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Diskwento Caravan rolls out of Metro Manila

Roy — Sun, 01 May 2011 11:38:46 +0000

The Diskwento Caravan (Discount Caravan) will soon roll out to areas outside Metro Manila to bring cheaper goods to more Filipino consumers.

Department of Trade and Industry (DTI) secretary Gregory L. Domingo said, “We also want consumers in various regions to experience the reduced prices of goods sold at the caravan which Metro Manila residents were afforded.”

Domingo instructed the agency’s regional and provincial directors to coordinate with manufacturers of prime and basic commodities to sell discounted products in provinces and allow consumers in the countryside to purchase products for as low as factory prices. The Diskwento Caravan is participated by manufacturers that sell their wares ranging from generic medicines, bread, sardines, cooking oil, processed meat, fruits, vegetables, detergent bars and school supplies.

The DTI chief said consumers should take this opportunity and take advantage of the discounts, most especially to households that are in need of school supplies for the coming school opening. “Enrollment is just a few days, students and mothers can shop for notebooks, crayolas, ballpens, pencils, etc. and expect big savings on these items.”

The trade department, however, was quick to point out that they do not directly compete with local retailers since the caravans are stationed far from commercial establishments and hosted in city halls and are under the supervision of the mayor’s office.

The schedule of the Diskwento Caravans are as follows: Bukidnon – April 27-28; Antique – May 4-5; Abra – May 10-11; Oriental Mindoro – May 18-19; Pangasinan – May 24-25; Surigao del Norte –May 30-31; Zambales – June 2-3; Zamboanga del Norte – June 7-8; Cagayan – June 14-15; Northern Samar – June 17-18; Sorsogon – June 22-23; Davao Oriental – June 28-29; Negros Oriental July 5-6; Quezon – July 14-15; and Saranggani – July 26-27.

In Metro Manila, the Diskwento Caravan will be at the DTI headquarters in Buendia Ave. corner Makati Ave – May 9 -10, Mandaluyong, May 16; Manila – May 30; Pateros – May 31; Taguig – June 1; Malabon – June 3. The Diskwento Caravans will be enhanced with jobs fair to be conducted by the Labor Department and the National Wages and Productivity Commission at the same venues and schedules.

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Bruno Mars included in the TIME Magazine 100 influential people list

Roy — Sun, 24 Apr 2011 13:33:11 +0000

Half-Filipino and world music sensation Bruno Mars made it to the TIME magazine’s list of 100 most influential people for 2011. Born Peter Gene Hernandez to a Filipino mother and Puerto Rican father, 25-year old Bruno Mars ranked no. 64 in the TIME Magazine’s list, as he joins an illustrious list of artists and activists, reformers and researches, heads of state and captains of industry who have affected people and their views across the globe.

Bruno Mars is best known for his songs “Just the Way You Are” and “Grenade.” He received six Grammy nominations and won the Best Male Pop Vocal award for the song “Just the Way You Are” at the recent Grammy Awards. His song “Nothing on You” was named Song of the Year for 2010 at the Soul Trains Awards.

He is regarded by his fellow artists as part of the new wave of musicians who do everything. Bruno Mars sing, play, write and produce.

“There are a lot of people in this world who can sing and play the piano and guitar. Hell, I sing and play the piano and guitar. But there’s something different about Bruno Mars. He has a musicality, a presence in his voice that I’ve never heard from anyone else,” said singer, rapper, musician and record producer B.o.B. when interviewed by TIME.

“When he performs live, nothing is prerecorded or fudged. It’s a straight up, classic performance. That’s so rare these days. We needed only two sessions to record “Nothin’ on You.” But when we perform live is when you really see our chemistry in action.” he added.

Other artists who were also in the list of the TIME 100 were Justin Bieber and Glee star Chris Colfer.

To see the complete list, log on to the TIME Magazine website.

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Saudi grants Royal Clemency to Filipino drug mule

Roy — Tue, 19 Apr 2011 07:51:05 +0000

The Department of Foreign Affairs (DFA) announced on Monday that the overseas Filipino worker (OFW) who was sentenced to death in Saudi Arabia on November 2009 for involvement in smuggling shabu into the country was granted pardon and freed Sunday.

The DFA did not release his name, in deference to the request of his family for family.

The OFW was apprehended by Saudi law enforcement agents in February 2008 after he received a postal package with shabu hidden inside. The DFA said, smuggling and selling of illegal drugs in Saudi Arabia are crimes punishable by death.

The Philippine embassy in Riyadh exerted utmost efforts in ensuring that his legal rights were respected during the investigation process and in trial. He sentenced to death by a tribunal of three judges in November 2009. Through the Philippine embassy, the OFW filed an appeal.

