 depositors in its 97 branches
nationwide. Its deposits ballooned to P17 billion as of September, 22%
higher than the year-ago level.
DAVAO CITY -- One Network Bank, a Consunji-led rural bank based here, is
preparing to build its presence in Western Visayas by establishing three
new branches and renovating six more in Panay Island.
These are outside of the six branches it acquired through a merger with
an Iloilo City-based rural bank early this year.
The new branches, the bank said in a statement, will be located in
Pototan and Barotac Nuevo, both in Iloilo, and in San Jose de Buenavista
in Antique.
One Network Bank is also renovating the six branches it acquired through
its merger with Rural Bank of San Enrique, based in Iloilo.
In an earlier interview, One Network Bank President Alex V. Buenaventura
said the three new branches comprise the first batch out of the 10 the
bank plans to set up over the next two years. Two more will be located
in Panay while the rest of the new branches will be in Mindanao.
He said about P7 million would be invested with every new branch and
that the bank generally owns the land where the buildings are located.
The entry of One Network Bank into the Panay market, Mr. Buenaventura
said, will allow customers to experience the services only commercial
banks provide, like check-clearing and remittance operations. The bank's
142 automated teller machines are linked under Bancnet, which has about
40 bank members.
This developed as One Network Bank -- the country's largest rural bank
-- announced it recorded a net income after tax of P575 million as of
the third quarter, breaching its full-year profits of P478 million in 2012.
The bank attributed its performance to aggressive expansion, "making its
affordable deposit and loan products available to more unserved and
underserved sectors," it said on Monday.
One Network Bank has about 680,000 depositors in its 97 branches
nationwide. Its deposits ballooned to P17 billion as of September, 22%
higher than the year-ago level.
Thursday, November 7, 2013
Rizal Microbank pioneers ‘container bank’
Rizal Microbank pioneers 'container bank'
26 Oct 2013 Written by Genivi Factao
THE skill, artistry and ingenuity of Filipinos have proven that an empty
container can be converted into a house, an office, commercial stalls
and—why not—a bank.
Yes, Rizal Microbank, the microfinance unit of Rizal Commercial Banking
Corp., has introduced its first container microfinance banking office
(MBO) in Lipa City, Batangas.
Cut a door and windows into a container box, put double walling and
ceiling, and with the use of insulation, as well as proper ventilation,
the empty container that used to clutter ports has found its new purpose.
The two strong and slender 40-footer containers were converted into an
MBO to service to the microentrepreneur clients of Rizal Microbank in
Lipa City. "It's a permanent, solid and stable structure," Rizal
Microbank President Ma. Lourdes Jocelyn Pineda said.
"Rizal Microbank is making a lot of firsts. We asked the Bangko Sentral
if it allows a microbank office without a vault. And they allowed us. We
have cashless operations here, because other transactions can be done in
our head office," Pineda said.
"But, we also have an ATM [automated teller machine] for clients who
need to deposit or withdraw," she added.
She said the company invested between P2.3 million and P2.4 million for
the MBO Lipa, including furniture. If it's bare the cost will be less
than a million pesos.
"We saved one-fourth of the cost of a regular branch. It's faster to
construct and can be finished in a month, and the advantage is a lot of
savings from rental fees. With the container, all we need is a vacant
lot," she said, adding that the microbank rented the vacant space for
only P15,000 a month.
The bank is manned by three people to service customers who open
accounts and apply for loans, and do the basic "know your customers" norms.
When asked about plans of transporting the container bank to another
place, Pineda said, "It was my concern before, if we'll wake up one
morning and the bank is gone," she smiled.
"Actually, we have a contractor who said the container was vaulted on
the ground. It was welded to provide stability and it's permanent," she
explained.
"Should we decide to move, we can move it, but it will take time. The
contractor said it's not an easy task," she explained, adding that they
have to seek approval from regulators.
The thrift bank has 15 branches: 10 in Luzon, four in Mindanao and its
latest addition is the container-type Lipa branch.
There are seven more MBOs in the pipeline targeted to open in the first
quarter of next year. The four new MBOs will be in Mindanao,
particularly in Butuan City, Agusan del Norte; General Santos City,
South Cotabato; Bukidnon and Cagayan de Oro City, while three MBOs will
be put up in Luzon, particularly in Cabuyao, Santa Cruz and San Pablo,
all in Laguna.
"The MBOs will not necessary be another container type, because it's
hard to find vacant lots. The MBO will have investments of about P2
million and we're looking for at least 120 to 150-square-meter lots,"
she said.
The beautifully crafted business stalls and restaurants made of
containers already exist everywhere in the country. A posh bar and
restaurant on Roxas Boulevard used three rows of stacked 40-footer
containers. On Ortigas Avenue, Pasig City, there can be found container
vans converted into classy apartment units. Even the Metropolitan Manila
Development Authority uses containers as traffic offices.
26 Oct 2013 Written by Genivi Factao
THE skill, artistry and ingenuity of Filipinos have proven that an empty
container can be converted into a house, an office, commercial stalls
and—why not—a bank.
Yes, Rizal Microbank, the microfinance unit of Rizal Commercial Banking
Corp., has introduced its first container microfinance banking office
(MBO) in Lipa City, Batangas.
Cut a door and windows into a container box, put double walling and
ceiling, and with the use of insulation, as well as proper ventilation,
the empty container that used to clutter ports has found its new purpose.
The two strong and slender 40-footer containers were converted into an
MBO to service to the microentrepreneur clients of Rizal Microbank in
Lipa City. "It's a permanent, solid and stable structure," Rizal
Microbank President Ma. Lourdes Jocelyn Pineda said.
"Rizal Microbank is making a lot of firsts. We asked the Bangko Sentral
if it allows a microbank office without a vault. And they allowed us. We
have cashless operations here, because other transactions can be done in
our head office," Pineda said.
"But, we also have an ATM [automated teller machine] for clients who
need to deposit or withdraw," she added.
She said the company invested between P2.3 million and P2.4 million for
the MBO Lipa, including furniture. If it's bare the cost will be less
than a million pesos.
"We saved one-fourth of the cost of a regular branch. It's faster to
construct and can be finished in a month, and the advantage is a lot of
savings from rental fees. With the container, all we need is a vacant
lot," she said, adding that the microbank rented the vacant space for
only P15,000 a month.
The bank is manned by three people to service customers who open
accounts and apply for loans, and do the basic "know your customers" norms.
When asked about plans of transporting the container bank to another
place, Pineda said, "It was my concern before, if we'll wake up one
morning and the bank is gone," she smiled.
"Actually, we have a contractor who said the container was vaulted on
the ground. It was welded to provide stability and it's permanent," she
explained.
"Should we decide to move, we can move it, but it will take time. The
contractor said it's not an easy task," she explained, adding that they
have to seek approval from regulators.
The thrift bank has 15 branches: 10 in Luzon, four in Mindanao and its
latest addition is the container-type Lipa branch.
