BanKO unveils first-ever LGU mobile banking
By Ted P. Torres (The Philippine Star) | Updated August 20, 2013 - 12:00am
And with the help of a technical assistant (TA) grant worth $1.99
million from the United States Agency for International Development
(USAID), the project will simplify payroll distribution for the 300
employees of the local government of Pulilan, Bulacan.
And the cost of paying the water bills for the 10,000 Pulilan households
will fall dramatically, since the residents can use their mobile phones
instead of having to travel to the payment centers.
BanKO is the country's only thrift bank driven by mobile banking
technology. It is a joint undertaking between the Bank of the Philippine
Islands (BPI), Globe Telecommunications (Globe) and Ayala Corp.
BanKO president Teresita B. Tan said that the platform also allows
Pulilan government employees to open a savings account with an interest
rate of three percent, or a one-percent interest rate with free life
insurance.
"It is financial empowerment through mobile technology that will result
in savings for the LGU and the thousands of households using the local
water district," Tan said during the formal launching and activation of
the mobile banking platform in Bulacan last Thursday.
The platform eliminates handling cost of transporting cash from Baliwag
to Pulilan, and it reduces the risk of theft or robbery while payroll is
in-transit in case of field-based employees.
It will result in no average daily balances, no need for vault,
enclosure or security personnel to secure cash, simplified requirements
for opening accounts, and increased access points through ATMs and
neighborhood partner outlets.
For the residents of Pulilan, they do not have to physically go to the
payment centers.
Pulilan Mayor Vicente Esguerra said that some of their residents spend
more than P100 on transportation just to pay their monthly bills. "That
will be eliminated with the mobile payment platform," Esguerra added.
Meanwhile, USAID Philippines Deputy Mission director Reed Aeschliman
said that the agency readily issued a grant worth $1.99 million to get
the project started.
"Pulilan is the first (LGU) in the country to use mobile (banking
technology) for salary and bills payment," Aeschliman said. "In India,
some $18 billion was saved by plugging leakages in salary payments using
mobile payments."
The grant was extended to the Pulilan project as an area, which had a
critical mass in terms of local population, and the presence of large
and small-scale businesses.
Pulilan plays host to 85 micro, small and medium enterprises (MSMEs) and
large enterprises, employing over 6,700. There are more than 20
cooperatives also operating in the area.
Of the total number of businesses, 27 are major manufacturing
businesses, which includes Purina Philippines Inc., Nestle Philippines
Inc, Rebtrade Intl. Corp., Feedmix Specialists, Foster Foods Inc.,
Fisherfarms Inc., Tyson Agro-Ventures, Jockers Food Industry and TJN
Pasalubong Victory Industrial Corp.
Meanwhile, Pulilan government employees and residents can get started
with just P100 initial opening account, of which P50 is the initial cash
in and the balance P50 is for the automated teller machine (ATM) card.
Bank official said that with the mobile money account, the facility
provides several financial services from savings, sending and receiving
money domestically, buying airtime load with rebates, buying
micro-insurance, paying bills from utilities, regular insurance, school
tuition and fees, and some government fees, and cashing in and out
through partner outlets within the community.
BanKO is also working on giving its accountholders access to credit, and
purchase goods using their ATM cards.
Tan said that BanKO would soon be introducing international remittance
services for families with overseas relatives, and domestic money
transfer banking services for all of its existing 380,000 clients.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Saturday, August 24, 2013
Saturday, July 27, 2013
Draft rules for microfinance NGOs out
Draft rules for microfinance NGOs out
Philippine Daily Inquirer
6:00 am | Thursday, July 25th, 2013
The Securities and Exchange Commission has released the draft rules for
nongovernment microfinance organizations as part of broader efforts to
support businesses of low-income households.
MANILA, Philippines—The Securities and Exchange Commission (SEC) has
released the draft rules for nongovernment microfinance organizations as
part of broader efforts to support businesses of low-income households.
The rules, posted on the website of the corporate regulator on
Wednesday, are also seen to bolster consumer protection efforts and
encourage these households to save.
The SEC is seeking comments for the guidelines, which also outline the
requirements needed to establish a microfinance-NGO, sets how their
funds should be allocated and details the needed documentation, as well
as the penalties for violations.
It said covered microfinance organizations may grant loans from P2,000
to a maximum of P150,000 subject to "reasonable and conscionable
imposable interest rates and charges."
The minimum "seed capital" was also set at P150,000 although the SEC has
the discretion to require a larger amount.
In terms of how funds will be allocated, the SEC said 70 percent should
go to direct lending purposes. Moreover, its total investments in real
estate, whether shares of publicly traded firms or "other real
estate-based projects," shall not exceed 25 percent of the
organization's net worth.
Majority of its members must also be Filipino citizens and foreigners
will only be allowed to be a member of the said microfinance firm if the
individual's country "accords reciprocal rights to Filipinos."
For those microfinance firms already operating and currently
non-compliant with this rule, the SEC will give them one year to do so
after the rules become effective.
Failure to comply means the microfinance organization will be suspended,
after due notice and a hearing, for a period of 30 days.
These organizations, which are non-stock and non-profit entities, make
use of alternative credit schemes and simplified loan application
procedures. The goal is to grant loans to the "poor and low-income
households for their microenterprises and small businesses, to enable
them to raise their living standards.—Miguel R. Camus
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Philippine Daily Inquirer
6:00 am | Thursday, July 25th, 2013
The Securities and Exchange Commission has released the draft rules for
nongovernment microfinance organizations as part of broader efforts to
support businesses of low-income households.
MANILA, Philippines—The Securities and Exchange Commission (SEC) has
released the draft rules for nongovernment microfinance organizations as
part of broader efforts to support businesses of low-income households.
The rules, posted on the website of the corporate regulator on
Wednesday, are also seen to bolster consumer protection efforts and
encourage these households to save.
The SEC is seeking comments for the guidelines, which also outline the
requirements needed to establish a microfinance-NGO, sets how their
funds should be allocated and details the needed documentation, as well
as the penalties for violations.
It said covered microfinance organizations may grant loans from P2,000
to a maximum of P150,000 subject to "reasonable and conscionable
imposable interest rates and charges."
The minimum "seed capital" was also set at P150,000 although the SEC has
the discretion to require a larger amount.
In terms of how funds will be allocated, the SEC said 70 percent should
go to direct lending purposes. Moreover, its total investments in real
estate, whether shares of publicly traded firms or "other real
estate-based projects," shall not exceed 25 percent of the
organization's net worth.
Majority of its members must also be Filipino citizens and foreigners
will only be allowed to be a member of the said microfinance firm if the
individual's country "accords reciprocal rights to Filipinos."
For those microfinance firms already operating and currently
non-compliant with this rule, the SEC will give them one year to do so
after the rules become effective.
Failure to comply means the microfinance organization will be suspended,
after due notice and a hearing, for a period of 30 days.
These organizations, which are non-stock and non-profit entities, make
use of alternative credit schemes and simplified loan application
procedures. The goal is to grant loans to the "poor and low-income
households for their microenterprises and small businesses, to enable
them to raise their living standards.—Miguel R. Camus
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Tuesday, July 23, 2013
Rural bankers thank PNoy for foreign equity law
Rural bankers thank PNoy for foreign equity law
July 23, 2013 4:01pm
Sound economic policies of the Aquino administration will result in a
significant amount of foreign investments in the long run, a group of
rural bankers said Tuesday, a day after President Benigno Aquino III
delivered his fourth State of the Nation Address (SONA).
In a statement, the Rural Bankers Association of the Philippines (RBAP)
thanked Aquino for enacting the foreign equity law, which gives
non-Filipino investors opportunity to own, acquire or purchase up to 60
percent of voting stocks in rural banks.
"As these happen, a favorable economic environment in the countryside
can be made as foreign investors now have the option to infuse
additional capital to rural banks especially now that we have the
Foreign Equity Law in place," said Vittorio Almario, the newly elected
RBAP president.
Enacted in May, Republic Act 10574 or "An Act Allowing the Infusion of
Foreign Equity in the Capital of Rural Banks, Amending RA 7353,
Otherwise Known as the Rural Bank Act of 1992 as amended and For Other
Purposes," lifted the limit on bank ownership that has been a hindrance
for the expansion of operations of rural banks for more than two decades.
Under the law, non-Filipino investors are now allowed to own, acquire or
purchase up to 60 percent of voting stocks in rural banks, provided that
the percentage of foreign-owned stocks will be determined by the
citizenship of the individual or corporate stockholders of the bank.
"We are grateful for the able leadership of President Aquino for being
supportive to the rural development through enactment of such laws. RBAP
will remain one with its goal of fostering inclusive economic growth
particularly in the countryside," Almario said.
With the country consistently receiving positive ratings and economic
outlooks from international financial institutions such as the World
Bank, Moody's Investor Service, and Fitch Ratings, Almario considered it
a "good signal" to attract more foreign investors as these reflect a
stable economy. — KBK, GMA News
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
July 23, 2013 4:01pm
Sound economic policies of the Aquino administration will result in a
significant amount of foreign investments in the long run, a group of
rural bankers said Tuesday, a day after President Benigno Aquino III
delivered his fourth State of the Nation Address (SONA).
In a statement, the Rural Bankers Association of the Philippines (RBAP)
thanked Aquino for enacting the foreign equity law, which gives
non-Filipino investors opportunity to own, acquire or purchase up to 60
percent of voting stocks in rural banks.
"As these happen, a favorable economic environment in the countryside
can be made as foreign investors now have the option to infuse
additional capital to rural banks especially now that we have the
Foreign Equity Law in place," said Vittorio Almario, the newly elected
RBAP president.
Enacted in May, Republic Act 10574 or "An Act Allowing the Infusion of
Foreign Equity in the Capital of Rural Banks, Amending RA 7353,
Otherwise Known as the Rural Bank Act of 1992 as amended and For Other
Purposes," lifted the limit on bank ownership that has been a hindrance
for the expansion of operations of rural banks for more than two decades.
Under the law, non-Filipino investors are now allowed to own, acquire or
purchase up to 60 percent of voting stocks in rural banks, provided that
the percentage of foreign-owned stocks will be determined by the
citizenship of the individual or corporate stockholders of the bank.
"We are grateful for the able leadership of President Aquino for being
supportive to the rural development through enactment of such laws. RBAP
will remain one with its goal of fostering inclusive economic growth
particularly in the countryside," Almario said.
With the country consistently receiving positive ratings and economic
outlooks from international financial institutions such as the World
Bank, Moody's Investor Service, and Fitch Ratings, Almario considered it
a "good signal" to attract more foreign investors as these reflect a
stable economy. — KBK, GMA News
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Saturday, July 20, 2013
Why does Kenya lead the world in mobile money?
Why does Kenya lead the world in mobile money?
May 27th 2013, 23:50 by T.S.
PAYING for a taxi ride using your mobile phone is easier in Nairobi than
it is in New York, thanks to Kenya's world-leading mobile-money system,
M-PESA. Launched in 2007 by Safaricom, the country's largest
mobile-network operator, it is now used by over 17m Kenyans, equivalent
to more than two-thirds of the adult population; around 25% of the
country's gross national product flows through it. M-PESA lets people
transfer cash using their phones, and is by far the most successful
scheme of its type on earth. Why does Kenya lead the world in mobile money?
M-PESA was originally designed as a system to allow microfinance-loan
repayments to be made by phone, reducing the costs associated with
handling cash and thus making possible lower interest rates. But after
pilot testing it was broadened to become a general money-transfer
scheme. Once you have signed up, you pay money into the system by
handing cash to one of Safaricom's 40,000 agents (typically in a corner
shop selling airtime), who credits the money to your M-PESA account. You
withdraw money by visiting another agent, who checks that you have
sufficient funds before debiting your account and handing over the cash.
You can also transfer money to others using a menu on your phone. Cash
can thus be sent one place to another more quickly, safely and easily
than taking bundles of in person, or asking others to carry it for you.
This is particularly useful in a country where many workers in cities
send money back home to their families in rural villages. Electronic
transfers save people time, freeing them to do other, more productive
things instead.
