Rural banking opened to foreigners
THE SENATE LAST NIGHT ratified a reconciled bill allowing foreigners to
take a majority stake in rural banks, amending a law that for more than
two decades limited ownership to Filipinos.
The House of Representatives, which did not take up the measure
yesterday, essentially has until Feb. 6 to act if it wants to pass the
bill before an election break. Congress officially goes on recess on
Feb. 8 but plenary sessions are only held from Monday to Wednesday.
A bicameral committee yesterday morning decided to adopt Senate Bill
3282's main provision of allowing foreigners to own, acquire or purchase
up to 60% of voting stock in a rural bank. House Bill 5360 proposed a
maximum stake of 40%.
Republic Act (RA) 7353 or the Rural Banks Act of 1992 provides that "the
capital stock of any rural bank shall be fully owned and held directly
or indirectly by citizens of the Philippines or corporations,
associations or cooperatives qualified under Philippine laws to own and
hold such capital stock."
Foreigners can own up to 40% of universal and commercial banks, hewing
to RA 8791 or the General Banking Act that states that "foreign
individuals and non-bank corporations may own or control up to 40% of
the voting stock of a domestic bank."
RA 7906 or the Thrift Banks Act, meanwhile, allows foreigners to own up
to 60% of the voting stock of thrift banks.
Senator Sergio R. Osmeña III, chairman of the banks, financial
institutions and currencies committee, said in his sponsorship speech of
SB 3282 last September that allowing foreigners to invest in rural banks
would allow the expansion of services to farmers, microentrepreneurs,
small and medium enterprises and rural folk.
The central bank has also expressed support for the lifting of foreign
ownership restrictions in RA 7353 as this would help strengthen rural
banks, which have been known to collapse due to mismanagement.
A total of 24 banks were shuttered by the Monetary Board and placed
under the Philippine Deposit Insurance Corp. receivership last year.
Most were rural banks.
In a text message yesterday, Mr. Osmeña said the measure would "invite
foreign investments, if they so desire."
Edward Leandro Z. Garcia, president of Rural Banks Association of the
Philippines, said: "We welcome this development as a boost to the
industry." He claimed that "several financial institutions" had already
expressed interest in rural bank stakes.
The reconciled bill ratified by the Senate will allow non-Filipinos to
sit on the board of a rural bank.
It will also allow a rural bank to foreclose on lands covered by the
Comprehensive Agrarian Reform Program that were mortgaged to it. These
lands, however, remain subject to the agrarian reform law's retention
limits.
"Rural banks which are not qualified to acquire or hold land in the
Philippines shall be allowed to bid and take part in foreclosure sales
of real property mortgaged to them, as well as to avail of enforcement
and other proceedings, and accordingly to take possession of the
mortgaged property, for a period not exceeding five years from actual
possession...," the bill also states.
Rural banks that acquire mortgaged property must transfer this to a
"qualified Philippine national."
By law, foreigners are not allowed to own land in the Philippines.
--
-----------------------------------------------------------
CARLOS ANI - Consultant
Chairman of the Board - SEEDFINANCE Corporation
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926-2778044 (Globe)
+63908-1737072 (Smart)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
Thursday, January 31, 2013
Tuesday, January 22, 2013
Scams continue to abound
Scams continue to abound
BIZLINKS By Rey Gamboa (The Philippine Star)
Updated January 22, 2013 - 12:00am
The Aman Future Group scam only shows us how desperate so many Filipinos
are to earn a little bit more for money they had worked so hard for.
Even up today, it surprises me to hear stories of former colleagues and
friends – some of them rising to top management levels in big reputable
companies – risk their hard-earned retirement benefits on investment
schemes manned by people they hardly know.
These are people who are familiar with words like pyramiding or Ponzi
scheme, and yet completely forget the perils that could burn them should
they engage in these sugar-coated offers of a return on their money of
higher than 10 percent a year.
Bogus schemes
On the other hand, many of the companies that had eventually become
platforms for investment scams started as legitimate, sometimes even
reputable, ventures that had never in their early years (or months)
thought about duping or hurting anyone.
And yet, these had somehow morphed in quick time to become the monsters
that turned out to be the cause of deafening wailing and gnashing of
teeth by individuals and their families who had woken up one day
realizing they had lost all their investments.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
Some of these business ventures had started with dreams of becoming
financial empires through some form of trading or manufacturing. But
somehow, in their search for capital to fuel the growth of their
ambitions, they stumbled on the principle of pyramiding.
Others, though, were fully aware that the "investment plan" they were
offering was plainly bogus, and that at some point in time, the pyramid
that they were building was going to crumble and fall, and that they
would have to flee and hide from the law and their victims.
Watch the video of Global Money Philippines as posted on YouTube, and
you'll understand how victims could have succumbed to its business
lending scheme and its avowed vision of "helping" others by being the
only lending institution in the world to give loans at zero percent
interest.
Warnings are too late
By far, it is the Securities and Exchange Commission that has been
trying to mount a campaign to warn the public about fraudulent schemes
by issuing bulletins against certain organizations or individuals
without the necessary legal legs to stand on in the event that these
"accused" personalities file harassment or prejudicial cases.
Truly, the SEC can really only do so much. First of all, many of these
scammers operate without business permits, and the only time that our
regulatory agencies are able to sniff them out is when they have already
accumulated a fairly large amount representing thousands of victims.
"Investors" often do not want to talk for fear that the pyramid would
crumble when they still have not collected their initial capital outlay
from the "venture."
While the Internet abounds with blogs and websites of concerned
Filipinos warning against these scams, not many are able to view these.
And then again, the cautionary statements and confirmation of these
dubious offerings often come too late in the day.
Preparing for retirement
If it's any consolation, Ponzi schemes and similar scams are not
indigenous to the Philippines. They prey on citizens even of developed
countries like the US or Australia. They feed on the despair, greed and
ignorance of the rich and not-so-rich.
Warnings by regulatory agencies, online postings, friends and even
family will fall on deaf ears especially if the victim's or intended
prey's self-interest or need clouds the mind and heart.
One good way of isolating these kinds of scams is for people at an early
age are able to start planning for retirement. This means that they are
able to save the right amount that will ensure that they can continue to
live comfortably in their old age.
This holds true also for our overseas workers. While working abroad,
they should already have in place a personal financial plan that they
could rely on once they opt to remain in the country, not necessarily
when they are of retirement age.
It goes without saying that Filipinos must have a healthier respect of
entrepreneurship to fully understand that there is no business
proposition that can promise a 60-percent return on investment annually
unless it were involved in some dubious activity.
Transparency and enforcement
SEC chairperson Teresita Herbosa is to be admired for having the courage
to issue warnings to the general public about activities that resemble
fraudulent schemes. By citing the base of operations without identifying
the persons or company involved, the regulatory agency is able to
preempt the spread of these scams.
But the SEC's warnings are still not able to preempt people from getting
hurt. Perhaps more timely action by local government units, especially
on questionable investment offers in cities outside of Metro Manila
operating without a permit or not registered as a business, should be
apprehended earlier.
The SEC as a regulatory body is trying to be as transparent as possible
in helping people identify spurious companies that are feeding on
fraudulent investment deals. It is up to the enforcement agencies then
to be on the lookout for these activities, and to be able to act swiftly.
Role of media
Media can also play a vital role in providing sufficient advance warning
to prospective investors. Information about previous scams should be
regularly featured so public memory is sufficiently refreshed about the
modus operandi of schemers. It would also help if updates are reported
on the progress of prosecution of persons previously apprehended and
facing court action.
Of course, it would really be an effective deterrent if prosecution of
guilty parties is hastened and their convictions made public.
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
BIZLINKS By Rey Gamboa (The Philippine Star)
Updated January 22, 2013 - 12:00am
The Aman Future Group scam only shows us how desperate so many Filipinos
are to earn a little bit more for money they had worked so hard for.
Even up today, it surprises me to hear stories of former colleagues and
friends – some of them rising to top management levels in big reputable
companies – risk their hard-earned retirement benefits on investment
schemes manned by people they hardly know.
These are people who are familiar with words like pyramiding or Ponzi
scheme, and yet completely forget the perils that could burn them should
they engage in these sugar-coated offers of a return on their money of
higher than 10 percent a year.
Bogus schemes
On the other hand, many of the companies that had eventually become
platforms for investment scams started as legitimate, sometimes even
reputable, ventures that had never in their early years (or months)
thought about duping or hurting anyone.
And yet, these had somehow morphed in quick time to become the monsters
that turned out to be the cause of deafening wailing and gnashing of
teeth by individuals and their families who had woken up one day
realizing they had lost all their investments.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
Some of these business ventures had started with dreams of becoming
financial empires through some form of trading or manufacturing. But
somehow, in their search for capital to fuel the growth of their
ambitions, they stumbled on the principle of pyramiding.
