Why Pinoys keep falling for investment scams
by Cathy Rose A. Garcia, ABS-CBNnews.com
Posted at 11/26/2012 9:12 PM | Updated as of 11/27/2012 2:19 PM
MANILA, Philippines - When Aman Futures head Manuel Amalilio visited
Pagadian City for the first time in April, he promised to make the city
the financial center of the Philippines in a year and a half.
Improbable as Amalilio's promise sounded, it was still enough to
convince Pastor Hipolito Paner and members of the Christ the Lord Glory
Church to invest their hard-earned money in Aman Futures.
"He (Amalilio) said, 'I saw the people of Pagadian are very poor... In a
year and a half, I am going to make Pagadian City the economic center of
the Philippines," Paner said on ANC's On the Money special "Toppling the
Pyramid", Monday evening.
Paner recalled that Amalilio even started giving him cash, starting with
P5,000 and going all the way to P50,000, even without making any investment.
Amalilio initially convinced Paner and other church members to invest in
Aman Futures by saying he wanted to teach them about stock market
trading. The pastor eventually invested P110,000 of his own money and as
much as P7 million of the church's funds in the company.
"He started to inform us about Bloomberg TV. We watched every day from
2:30 a.m. to 5 a.m., so we can learn about stock market trading. We
believed with all our hearts this is something good because your money
would double within a month or more than double your money," Paner said.
He admitted they tried their best to understand the stock market, but
they didn't get much information from Amalilio, who said he made
investments in commodities as well.
Any doubts the investors had disappeared when they started getting big
returns. Some even got as much as 86% interest in just 19 days, Paner said.
"Akala ng ibang investors nasa amin ang pera kasi yun simbahan lumalago
ang tithes ng mga tao, yun offerings every Sunday, umaabot ng P3.8
million, sa isang service lang yan," he said.
Pinoys too trusting?
Paner is only one of around 8,000 investors victimized by Aman Futures.
Unfortunately, the Aman Futures scam is only the latest in a string of
investment scams that have victimized thousands of Filipinos in the last
few years.
For instance, Multinational Telecom Investors Corp. (Multitel) duped
investors of P25 billion in 2002, while the Legacy Group scam in 2008
reached P30 billion.
Despite media coverage about these scams and efforts of regulators to
educate the public, it seems Filipinos still put their trust and money
in these schemes that promise sky-high returns.
Securities and Exchange Commission secretary Gerard Lukban said
investors should be extremely wary of "investments" that promise high
returns in a short period of time.
"The first thing they do to lure investors is to promise big returns,
returns that are too good to be true... We've been telling the public
that if the offer is too good to be true, it's not true," he said.
"High" returns can mean anywhere from 4% interest in a month to as much
as 40% to 60% interest, which Lukban noted is "impossible."
Asked why he thinks many Filipinos fall for pyramiding scams, Lukban
said Filipinos are generally trusting.
"When they're offering something that's too good to be true, they start
producing results in the beginning and that's what we call, 'pinapadama'
daw yun una...So they get a taste of the good life to start with," he said.
"Some will say, you get the interest front-loaded, you get a new car and
at the end of the term, you get back your money with interest. A lot of
people will fall for that. We saw that in Legacy and other schemes.
Little did they know the vehicles given to them were purchased through
financing and the amortization were never paid. At the end of the day,
the cars were repossessed and they ended up with nothing."
NBI Anti-Fraud Division head Cesar A. Bacani said investors should
really ask questions on where their money is being invested.
"Maybe our people should ask where are they investing the money. Yung
iba, hindi na nagtatanong because of trust, because of referrals. Eh,
'sige lang basta kumikita'," he said.
However, some of these "victims" of investment scams may not be totally
ignorant of the risks.
"When we had the Francswiss (scam), we received phone calls from
investors, asking us, 'why did you issue an advisory, we haven't
withdrawn the money yet.' So you know that they probably knew what they
were getting into," Lukban said.
Lack of gov't action
Even complicating the matter, government agencies cannot take preemptive
action on an investment scam, unless a complaint is filed.
NBI's Bacani said their office in Pagadian City had already been alerted
about Aman Futures as early as June, but could not act to stop the scam
since there were no complainants.
"Our agency was even branded as spoilsport in Pagadian. 'Why are you
entering the picture? We are earning money here and you will stop us
from earning?' So we kept monitoring and waited for complainants to come
in so we can formally start an investigation. Only in October that
complainants surfaced," he said.
Victorio Dimagiba, director of the Department of Trade and Industry's
Bureau of Trade Regulation and Consumer Protection, said the government
should be more pro-active in stoppping these scams.
"We in government should get our act together. Baka we don't need a
complainant before we can act and formally stop an operation... We know
an investment security has to be registered with the SEC. If it's not
registered... I
think on that basis, the government has motu proprio powers to file a
complaint," Dimagiba said.
What to look for before investing
SEC's Lukban said investors should look for 4 things before making an
investment in any company:
First, the company registration, which can be easily checked on the
SEC's website;
Second, the company's secondary license to sell securities or investment
contracts;
Third, registration of investment contracts and products;
Fourth, registration of the broker-dealers who are selling the
investment products.
Teresita Lisama, Bangko Sentral ng Pilipinas Financial Consumer Affairs
group officer-in-charge, said investors should make sure they know the
company, the people behind it, the product and the recruiters before
making an investment.
"We always say education is the best guard against any scam or fraud.
Government agencies have the responsibility to educate the public, like
the BSP we have an advocacy on this. BSP has a continuing financial
education program," she said.
But when you have questions about a particular investment company,
Lisama said it is best to consult the regulators.
"When you are in doubt, ask the government regulatory agency," she said.
--
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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
--------------------------------------------------------------------
Thursday, November 29, 2012
Sunday, November 25, 2012
Credit info bureau to speed up rural lending
Credit info bureau to speed up rural lending
By Ted P. Torres (The Philippine Star) | Updated November 25, 2012 - 12:00am
MANILA, Philippines - Accurate and accessible credit information to
rural banks will speed up the flow of credit for rural development,
according to the Credit Information Corp. (CiC).
CiC president Baltazar N. Endriga said this lowers the risk of lending
and the cost of borrowing and doing business for farmers, fisherfolk and
other small enterprises primarily served by rural banks.
"This could have a far-reaching impact on the development of the
countryside and the Philippine economy in general," Endriga said during
a recent symposium sponsored by the Rural Bankers Association of the
Philippines (RBAP).
Rural banks play a strategic role in serving the credit needs of the
countryside, having over 2,500 offices nationwide and catering
especially to micro, small and medium enterprises which account for 99.6
percent of all enterprises and generate 76 percent of total employment.
Likewise, rural banks spread throughout the archipelago have become
conduits for microfinance and microinsurance products that serve
low-income Filipinos.
Latest available data from the Bangko Sentral ng Pilipinas (BSP) show
that rural banks extended P109.76 billion in loans as of end-March 2012.
"In addition to having a wider geographical footprint, rural banks also
have a deeper understanding of the character, peculiarities and needs of
their clientele," Endriga added.
But processing loan applications and data gathering from the field still
prove to be tedious and costly for many rural banks, he said.
By gaining access to CiC's database, rural banks will be able to enhance
their knowledge of the borrower's credit history, and better manage
cases of multiple borrowings and over-indebtedness.
Another concern of the country's credit information bureau is the inflow
of credit information coming from bank and non-bank financial
institutions, otherwise known as "submitting entities."
"Submitting entities" include banks, insurance companies, utility firms,
telecommunications company (telcos) and other types of institutions that
extend credit.
Republic Act (RA) 9510 or the Credit Information System Act mandates all
submitting entities to share both their negative and positive data with
the CiC.
When operational, the CiC will be the leading provider of independent,
secure and accurate credit information in the country to address the
credit information gap.
The CiC is a government-owned and -controlled corporation 60 percent
owned by the government and 40 percent by the private sector. The
private sector stakeholders consist of the Philippine Cooperatives
Center (PCC), Bankers Association of the Philippines (BAP), Credit Card
Association of the Philippines (CCAP), Chamber of Thrift Banks (CTB),
Rural Bankers Association of the Philippines (RBAP) and the Philippine
Credit Reporting Alliance (Philcrea).
--
---------------------------------------------------------------------
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 P. Torres (The Philippine Star) | Updated November 25, 2012 - 12:00am
MANILA, Philippines - Accurate and accessible credit information to
rural banks will speed up the flow of credit for rural development,
according to the Credit Information Corp. (CiC).
CiC president Baltazar N. Endriga said this lowers the risk of lending
and the cost of borrowing and doing business for farmers, fisherfolk and
other small enterprises primarily served by rural banks.
"This could have a far-reaching impact on the development of the
countryside and the Philippine economy in general," Endriga said during
a recent symposium sponsored by the Rural Bankers Association of the
Philippines (RBAP).
Rural banks play a strategic role in serving the credit needs of the
countryside, having over 2,500 offices nationwide and catering
especially to micro, small and medium enterprises which account for 99.6
percent of all enterprises and generate 76 percent of total employment.
Likewise, rural banks spread throughout the archipelago have become
conduits for microfinance and microinsurance products that serve
low-income Filipinos.
Latest available data from the Bangko Sentral ng Pilipinas (BSP) show
that rural banks extended P109.76 billion in loans as of end-March 2012.
"In addition to having a wider geographical footprint, rural banks also
have a deeper understanding of the character, peculiarities and needs of
their clientele," Endriga added.
But processing loan applications and data gathering from the field still
prove to be tedious and costly for many rural banks, he said.
By gaining access to CiC's database, rural banks will be able to enhance
their knowledge of the borrower's credit history, and better manage
cases of multiple borrowings and over-indebtedness.
Another concern of the country's credit information bureau is the inflow
of credit information coming from bank and non-bank financial
institutions, otherwise known as "submitting entities."
"Submitting entities" include banks, insurance companies, utility firms,
telecommunications company (telcos) and other types of institutions that
extend credit.
Republic Act (RA) 9510 or the Credit Information System Act mandates all
submitting entities to share both their negative and positive data with
the CiC.
When operational, the CiC will be the leading provider of independent,
secure and accurate credit information in the country to address the
credit information gap.
The CiC is a government-owned and -controlled corporation 60 percent
owned by the government and 40 percent by the private sector. The
private sector stakeholders consist of the Philippine Cooperatives
Center (PCC), Bankers Association of the Philippines (BAP), Credit Card
Association of the Philippines (CCAP), Chamber of Thrift Banks (CTB),
Rural Bankers Association of the Philippines (RBAP) and the Philippine
Credit Reporting Alliance (Philcrea).
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Friday, November 23, 2012
Merger of BPI, PNB might trigger more consolidations
Merger of BPI, PNB might trigger more consolidations
Published on 23 November 2012 Hits: 120 Written by Madelaine B. Miraflor
Reporter
The merger between the Philippine National Bank (PNB) and Bank of the
Philippine Islands (BPI) may trigger consolidations among banks to
maintain leadership in the industry.
On Wednesday, the board of directors of BPI, PNB and Allied Bank
approved a three-way merger, that will bring together about $33 billion
worth of combined assets for the surviving entity, which is BPI.
The merger of PNB and Allied was earlier approved by the Bangko Sentral
Ng Pilipinas and the Securities and Exchange Commission.
At the sidelines of the Economic Journalist Association of the
Philippines forum on Private-Public Partnership, April Tan, research
head of Col Financial Philippines, told reporters that a merger between
PNB and BPI may prompt major consolidations, citing the 1990
Equitable-PCI bank merger that left Metrobank no choice but to acquire
different banks to maintain its number one position.
"We don't know if it will trigger [any impact in the banking industry]
but as we recall in the 1990s, when Equitable merged with PCI Bank, what
happened was Metrobank bought all these banks afterwards to maintain its
number one position," she said, referring to Metropolitan Bank and Trust
Co. of the Ty family.
She also said that once the PNB and BPI merger is finalized, BPI will
emerge as the number one bank in the Philippines, displacing current
leader Banco de Oro Unibank Inc. of Henry Sy.
"Both [banks] will benefit [in the transaction]. BPI, in terms of size,
will become number one. We are assuming that PNB and Allied Bank will
continue with the merger, and after that will merge with BPI. They will
become number one," Tan said.
"On the valuation, they might do a share swap. They might not pay cash.
Mahal naman shares nila [BPI has expensive shares] so when they do share
swap, potential dilution may not be as bad," she added.
Tan noted that BPI has a track record of successfully acquiring
companies and creating synergies, and this might actually help PNB and
Allied realize their own synergies.
"One of the reasons people were no longer excited with PNB-Allied merger
is because there was this huge question mark on execution. If you look
at the ROE [return on equity] of the two banks on a standalone basis, it
is below industry average," she said.
"There are synergies but the question is if they [PNB and Allied] can
execute," Tan added.
Also on Wednesday, news about the discussion between Ayala Group and
business tycoon Lucio Tan regarding a share swap, which is expected to
pave the way for the consolidation of BPI and PNB, spread like wildfire
within the industry.
Earlier reports said that Tan would give up his controlling stake in PNB
for shares in BPI under the share swap.
Previous reports also said that the Ayala Group would remain in control
of the much larger BPI, while Tan would get 20 percent.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Published on 23 November 2012 Hits: 120 Written by Madelaine B. Miraflor
Reporter
The merger between the Philippine National Bank (PNB) and Bank of the
Philippine Islands (BPI) may trigger consolidations among banks to
maintain leadership in the industry.
On Wednesday, the board of directors of BPI, PNB and Allied Bank
approved a three-way merger, that will bring together about $33 billion
worth of combined assets for the surviving entity, which is BPI.
The merger of PNB and Allied was earlier approved by the Bangko Sentral
Ng Pilipinas and the Securities and Exchange Commission.