Dozens of mobile-money systems have been launched, so why has Kenya's
been the most successful? It had several factors in its favour,
including the exceptionally high cost of sending money by other methods;
the dominant market position of Safaricom; the regulator's initial
decision to allow the scheme to proceed on an experimental basis,
without formal approval; a clear and effective marketing campaign ("Send
money home"); an efficient system to move cash around behind the scenes;
and, most intriguingly, the post-election violence in the country in
early 2008. M-PESA was used to transfer money to people trapped in
Nairobi's slums at the time, and some Kenyans regarded M-PESA as a safer
place to store their money than the banks, which were entangled in
ethnic disputes. Having established a base of initial users, M-PESA then
benefitted from network effects: the more people who used it, the more
it made sense for others to sign up for it.
M-PESA has since been extended to offer loans and savings products, and
can also be used to disburse salaries or pay bills, which saves users
further time and money (because they do not need to waste hours queuing
up at the bank). One study found that in rural Kenyan households that
adopted M-PESA, incomes increased by 5-30%. In addition, the
availability of a reliable mobile-payments platform has spawned a host
of start-ups in Nairobi, whose business models build on M-PESA's
foundations. Mobile-money schemes in other countries, meanwhile, have
been held up by opposition from banks and regulators and concerns over
money-laundering. But M-PESA is starting to do well in other countries,
including Tanzania and Afghanistan, and last month it was launched in
India. At the same time, operators in some other countries are doing an
increasingly good job of imitating it. Some of the factors behind
Kenya's lead cannot be copied; but many of them can, which means it
should eventually be possible for other countries to follow Kenya's
pioneering example.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
May 27th 2013, 23:50 by T.S.
PAYING for a taxi ride using your mobile phone is easier in Nairobi than
it is in New York, thanks to Kenya's world-leading mobile-money system,
M-PESA. Launched in 2007 by Safaricom, the country's largest
mobile-network operator, it is now used by over 17m Kenyans, equivalent
to more than two-thirds of the adult population; around 25% of the
country's gross national product flows through it. M-PESA lets people
transfer cash using their phones, and is by far the most successful
scheme of its type on earth. Why does Kenya lead the world in mobile money?
M-PESA was originally designed as a system to allow microfinance-loan
repayments to be made by phone, reducing the costs associated with
handling cash and thus making possible lower interest rates. But after
pilot testing it was broadened to become a general money-transfer
scheme. Once you have signed up, you pay money into the system by
handing cash to one of Safaricom's 40,000 agents (typically in a corner
shop selling airtime), who credits the money to your M-PESA account. You
withdraw money by visiting another agent, who checks that you have
sufficient funds before debiting your account and handing over the cash.
You can also transfer money to others using a menu on your phone. Cash
can thus be sent one place to another more quickly, safely and easily
than taking bundles of in person, or asking others to carry it for you.
This is particularly useful in a country where many workers in cities
send money back home to their families in rural villages. Electronic
transfers save people time, freeing them to do other, more productive
things instead.
Dozens of mobile-money systems have been launched, so why has Kenya's
been the most successful? It had several factors in its favour,
including the exceptionally high cost of sending money by other methods;
the dominant market position of Safaricom; the regulator's initial
decision to allow the scheme to proceed on an experimental basis,
without formal approval; a clear and effective marketing campaign ("Send
money home"); an efficient system to move cash around behind the scenes;
and, most intriguingly, the post-election violence in the country in
early 2008. M-PESA was used to transfer money to people trapped in
Nairobi's slums at the time, and some Kenyans regarded M-PESA as a safer
place to store their money than the banks, which were entangled in
ethnic disputes. Having established a base of initial users, M-PESA then
benefitted from network effects: the more people who used it, the more
it made sense for others to sign up for it.
M-PESA has since been extended to offer loans and savings products, and
can also be used to disburse salaries or pay bills, which saves users
further time and money (because they do not need to waste hours queuing
up at the bank). One study found that in rural Kenyan households that
adopted M-PESA, incomes increased by 5-30%. In addition, the
availability of a reliable mobile-payments platform has spawned a host
of start-ups in Nairobi, whose business models build on M-PESA's
foundations. Mobile-money schemes in other countries, meanwhile, have
been held up by opposition from banks and regulators and concerns over
money-laundering. But M-PESA is starting to do well in other countries,
including Tanzania and Afghanistan, and last month it was launched in
India. At the same time, operators in some other countries are doing an
increasingly good job of imitating it. Some of the factors behind
Kenya's lead cannot be copied; but many of them can, which means it
should eventually be possible for other countries to follow Kenya's
pioneering example.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Friday, July 19, 2013
CCT Government Program: Benefits for Filipino mothers, children
Government Program: Benefits for Filipino mothers, children
Published: July 19, 2013
Pantawid Pamilyang Pilipino Program (4Ps), the Philippines' Conditional
Cash Transfer (CCT) program, has been cited by the Asian Development
Bank (ADB), for reaching 3,912,718 Filipino household-beneficiaries in
1,605 cities and towns in 79 provinces nationwide as of May, 2013. The
program is targeting to reach 5.2 million families by 2015.
The ADB report said the program has been successful at helping the poor.
An evaluation of the program released on March 4, 2013, reported
increased preschool, elementary, and high school enrollments among poor
families, with beneficiary households spending more on health and
education. More beneficiary women attend prenatal and postnatal care and
beneficiary children under the age of five eat more nutritious food, the
ADB reported.
The evaluation by the World Bank, the Asian Development Bank, the
Australian Agency for International Development, and Social Weather
Stations was the result of over a year of data collection and analysis.
It was the first of a three-round series of monitoring and evaluation to
gather solid evidence on benefits from the 4Ps program at various stages.
4Ps has two components: health and education. Under health, it provides
R6,000 a year to each family for health and nutrition. Under education,
R3,000 is given per child, a maximum of three children per family, aged
0-14 years, for each school year to meet their expenses. Beneficiary
families take part in "family development" sessions, to discuss issues
on parenting, gender fairness, child rearing, household management,
health and nutrition. The maximum assistance period for a family is five
years. By December 31, 2013, some 321,000 beneficiaries will have
graduated from 4Ps, but they will continue to be assisted by government
with livelihood schemes.
We congratulate the Department of Social Welfare and Development, headed
by Secretary Corazon J. Soliman, other Officers and Personnel, in their
collective efforts to ensure that social protection programs help uplift
the quality of life of majority of Filipinos, especially in rural
communities in the Republic of the Philippines. CONGRATULATIONS AND MABUHAY!
Published: July 19, 2013
Pantawid Pamilyang Pilipino Program (4Ps), the Philippines' Conditional
Cash Transfer (CCT) program, has been cited by the Asian Development
Bank (ADB), for reaching 3,912,718 Filipino household-beneficiaries in
1,605 cities and towns in 79 provinces nationwide as of May, 2013. The
program is targeting to reach 5.2 million families by 2015.
The ADB report said the program has been successful at helping the poor.
An evaluation of the program released on March 4, 2013, reported
increased preschool, elementary, and high school enrollments among poor
families, with beneficiary households spending more on health and
education. More beneficiary women attend prenatal and postnatal care and
beneficiary children under the age of five eat more nutritious food, the
ADB reported.
The evaluation by the World Bank, the Asian Development Bank, the
Australian Agency for International Development, and Social Weather
Stations was the result of over a year of data collection and analysis.
It was the first of a three-round series of monitoring and evaluation to
gather solid evidence on benefits from the 4Ps program at various stages.
4Ps has two components: health and education. Under health, it provides
R6,000 a year to each family for health and nutrition. Under education,
R3,000 is given per child, a maximum of three children per family, aged
0-14 years, for each school year to meet their expenses. Beneficiary
families take part in "family development" sessions, to discuss issues
on parenting, gender fairness, child rearing, household management,
health and nutrition. The maximum assistance period for a family is five
years. By December 31, 2013, some 321,000 beneficiaries will have
graduated from 4Ps, but they will continue to be assisted by government
with livelihood schemes.
We congratulate the Department of Social Welfare and Development, headed
by Secretary Corazon J. Soliman, other Officers and Personnel, in their
collective efforts to ensure that social protection programs help uplift
the quality of life of majority of Filipinos, especially in rural
communities in the Republic of the Philippines. CONGRATULATIONS AND MABUHAY!
DOH admits shortage of rural doctors
DOH admits shortage of rural doctors
BUTUAN CITY, Philippines – He has taken to dancing to promote the various programs of the Department of Health (DOH), among them the campaign against firecrackers, dengue and obesity.
But Health Assistant Secretary Eric Tayag said he could not dance away the lack of doctors, nurses and other medical personnel in government hospitals in the provinces.
To the tune of Gangnam Style, Tayag danced again during the launch of the vaccination program dubbed “DOHbol Time Laban sa Pneumonia” here yesterday.
Butuan City was chosen by the DOH and the World Health Organization as the venue for the launching of the country’s first vaccination program against pneumonia for infants.
When asked by Butuan City Mayor Ferdinand Amante during a press conference if he could help solve the lack of doctors and other medical personnel at the Butuan Medical Center (BMC) here, Tayag replied: “This kind of problem is so heavy I can’t dance.”
Amante noted that BMC was designed as a 50- to 70-bed hospital but due to the influx of patients, including from middle class families, they are accommodating 200 patients or more.
“We are having problems because most doctors at BMC are only visiting doctors or in private practice,” he said.
“I hope you and (Health) Secretary (Enrique) Ona can help us by providing BMC medical doctors,” Amante told Tayag.
-- ----------------------------------------------------------- CARLOS ANI - DEVJOBS INFORMATION SERVICE # 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033 Philippines Emails: carlosani@gmail.com Cellphone Numbers: +63908-1737072 (Smart) +63926-4644235 (Globe) +63933-4298481 (Sun) My Websites: CARLOSANI.COM - http://www.carlosani.com DEVJOBS - http://www.devjobsmail.com PHILDEVFINANCE - http://phildevfinance.blogspot.com Family website - http://www.anifamily.net FACEBOOK - HTTP://WWW.facebook/anicarlos Send private messages to anicarlos@facebook.com Skype name: carlosaniph ----------------------------------------------------------
Wednesday, July 17, 2013
Savings exceed micro-loans in the Philippines
The total savings portfolio of the Philippine microfinance industry is greater than its total loan portfolio for the first time. News of the achievement came in an announcement last week from Amando M. Tetangco, Governor of the country’s central bank at the launch of the 11th Citi Microentrepreneurship Awards. During the first quarter of this year, the total savings of the country’s 1 million microfinance clients reached P8.2 billion (US$ 189 million), while their total loans were P8 billion (US$ 184 million). This is a dramatic surge in savings compared to the end of 2012, when industry totals were P6.4 billion in savings, and P8.4 billion in loans. These numbers suggest that as clients take out and repay loans, they’re able to sustain savings levels.
In The Economist Intelligence Unit’s 2012 Microscope on Microfinance, the Philippines was ranked as the fourth best microfinance business environment in the world, and as the microfinance environment with the best regulatory framework and practices. Last month the government enacted new legislation allowing foreign entities to hold up to 60 percent equity in the country’s government-sponsored rural banks, with the aim to further promote economic development in rural areas. The opportunity for expanding microfinance outreach in the Philippines remains great. Out of the Philippines population of 95 million, 33 percent live below the poverty line, and only 27 percent have an account at a formal financial institution.
-- ----------------------------------------------------------- CARLOS ANI - DEVJOBS INFORMATION SERVICE # 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033 Philippines Emails: carlosani@gmail.com Cellphone Numbers: +63908-1737072 (Smart) +63926-4644235 (Globe) +63933-4298481 (Sun) My Websites: CARLOSANI.COM - http://www.carlosani.com DEVJOBS - http://www.devjobsmail.com PHILDEVFINANCE - http://phildevfinance.blogspot.com Family website - http://www.anifamily.net FACEBOOK - HTTP://WWW.facebook/anicarlos Send private messages to anicarlos@facebook.com Skype name: carlosaniph ----------------------------------------------------------
Friday, July 12, 2013
ADB cites good prospects in PH microfinance
ADB cites good prospects in PH microfinance
By Ted P. Torres, The Philippine Star
Posted at 07/12/2013 8:21 AM | Updated as of 07/12/2013 8:21 AM
MANILA, Philippines - The Asian Development Bank (ADB) has cited as
"highly relevant, highly effective, high efficient, likely sustainable,
and significant" its microfinance project in the Philippines which it
funded through a $150-million loan.