Others, though, were fully aware that the "investment plan" they were
offering was plainly bogus, and that at some point in time, the pyramid
that they were building was going to crumble and fall, and that they
would have to flee and hide from the law and their victims.
Watch the video of Global Money Philippines as posted on YouTube, and
you'll understand how victims could have succumbed to its business
lending scheme and its avowed vision of "helping" others by being the
only lending institution in the world to give loans at zero percent
interest.
Warnings are too late
By far, it is the Securities and Exchange Commission that has been
trying to mount a campaign to warn the public about fraudulent schemes
by issuing bulletins against certain organizations or individuals
without the necessary legal legs to stand on in the event that these
"accused" personalities file harassment or prejudicial cases.
Truly, the SEC can really only do so much. First of all, many of these
scammers operate without business permits, and the only time that our
regulatory agencies are able to sniff them out is when they have already
accumulated a fairly large amount representing thousands of victims.
"Investors" often do not want to talk for fear that the pyramid would
crumble when they still have not collected their initial capital outlay
from the "venture."
While the Internet abounds with blogs and websites of concerned
Filipinos warning against these scams, not many are able to view these.
And then again, the cautionary statements and confirmation of these
dubious offerings often come too late in the day.
Preparing for retirement
If it's any consolation, Ponzi schemes and similar scams are not
indigenous to the Philippines. They prey on citizens even of developed
countries like the US or Australia. They feed on the despair, greed and
ignorance of the rich and not-so-rich.
Warnings by regulatory agencies, online postings, friends and even
family will fall on deaf ears especially if the victim's or intended
prey's self-interest or need clouds the mind and heart.
One good way of isolating these kinds of scams is for people at an early
age are able to start planning for retirement. This means that they are
able to save the right amount that will ensure that they can continue to
live comfortably in their old age.
This holds true also for our overseas workers. While working abroad,
they should already have in place a personal financial plan that they
could rely on once they opt to remain in the country, not necessarily
when they are of retirement age.
It goes without saying that Filipinos must have a healthier respect of
entrepreneurship to fully understand that there is no business
proposition that can promise a 60-percent return on investment annually
unless it were involved in some dubious activity.
Transparency and enforcement
SEC chairperson Teresita Herbosa is to be admired for having the courage
to issue warnings to the general public about activities that resemble
fraudulent schemes. By citing the base of operations without identifying
the persons or company involved, the regulatory agency is able to
preempt the spread of these scams.
But the SEC's warnings are still not able to preempt people from getting
hurt. Perhaps more timely action by local government units, especially
on questionable investment offers in cities outside of Metro Manila
operating without a permit or not registered as a business, should be
apprehended earlier.
The SEC as a regulatory body is trying to be as transparent as possible
in helping people identify spurious companies that are feeding on
fraudulent investment deals. It is up to the enforcement agencies then
to be on the lookout for these activities, and to be able to act swiftly.
Role of media
Media can also play a vital role in providing sufficient advance warning
to prospective investors. Information about previous scams should be
regularly featured so public memory is sufficiently refreshed about the
modus operandi of schemers. It would also help if updates are reported
on the progress of prosecution of persons previously apprehended and
facing court action.
Of course, it would really be an effective deterrent if prosecution of
guilty parties is hastened and their convictions made public.
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
Monday, January 14, 2013
Financial literacy vital to preventing scam success – BSP officer
Financial literacy vital to preventing scam success – BSP officer
Greater financial knowledge can prevent people from falling for
financial cons such as Ponzi schemes and pyramid scams, a ranking
officer of the Bangko Sentral ng Pilipinas said Tuesday.
"A public that is not well-informed is more vulnerable to all kind of
scams," BSP's deputy governor Nestor Espenilla said in a press briefing
on Tuesday.
This is where financial literacy and consumer protection come into
picture, he added.
"Whenever we talk about financial inclusion, [we] always come back to
the issue of a more informed, educated public to be able to properly
consume financial services that will be [to] their advantage," he said.
Financial inclusion is the availability of banking services to
low-income sectors.
Recently, authorities discovered an alleged investment scam by Aman
Futures Group that may have duped as many as 15,000 people, mostly from
Visayas and Mindanao, of as much as P12 billion in total. The company,
which is purportedly engaged in trading, is accused of luring investors
by offering between 20 to 80 percent interest within eight to 20 days.
Progress on financial literacy
With a barely passing mark of 52.6 on Citibank's financial quotient
survey, Filipinos' understanding of money matters is "not that
impressive," Espenilla said, though they are "making progress."
To promote financial literacy, the BSP provides lectures and seminars
attended by students, young adults, and overseas Filipinos and their
families, among others.
"BSP has embraced as part of its commitment financial inclusion,
promoting financial and monetary stability… We have 22 areas or focal
points for training and financial learning in the countryside," he said.
"BSP also assumed the leadership role in advocating this [financial
literacy and inclusion] and promoting this idea to other central banks
in the world," he added.
Espenilla added that financial literacy promotion should involve the
whole society; it "is not a pact between the central bank and the
[banking] industry alone."
Financial literacy on banking services
In the same press briefing, Citibank's Southeast Asia head Michael Zink
concurred with Espenilla that availing of financial services without
proper education may bring negative consequences to consumers.
"Financial literacy is not just knowing financial services but also to
better use them… Financial products without education can provide
unintended increase in vulnerability," he added.
"Through financial education, [we] not just [hope clients] to become
better client but to be in better places. It will help them to plan not
just the short term," he said.
According to Zink, about 1.5 billion people in Southeast Asia has no
access to formal financial services.
On Thursday and Friday, about 300 delegates are set to convene for the
9th annual Citi-FT Financial Education Summit, which will be attended by
non-profit organizations, financial institutions, government regulators,
multilateral institutions, microfinance institutions, educational
institutions and private businesses. — BM, GMA News
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
Greater financial knowledge can prevent people from falling for
financial cons such as Ponzi schemes and pyramid scams, a ranking
officer of the Bangko Sentral ng Pilipinas said Tuesday.
"A public that is not well-informed is more vulnerable to all kind of
scams," BSP's deputy governor Nestor Espenilla said in a press briefing
on Tuesday.
This is where financial literacy and consumer protection come into
picture, he added.
"Whenever we talk about financial inclusion, [we] always come back to
the issue of a more informed, educated public to be able to properly
consume financial services that will be [to] their advantage," he said.
Financial inclusion is the availability of banking services to
low-income sectors.
Recently, authorities discovered an alleged investment scam by Aman
Futures Group that may have duped as many as 15,000 people, mostly from
Visayas and Mindanao, of as much as P12 billion in total. The company,
which is purportedly engaged in trading, is accused of luring investors
by offering between 20 to 80 percent interest within eight to 20 days.
Progress on financial literacy
With a barely passing mark of 52.6 on Citibank's financial quotient
survey, Filipinos' understanding of money matters is "not that
impressive," Espenilla said, though they are "making progress."
To promote financial literacy, the BSP provides lectures and seminars
attended by students, young adults, and overseas Filipinos and their
families, among others.
"BSP has embraced as part of its commitment financial inclusion,
promoting financial and monetary stability… We have 22 areas or focal
points for training and financial learning in the countryside," he said.
"BSP also assumed the leadership role in advocating this [financial
literacy and inclusion] and promoting this idea to other central banks
in the world," he added.
Espenilla added that financial literacy promotion should involve the
whole society; it "is not a pact between the central bank and the
[banking] industry alone."
Financial literacy on banking services
In the same press briefing, Citibank's Southeast Asia head Michael Zink
concurred with Espenilla that availing of financial services without
proper education may bring negative consequences to consumers.
"Financial literacy is not just knowing financial services but also to
better use them… Financial products without education can provide
unintended increase in vulnerability," he added.
"Through financial education, [we] not just [hope clients] to become
better client but to be in better places. It will help them to plan not
just the short term," he said.
According to Zink, about 1.5 billion people in Southeast Asia has no
access to formal financial services.
On Thursday and Friday, about 300 delegates are set to convene for the
9th annual Citi-FT Financial Education Summit, which will be attended by
non-profit organizations, financial institutions, government regulators,
multilateral institutions, microfinance institutions, educational
institutions and private businesses. — BM, GMA News
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
‘Phl must invest in human capital’
'Phl must invest in human capital'
By Ted Torres (The Philippine Star) | Updated January 14, 2013 - 12:00am
MANILA, Philippines - To realize sustainable and inclusive economic
growth, the Philippines must invest heavily on human capital through
education resulting in better employment figures.
According to National Economic and Development Authority (NEDA) Deputy
Director General Emmanuel F. Esguerra, an important aspect of the
government's inclusive growth platform is investing in human capital,
particularly in the young population that comprise about half of the
country's workforce.
"Investing in human capital, especially the youth that comprise a
significant proportion of the Philippine population, is a major item in
the government's inclusive growth agenda," Esguerra said.
According to the National Statistics Office (NSO), half of the
population or 48 percent who are willing to work, are aged 15-34 years old.