Through the help of the Philippine post in Riyadh, two members of the tribunal reduced the penalty from death to 15 years imprisonment, 1,500 lashes, and a karama (fine) of 100,000 Saudi Riyals. The Embassy, citing the new ruling, included the name of the OFW in the list submitted to the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz al Saud for the grant of Royal Clemency.

The DFA said, “The Embassy’s efforts were favorably acted upon, and he was ordered released after serving a total of three years in detention.” The OFW tearfully thanks the Embassy upon his release, for its relentless efforts for his freedom.

Charge d’Affaires (CDA) Ezzedin H. Tago said, “His release is testament to the hard work and tireless dedication of the men and women of the Philippine Embassy in Riyadh in safeguarding the welfare of every Filipino in Saudi Arabia.”

He is the third Filipino sentenced to death in Saudi Arabia whose released was successfully secured by the Philippine Embassy.

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Nograles resigns as PDIC head

Roy — Sun, 17 Apr 2011 18:07:11 +0000

At the height of the controversy surrounding the closure of the Aguire-led Banco Filipino Savings & Mortgage Bank, Philippine Deposit Insurance Corp. (PDIC) president Jose Nograles has resigned from his post as head of the state-run deposit insurer.

Sources were quick to clarify that the decision of Nograles to quit was not in any way connected to the issue of Banco Filipino that was ordered closed by the Bangko Sentral ng Pilipinas (BSP) and placed under PDIC receivership last March 17.

Reports say he submitted his resignation letter to the President, citing “differences in policies,” through Finance Secretary Cesar Purisima last Friday. He will stay in office until end of May this year only. He has gone on a 2-week leave from the agency. Nograles term would have ended in 2012.

According to some reports, the PDIC chief has been reportedly unappreciated by some members of the president’s economic team. He was also unseated earlier this year as director of the United Coconut Planters Bank (UCPB).

Under his stewardship, the PDIC became an ISO-certified agency for claims settlement operations, which a first in its history. Nograles is also credited for a number of policy and strategy innovations in the agency, such as amending the agency’s charter that strengthened its regulatory powers over banks, as well as increasing the maximum deposit insurance coverage to P500,000 from P250,000 per depositor.

During his term, the PDIC was able to ensure the stability of financial system from the aftermath of the global financial crisis in 2008, which resulted in a number of bank closures. The most notable of which was PDIC’s handling of the Legacy bank fallout.

Before his term as PDIC head, he was a senior executive vice-president of Land Bank of the Philippines. Nograles was an appointee of former President and now Pampanga Rep. Gloria Macapagal-Arroyo as PDIC president in 2008. He is the brother of former House Speaker Prospero Nograles who used to head the House contingent in the Commission on Appointments.

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DoJ forms panel to investigate BSP and Banco Filipino counter-charges

Roy — Thu, 14 Apr 2011 03:57:25 +0000

The Department of Justice (DoJ) received charges filed by Bangko Sentral ng Pilipinas (BSP) and Banco Filipino Savings and Mortgage Bank against each other. To conduct a preliminary investigation on the said charges, Justice Secretary Leila de Lima formed a three-man panel lead by Senior State Prosecutor Rosanne Balauag, and members Assistant State Prosecutors Bernardo Parico and Agapito Fajardo Jr.

Formed under Department Order No. 282, the immediate task of the panel is to consolidate the two complaints. Both BSP and Banco Filipino are embroiled in litigation after the BSP’s Monetary Board and the Philippine Deposit Insurance Corp. seized the bank’s real estate assets and placed it under receivership.

Banco Filipino accused the BSP and Monetary Board officials of violating Section 3 (e) of RA 3019 (Anti-Graft and Corrupt Practices Act) when it denied the grant of emergency loans needed by the bank under an emergency situation, and when it eventually ordered the bank’s closure and receivership. The bank said it has been seeking P25-billion worth of financial and regulatory relief as well as P19 billion in compensation for its alleged illegal closure in 1985.

The BSP, on the other hand, filed a counter-complaint seeking prosecution of the bank’s directors for alleged willful refusal to file audited financial statements from 2002 to 2007. BSP also accused BF president Teodoto Arcenas Jr. and directory Perfecto Yasay Jr. of falsification and issuance of false statements to hide the true financial condition of the bank; willful refusal to report loans; 26 counts of violation of BSP laws and directives and willful refusal to cease conduct of unsafe hazardous and unsound bank practices.

Banco Filipino also has a pending petition to the Court of Appeals seeking the nullification of MB Resolution No. 372-A which placed the bank under receivership and barred it from continuing its business operations in the country.

