Rural banking opened to foreigners
THE SENATE LAST NIGHT ratified a reconciled bill allowing foreigners to
take a majority stake in rural banks, amending a law that for more than
two decades limited ownership to Filipinos.
The House of Representatives, which did not take up the measure
yesterday, essentially has until Feb. 6 to act if it wants to pass the
bill before an election break. Congress officially goes on recess on
Feb. 8 but plenary sessions are only held from Monday to Wednesday.
A bicameral committee yesterday morning decided to adopt Senate Bill
3282's main provision of allowing foreigners to own, acquire or purchase
up to 60% of voting stock in a rural bank. House Bill 5360 proposed a
maximum stake of 40%.
Republic Act (RA) 7353 or the Rural Banks Act of 1992 provides that "the
capital stock of any rural bank shall be fully owned and held directly
or indirectly by citizens of the Philippines or corporations,
associations or cooperatives qualified under Philippine laws to own and
hold such capital stock."
Foreigners can own up to 40% of universal and commercial banks, hewing
to RA 8791 or the General Banking Act that states that "foreign
individuals and non-bank corporations may own or control up to 40% of
the voting stock of a domestic bank."
RA 7906 or the Thrift Banks Act, meanwhile, allows foreigners to own up
to 60% of the voting stock of thrift banks.
Senator Sergio R. Osmeña III, chairman of the banks, financial
institutions and currencies committee, said in his sponsorship speech of
SB 3282 last September that allowing foreigners to invest in rural banks
would allow the expansion of services to farmers, microentrepreneurs,
small and medium enterprises and rural folk.
The central bank has also expressed support for the lifting of foreign
ownership restrictions in RA 7353 as this would help strengthen rural
banks, which have been known to collapse due to mismanagement.
A total of 24 banks were shuttered by the Monetary Board and placed
under the Philippine Deposit Insurance Corp. receivership last year.
Most were rural banks.
In a text message yesterday, Mr. Osmeña said the measure would "invite
foreign investments, if they so desire."
Edward Leandro Z. Garcia, president of Rural Banks Association of the
Philippines, said: "We welcome this development as a boost to the
industry." He claimed that "several financial institutions" had already
expressed interest in rural bank stakes.
The reconciled bill ratified by the Senate will allow non-Filipinos to
sit on the board of a rural bank.
It will also allow a rural bank to foreclose on lands covered by the
Comprehensive Agrarian Reform Program that were mortgaged to it. These
lands, however, remain subject to the agrarian reform law's retention
limits.
"Rural banks which are not qualified to acquire or hold land in the
Philippines shall be allowed to bid and take part in foreclosure sales
of real property mortgaged to them, as well as to avail of enforcement
and other proceedings, and accordingly to take possession of the
mortgaged property, for a period not exceeding five years from actual
possession...," the bill also states.
Rural banks that acquire mortgaged property must transfer this to a
"qualified Philippine national."
By law, foreigners are not allowed to own land in the Philippines.
--
-----------------------------------------------------------
CARLOS ANI - Consultant
Chairman of the Board - SEEDFINANCE Corporation
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926-2778044 (Globe)
+63908-1737072 (Smart)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
Thursday, January 31, 2013
Tuesday, January 22, 2013
Scams continue to abound
Scams continue to abound
BIZLINKS By Rey Gamboa (The Philippine Star)
Updated January 22, 2013 - 12:00am
The Aman Future Group scam only shows us how desperate so many Filipinos
are to earn a little bit more for money they had worked so hard for.
Even up today, it surprises me to hear stories of former colleagues and
friends – some of them rising to top management levels in big reputable
companies – risk their hard-earned retirement benefits on investment
schemes manned by people they hardly know.
These are people who are familiar with words like pyramiding or Ponzi
scheme, and yet completely forget the perils that could burn them should
they engage in these sugar-coated offers of a return on their money of
higher than 10 percent a year.
Bogus schemes
On the other hand, many of the companies that had eventually become
platforms for investment scams started as legitimate, sometimes even
reputable, ventures that had never in their early years (or months)
thought about duping or hurting anyone.