There are seven more MBOs in the pipeline targeted to open in the first
quarter of next year. The four new MBOs will be in Mindanao,
particularly in Butuan City, Agusan del Norte; General Santos City,
South Cotabato; Bukidnon and Cagayan de Oro City, while three MBOs will
be put up in Luzon, particularly in Cabuyao, Santa Cruz and San Pablo,
all in Laguna.
"The MBOs will not necessary be another container type, because it's
hard to find vacant lots. The MBO will have investments of about P2
million and we're looking for at least 120 to 150-square-meter lots,"
she said.
The beautifully crafted business stalls and restaurants made of
containers already exist everywhere in the country. A posh bar and
restaurant on Roxas Boulevard used three rows of stacked 40-footer
containers. On Ortigas Avenue, Pasig City, there can be found container
vans converted into classy apartment units. Even the Metropolitan Manila
Development Authority uses containers as traffic offices.
Sunday, November 3, 2013
Microfinance and the BSP
Microfinance and the BSP
By Ignacio R. Bunye
Sunday, October 13, 2013
IN LAST week's column, we mentioned how the Bangko Sentral ng Pilipinas
(BSP) helps in attaining a better life for all Filipinos through its
advocacy of financial inclusion.
BSP carries out this advocacy through financial literacy and education
as well as by making possible, through enabling regulations, the
delivery of microfinance products and services to the underprivileged
and unbanked in our society.
Microfinance products include micro-deposits (which require minimal
maintaining balance), micro-insurance, micro-enterprise loan plus,
housing microfinance loans, and micro-agri loans.
These products are well within the means of low-income households. They
are also relatively easier to access because of simpler documentation.
In a report entitled Financial Inclusion in the Philippines, the BSP
reported the dramatic growth of micro-finance in the country in terms of
the number of participating institutions, number of clients, loans
outstanding and savings generated.
"As of end-year 2012, there are 187 banks with microfinance operations
reaching more than 1 million clients with loans outstanding amounting to
P8.4 billion and savings of P6.4 billion," the BSP said.
Alongside these statistics are inspiring stories of countless
micro-entrepreneurs who have graduated from a hand-to-mouth existence to
earning not only a steady income for their families but also generating
employment for the rest of the community.
According to the same report, enterprises funded through microfinance
already make up 91.6% of industries in the nation, while 30% of the
workforce is employed in microenterprises.
The BSP's microfinance advocacy actually began 13 years ago, when the
General Banking Law of 2000 tasked the country's central monetary
authority to set regulations for microfinance in the banking sector.
To date, the BSP has already released 26 Circulars on microfinance that
include guidelines and regulations on loans, products, and governance.
The result of all these years of building a sound regulatory framework
for microfinance has caught international attention. For the 5th year in
a row, the Philippines has been adjudged by the respected Economist
Intelligence Unit as the best in the world in microfinance policy-making
and implementation.
For this a lot of credit goes to a small group within the BSP called the
Inclusive Finance Advocacy Staff (IFAS), headed by Pia Roman Tayag.
Formerly called the Microfinance Unit, the group was established in 2002
to become the main driver of the BSP's microfinance initiatives.
The team follows a multi-layered approach in promoting microfinance. The
team works with other departments in the BSP in crafting policies that
will benefit the "unbanked." The team also frequently goes to the field
to touch base with stakeholders, to promote capacity-building and
advocacy activities in order to ensure the sustainability and
effectiveness of microfinance products and services being offered.
Tayag, (and the other members of her team Rochelle Tomas, Mynard Bryan
Mojica and Mary Rose Roque) attribute their success to high level support.
"The supportive and visionary leadership of Deputy Governor Nestor G.
Espenilla and Governor Amado M. Tetango Jr. empower us to find ways to
do our work better," she shared.
Tomas is further encouraged seeing firsthand the impact of their work on
ordinary people's lives.
For their remarkable work, the four members of IFAS will be recognized
by the Civil Service Commission on October 24 as winners in this year's
Search for Outstanding Public Officials and Employees.
They will receive the Presidential Lingkod Bayan Award, which is given
to an individual or group for exceptional or extraordinary contributions
that have nationwide impact.
Note: My book "Central Banking for Every Juan and Maria" is now
available in major branches of Fully Booked, Power Books, National
Bookstore and UP University Press.
By Ignacio R. Bunye
Sunday, October 13, 2013
IN LAST week's column, we mentioned how the Bangko Sentral ng Pilipinas
(BSP) helps in attaining a better life for all Filipinos through its
advocacy of financial inclusion.
BSP carries out this advocacy through financial literacy and education
as well as by making possible, through enabling regulations, the
delivery of microfinance products and services to the underprivileged
and unbanked in our society.
Microfinance products include micro-deposits (which require minimal
maintaining balance), micro-insurance, micro-enterprise loan plus,
housing microfinance loans, and micro-agri loans.
These products are well within the means of low-income households. They
are also relatively easier to access because of simpler documentation.
In a report entitled Financial Inclusion in the Philippines, the BSP
reported the dramatic growth of micro-finance in the country in terms of
the number of participating institutions, number of clients, loans
outstanding and savings generated.
"As of end-year 2012, there are 187 banks with microfinance operations
reaching more than 1 million clients with loans outstanding amounting to
P8.4 billion and savings of P6.4 billion," the BSP said.
Alongside these statistics are inspiring stories of countless
micro-entrepreneurs who have graduated from a hand-to-mouth existence to
earning not only a steady income for their families but also generating
employment for the rest of the community.
According to the same report, enterprises funded through microfinance
already make up 91.6% of industries in the nation, while 30% of the
workforce is employed in microenterprises.
The BSP's microfinance advocacy actually began 13 years ago, when the
General Banking Law of 2000 tasked the country's central monetary
authority to set regulations for microfinance in the banking sector.
To date, the BSP has already released 26 Circulars on microfinance that
include guidelines and regulations on loans, products, and governance.
The result of all these years of building a sound regulatory framework
for microfinance has caught international attention. For the 5th year in
a row, the Philippines has been adjudged by the respected Economist
Intelligence Unit as the best in the world in microfinance policy-making
and implementation.
For this a lot of credit goes to a small group within the BSP called the
Inclusive Finance Advocacy Staff (IFAS), headed by Pia Roman Tayag.
Formerly called the Microfinance Unit, the group was established in 2002
to become the main driver of the BSP's microfinance initiatives.
The team follows a multi-layered approach in promoting microfinance. The
team works with other departments in the BSP in crafting policies that
will benefit the "unbanked." The team also frequently goes to the field
to touch base with stakeholders, to promote capacity-building and
advocacy activities in order to ensure the sustainability and
effectiveness of microfinance products and services being offered.
Tayag, (and the other members of her team Rochelle Tomas, Mynard Bryan
Mojica and Mary Rose Roque) attribute their success to high level support.
"The supportive and visionary leadership of Deputy Governor Nestor G.
Espenilla and Governor Amado M. Tetango Jr. empower us to find ways to
do our work better," she shared.