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Immigration barred 34 OFWs from leaving

Roy — Thu, 14 Apr 2011 02:04:46 +0000

The Bureau of Immigration (BI) barred 34 prospective overseas Filipino workers from leaving the country. The passengers were prevented from boarding a Philippine Airlines (PAL) flight to Bangkok after confessing that they were OFWs disguised as business travelers after intense questioning from immigration officers at the Ninoy Aquino International Airport (NAIA).

BI airport operations chief Lina Andaman Pelia said, “They were offloaded for not having the required clearances and employment permits from the Philippine Overseas Employment Administration (POEA).”

The Bangkok-bound passengers said they were supposed to find employment in Thailand. Some of them had work in Dubai and other Middle East countries. They were allegedly travelling on a business visa that was provided by a company in Dubai that was supposed to process their work permits in Thailand.

BI Commissioner Ricardo David Jr. commended the immigration officers for their vigilance and asked them to be more careful and step up their efforts in not allowing undocumented OFWs. The immigration office, however, refused to divulge the names of passengers as the anti-human trafficking law prohibits the public disclosure of both the traffickers and their victims.

During the course of their investigation, the immigration officer found out that the travelers were going to work for the Super Giant Touring Carnival owned by Apirom Properties Company Ltd., an affiliate of the Big Fun World based in Dubai and where many of the passengers previously worked.

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Shane Mosley tweeted in Filipino

Roy — Tue, 12 Apr 2011 21:35:04 +0000

Manny Pacquiao and Shane Mosley will meet each other in a 12-round bout on May 7 for the WBO welterweight championship at the MGM Grand Arena in Las Nevada. So far, the two boxers have been cordial to each and no have ever said any bad thing about the other. Mosley’s promise to know Pacquiao cannot even be considered a diss or trash talk in the sport of boxing.

Now, Mosley is trying a different approach and reaches to the Filipino fans. The black American knockout artist tries to win over some fans from the Philippines by tweeting in Filipino. Mosley, using the Twitter handle @SugarShaneM tweeted “Hindi ko nais maliitin ng isang mandirigmang Filipino ako igalang ang kanilang espiritu.” Loosely translated, the tweet means, “I don’t belittle the Filipino warrior. I respect his spirit.”

Mosley did not stop at that and even sent some love to all Filipinos and tweeted, “Pagpapadala ibig at paggalang sa mga tao ng mga Philippines (Sending love and respect to the people of the Philippines),” and “I tumingin forward sa magandang malinis na laban (I’m looking forward to a good clean fight.)”

Based on the loose construction of the sentences, it could be construed that the boxer is only using Google Translate to translate what he wants to say. Nevertheless, the effort endeared him to Filipino fans who appreciated his efforts and were thrilled to read his tweets in Filipino.

Mosley, the obvious underdog in the upcoming match, tries hard to promote their fight. He has told everyone who were willing to listen that he is no pushover; that he poses a big threat to the dominance of Pacquiao. To those who don’t believe him, the boxer uses his charm and charisma.

His tweets in Filipino made the boxer known to Filipino fans who are happy hear foreigners speak the language. Because of this, they would look forward to the fight and watch Mosley in action against the Pambansang Kamao.

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BSP said Banco Filipino ran a ‘Ponzi’ scheme

Roy — Wed, 06 Apr 2011 09:34:49 +0000

The Bangko Sentral ng Pilipinas (BSP) said in its 170-page opposition filed before the Court of Appeals that Banco Filipino Savings and Mortgage Bank was operating using the fraudulent “Ponzi” or pyramiding scheme. BSP filed the said report to justify its closure order and place Banco Filipino under the receivership of the Philippine Deposit Insurance Corp. (PDIC).

In the Ponzi scheme, named after Italian Charles Ponzi who earned notoriety for the technique in the 1920s, a company pays out returns to investors not really from its own profits, but from the investors’ own money, or those paid by subsequent depositors. The BSP said Banco Filipino lured its depositors by offering an interest of 6 to 14 percent for special savings while other banks were only giving 1.8 to 3.3 percent. The BSP alleged that the investments received were used to pay the interest of old deposits and fund its day-to-day operations.

The BSP also said that Banco Filipino owner Albert Aguirre and other directors, officers, and so-called interests of the bank borrowed P2.2 billion of the depositors’ money and never paid them back. It added that the only recourse left was to place under receivership of PDIC to protect the bank’s depositors, creditors, and the public in general.

The central bank also noted that Banco Filipino paid its officers and consultants P250 million, and that P245 million in legal fees were handed out last year to former Securities and Exchange Commission chairperson and Banco Filipino vice chairperson Perfecto Yasay, and lawyer Harry Roque. The BSP said Banco Filipino also violated the caps and limits set.

“Banks are not created for the benefit of its directors or officers. Instead Banco Filipino was being run to the extreme prejudice of its depositors since it was violating various laws and BSP regulations, including its refusal to submit periodic financial statements for the few years to hide its true financial weakness,” the BSP said.

