THE Department of Finance (DoF) is pushing initiatives on helping rural banks reduce the number of unbanked Filipinos as the Bangko Sentral ng Pilipinas (BSP) is urging them to take advantage of new financial technologies (fintech). “This revolution in the financial sector will power our economic growth and help us be competitive in the future,” he said. This priority bill of the Legislative-Executive Development Advisory Council (Ledac) aims to increase the use of technology in rural lending. “This will further expand market reach and enhance existing service delivery channels in rural areas,” he added. “The areas where rural banks can incorporate fintech in their operations are wide open.
Part of that amount, or $66 million, disappeared, laundered through accounts at RCBC bank, a local money exchange company and a couple of casinos. The remaining four transactions totaling $81 million landed in fictitious dollar accounts opened at RCBC’s Jupiter Street, Makati branch. The word “Jupiter” was the incredible coincidence that stopped the remaining $850 million of spurious money transfers. For Bangladesh’s sake, although it might want to avoid scrutiny out of embarrassment, the full story of what happened in Bangladesh Bank and who was involved in it has yet to be revealed as well. The Philippine government can take one firm step to correct that by stopping an out-of-court settlement between Bangladesh Bank and RCBC from pushing through.
ZAMBOANGA CITY: Police and military tightened security in Maimbung, Sulu following a deadly clash between two warring groups that left at least a dozen casualties. Military reports said the fighting erupted late last week in the village of Bualo Lipid between the groups of Mudjasan Pando, Maimbung vice mayor, and Imal Matarol. Two people were killed and at least three others wounded from both sides and seven civilians were injured. Other MNLF members in the village were ordered to leave the area and settled in Indanan town. The military did not say what triggered the fighting.
If you don’t lose sleep over that next-door arsenal, why would you suddenly panic over roaming guards? That would then justify increased military deployment in the South China Sea by the United States and its Quadrilateral allies Japan, Australia and India. To confront or not to confrontSo, what to do about bombers, missiles, radar-jamming gear, and the whole reclamation and construction encroaching on Philippine territory and continental shelf? Plus: Beijing’s “nine-dash” claim—voided by the PCA ruling—over nearly all the South China Sea and every reef, shoal and island in it. No wonder President Duterte has urged waiting till we have ample forces to assert sovereign rights.
No less than the outgoing Senate president, Aquilino Pimentel 3rd, nominated him to the post during Monday afternoon’s session. Pimentel, son of former Senate president Aquilino Pimentel Jr., stepped down from his post hours before to the session. He recognized Sotto’s performance as Senate majority leader, saying Sotto solved deadlocks on the floor and clarified difficult procedural issues. Fair, vocalSotto vowed to maintain a fair but vocal Senate that would also be cooperative with the Executive Department. First elected to the Senate in 1992, when he topped the senatorial race, Sotto is the most senior member of the Senate.
The bicameral committee has approved the Occupational Safety and Health Standards (OSHS) Act, which would mandate strict compliance of employers to workplace safety standards. “This bill, once enacted into law, would finally give teeth to our 41-year Labor Code and would thus force establishments to comply to occupational safety and health standards,” Sen. Joel Villanueva, author of the measure, said on Monday. A contingent from the House of Representatives agreed to adopt the Senate’s version of the measure. Villanueva said he hoped the bill would be ratified by both chambers before the last session day on May 30. President Rodrigo Duterte may then sign the bill into law.
Source:Philippine Daily Inquirer
May 21, 2018 16:18 UTC
THE Consultative Committee (ConCom) tasked to draft a new constitution has proposed the creation of three supreme courts and specialized courts to “speed up the delivery of justice.”The proposed three high tribunals are the Federal Supreme Court, the Federal Constitutional Court and the Federal Administrative Court—all expected to “make for a more efficient judicial system and unclog the dockets” of the Supreme Court. The Philippine Supreme Court handles constitutional questions, on top of other cases as part of the regular court system. The ConCom also wants to remove “non-judicial functions” from the Supreme Court such as resolving electoral protests of senators and members of the House of Representatives. It will review final judgments and orders of lower courts except those within the exclusive jurisdiction of the Federal Constitutional Court and Federal Administrative Court, issues of jurisdiction of any lower court, and criminal offenses in which the penalty is life imprisonment or death. The three other members will be appointed by the Federal Administrative Court en banc and the rest, by the Commission on Appointments or Congress.