In a report released yesterday, the multilateral funding institution
said it extended a $150-million loan for the country's Microfinance
Development Program in 2005. At the end of the program in 2008, the
number of active microfinance clients in the country doubled from 2.4
million in 2006 to 5.5 million. During the same period, about 2.6
million jobs were created.
The ADB said the program took a wider view of microfinance than simply
lending.
This included helping to increase the number of microfinance
institutions that offered micro-savings and micro-insurance services.
There were six mutual benefit associations (MBA) offering microinsurance
to 518,307 policyholders.
Data from the Bangko Sentral ng Pilipinas (BSP) indicate that there are
four million families responsible for microloans amounting to P41 billion.
"ADB helped the Philippines expand its use of microfinance and learned
some valuable lessons along the way," it said.
Microfinance, or the provision of financial services such as loans to
poor families, is recognized as a potent method of directly improving
the lives of those most in need. When managed correctly, these small
loans can be used to build small businesses and develop other
income-generating activities that have a long-lasting impact.
"The program helped make microfinance institutions in the Philippines
more sustainable by assisting in the adoption of performance standards
by government regulatory agencies and those doing business related to
microfinance," the ADB said.
These standards promoted legal and ethical practices within the
microfinance industry, whose clients can be vulnerable to exploitation.
Working in coordination with the Philippine government, the program
promoted the use of electronic banking, particularly with mobile phone
technology. This lowers costs and saves time for microfinance clients,
who often make multiple small loan payments a month. Rather than
physically visiting a microfinance office, or relying on a go-between,
the client can pay quickly and cheaply using their mobile phone.
It also helped create new legislation, bolster a government regulatory
agency and produced a consumer protection guidebook that helped improve
the oversight of the industry and while increasing the financial
understanding of clients.
There are now 200 banks and another 2,000 microfinance institutions
(MFIs) in the Philippines servicing at least seven million microfinance
clients.
The ADB said the Philippines is considered one of the countries in Asia
with a relatively developed microfinance industry that provides
financial services to the low-income sector.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
By Ted P. Torres, The Philippine Star
Posted at 07/12/2013 8:21 AM | Updated as of 07/12/2013 8:21 AM
MANILA, Philippines - The Asian Development Bank (ADB) has cited as
"highly relevant, highly effective, high efficient, likely sustainable,
and significant" its microfinance project in the Philippines which it
funded through a $150-million loan.
In a report released yesterday, the multilateral funding institution
said it extended a $150-million loan for the country's Microfinance
Development Program in 2005. At the end of the program in 2008, the
number of active microfinance clients in the country doubled from 2.4
million in 2006 to 5.5 million. During the same period, about 2.6
million jobs were created.
The ADB said the program took a wider view of microfinance than simply
lending.
This included helping to increase the number of microfinance
institutions that offered micro-savings and micro-insurance services.
There were six mutual benefit associations (MBA) offering microinsurance
to 518,307 policyholders.
Data from the Bangko Sentral ng Pilipinas (BSP) indicate that there are
four million families responsible for microloans amounting to P41 billion.
"ADB helped the Philippines expand its use of microfinance and learned
some valuable lessons along the way," it said.
Microfinance, or the provision of financial services such as loans to
poor families, is recognized as a potent method of directly improving
the lives of those most in need. When managed correctly, these small
loans can be used to build small businesses and develop other
income-generating activities that have a long-lasting impact.
"The program helped make microfinance institutions in the Philippines
more sustainable by assisting in the adoption of performance standards
by government regulatory agencies and those doing business related to
microfinance," the ADB said.
These standards promoted legal and ethical practices within the
microfinance industry, whose clients can be vulnerable to exploitation.
Working in coordination with the Philippine government, the program
promoted the use of electronic banking, particularly with mobile phone
technology. This lowers costs and saves time for microfinance clients,
who often make multiple small loan payments a month. Rather than
physically visiting a microfinance office, or relying on a go-between,
the client can pay quickly and cheaply using their mobile phone.
It also helped create new legislation, bolster a government regulatory
agency and produced a consumer protection guidebook that helped improve
the oversight of the industry and while increasing the financial
understanding of clients.
There are now 200 banks and another 2,000 microfinance institutions
(MFIs) in the Philippines servicing at least seven million microfinance
clients.
The ADB said the Philippines is considered one of the countries in Asia
with a relatively developed microfinance industry that provides
financial services to the low-income sector.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Monday, July 8, 2013
Microfinance firm sets IPO this month
Microfinance firm sets IPO this month
By Doris C. Dumlao
Philippine Daily Inquirer
5:23 pm | Friday, July 5th, 2013
MANILA, Philippines—AG Finance Inc. has obtained approval from the
Securities and Exchange Commission to embark on an initial public
offering (IPO) worth as much as P149.76 million.
Based on a registration statement approved by the SEC, AG Finance, which
provides microfinance and consumer loans, including those targeting
overseas Filipinos, plans to offer up to 68.07 million shares at a price
range between P1.91 and P2.20 per share.
The offering will bring to public hands about 26 percent of the
company's post-IPO stock. Mandated as issue manager and lead underwriter
is Banco de Oro Unibank's investment banking unit BDO Capital &
Investment Corp.
AG Finance's offering is targeted to run from July 29 to August 2 this
year. IPO price will be finalized by July 24. Its shares are targeted
for listing on the first board of the Philippine Stock Exchange on August 9.
Proceeds will be used to finance the company's professional and skilled
overseas Filipino worker loan portfolio expansion program. About P47
million is targeted for additional disbursement for 2013 through 2014. A
portion of the IPO proceeds will also be used to repay outstanding loans
with China Bank amounting to P37 million that are maturing this month.
As of end-March this year, AG Finance had P280.9 million in loans and
receivables out of P344 million in assets. It has an authorized capital
stock of P550 million.
The microfinance firm, led by Tony King, was established in 2011 to
provide short-term, unsecured credit facilities to permanent
rank-and-file employees of reputable medium-sized companies in the
Philippines. In 2003, AG Finance expanded its market coverage to include
professionals and skilled workers in North America and the Middle East.
AG Finance has since then established operations in 20 countries
targeting overseas Filipinos, with concentration in Australia, Canada
and Middle East. It has 4,000 active borrowers at present.
The microfinance firm provides salary and emergency loans amounting to
P10,000- P50,000 payable over 12 months via salary deductions.
Loans to overseas Filipinos amount to P50,000 and up payable over 12 to
18 months via post-dated checks.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
By Doris C. Dumlao
Philippine Daily Inquirer
5:23 pm | Friday, July 5th, 2013
MANILA, Philippines—AG Finance Inc. has obtained approval from the
Securities and Exchange Commission to embark on an initial public
offering (IPO) worth as much as P149.76 million.
Based on a registration statement approved by the SEC, AG Finance, which
provides microfinance and consumer loans, including those targeting
overseas Filipinos, plans to offer up to 68.07 million shares at a price
range between P1.91 and P2.20 per share.
The offering will bring to public hands about 26 percent of the
company's post-IPO stock. Mandated as issue manager and lead underwriter
is Banco de Oro Unibank's investment banking unit BDO Capital &
Investment Corp.
AG Finance's offering is targeted to run from July 29 to August 2 this
year. IPO price will be finalized by July 24. Its shares are targeted
for listing on the first board of the Philippine Stock Exchange on August 9.
Proceeds will be used to finance the company's professional and skilled
overseas Filipino worker loan portfolio expansion program. About P47
million is targeted for additional disbursement for 2013 through 2014. A
portion of the IPO proceeds will also be used to repay outstanding loans
with China Bank amounting to P37 million that are maturing this month.
As of end-March this year, AG Finance had P280.9 million in loans and
receivables out of P344 million in assets. It has an authorized capital
stock of P550 million.
The microfinance firm, led by Tony King, was established in 2011 to
provide short-term, unsecured credit facilities to permanent
rank-and-file employees of reputable medium-sized companies in the
Philippines. In 2003, AG Finance expanded its market coverage to include
professionals and skilled workers in North America and the Middle East.
AG Finance has since then established operations in 20 countries
targeting overseas Filipinos, with concentration in Australia, Canada
and Middle East. It has 4,000 active borrowers at present.
The microfinance firm provides salary and emergency loans amounting to
P10,000- P50,000 payable over 12 months via salary deductions.
Loans to overseas Filipinos amount to P50,000 and up payable over 12 to
18 months via post-dated checks.
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Send private messages to anicarlos@facebook.com
Skype name: carlosaniph
----------------------------------------------------------
Thursday, June 27, 2013
Neda approves e-trike project, ups budget to P21.67B
Posted on 27 Jun 2013 at 9:09pm
The government, through the National Economic Development Authority
(Neda), has formally approved the roll-out a massive project involving
the deployment of e-tricycles, or e-trikes, all over the country.
The go-signal on the project was given during the recent meeting of the
Neda board with Pres. Benigno S. Aquino III presiding as chair.
At the meeting, the Neda board modified the total project cost with the
additional grant of $4 million (P172.0 million) from the Clean
Technology Fund, from $500 million (P21.50 billion) to $504 million
(P21.67 billion), for the provision of solar charging stations.
The Department of Energy was also named the main agency in charge of the
project, which will be implemented from 2013 to 2017.
The bulk of the funding will come from a loan extended by the Asian
Development Bank (ADB) worth $300 million
--
-----------------------------------------------------------
CARLOS ANI - DEVJOBS INFORMATION SERVICE
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Saturday, June 22, 2013
Aquino signs universal health care law
Aquino signs universal health care law
Posted June 22nd, 2013 | Health | 1 Comments | 653 views
By Noemi M. Gonzales – A Measure providing universal health care was
signed into law by President Benigno S.C. Aquino III.
"All citizens of the Philippines shall be covered by the National Health
Insurance Program," read Republic Act 10606, which amended the National
Health Insurance Act of 1995.
The new law expanded membership in the Philippine Health Insurance Corp.
(Philhealth) to include the informal sector, persons with disabilities
(PWDs), migrant workers and indigents.
At least 80% of Filipinos are now registered to Philhealth.
The government will subsidize the premium contribution of indigent
Philhealth members, while contributions of orphans, abandoned and abused
minors and women and senior citizens under the care of the Department of
Social Welfare and Development shall be included in the agency's annual
budget.
The premium payment of those who do not qualify for full government
subsidy will be shouldered entirely by the local government units (LGUs)
through a cost-sharing mechanism between and among LGUs, district
legislators and private sector donors and enrollees.
Premium payment for househelpers will be paid by their employers as
provided by Republic Act 10361, or the Kasambahay Law.
Moreover, the measure penalizes any accredited health care provider who
commits a violation, abuse, unethical practice or fraudulent act which
tends to undermine or defeat the objectives of this program shall be
punished with a fine of ranging from P50,000 to P100,000 or suspension
of accreditation.
"Any member who commits any violation of this Act independently or in
connivance with the health care provider for purposes of wrongfully
claiming NHIP benefits or entitlement shall be punished with a fine of
not less than P5,000 or suspension from availment of NHIP benefits for
not less than three months but not more than six months, or both, at the
discretion of the Philhealth," the law states.
Employers who fail or refuses to register its employees regardless of
employment status (contractual, casuals, etc.) or to deduct
contributions from the employee's compensation or remit the same to the
corporation shall be meted with a fine of P5,000 multiplied by the
number of affected employees of the firm.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Posted June 22nd, 2013 | Health | 1 Comments | 653 views
By Noemi M. Gonzales – A Measure providing universal health care was
signed into law by President Benigno S.C. Aquino III.
"All citizens of the Philippines shall be covered by the National Health
Insurance Program," read Republic Act 10606, which amended the National
Health Insurance Act of 1995.