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Pacquiao starts training with sparring

Roy — Wed, 30 Mar 2011 06:44:57 +0000

Filipino boxing champ Manny Pacquiao started sparring at the Shape up Boxing Gym in Baguio City on Tuesday, focusing on the timing of his punches. This signals the start of his hard training in preparation for his May 7 title defense against Shane Mosley at the MGM Garden.

The undisputed pound-for-pound king spent 4 rounds of sparring against training partners, Shawn Porter and David Rodela, having 2 rounds with each. Pacquiao’s trainer, Freddie Roach said that his timing is not yet perfect. “He’s not 100% okay yet, especially in his timing,” Roach said. “He’s a little bit cautious with his moves, but that understandable. I can see him improving a lot before we leave for Los Angeles on Saturday.”

Pacquiao’s training session included a 6-round mitt work and several rounds with the heavy bag, double end bag, speed ball and conditioning work. Roach said Tuesday’s session was a testament of the champ’s willingness to undergo hard training.

The big bag, double end and the speed ball was not yet actually needed. But Pacquiao requested for them. This only means he’s serious in whatever he wants to do in training. The champ said he needs to recover from his down time boxing, which is why he is working so hard. His last fight was last November 14 where he clobbered Mexico’s Antonio Margarito to win his 8th world title, the World Boxing Council (WBC) junior middleweight title.

He admitted that the still has to fine tune his timing. However, he assured his fans that there is still time for him to make adjustments. His sparring partners, Porter and Rodela, said Pacquiao’s still has this attitude of mixing it up with his opponents.

“He still possesses the power and speed like before,” said Porter, “I challenged him to toe-to-toe and he accepted the dare. He amazed me as usual.” Rodela added, “Yeah, same with me. I wanted to mix it up with him and he obliged.”

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Globe continues providing low-cost rates for families of OFWs

Roy — Wed, 30 Mar 2011 01:00:06 +0000

In its effort to alleviate the plight of Filipino families who have love ones working abroad, Globe Telecom announced that it will continue to provide more affordable rates for international services.

Head of Overseas Filipino Communities and Alliances, Consumer Marketing of Globe Telecom Richie Sison said “In these times of uncertainties in other parts of the world, we recognize the need to stay in constant touch with friends and relatives who are overseas, with more options available, making IDD calls from the Philippines to the world has become even more affordable.” He added, “The mobile phone is still the most immediate way of contacting loved-ones abroad and we are making our international services available to ease the worries of our kababayan both here and abroad.”

The Globe IDD Sakto Calls promo will be maintained until April 30 to allow families of OFWs more flexible talk time with their loved-ones abroad. The IDD Sakto Calls give callers one of the lowest IDD rates in the country. For just 15 centavos (P0.15) per second, families here can call their loved-ones in United States, Hawaii, Canada, Hong Kong, China, Malaysia, Singapore, South Korea, Australia, Taiwan, Thailand, Kuwait, Equatorial Guinea, United Kingdom, and Saudi Arabia. These are mostly places with great numbers of Overseas Filipino Workers (OFWs). In other countries, the rate is 30 centavos (P0.30) per IDD second. These rates are about half the price of regular IDD calls.

Globe IDD Sakto Calls requires no registration. Subscribers only need to dial 12800 + country code + area code + phone number to call an international landline. For international mobile phone numbers, just dial 12800 + cellphone number. Without the 12800 prefix though, they will be charged with the regular IDD rate of US$0.40 per minute. This service is best for quick hi’s and hello’s and in giving updates and other short messages because of its exact, pay-per-use per second charging.

Other low-cost Globe products are tipIDD card for those who want the best per-minute rates, available in denominations of P25, P100, and P200. It offers rates as low as P2.5 per minute to US, Canada and Hong Kong.

For those who want to keep in-touch via text messaging, there’s ITXT50 which gives subscribers 100 international texts good for 10 days to 190 destinations worldwide for just P50. To register for the service, just text ITXT50 to 8888.

Globe Telecom is relentless in growing partnerships to provide the world-widest coverage and the most affordable offers to its subscribers. Globe currently has more than 25 international call and text products and offers in 17 countries that give lower rates for calls to the Philippines, and over 600 roaming partners from all over the world.

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High risk game did it for Banco Filipino – BSP

Roy — Thu, 24 Mar 2011 12:39:06 +0000

The Bangko Sentral ng Pilipinas (BSP) said that Banco Filipino Savings and Mortage Bank was engaged in high-risk, high-yield schemes to attract depositors. But when the withdrawals started getting heavy, the bank failed to meet its obligations.