Similarly, this segment of the population comprised 46 percent of
Filipinos who are employed.
Esguerra noted that the lack of workers with appropriate skills is a
major challenge. He added that this is evident in industries that are
knowledge-intensive and require a high degree of functional flexibility.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
"That is why the most important skill is being good at learning, and
that is what investment in quality basic education is for," Esguerra
said, at the Youth Leaders for Knowledge and Development (YKLD) forum
sponsored by the World Bank.
The government is implementing measures to help enhance the
competitiveness of workers and industries.
For instance, the government rollout of the K to 12 Basic Education
Program aims to produce holistically developed learners with 21st
century skills who are prepared for higher education, middle-level
skills development, and immediate employment or entrepreneurship.
"This will signal to potential employers that the quality of Philippine
labor is and will remain competitive and employable," Esguerra added.
But the challenges remain daunting including the proper matching of
education to employment, according to the National Statistical
Coordination Board (NSCB).
NSCB Secretary General Jose Ramon G. Albert said in a report that
despite the attainment of a college diploma, college graduates comprised
at least 18 percent of the total unemployed, the third highest share in
terms of educational attainment from 2006 to 2011.
Most of the unemployed college graduates are those who earned degrees on
medical courses, trade, craft and industrial programs, engineering and
architectural programs.
Data gathered by the Bureau of Labor Employment Statistics (BLES)
meanwhile suggests that the top three hard to fill vacancies among
professionals for the period January 2009 to June 2010 include
accountants and auditors; electronics and communications engineers; and
systems analysts and designers.
It may be observed that these top three hard to fill vacancies require
specific technical requirements and most of which necessitates the
passing of an eligibility exam.
Further, the top 3 reasons why vacancies are hard to fill were:
applicants lack needed competency/skill; applicants expect a high
salary; and applicants lack years of experience.
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
By Ted Torres (The Philippine Star) | Updated January 14, 2013 - 12:00am
MANILA, Philippines - To realize sustainable and inclusive economic
growth, the Philippines must invest heavily on human capital through
education resulting in better employment figures.
According to National Economic and Development Authority (NEDA) Deputy
Director General Emmanuel F. Esguerra, an important aspect of the
government's inclusive growth platform is investing in human capital,
particularly in the young population that comprise about half of the
country's workforce.
"Investing in human capital, especially the youth that comprise a
significant proportion of the Philippine population, is a major item in
the government's inclusive growth agenda," Esguerra said.
According to the National Statistics Office (NSO), half of the
population or 48 percent who are willing to work, are aged 15-34 years old.
Similarly, this segment of the population comprised 46 percent of
Filipinos who are employed.
Esguerra noted that the lack of workers with appropriate skills is a
major challenge. He added that this is evident in industries that are
knowledge-intensive and require a high degree of functional flexibility.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
"That is why the most important skill is being good at learning, and
that is what investment in quality basic education is for," Esguerra
said, at the Youth Leaders for Knowledge and Development (YKLD) forum
sponsored by the World Bank.
The government is implementing measures to help enhance the
competitiveness of workers and industries.
For instance, the government rollout of the K to 12 Basic Education
Program aims to produce holistically developed learners with 21st
century skills who are prepared for higher education, middle-level
skills development, and immediate employment or entrepreneurship.
"This will signal to potential employers that the quality of Philippine
labor is and will remain competitive and employable," Esguerra added.
But the challenges remain daunting including the proper matching of
education to employment, according to the National Statistical
Coordination Board (NSCB).
NSCB Secretary General Jose Ramon G. Albert said in a report that
despite the attainment of a college diploma, college graduates comprised
at least 18 percent of the total unemployed, the third highest share in
terms of educational attainment from 2006 to 2011.
Most of the unemployed college graduates are those who earned degrees on
medical courses, trade, craft and industrial programs, engineering and
architectural programs.
Data gathered by the Bureau of Labor Employment Statistics (BLES)
meanwhile suggests that the top three hard to fill vacancies among
professionals for the period January 2009 to June 2010 include
accountants and auditors; electronics and communications engineers; and
systems analysts and designers.
It may be observed that these top three hard to fill vacancies require
specific technical requirements and most of which necessitates the
passing of an eligibility exam.
Further, the top 3 reasons why vacancies are hard to fill were:
applicants lack needed competency/skill; applicants expect a high
salary; and applicants lack years of experience.
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
BSP: More savings deposit options for kids will cultivate financial literacy
BSP: More savings deposit options for kids will cultivate financial literacy
December 4, 2012 9:20pm
More banks should offer savings deposit products geared toward children
to help develop a financially literate population in the future, Bangko
Sentral ng Pilipinas Governor Amando Tetangco Jr. told reporters on Tuesday.
"A more literate population, including the young, is good for the
economy and the financial system as a whole. We will encourage more
banks to participate [in the agenda]," he said.
Currently, 12 banks are offering savings deposit products for children:
Allied Banking Corp., Banco de Oro Unibank, Bank of the Philippine
Islands, China Bank Savings, Development Bank of the Philippines, East
West Bank, Maybank Philippines Inc., Philippine National Bank,
Philippine Savings Bank, Philippine Veterans Bank, RCBC Savings Bank,
and Security Banking Corp.
Deposit products for children require a minimum deposit balance of only
P100.
According to BSP estimates, some 31,000 Filipino children currently have
their own savings account.
"Banks need deposits, and there is a huge youth savings potential that
they can tap," said Jeroo Billimoria, founder and managing director of
Child and Youth Finance International (CYFI), an organization whose
cause is to bring financial awareness to children through education.
At a forum on financial education for children in Manila, she said that
banks should be made aware of the benefits of tapping the young market
for their deposit products.
CYFI's global target is to have 100 million children in 100 countries
having their own savings account by 2015. — BM, GMA News
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
December 4, 2012 9:20pm
More banks should offer savings deposit products geared toward children
to help develop a financially literate population in the future, Bangko
Sentral ng Pilipinas Governor Amando Tetangco Jr. told reporters on Tuesday.
"A more literate population, including the young, is good for the
economy and the financial system as a whole. We will encourage more
banks to participate [in the agenda]," he said.
Currently, 12 banks are offering savings deposit products for children:
Allied Banking Corp., Banco de Oro Unibank, Bank of the Philippine
Islands, China Bank Savings, Development Bank of the Philippines, East
West Bank, Maybank Philippines Inc., Philippine National Bank,
Philippine Savings Bank, Philippine Veterans Bank, RCBC Savings Bank,
and Security Banking Corp.
Deposit products for children require a minimum deposit balance of only
P100.
According to BSP estimates, some 31,000 Filipino children currently have
their own savings account.
"Banks need deposits, and there is a huge youth savings potential that
they can tap," said Jeroo Billimoria, founder and managing director of
Child and Youth Finance International (CYFI), an organization whose
cause is to bring financial awareness to children through education.
At a forum on financial education for children in Manila, she said that
banks should be made aware of the benefits of tapping the young market
for their deposit products.
CYFI's global target is to have 100 million children in 100 countries
having their own savings account by 2015. — BM, GMA News
--
---------------------------------------------------------------------
CARLOS ANI - International Microfinance Consultant - SEEDFINANCE Corporation Chairman
Mailing address: PO Box 90 UPLB Los Banos Laguna, Philippines 4031
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Landline Phone: +63495010127 (PLDT)
Cellphone Numbers: +63926277-8044 (TM)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.posterous.com
http://phildevfinance.blogspot.com
FORWARD PHILIPPINES - http://forwardphilippines.wordpress.com/
My News Clippings - http://www.myclipps.posterous.com
Family website - http://www.anifamily.net
Skype name: carlosaniph
--------------------------------------------------------------------
Friday, December 28, 2012
Gokongwei buys thrift bank in Bocol, to do microfinance
Gokongwei buys thrift bank in Bocol, to do microfinance
GOKONGWEI-LED Robinsons Bank Corp. (Robinsons Bank) has purchased a
controlling stake in a Legazpi City-based thrift bank as it executes a
plan to gain a stronger presence in the highly competitive commercial
banking industry.
In an e-mail to BusinessWorld, Robinsons Bank -- the country's 28th
largest bank in terms of assets -- said it secured last Dec. 26 the
Monetary Board's green light to acquire "a controlling interest" in
Legazpi Savings Bank.
Legazpi Savings Bank, which had assets amounting P2 billion as of
September, was majority owned by Albay Representative Al Francis C.
Bichara. The bank has 11 branches in the Bicol Region.
"Robinsons Bank plans to utilize the capacity and branch network of
Legazpi Savings Bank as its vehicle to engage in countryside banking and
microfinance lending," Robinsons Bank President and Chief Executive
Officer Reynold Y. Gerongay said in the e-mail.
He declined to disclose the acquisition price.
Robinsons Bank extends microfinance loans through "SUPERLoan ng Bayan,"
a microfinance program targeting small- and medium-scale entrepreneurs.