At the sidelines of the Economic Journalist Association of the
Philippines forum on Private-Public Partnership, April Tan, research
head of Col Financial Philippines, told reporters that a merger between
PNB and BPI may prompt major consolidations, citing the 1990
Equitable-PCI bank merger that left Metrobank no choice but to acquire
different banks to maintain its number one position.
"We don't know if it will trigger [any impact in the banking industry]
but as we recall in the 1990s, when Equitable merged with PCI Bank, what
happened was Metrobank bought all these banks afterwards to maintain its
number one position," she said, referring to Metropolitan Bank and Trust
Co. of the Ty family.
She also said that once the PNB and BPI merger is finalized, BPI will
emerge as the number one bank in the Philippines, displacing current
leader Banco de Oro Unibank Inc. of Henry Sy.
"Both [banks] will benefit [in the transaction]. BPI, in terms of size,
will become number one. We are assuming that PNB and Allied Bank will
continue with the merger, and after that will merge with BPI. They will
become number one," Tan said.
"On the valuation, they might do a share swap. They might not pay cash.
Mahal naman shares nila [BPI has expensive shares] so when they do share
swap, potential dilution may not be as bad," she added.
Tan noted that BPI has a track record of successfully acquiring
companies and creating synergies, and this might actually help PNB and
Allied realize their own synergies.
"One of the reasons people were no longer excited with PNB-Allied merger
is because there was this huge question mark on execution. If you look
at the ROE [return on equity] of the two banks on a standalone basis, it
is below industry average," she said.
"There are synergies but the question is if they [PNB and Allied] can
execute," Tan added.
Also on Wednesday, news about the discussion between Ayala Group and
business tycoon Lucio Tan regarding a share swap, which is expected to
pave the way for the consolidation of BPI and PNB, spread like wildfire
within the industry.
Earlier reports said that Tan would give up his controlling stake in PNB
for shares in BPI under the share swap.
Previous reports also said that the Ayala Group would remain in control
of the much larger BPI, while Tan would get 20 percent.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Thursday, November 22, 2012
Micro-banking gets BSP backing
Micro-banking gets BSP backing
Philippine Daily Inquirer
12:14 am | Thursday, November 22nd, 2012
The Bangko Sentral ng Pilipinas has approved the opening of more than
400 micro-banking offices (MBOs) so far this year as it aims to trim the
number of Filipinos who still consider banking an alien concept.
MBOs are bank branches that provide "micro" financial services. They
offer small amounts of loans to micro-enterprises, accept small
deposits, provide remittance services and sell micro-insurance products.
But unlike regular bank branches, MBOs have much smaller operations and
are easier to establish because they require smaller capital, fewer
staff and smaller space.
About 100 more applications are in the pipeline for approval, according
to the central bank.
The BSP believes that MBOs will help bring financial services within the
reach of people in remote areas in the country.
The establishment of more MBOs is consistent with the goal of achieving
"financial inclusion" in the country, said BSP Deputy Governor Nestor
Espenilla Jr.
"We deliberately allowed the establishment of MBOs as a policy
innovation, to enable well-run banks to reach out to the
unbanked/under-banked people in hard-to-reach areas in the country,"
Espenilla told the Inquirer.
In a presentation made during the assembly of members of the Rural
Bankers Association of the Philippines on Tuesday, Pia Bernadette Tayag,
head of the BSP's financial inclusion staff, said that from the start of
the year to the end of August, the BSP had already approved the opening
of 459 MBOs.
She also said the BSP was expecting to approve more MBO applications
within the next few months.
Tayag said the promotion of MBOs was one the measures designed to enable
more people to gain access to banking services.
For this purpose, the rural banking sector has also started offering
electronic banking services, which can be tapped through the use of
Internet or mobile phones.
Tayag said 50 rural banks were already offering e-banking services.
Also, she said the BSP had allowed rural banks and MBOs to offer
micro-insurance products to serve the insurance needs of people in the
rural areas.
The BSP noted that a significant number of municipalities in the
country, 609 out of 1,634, remained unserved by banks. Also, about 80
percent of Filipinos do not have bank accounts, according to results of
a BSP survey.—Michelle V. Remo
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Philippine Daily Inquirer
12:14 am | Thursday, November 22nd, 2012
The Bangko Sentral ng Pilipinas has approved the opening of more than
400 micro-banking offices (MBOs) so far this year as it aims to trim the
number of Filipinos who still consider banking an alien concept.
MBOs are bank branches that provide "micro" financial services. They
offer small amounts of loans to micro-enterprises, accept small
deposits, provide remittance services and sell micro-insurance products.
But unlike regular bank branches, MBOs have much smaller operations and
are easier to establish because they require smaller capital, fewer
staff and smaller space.
About 100 more applications are in the pipeline for approval, according
to the central bank.
The BSP believes that MBOs will help bring financial services within the
reach of people in remote areas in the country.
The establishment of more MBOs is consistent with the goal of achieving
"financial inclusion" in the country, said BSP Deputy Governor Nestor
Espenilla Jr.
"We deliberately allowed the establishment of MBOs as a policy
innovation, to enable well-run banks to reach out to the
unbanked/under-banked people in hard-to-reach areas in the country,"
Espenilla told the Inquirer.
In a presentation made during the assembly of members of the Rural
Bankers Association of the Philippines on Tuesday, Pia Bernadette Tayag,
head of the BSP's financial inclusion staff, said that from the start of
the year to the end of August, the BSP had already approved the opening
of 459 MBOs.
She also said the BSP was expecting to approve more MBO applications
within the next few months.
Tayag said the promotion of MBOs was one the measures designed to enable
more people to gain access to banking services.
For this purpose, the rural banking sector has also started offering
electronic banking services, which can be tapped through the use of
Internet or mobile phones.
Tayag said 50 rural banks were already offering e-banking services.
Also, she said the BSP had allowed rural banks and MBOs to offer
micro-insurance products to serve the insurance needs of people in the
rural areas.
The BSP noted that a significant number of municipalities in the
country, 609 out of 1,634, remained unserved by banks. Also, about 80
percent of Filipinos do not have bank accounts, according to results of
a BSP survey.—Michelle V. Remo
--
---------------------------------------------------------------------
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, November 19, 2012
SEC bares action On Scams
SEC bares action On Scams
By JAMES LOYOLA
November 17, 2012, 7:57pm
MANILA, Philippines --- The Securities and Exchange Commission (SEC)
said yesterday it has been sending teams around the country to educate
and warn people about pseudo-investment schemes that still crop up and
scam people of billions of pesos.
SEC Commission Secretary Gerard M. Lukban said the SEC fields teams on
its own or speaks before various industry groups and provincial chambers
of commerce.
Lukban said in the case of Aman Futures Group Philippines Inc., the SEC
acted on its own initiative to shut down the operations of the firm even
if there were no complaints filed against the company yet.
"There were no complaints. We just received some queries and decided to
conduct an investigation. We were alarmed when we found out that the
company already has collected investments of a quarter of a billion
pesos even before it had a license," Lukban said.
He said based on the admissions of Aman Futures' officials, the firm had
been operating without a license from the SEC and this prompted the
commission to immediately issue an advisory followed by a cease and
desist order.
"We warned people about their modus operandi," Lukban said, adding that
this could be just the tip of the iceberg since some of the duped
investors may choose to keep their silence for fear of staining their
reputation.
Like many before it, Aman Futures employed the so-called Ponzi scheme
which is an fraudulent investment scheme that pays unusually high
returns to its investors from their own money or the money paid by
subsequent investors, rather than from profit earned by the individual
or organization running the operation.
SEC records show that there have been 13 major Ponzi schemes since 2001
which were investigated by the SEC and forwarded to the Justice
Department for the filing of criminal charges.
Meanwhile, Malacañang appealed yesterday to the thousands of victims of
the Aman Futures investment scam in some parts of Mindanao not to take
the law in their hands amid the ongoing investigation into the matter.
Deputy Presidential spokesperson Abigail Valte said the government is
already taking actions, citing Interior and Local Government Secretary
Manuel Roxas II's earlier move to relieve Zamboanga del Sur Provincial
PNP Director Senior Supt. William T. Manzan and Pagadian City Chief of
Police Supt. Kenneth H. Mission in connection with the "get-rich-quick"
scheme.
Valte noted that victims include ordinary citizens like tricycle drivers
who have invested their life's savings.
"What we would want to prevent is that the investors themselves will
take the law into their own hands. So security has been tightened in
these places," Valte said in an interview with government radio dzRB as
she appealed form calm from the victims.
"Let the investigation take its course. Let authorities go after the
suspects. And don't allow your emotions to overcome you and do something
that would result to another problem," Valte appealed to the victims,
speaking in Filipino. (With a report from JC Bello Ruiz)
--
---------------------------------------------------------------------
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 JAMES LOYOLA
November 17, 2012, 7:57pm
MANILA, Philippines --- The Securities and Exchange Commission (SEC)
said yesterday it has been sending teams around the country to educate
and warn people about pseudo-investment schemes that still crop up and
scam people of billions of pesos.
SEC Commission Secretary Gerard M. Lukban said the SEC fields teams on
its own or speaks before various industry groups and provincial chambers
of commerce.
Lukban said in the case of Aman Futures Group Philippines Inc., the SEC
acted on its own initiative to shut down the operations of the firm even
if there were no complaints filed against the company yet.
"There were no complaints. We just received some queries and decided to
conduct an investigation. We were alarmed when we found out that the
company already has collected investments of a quarter of a billion
pesos even before it had a license," Lukban said.
He said based on the admissions of Aman Futures' officials, the firm had
been operating without a license from the SEC and this prompted the
commission to immediately issue an advisory followed by a cease and
desist order.
"We warned people about their modus operandi," Lukban said, adding that
this could be just the tip of the iceberg since some of the duped
investors may choose to keep their silence for fear of staining their
reputation.
Like many before it, Aman Futures employed the so-called Ponzi scheme
which is an fraudulent investment scheme that pays unusually high
returns to its investors from their own money or the money paid by
subsequent investors, rather than from profit earned by the individual
or organization running the operation.
SEC records show that there have been 13 major Ponzi schemes since 2001
which were investigated by the SEC and forwarded to the Justice
Department for the filing of criminal charges.
Meanwhile, Malacañang appealed yesterday to the thousands of victims of
the Aman Futures investment scam in some parts of Mindanao not to take
the law in their hands amid the ongoing investigation into the matter.
Deputy Presidential spokesperson Abigail Valte said the government is
already taking actions, citing Interior and Local Government Secretary
Manuel Roxas II's earlier move to relieve Zamboanga del Sur Provincial
PNP Director Senior Supt. William T. Manzan and Pagadian City Chief of
Police Supt. Kenneth H. Mission in connection with the "get-rich-quick"
scheme.
Valte noted that victims include ordinary citizens like tricycle drivers
who have invested their life's savings.
"What we would want to prevent is that the investors themselves will
take the law into their own hands. So security has been tightened in
these places," Valte said in an interview with government radio dzRB as
she appealed form calm from the victims.
"Let the investigation take its course. Let authorities go after the
suspects. And don't allow your emotions to overcome you and do something
that would result to another problem," Valte appealed to the victims,
speaking in Filipino. (With a report from JC Bello Ruiz)
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Friday, November 16, 2012
9 rural banks accredited under Agri-Agra law
9 rural banks accredited under Agri-Agra law
NINE RURAL banks have been accredited by the Bangko Sentral ng Pilipinas
(BSP) so they can be lent to or invested in for the Agri-Agra Reform
Credit Act of 2009.
The following rural banks are "accredited rural financial institutions"
(ARFI) beginning Oct. 24, the BSP said in Circular Letter No. 2012-082
dated Nov. 13 and released yesterday:
• Rural Bank of Kiamba, Inc.;
• Producers Savings Bank;
• Rural Bank of Barili (Cebu), Inc.;
• Rural Bank of Sta. Catalina, Inc.;
• Community Rural Bank of Catmon, Inc.;
• Rural Bank of Bay, Inc.;
• Philippine Resources Savings Bank, Corp.;
• Rural Bank of Pilar (Bataan), Inc.; and
• Common Wealth Rural Bank, Inc.
"The accreditation issued by the BSP is solely for the purpose of
certifying that the loan portfolio of the above-listed ARFIs complies
with the qualification requirements prescribed under the relevant law,
rules and regulations," the circular read.
Republic Act No. 10000 or The Agri-Agra Reform Credit Act of 2009 was
approved by then President Gloria Macapagal-Arroyo in 2010 to encourage
banks to increase their loans to farmers, fisherfolk and agrarian reform
beneficiaries.
The law mandates banks to set aside 25% of their total loanable funds
for the agriculture and agrarian reform sectors. Aside from extending
loans and purchasing eligible loans from other banks, banks have
alternative modes to comply with the law.
These include paid subscription of shares of stock in ARFIs, wholesale
lending to ARFIs and investments in the special deposit accounts held by
ARFIs.
"Under existing regulations, the lending and/or investing bank is
required to disclose in its Agri-Agra report submitted to the BSP its
exposure to the ARFI..." the circular letter read.
"Such exposure to the ARFI shall be eligible for determining compliance
with the agri-agra requirement for as long as the ARFI remains
accredited with the BSP," it added.
The central bank clarified, though, that the accreditation concerns only
the Agri-Agra Reform Credit Act and does not serve as an endorsement of
the "safety and soundness" of the rural banks. -- Diane Claire J. Jiao
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
NINE RURAL banks have been accredited by the Bangko Sentral ng Pilipinas
(BSP) so they can be lent to or invested in for the Agri-Agra Reform
Credit Act of 2009.
The following rural banks are "accredited rural financial institutions"
(ARFI) beginning Oct. 24, the BSP said in Circular Letter No. 2012-082
dated Nov. 13 and released yesterday:
• Rural Bank of Kiamba, Inc.;
• Producers Savings Bank;
• Rural Bank of Barili (Cebu), Inc.;
• Rural Bank of Sta. Catalina, Inc.;
• Community Rural Bank of Catmon, Inc.;
• Rural Bank of Bay, Inc.;
• Philippine Resources Savings Bank, Corp.;
• Rural Bank of Pilar (Bataan), Inc.; and
• Common Wealth Rural Bank, Inc.