The new law expanded membership in the Philippine Health Insurance Corp.
(Philhealth) to include the informal sector, persons with disabilities
(PWDs), migrant workers and indigents.
At least 80% of Filipinos are now registered to Philhealth.
The government will subsidize the premium contribution of indigent
Philhealth members, while contributions of orphans, abandoned and abused
minors and women and senior citizens under the care of the Department of
Social Welfare and Development shall be included in the agency's annual
budget.
The premium payment of those who do not qualify for full government
subsidy will be shouldered entirely by the local government units (LGUs)
through a cost-sharing mechanism between and among LGUs, district
legislators and private sector donors and enrollees.
Premium payment for househelpers will be paid by their employers as
provided by Republic Act 10361, or the Kasambahay Law.
Moreover, the measure penalizes any accredited health care provider who
commits a violation, abuse, unethical practice or fraudulent act which
tends to undermine or defeat the objectives of this program shall be
punished with a fine of ranging from P50,000 to P100,000 or suspension
of accreditation.
"Any member who commits any violation of this Act independently or in
connivance with the health care provider for purposes of wrongfully
claiming NHIP benefits or entitlement shall be punished with a fine of
not less than P5,000 or suspension from availment of NHIP benefits for
not less than three months but not more than six months, or both, at the
discretion of the Philhealth," the law states.
Employers who fail or refuses to register its employees regardless of
employment status (contractual, casuals, etc.) or to deduct
contributions from the employee's compensation or remit the same to the
corporation shall be meted with a fine of P5,000 multiplied by the
number of affected employees of the firm.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Wednesday, June 19, 2013
Soured loans of rural banks reach P127 B in 2012
Soured loans of rural banks reach P127 B in 2012
by Bianca Cuaresma, BusinessMirror
Posted at 06/19/2013 8:26 AM | Updated as of 06/19/2013 8:26 AM
MANILA -- The country's rural banks posted higher "soured" loans in 2012
totaling P127.47 billion, equal to 11.57 percent of aggregate portfolio,
the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.
This was slightly higher than soured or nonperforming loans (NPLs)
totaling only 10.14 percent or P12.26 billion in 2011. This, according
to the BSP, is a reflection of higher risks rural and cooperative
bankers faced, an industry considered nearest the heart of borrowers in
the countryside.
During the period, the BSP said countryside lenders had to contend with
a higher incidence of calamity-induced events such as typhoons, forcing
borrowers to default on their commitments.
These temporary difficulties of rural and cooperative banks translated
to combined NPLs hitting P4.75 billion in 2012.
Still, the BSP said while the ratio of NPLs to the total loan portfolio
rose, provisioning for such losses, formally called loan-loss reserves,
of rural and cooperative banks also rose significantly.
This indicated the banks themselves recognized the need to put up buffer
funds in case the loans are written down and the lenders unnecessarily
exposed.
Provisions for banks' loan loss increased from 50.36 percent in 2011 to
about 61.74 percent in 2012, with banks showing a "heightened prudence
against credit losses," the BSP said in a statement.
"Industry figures indicate that rural banks and cooperative banks
continue to take proactive steps in maintaining the level of their
non-performing ratio as well as coverage ratios," the central bank said
in a statement.
Rural banks alone posted P12.22 billion worth of NPLs or about 10.65
percent of the total loan portfolio by end-2012, a slight increase from
end-2011's figure at 10.32 percent.
Cooperative banks registered a sharper increase of NPL ratio at P2.52
billion by the end of last year largely due to "fortuitous events such
as typhoons Gener, Habagat and Helen," said the BSP. The NPL ratio more
than doubled from 8.58 percent in end-December 2011 to about 19.84
percent last year.
The central bank said it would continuously oversee Philippine banks'
loan system to ensure that they have enough reserves to withstand loss
from nonperforming loans.
"The Bangko Sentral ng Pilipinas continues to proactively monitor the
nonperforming loans of various segments of the banking sector to ensure
that credit-underwriting standards remain high in a low interest-rate
environment," the central bank said.
Rural bank loans comprise 2.74 percent of the Philippine banking
system's total loan portfolio while cooperative bank loans represent 0.3
percent by the end of last year.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
by Bianca Cuaresma, BusinessMirror
Posted at 06/19/2013 8:26 AM | Updated as of 06/19/2013 8:26 AM
MANILA -- The country's rural banks posted higher "soured" loans in 2012
totaling P127.47 billion, equal to 11.57 percent of aggregate portfolio,
the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.
This was slightly higher than soured or nonperforming loans (NPLs)
totaling only 10.14 percent or P12.26 billion in 2011. This, according
to the BSP, is a reflection of higher risks rural and cooperative
bankers faced, an industry considered nearest the heart of borrowers in
the countryside.
During the period, the BSP said countryside lenders had to contend with
a higher incidence of calamity-induced events such as typhoons, forcing
borrowers to default on their commitments.
These temporary difficulties of rural and cooperative banks translated
to combined NPLs hitting P4.75 billion in 2012.
Still, the BSP said while the ratio of NPLs to the total loan portfolio
rose, provisioning for such losses, formally called loan-loss reserves,
of rural and cooperative banks also rose significantly.
This indicated the banks themselves recognized the need to put up buffer
funds in case the loans are written down and the lenders unnecessarily
exposed.
Provisions for banks' loan loss increased from 50.36 percent in 2011 to
about 61.74 percent in 2012, with banks showing a "heightened prudence
against credit losses," the BSP said in a statement.
"Industry figures indicate that rural banks and cooperative banks
continue to take proactive steps in maintaining the level of their
non-performing ratio as well as coverage ratios," the central bank said
in a statement.
Rural banks alone posted P12.22 billion worth of NPLs or about 10.65
percent of the total loan portfolio by end-2012, a slight increase from
end-2011's figure at 10.32 percent.
Cooperative banks registered a sharper increase of NPL ratio at P2.52
billion by the end of last year largely due to "fortuitous events such
as typhoons Gener, Habagat and Helen," said the BSP. The NPL ratio more
than doubled from 8.58 percent in end-December 2011 to about 19.84
percent last year.
The central bank said it would continuously oversee Philippine banks'
loan system to ensure that they have enough reserves to withstand loss
from nonperforming loans.
"The Bangko Sentral ng Pilipinas continues to proactively monitor the
nonperforming loans of various segments of the banking sector to ensure
that credit-underwriting standards remain high in a low interest-rate
environment," the central bank said.
Rural bank loans comprise 2.74 percent of the Philippine banking
system's total loan portfolio while cooperative bank loans represent 0.3
percent by the end of last year.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Monday, June 17, 2013
E-trike bidding reset
E-trike bidding reset
THE DEPARTMENT of Energy (DoE) will conduct the auction for the supply
and delivery of the first 30,000 electric tricycles (e-trikes) in July
instead of this month to address the concerns of interested bidders, an
official said on Friday.
"After the pre-bid conference, there were still many clarifications
received from potential bidders regarding technical requirements of
e-trikes. We need to post answers in bid bulletin seven days before
deadline for submission," Evelyn N. Reyes, director of the DoE-Energy
Utilization and Management Bureau, told BusinessWorld.
"Hence, there was a recommendation, which was approved by ADB (Asian
Development Bank) to move from June 18 to July 30 the deadline for
submission of bids."
In May, the DoE begun seeking offers for the supply and delivery of the
first batch of e-trikes under a project that seeks to replace some
100,000 gasoline-powered tricycles by 2017.
A pre-bid conference was conducted on May 21 to allow interested parties
to raise concerns and clarifications.
"More than 29 companies both local and foreign have purchased the bid
documents and are prospective suppliers of e-trikes," Ms. Reyes said.
She said that the bidding will involve a two-envelope process, which
includes submission of technical and financial proposals.
"After submission of bids, technical proposals will be evaluated first.
[For] those who qualify, their financial bids will be opened and
evaluated. Then, a winner will be selected per lot within three months
from bid opening."
Winning bidders will be given about 10 months to complete the delivery
of the 3,000 e-trikes.
According to DoE data, Metro Manila will get 2,000 e-trikes, and the
remaining 1,000 units will be distributed among Regions IV-A (Cavite,
Laguna, Batangas, Rizal and Quezon) and IV-B (Mindoro, Marinduque,
Romblon and Palawan).
Ms. Reyes said that the e-trike project will involve the deployment of
the units through a rent-to-own scheme, which will run for five years.
After that, the e-trike drivers will already own the units.
The e-trike project is being implemented by the DoE and ADB, whereby the
DoE serves as the procuring agency.
The ADB approved $300 million in funding for the $504-million project in
December last year. The government will put up $99 million, and the
Clean Technology Fund, $105 million.
Tricycle drivers who want to benefit from the project can apply for the
e-trikes through the local government units.
"The DoE had conducted consultations and information education campaigns
among target LGUs and presented the benefits of the project. For LGUs to
be qualified, they should express strong interest to participate in the
project," Ms. Reyes said in April.
The DoE will then endorse qualified LGUs to Land Bank of the Philippines
for credit due diligence.
"The LGU shall create an e-trike office for the collection of the daily
payment from the drivers and use the collected fund to pay the LandBank
loan," Ms. Reyes has said.
The first two years of the entire project will involve the deployment of
20,000 e-trikes. The scale-up phase will cover the last three years and
involve the remaining 80,000 units.
LGUs that have showed interest in the e-trikes are Mandaluyong; Quezon
City; Makati; Puerto Princesa City, Palawan; Balanga City, Bataan;
Antipolo City, Rizal; and Taytay, Rizal. -- Claire-Ann Marie C. Feliciano
- See more at:
http://www.bworldonline.com/content.php?section=Economy&title=E-trike-bidding-reset&id=71914#sthash.q2C8H8w3.dpuf
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
THE DEPARTMENT of Energy (DoE) will conduct the auction for the supply
and delivery of the first 30,000 electric tricycles (e-trikes) in July
instead of this month to address the concerns of interested bidders, an
official said on Friday.
"After the pre-bid conference, there were still many clarifications
received from potential bidders regarding technical requirements of
e-trikes. We need to post answers in bid bulletin seven days before
deadline for submission," Evelyn N. Reyes, director of the DoE-Energy
Utilization and Management Bureau, told BusinessWorld.
"Hence, there was a recommendation, which was approved by ADB (Asian
Development Bank) to move from June 18 to July 30 the deadline for
submission of bids."
In May, the DoE begun seeking offers for the supply and delivery of the
first batch of e-trikes under a project that seeks to replace some
100,000 gasoline-powered tricycles by 2017.
A pre-bid conference was conducted on May 21 to allow interested parties
to raise concerns and clarifications.
"More than 29 companies both local and foreign have purchased the bid
documents and are prospective suppliers of e-trikes," Ms. Reyes said.
She said that the bidding will involve a two-envelope process, which
includes submission of technical and financial proposals.
"After submission of bids, technical proposals will be evaluated first.
[For] those who qualify, their financial bids will be opened and
evaluated. Then, a winner will be selected per lot within three months
from bid opening."
Winning bidders will be given about 10 months to complete the delivery
of the 3,000 e-trikes.
According to DoE data, Metro Manila will get 2,000 e-trikes, and the
remaining 1,000 units will be distributed among Regions IV-A (Cavite,
Laguna, Batangas, Rizal and Quezon) and IV-B (Mindoro, Marinduque,
Romblon and Palawan).
Ms. Reyes said that the e-trike project will involve the deployment of
the units through a rent-to-own scheme, which will run for five years.
After that, the e-trike drivers will already own the units.
The e-trike project is being implemented by the DoE and ADB, whereby the
DoE serves as the procuring agency.
The ADB approved $300 million in funding for the $504-million project in
December last year. The government will put up $99 million, and the
Clean Technology Fund, $105 million.
Tricycle drivers who want to benefit from the project can apply for the
e-trikes through the local government units.
"The DoE had conducted consultations and information education campaigns
among target LGUs and presented the benefits of the project. For LGUs to
be qualified, they should express strong interest to participate in the
project," Ms. Reyes said in April.
The DoE will then endorse qualified LGUs to Land Bank of the Philippines
for credit due diligence.