The acquisition, Mr. Gerongay said, will give Robinsons Bank the
opportunity to boost its microfinance business and to strengthen and
expand its presence in the Bicol Region.
Legazpi Savings Bank extends "barangay business" loans and "market
vendors" loans, among other loan products, according to its website.
Robinsons Bank booked a net income of P353.5 million as of September, up
23.34% from the P286.6 million recorded in the same period last year,
due to hefty trading gains.
Banks are now training their sights on small and medium enterprises amid
low income growth from corporate lending and highly variable gains from
trading.
Robinsons Bank is a subsidiary of listed JG Summit Holdings, Inc. It
used to be a thrift bank until it purchased the Royal Bank of Scotland
(Philippines) from The Royal Bank of Scotland Plc and the Royal Bank of
Scotland N.V. through a share purchase agreement in February 2010.
A commercial banking license and several branches came with the
purchase, which was approved by the central bank and the Securities and
Exchange Commission on Dec. 9, 2010 and on May 25, 2011, respectively.
Lance Y. Gokongwei, Robinsons Bank chairman, in the same e-mail
concurred with Mr. Gerongay saying: "[Our] investment in Legazpi Savings
Bank is part of our plans to reach out to a wider market. Robinsons Bank
Corp. and JG Summit Holdings are always on the lookout for viable
opportunities for growth, and this investment shows our commitment to
being a strategic player in the industry."
For his part, Mr. Bichara, in the same e-mail, said: "We highly welcome
this investment by Robinsons Bank. It is good to know that Legazpi
Savings Bank will now be part of a big conglomerate to the benefit of
businesses and people in Albay as well as neighboring provinces in the
Bicol region."
Mr. Gerongay said the name of Legazpi Savings Bank will be retained as
the savings bank has a "good franchise" in Bicol.
Since the acquisition was under the Bangko Sentral and the Philippine
Deposit Insurance Corp.'s (PDIC) Strengthening Program for Rural Banks
Plus program, Robinsons Bank will be allowed to put up branches in
restricted areas in Metro Manila.
SPRB Plus program, is an enhancement of SPRB, a P5-billion program
initiated by the central bank and the PDIC in August 2010 to encourage
healthy rural banks to come to the aid of troubled peers. Under the new
program, universal and commercial banks may take over ailing rural or
thrift banks.
Asked if Robinsons Bank will add more branches to Legazpi Savings Bank,
Mr. Gerongay answered, "We'll do a lot of housekeeping first."
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
GOKONGWEI-LED Robinsons Bank Corp. (Robinsons Bank) has purchased a
controlling stake in a Legazpi City-based thrift bank as it executes a
plan to gain a stronger presence in the highly competitive commercial
banking industry.
In an e-mail to BusinessWorld, Robinsons Bank -- the country's 28th
largest bank in terms of assets -- said it secured last Dec. 26 the
Monetary Board's green light to acquire "a controlling interest" in
Legazpi Savings Bank.
Legazpi Savings Bank, which had assets amounting P2 billion as of
September, was majority owned by Albay Representative Al Francis C.
Bichara. The bank has 11 branches in the Bicol Region.
"Robinsons Bank plans to utilize the capacity and branch network of
Legazpi Savings Bank as its vehicle to engage in countryside banking and
microfinance lending," Robinsons Bank President and Chief Executive
Officer Reynold Y. Gerongay said in the e-mail.
He declined to disclose the acquisition price.
Robinsons Bank extends microfinance loans through "SUPERLoan ng Bayan,"
a microfinance program targeting small- and medium-scale entrepreneurs.
The acquisition, Mr. Gerongay said, will give Robinsons Bank the
opportunity to boost its microfinance business and to strengthen and
expand its presence in the Bicol Region.
Legazpi Savings Bank extends "barangay business" loans and "market
vendors" loans, among other loan products, according to its website.
Robinsons Bank booked a net income of P353.5 million as of September, up
23.34% from the P286.6 million recorded in the same period last year,
due to hefty trading gains.
Banks are now training their sights on small and medium enterprises amid
low income growth from corporate lending and highly variable gains from
trading.
Robinsons Bank is a subsidiary of listed JG Summit Holdings, Inc. It
used to be a thrift bank until it purchased the Royal Bank of Scotland
(Philippines) from The Royal Bank of Scotland Plc and the Royal Bank of
Scotland N.V. through a share purchase agreement in February 2010.
A commercial banking license and several branches came with the
purchase, which was approved by the central bank and the Securities and
Exchange Commission on Dec. 9, 2010 and on May 25, 2011, respectively.
Lance Y. Gokongwei, Robinsons Bank chairman, in the same e-mail
concurred with Mr. Gerongay saying: "[Our] investment in Legazpi Savings
Bank is part of our plans to reach out to a wider market. Robinsons Bank
Corp. and JG Summit Holdings are always on the lookout for viable
opportunities for growth, and this investment shows our commitment to
being a strategic player in the industry."
For his part, Mr. Bichara, in the same e-mail, said: "We highly welcome
this investment by Robinsons Bank. It is good to know that Legazpi
Savings Bank will now be part of a big conglomerate to the benefit of
businesses and people in Albay as well as neighboring provinces in the
Bicol region."
Mr. Gerongay said the name of Legazpi Savings Bank will be retained as
the savings bank has a "good franchise" in Bicol.
Since the acquisition was under the Bangko Sentral and the Philippine
Deposit Insurance Corp.'s (PDIC) Strengthening Program for Rural Banks
Plus program, Robinsons Bank will be allowed to put up branches in
restricted areas in Metro Manila.
SPRB Plus program, is an enhancement of SPRB, a P5-billion program
initiated by the central bank and the PDIC in August 2010 to encourage
healthy rural banks to come to the aid of troubled peers. Under the new
program, universal and commercial banks may take over ailing rural or
thrift banks.
Asked if Robinsons Bank will add more branches to Legazpi Savings Bank,
Mr. Gerongay answered, "We'll do a lot of housekeeping first."
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Households Remain Prime Savers – BSP
Households Remain Prime Savers – BSP
By LEE C. CHIPONGIAN
December 27, 2012, 4:48pm
The Bangko Sentral ng Pilipinas (BSP) said the household sector remains
to be the prime saver in the economy for the last four years, partly
because of foreign exchange remittances and perception of improved labor
conditions.
In its latest flow of funds (FOF) data for 2011, the BSP reported that
the household sector registered savings of P909.8 billion or an increase
of 6.3 percent over 2010 figures. The BSP said this rate of savings
growth may be attributed to inflows from funds sent home by overseas
Filipinos.
Last year, the total domestic savings went up 6.8 percent to P1.854
trillion. "The economy's savings momentum is sustained, notwithstanding
challenges on the external front," noted the BSP.
The second biggest savers in the economy are the non-financial
corporations sector with P672.5 billion, mainly profits from the
services sectors.
The general government sector, in the meantime posted the highest growth
in savings at 65.3 percent at P193.6 billion while the National
Government's (NG) position reversed from a "dissaving" of P17.6 billion
in 2010 to a savings of P28.8 billion in 2011, the BSP reported.
As for the financial sector's savings, this dropped to P78.4 billion
because of "large benefit payments" by the life insurance industry along
with the higher interest payments by the BSP.
The FOF as reported by the central bank is a summary of financial
transactions among the different institutions of the economy, and
between these institutions and the rest of the world. It identifies
which institutions are net borrowers and net lenders after a series of
financial transactions for the year. There are four categories:
financial corporations, non-financial corporations, the general
government, and the households.
In 2011, the economy's capital accumulation grew by 16.2 percent to
P1.544 trillion. The household sector was the biggest accumulator of
capital at P661.4 billion but sector's real investments grew only 12
percent compared to 2010's 31.1 percent because of the lower demand for
residential condominiums.
The non-financial corporations sector's real investments in the meantime
increased 53.2 percent which the BSP described as a "mixed investment
sentiments across sub-sectors." The growth of private companies' real
investments slowed down to 9.4 percent from 72.9 percent due to weak
global economic growth.
The BSP also said that in 2011, all sectors were considered net lenders,
except for the general government.
"The household sector regained the top net lender position at P248.4
billion, with currency and deposits as the desired form of asset
accumulation (while) the non-financial corporation sector's net fund
provision fell by 70.8 percent to P79.7 billion, with accounts
receivables as the dominant financial instrument," the report said.
The financial sector's net lending grew by 19.9 percent to P38.1 billion
as the combined increase in net lending of banks and the insurance
sector outweighed the BSP's net borrowing, said the central bank.
The domestic economy's net lending vis-à-vis the rest of the world on
the other hand, fell by 23.9 percent to P309.5 billion. The BSP said
this is as "growth in capital accumulation outpaced the growth in total
savings."5:17 AM 12/28/2012
--
---------------------------------------------------------------------
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 LEE C. CHIPONGIAN
December 27, 2012, 4:48pm
The Bangko Sentral ng Pilipinas (BSP) said the household sector remains
to be the prime saver in the economy for the last four years, partly
because of foreign exchange remittances and perception of improved labor
conditions.