And yet, these had somehow morphed in quick time to become the monsters
that turned out to be the cause of deafening wailing and gnashing of
teeth by individuals and their families who had woken up one day
realizing they had lost all their investments.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
Some of these business ventures had started with dreams of becoming
financial empires through some form of trading or manufacturing. But
somehow, in their search for capital to fuel the growth of their
ambitions, they stumbled on the principle of pyramiding.
Others, though, were fully aware that the "investment plan" they were
offering was plainly bogus, and that at some point in time, the pyramid
that they were building was going to crumble and fall, and that they
would have to flee and hide from the law and their victims.
Watch the video of Global Money Philippines as posted on YouTube, and
you'll understand how victims could have succumbed to its business
lending scheme and its avowed vision of "helping" others by being the
only lending institution in the world to give loans at zero percent
interest.
Warnings are too late
By far, it is the Securities and Exchange Commission that has been
trying to mount a campaign to warn the public about fraudulent schemes
by issuing bulletins against certain organizations or individuals
without the necessary legal legs to stand on in the event that these
"accused" personalities file harassment or prejudicial cases.
Truly, the SEC can really only do so much. First of all, many of these
scammers operate without business permits, and the only time that our
regulatory agencies are able to sniff them out is when they have already
accumulated a fairly large amount representing thousands of victims.
"Investors" often do not want to talk for fear that the pyramid would
crumble when they still have not collected their initial capital outlay
from the "venture."
While the Internet abounds with blogs and websites of concerned
Filipinos warning against these scams, not many are able to view these.
And then again, the cautionary statements and confirmation of these
dubious offerings often come too late in the day.
Preparing for retirement
If it's any consolation, Ponzi schemes and similar scams are not
indigenous to the Philippines. They prey on citizens even of developed
countries like the US or Australia. They feed on the despair, greed and
ignorance of the rich and not-so-rich.
Warnings by regulatory agencies, online postings, friends and even
family will fall on deaf ears especially if the victim's or intended
prey's self-interest or need clouds the mind and heart.
One good way of isolating these kinds of scams is for people at an early
age are able to start planning for retirement. This means that they are
able to save the right amount that will ensure that they can continue to
live comfortably in their old age.
This holds true also for our overseas workers. While working abroad,
they should already have in place a personal financial plan that they
could rely on once they opt to remain in the country, not necessarily
when they are of retirement age.
It goes without saying that Filipinos must have a healthier respect of
entrepreneurship to fully understand that there is no business
proposition that can promise a 60-percent return on investment annually
unless it were involved in some dubious activity.
Transparency and enforcement
SEC chairperson Teresita Herbosa is to be admired for having the courage
to issue warnings to the general public about activities that resemble
fraudulent schemes. By citing the base of operations without identifying
the persons or company involved, the regulatory agency is able to
preempt the spread of these scams.
But the SEC's warnings are still not able to preempt people from getting
hurt. Perhaps more timely action by local government units, especially
on questionable investment offers in cities outside of Metro Manila
operating without a permit or not registered as a business, should be
apprehended earlier.
The SEC as a regulatory body is trying to be as transparent as possible
in helping people identify spurious companies that are feeding on
fraudulent investment deals. It is up to the enforcement agencies then
to be on the lookout for these activities, and to be able to act swiftly.
Role of media
Media can also play a vital role in providing sufficient advance warning
to prospective investors. Information about previous scams should be
regularly featured so public memory is sufficiently refreshed about the
modus operandi of schemers. It would also help if updates are reported
on the progress of prosecution of persons previously apprehended and
facing court action.
Of course, it would really be an effective deterrent if prosecution of
guilty parties is hastened and their convictions made public.
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
BIZLINKS By Rey Gamboa (The Philippine Star)
Updated January 22, 2013 - 12:00am
The Aman Future Group scam only shows us how desperate so many Filipinos
are to earn a little bit more for money they had worked so hard for.
Even up today, it surprises me to hear stories of former colleagues and
friends – some of them rising to top management levels in big reputable
companies – risk their hard-earned retirement benefits on investment
schemes manned by people they hardly know.
These are people who are familiar with words like pyramiding or Ponzi
scheme, and yet completely forget the perils that could burn them should
they engage in these sugar-coated offers of a return on their money of
higher than 10 percent a year.