"The LGU shall create an e-trike office for the collection of the daily
payment from the drivers and use the collected fund to pay the LandBank
loan," Ms. Reyes has said.
The first two years of the entire project will involve the deployment of
20,000 e-trikes. The scale-up phase will cover the last three years and
involve the remaining 80,000 units.
LGUs that have showed interest in the e-trikes are Mandaluyong; Quezon
City; Makati; Puerto Princesa City, Palawan; Balanga City, Bataan;
Antipolo City, Rizal; and Taytay, Rizal. -- Claire-Ann Marie C. Feliciano
- See more at:
http://www.bworldonline.com/content.php?section=Economy&title=E-trike-bidding-reset&id=71914#sthash.q2C8H8w3.dpuf
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
BSP accredits 8 Rural Banks
BSP accredits 8 Rural Banks
By Lee C. Chipongian
Published: June 17, 2013
The Bangko Sentral ng Pilipinas (BSP) has approved and listed eight
rural and thrift banks as accredited rural financial institutions
(ARFIs) under the amended Agri-Agra law (Republic Act 10000).
Banks certified as ARFIs meant that the loan portfolio of these banks
have been found to be compliant with BSP regulations and under the
provisions of RA 10000.
BSP Deputy Governor Nestor A. Espenilla Jr. said however that the
accreditation "does not serve as an endorsement by the BSP" but merely
an indication that the eight rural banks passed qualification requirements.
The eight rural and thrift banks are Rural Bank of Kiamba, Producers
Savings Bank, Rural Bank of Barili (Cebu), Rural Bank of Sta. Catalina,
Philippine Resources Savings Bank Corp., Rural Bank of Pilar (Bataan),
Common Wealth Rural Bank and Rang-Ay Bank Inc. Four of these eight banks
have been previously accredited last year.
"The accreditation cannot be used for any purpose other than for
implementing the provisions of the Agri-Agra law (Agri-Agra Reform
Credit Act of 2009) and its related rules and regulations," said Espenilla.
A memo from the BSP clarified that under existing regulations, the
lending or investing bank is required to disclose its Agri-Agra report
to ensure that the said ARFI should be lending or investing to utilize
its exposure for Agri-Agra compliance.
"Such exposure to the ARFI will be eligible for determining compliance
with the agri-agra requirement for as long as the ARFI remains
accredited with the BSP," said Espenilla.
The BSP amended its circular detailing the rules and regulations of RA
10000 which repealed Presidential Decree 717 in 2011 and listed
alternatives for banks for easier compliance such as investments in
housing and education/medical bonds and microbusinesses even if these
are not agri-agra related.
The new law has rationalized compliance by banks. It has retained the
mandatory requirement of 25 percent that banks will set aside as
loanable funds for agriculture and fisheries. Of the 25 percent, 10
percent are for agrarian reform-related loans.
In rationalizing modes of compliance, aside from the direct compliance
through loans to qualified borrowers, the alternative loans are
wholesale lending to and/or investments in ARFIs, investments in bonds
that are declared eligible by the Department of Agriculture (DA) in
consultation with the Department of Agrarian Reform, loans for
construction and upgrading of infrastructure that will benefit the
agri-agra as well as loans to the National Food Authority (NFA) and
NFA-registered warehousemen, millers and wholesalers.
The BSP will approve and list the ARFIs while the DA will accredit
non-bank rural financial institutions such as cooperatives, microfinance
non-governmental organizations, among others.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
By Lee C. Chipongian
Published: June 17, 2013
The Bangko Sentral ng Pilipinas (BSP) has approved and listed eight
rural and thrift banks as accredited rural financial institutions
(ARFIs) under the amended Agri-Agra law (Republic Act 10000).
Banks certified as ARFIs meant that the loan portfolio of these banks
have been found to be compliant with BSP regulations and under the
provisions of RA 10000.
BSP Deputy Governor Nestor A. Espenilla Jr. said however that the
accreditation "does not serve as an endorsement by the BSP" but merely
an indication that the eight rural banks passed qualification requirements.
The eight rural and thrift banks are Rural Bank of Kiamba, Producers
Savings Bank, Rural Bank of Barili (Cebu), Rural Bank of Sta. Catalina,
Philippine Resources Savings Bank Corp., Rural Bank of Pilar (Bataan),
Common Wealth Rural Bank and Rang-Ay Bank Inc. Four of these eight banks
have been previously accredited last year.
"The accreditation cannot be used for any purpose other than for
implementing the provisions of the Agri-Agra law (Agri-Agra Reform
Credit Act of 2009) and its related rules and regulations," said Espenilla.
A memo from the BSP clarified that under existing regulations, the
lending or investing bank is required to disclose its Agri-Agra report
to ensure that the said ARFI should be lending or investing to utilize
its exposure for Agri-Agra compliance.
"Such exposure to the ARFI will be eligible for determining compliance
with the agri-agra requirement for as long as the ARFI remains
accredited with the BSP," said Espenilla.
The BSP amended its circular detailing the rules and regulations of RA
10000 which repealed Presidential Decree 717 in 2011 and listed
alternatives for banks for easier compliance such as investments in
housing and education/medical bonds and microbusinesses even if these
are not agri-agra related.
The new law has rationalized compliance by banks. It has retained the
mandatory requirement of 25 percent that banks will set aside as
loanable funds for agriculture and fisheries. Of the 25 percent, 10
percent are for agrarian reform-related loans.
In rationalizing modes of compliance, aside from the direct compliance
through loans to qualified borrowers, the alternative loans are
wholesale lending to and/or investments in ARFIs, investments in bonds
that are declared eligible by the Department of Agriculture (DA) in
consultation with the Department of Agrarian Reform, loans for
construction and upgrading of infrastructure that will benefit the
agri-agra as well as loans to the National Food Authority (NFA) and
NFA-registered warehousemen, millers and wholesalers.
The BSP will approve and list the ARFIs while the DA will accredit
non-bank rural financial institutions such as cooperatives, microfinance
non-governmental organizations, among others.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Friday, June 14, 2013
DA allots P1B to lending program for farmers
DA allots P1B to lending program for farmers
Rural banks urged to roll out innovative financing schemes
By Ronnel W. Domingo
9:32 pm | Thursday, June 13th, 2013
The Department of Agriculture has set aside P1 billion for a lending
program to help farmers, fishers and rural entrepreneurs and has also
called on rural banks to provide rural folk greater access to funds.
In a statement, Agriculture Secretary Proceso J. Alcala urged members of
the Rural Banks Association of the Philippines (RBAP) to implement
innovative financing programs and to partner with the DA in the
implementation of the Agro-Industry Modernization Credit and Financing
Program (AMCFP).
"We have to ensure that no one will be left behind and that all
Filipinos, especially those in the countryside, can enjoy the benefits
of economic growth," Alcala said.
AMCFP funding this year is less than the P1.12 billion allocated in
2012, but is more than twice the P446 million made available in 2011.
According to the Agricultural Credit Policy Council (ACPC), the DA aims
to enable 85 percent of some 8 million farmers, fishers and rural
business owners who need credit to have access to funds.
ACPC director Jovita Corpuz, said in an interview that only 52 percent
of these potential borrowers were being served as of 2008.
"Of course, not all of them may turn out to be qualified for loans, but
we also have complementing initiatives such as innovative financing
schemes as well as capacity-building activities," Corpuz said.
ACPC data show that the amount of lending related to agricultural
production ballooned five times from P41 billion in 1990 to P231.8
billion in 2011.
Alcala said collaboration between the DA and rural banks must be
strengthened, particularly since 118 members of the RBAP have been
actively participating in the Agricultural Guarantee Fund Pool.
He explained that the AGFP was created in 2008 to encourage banks to
lend to the agriculture sector.
It provides guarantee coverage to unsecured loans extended by lending
entities—such as rural and cooperative banks—to small farmers engaged in
rice, corn and food production projects.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Rural banks urged to roll out innovative financing schemes
By Ronnel W. Domingo
9:32 pm | Thursday, June 13th, 2013
The Department of Agriculture has set aside P1 billion for a lending
program to help farmers, fishers and rural entrepreneurs and has also
called on rural banks to provide rural folk greater access to funds.
In a statement, Agriculture Secretary Proceso J. Alcala urged members of
the Rural Banks Association of the Philippines (RBAP) to implement
innovative financing programs and to partner with the DA in the
implementation of the Agro-Industry Modernization Credit and Financing
Program (AMCFP).
"We have to ensure that no one will be left behind and that all
Filipinos, especially those in the countryside, can enjoy the benefits
of economic growth," Alcala said.
AMCFP funding this year is less than the P1.12 billion allocated in
2012, but is more than twice the P446 million made available in 2011.
According to the Agricultural Credit Policy Council (ACPC), the DA aims
to enable 85 percent of some 8 million farmers, fishers and rural
business owners who need credit to have access to funds.
ACPC director Jovita Corpuz, said in an interview that only 52 percent
of these potential borrowers were being served as of 2008.
"Of course, not all of them may turn out to be qualified for loans, but
we also have complementing initiatives such as innovative financing
schemes as well as capacity-building activities," Corpuz said.
ACPC data show that the amount of lending related to agricultural
production ballooned five times from P41 billion in 1990 to P231.8
billion in 2011.
Alcala said collaboration between the DA and rural banks must be
strengthened, particularly since 118 members of the RBAP have been
actively participating in the Agricultural Guarantee Fund Pool.
He explained that the AGFP was created in 2008 to encourage banks to
lend to the agriculture sector.
It provides guarantee coverage to unsecured loans extended by lending
entities—such as rural and cooperative banks—to small farmers engaged in
rice, corn and food production projects.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
EastWest readying for microfinance
EastWest readying for microfinance
EAST WEST Banking Corp. (EastWest Bank) will merge the assets of its two
rural bank subsidiaries as part of plans to strengthen its entry into
the lucrative microfinance business, its top official said.
"Finman Rural Bank, Inc. will purchase the assets of Green Bank, Inc.,
then we will rename Green Bank to EastWest Rural Bank," EastWest Bank
President and Chief Executive Officer Antonio C. Moncupa, Jr. said at
the sidelines of the Rural Bankers Association of the Philippines 60th
Annual Convention in Sofitel Philippine Plaza in Manila last Tuesday.
"We are only awaiting for the BSP's (Bangko Sentral ng Pilipinas)
approval to merge the assets of Green Bank to Finman," he added.
EastWest Bank acquired Finman Rural Bank, a single-unit bank based in
Pasig City, in June last year. In 2011, EastWest Bank purchased
Caraga-based Green Bank, which has 46 branches nationwide.
Prior to Green Bank, EastWest Bank acquired AIG Philam Savings Bank in
2009 and Ecology Savings Bank, Inc. in 2003.
The universal bank acquired the two rural banks to be able to engage in
lending to micro and small borrowers and cater to unbanked areas.
Bangko Sentral ng Pilipinas data show that 611 or 37% of the 1,634
municipalities in the country still have no banking offices.
The two rural banks engage in microfinance, which involves extension of
loans to the poor.
Asked how EastWest will beef up its rural bank arm, Mr. Moncupa replied:
"Once we have already established our presence in Mindanao through Green
Bank, that is the time we will invade Luzon."
"We are growing very fast...We are preparing an invasion from Mindanao
to Luzon. We are training our ground forces...From Mindanao and Visayas,
then we are going to Luzon," he said.
"We have to make ready our systems, our audit, our infrastructure and
everything else that goes with it. We have to man the people here. We
have to look for sites. We have to put up more branches."
In September last year, EastWest Bank's board of directors approved a
P120-million equity infusion in Finman Rural Bank and the conversion of
P700 million worth of loans to Green Bank into equity.
Asked if EastWest Bank will acquire another rural bank, he said: "If you
have good assets, a good customer base, we are willing to look into it."
EastWest Bank booked a net income of P735 million in the first quarter,
up 60% from the P460 million it posted in the same period last year.
EastWest Bank shares closed at P33 apiece last Tuesday, down 60 centavos
or 0.1.78% from their P33.60 finish the day before. -- Ann Rozainne R.