In its latest flow of funds (FOF) data for 2011, the BSP reported that
the household sector registered savings of P909.8 billion or an increase
of 6.3 percent over 2010 figures. The BSP said this rate of savings
growth may be attributed to inflows from funds sent home by overseas
Filipinos.
Last year, the total domestic savings went up 6.8 percent to P1.854
trillion. "The economy's savings momentum is sustained, notwithstanding
challenges on the external front," noted the BSP.
The second biggest savers in the economy are the non-financial
corporations sector with P672.5 billion, mainly profits from the
services sectors.
The general government sector, in the meantime posted the highest growth
in savings at 65.3 percent at P193.6 billion while the National
Government's (NG) position reversed from a "dissaving" of P17.6 billion
in 2010 to a savings of P28.8 billion in 2011, the BSP reported.
As for the financial sector's savings, this dropped to P78.4 billion
because of "large benefit payments" by the life insurance industry along
with the higher interest payments by the BSP.
The FOF as reported by the central bank is a summary of financial
transactions among the different institutions of the economy, and
between these institutions and the rest of the world. It identifies
which institutions are net borrowers and net lenders after a series of
financial transactions for the year. There are four categories:
financial corporations, non-financial corporations, the general
government, and the households.
In 2011, the economy's capital accumulation grew by 16.2 percent to
P1.544 trillion. The household sector was the biggest accumulator of
capital at P661.4 billion but sector's real investments grew only 12
percent compared to 2010's 31.1 percent because of the lower demand for
residential condominiums.
The non-financial corporations sector's real investments in the meantime
increased 53.2 percent which the BSP described as a "mixed investment
sentiments across sub-sectors." The growth of private companies' real
investments slowed down to 9.4 percent from 72.9 percent due to weak
global economic growth.
The BSP also said that in 2011, all sectors were considered net lenders,
except for the general government.
"The household sector regained the top net lender position at P248.4
billion, with currency and deposits as the desired form of asset
accumulation (while) the non-financial corporation sector's net fund
provision fell by 70.8 percent to P79.7 billion, with accounts
receivables as the dominant financial instrument," the report said.
The financial sector's net lending grew by 19.9 percent to P38.1 billion
as the combined increase in net lending of banks and the insurance
sector outweighed the BSP's net borrowing, said the central bank.
The domestic economy's net lending vis-à-vis the rest of the world on
the other hand, fell by 23.9 percent to P309.5 billion. The BSP said
this is as "growth in capital accumulation outpaced the growth in total
savings."5:17 AM 12/28/2012
--
---------------------------------------------------------------------
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, December 17, 2012
BSP: Fewer households allot remittances for savings
BSP: Fewer households allot remittances for savings
By Michelle V. Remo
Philippine Daily Inquirer
3:02 am | Monday, December 17th, 2012
The proportion of Filipino households that set aside remittances for
savings and investments dropped in the fourth quarter from a year ago,
highlighting the need to provide financial education to more people in
the country.
The Bangko Sentral ng Pilipinas said that households dependent on
remittances would need to learn how to save and invest the money they
receive to secure their future and stimulate growth of the economy.
Results of the latest quarterly BSP survey showed that only 39.5 percent
of respondents said they used a portion of their money for savings. This
marked a drop from the 42.6 percent recorded in the same period last year.
Still, the fourth-quarter figure was better than the 36.8 percent
recorded in the previous survey three months ago.
Results also showed that respondents who said they used a portion of
their money for investments settled at just 3.1 percent.
This represented a decline from the 6.4 percent registered a year ago,
and the 4.9 percent of the previous quarter.
The survey was conducted in the first two weeks of October and had a
sample of size of 478 households that regularly receive money from abroad.
The drop in the number of households that save up and invest the money
received coincided with the current low-interest-rate environment, which
led to shrinking yields on bank deposits and portfolio investments.
Economists said that in times of low interest rates, people tend to
spend more of their money rather than save up or invest in fixed-income
securities.
BSP Deputy Governor Diwa Guinigundo earlier said that if OFW households
were to use their money to put up their own businesses, the multiplier
effect of remittances on the economy would be much bigger. This is
because, when one puts up a business, even a small one, he or she will
create jobs.
At least 10 million Filipinos are estimated to be working overseas.
Their remittances amounted to $20.1 billion last year. The World Bank
expects remittances to the Philippines to rise to $24 billion this year,
making it the third-biggest recipient next to India and China, with $70
billion and $66 billion, respectively.
--
---------------------------------------------------------------------
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
3:02 am | Monday, December 17th, 2012
The proportion of Filipino households that set aside remittances for
savings and investments dropped in the fourth quarter from a year ago,
highlighting the need to provide financial education to more people in
the country.
The Bangko Sentral ng Pilipinas said that households dependent on
remittances would need to learn how to save and invest the money they
receive to secure their future and stimulate growth of the economy.
Results of the latest quarterly BSP survey showed that only 39.5 percent
of respondents said they used a portion of their money for savings. This
marked a drop from the 42.6 percent recorded in the same period last year.
Still, the fourth-quarter figure was better than the 36.8 percent
recorded in the previous survey three months ago.
Results also showed that respondents who said they used a portion of
their money for investments settled at just 3.1 percent.
This represented a decline from the 6.4 percent registered a year ago,
and the 4.9 percent of the previous quarter.
The survey was conducted in the first two weeks of October and had a
sample of size of 478 households that regularly receive money from abroad.
The drop in the number of households that save up and invest the money
received coincided with the current low-interest-rate environment, which
led to shrinking yields on bank deposits and portfolio investments.
Economists said that in times of low interest rates, people tend to
spend more of their money rather than save up or invest in fixed-income
securities.
BSP Deputy Governor Diwa Guinigundo earlier said that if OFW households
were to use their money to put up their own businesses, the multiplier
effect of remittances on the economy would be much bigger. This is
because, when one puts up a business, even a small one, he or she will
create jobs.
At least 10 million Filipinos are estimated to be working overseas.
Their remittances amounted to $20.1 billion last year. The World Bank
expects remittances to the Philippines to rise to $24 billion this year,
making it the third-biggest recipient next to India and China, with $70
billion and $66 billion, respectively.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Most OFW families spend remittances on food – BSP
Most OFW families spend remittances on food – BSP
Published on 17 December 2012 Hits: 145 Written by RAADEE S. SAUSA
Of the 478 households that received overseas Filipino workers (OFW)
remittances in fourth quarter 2012, 95.4 percent used them for food,
according to the latest Consumer Expectations Survey (CES) of the Bangko
Sentral ng Pilipinas (BSP).
The central bank said over the weekend that almost 70 percent of the
households (68.8 percent) surveyed allocated their remittances for
education, 65.5 percent for medical payments and 44.1 percent for debt
payments.
Rosabel Guerrero, director of the BSP-Department of Economic Statistics
said that "the percentage of OFW households that utilized their
remittances for savings increased to 39.5 percent [from 36.8 percent in
third quarter 2012], while those that apportioned part of their
remittances for investment [i.e., business capital or stocks] declined
to 3.1 percent [from 4.9 percent in third quarter 2012 survey]."
"Also, the percentage that utilized part of their remittances to
purchase consumer durables, houses and lots, and motor vehicles
decreased compared to the previous quarter's results," she added.
However, the survey further noted that consumers had a more favorable
view on the employment situation as the unemployment rate index dropped
to 40.7 percent from 46.8 percent in third quarter 2012.
Guerrero added that fewer respondents expected interest rates and prices
to go up in the next 12 months.
"Respondents anticipated inflation to decline to 7 percent from 7.5
percent in third quarter 2012, reflecting their outlook of more stable
prices for the next quarter and the year ahead. These are consistent
with the declining trend in inflation figures for fourth quarter 2012
relative to third quarter 2012," she said.
Meanwhile, BSP added that consumers anticipate that the peso would
continue to appreciate against the US dollar in the year ahead, in line
with expectations of continued strong inflows of foreign exchange from
foreign direct and portfolio investments and business process
outsourcing services.
For fourth quarter 2012, the CES was conducted during the period October
1 to 12, 2012 with a total sample size of 5,789 households, of which
2,961 (51.1 percent) were from the National Capital Region (Metro
Manila) and 2,828 (48.9 percent) from the areas outside the NCR.
--
---------------------------------------------------------------------
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 17 December 2012 Hits: 145 Written by RAADEE S. SAUSA
Of the 478 households that received overseas Filipino workers (OFW)
remittances in fourth quarter 2012, 95.4 percent used them for food,
according to the latest Consumer Expectations Survey (CES) of the Bangko
Sentral ng Pilipinas (BSP).