Bogus schemes
On the other hand, many of the companies that had eventually become
platforms for investment scams started as legitimate, sometimes even
reputable, ventures that had never in their early years (or months)
thought about duping or hurting anyone.
And yet, these had somehow morphed in quick time to become the monsters
that turned out to be the cause of deafening wailing and gnashing of
teeth by individuals and their families who had woken up one day
realizing they had lost all their investments.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
Some of these business ventures had started with dreams of becoming
financial empires through some form of trading or manufacturing. But
somehow, in their search for capital to fuel the growth of their
ambitions, they stumbled on the principle of pyramiding.
Others, though, were fully aware that the "investment plan" they were
offering was plainly bogus, and that at some point in time, the pyramid
that they were building was going to crumble and fall, and that they
would have to flee and hide from the law and their victims.
Watch the video of Global Money Philippines as posted on YouTube, and
you'll understand how victims could have succumbed to its business
lending scheme and its avowed vision of "helping" others by being the
only lending institution in the world to give loans at zero percent
interest.
Warnings are too late
By far, it is the Securities and Exchange Commission that has been
trying to mount a campaign to warn the public about fraudulent schemes
by issuing bulletins against certain organizations or individuals
without the necessary legal legs to stand on in the event that these
"accused" personalities file harassment or prejudicial cases.
Truly, the SEC can really only do so much. First of all, many of these
scammers operate without business permits, and the only time that our
regulatory agencies are able to sniff them out is when they have already
accumulated a fairly large amount representing thousands of victims.
"Investors" often do not want to talk for fear that the pyramid would
crumble when they still have not collected their initial capital outlay
from the "venture."
While the Internet abounds with blogs and websites of concerned
Filipinos warning against these scams, not many are able to view these.
And then again, the cautionary statements and confirmation of these
dubious offerings often come too late in the day.
Preparing for retirement
If it's any consolation, Ponzi schemes and similar scams are not
indigenous to the Philippines. They prey on citizens even of developed
countries like the US or Australia. They feed on the despair, greed and
ignorance of the rich and not-so-rich.
Warnings by regulatory agencies, online postings, friends and even
family will fall on deaf ears especially if the victim's or intended
prey's self-interest or need clouds the mind and heart.
One good way of isolating these kinds of scams is for people at an early
age are able to start planning for retirement. This means that they are
able to save the right amount that will ensure that they can continue to
live comfortably in their old age.
This holds true also for our overseas workers. While working abroad,
they should already have in place a personal financial plan that they
could rely on once they opt to remain in the country, not necessarily
when they are of retirement age.
It goes without saying that Filipinos must have a healthier respect of
entrepreneurship to fully understand that there is no business
proposition that can promise a 60-percent return on investment annually
unless it were involved in some dubious activity.
Transparency and enforcement
SEC chairperson Teresita Herbosa is to be admired for having the courage
to issue warnings to the general public about activities that resemble
fraudulent schemes. By citing the base of operations without identifying
the persons or company involved, the regulatory agency is able to
preempt the spread of these scams.
But the SEC's warnings are still not able to preempt people from getting
hurt. Perhaps more timely action by local government units, especially
on questionable investment offers in cities outside of Metro Manila
operating without a permit or not registered as a business, should be
apprehended earlier.
The SEC as a regulatory body is trying to be as transparent as possible
in helping people identify spurious companies that are feeding on
fraudulent investment deals. It is up to the enforcement agencies then
to be on the lookout for these activities, and to be able to act swiftly.
Role of media
Media can also play a vital role in providing sufficient advance warning
to prospective investors. Information about previous scams should be
regularly featured so public memory is sufficiently refreshed about the
modus operandi of schemers. It would also help if updates are reported
on the progress of prosecution of persons previously apprehended and
facing court action.
Of course, it would really be an effective deterrent if prosecution of
guilty parties is hastened and their convictions made public.
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
Monday, January 14, 2013
Financial literacy vital to preventing scam success – BSP officer
Financial literacy vital to preventing scam success – BSP officer
Greater financial knowledge can prevent people from falling for
financial cons such as Ponzi schemes and pyramid scams, a ranking
officer of the Bangko Sentral ng Pilipinas said Tuesday.