Gregorio
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
EAST WEST Banking Corp. (EastWest Bank) will merge the assets of its two
rural bank subsidiaries as part of plans to strengthen its entry into
the lucrative microfinance business, its top official said.
"Finman Rural Bank, Inc. will purchase the assets of Green Bank, Inc.,
then we will rename Green Bank to EastWest Rural Bank," EastWest Bank
President and Chief Executive Officer Antonio C. Moncupa, Jr. said at
the sidelines of the Rural Bankers Association of the Philippines 60th
Annual Convention in Sofitel Philippine Plaza in Manila last Tuesday.
"We are only awaiting for the BSP's (Bangko Sentral ng Pilipinas)
approval to merge the assets of Green Bank to Finman," he added.
EastWest Bank acquired Finman Rural Bank, a single-unit bank based in
Pasig City, in June last year. In 2011, EastWest Bank purchased
Caraga-based Green Bank, which has 46 branches nationwide.
Prior to Green Bank, EastWest Bank acquired AIG Philam Savings Bank in
2009 and Ecology Savings Bank, Inc. in 2003.
The universal bank acquired the two rural banks to be able to engage in
lending to micro and small borrowers and cater to unbanked areas.
Bangko Sentral ng Pilipinas data show that 611 or 37% of the 1,634
municipalities in the country still have no banking offices.
The two rural banks engage in microfinance, which involves extension of
loans to the poor.
Asked how EastWest will beef up its rural bank arm, Mr. Moncupa replied:
"Once we have already established our presence in Mindanao through Green
Bank, that is the time we will invade Luzon."
"We are growing very fast...We are preparing an invasion from Mindanao
to Luzon. We are training our ground forces...From Mindanao and Visayas,
then we are going to Luzon," he said.
"We have to make ready our systems, our audit, our infrastructure and
everything else that goes with it. We have to man the people here. We
have to look for sites. We have to put up more branches."
In September last year, EastWest Bank's board of directors approved a
P120-million equity infusion in Finman Rural Bank and the conversion of
P700 million worth of loans to Green Bank into equity.
Asked if EastWest Bank will acquire another rural bank, he said: "If you
have good assets, a good customer base, we are willing to look into it."
EastWest Bank booked a net income of P735 million in the first quarter,
up 60% from the P460 million it posted in the same period last year.
EastWest Bank shares closed at P33 apiece last Tuesday, down 60 centavos
or 0.1.78% from their P33.60 finish the day before. -- Ann Rozainne R.
Gregorio
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Thursday, June 13, 2013
Tax bureau relents on old receipts
Tax bureau relents on old receipts
THE BUREAU of Internal Revenue (BIR) has extended the deadline for the
validity of old receipts amid complaints from businesses that they were
given too little time to prepare.
HENARES
"We are giving people a two-month extension so they can still use their
old receipts. The deadline is moved to August 30 from June 30," BIR
Commissioner Kim S. Jacinto-Henares said in a phone interview yesterday.
It was an about-face from a statement issued by the Finance department
on Monday, where Ms. Henares was quoted as saying: "the complaints
against the new regulations are without any basis...".
"We believe that six months is enough preparation for everyone to comply
with such requirement."
Revenue Regulations 18-2012, published on January 3, mandated all
businesses to secure an authority to print receipts from the BIR by
April 30. The new receipts should subsequently be used after June 30.
The two-month reprieve does not extend to the printing authority
requirement, Ms. Henares stressed.
"The application period is now over so there will be a penalty for
anyone who wants to apply now," she explained.
The BIR has been overhauling its system of monitoring receipts to ensure
that businesses pay the proper taxes. It suspects that some --
especially small and medium enterprises -- do not issue receipts or
issue ones not approved or tracked by the BIR. The bureau also claimed
that some receipts in use had been printed as far back as the '70s and
should weeded out of the system.
It has since ruled that businesses must phase out their old receipts and
use a new, more secure version that will be made only by BIR-approved
printers.
Businesses have complained, noting that they print receipts in bulk and
thus stocks would go to waste given the June 30 deadline. They also
claimed that they weren't given enough time to process their authorities
to print.
Ms. Henares, for her part, lamented the laxity of businesses: "Everyone
does it late. We authorized 2,250 printers nationwide, 858 in Metro
Manila. They are ready to print but if all businesses apply for the
receipts at the same time at the last minute, of course there will be a
bottleneck." -- Diane Claire J. Jiao
- See more at:
http://www.bworldonline.com/content.php?section=TopStory&title=Tax-bureau-relents-on-old-receipts&id=71744#sthash.2245wqJ7.dpuf
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
THE BUREAU of Internal Revenue (BIR) has extended the deadline for the
validity of old receipts amid complaints from businesses that they were
given too little time to prepare.
HENARES
"We are giving people a two-month extension so they can still use their
old receipts. The deadline is moved to August 30 from June 30," BIR
Commissioner Kim S. Jacinto-Henares said in a phone interview yesterday.
It was an about-face from a statement issued by the Finance department
on Monday, where Ms. Henares was quoted as saying: "the complaints
against the new regulations are without any basis...".
"We believe that six months is enough preparation for everyone to comply
with such requirement."
Revenue Regulations 18-2012, published on January 3, mandated all
businesses to secure an authority to print receipts from the BIR by
April 30. The new receipts should subsequently be used after June 30.
The two-month reprieve does not extend to the printing authority
requirement, Ms. Henares stressed.
"The application period is now over so there will be a penalty for
anyone who wants to apply now," she explained.
The BIR has been overhauling its system of monitoring receipts to ensure
that businesses pay the proper taxes. It suspects that some --
especially small and medium enterprises -- do not issue receipts or
issue ones not approved or tracked by the BIR. The bureau also claimed
that some receipts in use had been printed as far back as the '70s and
should weeded out of the system.
It has since ruled that businesses must phase out their old receipts and
use a new, more secure version that will be made only by BIR-approved
printers.
Businesses have complained, noting that they print receipts in bulk and
thus stocks would go to waste given the June 30 deadline. They also
claimed that they weren't given enough time to process their authorities
to print.
Ms. Henares, for her part, lamented the laxity of businesses: "Everyone
does it late. We authorized 2,250 printers nationwide, 858 in Metro
Manila. They are ready to print but if all businesses apply for the
receipts at the same time at the last minute, of course there will be a
bottleneck." -- Diane Claire J. Jiao
- See more at:
http://www.bworldonline.com/content.php?section=TopStory&title=Tax-bureau-relents-on-old-receipts&id=71744#sthash.2245wqJ7.dpuf
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Wednesday, June 12, 2013
Inclusive growth and the zombie “trickle-down” idea
Inclusive growth and the zombie "trickle-down" idea
Facebook Tweet LinkedIn Google + ShareThis
Much has been said about the Philippines' surprisingly strong growth in
the first quarter of the year. The domestic economy's 7.8-percent
expansion edged out China's 7.7-percent clip, making it the
fastest-growing among major Asian economies.
Photo by Jonathan L. Cellona
Despite the stellar economic performance, however, many economic
observers and institutions believe that the country is still a long way
from achieving its desired "inclusive growth." In a sense, the benefits
of the economic upsurge have yet to be felt or, in economic parlance,
have yet to "trickle-down" to the poor and marginalized sectors of the
economy.
Playing on the popularity of zombies in mainstream media in recent years
as epitomized by the TV series "The Walking Dead" and the earlier
computer game "Plants vs. Zombies," the book Zombie Economics: How Dead
Ideas Still Walk Among Us tackles the undying idea of "trickle-down"
economics. Authored by Australian economist John Quiggin, the
controversial book was released in 2010 or two years after the global
financial crisis that was precipitated by the downfall of the United
States' subprime mortgage market.
According to Quiggin, there are some obviously "wrong and dangerous"
ideas that are very hard to kill. Even after the evidence seems to have
obliterated them for good, these ideas keep on coming back from the
grave, but are "neither alive nor dead", hence, the appellation "zombie
ideas". In economics, he lists the Great Moderation, Efficient Markets
Hypothesis, Dynamic Stochastic General Equilibrium, Trickle-down
Economics, and Privatization as zombie ideas that contributed to the
financial crisis.
The University of Queensland Federation Fellow in Economics and
Political Science sternly believes that "trickle-down economics" is
already irrelevant in the day-to-day functioning of the economy -- and
so are the four other zombie ideas he presented in his book. If we are
to follow Quiggin's line of reasoning regarding the "trickle-down"
effect, waiting for the gains of economic growth to trickle down to the
poor is nothing short of futile, especially with runaway income
inequality and poverty.
Instead of letting the rich get richer and then wait for the benefits to
spread to the rest of the economy, he asserts that a government should
have a proactive stance in redistributing income and implementing
progressive taxation. Quiggin insists that without these two government
initiatives, the existing trend in market liberalism where "the rich get
richer and the poor go nowhere" will continue to worsen.
Although some may find some of his ideas quite radical, the evidence
that Quiggin offers in his book does seem to be relevant to the
Philippine experience.
For one, it seems as though only those at the top of the social strata
are the ones who considerably benefit from the country's continued
economic growth. The 2012 edition of the Forbes list of world's
billionaires saw the collective riches of the country's 40 wealthiest
individuals soar by 37.8 percent, an increase amounting to $13 billion.
According to former Socio-economic Planning Secretary Cielito Habito,
such an increase in the wealth of the 40 richest Filipinos account for
76.5 percent of the Philippines' overall rise in income in 2011.
Meanwhile, poverty figures continue to paint a bleak picture. Official
statistics show poverty incidence statistically unchanged in the first
semester of 2012 from the comparable period in 2009. Self-rated poverty
data from the Social Weather Stations show much higher numbers of people
who consider themselves poor.
Second, with little or no access to affordable credit, the poor cannot
take advantage of the robust performance of the domestic economy. For
instance, they cannot borrow money to put into economically-productive
investments, e.g. more advanced tools and equipment for farming or
livelihood, or in financial instruments like stocks and investment
funds. The rich, on the other side, find it easy to cash in on the
growth story by pouring more money into their investments (whether in
the financial system or the real economy), thereby cashing in on the
economy's growth story.
Lastly, and probably the most astounding of Quiggin's counter-argument
against trickle-down economics that is also applicable to the
Philippines, is the existence of a colossal human capital gap between
children born out of rich parents and children from poor families. As
inequality swells alongside economic growth, the dispersion of human
capital accumulation --in terms of health and education-- also widens
significantly.
Let's focus more on education. Across cultures and societies, it is
traditionally viewed as the best road towards upward social mobility. As
inequality rose, however, affluent parents have sought, and were
comfortably able, to give their children the best possible educational
outcomes by enrolling them in private schools, among other means.
Meanwhile, economically-disadvantaged parents with their meager income
are not able to do the same and can't even rely on public educational
institutions struggling with quality and capacity constraints. This
relates to the "intergenerational" nature of poverty and inequality that
plagues our country, regardless of the remarkable feats in economic
growth that we have shown thus far.
Perhaps, it may be too radical to assert that trickle-down economics is
already a myth. But it is also foolish for us to rely solely on it, as
we don't know when the benefits of an economic uptick will get to the
poor or even whether the gains will ever actually reach them. Rather
than wait for the gains of economic boom to trickle down, measures such
as well-thought out and aptly-implemented income redistribution schemes
and targeted social interventions should be put in place and improved
upon, such that our economic growth would be of the kind that helps
arrest poverty and social inequality. Economic growth that perpetuates
the status quo of the rich getting richer and the poor getting poorer
can never be equated with real progress.
The Institute for Development and Econometric Analysis (IDEA), Inc. is a
non-stock, non-partisan institution dedicated to high-quality economic
research, instruction, and communication. The views and opinions
expressed herein are those of the author and do not necessarily reflect
those of the organization. For questions and inquiries, please contact
Remrick Patagan via ideainc.mail@gmail.com or telefax no. 920-6872.