"The accreditation issued by the BSP is solely for the purpose of
certifying that the loan portfolio of the above-listed ARFIs complies
with the qualification requirements prescribed under the relevant law,
rules and regulations," the circular read.
Republic Act No. 10000 or The Agri-Agra Reform Credit Act of 2009 was
approved by then President Gloria Macapagal-Arroyo in 2010 to encourage
banks to increase their loans to farmers, fisherfolk and agrarian reform
beneficiaries.
The law mandates banks to set aside 25% of their total loanable funds
for the agriculture and agrarian reform sectors. Aside from extending
loans and purchasing eligible loans from other banks, banks have
alternative modes to comply with the law.
These include paid subscription of shares of stock in ARFIs, wholesale
lending to ARFIs and investments in the special deposit accounts held by
ARFIs.
"Under existing regulations, the lending and/or investing bank is
required to disclose in its Agri-Agra report submitted to the BSP its
exposure to the ARFI..." the circular letter read.
"Such exposure to the ARFI shall be eligible for determining compliance
with the agri-agra requirement for as long as the ARFI remains
accredited with the BSP," it added.
The central bank clarified, though, that the accreditation concerns only
the Agri-Agra Reform Credit Act and does not serve as an endorsement of
the "safety and soundness" of the rural banks. -- Diane Claire J. Jiao
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Wednesday, November 14, 2012
Thousands gypped in P12-billion scam
Thousands gypped in P12-billion scam
Politicians, soldiers, cops, OFWs among those duped
By Nancy C. Carvajal
Philippine Daily Inquirer
12:17 am | Wednesday, November 14th, 2012
BLOOD MONEY Interior Secretary Manuel Roxas on Tuesday assures victims
of a multibillion-peso pyramid scam in Pagadian City that the government
will run after the perpetrators of the scheme. RICHEL V. UMEL/ INQUIRER
MINDANAO
A company managed by a former janitor and driver, and founded just early
this year, has duped at least 15,000 people in Mindanao and the Visayas
of P12 billion in a pyramid scam, an official of the National Bureau of
Investigation said Tuesday.
The NBI identified the company as Aman Futures Group Phils. Inc.
"Some of the victims committed suicide and others have become violent
and sick when they learned their hard-earned money was gone," said
Virgilio Mendez, NBI deputy director for regional operations services,
who was investigating the scam.
Among Aman Futures' victims were local politicians, police and military
personnel, government workers, market vendors, farmers, drivers, retired
employees and overseas Filipino workers, according to Mendez.
He said the number of "complainants from across the country is piling up."
Mendez said Justice Secretary Leila de Lima had ordered the NBI to file
estafa cases against executives and directors of Aman Futures namely
Manuel K. Amalilio, Fernando "Nonoy" R. Luna, Lelian Lim Gan, Edward L.
Lim, William L. Fuentes, Naezelle M. Rodriguez and Lurix Lopez.
High return
The first investors of the company were low-income people but
professionals and retired employees followed because of the promise of a
high return on investment, Mendez said.
"The first clients of Aman Futures were market vendors in Pagadian City
who invested P1,000 with a 70-percent return after one week," he said.
The NBI deputy director said Luna, who managed the multibillion scam,
"is a former driver and utility person for a company located near the
Pagadian City public market."
Luna's boss, Amalilio, is a 32-year-old Malaysian, whose Malaysian name
is Mohammad Suffian Saaid. His wife is identified as Abigail Pendulas,
and they have two children, ages 2 and 1.
Luna and Amalilio and their families are now in hiding, according to Mendez.
Private planes
The NBI official said Amalilio reportedly owned three private planes and
two units at Upper Mckinley Hills Garden Villas in Taguig City. He also
owns a house in Cebu City and Dapitan City.
"He visits his offices in Mindanao and Visayas using private planes and
luxury cars," Mendez said.
He said Aman Futures was able to lure investors by offering a 30-percent
to 40-percent return on investment within eight days, and a 50-percent
to 80-percent profit for 18 to 20 days.
"The amount of interest varies depending on the investment or money
placements," Mendez said.
Modus operandi
He said the modus operandi of Aman Futures was to offer a return through
a postdated check of the entire sum of the investment plus a profit up
to 80 percent.
"Because of the huge interest, the number of investors of Aman Futures
increased tremendously," Mendez said.
Due to its success in Pagadian City, Aman Futures expanded its business
to other cities and provinces like Lanao del Sur and Zamboanga in
Mindanao and to Cebu City, he said.
Lands, houses mortgaged
With the huge increase in the number of investors, Aman Futures raised
its required minimum investment from P1,000 to P200,000," Mendez said.
"And in order to meet the new requirement, investors pooled their
resources and others mortgaged lands and houses to comply with the
requirement," Mendez said.
He said investors started lining up at 2 in the morning although the
office of Aman Futures Group had yet to open at 8 a.m.
No queues for VIPS
Every day, some 3,000 people were lining up at the office of Aman
Futures in Pagadian City. "But VIPs were not required to fall in line
and could deal directly with Luna," Mendez said.
"The complainants said at the beginning that they thought they could
realize their dreams to own cars and expensive things by making more
investments in Aman Futures," Mendez said.
He said the victims trusted Aman Futures largely because of endorsements
from local officials.
"They trusted Aman Futures because even local government officials had
openly endorsed it and admitted to have invested also," Mendez explained.
Mendez said the NBI had received reports that government funds could
have been used to invest in Aman Futures.
"We are currently investigating if government funds were used by local
officials who invested in the scam," Mendez said.
He declined to name the officials, but said charges would be filed
against these officials should they be found to have used public funds.
Mendez said investors had started filing complaints in the NBI against
Aman Futures in September for its failure to pay back their money.
Bouncing checks
At first, the victims could receive cash by just showing their official
receipts. But later, investors were issued postdated checks with a
50-day maturity date in lieu of cash.
"But the checks issued by Aman Futures started to bounce and the account
was eventually closed," Mendez said.
Mendez said some victims had resorted to burning the houses of relatives
of Aman Futures employees. "So far, two houses of Luna's relatives were
torched by victims who demanded they return their money," he said.
Mendez said that complainants had been going to Keppel Building in the
Cebu City Business Park office of Aman Futures, registered under another
name, FRETZ and Sha Trading.
In Lanao del Sur, Mendez said, Aman Futures used another name, Jachob
Amer Rasunan Co.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Politicians, soldiers, cops, OFWs among those duped
By Nancy C. Carvajal
Philippine Daily Inquirer
12:17 am | Wednesday, November 14th, 2012
BLOOD MONEY Interior Secretary Manuel Roxas on Tuesday assures victims
of a multibillion-peso pyramid scam in Pagadian City that the government
will run after the perpetrators of the scheme. RICHEL V. UMEL/ INQUIRER
MINDANAO
A company managed by a former janitor and driver, and founded just early
this year, has duped at least 15,000 people in Mindanao and the Visayas
of P12 billion in a pyramid scam, an official of the National Bureau of
Investigation said Tuesday.
The NBI identified the company as Aman Futures Group Phils. Inc.
"Some of the victims committed suicide and others have become violent
and sick when they learned their hard-earned money was gone," said
Virgilio Mendez, NBI deputy director for regional operations services,
who was investigating the scam.
Among Aman Futures' victims were local politicians, police and military
personnel, government workers, market vendors, farmers, drivers, retired
employees and overseas Filipino workers, according to Mendez.
He said the number of "complainants from across the country is piling up."
Mendez said Justice Secretary Leila de Lima had ordered the NBI to file
estafa cases against executives and directors of Aman Futures namely
Manuel K. Amalilio, Fernando "Nonoy" R. Luna, Lelian Lim Gan, Edward L.
Lim, William L. Fuentes, Naezelle M. Rodriguez and Lurix Lopez.
High return
The first investors of the company were low-income people but
professionals and retired employees followed because of the promise of a
high return on investment, Mendez said.
"The first clients of Aman Futures were market vendors in Pagadian City
who invested P1,000 with a 70-percent return after one week," he said.
The NBI deputy director said Luna, who managed the multibillion scam,
"is a former driver and utility person for a company located near the
Pagadian City public market."
Luna's boss, Amalilio, is a 32-year-old Malaysian, whose Malaysian name
is Mohammad Suffian Saaid. His wife is identified as Abigail Pendulas,
and they have two children, ages 2 and 1.
Luna and Amalilio and their families are now in hiding, according to Mendez.
Private planes
The NBI official said Amalilio reportedly owned three private planes and
two units at Upper Mckinley Hills Garden Villas in Taguig City. He also
owns a house in Cebu City and Dapitan City.
"He visits his offices in Mindanao and Visayas using private planes and
luxury cars," Mendez said.
He said Aman Futures was able to lure investors by offering a 30-percent
to 40-percent return on investment within eight days, and a 50-percent
to 80-percent profit for 18 to 20 days.
"The amount of interest varies depending on the investment or money
placements," Mendez said.
Modus operandi
He said the modus operandi of Aman Futures was to offer a return through
a postdated check of the entire sum of the investment plus a profit up
to 80 percent.
"Because of the huge interest, the number of investors of Aman Futures
increased tremendously," Mendez said.
Due to its success in Pagadian City, Aman Futures expanded its business
to other cities and provinces like Lanao del Sur and Zamboanga in
Mindanao and to Cebu City, he said.
Lands, houses mortgaged
With the huge increase in the number of investors, Aman Futures raised
its required minimum investment from P1,000 to P200,000," Mendez said.
"And in order to meet the new requirement, investors pooled their
resources and others mortgaged lands and houses to comply with the
requirement," Mendez said.
He said investors started lining up at 2 in the morning although the
office of Aman Futures Group had yet to open at 8 a.m.
No queues for VIPS
Every day, some 3,000 people were lining up at the office of Aman
Futures in Pagadian City. "But VIPs were not required to fall in line
and could deal directly with Luna," Mendez said.
"The complainants said at the beginning that they thought they could
realize their dreams to own cars and expensive things by making more
investments in Aman Futures," Mendez said.
He said the victims trusted Aman Futures largely because of endorsements
from local officials.
"They trusted Aman Futures because even local government officials had
openly endorsed it and admitted to have invested also," Mendez explained.
Mendez said the NBI had received reports that government funds could
have been used to invest in Aman Futures.
"We are currently investigating if government funds were used by local
officials who invested in the scam," Mendez said.
He declined to name the officials, but said charges would be filed
against these officials should they be found to have used public funds.
Mendez said investors had started filing complaints in the NBI against
Aman Futures in September for its failure to pay back their money.
Bouncing checks
At first, the victims could receive cash by just showing their official
receipts. But later, investors were issued postdated checks with a
50-day maturity date in lieu of cash.
"But the checks issued by Aman Futures started to bounce and the account
was eventually closed," Mendez said.
Mendez said some victims had resorted to burning the houses of relatives
of Aman Futures employees. "So far, two houses of Luna's relatives were
torched by victims who demanded they return their money," he said.
Mendez said that complainants had been going to Keppel Building in the
Cebu City Business Park office of Aman Futures, registered under another
name, FRETZ and Sha Trading.
In Lanao del Sur, Mendez said, Aman Futures used another name, Jachob
Amer Rasunan Co.
--
---------------------------------------------------------------------
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, November 12, 2012
Mobile banking expands to include microfinance
Mobile banking expands to include microfinance
By Ronnel W. Domingo
Philippine Daily Inquirer
12:35 am | Monday, November 12th, 2012
MANILA, Philippines—Mobile banking in the Philippines is expanding into
microfinance to serve the lower-income market outside of the country's
major urban centers.
Tricia Dizon, head of financial services at Smart Communications, said
in a statement the telecommunications giant was helping launch mBank
Philippines.
This planned mobile micronfinancing service provider is meant to deliver
savings and loan products exclusively on a mobile platform to Filipinos
with little or no access to the formal banking system.
Regarding this effort, Dizon said Smart was working with PLDT-Smart
Foundation, mobile microfinance holding company mBank Holding, Finnish
development finance company Finnfund and Dutch development bank FMO.
Dizon said pilot services were already being offered through mCompany, a
nongovernment organization whose operations will spin off into mBank
Philippines once regulators approve its application for a formal banking
license.
"Seven out of 10 Filipinos do not have an account at a formal financial
institution mainly because of steep deposit requirements and the absence
of banks in remote areas, but almost all Filipinos have a mobile phone,"
Dizon said.
"By offering simple and effective financial services, mCompany—and
eventually mBank—seeks to increase financial inclusion and ensure that
people have enough money at any given moment," she added.
Dizon explained that once mBank is launched, Smart and Talk 'N Text
subscribers will be able to open a savings account with the help of
mBank field agents deployed in their communities.
Activated account holders can apply for a loan product that interests
them, immediately get a response about their application, and select a
weekly repayment schedule—all through their mobile phone.
"The process eliminates the need to travel far to deposit and withdraw
money, apply for loans, and pay amortization," Dizon said. "This is very
convenient especially for those who cannot afford to be absent from work
or leave their sari-sari stores."
Further, mBank will operate a credit risk management capability
delivered by Experian, which provides credit risk management automation
services.
According to the Asian Development Bank, the Philippines is one of the
more developed microfinance markets in the world.
An ADB study titled "Microfinance Development Strategy 2000" showed that
six countries including the Philippines account for about a third of the
world's global microfinance portfolio. The other five are Cambodia,
Pakistan, Papua New Guinea,
Uzbekistan and Vietnam.
The study also showed that as of 2010, there were 45 microfinance
institutions in the Philippines, accounting for $920 million in total
assets and a gross loan portfolio of $632 million that covers some 3
million active borrowers.