“As long as people were putting in money, then the music continued for them,” BSP Deputy Governor Nestor Espenilla Jr. said. “With other banks, the interest rate on deposits was 1, 2 or 3 percent, but Banco Filipino offered 14 percent… the problem is, people forgot the risks involved,” he added.

He also said that BSP had the authority to close banks offering excessively high-risk products. Taking note of the full-page advertisement of Banco Filipino on the newspaper claiming it had P30 billion in assets, Espenilla said that if indeed it had adequate resources, the bank should not have stopped servicing the withdrawals.

“If you are a bank, and you get deposits from the public, then you should have the resources to pay those deposits,” he said. “If the bank did not bring those funds elsewhere, then why was it not able to pay its depositors?”

In its full-page advertisement, Banco Filipino claimed it had inventory of valuable real estate properties which were acquired through foreclosures in the 1980, “These properties are coveted by many groups,” the advertisement claimed.

Listing some of its prime properties, the bank mentioned the following on the advertisement: 84 hectares in Daang Hari in Cavite; 78 hectares in Quezon City; 102 hectares in San Jose Del Monte and Norzagaray, Bulacan; 42 hectares in Naga City; 38 hectares in Pagudpod Beach, Ilocos Norte, and assets in Las Piñas and Parañaque.

“These assets have aggregate value of at least P30 billion. Total deposits are only P15 billion,” the bank said. “The Monetary Board and the Bangko Sentral are fully aware of the valuable assets held by the bank, which are worth much more than its liabilities.”

The Philippine Deposit Insurance Corp. (PDIC), which is the bank’s receiver, will convert these assets into cash to pay the bank’s deposits and creditors.

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PDIC begins inventory of Banco Filipino assets

Roy — Wed, 23 Mar 2011 16:28:51 +0000

While it is still processing the payment of deposit insurance to its depositors, the Philippine Deposit Insurance Corp. (PDIC) also started in its inventory of the assets of the closed Banco Filipino Savings and Mortgage Bank.

Officials of the closed bank, however, insists that it is not insolvent. It even went into having full-page advertisement in newspapers claiming that it has an inventory of valuable real estate properties that were acquired through foreclosures from way back in the 1980s.

The list of bank’s properties include:

an 82-hectare prime property along Daang Hari
a 78-hectare property in Quezon City
a 102-hectare property in San Jose Del Monte and Norzagaray areas
a 42-hectare property in Naga City
a 38-hectare property in Pagudpod Beach in Ilocos Norte
and several properties in Las Piñas and Parañaque.

Banco Filipino said that the BSP’s Monetary Board (MB) was fully aware of the valuable assets held by the bank that is worth more than its liabilities. “These assets have an aggregate value of at least P30 billion while total deposits are only P15 billion,” the bank said in its notice.

The bank also claims that all of its loans granted to its clients are fully secured by real estate properties whose aggregate values are much more now than at the time the loans were drawn. It said, “The Monetary Board had no basis for its action which caused the heavy withdrawals. The bank had enough collateral to cover the bank’s immediate requirement and the situation should not have been magnified.”

Banco Filipino was ordered closed by the BSP last March 17 and placed it under receivership by the PDIC after it failed to reopen for three straight days as the liabilities of the overwhelmed its assets by P8.4 billion.

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Banco Filipino seeks help from the Court of Appeals

Roy — Mon, 21 Mar 2011 19:52:58 +0000

The Bangko Sentral ng Pilipinas (BSP) issued closure order last for Banco Filipino Savings and Mortgage Bank and put it under receivership by the Philippine Deposit Insurance Corp. (PDIC) due to its capital deficiency.

Banco Filipino on Monday asked the Court of Appeals to the closure order of BSP. Perfecto Yasay, BF vice chairman and former chair of the Securities and Exchange Commission said they filed a petition for certiorari with the Court of Appeals to declare the BSP order as illegal.

Yasay said Banco Filipino is questioning the legality of the order issued by BSP against them. He pointed out that there is a preliminary mandatory preventive injunction already issued by the Makati City Regional Trial Court Branch 66 which orders BSP to implement the BSP and Monetary Board approved business plan. “We are asking the Court of Appeals to issue a temporary restraining order and/or preliminary injunction against the BSP order,” he said.

The BSP said that Banco Filipino has insufficient realizable assets to meet its obligation with its net realizable value at -P8.4 billion. This was contested by Yasay who maintained that they are not insolvent and has assets worth P25 billion.

A decision made by the Makati RTC in 2009 ordered the BSP and the MB to immediately implement BF’s approved business plan by releasing without delay, the P25-billion financial assistance and a package of regulatory relief. This was affirmed by the Court of Appeals last year.

Banco Filipino was first closed by the then Central Bank of the Philippines headed by the late Jose “Jobo” Fernandez Jr. as its governor and chairman of the MB. The Supreme court declared the closure “arbitrary and with grave abuse of discretion” in 1991, which became final in 1992.