"A public that is not well-informed is more vulnerable to all kind of
scams," BSP's deputy governor Nestor Espenilla said in a press briefing
on Tuesday.
This is where financial literacy and consumer protection come into
picture, he added.
"Whenever we talk about financial inclusion, [we] always come back to
the issue of a more informed, educated public to be able to properly
consume financial services that will be [to] their advantage," he said.
Financial inclusion is the availability of banking services to
low-income sectors.
Recently, authorities discovered an alleged investment scam by Aman
Futures Group that may have duped as many as 15,000 people, mostly from
Visayas and Mindanao, of as much as P12 billion in total. The company,
which is purportedly engaged in trading, is accused of luring investors
by offering between 20 to 80 percent interest within eight to 20 days.
Progress on financial literacy
With a barely passing mark of 52.6 on Citibank's financial quotient
survey, Filipinos' understanding of money matters is "not that
impressive," Espenilla said, though they are "making progress."
To promote financial literacy, the BSP provides lectures and seminars
attended by students, young adults, and overseas Filipinos and their
families, among others.
"BSP has embraced as part of its commitment financial inclusion,
promoting financial and monetary stability… We have 22 areas or focal
points for training and financial learning in the countryside," he said.
"BSP also assumed the leadership role in advocating this [financial
literacy and inclusion] and promoting this idea to other central banks
in the world," he added.
Espenilla added that financial literacy promotion should involve the
whole society; it "is not a pact between the central bank and the
[banking] industry alone."
Financial literacy on banking services
In the same press briefing, Citibank's Southeast Asia head Michael Zink
concurred with Espenilla that availing of financial services without
proper education may bring negative consequences to consumers.
"Financial literacy is not just knowing financial services but also to
better use them… Financial products without education can provide
unintended increase in vulnerability," he added.
"Through financial education, [we] not just [hope clients] to become
better client but to be in better places. It will help them to plan not
just the short term," he said.
According to Zink, about 1.5 billion people in Southeast Asia has no
access to formal financial services.
On Thursday and Friday, about 300 delegates are set to convene for the
9th annual Citi-FT Financial Education Summit, which will be attended by
non-profit organizations, financial institutions, government regulators,
multilateral institutions, microfinance institutions, educational
institutions and private businesses. — BM, GMA News
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
Greater financial knowledge can prevent people from falling for
financial cons such as Ponzi schemes and pyramid scams, a ranking
officer of the Bangko Sentral ng Pilipinas said Tuesday.
"A public that is not well-informed is more vulnerable to all kind of
scams," BSP's deputy governor Nestor Espenilla said in a press briefing
on Tuesday.
This is where financial literacy and consumer protection come into
picture, he added.
"Whenever we talk about financial inclusion, [we] always come back to
the issue of a more informed, educated public to be able to properly
consume financial services that will be [to] their advantage," he said.
Financial inclusion is the availability of banking services to
low-income sectors.
Recently, authorities discovered an alleged investment scam by Aman
Futures Group that may have duped as many as 15,000 people, mostly from
Visayas and Mindanao, of as much as P12 billion in total. The company,
which is purportedly engaged in trading, is accused of luring investors
by offering between 20 to 80 percent interest within eight to 20 days.
Progress on financial literacy
With a barely passing mark of 52.6 on Citibank's financial quotient
survey, Filipinos' understanding of money matters is "not that
impressive," Espenilla said, though they are "making progress."
To promote financial literacy, the BSP provides lectures and seminars
attended by students, young adults, and overseas Filipinos and their
families, among others.
"BSP has embraced as part of its commitment financial inclusion,
promoting financial and monetary stability… We have 22 areas or focal
points for training and financial learning in the countryside," he said.
"BSP also assumed the leadership role in advocating this [financial
literacy and inclusion] and promoting this idea to other central banks
in the world," he added.
Espenilla added that financial literacy promotion should involve the
whole society; it "is not a pact between the central bank and the
[banking] industry alone."
Financial literacy on banking services
In the same press briefing, Citibank's Southeast Asia head Michael Zink
concurred with Espenilla that availing of financial services without
proper education may bring negative consequences to consumers.
"Financial literacy is not just knowing financial services but also to
better use them… Financial products without education can provide
unintended increase in vulnerability," he added.