--
---------------------------------------------------------------------
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 Ronnel W. Domingo
Philippine Daily Inquirer
12:35 am | Monday, November 12th, 2012
MANILA, Philippines—Mobile banking in the Philippines is expanding into
microfinance to serve the lower-income market outside of the country's
major urban centers.
Tricia Dizon, head of financial services at Smart Communications, said
in a statement the telecommunications giant was helping launch mBank
Philippines.
This planned mobile micronfinancing service provider is meant to deliver
savings and loan products exclusively on a mobile platform to Filipinos
with little or no access to the formal banking system.
Regarding this effort, Dizon said Smart was working with PLDT-Smart
Foundation, mobile microfinance holding company mBank Holding, Finnish
development finance company Finnfund and Dutch development bank FMO.
Dizon said pilot services were already being offered through mCompany, a
nongovernment organization whose operations will spin off into mBank
Philippines once regulators approve its application for a formal banking
license.
"Seven out of 10 Filipinos do not have an account at a formal financial
institution mainly because of steep deposit requirements and the absence
of banks in remote areas, but almost all Filipinos have a mobile phone,"
Dizon said.
"By offering simple and effective financial services, mCompany—and
eventually mBank—seeks to increase financial inclusion and ensure that
people have enough money at any given moment," she added.
Dizon explained that once mBank is launched, Smart and Talk 'N Text
subscribers will be able to open a savings account with the help of
mBank field agents deployed in their communities.
Activated account holders can apply for a loan product that interests
them, immediately get a response about their application, and select a
weekly repayment schedule—all through their mobile phone.
"The process eliminates the need to travel far to deposit and withdraw
money, apply for loans, and pay amortization," Dizon said. "This is very
convenient especially for those who cannot afford to be absent from work
or leave their sari-sari stores."
Further, mBank will operate a credit risk management capability
delivered by Experian, which provides credit risk management automation
services.
According to the Asian Development Bank, the Philippines is one of the
more developed microfinance markets in the world.
An ADB study titled "Microfinance Development Strategy 2000" showed that
six countries including the Philippines account for about a third of the
world's global microfinance portfolio. The other five are Cambodia,
Pakistan, Papua New Guinea,
Uzbekistan and Vietnam.
The study also showed that as of 2010, there were 45 microfinance
institutions in the Philippines, accounting for $920 million in total
assets and a gross loan portfolio of $632 million that covers some 3
million active borrowers.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Sunday, November 11, 2012
Big things in a sachet: Family meals for P22.50
Big things in a sachet: Family meals for P22.50
By Tarra Quismundo
Philippine Daily Inquirer
1:27 am | Sunday, November 11th, 2012
MANILA, Philippines—Big things come in small packages—as small as
quick-food compact sachets that can feed a family for P22.50.
At a time when the sachet mentality has become key in the survival of
Filipino families living in poverty, an emerging social enterprise has
come up with a new line of packet-size food products that are both cheap
and nutritious.
The Villa Socorro Farm, a 4-year-old family-run social enterprise based
in Pagsanjan, Laguna, was first made famous by its banana chips, now
being sold overseas. Recently, it released champorado and arroz caldo in
all-in-one packs with rice and flavoring that promise to satisfy a
family of five. Just bring the contents to a boil and there goes a
family's full meal for P22.50.
Marcial Aaron, a former executive in a multinational company who took to
farming and social enterprise when he opted for early retirement in
2004, created the instant meals as part of his family's advocacy to
provide affordable yet nutritious food alternatives to cash-strapped
families.
"It's providing cheaper food alternatives not only to poor Filipinos but
also to the food-poor Filipinos," Aaron told the Inquirer in his
Magallanes Village home in Makati City, which also houses his firm's
office and warehouse.
The 62-year-old Aaron called the project "Feeding Totoy," which he so
named to emphasize proper nutrition for the young.
"It's the umbrella theme for this project because the intention here is
to provide the right food for Totoy… Our target is food-poor Filipinos,
especially the children. And of course, when you say 'Totoy,' there's
that emotional touch," Aaron said.
"I'm sure you've heard that there are a lot of malnourished Filipino
children. Actually, the issue is not that they're not eating the right
food. It's that they just have no food to eat at all. How can you even
choose the food you need when you don't have any food to eat?" Aaron said.
'Let's All Rice'
Aaron's "Let's All Rice" food line is a culmination of an idea he had
hatched back when he headed his firm's food subsidiary.
"My model is that there are about 5 million Filipino families who are
food-poor… That's why I came out with this set. Champorado (sweet
chocolate rice porridge) Kumpleto has rice, tablea and sugar. The same
with arroz caldo (congee)," he said.
A nutrition report by the Social Weather Stations released in September
said some 4.3 million Filipino families "experienced hunger or having
had nothing to eat" in the three months prior to the time of the survey.
Faced with such statistics, Aaron hopes his food line will become an
alternative to the usual recourse of families who have too little to buy
proper meals: Rice with instant noodles, rice with salt, rice with sugar
or rice with coffee.
"These families don't buy coffee or sugar for the week; what they can
afford is what they need only for the day. That's their lifestyle. If
you ask if that's what they really want? No. It's what they can afford,"
said Aaron.
Drawing from the popular tingi (retail) idea, the Let's All Rice
Champorado and Arroz Caldo bring together all ingredients in one pack—85
grams of rice with tablea and sugar for the chocolate rice porridge, or
with ginger and pandan flavoring for the arroz caldo.
Aaron's company sources the tablea from the Cavite-based cooperative and
uses ginger and pandan harvested from his Pagsanjan farm, an 11-hectare
property he acquired in 1997 where he built his retirement home, a
reservation-only resort and manufacturing plant.
Apart from the two instant meal variants, the farm, named after Aaron's
Pagsanjan-born wife, is also set to produce new soup and rice varieties
playfully called Souprice.
Aaron, a chemical engineer, is currently developing instant rice with
sinigang (vinegar stew) and bulalo (beef shank soup) variants. These
instant meals are scheduled for market release at a price of P17.50.
Social relevance
"To us, this is our project with social relevance and we feel that we
can be a party to nation-building, so to speak. We are not a
philanthropic organization so we need to generate funds as well so we
can plow back [to the business] to make it sustainable," Aaron said.
To reach his target market, Aaron introduced his Let's All Rice line in
sari-sari stores and public markets.
Such strategy is similar to the supply chain he and his son Raymund, a
2009 entrepreneurial management graduate from
Ateneo de Manila University, has drawn up to market their "sabanana
chips" products.
The younger Aaron took the lead at the banana chips business shortly
after it started in 2008.
"That was the time when there was a boom in social enterprises. So it
was a very new and very interesting field that was emerging," said Raymund.
The banana crisps, made with produce from local farmers then cooked and
packed by local workers in Laguna, are distributed to school canteens,
offices and restaurants instead of supermarkets, where Aaron says the
product would contend with wholesale haggle.
"It's a very different business model in the sense that we have a
different back end on how we produce, and we also have a different front
end on how we distribute," said the younger Aaron.
The Laguna banana chip plant produces 8,000 packs of banana chips a day,
consuming the same amount (8,000 pieces) of bananas from farmers in
Pagsanjan and nearby towns of Magdalena and Cavinti, Aaron said.
"It's very profitable how it was set up. But when you say profitable,
it's not the way the multinationals look at how profitable business
should be," said Aaron.
"I think, more than anything else, the most fulfilling part of our job
now is the social entrepreneurship, providing sustainable livelihood for
the people," he added.
Apart from these for-profit ventures, the Aaron family is giving back to
the local community through a weekly feeding program they recently
started at a school near their farm in Barangay Dingin, Pagsanjan town.
The program provides arroz caldo and champorado to some 50 children from
kindergarten to second grade right after Mass and catechism on Saturdays.
--
---------------------------------------------------------------------
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 Tarra Quismundo
Philippine Daily Inquirer
1:27 am | Sunday, November 11th, 2012
MANILA, Philippines—Big things come in small packages—as small as
quick-food compact sachets that can feed a family for P22.50.
At a time when the sachet mentality has become key in the survival of
Filipino families living in poverty, an emerging social enterprise has
come up with a new line of packet-size food products that are both cheap
and nutritious.
The Villa Socorro Farm, a 4-year-old family-run social enterprise based
in Pagsanjan, Laguna, was first made famous by its banana chips, now
being sold overseas. Recently, it released champorado and arroz caldo in
all-in-one packs with rice and flavoring that promise to satisfy a
family of five. Just bring the contents to a boil and there goes a
family's full meal for P22.50.
Marcial Aaron, a former executive in a multinational company who took to
farming and social enterprise when he opted for early retirement in
2004, created the instant meals as part of his family's advocacy to
provide affordable yet nutritious food alternatives to cash-strapped
families.
"It's providing cheaper food alternatives not only to poor Filipinos but
also to the food-poor Filipinos," Aaron told the Inquirer in his
Magallanes Village home in Makati City, which also houses his firm's
office and warehouse.
The 62-year-old Aaron called the project "Feeding Totoy," which he so
named to emphasize proper nutrition for the young.
"It's the umbrella theme for this project because the intention here is
to provide the right food for Totoy… Our target is food-poor Filipinos,
especially the children. And of course, when you say 'Totoy,' there's
that emotional touch," Aaron said.
"I'm sure you've heard that there are a lot of malnourished Filipino
children. Actually, the issue is not that they're not eating the right
food. It's that they just have no food to eat at all. How can you even
choose the food you need when you don't have any food to eat?" Aaron said.
'Let's All Rice'
Aaron's "Let's All Rice" food line is a culmination of an idea he had
hatched back when he headed his firm's food subsidiary.
"My model is that there are about 5 million Filipino families who are
food-poor… That's why I came out with this set. Champorado (sweet
chocolate rice porridge) Kumpleto has rice, tablea and sugar. The same
with arroz caldo (congee)," he said.
A nutrition report by the Social Weather Stations released in September
said some 4.3 million Filipino families "experienced hunger or having
had nothing to eat" in the three months prior to the time of the survey.
Faced with such statistics, Aaron hopes his food line will become an
alternative to the usual recourse of families who have too little to buy
proper meals: Rice with instant noodles, rice with salt, rice with sugar
or rice with coffee.
"These families don't buy coffee or sugar for the week; what they can
afford is what they need only for the day. That's their lifestyle. If
you ask if that's what they really want? No. It's what they can afford,"
said Aaron.
Drawing from the popular tingi (retail) idea, the Let's All Rice
Champorado and Arroz Caldo bring together all ingredients in one pack—85
grams of rice with tablea and sugar for the chocolate rice porridge, or
with ginger and pandan flavoring for the arroz caldo.
Aaron's company sources the tablea from the Cavite-based cooperative and
uses ginger and pandan harvested from his Pagsanjan farm, an 11-hectare
property he acquired in 1997 where he built his retirement home, a
reservation-only resort and manufacturing plant.
Apart from the two instant meal variants, the farm, named after Aaron's
Pagsanjan-born wife, is also set to produce new soup and rice varieties
playfully called Souprice.
Aaron, a chemical engineer, is currently developing instant rice with
sinigang (vinegar stew) and bulalo (beef shank soup) variants. These
instant meals are scheduled for market release at a price of P17.50.
Social relevance
"To us, this is our project with social relevance and we feel that we
can be a party to nation-building, so to speak. We are not a
philanthropic organization so we need to generate funds as well so we
can plow back [to the business] to make it sustainable," Aaron said.
To reach his target market, Aaron introduced his Let's All Rice line in
sari-sari stores and public markets.
Such strategy is similar to the supply chain he and his son Raymund, a
2009 entrepreneurial management graduate from
Ateneo de Manila University, has drawn up to market their "sabanana
chips" products.
The younger Aaron took the lead at the banana chips business shortly
after it started in 2008.
"That was the time when there was a boom in social enterprises. So it
was a very new and very interesting field that was emerging," said Raymund.
The banana crisps, made with produce from local farmers then cooked and
packed by local workers in Laguna, are distributed to school canteens,
offices and restaurants instead of supermarkets, where Aaron says the
product would contend with wholesale haggle.
"It's a very different business model in the sense that we have a
different back end on how we produce, and we also have a different front
end on how we distribute," said the younger Aaron.
The Laguna banana chip plant produces 8,000 packs of banana chips a day,
consuming the same amount (8,000 pieces) of bananas from farmers in
Pagsanjan and nearby towns of Magdalena and Cavinti, Aaron said.
"It's very profitable how it was set up. But when you say profitable,
it's not the way the multinationals look at how profitable business
should be," said Aaron.
"I think, more than anything else, the most fulfilling part of our job
now is the social entrepreneurship, providing sustainable livelihood for
the people," he added.
Apart from these for-profit ventures, the Aaron family is giving back to
the local community through a weekly feeding program they recently
started at a school near their farm in Barangay Dingin, Pagsanjan town.
The program provides arroz caldo and champorado to some 50 children from
kindergarten to second grade right after Mass and catechism on Saturdays.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Friday, November 9, 2012
ADB eyes finance program for cash-strapped SMEs
ADB eyes finance program for cash-strapped SMEs
Published on 09 November 2012 Hits: 27 Written by MAYVELIN U. CARABALLO
REPORTER
A new finance program that will help cash-strapped small and
medium-sized enterprises (SMEs) in Asia and the Pacific, and improving
companies' access to affordable working capital is being created by the
Asian Development Bank (ADB).
On Thursday, the Manila-based lender announced that it is creating a
Supply Chain Finance Program (SCFP) that will bring in over $1 billion
to unlock financial resources caught in the supply chain, and thereby
improve companies' access to affordable working capital that helps
support jobs and incomes.
ADB said that it is supplying up to $200 million for the SCFP, which
will revolve at least twice a year because of the short-term maturities
involved in supply chains.