- See more at:
http://www.bworldonline.com/content.php?section=Beyond&title=Inclusive-growth-and-the-zombie-%E2%80%9Ctrickle-down%E2%80%9D-idea&id=71432#sthash.DQUmpTmt.dpuf
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Facebook Tweet LinkedIn Google + ShareThis
Much has been said about the Philippines' surprisingly strong growth in
the first quarter of the year. The domestic economy's 7.8-percent
expansion edged out China's 7.7-percent clip, making it the
fastest-growing among major Asian economies.
Photo by Jonathan L. Cellona
Despite the stellar economic performance, however, many economic
observers and institutions believe that the country is still a long way
from achieving its desired "inclusive growth." In a sense, the benefits
of the economic upsurge have yet to be felt or, in economic parlance,
have yet to "trickle-down" to the poor and marginalized sectors of the
economy.
Playing on the popularity of zombies in mainstream media in recent years
as epitomized by the TV series "The Walking Dead" and the earlier
computer game "Plants vs. Zombies," the book Zombie Economics: How Dead
Ideas Still Walk Among Us tackles the undying idea of "trickle-down"
economics. Authored by Australian economist John Quiggin, the
controversial book was released in 2010 or two years after the global
financial crisis that was precipitated by the downfall of the United
States' subprime mortgage market.
According to Quiggin, there are some obviously "wrong and dangerous"
ideas that are very hard to kill. Even after the evidence seems to have
obliterated them for good, these ideas keep on coming back from the
grave, but are "neither alive nor dead", hence, the appellation "zombie
ideas". In economics, he lists the Great Moderation, Efficient Markets
Hypothesis, Dynamic Stochastic General Equilibrium, Trickle-down
Economics, and Privatization as zombie ideas that contributed to the
financial crisis.
The University of Queensland Federation Fellow in Economics and
Political Science sternly believes that "trickle-down economics" is
already irrelevant in the day-to-day functioning of the economy -- and
so are the four other zombie ideas he presented in his book. If we are
to follow Quiggin's line of reasoning regarding the "trickle-down"
effect, waiting for the gains of economic growth to trickle down to the
poor is nothing short of futile, especially with runaway income
inequality and poverty.
Instead of letting the rich get richer and then wait for the benefits to
spread to the rest of the economy, he asserts that a government should
have a proactive stance in redistributing income and implementing
progressive taxation. Quiggin insists that without these two government
initiatives, the existing trend in market liberalism where "the rich get
richer and the poor go nowhere" will continue to worsen.
Although some may find some of his ideas quite radical, the evidence
that Quiggin offers in his book does seem to be relevant to the
Philippine experience.
For one, it seems as though only those at the top of the social strata
are the ones who considerably benefit from the country's continued
economic growth. The 2012 edition of the Forbes list of world's
billionaires saw the collective riches of the country's 40 wealthiest
individuals soar by 37.8 percent, an increase amounting to $13 billion.
According to former Socio-economic Planning Secretary Cielito Habito,
such an increase in the wealth of the 40 richest Filipinos account for
76.5 percent of the Philippines' overall rise in income in 2011.
Meanwhile, poverty figures continue to paint a bleak picture. Official
statistics show poverty incidence statistically unchanged in the first
semester of 2012 from the comparable period in 2009. Self-rated poverty
data from the Social Weather Stations show much higher numbers of people
who consider themselves poor.
Second, with little or no access to affordable credit, the poor cannot
take advantage of the robust performance of the domestic economy. For
instance, they cannot borrow money to put into economically-productive
investments, e.g. more advanced tools and equipment for farming or
livelihood, or in financial instruments like stocks and investment
funds. The rich, on the other side, find it easy to cash in on the
growth story by pouring more money into their investments (whether in
the financial system or the real economy), thereby cashing in on the
economy's growth story.
Lastly, and probably the most astounding of Quiggin's counter-argument
against trickle-down economics that is also applicable to the
Philippines, is the existence of a colossal human capital gap between
children born out of rich parents and children from poor families. As
inequality swells alongside economic growth, the dispersion of human
capital accumulation --in terms of health and education-- also widens
significantly.
Let's focus more on education. Across cultures and societies, it is
traditionally viewed as the best road towards upward social mobility. As
inequality rose, however, affluent parents have sought, and were
comfortably able, to give their children the best possible educational
outcomes by enrolling them in private schools, among other means.
Meanwhile, economically-disadvantaged parents with their meager income
are not able to do the same and can't even rely on public educational
institutions struggling with quality and capacity constraints. This
relates to the "intergenerational" nature of poverty and inequality that
plagues our country, regardless of the remarkable feats in economic
growth that we have shown thus far.
Perhaps, it may be too radical to assert that trickle-down economics is
already a myth. But it is also foolish for us to rely solely on it, as
we don't know when the benefits of an economic uptick will get to the
poor or even whether the gains will ever actually reach them. Rather
than wait for the gains of economic boom to trickle down, measures such
as well-thought out and aptly-implemented income redistribution schemes
and targeted social interventions should be put in place and improved
upon, such that our economic growth would be of the kind that helps
arrest poverty and social inequality. Economic growth that perpetuates
the status quo of the rich getting richer and the poor getting poorer
can never be equated with real progress.
The Institute for Development and Econometric Analysis (IDEA), Inc. is a
non-stock, non-partisan institution dedicated to high-quality economic
research, instruction, and communication. The views and opinions
expressed herein are those of the author and do not necessarily reflect
those of the organization. For questions and inquiries, please contact
Remrick Patagan via ideainc.mail@gmail.com or telefax no. 920-6872.
- See more at:
http://www.bworldonline.com/content.php?section=Beyond&title=Inclusive-growth-and-the-zombie-%E2%80%9Ctrickle-down%E2%80%9D-idea&id=71432#sthash.DQUmpTmt.dpuf
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Sunday, June 9, 2013
Small businesses gain access to financing
Small businesses gain access to financing
By Prinz Magtulis (The Philippine Star) | Updated June 9, 2013 - 12:00am
MANILA, Philippines - An agreement to allow small businesses to secure
financing using movable collaterals was signed last Friday by the public
and private sectors.
The document will oversee the establishment of a movable collateral
registry by 2015 to "enhance transparency and accessibility" on
collaterals such as vehicles and consumer goods and inventories.
For the public sector, the agreement was signed by the Department of
Finance (DOF), Bangko Sentral ng Pilipinas, Securities and Exchange
Commission, Land Bank of the Philippines, Cooperative Development
Authority, Credit Information Corp. and Development Bank of the Philippines.
For the private sector, signatories include the umbrella bank groups,
the Philippine Center for Entrepreneurship, PinoyME Foundation,
Microfinance Council of the Philippines and the Philippine Finance
Association.
The International Finance Corp., the private sector arm of the World
Bank, was also a signatory to the document.
"The reluctance of banks to accept movable assets as collateral for
loans is one of the main barriers to inclusive economic growth," Finance
Undersecretary Gil Beltran said in a statement.
Joselito Almario, a DOF director, said only a third of micro, small and
medium enterprises (MSMEs) have access to bank credit. This is because
banks usually require real estate as collateral for loans.
According to DOF data, 73 percent of loans are financed with property
collaterals.
In contrast, 78 percent of MSME assets are movable objects that do not
match bank requirements.
A total of 96 percent of local firms are MSMEs, based on DOF estimates.
"But it is not the fault of the banks why they do not want to lend
precisely because we do not have that environment that will allow them
to feel secure when they lend," Almario explained during the signing
ceremony.
Beltran, for his part, said credit is necessary to allow MSMEs "to grow."
"The opportunity for future growth is when you give (MSMEs) the
opportunity to grow by giving them credit," he explained.
With MSMEs' expansion, Beltran said, more jobs will be created which
shall help in making growth more inclusive and sustainable.
Funding for the registry was not revealed, though Almario said the
government would look at "existing" systems to set up the necessary
infrastructure at less cost. The target is to set this up "by 2015".
The establishment of a movable collateral registry is part of the Aquino
administration's Medium Term Development Plan.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
By Prinz Magtulis (The Philippine Star) | Updated June 9, 2013 - 12:00am
MANILA, Philippines - An agreement to allow small businesses to secure
financing using movable collaterals was signed last Friday by the public
and private sectors.
The document will oversee the establishment of a movable collateral
registry by 2015 to "enhance transparency and accessibility" on
collaterals such as vehicles and consumer goods and inventories.
For the public sector, the agreement was signed by the Department of
Finance (DOF), Bangko Sentral ng Pilipinas, Securities and Exchange
Commission, Land Bank of the Philippines, Cooperative Development
Authority, Credit Information Corp. and Development Bank of the Philippines.
For the private sector, signatories include the umbrella bank groups,
the Philippine Center for Entrepreneurship, PinoyME Foundation,
Microfinance Council of the Philippines and the Philippine Finance
Association.
The International Finance Corp., the private sector arm of the World
Bank, was also a signatory to the document.
"The reluctance of banks to accept movable assets as collateral for
loans is one of the main barriers to inclusive economic growth," Finance
Undersecretary Gil Beltran said in a statement.
Joselito Almario, a DOF director, said only a third of micro, small and
medium enterprises (MSMEs) have access to bank credit. This is because
banks usually require real estate as collateral for loans.
According to DOF data, 73 percent of loans are financed with property
collaterals.
In contrast, 78 percent of MSME assets are movable objects that do not
match bank requirements.
A total of 96 percent of local firms are MSMEs, based on DOF estimates.
"But it is not the fault of the banks why they do not want to lend
precisely because we do not have that environment that will allow them
to feel secure when they lend," Almario explained during the signing
ceremony.
Beltran, for his part, said credit is necessary to allow MSMEs "to grow."
"The opportunity for future growth is when you give (MSMEs) the
opportunity to grow by giving them credit," he explained.
With MSMEs' expansion, Beltran said, more jobs will be created which
shall help in making growth more inclusive and sustainable.
Funding for the registry was not revealed, though Almario said the
government would look at "existing" systems to set up the necessary
infrastructure at less cost. The target is to set this up "by 2015".
The establishment of a movable collateral registry is part of the Aquino
administration's Medium Term Development Plan.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Thrift bankers urged to tap data sharing system
Thrift bankers urged to tap data sharing system
By Donnabelle L. Gatdula (The Philippine Star)
Updated June 9, 2013 - 12:00am
MANILA, Philippines - The Chamber of Thrift Banks (CTB) is urging its
members to tap into the positive data sharing system (PoDS) of the
Bankers Association of the Philippines (BAP) to improve their capability
to assess credit information of their borrowers.
CTB president Jose Teodoro Limcaoco said various initiatives have been
carried out to push for the utilization of the PoDS.
"CTB members may now gain access to this PoDS system. The PoDS' main
objective is to provide collaborative loan information to individuals
with personal or salary loans throughout the financial institutions,"
Limcaoco, concurrently BPI Family Savings Bank president, said.
"With that information to be provided by the system, thrift banks will
be able to avoid borrowers' delinquency or debt over burden and make
them more equipped in providing credit decisions. Initially, PoDs will
start out with personal and salary loans and credit cards data and
eventually they hope to go to auto loans and housing loans," he added.
CTB is currently a stockholder of the Credit Information Corp. (CiC),
the national credit information bureau formed by the government through
the Credit Information System Act (CISA) in 2008.
Recently, CiC tapped the International Finance Corp. of the World Bank
Group to help in the development of an appropriate business model for
establishing a credit information system, including the selection of the
best technical partner to design and set up the information system.
No money will be involved between the two entities, but IFC will pay for
credit information bureau experts and information technology (IT)
consultants.
CiC officials and stakeholders admitted that collection and collation of
positive and negative credit data would not be easy, given that the
bureau must be fully operational by 2015.
The bureau must create a database that will provide independent,
up-to-date, reliable and accurate credit information to private sector
credit bureaus, which will then sell the information to banks and other
lenders. Such information will help lower payment defaults, reduce the
risk of lending, and increase credit access for all borrowers.
CiC is controlled by the National Government, with a 60-percent stake,
and chaired by the Securities and Exchange Commission.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
By Donnabelle L. Gatdula (The Philippine Star)
Updated June 9, 2013 - 12:00am
MANILA, Philippines - The Chamber of Thrift Banks (CTB) is urging its
members to tap into the positive data sharing system (PoDS) of the
Bankers Association of the Philippines (BAP) to improve their capability
to assess credit information of their borrowers.