Tomas is further encouraged seeing firsthand the impact of their work on
ordinary people's lives.
For their remarkable work, the four members of IFAS will be recognized
by the Civil Service Commission on October 24 as winners in this year's
Search for Outstanding Public Officials and Employees.
They will receive the Presidential Lingkod Bayan Award, which is given
to an individual or group for exceptional or extraordinary contributions
that have nationwide impact.
Note: My book "Central Banking for Every Juan and Maria" is now
available in major branches of Fully Booked, Power Books, National
Bookstore and UP University Press.
Smart bank opens for business
Smart bank opens for business
By Paolo G. Montecillo
Philippine Daily Inquirer
11:11 pm | Friday, November 1st, 2013
The Bangko Sentral ng Pilipinas (BSP) has approved the creation of the
country's second telco-backed bank, which is expected to roll out
innovative services in the area of wireless payments and microfinance
products for consumers.
In a circular letter released this week, the BSP announced that mBank
Philippines started operations in October.
This was a year after the BSP approved the creation of the bank.
The new thrift bank is owned by Smart Communications.
Smart Communications is the mobile service subsidiary of the country's
leading telco, Philippine Long Distance Telephone Co. (PLDT).
The new bank was registered with the Securities and Exchange Commission
(SEC) last Sept. 3, and started operations on October 16.
According to the regulator, mBank's main office is located in Sta. Rosa,
Laguna. But the bulk of its operations will be done through mobile
phones as it takes advantage of the expertise of its parent firm.
The new bank also recently started operations in Malolos, Baliuag, and
San Jose in Bulacan.
The bank distributes and services financial products leveraging the
airtime distribution network of Smart, which allows the company to
expand faster and cheaper.
Using mobile phones, the company is able to allow its customers to open
bank accounts or access loan products 24 hours a day, seven days a week.
Its services range from savings and loans to insurance products, which
are currently being offered to Smart mobile phone subscribers and
airtime load retailers.
Smart's mBank was established with the help of Finnish development
finance company Finnfund and Dutch development bank FMO.
Financial services delivered through electronic channels, such as mobile
phones, are seen as an effective way to bridge the gap between the
country's formal banking system and the large portion of the population
who are considered to be "unbankable."
Only two in 10 Filipino households have savings accounts with banks,
latest data from the the Bangko Sentral ng Pilipinas showed.
By Paolo G. Montecillo
Philippine Daily Inquirer
11:11 pm | Friday, November 1st, 2013
The Bangko Sentral ng Pilipinas (BSP) has approved the creation of the
country's second telco-backed bank, which is expected to roll out
innovative services in the area of wireless payments and microfinance
products for consumers.
In a circular letter released this week, the BSP announced that mBank
Philippines started operations in October.
This was a year after the BSP approved the creation of the bank.
The new thrift bank is owned by Smart Communications.
Smart Communications is the mobile service subsidiary of the country's
leading telco, Philippine Long Distance Telephone Co. (PLDT).
The new bank was registered with the Securities and Exchange Commission
(SEC) last Sept. 3, and started operations on October 16.
According to the regulator, mBank's main office is located in Sta. Rosa,
Laguna. But the bulk of its operations will be done through mobile
phones as it takes advantage of the expertise of its parent firm.
The new bank also recently started operations in Malolos, Baliuag, and
San Jose in Bulacan.
The bank distributes and services financial products leveraging the
airtime distribution network of Smart, which allows the company to
expand faster and cheaper.
Using mobile phones, the company is able to allow its customers to open
bank accounts or access loan products 24 hours a day, seven days a week.
Its services range from savings and loans to insurance products, which
are currently being offered to Smart mobile phone subscribers and
airtime load retailers.
Smart's mBank was established with the help of Finnish development
finance company Finnfund and Dutch development bank FMO.
Financial services delivered through electronic channels, such as mobile
phones, are seen as an effective way to bridge the gap between the
country's formal banking system and the large portion of the population
who are considered to be "unbankable."
Only two in 10 Filipino households have savings accounts with banks,
latest data from the the Bangko Sentral ng Pilipinas showed.
Wednesday, October 30, 2013
DOF backs plan to put HMOs under IC supervision
DOF backs plan to put HMOs under IC supervision
ABS-CBNnews.com
Posted at 10/28/2013 2:06 PM | Updated as of 10/28/2013 2:06 PM
MANILA, Philippines - The Department of Finance (DOF) is supportive of a
proposal to place health-maintenance organizations (HMOs) under the
supervision and regulation of the Insurance Commission (IC).
In a statement, Finance Secretary Cesar V. Purisima said since HMO
providers act like pre-need firms, these should be regulated and
supervised by a government institution with "expertise" such as the IC.
"I am supportive of the idea of moving the HMOs to the IC, so that it
can be better regulated. Now that we're moving towards a universal
healthcare system, we need to make sure that we have a reliable health
care provider and financially strong," he said.
At present, HMOs are under the Department of Health (DOH), but the
latter only issues clearance to operate to these companies.
The IC does not consider HMOs as insurance companies. Transferring
supervision of HMOs to the IC would require legislative action.
"Right now, it's supposed to be regulated by the DOH, but the DOH does
not have the expertise so the DOH is already in talks with the IC
because they want to transfer HMOs to IC," he said.
Purisima said the move to transfer supervision of HMOs would also
address problems such as "fly-by-night" HMOs and complaints about
non-payment of claims.
The Association of Health Maintenance Organization of the Philippines,
Inc. (AHMOPI) has not issued an official statement on the proposal.
ABS-CBNnews.com
Posted at 10/28/2013 2:06 PM | Updated as of 10/28/2013 2:06 PM
MANILA, Philippines - The Department of Finance (DOF) is supportive of a
proposal to place health-maintenance organizations (HMOs) under the
supervision and regulation of the Insurance Commission (IC).
In a statement, Finance Secretary Cesar V. Purisima said since HMO
providers act like pre-need firms, these should be regulated and
supervised by a government institution with "expertise" such as the IC.
"I am supportive of the idea of moving the HMOs to the IC, so that it
can be better regulated. Now that we're moving towards a universal
healthcare system, we need to make sure that we have a reliable health
care provider and financially strong," he said.
At present, HMOs are under the Department of Health (DOH), but the
latter only issues clearance to operate to these companies.
The IC does not consider HMOs as insurance companies. Transferring
supervision of HMOs to the IC would require legislative action.
"Right now, it's supposed to be regulated by the DOH, but the DOH does
not have the expertise so the DOH is already in talks with the IC
because they want to transfer HMOs to IC," he said.
Purisima said the move to transfer supervision of HMOs would also
address problems such as "fly-by-night" HMOs and complaints about
non-payment of claims.
The Association of Health Maintenance Organization of the Philippines,
Inc. (AHMOPI) has not issued an official statement on the proposal.