The central bank said over the weekend that almost 70 percent of the
households (68.8 percent) surveyed allocated their remittances for
education, 65.5 percent for medical payments and 44.1 percent for debt
payments.
Rosabel Guerrero, director of the BSP-Department of Economic Statistics
said that "the percentage of OFW households that utilized their
remittances for savings increased to 39.5 percent [from 36.8 percent in
third quarter 2012], while those that apportioned part of their
remittances for investment [i.e., business capital or stocks] declined
to 3.1 percent [from 4.9 percent in third quarter 2012 survey]."
"Also, the percentage that utilized part of their remittances to
purchase consumer durables, houses and lots, and motor vehicles
decreased compared to the previous quarter's results," she added.
However, the survey further noted that consumers had a more favorable
view on the employment situation as the unemployment rate index dropped
to 40.7 percent from 46.8 percent in third quarter 2012.
Guerrero added that fewer respondents expected interest rates and prices
to go up in the next 12 months.
"Respondents anticipated inflation to decline to 7 percent from 7.5
percent in third quarter 2012, reflecting their outlook of more stable
prices for the next quarter and the year ahead. These are consistent
with the declining trend in inflation figures for fourth quarter 2012
relative to third quarter 2012," she said.
Meanwhile, BSP added that consumers anticipate that the peso would
continue to appreciate against the US dollar in the year ahead, in line
with expectations of continued strong inflows of foreign exchange from
foreign direct and portfolio investments and business process
outsourcing services.
For fourth quarter 2012, the CES was conducted during the period October
1 to 12, 2012 with a total sample size of 5,789 households, of which
2,961 (51.1 percent) were from the National Capital Region (Metro
Manila) and 2,828 (48.9 percent) from the areas outside the NCR.
--
---------------------------------------------------------------------
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, December 12, 2012
PH gets addt'l $100-M from WB for CCT program
PH gets addt'l $100-M from WB for CCT program
ABS-CBNnews.com
Posted at 12/12/2012 12:24 PM | Updated as of 12/12/2012 12:25 PM
MANILA, Philippines - The World Bank has extended an additional $100
million for the Philippines' conditional cash transfer (CCT) program.
"Close to 200,000 more poor households will have cash incentives to keep
their children in school and in good health with the approval today of
the $100 million additional financing for the Philippines' conditional
cash transfer program," World Bank said in a statement on Wednesday.
Around 3 million Filipino households receive subsidies from the CCT
program dubbed as Pantawid Pamilya, which is part of the Department of
Social Welfare and Development's (DSWD) social welfare and development
reform project.
Families included in the Pantawid Pamilya are to keep their children
ages 0 to 14 in school and to bring them to health clinics for regular
check-ups. Pregnant women are also asked to get proper pre-natal and
post-natal care, with their deliveries expected to be attended by health
professionals.
"International experience shows that CCT contributes towards reducing
inequality. Combined with high and sustained economic growth, CCT as a
form of social safety net provides an equitable foundation for inclusive
growth - growth that works for the poor," Motoo Konishi, WB country
director for the Philippines, said in a statement.
"Over 30 countries worldwide are implementing CCT programs. These kinds
of initiatives are among the fastest growing social safety net programs
in the world today," he added.
DSWD Secretary Corazon "Dinky" Soliman, for her part, welcomed the
additional financing for the CCT program.
"The additional financing for Pantawid Pamilya will enable us to expand
the program and include more poor households who are vulnerable and
marginalized. Pantawid Pamilya helps poor households meet their
immediate needs including food, but it's also our society's investment
in the education and health of our children," she said in the statement.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
ABS-CBNnews.com
Posted at 12/12/2012 12:24 PM | Updated as of 12/12/2012 12:25 PM
MANILA, Philippines - The World Bank has extended an additional $100
million for the Philippines' conditional cash transfer (CCT) program.
"Close to 200,000 more poor households will have cash incentives to keep
their children in school and in good health with the approval today of
the $100 million additional financing for the Philippines' conditional
cash transfer program," World Bank said in a statement on Wednesday.
Around 3 million Filipino households receive subsidies from the CCT
program dubbed as Pantawid Pamilya, which is part of the Department of
Social Welfare and Development's (DSWD) social welfare and development
reform project.
Families included in the Pantawid Pamilya are to keep their children
ages 0 to 14 in school and to bring them to health clinics for regular
check-ups. Pregnant women are also asked to get proper pre-natal and
post-natal care, with their deliveries expected to be attended by health
professionals.
"International experience shows that CCT contributes towards reducing
inequality. Combined with high and sustained economic growth, CCT as a
form of social safety net provides an equitable foundation for inclusive
growth - growth that works for the poor," Motoo Konishi, WB country
director for the Philippines, said in a statement.
"Over 30 countries worldwide are implementing CCT programs. These kinds
of initiatives are among the fastest growing social safety net programs
in the world today," he added.
DSWD Secretary Corazon "Dinky" Soliman, for her part, welcomed the
additional financing for the CCT program.
"The additional financing for Pantawid Pamilya will enable us to expand
the program and include more poor households who are vulnerable and
marginalized. Pantawid Pamilya helps poor households meet their
immediate needs including food, but it's also our society's investment
in the education and health of our children," she said in the statement.
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
CRS to launch marketing project for Mindanao farmers
CRS to launch marketing project for Mindanao farmers
Thursday, June 7, 2012
THE Catholic Relief Services (CRS) will launch Friday a three-year
resource strengthening and marketing project to benefit 32,000 farmers
in seven provinces in Mindanao.
The implementation of the "Farmer Alliances for Resource Strengthening
and Marketing" or Farm project of CRS will have its formal start on the
said date at the Apo View Hotel this city.
With funding from the United States Department of Agriculture (USDA),
Farm will assist its target farmer-beneficiaries in the provinces of
Misamis Oriental, North Cotabato, Maguindanao, Sultan Kudarat,
Sarangani, Davao del Sur, and Bukidnon.
Ryan Russell, CRS head of office, said the project intends to increase
agricultural production in rice, cacao, coffee and vegetables; enable
access to small rural infrastructures; and enhance linkages to greater
market opportunities.
CRS will implement the project with local NGO partners, academic
institutions, micro-finance institutions, and government line agencies,
Russell stated.
At the launching, there will be a Memoranda of Agreement (MOA) signing
involving CRS and eight sub-recipient agencies from the non-government
organizations and academe that will serve as direct implementing
partners for the Farm project.
The expected guests at the event are the following: Rene Guarin, CRS
program manager for operations; Joseph Curry, CRS country
representative; Philip Shull, USDA agricultural counselor; and Pedro
Terry Tuason III, CRS senior program manager.
Senator Francis Pangilinan and officials from the Department of
Agriculture (DA), Department of Agrarian Reform (DAR), Mindanao
Development Authority (MinDA) and the National Livelihood Development
Corp. (NLDC) are also expected to grace the event.
Partner NGOs and private firms such as Nestle Philippines, MARS
Chocolate, and the Agricultural Cooperative Development
International/Volunteers in Overseas Cooperative Assistance (ACDI/VOCA)
are also part of the launching.
According to its primer, CRS is the international humanitarian agency of
the Catholic community in the United States that provides assistance to
people in more than 100 countries and territories based on need,
regardless of race and nationality or creed.
CRS has been in the Philippines since 1945. (PIA)
--
---------------------------------------------------------------------
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, June 7, 2012
THE Catholic Relief Services (CRS) will launch Friday a three-year
resource strengthening and marketing project to benefit 32,000 farmers
in seven provinces in Mindanao.
The implementation of the "Farmer Alliances for Resource Strengthening
and Marketing" or Farm project of CRS will have its formal start on the
said date at the Apo View Hotel this city.
With funding from the United States Department of Agriculture (USDA),
Farm will assist its target farmer-beneficiaries in the provinces of
Misamis Oriental, North Cotabato, Maguindanao, Sultan Kudarat,
Sarangani, Davao del Sur, and Bukidnon.
Ryan Russell, CRS head of office, said the project intends to increase
agricultural production in rice, cacao, coffee and vegetables; enable
access to small rural infrastructures; and enhance linkages to greater
market opportunities.
CRS will implement the project with local NGO partners, academic
institutions, micro-finance institutions, and government line agencies,
Russell stated.
At the launching, there will be a Memoranda of Agreement (MOA) signing
involving CRS and eight sub-recipient agencies from the non-government
organizations and academe that will serve as direct implementing
partners for the Farm project.
The expected guests at the event are the following: Rene Guarin, CRS
program manager for operations; Joseph Curry, CRS country
representative; Philip Shull, USDA agricultural counselor; and Pedro
Terry Tuason III, CRS senior program manager.
Senator Francis Pangilinan and officials from the Department of
Agriculture (DA), Department of Agrarian Reform (DAR), Mindanao
Development Authority (MinDA) and the National Livelihood Development
Corp. (NLDC) are also expected to grace the event.