CTB president Jose Teodoro Limcaoco said various initiatives have been
carried out to push for the utilization of the PoDS.
"CTB members may now gain access to this PoDS system. The PoDS' main
objective is to provide collaborative loan information to individuals
with personal or salary loans throughout the financial institutions,"
Limcaoco, concurrently BPI Family Savings Bank president, said.
"With that information to be provided by the system, thrift banks will
be able to avoid borrowers' delinquency or debt over burden and make
them more equipped in providing credit decisions. Initially, PoDs will
start out with personal and salary loans and credit cards data and
eventually they hope to go to auto loans and housing loans," he added.
CTB is currently a stockholder of the Credit Information Corp. (CiC),
the national credit information bureau formed by the government through
the Credit Information System Act (CISA) in 2008.
Recently, CiC tapped the International Finance Corp. of the World Bank
Group to help in the development of an appropriate business model for
establishing a credit information system, including the selection of the
best technical partner to design and set up the information system.
No money will be involved between the two entities, but IFC will pay for
credit information bureau experts and information technology (IT)
consultants.
CiC officials and stakeholders admitted that collection and collation of
positive and negative credit data would not be easy, given that the
bureau must be fully operational by 2015.
The bureau must create a database that will provide independent,
up-to-date, reliable and accurate credit information to private sector
credit bureaus, which will then sell the information to banks and other
lenders. Such information will help lower payment defaults, reduce the
risk of lending, and increase credit access for all borrowers.
CiC is controlled by the National Government, with a 60-percent stake,
and chaired by the Securities and Exchange Commission.
--
-----------------------------------------------------------
CARLOS ANI - SEEDFINANCE Corporation
# 6 E. Javier Street, JubileeVille Subd, Masaya, Bay, Laguna 4033
Philippines
Emails: carlosani@gmail.com , carlosani@seedfinance.net
Cellphone Numbers: +63908-1737072 (Smart)
+63926-4644235 (Globe)
+63933-4298481 (Sun)
My Websites:
CARLOSANI.COM - http://www.carlosani.com
SEEDFINANCE Corporation - http://www.seedfinance.net
DEVJOBS - http://www.devjobsmail.com
PHILDEVFINANCE - http://phildevfinance.blogspot.com
Family website - http://www.anifamily.net
FACEBOOK - HTTP://WWW.facebook/anicarlos
Skype name: carlosaniph
----------------------------------------------------------
Friday, June 7, 2013
Bulacan bank closure triggers withdrawal from other cooperative banks
Bulacan bank closure triggers withdrawal from other cooperative banks
By Carmela Reyes-Estrope
Inquirer Central Luzon
3:08 pm | Friday, June 7th, 2013
CITY OF MALOLOS, Bulacan-—The recent shutdown of a cooperative bank here
has triggered a sudden withdrawals of money from other cooperative
facilities, a Bulacan official reported.
Board Member Michael Fermin, chair of the provincial board's committee
on cooperatives, said the May 23 foreclosure of the Cooperative Rural
Bank of Bulacan (CRBB) due to insolvency may have panicked some
depositors of other multipurpose cooperative banks.
There are 8,000 cooperatives in the province offering some form of
banking services.
"We have heard of incidents of huge withdrawals by depositors in other
cooperative banks," Fermin said, adding that this has compelled the
committee to set a meeting with officers and representatives of these
cooperatives to evaluate their condition and to set up measures that
would prevent a bank run.
The committee also plans to provide the cooperatives with a detailed
background on CRBB because "they should know how CRBB has collapsed," he
said.
He said an understanding of CRBB's financial operations may help the
cooperatives fix their own operations.
According to Fermin, CRBB invested in real estate mortgaged by Bulacan
clients, which turned out to be less valuable than earlier appraised.
However, some cooperative banks told the Inquirer that they had not
experienced the problems that have drawn the attention of the provincial
board.
Gregoria Simbulan, president of the Bulacan Chamber of Commerce and
Industry (BCCI), said the CRBB foreclosure reveals the apparent
vulnerabilities of cooperative banking.
"The BCCI calls on the Bangko Sentral ng Pilipinas to review its
regulatory framework over cooperative banks and other smaller banks,"
she said.
--
-----------------------------------------------------------
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: +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
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
By Carmela Reyes-Estrope
Inquirer Central Luzon
3:08 pm | Friday, June 7th, 2013
CITY OF MALOLOS, Bulacan-—The recent shutdown of a cooperative bank here
has triggered a sudden withdrawals of money from other cooperative
facilities, a Bulacan official reported.
Board Member Michael Fermin, chair of the provincial board's committee
on cooperatives, said the May 23 foreclosure of the Cooperative Rural
Bank of Bulacan (CRBB) due to insolvency may have panicked some
depositors of other multipurpose cooperative banks.
There are 8,000 cooperatives in the province offering some form of
banking services.
"We have heard of incidents of huge withdrawals by depositors in other
cooperative banks," Fermin said, adding that this has compelled the
committee to set a meeting with officers and representatives of these
cooperatives to evaluate their condition and to set up measures that
would prevent a bank run.
The committee also plans to provide the cooperatives with a detailed
background on CRBB because "they should know how CRBB has collapsed," he
said.
He said an understanding of CRBB's financial operations may help the
cooperatives fix their own operations.
According to Fermin, CRBB invested in real estate mortgaged by Bulacan
clients, which turned out to be less valuable than earlier appraised.
However, some cooperative banks told the Inquirer that they had not
experienced the problems that have drawn the attention of the provincial
board.
Gregoria Simbulan, president of the Bulacan Chamber of Commerce and
Industry (BCCI), said the CRBB foreclosure reveals the apparent
vulnerabilities of cooperative banking.
"The BCCI calls on the Bangko Sentral ng Pilipinas to review its
regulatory framework over cooperative banks and other smaller banks,"
she said.
--
-----------------------------------------------------------
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: +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
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
Thursday, May 30, 2013
Foreigners can now own up to 60pct of PH rural banks
Foreigners can now own up to 60pct of PH rural banks
ABS-CBNnews.com
Posted at 05/29/2013 5:52 PM
MANILA -- Foreign firms or individuals can now own as much as 60 percent
of any rural bank in the country, following President Benigno C. Aquino
III's signing of an amendment to the Rural Bank Act of 1992 into law.
In a statement, Deputy Presidential Spokesperson Abigail Valte said
Republic Act No. 10574 was signed into law on May 24 amending the
foreign ownership rules for rural banks in the country.
"Non-Filipino citizens may own, acquire or purchase up to sixty percent
(60%) of the voting stocks in a rural bank. The percentage of
foreign-owned voting stocks shall be determined by the citizenship of
the individual or corporate stockholders of the rural bank," the
amendment read.
Previously, rural banks were mandated to be fully owned by Filipinos or
Filipino-controlled banks, firms, associations and cooperatives under RA
7353 or the Rural Bank Act of 1992.
The Bangko Sentral ng Pilipinas will be coming up with an implementing
rules and regulations for the new law which is expected to be published
within 90 days of RA 10574's publication.
RA 10574 takes effect 15 days after its publication in two newspapers of
general circulation.
--
-----------------------------------------------------------
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: +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
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
ABS-CBNnews.com
Posted at 05/29/2013 5:52 PM
MANILA -- Foreign firms or individuals can now own as much as 60 percent
of any rural bank in the country, following President Benigno C. Aquino
III's signing of an amendment to the Rural Bank Act of 1992 into law.
In a statement, Deputy Presidential Spokesperson Abigail Valte said
Republic Act No. 10574 was signed into law on May 24 amending the
foreign ownership rules for rural banks in the country.
"Non-Filipino citizens may own, acquire or purchase up to sixty percent
(60%) of the voting stocks in a rural bank. The percentage of
foreign-owned voting stocks shall be determined by the citizenship of
the individual or corporate stockholders of the rural bank," the
amendment read.
Previously, rural banks were mandated to be fully owned by Filipinos or
Filipino-controlled banks, firms, associations and cooperatives under RA
7353 or the Rural Bank Act of 1992.
The Bangko Sentral ng Pilipinas will be coming up with an implementing
rules and regulations for the new law which is expected to be published
within 90 days of RA 10574's publication.
RA 10574 takes effect 15 days after its publication in two newspapers of
general circulation.
--
-----------------------------------------------------------
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: +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
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
Tuesday, May 28, 2013
BPI targets farm loans
BPI targets farm loans
DAVAO CITY -- Ayala-led Bank of the Philippine Islands (BPI) is
strengthening its agribusiness loan operation in Mindanao, an official
said, noting that the island has the elements necessary for high growth.
lfonso L. Salcedo, Jr., BPI executive-vice president, said Mindanao --
which accounts for about a third of the bank's agribusiness loans --
would play a key role in a plan to raise exposure to the subsector to
₱38 billion over the next four years.
Perlina I. Padilla, head of the bank's Agribusiness Solutions group,
said BPI was growing its agribusiness portfolio between 16%-20%
annually. Of the bank's total loan portfolio, about 15% is in
agribusiness, Ms. Padilla said.
Mr. Salcedo, who was speaking at the launch of the Agribusiness
Solutions facility, said: "What we hope is that we will be able to
provide credit access to even the small and medium-size agribusinesses...."
He said BPI wanted to cash in on the country's good business climate.
The agribusiness sector, he added, is ripe for growth.
"Agriculture is something that is staring at us," Mr. Salcedo said,
adding that the bank wanted to help the government achieve inclusive
growth and food security.
The bank has tapped Genus Pig Improvement Co., which specializes in
biotechnology products, for the venture.
Andrew J. Bateson, Genus' business development director for Asia, said
his company was looking to help local hog raisers maximize their incomes.
BPI, said Mr. Salcedo, is not limiting its agribusiness drive to the hog
and poultry business.
The bank also launched its Sustainable Energy Finance aimed at reducing
agribusiness dependence on fossil fuels. -- Carmelito Q. Francisco
- See more at:
http://www.bworldonline.com/content.php?section=Finance&title=BPI-targets-farm-loans&id=70779#sthash.eyhn1zFX.dpuf
--
-----------------------------------------------------------
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: +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
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
DAVAO CITY -- Ayala-led Bank of the Philippine Islands (BPI) is
strengthening its agribusiness loan operation in Mindanao, an official
said, noting that the island has the elements necessary for high growth.
lfonso L. Salcedo, Jr., BPI executive-vice president, said Mindanao --
which accounts for about a third of the bank's agribusiness loans --
would play a key role in a plan to raise exposure to the subsector to
₱38 billion over the next four years.
Perlina I. Padilla, head of the bank's Agribusiness Solutions group,
said BPI was growing its agribusiness portfolio between 16%-20%
annually. Of the bank's total loan portfolio, about 15% is in
agribusiness, Ms. Padilla said.
Mr. Salcedo, who was speaking at the launch of the Agribusiness
Solutions facility, said: "What we hope is that we will be able to
provide credit access to even the small and medium-size agribusinesses...."
He said BPI wanted to cash in on the country's good business climate.
The agribusiness sector, he added, is ripe for growth.
"Agriculture is something that is staring at us," Mr. Salcedo said,
adding that the bank wanted to help the government achieve inclusive
growth and food security.
The bank has tapped Genus Pig Improvement Co., which specializes in
biotechnology products, for the venture.
Andrew J. Bateson, Genus' business development director for Asia, said
his company was looking to help local hog raisers maximize their incomes.
BPI, said Mr. Salcedo, is not limiting its agribusiness drive to the hog
and poultry business.
The bank also launched its Sustainable Energy Finance aimed at reducing
agribusiness dependence on fossil fuels. -- Carmelito Q. Francisco
- See more at:
http://www.bworldonline.com/content.php?section=Finance&title=BPI-targets-farm-loans&id=70779#sthash.eyhn1zFX.dpuf
--
-----------------------------------------------------------
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: +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
Family website - http://www.anifamily.net
Skype name: carlosaniph
----------------------------------------------------------
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