"Through financial education, [we] not just [hope clients] to become
better client but to be in better places. It will help them to plan not
just the short term," he said.
According to Zink, about 1.5 billion people in Southeast Asia has no
access to formal financial services.
On Thursday and Friday, about 300 delegates are set to convene for the
9th annual Citi-FT Financial Education Summit, which will be attended by
non-profit organizations, financial institutions, government regulators,
multilateral institutions, microfinance institutions, educational
institutions and private businesses. — BM, GMA News
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
‘Phl must invest in human capital’
'Phl must invest in human capital'
By Ted Torres (The Philippine Star) | Updated January 14, 2013 - 12:00am
MANILA, Philippines - To realize sustainable and inclusive economic
growth, the Philippines must invest heavily on human capital through
education resulting in better employment figures.
According to National Economic and Development Authority (NEDA) Deputy
Director General Emmanuel F. Esguerra, an important aspect of the
government's inclusive growth platform is investing in human capital,
particularly in the young population that comprise about half of the
country's workforce.
"Investing in human capital, especially the youth that comprise a
significant proportion of the Philippine population, is a major item in
the government's inclusive growth agenda," Esguerra said.
According to the National Statistics Office (NSO), half of the
population or 48 percent who are willing to work, are aged 15-34 years old.
Similarly, this segment of the population comprised 46 percent of
Filipinos who are employed.
Esguerra noted that the lack of workers with appropriate skills is a
major challenge. He added that this is evident in industries that are
knowledge-intensive and require a high degree of functional flexibility.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
"That is why the most important skill is being good at learning, and
that is what investment in quality basic education is for," Esguerra
said, at the Youth Leaders for Knowledge and Development (YKLD) forum
sponsored by the World Bank.
The government is implementing measures to help enhance the
competitiveness of workers and industries.
For instance, the government rollout of the K to 12 Basic Education
Program aims to produce holistically developed learners with 21st
century skills who are prepared for higher education, middle-level
skills development, and immediate employment or entrepreneurship.
"This will signal to potential employers that the quality of Philippine
labor is and will remain competitive and employable," Esguerra added.
But the challenges remain daunting including the proper matching of
education to employment, according to the National Statistical
Coordination Board (NSCB).
NSCB Secretary General Jose Ramon G. Albert said in a report that
despite the attainment of a college diploma, college graduates comprised
at least 18 percent of the total unemployed, the third highest share in
terms of educational attainment from 2006 to 2011.
Most of the unemployed college graduates are those who earned degrees on
medical courses, trade, craft and industrial programs, engineering and
architectural programs.
Data gathered by the Bureau of Labor Employment Statistics (BLES)
meanwhile suggests that the top three hard to fill vacancies among
professionals for the period January 2009 to June 2010 include
accountants and auditors; electronics and communications engineers; and
systems analysts and designers.
It may be observed that these top three hard to fill vacancies require
specific technical requirements and most of which necessitates the
passing of an eligibility exam.
Further, the top 3 reasons why vacancies are hard to fill were:
applicants lack needed competency/skill; applicants expect a high
salary; and applicants lack years of experience.
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
By Ted Torres (The Philippine Star) | Updated January 14, 2013 - 12:00am
MANILA, Philippines - To realize sustainable and inclusive economic
growth, the Philippines must invest heavily on human capital through
education resulting in better employment figures.
According to National Economic and Development Authority (NEDA) Deputy
Director General Emmanuel F. Esguerra, an important aspect of the
government's inclusive growth platform is investing in human capital,
particularly in the young population that comprise about half of the
country's workforce.
"Investing in human capital, especially the youth that comprise a
significant proportion of the Philippine population, is a major item in
the government's inclusive growth agenda," Esguerra said.
According to the National Statistics Office (NSO), half of the
population or 48 percent who are willing to work, are aged 15-34 years old.
Similarly, this segment of the population comprised 46 percent of
Filipinos who are employed.
Esguerra noted that the lack of workers with appropriate skills is a
major challenge. He added that this is evident in industries that are
knowledge-intensive and require a high degree of functional flexibility.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
"That is why the most important skill is being good at learning, and
that is what investment in quality basic education is for," Esguerra
said, at the Youth Leaders for Knowledge and Development (YKLD) forum
sponsored by the World Bank.