Partner NGOs and private firms such as Nestle Philippines, MARS
Chocolate, and the Agricultural Cooperative Development
International/Volunteers in Overseas Cooperative Assistance (ACDI/VOCA)
are also part of the launching.
According to its primer, CRS is the international humanitarian agency of
the Catholic community in the United States that provides assistance to
people in more than 100 countries and territories based on need,
regardless of race and nationality or creed.
CRS has been in the Philippines since 1945. (PIA)
--
---------------------------------------------------------------------
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
--------------------------------------------------------------------
Tuesday, December 11, 2012
PHL must sustain 6% to 8% growth for a decade to eradicate poverty
PHL must sustain 6% to 8% growth for a decade to eradicate poverty
Published on Monday, 10 December 2012 20:50 Written by Butch Fernandez /
Reporter
SEN. Francis Pangilinan on Monday underscored the need for "inclusive
and sustainable growth" as the Aquino administration continues to rally
support for good governance and fiscal measures, buoyed by the
7.1-percent growth in the third quarter of 2012.
"While there is cause for us to be thankful for the 7.1-percent growth
experienced in the third quarter, we must be mindful that we have been
there before," Pangilinan said even as he added that "more than simply
reaching such growth rates from time to time is the question of
sustaining it."
In a statement, the senator acknowledged the elation of administration
officials following reports that the resurgent economy was recently
recorded as the second-fastest growing in Asia next only to China, which
grew by 7.7 percent in the third quarter of 2012.
Pangilinan said that the growth was fueled by "the robust performances
of transport, storage and communication, financial intermediation and
real estate."
The business-process outsourcing, manufacturing, construction and
agriculture industries also contributed largely to this growth, coupled
with higher remittances from overseas Filipino workers and increased
domestic consumption, he added.
The senator suggested that the country needs "at least a decade of
6-percent to 8-percent growth to truly eradicate poverty."
"To do this we must create jobs here at home and increase incomes of the
poorest of the poor in key sectors such as agriculture, tourism and
infrastructure. Only then can we ensure growth that is both inclusive
and sustainable," he said.
Pangilinan chairs the Senate Committees on Agriculture and Food, and
Social Justice, Welfare, and Rural Development which is crafting
remedial legislation that would pave the way for increased investments
in agriculture and social safety nets for farmers, fisherfolk, and
marginalized workers "in order to increase incomes and improve the
overall quality of life for millions of Filipinos," he 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 Monday, 10 December 2012 20:50 Written by Butch Fernandez /
Reporter
SEN. Francis Pangilinan on Monday underscored the need for "inclusive
and sustainable growth" as the Aquino administration continues to rally
support for good governance and fiscal measures, buoyed by the
7.1-percent growth in the third quarter of 2012.
"While there is cause for us to be thankful for the 7.1-percent growth
experienced in the third quarter, we must be mindful that we have been
there before," Pangilinan said even as he added that "more than simply
reaching such growth rates from time to time is the question of
sustaining it."
In a statement, the senator acknowledged the elation of administration
officials following reports that the resurgent economy was recently
recorded as the second-fastest growing in Asia next only to China, which
grew by 7.7 percent in the third quarter of 2012.
Pangilinan said that the growth was fueled by "the robust performances
of transport, storage and communication, financial intermediation and
real estate."
The business-process outsourcing, manufacturing, construction and
agriculture industries also contributed largely to this growth, coupled
with higher remittances from overseas Filipino workers and increased
domestic consumption, he added.
The senator suggested that the country needs "at least a decade of
6-percent to 8-percent growth to truly eradicate poverty."
"To do this we must create jobs here at home and increase incomes of the
poorest of the poor in key sectors such as agriculture, tourism and
infrastructure. Only then can we ensure growth that is both inclusive
and sustainable," he said.
Pangilinan chairs the Senate Committees on Agriculture and Food, and
Social Justice, Welfare, and Rural Development which is crafting
remedial legislation that would pave the way for increased investments
in agriculture and social safety nets for farmers, fisherfolk, and
marginalized workers "in order to increase incomes and improve the
overall quality of life for millions of Filipinos," he 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
--------------------------------------------------------------------
Sunday, December 2, 2012
Why do many go to pawnshops more than banks?
Why do many go to pawnshops more than banks?
By Michelle V. Remo
6:52 pm | Saturday, December 1st, 2012
CEBUANA Lhuillier has a branch on Chino Roces Avenue. PHOTO BY EDWIN
BELLOSILLO
For many Filipinos, pawning jewelry at a neighborhood pawnshop has been
the most common and quickest way to address an urgent need for
relatively small amounts of cash.
Compared with banks, pawnshops do not impose as many documentary
requirements before releasing cash to customers. Moreover, the latter
are more accessible, as they may be found even in remote areas where
banks do not operate.
But despite the essential role these financial-service providers play,
pawnshops still suffer from a bad reputation of preying on middle- and
low-income Filipinos. The perception remains that pawnshops have a
tendency to take advantage of people in need of cash through
profiteering, and that many of them are fly-by-night operators that
steal pawned jewelry.
The Bangko Sentral ng Pilipinas, which has a division dedicated to
regulating pawnshops, agrees that the pawnshop industry continues to
suffer a stigma. It admits that it receives complaints involving
pawnshops from time to time, usually in terms of operators that suddenly
disappear without notifying customers about how they could get their
pawned assets back.
The BSP, however, says the proportion of erring pawnshops to the total
number of industry players is miniscule. Ma. Belinda Caraan,
officer-in-charge of the central bank's integrated supervision
department, says the number of pawnshop branches that have been the
subject of complaints is equivalent to less than 5 percent of the
industry's network.
The pawnshop industry has a network of nearly 17,000, which include head
offices and branches. Of the number, about 10,000 are engaged solely in
the pawning business. The rest also operate auxiliary businesses, such
as money changing, remittance facilitation, and bills payment facilitation.
MOA with LGUs
"Until now, there is still the negative view that pawnshops prey on
consumers. We want to help the industry change its image," Caraan tells
SundayBiz.
To do the task, Caraan says, the BSP is intensifying its coordination
with local government units (LGUs) as far as monitoring pawnshops is
concerned.
She says that under a recently updated memorandum of agreement (MOA)
between the central bank and the Department of the Interior on Local
Government (DILG), the two government institutions shall engage in
information sharing for the purpose of better regulation of pawnshops.
Caraan says constant enhancement of regulation, with the aim of bringing
down the number of erring or fraudulent pawnshops to almost zero, will
help improve the public image of the pawnshop industry.
In one of the central bank's latest initiatives, its representatives,
with assistance from LGUs, conducts random visits of pawnshops all over
the country. The BSP targets to cover 500 pawnshops until 2015, and an
even larger number in the succeeding years.
In the spot visits, Caraan says, BSP representatives check if a pawnshop
is duly registered and if it complies with various regulations.
Caraan says most of the pawnshops that have been the subject of
complaints are not registered businesses. She advises people planning to
pawn a property to first check the website of the BSP to see if the
pawnshop to be visited is registered.
Training
The BSP likewise holds training seminars for pawnshop operators and
their staff. She says such training is conducted at least once a month
by BSP personnel all over the country. The training covers a wide range
of topics, including ethical business behaviors, valuation of assets,
and detection of money-laundering activities, among others.
Training helps improve the manner of service delivery by pawnshops,
Caraan says.
"We like people to develop a positive view of pawnshops. We want the
public to perceive pawnshops not only as accessible, but as reliable and
trustworthy providers of financial services," Caraan says.
Service providers
Minda (not her real name), an employee at Palawan Pawnshop in
Mandaluyong City, says in a random interview with SundayBiz that
pawnshops must be perceived positively given the vital role they play in
meeting short-term financial needs of many Filipinos.
"For many Filipinos who are short of cash, pawning is the easiest way to
solve their problem. It is much easier to raise money through pawning
than securing a bank loan," she says in Filipino.
She says the pawnshop she works for receives between one and six
customers, mostly from the neighborhood, pawning jewelry in a day.
Janet, a mother in her 50s and who has been a pawnshop customer, says
pawning has been a reliable means to meet her immediate need for cash.
"For instance, if there is an urgent requirement for house repair and I
fall short of cash, all I have to do is visit the nearest pawnshop,"
Janet says. "It is not advisable to go to a bank and try meeting all its
requirements if what you need is just a small amount of money," she adds.
Expanded role
Because of their wide reach, pawnshops are identified by the BSP as
entities for "financial inclusion." The term refers to the act of making
various financial services (such as payment facilitation, remittance
facilitation, money changing, micro loans, and micro insurance)
accessible even to people in far-flung areas.
A study by the BSP released earlier this year said only two out of 10
Filipinos have bank accounts. The BSP said the information is an
indication that banking services are still mostly concentrated in urban
areas and are not reaching most Filipinos in rural communities.
Caraan says, however, that pawnshops are capable of filling the gap.