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BSP said banking system in the country is stable

Roy — Mon, 21 Mar 2011 07:52:31 +0000

The Bangko Sentral ng Pilipinas (BSP) said that despite the closure of Banco Filipino Savings and Mortgage Bank last week, the country’s banking industry remains sound and stable. BSP Governor Amando M. Tetangco Jr. said they have not monitored any negative impact on the banking industry sine Banco Filipino was ordered closed by the Monetary Board (MB) last March 17.

“As we said in our statement, the banking system remains sound and stable. We have not observed any negative impact on the rest of the banking system,” he stressed.

Monetary authorities believe that 2010 was a banner year for the Philippine banks contributing largely to the country’s stronger-than-expected economic growth. Bank deposits went up by 9.8 percent to P5.1 trillion last year while banks’ loans posted a double-digit growth of 11 percent to P2.314 trillion as of January.

Income of Philippine banks doubled to about P4.1 billion as of end-June last year from P20.5 billion as of end-June 2009. The total assets of the banking system rose by 7.2 percent to P6.7 trillion as of end-September last year from P6.2 trillion as of end-September 2009.

The BSP reported that the banking system posted a capital adequacy ratio of 15.23 percent on solo basis and 16.21 percent on consolidated basis as of end-June last year. This ratio was well above the 10 percent minimum requirement of the BSP and the 8 percent standard ratio of the Basel Accord.

The implementation of BSP Circular 639 or the implementing regulation on the International Capital Adequacy Assessment Process (ICAAP) this year would further strengthen the country’s financial sector. And to add to that, BSP also raised the minimum capital requirement for new entrants in the banking industry to boost their competitiveness and further strengthen the country’s banking system.

From the P325 million, the BSP raised the minimum capital requirement for thrift banks to P1 billion for those with head offices in Metro Manila. For those whose head offices are in Cebu and Davao, the capital requirement was raised from P52 million to P500 million. In other areas, minimum capital requirement for thrift banks was also raised to P250 million from P52 million.

This capital requirement will be implemented on new thrift banks, those converting their existing banks to a thrift bank, and those relocating their head office in areas of higher classification.

The minimum capital requirement for rural banks was also raised by BSP last November. For those with head offices in Metro Manila, it is now P100 million from the previous level of P26 million; for those whose head offices are located in Cebu and Davao, it was increased from P13 million to P50 million. Those in municipalities belonging to first to fourth class, it was raised to P10 million from P6.5 million, and those in the fifth to sixth class municipalities, it was raised P5 million from a previous P2.6 million.

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Initial schedule of Depositors’ Forum set by PDIC

Roy — Sat, 19 Mar 2011 10:58:08 +0000

After taking over the operations of Banco Filipino Savings and Mortgage Bank upon the order of Bangko Sentral ng Pilipinas (BSP), the Philippine Deposit Insurance Corp. (PDIC) has already started processing payment of deposit insurance to the bank’s depositors.

First to be paid out are those whose balances do not exceed P5,000. These depositors need not file any claim, and PDIC will send their payments through mail in the form of postal money order (PMO) which can be encashed at postal offices or Land Bank of the Philippines branches.

For those with balances of P5,000 and above, including those with loan balances and whose records are not updated with the bank, PDIC will hold a Depositors’ Forum to discuss the procedures and requirements for filing claims. The Claim Forms will also be distributed to depositors during the forum.

PDIC sets the initial schedule of the forums on the following dates:

March 22

PDIC Chino Roces Avenue, Makati City, at 9:30 a.m., for Banco Filipino head office depositors

PDIC Chino Roces Avenue, Makati, at 3 p.m., for BF Guadalupe branch depositors

March 23

PDIC Chino Roces Avenue, 10 a.m., for BF JP Rizal branch depositors

PDIC Chino Roces Avenue, 1:30 p.m., for BF Makati Avenue/Benavidez branch depositors

Lazatin Library Museum, Angeles City, Pampanga, 1 p.m., for Angeles City branch depositors

March 24

San Juan Gym inside Elementary School, San Juan City, 9 a.m., for BF Mandaluyong, San Juan and Greenhills branch depositors

March 30

Pamana Hall, City Hall compound, San Pablo City, Laguna, 10 a.m., for BF San Pablo branch depositors

Schedules of the forums for other branches will be announced later.

For those who may not be able to attend the forums, they may get Claim Forms at their branch of account or download it from the PDIC website at www.pdic.gov.ph.