The government is implementing measures to help enhance the
competitiveness of workers and industries.
For instance, the government rollout of the K to 12 Basic Education
Program aims to produce holistically developed learners with 21st
century skills who are prepared for higher education, middle-level
skills development, and immediate employment or entrepreneurship.
"This will signal to potential employers that the quality of Philippine
labor is and will remain competitive and employable," Esguerra added.
But the challenges remain daunting including the proper matching of
education to employment, according to the National Statistical
Coordination Board (NSCB).
NSCB Secretary General Jose Ramon G. Albert said in a report that
despite the attainment of a college diploma, college graduates comprised
at least 18 percent of the total unemployed, the third highest share in
terms of educational attainment from 2006 to 2011.
Most of the unemployed college graduates are those who earned degrees on
medical courses, trade, craft and industrial programs, engineering and
architectural programs.
Data gathered by the Bureau of Labor Employment Statistics (BLES)
meanwhile suggests that the top three hard to fill vacancies among
professionals for the period January 2009 to June 2010 include
accountants and auditors; electronics and communications engineers; and
systems analysts and designers.
It may be observed that these top three hard to fill vacancies require
specific technical requirements and most of which necessitates the
passing of an eligibility exam.
Further, the top 3 reasons why vacancies are hard to fill were:
applicants lack needed competency/skill; applicants expect a high
salary; and applicants lack years of experience.
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
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BSP: More savings deposit options for kids will cultivate financial literacy
BSP: More savings deposit options for kids will cultivate financial literacy
December 4, 2012 9:20pm
More banks should offer savings deposit products geared toward children
to help develop a financially literate population in the future, Bangko
Sentral ng Pilipinas Governor Amando Tetangco Jr. told reporters on Tuesday.
"A more literate population, including the young, is good for the
economy and the financial system as a whole. We will encourage more
banks to participate [in the agenda]," he said.
Currently, 12 banks are offering savings deposit products for children:
Allied Banking Corp., Banco de Oro Unibank, Bank of the Philippine
Islands, China Bank Savings, Development Bank of the Philippines, East
West Bank, Maybank Philippines Inc., Philippine National Bank,
Philippine Savings Bank, Philippine Veterans Bank, RCBC Savings Bank,
and Security Banking Corp.
Deposit products for children require a minimum deposit balance of only
P100.
According to BSP estimates, some 31,000 Filipino children currently have
their own savings account.
"Banks need deposits, and there is a huge youth savings potential that
they can tap," said Jeroo Billimoria, founder and managing director of
Child and Youth Finance International (CYFI), an organization whose
cause is to bring financial awareness to children through education.
At a forum on financial education for children in Manila, she said that
banks should be made aware of the benefits of tapping the young market
for their deposit products.
CYFI's global target is to have 100 million children in 100 countries
having their own savings account by 2015. — BM, GMA News
--
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CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
December 4, 2012 9:20pm
More banks should offer savings deposit products geared toward children
to help develop a financially literate population in the future, Bangko
Sentral ng Pilipinas Governor Amando Tetangco Jr. told reporters on Tuesday.
"A more literate population, including the young, is good for the
economy and the financial system as a whole. We will encourage more
banks to participate [in the agenda]," he said.
Currently, 12 banks are offering savings deposit products for children:
Allied Banking Corp., Banco de Oro Unibank, Bank of the Philippine
Islands, China Bank Savings, Development Bank of the Philippines, East
West Bank, Maybank Philippines Inc., Philippine National Bank,
Philippine Savings Bank, Philippine Veterans Bank, RCBC Savings Bank,
and Security Banking Corp.
Deposit products for children require a minimum deposit balance of only
P100.
According to BSP estimates, some 31,000 Filipino children currently have
their own savings account.
"Banks need deposits, and there is a huge youth savings potential that
they can tap," said Jeroo Billimoria, founder and managing director of
Child and Youth Finance International (CYFI), an organization whose
cause is to bring financial awareness to children through education.
At a forum on financial education for children in Manila, she said that
banks should be made aware of the benefits of tapping the young market
for their deposit products.
CYFI's global target is to have 100 million children in 100 countries
having their own savings account by 2015. — BM, GMA News
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
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