Tuesday, October 29, 2013
Microfinance clients’ savings total P8.9B
Microfinance clients' savings total P8.9B
October 27, 2013
In fact, Tetangco reported that the more than one million microfinance
borrowers have combined savings of P8.9 billion as of the end of the
first half of 2013, higher than end-March's P8.2 billion.
Speaking at the 3rd Annual International Banking Conference, the BSP
chief since there are now 186 banks offering microfinance services and
products, microfinance loans have grown 3x from 2002 to 2013 at P8 billion.
Filipinos' access to microcredit, said Tetangco, is the first step to
gaining financial independence. "The socio-economic impact of developing
an inclusive banking system cannot be overemphasized," he told foreign
bankers attending a banking event held in Makati recently. In 2009,
microfinance clients' savings were only P1.78 billion.
But, the BSP still face the challenge of financial inclusion especially
since only 20 percent of Philippine households have bank accounts out of
a population of 100 million.
"The critical issue to determine then is how inclusive our banking
system has become," said Tetangco. "Our ultimate goal is for banks to
cover even the underbanked, the unbanked, and those that have been
mis-labeled as 'unbankable'," he added.
As the BSP craft regulations and policies that would expand the
industry's network through branch banking, ATMs, ebanking, and
innovations in marketing and service delivery, Tetangco said the eye is
always on developing an inclusive financial system and consumer protection.
"(We're) taking consumer protection a notch higher," he said.
The BSP's Monetary Board, its policy-making arm, is currently reviewing
a consumer protection framework that outlines the modes of behavior and
practices that should be adhered to by BSP-supervised institutions.
The latest BSP microfinance-related consumer protection policy was
Circular No. 782 which expanded the scope of qualified microinsurance
clients and increased their risk protection.
The central bank's Consumer Finance Survey (2009 report) indicated that
eight out of 10 Filipino households do not have a deposit account with
93 percent of them citing that they do not have enough money to open
bank deposits as their primary reason, said the BSP. The microfinance
banking helped improve the numbers and from only P2.6 billion loan
accounts in 2002, it has expanded to P8 billion by the first quarter
this year.
The BSP has been continuously introducing new products for the
microentrepreneurs and has changed policy and regulatory framework to
encourage banks to deliver financial products and services that are
accessible to all Filipinos. These include policies on microfinance,
microdeposits and microinsurance.
October 27, 2013
In fact, Tetangco reported that the more than one million microfinance
borrowers have combined savings of P8.9 billion as of the end of the
first half of 2013, higher than end-March's P8.2 billion.
Speaking at the 3rd Annual International Banking Conference, the BSP
chief since there are now 186 banks offering microfinance services and
products, microfinance loans have grown 3x from 2002 to 2013 at P8 billion.
Filipinos' access to microcredit, said Tetangco, is the first step to
gaining financial independence. "The socio-economic impact of developing
an inclusive banking system cannot be overemphasized," he told foreign
bankers attending a banking event held in Makati recently. In 2009,
microfinance clients' savings were only P1.78 billion.
But, the BSP still face the challenge of financial inclusion especially
since only 20 percent of Philippine households have bank accounts out of
a population of 100 million.
"The critical issue to determine then is how inclusive our banking
system has become," said Tetangco. "Our ultimate goal is for banks to
cover even the underbanked, the unbanked, and those that have been
mis-labeled as 'unbankable'," he added.
As the BSP craft regulations and policies that would expand the
industry's network through branch banking, ATMs, ebanking, and
innovations in marketing and service delivery, Tetangco said the eye is
always on developing an inclusive financial system and consumer protection.
"(We're) taking consumer protection a notch higher," he said.
The BSP's Monetary Board, its policy-making arm, is currently reviewing
a consumer protection framework that outlines the modes of behavior and
practices that should be adhered to by BSP-supervised institutions.
The latest BSP microfinance-related consumer protection policy was
Circular No. 782 which expanded the scope of qualified microinsurance
clients and increased their risk protection.
The central bank's Consumer Finance Survey (2009 report) indicated that
eight out of 10 Filipino households do not have a deposit account with
93 percent of them citing that they do not have enough money to open
bank deposits as their primary reason, said the BSP. The microfinance
banking helped improve the numbers and from only P2.6 billion loan
accounts in 2002, it has expanded to P8 billion by the first quarter
this year.
The BSP has been continuously introducing new products for the
microentrepreneurs and has changed policy and regulatory framework to
encourage banks to deliver financial products and services that are
accessible to all Filipinos. These include policies on microfinance,
microdeposits and microinsurance.
Monday, October 28, 2013
Small Pampanga town hosts P1-B coffin industry
Small Pampanga town hosts P1-B coffin industry
26 Oct 2013 Written by Joey Pavia / Correspondent
SANTO TOMAS, Pampanga—This small town that has only seven barangays and
suffers from perennial floods is host to the P1-billion coffin-making
industry.
Santo Tomas Mayor Joselito Naguit, quoting from a recent report of the
Department of Trade and Industry, said the town supplies at least 70
percent of the total coffins produced in the country.
Naguit said there are more than 100 coffin manufacturers in Santo Tomas,
including the backyard producers.
The BusinessMirror interviewed Naguit and several others on the
country's coffin industry as preparations are being made to mark All
Souls' Day, when millions of Filipinos troop to cemeteries nationwide to
pay their respects to their dearly departed.
In the Philippine Demographics Profile 2013, it was estimated that there
are 4.98 deaths per 1,000 people per year in the country, which now has
a population of 105 million.
Naguit said 40 percent of the town's 40,000 residents depend on the
industry, which reportedly started at the height of World War II in the
1940s.
The three-term mayor said some of his young constituents are enticed to
skip education early after earning while working for the coffin
manufacturers, most of which are in Barangay San Vicente.
Naguit said the local government does not have much of a problem on
livelihood opportunities because of the industry.
He said in the 1970s, the industry gained acceptance from the locals—and
even visitors—and allowed many of the town's households to become
economically productive. Before then, Santo Tomas folk used to hide when
they made coffins.
But nowadays, it is normal for motorists to see unfinished coffins being
done along the streets.
Most profitable
VICE Mayor Mark Louie Arceo, whose family operates one of the top
producers of coffins in Santo Tomas brand named SLRC, said the coffin
industry "is the most profitable business."
Arceo revealed that the coffin of the late "King of Comedy" Dolphy was
made in Santo Tomas. Dolphy's funeral service cost about P500,000 and at
least 40 percent, or P200,000, was for the brass coffin.
The coffin of legendary actor Fernando Poe Jr. was also made in Santo
Tomas, said Arceo, whose family also operates the Saint Louie Funeral
Home, which has four branches in Pampanga and two in Metro Manila—in San
Juan City and in Sampaloc.
Arceo said his company produces an average of 150 coffins weekly. He
added they have at least 30 regular workers.
Nic Macam, who works at the SLRC coffin-manufacturing plant, said he
earns at least P500 a day doing an "all-around job."
Macam, who has been working for at least 30 years in
coffin-manufacturing plants in Santo Tomas, said, "It's quite a good job."