Furthermore, the lender noted that the $200 million is estimated to
attract an additional $300 million, at least, in private sector
investment through the SCFP.
"Many small companies currently face lags of 30 [days] to 180 days
between the time they ship goods and when payments are received, leaving
them short of cash flow that forces some to slow production or delay the
processing of other contracts," said Philip Erquiaga, director general
of ADB's Private Sector Operations Department.
ADB explained that the ongoing global economic downturn has exacerbated
the challenges facing many companies, with buyers putting greater
pressure on suppliers to extend their payment terms, and on distributors
to shorten their payment terms.
With this condition, the lender stated that the SCFP will improve
suppliers' and distributors' access to cash flow within a supply chain,
meaning that they will be able to expand operations and employ more people.
ADB also remarked that it has made substantial progress in supporting
trade through the Trade Finance Program (TFP), which has an annual
turnover of about $4 billion without any defaults and which focuses
support for trade in the poorest developing Asian countries, adding that
the program is limited to assuming bank risk for cross-border transactions.
The lender further said that the new SCFP will complement the TFP by
assuming non-bank commercial risk for both cross-border and domestic
transactions within a supply chain.
The new program will also provide affordable finance to many SMEs, some
of which may have traditionally not been considered bankable, it added.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Published on 09 November 2012 Hits: 27 Written by MAYVELIN U. CARABALLO
REPORTER
A new finance program that will help cash-strapped small and
medium-sized enterprises (SMEs) in Asia and the Pacific, and improving
companies' access to affordable working capital is being created by the
Asian Development Bank (ADB).
On Thursday, the Manila-based lender announced that it is creating a
Supply Chain Finance Program (SCFP) that will bring in over $1 billion
to unlock financial resources caught in the supply chain, and thereby
improve companies' access to affordable working capital that helps
support jobs and incomes.
ADB said that it is supplying up to $200 million for the SCFP, which
will revolve at least twice a year because of the short-term maturities
involved in supply chains.
Furthermore, the lender noted that the $200 million is estimated to
attract an additional $300 million, at least, in private sector
investment through the SCFP.
"Many small companies currently face lags of 30 [days] to 180 days
between the time they ship goods and when payments are received, leaving
them short of cash flow that forces some to slow production or delay the
processing of other contracts," said Philip Erquiaga, director general
of ADB's Private Sector Operations Department.
ADB explained that the ongoing global economic downturn has exacerbated
the challenges facing many companies, with buyers putting greater
pressure on suppliers to extend their payment terms, and on distributors
to shorten their payment terms.
With this condition, the lender stated that the SCFP will improve
suppliers' and distributors' access to cash flow within a supply chain,
meaning that they will be able to expand operations and employ more people.
ADB also remarked that it has made substantial progress in supporting
trade through the Trade Finance Program (TFP), which has an annual
turnover of about $4 billion without any defaults and which focuses
support for trade in the poorest developing Asian countries, adding that
the program is limited to assuming bank risk for cross-border transactions.
The lender further said that the new SCFP will complement the TFP by
assuming non-bank commercial risk for both cross-border and domestic
transactions within a supply chain.
The new program will also provide affordable finance to many SMEs, some
of which may have traditionally not been considered bankable, it added.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Special loan window for teachers sought
Special loan window for teachers sought
Home Updated November 08, 2012 12:12 PM
Public and private school teachers may soon be granted a special loan
window in the Government Service Insurance System (GSIS) and Social
Security System (SSS) that would cater to their loan applications once a
bill filed in the House of Representatives is enacted into law.
Rep. Winston Castelo (2nd District, Quezon City) filed House Bills 6624
and 6625 extending assistance to teachers of either private or public
schools to expedite the processing of their loans with a special loan
window dedicated specially for them.
The bill to be known as the "Private School Teachers Special Loan Window
Act of 2012" and "Public School Teachers Special Loan Window Act of
2012," will entitle every bonafide member of the SSS and GSIS the right
to avail and apply for a loan or financial assistance under the Special
Loan Window as may be granted for every private and public school
teacher by the systems at interest rate of repayment lower than the
prevailing interest rate.
"Unlike any other profession, teaching is perhaps the type that calls
for the need that teachers become the role models themselves," Castelo said.
Castelo said teachers both in private and public should be empowered to
lead simple but decent lives free from the dangers or risks of having to
borrow money or financial resources from "loan sharks" who now have run
a profitable cottage industry catering to the rather sad socio-economic
plight of a sizeable population in the teaching profession.
"It is the intent of the measure to help the teacher sector cope with
hard times given certain hardships that they are prone to finding
themselves in. In other words, their improved salaries and allowances
have not truly reached a desired point where there will be no need for
them to look for sources of funds through loans or lending schemes that
result, most often, in them being badly victimized by loan sharks,"
Castelo said.
Under the measures, any other form of financial assistance that could be
availed of, particularly an emergency loan, should be deemed different
and separate from this special loan window.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Home Updated November 08, 2012 12:12 PM
Public and private school teachers may soon be granted a special loan
window in the Government Service Insurance System (GSIS) and Social
Security System (SSS) that would cater to their loan applications once a
bill filed in the House of Representatives is enacted into law.
Rep. Winston Castelo (2nd District, Quezon City) filed House Bills 6624
and 6625 extending assistance to teachers of either private or public
schools to expedite the processing of their loans with a special loan
window dedicated specially for them.
The bill to be known as the "Private School Teachers Special Loan Window
Act of 2012" and "Public School Teachers Special Loan Window Act of
2012," will entitle every bonafide member of the SSS and GSIS the right
to avail and apply for a loan or financial assistance under the Special
Loan Window as may be granted for every private and public school
teacher by the systems at interest rate of repayment lower than the
prevailing interest rate.
"Unlike any other profession, teaching is perhaps the type that calls
for the need that teachers become the role models themselves," Castelo said.
Castelo said teachers both in private and public should be empowered to
lead simple but decent lives free from the dangers or risks of having to
borrow money or financial resources from "loan sharks" who now have run
a profitable cottage industry catering to the rather sad socio-economic
plight of a sizeable population in the teaching profession.
"It is the intent of the measure to help the teacher sector cope with
hard times given certain hardships that they are prone to finding
themselves in. In other words, their improved salaries and allowances
have not truly reached a desired point where there will be no need for
them to look for sources of funds through loans or lending schemes that
result, most often, in them being badly victimized by loan sharks,"
Castelo said.
Under the measures, any other form of financial assistance that could be
availed of, particularly an emergency loan, should be deemed different
and separate from this special loan window.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Thursday, November 8, 2012
Landbank to handle online government collections, transactions
Landbank to handle online government collections, transactions
By Iris C. Gonzales (The Philippine Star) Updated November 08, 2012
12:00 AM Comments (1)
MANILA, Philippines - The Bureau of the Treasury (BTr) has tapped the
Land Bank of the Philippines (Landbank) as the payment consolidator and
settle bank for collections through the so-called National Single Window
(NSW).
The NSW is an Internet-based platform that is seen to improve trade by
allowing single submission of applications for licenses, permits and
other papers required to transact with government.
It aims to put in place a single interface that will link traders with
concerned government agencies.
The Bureau of Customs, the government's second largest revenue agency,
has been pushing for the implementation of the NSW to improve trade.
Landbank recently signed the agreement with the Treasury and BancNet Inc.
Landbank president and CEO Gilda Pico said the agreement would pave the
way for faster trade processes in the country.
"This next step enables the electronic payment of export-import
clearances and trade related services through the BancNet Internet
Payment Gateway. It will further speed up trade transactions and save
clients from the need to run to and from different agencies for their
payments," Pico said.
Landbank is now an institutional member of the BancNet ATM Network, the
largest inter-bank network in the country connecting more than 6,000
ATMs of 91 member banks, the bank said in its statement.
BancNet, meanwhile, operates the Internet Payment Gateway connected to
the NSW portal.
According to the Philippine NSW website, the Phase One preparations
involve the setup and installation of network interconnections for all
40 government agencies. It also involves the installation of a VOIP or
Voice Over Internet Protocol system and email for all 40 agencies.
"Implementation will be undertaken of selective systems: Nomination of
license, permit, or clearance in each of the 10 agencies; Orientation
and user training for the nominated personnel from the 10 agencies and
selected broker and traders," it said.
The platform would help curb the problem of smuggling, which has
resulted in annual revenue losses of P60 billion for the government. The
NSW would prepare the country for a possible regional single window by
2015, Customs Commissioner Ruffy Biazon said.
The implementation of the NSW is part of efforts to improve the business
environment and governance in the country, he said.
It is also in line with the thrust of the Association of Southeast Asian
Nations (ASEAN) to establish the ASEAN Single Window, aimed to
facilitate trade efficiencies between member countries.
--
---------------------------------------------------------------------
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 Iris C. Gonzales (The Philippine Star) Updated November 08, 2012
12:00 AM Comments (1)
MANILA, Philippines - The Bureau of the Treasury (BTr) has tapped the
Land Bank of the Philippines (Landbank) as the payment consolidator and
settle bank for collections through the so-called National Single Window
(NSW).
The NSW is an Internet-based platform that is seen to improve trade by
allowing single submission of applications for licenses, permits and
other papers required to transact with government.
It aims to put in place a single interface that will link traders with
concerned government agencies.
The Bureau of Customs, the government's second largest revenue agency,
has been pushing for the implementation of the NSW to improve trade.
Landbank recently signed the agreement with the Treasury and BancNet Inc.
Landbank president and CEO Gilda Pico said the agreement would pave the
way for faster trade processes in the country.
"This next step enables the electronic payment of export-import
clearances and trade related services through the BancNet Internet
Payment Gateway. It will further speed up trade transactions and save
clients from the need to run to and from different agencies for their
payments," Pico said.
Landbank is now an institutional member of the BancNet ATM Network, the
largest inter-bank network in the country connecting more than 6,000
ATMs of 91 member banks, the bank said in its statement.
BancNet, meanwhile, operates the Internet Payment Gateway connected to
the NSW portal.
According to the Philippine NSW website, the Phase One preparations
involve the setup and installation of network interconnections for all
40 government agencies. It also involves the installation of a VOIP or
Voice Over Internet Protocol system and email for all 40 agencies.
"Implementation will be undertaken of selective systems: Nomination of
license, permit, or clearance in each of the 10 agencies; Orientation
and user training for the nominated personnel from the 10 agencies and
selected broker and traders," it said.
The platform would help curb the problem of smuggling, which has
resulted in annual revenue losses of P60 billion for the government. The
NSW would prepare the country for a possible regional single window by
2015, Customs Commissioner Ruffy Biazon said.
The implementation of the NSW is part of efforts to improve the business
environment and governance in the country, he said.
It is also in line with the thrust of the Association of Southeast Asian
Nations (ASEAN) to establish the ASEAN Single Window, aimed to
facilitate trade efficiencies between member countries.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Globe GCash, AmEx tie-up now allows Filipino users to shop online
Globe GCash, AmEx tie-up now allows Filipino users to shop online
Published on Wednesday, 31 October 2012 19:12 Written by Jun Vallecera /
Reporter
IT is now possible to shop online even without a credit card and on
Internet stores such as those in the United States under a service
jointly provided by Globe Telecoms and the financial services firm
American Express.
Globe GCash users, the homegrown e-payments system developed by the
telecommunications arm of the Ayala Group, has linked up with the global
payments platform of American Express, making it possible for Filipinos
to shop online even without being inventive about it.
Prior to the Globe-Amex tie-up, only the technology-savvy Filipino and
his friends were able to shop online as long as they used acceptable
credit cards to go with the service.
"You can't shop online, say in Amazon.com, if you don't have a credit
card and even if you do have one, you have to figure out for yourself
how to get the goods delivered to the Philippines since most US online
sites only deliver within the US. With the GCASH American Express
Virtual Card, you simply need your GCASH wallet to pay for your
purchases. We provide you with a personalized US address where your
goods can be delivered and from there, you can have them shipped to your
address in the Philippines at very low shipping rates" Paolo Baltao,
President of GXI, said in a statement.
With the tie-up, one can now buy apps, music or videos for one's smart
phone or access the popular iTunes store owned by Apple Inc., he said.
Ernest Cu, Globe President and CEO, lauded Globe GCash and American
Express for launching a service that covers not only paying for goods
purchased online but also a way of getting it into the country in a very
economical manner.
"Imagine shopping at Best Buy, K-Mart or Amazon and getting all these
offers and not being able to buy them, or being able to buy them but
having no way of getting the items here since most US online sites only
deliver within the United States. With the new GCASH American Express
Virtual Card, we are giving the Filipino consumer access to US and other
global sites," Cu said.
Getting the GCASH American Express Virtual Card is fast and easy.
Simply register the subscriber's GCASH wallet and email address online
at www.globe.com.ph/gcash-amex.
Once GCASH has validated the account, the customer will immediately
receive a virtual card number, a personalized US shipping address, and
other pertinent information via e-mail.
First-time subscribers get a one month free trial. After the trial,
subscribers can continue with the subscription by paying as low as P250
per year via GCASH or charge it to their postpaid bill. Monthly and
semi-annual subscriptions are also available.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Published on Wednesday, 31 October 2012 19:12 Written by Jun Vallecera /
Reporter
IT is now possible to shop online even without a credit card and on
Internet stores such as those in the United States under a service
jointly provided by Globe Telecoms and the financial services firm
American Express.
Globe GCash users, the homegrown e-payments system developed by the
telecommunications arm of the Ayala Group, has linked up with the global
payments platform of American Express, making it possible for Filipinos
to shop online even without being inventive about it.
Prior to the Globe-Amex tie-up, only the technology-savvy Filipino and
his friends were able to shop online as long as they used acceptable
credit cards to go with the service.