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PDIC to process payments to Banco Filipino depositors

Roy — Fri, 18 Mar 2011 07:47:26 +0000

After ordering its closure, and putting it under the receivership of the Philippine Deposit Insurance Corporation (PDIC), the next order of business is how to give back the money to the bank’s 177,652 depositors of Banco Filipino Savings and Mortgage Bank. BSP Deputy Governor Nestor Espenilla Jr. said that from the total number of depositors, 97 percent are considered small depositors and covered by the deposit insurance of P500,000 each.

Espenilla said that PDIC immediately took over the head office of Banco Filipino in Makati City on Thursday afternoon in order to secure vital records and documents, as well as prevent further dissipation of the bank’s assets. “The BSP is coordinating closely with PDIC so that deposit insurance can be paid out as soon as possible. In this connection, the condition, coverage, and quality of the records and document of Banco Filipino will be material in ensuring immediate service to depositors,” he said.

The first to be issued payments are depositors with balances of P5,000 and below, which account for about 53 percent of the total account holders. The BSP said these depositors no longer have to file their deposit insurance claims. The PDIC would immediately process and mail payments within the week.

Depositors would be receiving their money in the form of postal money order, which they can convert to cash at postal offices or at branches of Land Bank of the Philippines.

Meanwhile, those with balances above P5,000 will have to file their claims and they will still have to be validated.

“For depositors with account balances of more than P5,000, claim forms will be distributed during Depositors’ Forums to be conducted nationwide next week. During the forums, procedures, instructions and requirements for filing claims will be discussed. The schedule for claims receiving will be announced shortly after the examination of bank records,” PDIC president Jose Nograles said in a statement.

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BSP ordered closure of Banco Filipino

Roy — Fri, 18 Mar 2011 02:02:13 +0000

After closing its doors last Monday, “temporarily” as it claimed, Banco Filipino Savings and Mortgage Bank was shut down by the Bangko Sentral ng Pilipinas (BSP).

BSP ordered the closure of Banco Filipino yesterday for insolvency after its liabilities overwhelmed its assets by P8.4 billion, prompting monetary authorities to prepare charges against the board of directors and officials of the bank.

BSP Deputy Governor Nestor Espenilla Jr. said the seven-member Monetary Board (MB) decided to place Banco Filipino under the receivership of the Philippine Deposit Insurance Corp. (PDIC). With its net realizable value at -P8.4 billion, he said Banco Filipino will not be able to meet its obligations

Espenilla added that the MB took note of the failure of Banco Filipino’s board of directors and management to restore its financial health and viability despite the considerable amount of time given to them. The BSP extended P3.5-billion worth of emergency loans to the bank in 2002, P2.6 billion of which remains outstanding.

The MB rejected on Monday, another request from the bank for a P3-billion emergency loan to cover its huge “overdraft” amounting to over P900 million. “It has therefore decided to prohibit Banco Filipino from doing business in the Philippines and to place its assets and affairs under receivership,” Espenilla said, citing section 30 of Republic Act 7653 or the New Central Bank Act. The decision, he said, would provide immediate relief to the bank’s 177,652 depositors.

Espenilla said the MB authorized the filing of appropriate cases against the directors, officers, and other individuals who may be found liable for violation of banking laws and BSP rules and regulations that led to the bank’s financial woes. He revealed Banco Filipino lost around P2 billion a year from 2007 to 2009, and P277 million monthly in the first nine months of 2010.

He added that aside from the interest payments amounting to P1 billion a year, the bank incurred huge expenses, like P500 million for compensation, which was 2.5 times its gross income; and legal fees amounting to P131 million or about 61 percent of its gross income, which are way above industry levels.

The MB also noted that more than half of Banco Filipino’s outstanding loans amounting to P4.1 billion went to directors, officers, stockholders and related interest (DOSRI).

Meanwhile, Banco Filipino vice chairman and former Securities and Exchange Commission chairman Perfecto Yasay Jr. said he would file necessary charges against BSP, which he said earlier was to blame for the bank’s predicament.

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Banco Filipino closed doors to depositors “temporarily”

Roy — Wed, 16 Mar 2011 01:59:29 +0000

Banco Filipino Savings and Mortgage Bank branches in the country were closed yesterday after experiencing heavy withdrawals from its depositors worried about its financial health. The thrift bank has 62 branches in the Philippines, with a total of P17 billion worth of deposits.

Banco Filipino vice chair Perfecto Yasay assured depositors that they bank is still in operation, denying reports that it had taken a unilateral bank holiday. Since Monday, there were talks that some Banco Filipino branches in provincial areas had not opened and that their manager’s checks had bounced.

The bank also blames the Bangko Sentral ng Pilipinas for its financial woes, citing the non-implementation of a rebuilding plan that would require P25 billion in liquidity infusion from the banking regulator. Yasay said the P25 billion infusion was part of the BSP obligation to the bank.