Arceo said even those not directly hired by the coffin makers, including
young people and housewives, benefit from the industry because the
interior designs of the coffins are "outsourced" from them.
Among the coffin workers, the "welder-assembler" earns the highest,
getting paid at least P1,000 a day, Arceo said.
Arceo said SLRC's coffins reach as far as the Bicol region. He added
that the company is the supplier of coffins for the La Funeraria Paz in
Quezon City.
Arceo said his father, former Mayor Lucas Arceo, started the plant 30
years ago. His grandfather, Florencio, also operated a
coffin-manufacturing plant where Lucas worked, Arceo said.
The cheapest coffin costs P5,000, while the most expensive made of brass
costs some P200,000.
Keep it in town
ARCEO said the local government is pushing for the creation of a
cooperative of coffin makers to "stabilize the prices of the coffins."
"More important," he added," the industry must be kept in Santo Tomas
for the benefit of the present and future generations."
Arceo cited a case several years ago when workers from Negros Occidental
had been hired in Santo Tomas. "The workers hurriedly left after
learning 'the secret of making coffins.'"
"As a result, a small coffin industry was set up in Negros Occidental
and its capital, Bacolod City," he added.
Naguit said, "We are exhausting all means to keep the manufacturing of
coffins in Santo Tomas." He added that they had received reports there
are a few coffin-manufacturing plants in other towns and cities in
Pampanga operating now.
Inherited
PAMPANGA Gov. Lilia Pineda said the people of Santo Tomas "are, indeed,
great craftsmen." Their skills are passed on from one generation to
another, she added.
Pineda said Santo Tomas is also known for its pottery industry and
assembly of jeeps and Jeepneys.
"The Santo Tomas townspeople are, indeed, hardworking and superbly
skilled," she added.
Pineda said, "It pains us when we help our tragedy-stricken neighbors by
donating coffins to them, but we have no choice."
In 2011 the fourth-class municipality hogged the limelight when Pineda
and the Pampanga Mayors' League donated 500 coffins for Typhoon
Sendong's victims in the cities of Cagayan de Oro and Iligan.
26 Oct 2013 Written by Joey Pavia / Correspondent
SANTO TOMAS, Pampanga—This small town that has only seven barangays and
suffers from perennial floods is host to the P1-billion coffin-making
industry.
Santo Tomas Mayor Joselito Naguit, quoting from a recent report of the
Department of Trade and Industry, said the town supplies at least 70
percent of the total coffins produced in the country.
Naguit said there are more than 100 coffin manufacturers in Santo Tomas,
including the backyard producers.
The BusinessMirror interviewed Naguit and several others on the
country's coffin industry as preparations are being made to mark All
Souls' Day, when millions of Filipinos troop to cemeteries nationwide to
pay their respects to their dearly departed.
In the Philippine Demographics Profile 2013, it was estimated that there
are 4.98 deaths per 1,000 people per year in the country, which now has
a population of 105 million.
Naguit said 40 percent of the town's 40,000 residents depend on the
industry, which reportedly started at the height of World War II in the
1940s.
The three-term mayor said some of his young constituents are enticed to
skip education early after earning while working for the coffin
manufacturers, most of which are in Barangay San Vicente.
Naguit said the local government does not have much of a problem on
livelihood opportunities because of the industry.
He said in the 1970s, the industry gained acceptance from the locals—and
even visitors—and allowed many of the town's households to become
economically productive. Before then, Santo Tomas folk used to hide when
they made coffins.
But nowadays, it is normal for motorists to see unfinished coffins being
done along the streets.
Most profitable
VICE Mayor Mark Louie Arceo, whose family operates one of the top
producers of coffins in Santo Tomas brand named SLRC, said the coffin
industry "is the most profitable business."
Arceo revealed that the coffin of the late "King of Comedy" Dolphy was
made in Santo Tomas. Dolphy's funeral service cost about P500,000 and at
least 40 percent, or P200,000, was for the brass coffin.
The coffin of legendary actor Fernando Poe Jr. was also made in Santo
Tomas, said Arceo, whose family also operates the Saint Louie Funeral
Home, which has four branches in Pampanga and two in Metro Manila—in San
Juan City and in Sampaloc.
Arceo said his company produces an average of 150 coffins weekly. He
added they have at least 30 regular workers.
Nic Macam, who works at the SLRC coffin-manufacturing plant, said he
earns at least P500 a day doing an "all-around job."
Macam, who has been working for at least 30 years in
coffin-manufacturing plants in Santo Tomas, said, "It's quite a good job."
Arceo said even those not directly hired by the coffin makers, including
young people and housewives, benefit from the industry because the
interior designs of the coffins are "outsourced" from them.
Among the coffin workers, the "welder-assembler" earns the highest,
getting paid at least P1,000 a day, Arceo said.
Arceo said SLRC's coffins reach as far as the Bicol region. He added
that the company is the supplier of coffins for the La Funeraria Paz in
Quezon City.
Arceo said his father, former Mayor Lucas Arceo, started the plant 30
years ago. His grandfather, Florencio, also operated a
coffin-manufacturing plant where Lucas worked, Arceo said.
The cheapest coffin costs P5,000, while the most expensive made of brass
costs some P200,000.
Keep it in town
ARCEO said the local government is pushing for the creation of a
cooperative of coffin makers to "stabilize the prices of the coffins."
"More important," he added," the industry must be kept in Santo Tomas
for the benefit of the present and future generations."
Arceo cited a case several years ago when workers from Negros Occidental
had been hired in Santo Tomas. "The workers hurriedly left after
learning 'the secret of making coffins.'"
"As a result, a small coffin industry was set up in Negros Occidental
and its capital, Bacolod City," he added.
Naguit said, "We are exhausting all means to keep the manufacturing of
coffins in Santo Tomas." He added that they had received reports there
are a few coffin-manufacturing plants in other towns and cities in
Pampanga operating now.
Inherited
PAMPANGA Gov. Lilia Pineda said the people of Santo Tomas "are, indeed,
great craftsmen." Their skills are passed on from one generation to
another, she added.
Pineda said Santo Tomas is also known for its pottery industry and
assembly of jeeps and Jeepneys.
"The Santo Tomas townspeople are, indeed, hardworking and superbly
skilled," she added.
Pineda said, "It pains us when we help our tragedy-stricken neighbors by
donating coffins to them, but we have no choice."
In 2011 the fourth-class municipality hogged the limelight when Pineda
and the Pampanga Mayors' League donated 500 coffins for Typhoon
Sendong's victims in the cities of Cagayan de Oro and Iligan.
Saturday, October 12, 2013
BSP mulls national survey to measure effectiveness of microfinance industry
BSP mulls national survey to measure effectiveness of microfinance industry
By SIEGFRID O. ALEGADO, GMA NewsOctober 9, 2013 7:34pm
The Bangko ng Sentral ng Pilipinas wants to measure the effectiveness of
the Philippine microfinance industry – touted as one of the best in the
world – in alleviating poverty, the central bank chief said.