"You can't shop online, say in Amazon.com, if you don't have a credit
card and even if you do have one, you have to figure out for yourself
how to get the goods delivered to the Philippines since most US online
sites only deliver within the US. With the GCASH American Express
Virtual Card, you simply need your GCASH wallet to pay for your
purchases. We provide you with a personalized US address where your
goods can be delivered and from there, you can have them shipped to your
address in the Philippines at very low shipping rates" Paolo Baltao,
President of GXI, said in a statement.
With the tie-up, one can now buy apps, music or videos for one's smart
phone or access the popular iTunes store owned by Apple Inc., he said.
Ernest Cu, Globe President and CEO, lauded Globe GCash and American
Express for launching a service that covers not only paying for goods
purchased online but also a way of getting it into the country in a very
economical manner.
"Imagine shopping at Best Buy, K-Mart or Amazon and getting all these
offers and not being able to buy them, or being able to buy them but
having no way of getting the items here since most US online sites only
deliver within the United States. With the new GCASH American Express
Virtual Card, we are giving the Filipino consumer access to US and other
global sites," Cu said.
Getting the GCASH American Express Virtual Card is fast and easy.
Simply register the subscriber's GCASH wallet and email address online
at www.globe.com.ph/gcash-amex.
Once GCASH has validated the account, the customer will immediately
receive a virtual card number, a personalized US shipping address, and
other pertinent information via e-mail.
First-time subscribers get a one month free trial. After the trial,
subscribers can continue with the subscription by paying as low as P250
per year via GCASH or charge it to their postpaid bill. Monthly and
semi-annual subscriptions are also available.
--
---------------------------------------------------------------------
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, November 5, 2012
Landbank releases P4.7-B loans to agri sector
Landbank releases P4.7-B loans to agri sector
By Donnabelle L. Gatdula (The Philippine Star) Updated November 05, 2012
12:00 AM Comments (0)
MANILA, Philippines - State-run Land Bank of the Philippines has loaned
out an additional P4.7 billion from January to August this year to
support the continuing growth in the agricultural sector, a top bank
official said.
Landbank president and CEO Gilda Pico said releasing more loans to the
agricultural sector is consistent with their thrust towards food
sufficiency and increased agricultural productivity.
Pico said with these new loans, the total loan releases since the
program started in October 2010 amounted to P14.5 billion, benefiting
152 anchor firms and 410 cooperatives, farmers' organizations and NGO
producers.
These include P4.6 billion in loans to beneficiary projects, firms,
cooperatives and producers in Northern and Central Luzon; P3.5 billion
in Visayas; P3.4 billion in Mindanao; and P3.1 billion in Southern Luzon
"We, at Landbank, are pleased that the Food Supply Chain Program is
further gaining momentum as more farmers and fisherfolk coops and
organizations, SMEs, and NGO producers stand to benefit from this
program," Pico said.
"We are committed to seeing this program to fruition as we endeavor to
provide better opportunities and improve the lives of our priority sectors."
The Food Supply Chain Program provides financial assistance to key
players in the food system such as agricultural producers, service
providers, processors and various market players.
Pico said the program also forms market linkages between agricultural
producers and processors.
The program, she said, likewise offers capacity building support to
strengthen farmers' organizations and enable them to meet product
requirements of anchor firms.
She explained that anchors firms are, in turn, expected to buy the
produce of the participating cooperatives and organizations, and provide
technical assistance to improve productivity and product quality.
Among the projects now being implemented are hog fattening; oil palm
production and processing; fruits and vegetable production and
processing; rice and corn production, processing and trading; cardava
banana production and processing; fish production and processing; onion
production, cold storage and marketing; and sugarcane production and
milling.
--
---------------------------------------------------------------------
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 Donnabelle L. Gatdula (The Philippine Star) Updated November 05, 2012
12:00 AM Comments (0)
MANILA, Philippines - State-run Land Bank of the Philippines has loaned
out an additional P4.7 billion from January to August this year to
support the continuing growth in the agricultural sector, a top bank
official said.
Landbank president and CEO Gilda Pico said releasing more loans to the
agricultural sector is consistent with their thrust towards food
sufficiency and increased agricultural productivity.
Pico said with these new loans, the total loan releases since the
program started in October 2010 amounted to P14.5 billion, benefiting
152 anchor firms and 410 cooperatives, farmers' organizations and NGO
producers.
These include P4.6 billion in loans to beneficiary projects, firms,
cooperatives and producers in Northern and Central Luzon; P3.5 billion
in Visayas; P3.4 billion in Mindanao; and P3.1 billion in Southern Luzon
"We, at Landbank, are pleased that the Food Supply Chain Program is
further gaining momentum as more farmers and fisherfolk coops and
organizations, SMEs, and NGO producers stand to benefit from this
program," Pico said.
"We are committed to seeing this program to fruition as we endeavor to
provide better opportunities and improve the lives of our priority sectors."
The Food Supply Chain Program provides financial assistance to key
players in the food system such as agricultural producers, service
providers, processors and various market players.
Pico said the program also forms market linkages between agricultural
producers and processors.
The program, she said, likewise offers capacity building support to
strengthen farmers' organizations and enable them to meet product
requirements of anchor firms.
She explained that anchors firms are, in turn, expected to buy the
produce of the participating cooperatives and organizations, and provide
technical assistance to improve productivity and product quality.
Among the projects now being implemented are hog fattening; oil palm
production and processing; fruits and vegetable production and
processing; rice and corn production, processing and trading; cardava
banana production and processing; fish production and processing; onion
production, cold storage and marketing; and sugarcane production and
milling.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Peso seen to hit 30:$1 next year
Peso seen to hit 30:$1 next year
By Prinz P. Magtulis (The Philippine Star) Updated November 04, 2012
12:00 AM Comments (2)
CEBU, Philippines - The peso could strengthen to the 30-level against
the dollar next year as investors continue to flood emerging markets
regardless of the outcome of the US elections on Tuesday, an investment
bank said.
In its latest research note, Bank of America-Merrill Lynch (BofA) said
it expects the peso to average 41 to a dollar by the first quarter of
2013, before appreciating further to 39.80 for the rest of the year.
BofA's forecasts are stronger than the government's official assumption
of 42-45 next year. The peso closed at 41.18 on Wednesday, the last
trading day before the holidays.
A strong peso, while making imports cheaper, also makes export products
expensive abroad, possibly denting demand. It also trims the value of
remittances from overseas Filipinos.
"In our view, there is still further upside to EMFX (emerging market
foreign exchange) in the near term. PMI data has been decent for
September following the US Fed meeting, and we think investors will
continue to push currencies higher as they await further confirmation of
improved activity," BofA explained.
The US, considered as investors' safe haven, has been struggling to
boost growth four years after the global financial crisis. Its central
bank, the US Federal Reserve, said on September it is embarking on a
third round of bond-buying program meant to flood the economy with cash
to boost demand and growth.
The Fed announcement came after US manufacturing activity hit 51.5 in
the purchasing managers' index (PMI) in September, similar from August.
A reading above 50 indicates expansion.
A strong US manufacturing performance signals economic recovery for the
world superpower and thus, should drive investors to invest in risky
assets such as the peso.
The outcome of the US elections will also only have "neutral" effect to
emerging market currencies like the peso, which BofA expects to trade at
an average of 42 this quarter.
"Market pricing of an Obama victory is mild USD (US dollar) negative.
(Mitt) Romney victory, USD positive," it said.
This indicated that the market may view a re-election of US President
Barack Obama positively, giving them confidence to acquire risky assets
and thus lowering the dollar's value. In contrast, a Romney victory is
predicted to drive investors to safe havens like the dollar,
contributing to its appreciation.
"Both a Romney win and Great Rotation pose upside risks to US rates.
Historical evidence suggests this would be bearish for EM rates but
neutral for EMFX overall – though with significant differentiation
within it," BofA said.
In an effort to tame the peso's appreciation, the Bangko Sentral ng
Pilipinas (BSP) slashed its policy rates by another 25 basis points last
Oct. 25, bringing them to new record-lows of 3.5 percent and 5.5 percent
for overnight borrowing and lending, respectively.
BSP Governor Amando Tetangco Jr. said last Monday the central bank is
looking at using its macroprudential measures to manage capital flows
which drive the peso to strengthen. These measures include tweaking the
bank reserve requirements, real estate exposure ceilings and single
borrower's limit, among others.
--
---------------------------------------------------------------------
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 Prinz P. Magtulis (The Philippine Star) Updated November 04, 2012
12:00 AM Comments (2)
CEBU, Philippines - The peso could strengthen to the 30-level against
the dollar next year as investors continue to flood emerging markets
regardless of the outcome of the US elections on Tuesday, an investment
bank said.
In its latest research note, Bank of America-Merrill Lynch (BofA) said
it expects the peso to average 41 to a dollar by the first quarter of
2013, before appreciating further to 39.80 for the rest of the year.
BofA's forecasts are stronger than the government's official assumption
of 42-45 next year. The peso closed at 41.18 on Wednesday, the last
trading day before the holidays.
A strong peso, while making imports cheaper, also makes export products
expensive abroad, possibly denting demand. It also trims the value of
remittances from overseas Filipinos.
"In our view, there is still further upside to EMFX (emerging market
foreign exchange) in the near term. PMI data has been decent for
September following the US Fed meeting, and we think investors will
continue to push currencies higher as they await further confirmation of
improved activity," BofA explained.
The US, considered as investors' safe haven, has been struggling to
boost growth four years after the global financial crisis. Its central
bank, the US Federal Reserve, said on September it is embarking on a
third round of bond-buying program meant to flood the economy with cash
to boost demand and growth.
The Fed announcement came after US manufacturing activity hit 51.5 in
the purchasing managers' index (PMI) in September, similar from August.
A reading above 50 indicates expansion.
A strong US manufacturing performance signals economic recovery for the
world superpower and thus, should drive investors to invest in risky
assets such as the peso.
The outcome of the US elections will also only have "neutral" effect to
emerging market currencies like the peso, which BofA expects to trade at
an average of 42 this quarter.
"Market pricing of an Obama victory is mild USD (US dollar) negative.
(Mitt) Romney victory, USD positive," it said.
This indicated that the market may view a re-election of US President
Barack Obama positively, giving them confidence to acquire risky assets
and thus lowering the dollar's value. In contrast, a Romney victory is
predicted to drive investors to safe havens like the dollar,
contributing to its appreciation.
"Both a Romney win and Great Rotation pose upside risks to US rates.
Historical evidence suggests this would be bearish for EM rates but
neutral for EMFX overall – though with significant differentiation
within it," BofA said.
In an effort to tame the peso's appreciation, the Bangko Sentral ng
Pilipinas (BSP) slashed its policy rates by another 25 basis points last
Oct. 25, bringing them to new record-lows of 3.5 percent and 5.5 percent
for overnight borrowing and lending, respectively.
BSP Governor Amando Tetangco Jr. said last Monday the central bank is
looking at using its macroprudential measures to manage capital flows
which drive the peso to strengthen. These measures include tweaking the
bank reserve requirements, real estate exposure ceilings and single
borrower's limit, among others.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Saturday, October 27, 2012
PH jobless rate among highest in Asia
PH jobless rate among highest in Asia
By Ted P. Torres, The Philippine Star
Posted at 10/27/2012 9:10 AM | Updated as of 10/27/2012 9:22 AM
MANILA, Philippines - NSCB secretary general Jose Ramon G. Albert said
despite socioeconomic gains and positive growth in the gross domestic
product (GDP), poverty and unemployment in the Philippines remained
unchanged.
"The headcount poverty rate and other indicators of poverty have almost
remained unchanged for almost a decade – poverty incidence among the
Filipino population ranged between 24.9 to 26.5 percent during the
period," he said.
Albert noted that most of the other countries moved from being heavily
dependent on the agriculture sector to developing the manufacturing
sector, which offered better jobs, higher wages and set a decisive
impact on the country's economy. Roughly six of 10 poor underemployed
belong to the agriculture, forestry and hunting business in 2009.
However, the Philippines failed to follow suit.
Fresh data show that the Philippines had declining employment share in
the manufacturing sector while increasing employment in other sectors
and retaining a significant number in the agriculture sector.
Albert said among the classic examples are the cases of Vietnam and
China, which have made large strides in poverty reduction.
Poverty incidence in Vietnam was 63.7 percent in 1993 and went down to
16.9 percent in 2008. In China, poverty incidence was 60.2 percent in
1990, which dropped to just 13.1 percent in 2008.
In terms of their working poor, Vietnam's proportion of working poor
went down from 71.5 percent in 1995 to 20.4 percent in 2006. China, on
the other hand, registered a 73.1 percent proportion of working poor in
1992, which went down to 18.3 percent in 2005.
"In both these countries, the share of employed persons in agriculture,
forestry, and hunting has been decreasing while the share of those in
manufacturing has been increasing. In other words, the poor (from
agriculture) managed to exit from poverty by getting better employment,"
the NSCB head said.
Lack of opportunities for the farmers result in low educational levels
in the agriculture sector, which in turn, account for the low employment
rate. Nearly three out of every five (59.3 percent) of the working poor
are elementary undergraduate or graduate.
The NSCB revealed that poor underemployed Filipinos are aged between 35
and 44 in 2006 and 2009. Most of the poor underemployed are married
(72.2 percent in 2006 and 69.9 percent in 2009) and male (71.8 percent
in 2006 and 70.4 percent in 2009).
Poverty among the underemployed consistently decreases as educational
achievement increases.
Most of the poor underemployed are working as laborers and unskilled
workers (50.1 percent in 2006 and 53 percent in 2009) and, farmers,
forestry workers and fishermen (31.1 percent in 2006 and 27.7 percent in
2009).
--
---------------------------------------------------------------------
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 P. Torres, The Philippine Star
Posted at 10/27/2012 9:10 AM | Updated as of 10/27/2012 9:22 AM
MANILA, Philippines - NSCB secretary general Jose Ramon G. Albert said
despite socioeconomic gains and positive growth in the gross domestic
product (GDP), poverty and unemployment in the Philippines remained
unchanged.