Unlike a bank, a pawnshop is much easier to put up. This is the reason
they are much bigger in number compared with banks. While there are
nearly 17,000 pawnshop head offices and branches in the country, there
are only about 9,000 bank head offices and branches.
The wider reach of pawnshops is largely credited to the ease in putting
them up. Compared with a bank, a pawnshop requires less space, less
staff, and needs much less capital (each pawnshop branch is required by
the BSP to have a capitalization of just P100,000), according to Caraan.
"There is a push for financial inclusion, and pawnshops are seen to help
achieve the goal of having more Filipinos access financial services,"
Caraan says.
Some of the auxiliary services that many pawnshops now offer include
remittances facilitation, money changing, and bills payment
facilitation. Moreover, a few also now serve as "cash in-cash out
centers" and offer mobile banking services.
Under the mobile banking concept, an individual may open an electronic
account with a "cash in-cash out center" (which may be a pawnshop) for a
measly amount, usually P100. To open an account, the individual fills
out a form with the cash in-cash out center and registers his cellular
phone number.
Once an account has been opened, the individual may place a deposit by
buying a "mobile phone load" from the cash in-cash out center. He will
then encode details of the "load" to his electronic account using his
cellular phone.
Moreover, an individual with a mobile banking account may also receive
money. If someone (who must also have a mobile banking account) sends
money to the recipient's account, the latter shall be notified through
text. The recipient may then go to a cash in-cash out center to get his
cash.
The BSP said that as the practice of mobile banking further develops,
the number of Filipinos that do not access financial services and that
do not have bank accounts is expected to diminish over the next few years.
Besides providing mobile banking services for low-income Filipinos,
Caraan says, pawnshops in the future may also provide other financial
services. With proper regulatory framework, the BSP believes there is
scope for pawnshops to also sell micro insurance and provide micro
credit, she says.
"They serve the important role of making financial services—and even
more kinds of such services in the future—reach the poor and those who
reside in remote areas. Indeed, pawnshops are important to the economy,"
Caraan says.
--
---------------------------------------------------------------------
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
6:52 pm | Saturday, December 1st, 2012
CEBUANA Lhuillier has a branch on Chino Roces Avenue. PHOTO BY EDWIN
BELLOSILLO
For many Filipinos, pawning jewelry at a neighborhood pawnshop has been
the most common and quickest way to address an urgent need for
relatively small amounts of cash.
Compared with banks, pawnshops do not impose as many documentary
requirements before releasing cash to customers. Moreover, the latter
are more accessible, as they may be found even in remote areas where
banks do not operate.
But despite the essential role these financial-service providers play,
pawnshops still suffer from a bad reputation of preying on middle- and
low-income Filipinos. The perception remains that pawnshops have a
tendency to take advantage of people in need of cash through
profiteering, and that many of them are fly-by-night operators that
steal pawned jewelry.
The Bangko Sentral ng Pilipinas, which has a division dedicated to
regulating pawnshops, agrees that the pawnshop industry continues to
suffer a stigma. It admits that it receives complaints involving
pawnshops from time to time, usually in terms of operators that suddenly
disappear without notifying customers about how they could get their
pawned assets back.
The BSP, however, says the proportion of erring pawnshops to the total
number of industry players is miniscule. Ma. Belinda Caraan,
officer-in-charge of the central bank's integrated supervision
department, says the number of pawnshop branches that have been the
subject of complaints is equivalent to less than 5 percent of the
industry's network.
The pawnshop industry has a network of nearly 17,000, which include head
offices and branches. Of the number, about 10,000 are engaged solely in
the pawning business. The rest also operate auxiliary businesses, such
as money changing, remittance facilitation, and bills payment facilitation.
MOA with LGUs
"Until now, there is still the negative view that pawnshops prey on
consumers. We want to help the industry change its image," Caraan tells
SundayBiz.
To do the task, Caraan says, the BSP is intensifying its coordination
with local government units (LGUs) as far as monitoring pawnshops is
concerned.
She says that under a recently updated memorandum of agreement (MOA)
between the central bank and the Department of the Interior on Local
Government (DILG), the two government institutions shall engage in
information sharing for the purpose of better regulation of pawnshops.
Caraan says constant enhancement of regulation, with the aim of bringing
down the number of erring or fraudulent pawnshops to almost zero, will
help improve the public image of the pawnshop industry.
In one of the central bank's latest initiatives, its representatives,
with assistance from LGUs, conducts random visits of pawnshops all over
the country. The BSP targets to cover 500 pawnshops until 2015, and an
even larger number in the succeeding years.
In the spot visits, Caraan says, BSP representatives check if a pawnshop
is duly registered and if it complies with various regulations.
Caraan says most of the pawnshops that have been the subject of
complaints are not registered businesses. She advises people planning to
pawn a property to first check the website of the BSP to see if the
pawnshop to be visited is registered.
Training
The BSP likewise holds training seminars for pawnshop operators and
their staff. She says such training is conducted at least once a month
by BSP personnel all over the country. The training covers a wide range
of topics, including ethical business behaviors, valuation of assets,
and detection of money-laundering activities, among others.
Training helps improve the manner of service delivery by pawnshops,
Caraan says.
"We like people to develop a positive view of pawnshops. We want the
public to perceive pawnshops not only as accessible, but as reliable and
trustworthy providers of financial services," Caraan says.
Service providers
Minda (not her real name), an employee at Palawan Pawnshop in
Mandaluyong City, says in a random interview with SundayBiz that
pawnshops must be perceived positively given the vital role they play in
meeting short-term financial needs of many Filipinos.
"For many Filipinos who are short of cash, pawning is the easiest way to
solve their problem. It is much easier to raise money through pawning
than securing a bank loan," she says in Filipino.
She says the pawnshop she works for receives between one and six
customers, mostly from the neighborhood, pawning jewelry in a day.
Janet, a mother in her 50s and who has been a pawnshop customer, says
pawning has been a reliable means to meet her immediate need for cash.
"For instance, if there is an urgent requirement for house repair and I
fall short of cash, all I have to do is visit the nearest pawnshop,"
Janet says. "It is not advisable to go to a bank and try meeting all its
requirements if what you need is just a small amount of money," she adds.
Expanded role
Because of their wide reach, pawnshops are identified by the BSP as
entities for "financial inclusion." The term refers to the act of making
various financial services (such as payment facilitation, remittance
facilitation, money changing, micro loans, and micro insurance)
accessible even to people in far-flung areas.
A study by the BSP released earlier this year said only two out of 10
Filipinos have bank accounts. The BSP said the information is an
indication that banking services are still mostly concentrated in urban
areas and are not reaching most Filipinos in rural communities.
Caraan says, however, that pawnshops are capable of filling the gap.
Unlike a bank, a pawnshop is much easier to put up. This is the reason
they are much bigger in number compared with banks. While there are
nearly 17,000 pawnshop head offices and branches in the country, there
are only about 9,000 bank head offices and branches.
The wider reach of pawnshops is largely credited to the ease in putting
them up. Compared with a bank, a pawnshop requires less space, less
staff, and needs much less capital (each pawnshop branch is required by
the BSP to have a capitalization of just P100,000), according to Caraan.
"There is a push for financial inclusion, and pawnshops are seen to help
achieve the goal of having more Filipinos access financial services,"
Caraan says.
Some of the auxiliary services that many pawnshops now offer include
remittances facilitation, money changing, and bills payment
facilitation. Moreover, a few also now serve as "cash in-cash out
centers" and offer mobile banking services.
Under the mobile banking concept, an individual may open an electronic
account with a "cash in-cash out center" (which may be a pawnshop) for a
measly amount, usually P100. To open an account, the individual fills
out a form with the cash in-cash out center and registers his cellular
phone number.
Once an account has been opened, the individual may place a deposit by
buying a "mobile phone load" from the cash in-cash out center. He will
then encode details of the "load" to his electronic account using his
cellular phone.
Moreover, an individual with a mobile banking account may also receive
money. If someone (who must also have a mobile banking account) sends
money to the recipient's account, the latter shall be notified through
text. The recipient may then go to a cash in-cash out center to get his
cash.
The BSP said that as the practice of mobile banking further develops,
the number of Filipinos that do not access financial services and that
do not have bank accounts is expected to diminish over the next few years.
Besides providing mobile banking services for low-income Filipinos,
Caraan says, pawnshops in the future may also provide other financial
services. With proper regulatory framework, the BSP believes there is
scope for pawnshops to also sell micro insurance and provide micro
credit, she says.
"They serve the important role of making financial services—and even
more kinds of such services in the future—reach the poor and those who
reside in remote areas. Indeed, pawnshops are important to the economy,"
Caraan says.
--
---------------------------------------------------------------------
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
Why Pinoys keep falling for investment scams
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.
--
---------------------------------------------------------------------
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 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.
--
---------------------------------------------------------------------
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 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
--------------------------------------------------------------------
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