"We see the value of collecting evidence and data that conclusively
affirms… that access to financial services empowers households to better
manage their resources and improve the quality of their lives," central
bank Governor Amando Tetangco Jr. said in his speech at the Microcredit
Summit Campaign Wednesday.
Microfinacing provides credit to poor individuals wanting to start small
businesses, like mom and pop shops, but who cannot access loans from big
banks because they do not have collateral.
It is largely provided by rural banks and non-government institutions.
Pia Bernadette Roman-Tayag, BSP head for financial inclusion, said on
the sidelines of the summit that the central bank is currently studying
the possibility of a nationwide financial inclusion survey to measure
microfinance sector's effectiveness.
"We want to know, beyond anecdotal evidence, if financial inclusion
initiatives are bearing fruit," said Tayag.
In an interview, Muhammad Yunus, a Nobel laureate for developing the
concepts of microcredit and microfinance, shared that in Bangladesh
effectiveness of microfinance is measured through a set of indicators
that include access to potable drinking water and sanitation as well as
savings for emergencies.
Tetangco, meanwhile,underscored the importance of providing a regulatory
environment to reduce the barriers to the poor's financial access.
He cited regulatory initiatives such as consumer education and employing
rules governing micro-housing and micro-agri loans and the distribution
of microinsurance,
"The result is a regulatory environment which recognizes that the
financial needs of the poor and the unbanked are as varied as the
regular financial consumer," Tetangco said.
Such regulations have made the Economist Intelligence Unit cite the
Philippine microfinance industry as one of the best in the world.
Mila Mercardo-Bunker, chairperson of the Microfinance Council of the
Philippines Inc., said the local microfinance industry remains healthy.
"The repayment rate on microfinance NGOs is at 95 percent, while for
rural banks engaged in microfinance it is at 85 percent," she told GMA
News Online in an interview.
Tetangco said the Philippine microfinance industry services over a
million clients with consolidated outstanding loans of over P8 billion.
"Even better, the combined savings of the banks' microfinance clients
have reached P8.9 billion, an amount surpassing their total loans," he said.
These data, experts said, point out that the poor are good borrowers
despite hurdles they face.
Yunus offered: "Being defaulter is not a problem for me. This does not
imply that a borrower is bad borrower. This only means there is some
provisioning needed.
"We have the ability to end poverty in the world. We just need to come
together and use our creative power. Initiatives form citizens and
social business can make this happen," he noted. — BM, GMA News
By SIEGFRID O. ALEGADO, GMA NewsOctober 9, 2013 7:34pm
The Bangko ng Sentral ng Pilipinas wants to measure the effectiveness of
the Philippine microfinance industry – touted as one of the best in the
world – in alleviating poverty, the central bank chief said.
"We see the value of collecting evidence and data that conclusively
affirms… that access to financial services empowers households to better
manage their resources and improve the quality of their lives," central
bank Governor Amando Tetangco Jr. said in his speech at the Microcredit
Summit Campaign Wednesday.
Microfinacing provides credit to poor individuals wanting to start small
businesses, like mom and pop shops, but who cannot access loans from big
banks because they do not have collateral.
It is largely provided by rural banks and non-government institutions.
Pia Bernadette Roman-Tayag, BSP head for financial inclusion, said on
the sidelines of the summit that the central bank is currently studying
the possibility of a nationwide financial inclusion survey to measure
microfinance sector's effectiveness.
"We want to know, beyond anecdotal evidence, if financial inclusion
initiatives are bearing fruit," said Tayag.
In an interview, Muhammad Yunus, a Nobel laureate for developing the
concepts of microcredit and microfinance, shared that in Bangladesh
effectiveness of microfinance is measured through a set of indicators
that include access to potable drinking water and sanitation as well as
savings for emergencies.
Tetangco, meanwhile,underscored the importance of providing a regulatory
environment to reduce the barriers to the poor's financial access.
He cited regulatory initiatives such as consumer education and employing
rules governing micro-housing and micro-agri loans and the distribution
of microinsurance,
"The result is a regulatory environment which recognizes that the
financial needs of the poor and the unbanked are as varied as the
regular financial consumer," Tetangco said.
Such regulations have made the Economist Intelligence Unit cite the
Philippine microfinance industry as one of the best in the world.
Mila Mercardo-Bunker, chairperson of the Microfinance Council of the
Philippines Inc., said the local microfinance industry remains healthy.
"The repayment rate on microfinance NGOs is at 95 percent, while for
rural banks engaged in microfinance it is at 85 percent," she told GMA
News Online in an interview.
Tetangco said the Philippine microfinance industry services over a
million clients with consolidated outstanding loans of over P8 billion.
"Even better, the combined savings of the banks' microfinance clients
have reached P8.9 billion, an amount surpassing their total loans," he said.
These data, experts said, point out that the poor are good borrowers
despite hurdles they face.
Yunus offered: "Being defaulter is not a problem for me. This does not
imply that a borrower is bad borrower. This only means there is some
provisioning needed.
"We have the ability to end poverty in the world. We just need to come
together and use our creative power. Initiatives form citizens and
social business can make this happen," he noted. — BM, GMA News
Microfinance gaining ground
Microfinance gaining ground
MICROFINANCE continues to grow in the country, the Bangko Sentral ng
Pilipinas (BSP) chief said, as the regulator and the private sector work
to create a viable environment for the industry.
"One of our principal thrusts is to develop a financial system that is
inclusive and reaches out to the unbanked," BSP Governor Amando M.
Tetangco, Jr. said in his speech yesterday during a summit on poverty.
"An inclusive financial system makes for a more stable financial system;
equally important, it enables us to help improve the lives of our
people," he added.
This led the central bank to venture into microfinance -- its flagship
program for poverty alleviation -- in 2000.
"Clearly, there is a need for intervention to accelerate the process of
bringing down the benefits of growth to the grassroots," Mr. Tetangco said.
He noted that more and more Filipinos have kept savings and gained
access to credit through the spread of microfinance.
The combined savings of banks' microfinance clients reached P8.9 billion
as of June, 8.27% higher than the P8.22 billion registered in the first
quarter.
Microfinance loans stood at P8 billion, serving over one million clients.
The level was unchanged from the year before, the BSP chief said,
because microfinance loans are short-term in nature, having a tenor of
up to 90 days.
The savings of clients, he pointed out, surpassed the loans they took
out during the period. "This tells us that microfinance clients have
attained a level of financial independence from gaining access to
microcredit."
He added that the default rate of borrowers remained "low."
At present there are about 186 banks with microfinance operations.
Aside from rural banks, big banks have also entered the lucrative
business of microfinance.
Among them are Rizal Microbank, one of the thrift bank subsidiaries of
Rizal Commercial Banking Corp.; East West Banking Corp., through its
purchase of Mindanao-based Green Bank of Caraga; and Robinsons Bank Corp.