"The headcount poverty rate and other indicators of poverty have almost
remained unchanged for almost a decade – poverty incidence among the
Filipino population ranged between 24.9 to 26.5 percent during the
period," he said.
Albert noted that most of the other countries moved from being heavily
dependent on the agriculture sector to developing the manufacturing
sector, which offered better jobs, higher wages and set a decisive
impact on the country's economy. Roughly six of 10 poor underemployed
belong to the agriculture, forestry and hunting business in 2009.
However, the Philippines failed to follow suit.
Fresh data show that the Philippines had declining employment share in
the manufacturing sector while increasing employment in other sectors
and retaining a significant number in the agriculture sector.
Albert said among the classic examples are the cases of Vietnam and
China, which have made large strides in poverty reduction.
Poverty incidence in Vietnam was 63.7 percent in 1993 and went down to
16.9 percent in 2008. In China, poverty incidence was 60.2 percent in
1990, which dropped to just 13.1 percent in 2008.
In terms of their working poor, Vietnam's proportion of working poor
went down from 71.5 percent in 1995 to 20.4 percent in 2006. China, on
the other hand, registered a 73.1 percent proportion of working poor in
1992, which went down to 18.3 percent in 2005.
"In both these countries, the share of employed persons in agriculture,
forestry, and hunting has been decreasing while the share of those in
manufacturing has been increasing. In other words, the poor (from
agriculture) managed to exit from poverty by getting better employment,"
the NSCB head said.
Lack of opportunities for the farmers result in low educational levels
in the agriculture sector, which in turn, account for the low employment
rate. Nearly three out of every five (59.3 percent) of the working poor
are elementary undergraduate or graduate.
The NSCB revealed that poor underemployed Filipinos are aged between 35
and 44 in 2006 and 2009. Most of the poor underemployed are married
(72.2 percent in 2006 and 69.9 percent in 2009) and male (71.8 percent
in 2006 and 70.4 percent in 2009).
Poverty among the underemployed consistently decreases as educational
achievement increases.
Most of the poor underemployed are working as laborers and unskilled
workers (50.1 percent in 2006 and 53 percent in 2009) and, farmers,
forestry workers and fishermen (31.1 percent in 2006 and 27.7 percent in
2009).
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Friday, October 26, 2012
Microfinance Needs To Reach Poor
Microfinance Needs To Reach Poor
By EDU LOPEZ
October 26, 2012, 5:32pm
The Asian Development Bank (ADB) has stressed the need for a sustainable
micro-finance assistance to reach more of the poor in Asia and the Pacific.
In a new study, "Micro-finance Development Strategy 2000: Sector
Performance and Client Welfare," ADB, emphasizes the twin goals of
micro-finance — reaching the poor and being financially sustainable.
With microfinance becoming increasingly commercialized in the region,
the study stresses the role of government and agencies such as ADB in
addressing the financial needs of the poor, while at the same time
ensuring the institutional sustainability of micro-finance providers.
"Despite the increasing popularity of micro-finance in recent years,
expanding the access of poor households to institutional financial
services remains a great challenge to governments and development
agencies," says the director-general of independent evaluation, Vinod
Thomas.
The study finds that the penetration of micro-finance among the poor in
Asia and the Pacific remains low. As of the end of 2010, some 20% of the
population living below the poverty level of $1.25 per day had direct
access to microfinance services in 21 developing countries receiving ADB
micro-finance support. This level was below ADB's goals.
Micro-finance is seen in the region as an important means to helping
low-income households take advantage of economic opportunities and
improve living standards. But the degree to which it actually reaches
the poor and improves their welfare is under public scrutiny.
A review of two programs in Pakistan and Viet Nam points to an apparent
trade-off between targeting and effectiveness of micro-finance. Smaller
loans were better at targeting the poor, but less effective than larger
loans in producing welfare benefits.
In the Pakistan program, the average loan was $195 but reached
substantially more borrowers living below the national poverty line than
in the Viet Nam program, where the average loan was $1,972. The study
found more positive direct and indirect welfare benefits in the Viet Nam
program than in the Pakistan program.
The study says that for micro-finance to have a greater impact on
reducing poverty in the region, it needs to better target the poor and
focus more on educating them in using basic financial services, as well
as more effectively link micro-finance services to complementary
pro-poor interventions.
--
---------------------------------------------------------------------
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 EDU LOPEZ
October 26, 2012, 5:32pm
The Asian Development Bank (ADB) has stressed the need for a sustainable
micro-finance assistance to reach more of the poor in Asia and the Pacific.
In a new study, "Micro-finance Development Strategy 2000: Sector
Performance and Client Welfare," ADB, emphasizes the twin goals of
micro-finance — reaching the poor and being financially sustainable.
With microfinance becoming increasingly commercialized in the region,
the study stresses the role of government and agencies such as ADB in
addressing the financial needs of the poor, while at the same time
ensuring the institutional sustainability of micro-finance providers.
"Despite the increasing popularity of micro-finance in recent years,
expanding the access of poor households to institutional financial
services remains a great challenge to governments and development
agencies," says the director-general of independent evaluation, Vinod
Thomas.
The study finds that the penetration of micro-finance among the poor in
Asia and the Pacific remains low. As of the end of 2010, some 20% of the
population living below the poverty level of $1.25 per day had direct
access to microfinance services in 21 developing countries receiving ADB
micro-finance support. This level was below ADB's goals.
Micro-finance is seen in the region as an important means to helping
low-income households take advantage of economic opportunities and
improve living standards. But the degree to which it actually reaches
the poor and improves their welfare is under public scrutiny.
A review of two programs in Pakistan and Viet Nam points to an apparent
trade-off between targeting and effectiveness of micro-finance. Smaller
loans were better at targeting the poor, but less effective than larger
loans in producing welfare benefits.
In the Pakistan program, the average loan was $195 but reached
substantially more borrowers living below the national poverty line than
in the Viet Nam program, where the average loan was $1,972. The study
found more positive direct and indirect welfare benefits in the Viet Nam
program than in the Pakistan program.
The study says that for micro-finance to have a greater impact on
reducing poverty in the region, it needs to better target the poor and
focus more on educating them in using basic financial services, as well
as more effectively link micro-finance services to complementary
pro-poor interventions.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Philippines 4th In Microfinance Ranking
Philippines 4th In Microfinance Ranking
EIU Report
By CHINO S. LEYCO
October 26, 2012, 5:35pm
The Philippines has ranked fourth in an annual global survey on
microfinance business environment, based on the Economist Intelligence
Unit's (EIU) report, citing the country's stable market.
According to the report, the country scored 63.3 points, up by 4.8
points, or two notches higher compared with last year's Global
Microscope on the Microfinance Business Environment report.
The Philippines ranked fourth out of 55 countries in an annual global
survey, trailing behind Peru (79.8 points), Bolivia (71.8 points), and
Pakistan (67.4 points).
The Microscope 2012 survey was conducted in the 12 months ending in June.
EIU explained the rankings were based on regulatory framework and
practices, in which the Philippines was placed on top along with Peru;
and the supporting institutional framework, wherein the country ranked
15 along with Brazil, Nicaragua, and Uruguay.
The survey also noted the "stability" of microfinance markets, if they
are vulnerable to any political shocks.
"The Bangko Sentral ng Pilipinas continues to promote an enabling
environment for microfinance, seeing it as one of its key poverty
reduction efforts," the report read.
The survey has also recognized key efforts of the BSP such as increasing
the ceiling for microfinance loans to P300,000 from P150,000 and the
lower house's approved measure allowing foreign ownership of up to 40
percent in rural banks.
The proposed measure, however, remains pending in the Senate.
In January, the BSP approved a microfinance loan called "microfinance
plus" that microenterprises and small businesses can avail of to fund
their expanding operations, allowing borrowers to take out a maximum of
P300,000 to fund their growing business
Microfinance, generally, has originally intended to mean financing for
microenterprises or small livelihood activities but the BSP has since
expanded the loan products to include microfinance housing, micro-agri
loans, micro-insurance and micro-deposits.
For all loans, it starts with P150,000 up to a maximum of P300,000.
Currently, there are 202 microfinance institutions operating in the
Philippines.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
EIU Report
By CHINO S. LEYCO
October 26, 2012, 5:35pm
The Philippines has ranked fourth in an annual global survey on
microfinance business environment, based on the Economist Intelligence
Unit's (EIU) report, citing the country's stable market.
According to the report, the country scored 63.3 points, up by 4.8
points, or two notches higher compared with last year's Global
Microscope on the Microfinance Business Environment report.
The Philippines ranked fourth out of 55 countries in an annual global
survey, trailing behind Peru (79.8 points), Bolivia (71.8 points), and
Pakistan (67.4 points).
The Microscope 2012 survey was conducted in the 12 months ending in June.
EIU explained the rankings were based on regulatory framework and
practices, in which the Philippines was placed on top along with Peru;
and the supporting institutional framework, wherein the country ranked
15 along with Brazil, Nicaragua, and Uruguay.
The survey also noted the "stability" of microfinance markets, if they
are vulnerable to any political shocks.
"The Bangko Sentral ng Pilipinas continues to promote an enabling
environment for microfinance, seeing it as one of its key poverty
reduction efforts," the report read.
The survey has also recognized key efforts of the BSP such as increasing
the ceiling for microfinance loans to P300,000 from P150,000 and the
lower house's approved measure allowing foreign ownership of up to 40
percent in rural banks.
The proposed measure, however, remains pending in the Senate.
In January, the BSP approved a microfinance loan called "microfinance
plus" that microenterprises and small businesses can avail of to fund
their expanding operations, allowing borrowers to take out a maximum of
P300,000 to fund their growing business
Microfinance, generally, has originally intended to mean financing for
microenterprises or small livelihood activities but the BSP has since
expanded the loan products to include microfinance housing, micro-agri
loans, micro-insurance and micro-deposits.
For all loans, it starts with P150,000 up to a maximum of P300,000.
Currently, there are 202 microfinance institutions operating in the
Philippines.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Banks’ NPL-to-total loans ratio reaches record low
Banks' NPL-to-total loans ratio reaches record low
By Michelle V. Remo
Philippine Daily Inquirer
4:15 am | Friday, October 26th, 2012
The country's big banks kept their exposure to bad debts at a record low
in August even as they extended more loans to individual and corporate
borrowers.
According to the Bangko Sentral ng Pilipinas, the "comfortable" ratio of
non-performing loans (NPL) was one of the indications that the banking
sector remained healthy and relatively unharmed by the crisis
confronting financial institutions in the eurozone.
Based on data from the BSP, universal and commercial banks' NPL
ratio—the proportion of bad debts to their total loan portfolio—stood at
a historic low of 2.08 percent in August.
The latest ratio was unchanged from the previous month, but was even
lower than the already comfortable 2.52 percent recorded in August last
year.
Regulators said banks are encouraged to lend more to help fuel faster
growth of the economy, but at the same time required to keep their
exposure to bad debts within manageable levels.
Bank loans become "bad debts" or are defined as "non-performing" when
these remain unpaid for a specified period of time.
Data further showed that outstanding loans of universal and commercial
banks amounted to P3.38 trillion by the end of August, up by about 10
percent from P3.06 trillion as of the same period last year.
Industry players said the increase in the loan portfolios of banks
proved that there is appetite for lending, especially since banks are
currently enjoying significant levels of liquidity.
Of the outstanding loans as of end-August, some P70.43 billion was
classified as non-performing. This was down year on year by nearly 5
percent from P76.96 billion.
Central bank officials said the decline in NPLs showed that banks were
keeping prudent credit standards even as they move to lend out more to
clients.
Officials said credit growth in the banking system partly aided the
economy's favorable performance in the first semester, when it grew by
an above-target 6.1 percent.
--
---------------------------------------------------------------------
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 Michelle V. Remo
Philippine Daily Inquirer
4:15 am | Friday, October 26th, 2012
The country's big banks kept their exposure to bad debts at a record low
in August even as they extended more loans to individual and corporate
borrowers.
According to the Bangko Sentral ng Pilipinas, the "comfortable" ratio of
non-performing loans (NPL) was one of the indications that the banking
sector remained healthy and relatively unharmed by the crisis
confronting financial institutions in the eurozone.
Based on data from the BSP, universal and commercial banks' NPL
ratio—the proportion of bad debts to their total loan portfolio—stood at
a historic low of 2.08 percent in August.
The latest ratio was unchanged from the previous month, but was even
lower than the already comfortable 2.52 percent recorded in August last
year.
Regulators said banks are encouraged to lend more to help fuel faster
growth of the economy, but at the same time required to keep their
exposure to bad debts within manageable levels.
Bank loans become "bad debts" or are defined as "non-performing" when
these remain unpaid for a specified period of time.
Data further showed that outstanding loans of universal and commercial
banks amounted to P3.38 trillion by the end of August, up by about 10
percent from P3.06 trillion as of the same period last year.
Industry players said the increase in the loan portfolios of banks
proved that there is appetite for lending, especially since banks are
currently enjoying significant levels of liquidity.
Of the outstanding loans as of end-August, some P70.43 billion was
classified as non-performing. This was down year on year by nearly 5
percent from P76.96 billion.
Central bank officials said the decline in NPLs showed that banks were
keeping prudent credit standards even as they move to lend out more to
clients.
Officials said credit growth in the banking system partly aided the
economy's favorable performance in the first semester, when it grew by
an above-target 6.1 percent.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Thursday, October 25, 2012
Financial literacy and information asymmetry
BY BRIAN JERIC MORILLO, IDEA
Financial literacy and information asymmetry
THE GOOD NEWS is that Filipinos are now more adept at managing their
finances. The bad news is that the Philippines' financial quotient still
lags behind its regional peers. These were some of the findings of the
most recent Financial Quotient (Fin-Q) Survey by international financial
services conglomerate, Citi.