Banco Filipino was shut down by the then Central Bank of the Philippines, which was BSP’s predecessor, during the Marcos regime in the 1980s, but was reopened in 1994 after the Supreme Court ruled its closure as arbitrary.

The BSP said it already asked Banco Filipino to clarify its financial situation, following reports that it had declared a voluntary “bank holiday.” The banking confirmed that it had received reports and complaints from the bank’s depositors from various parts of the country. “Accordingly, we have sent a letter addressed to the management of Banco Filipino asking them to explain the bank’s status to its clients and to the BSP. We are now waiting for their official response,” BSP said.

Amidst the requests for explanation, Yasay reiterated the need for the BSP to immediately implement the approved P25-billion business plan as ordered by the Makati Regional Trial Court. He also said that the court has prohibited the BSP and the Monetary Board, its officials and agents, from committing any act prejudicial to the operations of the bank.

He assured the depositors and the public in general, that as soon as they receive official notice on the action taken by the BSP and Monetary Board, that they will be advised.

Meanwhile, Philippine Deposit Insurance Co. president Jose Nograles that their office has the mandate to take over the operations of Banco Filipino, but as of date, they have not yet received any order from the BSP to do so.

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Philippine’s Julaton retains WBO title.txt

Roy — Sun, 27 Feb 2011 01:17:21 +0000

Only a week after Filipino boxing champ Nonito Donaire Jr. won over opponent, Mexican Fernando Montiel, to claim the World Boxing Organization and (WBO) and World Boxing Council (WBC) bantamweights crown, another Filipino brought the Philippines to the boxing limelight.

Ana “The Hurricane” Julaton defeated Franches Alcanter, from Kansas City, to retain her WBO super-bantamweight title on Saturday at the Craneway Pavilion Point Richmond, California.

Julaton displayed her boxing skills as she dominated Alcanter during the bout. She kept her challenger at bay with impressive footwork, powerful lead left jab and solid combinations to control the 10-round title to successfully defend the title she won from Maria Elena Villalobos last July. The 30-year old champ won by scores of 98-92, 97-93, and 96-84 and an improved fight card of 8-2-1 overall.

“I just kept her away with those left jabs of mine. I know Franchesca will be bringing her A-game in the ring, but I was ready for it,” Julaton said after the fight.

Alcanter, dubbed as “The Chosen One,” fell to 18-10, as she failed to win a world title in her fifth and latest attempt. She mostly forced on the defensive end by the champions aggressive stance. She had her best moment in the sixth round when she connected on a straight right that shook Julaton a bit.

Julaton, now based in Daly City, California, whose parents are from Pozzorubio, Pangasinan, had the challenger under her control, rocking Alcanter on the ropes several times with punishing left and rights. At the end of the bout, she was left with a bloodied nose and spotted a welt just under her right eye.

Orion Sports’ Allan Tremblay, Julaton’s promoter, said the next fight of the champion could be in the Philippines. Julaton is the first and only lady boxing champion from the country. Along with her and Donaire, Philippines have two other current world champions in Donnie Nietes (WBO minimumweight) and of course, Manny Pacquiao.

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Aquino leaves decision on Marcos’ burial to Binay

Roy — Wed, 23 Feb 2011 06:28:47 +0000

The Libingan ng mga Bayani is a cemetery reserved for military personnel who died in line of duty or were honorably discharged, Filipino veterans, former presidents, government dignitaries, statesmen and national artists. Likewise, widows of former presidents, secretaries of national defense and chief of staff can also be buried in the same plot where their husbands are buried.

This being the case, Senator Ferdinand “Bongbong” Marcos Jr., son and namesake of the late President Ferdinand Marcos, is hoping that President Noynoy Aquino will put aside politics and allow his father to be buried at the said cemetery.

President PNoy said however that, since his mother, the late President Corazon Aquino, was still the president and until now that he holds the highest position in the country, his position on the Marcos burial has not changed. And because of this “personal bias,” he said that he leaves the decision to Vice President Jejomar Binay. He said he already talked to Binay about the matter.

PNoy said that Binay actually has a strong opinion on the matter, but he said he believed that the vice president’s decision will receive less criticism than his, and assured that Binay will give the matter a fair treatment. The vice president is now in China, but before he left last week, Aquino had already discussed the issue of Marcos’ burial with him.

The People Power Revolution in 1986, also known as the EDSA Revolution, ended the 20-year reign of Marcos, which then catapulted the late Mrs. Aquino into the presidency. PNoy’s father, the late Senator Benigno Simeon “Ninoy” Aquino, Jr., was a senator who belonged to the opposition during Marcos’ term. He was assassinated at the Manila International Airport on August 23, 1983, which was later named to Ninoy Aquino International Airport (NAIA) in his honor.