Meanwhile, the central bank has launched a nationwide survey to measure
the impact of microfinance on its clients.
"Aside from anecdotal evidence, it would be ideal to have metrics that
will give us solid data on how we are doing and how we can make things
even better," Mr. Tetangco said.
Pia Roman-Tayag, who heads the central bank's financial inclusion
department, added: "We want evidence-based policy making ... to see if
we are making progress." -- Ann Rozainne R. Gregorio
MICROFINANCE continues to grow in the country, the Bangko Sentral ng
Pilipinas (BSP) chief said, as the regulator and the private sector work
to create a viable environment for the industry.
"One of our principal thrusts is to develop a financial system that is
inclusive and reaches out to the unbanked," BSP Governor Amando M.
Tetangco, Jr. said in his speech yesterday during a summit on poverty.
"An inclusive financial system makes for a more stable financial system;
equally important, it enables us to help improve the lives of our
people," he added.
This led the central bank to venture into microfinance -- its flagship
program for poverty alleviation -- in 2000.
"Clearly, there is a need for intervention to accelerate the process of
bringing down the benefits of growth to the grassroots," Mr. Tetangco said.
He noted that more and more Filipinos have kept savings and gained
access to credit through the spread of microfinance.
The combined savings of banks' microfinance clients reached P8.9 billion
as of June, 8.27% higher than the P8.22 billion registered in the first
quarter.
Microfinance loans stood at P8 billion, serving over one million clients.
The level was unchanged from the year before, the BSP chief said,
because microfinance loans are short-term in nature, having a tenor of
up to 90 days.
The savings of clients, he pointed out, surpassed the loans they took
out during the period. "This tells us that microfinance clients have
attained a level of financial independence from gaining access to
microcredit."
He added that the default rate of borrowers remained "low."
At present there are about 186 banks with microfinance operations.
Aside from rural banks, big banks have also entered the lucrative
business of microfinance.
Among them are Rizal Microbank, one of the thrift bank subsidiaries of
Rizal Commercial Banking Corp.; East West Banking Corp., through its
purchase of Mindanao-based Green Bank of Caraga; and Robinsons Bank Corp.
Meanwhile, the central bank has launched a nationwide survey to measure
the impact of microfinance on its clients.
"Aside from anecdotal evidence, it would be ideal to have metrics that
will give us solid data on how we are doing and how we can make things
even better," Mr. Tetangco said.
Pia Roman-Tayag, who heads the central bank's financial inclusion
department, added: "We want evidence-based policy making ... to see if
we are making progress." -- Ann Rozainne R. Gregorio
Thursday, September 19, 2013
China Bank acquires Planters Development Bank
China Bank acquires Planters Development Bank
China Banking Corp's. (China Bank) acquisition of Planters Development
Bank (Plantersbank) provides strong evidence of rising interest among
banks to cash in on the growing demand for financial services,
executives said on Wednesday.
This surfaced in signing ceremonies involving China Bank Chairman Hans
Sy and Ambassador Jesus Tambunting, Plantersbank chairman and chief
executive officer, agreed for Plantersbank to become part of the China
Bank Group.
In that agreement, China Bank purchased more than two-thirds of
Plantersbank's shares, subject to approval of its shareholders and
regulatory offices.
China Bank is rapidly expanding.
The deal bolsters China Bank's current strategy in growing its middle
market and small and medium enterprises (SME) portfolio consistent with
its network expansion program.
"We are very honored that China Bank was chosen by Ambassador Tambunting
and the shareholders of Plantersbank to be the partner to carry on and
strengthen the legacy and advocacy of supporting entrepreneurs in this
country," Sy said.
"This is a market sector that we happen to know very well, and we are
excited by the opportunities to combine the strong legacy of both
institutions to strengthen our presence in the SMEs and middle market,"
he added.
Plantersbank is the country's largest private development bank and
leading bank for SMEs.
"Over the course of Plantersbank's evolution and growth as a financing
institution, we have sought to forge ties with partners driven by the
same commitment to the SMEs," Tambunting said.
This partnership with China Bank underscores our shared commitment, and
will ensure the continued development of broad-based access to financial
products and solutions for the SME," he said.
The bank is committed to the development of SME finance in the country,
which has been a cornerstone of its mission, spanning a history of over
40 years.
Plantersbank has total assets of over P52.7 billion as of May 2013,
total loan portfolio of P33 billion and deposits of P43.6 billion, and
nationwide network of 78 branches.
As of June 2013, China Bank had total assets of P345.6 billion, gross
loans of P189.9 billion and stockholders' equity of P44.6 billion.
From 148 branches in 2006 at the start of its expansion program, it has
a total network of 333 branches to date, complemented by 544 ATMs
nationwide. The group will now have a combined network of at least 411
branches.
The China Bank Group includes China Bank, China Bank Savings, Unity
Bank, CBC Insurance Brokers Inc., and bancassurance affiliate Manulife
China Bank Life Assurance Corp.
The Investment & Capital Corp. of the Philippines acted as the exclusive
financial adviser to Plantersbank for the transaction.
China Banking Corp's. (China Bank) acquisition of Planters Development
Bank (Plantersbank) provides strong evidence of rising interest among
banks to cash in on the growing demand for financial services,
executives said on Wednesday.
This surfaced in signing ceremonies involving China Bank Chairman Hans
Sy and Ambassador Jesus Tambunting, Plantersbank chairman and chief
executive officer, agreed for Plantersbank to become part of the China
Bank Group.
In that agreement, China Bank purchased more than two-thirds of
Plantersbank's shares, subject to approval of its shareholders and
regulatory offices.
China Bank is rapidly expanding.
The deal bolsters China Bank's current strategy in growing its middle
market and small and medium enterprises (SME) portfolio consistent with
its network expansion program.
"We are very honored that China Bank was chosen by Ambassador Tambunting
and the shareholders of Plantersbank to be the partner to carry on and
strengthen the legacy and advocacy of supporting entrepreneurs in this
country," Sy said.
"This is a market sector that we happen to know very well, and we are
excited by the opportunities to combine the strong legacy of both
institutions to strengthen our presence in the SMEs and middle market,"
he added.
Plantersbank is the country's largest private development bank and
leading bank for SMEs.
"Over the course of Plantersbank's evolution and growth as a financing
institution, we have sought to forge ties with partners driven by the
same commitment to the SMEs," Tambunting said.
This partnership with China Bank underscores our shared commitment, and
will ensure the continued development of broad-based access to financial
products and solutions for the SME," he said.
The bank is committed to the development of SME finance in the country,
which has been a cornerstone of its mission, spanning a history of over
40 years.
Plantersbank has total assets of over P52.7 billion as of May 2013,
total loan portfolio of P33 billion and deposits of P43.6 billion, and
nationwide network of 78 branches.
As of June 2013, China Bank had total assets of P345.6 billion, gross
loans of P189.9 billion and stockholders' equity of P44.6 billion.