In previous years, financial literacy among Filipinos has always fallen
below the 50-point mark out of a perfect score of 100. The Philippines
recorded its lowest grade in 2008 when it got an overall score of 46.6
points. This year, however, showed a notable improvement as the country
crossed the halfway mark of the Fin-Q Survey for the very first time at
52.6 points. Moreover, the survey indicated that six out of ten
Filipinos feel that they have a "good" or "very good" grasp of money
management. Similarly, four out of five say that they are "optimistic"
about their financial future.
Though the score is still behind the regional score of 54.5 points, the
numbers suggest that Filipinos are now more concerned about planning
their personal finances while at the same time trying to improve their
financial security. Filipinos are now saving more, managing credit,
seeking investments and spending on insurance. This is, however, just
the first step in improving the financial security of Filipinos.
While the management of finances is geared towards achieving financial
security, individuals who have not been properly educated just might
suffer losing their lifetime savings. This is especially true when
dealing with investment vehicles. Saving is one part of the process and
where to put one's money is another question. Of the two aspects, the
latter will pose potential problems. An individual has to know the
different levels of risk associated with diverse potential investment
vehicles on which he or she will put money on.
What is more problematic, however, is the underlying issue of what is
called the "principal-agent problem." This situation can lead to "moral
hazard" situations, defined by R. Pindyck and D. Rubifeld as a problem
that occurs when the unobserved actions of an agent affects the
probability or magnitude of payment to the principal. These unmonitored
actions by the agent (the organization that receives the investment) can
lead to disastrous results.
An example is when top management exercises a myopic or short-term
perspective over the company's financial performance rather than
focusing on the long-term financial health of the company. They tend to
forego plans that will have long-term beneficial effects because their
compensation and bonuses are very much tied to short-term gains. This is
exactly what happened during the housing bubble in the United States.
Because compensation and bonus schemes do not purposely underscore the
goal of long-term financial success, top management of investment banks
like Goldman Sachs sometimes secretly bet against the very products they
sold to their investors. In addition, banks made risky investments out
of their depositors' money. These precarious behaviors are the cause of
the degradation of equity wealth not only among Americans, but citizens
of other countries as well.
These events are consequences of "information asymmetry" in the market.
As everyone knows, information is costly to acquire, hence, some people
know more than others. Moreover, having the necessary information can
mean power on the part of the holder. Thus, not all types of information
will be readily available for the consumer's consumption. With very
little information, Filipinos should be creative in finding means to
avoid the adverse effects of information asymmetry.
In this regard, the government can step in not only in educating people
on ways to assess possible investments, (and, hence, not be ensnared by
unworthy companies) but also in minimizing adverse behaviors of company
officers.
Recently, the Securities and Exchange Commission announced an overhaul
of disclosure rules with respect to executive and director compensation
schemes. They are considering requiring companies to disclose more
detailed information about compensation schemes available to company top
officials. This is a laudable move on the part of the government to
protect the interest of investors. These revised rules will definitely
improve transparency with respect to compensation, hence, giving
potential investors the opportunity to assess the probability of company
officials engaging in risky activities.
Indeed, it is good news that more and more Filipinos are now minding
their finances. With many Filipinos just starting out, two extremes
highlight what could possibly happen. They might end up parking their
money in riskless investments and, thus, miss out on value. Or, they
might find themselves trapped in very risky investments and, thus, lose
their money. The experience of advanced economies should serve as a
lesson. If the more sophisticated citizens of developed countries made
huge mistakes, Filipinos should all the more be cautious.
The Institute for Development and Econometric Analysis (IDEA), Inc. is a
non-stock, non-partisan institution dedicated to high-quality economic
research, instruction, and communication. The views and opinions
expressed herein are those of the author and do not necessarily reflect
those of the organization. For questions and inquiries, please contact
Remrick Patagan via ideainc.mail@gmail.com or telefax no. 920-6872.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Financial literacy and information asymmetry
THE GOOD NEWS is that Filipinos are now more adept at managing their
finances. The bad news is that the Philippines' financial quotient still
lags behind its regional peers. These were some of the findings of the
most recent Financial Quotient (Fin-Q) Survey by international financial
services conglomerate, Citi.
In previous years, financial literacy among Filipinos has always fallen
below the 50-point mark out of a perfect score of 100. The Philippines
recorded its lowest grade in 2008 when it got an overall score of 46.6
points. This year, however, showed a notable improvement as the country
crossed the halfway mark of the Fin-Q Survey for the very first time at
52.6 points. Moreover, the survey indicated that six out of ten
Filipinos feel that they have a "good" or "very good" grasp of money
management. Similarly, four out of five say that they are "optimistic"
about their financial future.
Though the score is still behind the regional score of 54.5 points, the
numbers suggest that Filipinos are now more concerned about planning
their personal finances while at the same time trying to improve their
financial security. Filipinos are now saving more, managing credit,
seeking investments and spending on insurance. This is, however, just
the first step in improving the financial security of Filipinos.
While the management of finances is geared towards achieving financial
security, individuals who have not been properly educated just might
suffer losing their lifetime savings. This is especially true when
dealing with investment vehicles. Saving is one part of the process and
where to put one's money is another question. Of the two aspects, the
latter will pose potential problems. An individual has to know the
different levels of risk associated with diverse potential investment
vehicles on which he or she will put money on.
What is more problematic, however, is the underlying issue of what is
called the "principal-agent problem." This situation can lead to "moral
hazard" situations, defined by R. Pindyck and D. Rubifeld as a problem
that occurs when the unobserved actions of an agent affects the
probability or magnitude of payment to the principal. These unmonitored
actions by the agent (the organization that receives the investment) can
lead to disastrous results.
An example is when top management exercises a myopic or short-term
perspective over the company's financial performance rather than
focusing on the long-term financial health of the company. They tend to
forego plans that will have long-term beneficial effects because their
compensation and bonuses are very much tied to short-term gains. This is
exactly what happened during the housing bubble in the United States.
Because compensation and bonus schemes do not purposely underscore the
goal of long-term financial success, top management of investment banks
like Goldman Sachs sometimes secretly bet against the very products they
sold to their investors. In addition, banks made risky investments out
of their depositors' money. These precarious behaviors are the cause of
the degradation of equity wealth not only among Americans, but citizens
of other countries as well.
These events are consequences of "information asymmetry" in the market.
As everyone knows, information is costly to acquire, hence, some people
know more than others. Moreover, having the necessary information can
mean power on the part of the holder. Thus, not all types of information
will be readily available for the consumer's consumption. With very
little information, Filipinos should be creative in finding means to
avoid the adverse effects of information asymmetry.
In this regard, the government can step in not only in educating people
on ways to assess possible investments, (and, hence, not be ensnared by
unworthy companies) but also in minimizing adverse behaviors of company
officers.
Recently, the Securities and Exchange Commission announced an overhaul
of disclosure rules with respect to executive and director compensation
schemes. They are considering requiring companies to disclose more
detailed information about compensation schemes available to company top
officials. This is a laudable move on the part of the government to
protect the interest of investors. These revised rules will definitely
improve transparency with respect to compensation, hence, giving
potential investors the opportunity to assess the probability of company
officials engaging in risky activities.
Indeed, it is good news that more and more Filipinos are now minding
their finances. With many Filipinos just starting out, two extremes
highlight what could possibly happen. They might end up parking their
money in riskless investments and, thus, miss out on value. Or, they
might find themselves trapped in very risky investments and, thus, lose
their money. The experience of advanced economies should serve as a
lesson. If the more sophisticated citizens of developed countries made
huge mistakes, Filipinos should all the more be cautious.
The Institute for Development and Econometric Analysis (IDEA), Inc. is a
non-stock, non-partisan institution dedicated to high-quality economic
research, instruction, and communication. The views and opinions
expressed herein are those of the author and do not necessarily reflect
those of the organization. For questions and inquiries, please contact
Remrick Patagan via ideainc.mail@gmail.com or telefax no. 920-6872.
--
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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
--------------------------------------------------------------------
BSP approves Al-Amanah sale
By Ann Rozainne R. Gregorio, Reporter
BSP approves Al-Amanah sale
STATE-RUN Development Bank of the Philippines (DBP) has obtained the
Bangko Sentral ng Pilipinas' approval to sell its stake in the Al-Amanah
Islamic Investment Bank of the Philippines (Al-Amanah), a senior
official said.
"We have obtained the approval in principle for the divestment of our
stake in Al-Amanah," said Estrella E. Icasiano, DBP senior vice
president and head of investment banking and capital markets group, in a
phone interview yesterday.
The BSP issued its approval on Sept. 20.
Ms. Icasiano said DBP has yet to secure the approval of the Governance
Commission for GOCCs (GCG) to be able to proceed with the bidding
process for its 99.88% stake in the country's lone Islamic bank.
"Once we get the GCG approval, we will proceed with the next step of the
sale, which is the public bidding," she said.
DBP is regulated by the Bangko Sentral as a bank and also by the GCG,
which oversees state firms, as it is a government-owned and --controlled
corporation.
The state-run bank took over Al-Amanah in 2008 after the government
failed to privatize the smaller bank. It infused P1 billion into Al
Amanah and charted a rehabilitation plan for the bank, which was deeply
in the red.
It is selling Al Amanah as it does not have the expertise on Islamic
finance. Its planned exit from Al Amanah, which has since relaunched
branches but continues to incur losses, comes at a time when demand for
Islamic financing worldwide is on the rise.
For his part, Bangko Sentral Deputy Governor Nestor A. Espenilla, Jr.,
in a phone interview, said: "Yes, they were approved to dispose via
auction. It's in principle because we do not know who will buy DBP's
stake in the bank at this time. We also need to approve the buyer of the
bank."
The central bank, he said, examines investors' attributes before
approving any acquisition. These include amount of resources and
governance and management principles.
"If the bank is chartered as an Islamic bank, the investor should be
able to demonstrate the ability and expertise to run an Islamic bank,"
he further said.
Ms. Icasiano said that with two-and-a-half months before 2012 closes,
DBP's earlier target to sell its stake in Al-Amanah would likely "slide
to next year."
She reiterated that several foreign investors from the Middle East and
Malaysia have expressed interest in buying DBP's stake in the bank.
"There is a good number of interested parties. It is a combination of
banks and non-bank groups," she said.
"Aside from banks, businessmen and investor groups from the Middle East
have also expressed interest," she further said.
Al-Amanah, as an Islamic bank, is mandated to serve the banking needs of
the Muslim community in the country. It was formed by virtue of
Presidential Decree No. 264 issued by then President Ferdinand E. Marcos.
An Islamic bank adheres to the laws of the Koran, and as such, does not
charge interest to its clients but instead earns by acting like an
equity investor to its borrowers by forging partnerships, lease-to-own
deals and similar arrangements.
The government first attempted to privatize the Islamic bank sometime in
2000 after it started incurring losses in 1990.
From 1990 to 2007, Al-Amanah was managed by the Bureau of the Treasury.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
BSP approves Al-Amanah sale
STATE-RUN Development Bank of the Philippines (DBP) has obtained the
Bangko Sentral ng Pilipinas' approval to sell its stake in the Al-Amanah
Islamic Investment Bank of the Philippines (Al-Amanah), a senior
official said.
"We have obtained the approval in principle for the divestment of our
stake in Al-Amanah," said Estrella E. Icasiano, DBP senior vice
president and head of investment banking and capital markets group, in a
phone interview yesterday.
The BSP issued its approval on Sept. 20.
Ms. Icasiano said DBP has yet to secure the approval of the Governance
Commission for GOCCs (GCG) to be able to proceed with the bidding
process for its 99.88% stake in the country's lone Islamic bank.
"Once we get the GCG approval, we will proceed with the next step of the
sale, which is the public bidding," she said.
DBP is regulated by the Bangko Sentral as a bank and also by the GCG,
which oversees state firms, as it is a government-owned and --controlled
corporation.
The state-run bank took over Al-Amanah in 2008 after the government
failed to privatize the smaller bank. It infused P1 billion into Al
Amanah and charted a rehabilitation plan for the bank, which was deeply
in the red.
It is selling Al Amanah as it does not have the expertise on Islamic
finance. Its planned exit from Al Amanah, which has since relaunched
branches but continues to incur losses, comes at a time when demand for
Islamic financing worldwide is on the rise.
For his part, Bangko Sentral Deputy Governor Nestor A. Espenilla, Jr.,
in a phone interview, said: "Yes, they were approved to dispose via
auction. It's in principle because we do not know who will buy DBP's
stake in the bank at this time. We also need to approve the buyer of the
bank."
The central bank, he said, examines investors' attributes before
approving any acquisition. These include amount of resources and
governance and management principles.
"If the bank is chartered as an Islamic bank, the investor should be
able to demonstrate the ability and expertise to run an Islamic bank,"
he further said.
Ms. Icasiano said that with two-and-a-half months before 2012 closes,
DBP's earlier target to sell its stake in Al-Amanah would likely "slide
to next year."
She reiterated that several foreign investors from the Middle East and
Malaysia have expressed interest in buying DBP's stake in the bank.
"There is a good number of interested parties. It is a combination of
banks and non-bank groups," she said.
"Aside from banks, businessmen and investor groups from the Middle East
have also expressed interest," she further said.
Al-Amanah, as an Islamic bank, is mandated to serve the banking needs of
the Muslim community in the country. It was formed by virtue of
Presidential Decree No. 264 issued by then President Ferdinand E. Marcos.
An Islamic bank adheres to the laws of the Koran, and as such, does not
charge interest to its clients but instead earns by acting like an
equity investor to its borrowers by forging partnerships, lease-to-own
deals and similar arrangements.
The government first attempted to privatize the Islamic bank sometime in
2000 after it started incurring losses in 1990.
From 1990 to 2007, Al-Amanah was managed by the Bureau of the Treasury.
--
---------------------------------------------------------------------
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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