From 148 branches in 2006 at the start of its expansion program, it has
a total network of 333 branches to date, complemented by 544 ATMs
nationwide. The group will now have a combined network of at least 411
branches.
The China Bank Group includes China Bank, China Bank Savings, Unity
Bank, CBC Insurance Brokers Inc., and bancassurance affiliate Manulife
China Bank Life Assurance Corp.
The Investment & Capital Corp. of the Philippines acted as the exclusive
financial adviser to Plantersbank for the transaction.
Saturday, August 31, 2013
BSP, PDIC boost partnership
BSP, PDIC boost partnership
THE BANGKO Sentral ng Pilipinas (BSP) and the Philippine Deposit
Insurance Corp. (PDIC) have enhanced their partnership to better
regulate and ensure the stability of the banking industry.
Representatives of both regulators on Tuesday amended their "joint
working arrangements" to cope with the changes in banks' operations.
"This amended memorandum of agreement (MOA) reflects our continued
cooperation to ensure that our joint working arrangements are responsive
to the operating environment," said BSP Governor Amando M. Tetangco, Jr
in his speech during the signing of the amended agreement.
The agreement, created in 2005, formalized a framework between the BSP
and the PDIC for joint or independent on-site bank examinations.
It also covered the sharing and exchange of relevant reports between the
two regulators.
Some of the key amendments to the MOA include the expansion of the scope
of PDIC's bank examinations and the enhancement of the regulators'
information-sharing activities.
"In the previous MOA, PDIC could only conduct bank examination on banks
with a CAMELS rating of 1 and 2. This time, they can already examine
banks with a CAMELS 3 rating, but they should justify to the BSP why
they would like to examine a particular bank with a CAMELS 3 rating,"
Mr. Tetangco said.
The CAMELS rating measures capital, asset quality, management, earnings,
liquidity and sensitivity to market risk -- the broad criteria used by
the BSP to check financial health. The scores range from 1 to 5, with 5
being the highest.
Mr. Tetangco said, "While the original MOA has served us well, [the new
one] will align better [the PDIC and BSP's] supervisory procedures,
practices and requirements."
He explained that the new agreement should "harmonize" both
institutions' procedures to prevent the overlapping of functions and
efforts.
"This is consistent with the thrust of the BSP and the PDIC to promote
and strengthen practices in supervised banks and ensure the stability of
the banking system at all times," he said. -- Ann Rozainne R. Gregorio
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
THE BANGKO Sentral ng Pilipinas (BSP) and the Philippine Deposit
Insurance Corp. (PDIC) have enhanced their partnership to better
regulate and ensure the stability of the banking industry.
Representatives of both regulators on Tuesday amended their "joint
working arrangements" to cope with the changes in banks' operations.
"This amended memorandum of agreement (MOA) reflects our continued
cooperation to ensure that our joint working arrangements are responsive
to the operating environment," said BSP Governor Amando M. Tetangco, Jr
in his speech during the signing of the amended agreement.
The agreement, created in 2005, formalized a framework between the BSP
and the PDIC for joint or independent on-site bank examinations.
It also covered the sharing and exchange of relevant reports between the
two regulators.
Some of the key amendments to the MOA include the expansion of the scope
of PDIC's bank examinations and the enhancement of the regulators'
information-sharing activities.
"In the previous MOA, PDIC could only conduct bank examination on banks
with a CAMELS rating of 1 and 2. This time, they can already examine
banks with a CAMELS 3 rating, but they should justify to the BSP why
they would like to examine a particular bank with a CAMELS 3 rating,"
Mr. Tetangco said.
The CAMELS rating measures capital, asset quality, management, earnings,
liquidity and sensitivity to market risk -- the broad criteria used by
the BSP to check financial health. The scores range from 1 to 5, with 5
being the highest.
Mr. Tetangco said, "While the original MOA has served us well, [the new
one] will align better [the PDIC and BSP's] supervisory procedures,
practices and requirements."
He explained that the new agreement should "harmonize" both
institutions' procedures to prevent the overlapping of functions and
efforts.
"This is consistent with the thrust of the BSP and the PDIC to promote
and strengthen practices in supervised banks and ensure the stability of
the banking system at all times," he said. -- Ann Rozainne R. Gregorio
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Saturday, August 24, 2013
Metrobank, PSBank ATMs now EMV-compliant
Metrobank, PSBank ATMs now EMV-compliant
(The Philippine Star) | Updated August 6, 2013 - 12:00am
MANILA, Philippines - The Metropolitan Bank & Trust Co. (Metrobank) and
Philippine Savings Bank (PSBank) are the first banks in the Philippines
to have their automated teller machines (ATMs) certified to acquire
EMV-chip enabled cards as part of initiatives to fortify security measures.
The EMV is a global standard initiated by Europay, Mastercard and Visa
to ensure the security and inter-operability of chip cards at
chip-enabled ATMs and merchant terminals.
The implementation of this global standard aims to strengthen the
security in any chip reading facilities against ATM-related fraudulent
activities.
To achieve certification, a bank has to go through an end-to-end testing
process conducted by an independent reviewer to verify compliance with
the EMV standards.
"This is one of our major efforts to enhance the protection we provide
for our ATM users and to raise the security features of our machines to
global standards." Mark Perez, retail banking head of Metrobank, said.
The banks of the Metrobank Group put themselves at the forefront of
EMV-compliance in the Philippines.
Following the certification of its ATMs, Metrobank also plans to issue
EMV-chip enabled debit card in 2014.
Migration to EMV or chip cards likewise marks the start of the gradual
departure of the card techonology from magnetic swipe to computer chips.
Aside from its higher security features, the EMV is the international
standard for credit/debit card or "plastic money."
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
(The Philippine Star) | Updated August 6, 2013 - 12:00am
MANILA, Philippines - The Metropolitan Bank & Trust Co. (Metrobank) and
Philippine Savings Bank (PSBank) are the first banks in the Philippines
to have their automated teller machines (ATMs) certified to acquire
EMV-chip enabled cards as part of initiatives to fortify security measures.
The EMV is a global standard initiated by Europay, Mastercard and Visa
to ensure the security and inter-operability of chip cards at
chip-enabled ATMs and merchant terminals.
The implementation of this global standard aims to strengthen the
security in any chip reading facilities against ATM-related fraudulent
activities.
To achieve certification, a bank has to go through an end-to-end testing
process conducted by an independent reviewer to verify compliance with
the EMV standards.
"This is one of our major efforts to enhance the protection we provide
for our ATM users and to raise the security features of our machines to
global standards." Mark Perez, retail banking head of Metrobank, said.
The banks of the Metrobank Group put themselves at the forefront of
EMV-compliance in the Philippines.
Following the certification of its ATMs, Metrobank also plans to issue
EMV-chip enabled debit card in 2014.
Migration to EMV or chip cards likewise marks the start of the gradual
departure of the card techonology from magnetic swipe to computer chips.
Aside from its higher security features, the EMV is the international
standard for credit/debit card or "plastic money."
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
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