THE Yellow cult has found a new rallying cry in the ouster of former Chief Justice Maria Lourdes Sereno from the Supreme Court. Former Chief Justice Hilario Davide Jr., for one, has accused the magistrates of a “culpable violation of the Constitution,” saying they could be subjected to impeachment for voting for the removal of Sereno. The magistrates of the high court “know very well” that impeachment was the only route to remove an impeachable officer, he added. His son, Hilario Davide 3rd, the LP provincial chairman and current governor of Cebu, owes his 2013 gubernatorial victory to the Yellow cult machinery—and chicanery. Not to be outdone, the party-list representative of Akbayan has revealed his plan to file impeachment complaints against the eight SC justices also for culpable violation of the Constitution.
BRANDY maker Emperador, Inc. intends to expand its international footprint by introducing more product offerings to boost revenues and improve profit margins in the coming years. Emperador is also strengthening its European presence through its Pedro Domecq brand. The Tan-led company completed its acquisition last year of the Pedro Domecq brand for a transaction price of P4.34 billion. It said it will put up two to three more experiential stores under the Fundador brand apart from its first ever Fundador cafe at the Venice Grand Canal Mall in McKinley Hill, Taguig City. We have created a brandy-drinking culture among Filipinos with our flagship Emperador brand.
THIRD telco aspirant NOW Corp. said on Monday its board of directors had approved a preferred share issue of up to P1 billion to finance its network expansion. In a disclosure, the technology firm said it would issue 10 million redeemable peso-denominated preferred shares at an offer price of P100 each. Proceeds will be used to support the plan to boost its Fiber-in-the-Air broadband business and for general corporate purposes. The holders of the proposed preferred shares may convert all of their outstanding preferred shares to common shares at a conversion price of P20, or a conversion rate of five common shares for one preferred share between the third and fourth anniversaries of the preferred shares. The company is bullish it could sustain this growth given the market’s requirement for fast and reliable broadband services.
WHEN it was published in 1982, Contest for the South China Sea was hailed by its reviewers as the first detailed analysis of the South China Sea conflict. In “Why are the Disputes in the South China Sea So Intractable?” (2002), historian Stein Tønnesson departed from Samuels’ Sino-centric approach. The South China Sea: The Struggle for Power in Asia (2014) by journalist Bill Hayton is one of the latest texts on the South China Sea conflict. He also used mandala to refer to the system in “South East Asia.” And the way he used “South East Asia” is ahistorical: South East Asia, as a region, is a 20th century invention. South East Asia referred to the region the West identified as lying east of India and south of China.
Nowadays, car buying game is changing with a new trend termed “online shopping”. While online shopping surely brings auto consumers outstanding advantages, come to think of it, for every plus there is a minus. Filipino car buyers are advised to keep in mind 4 most important things below while seeking cars for sale on the World Wide Web. Test driving are not allowed in online car buyingThis may be the biggest minus of buying vehicles online. You might encounter scams while seeking cars for sale onlineThere are plenty of unlucky buyers who have been victimized on online car scams.
PRESIDENT Rodrigo Duterte has fired Transportation Assistant Secretary Mark Tolentino from his post, Malacañang said on Monday. “The mistake of Assistant Secretary Tolentino is he talked to a relative of the President. “The DOTr welcomes and strongly supports the decision of President Rodrigo Duterte to terminate the services of Atty. Mark Tolentino as assistant secretary for railways due to questionable dealings and unfairly involving the first family with matters regarding the Mindanao Railway Project,” the agency said in a statement. Roque said he will announce the resignation on Tuesday of a government official whose services had been terminated by Duterte.
German second seed Zverev was 3-1 up in the decider before two rain stoppages halted his momentum. Top seed Nadal raced away with the last five games to secure a 32nd Masters title and ensure a return to the world number one spot. The 31-year-old also showed why he will once again be the runaway favourite when Roland Garros begins in a week where he’ll be bidding for an 11th French Open title. Nadal remains the best clay-courter of the Open Era with an astonishing 408-36 recordHe will next seek an 11th French Open crown to match the 11 he owns from Monte Carlo and Barcelona. Meanwhile, Elina Svitolina underlined her status as a top favorite for the French Open by sweeping Simona Halep aside 6-0, 6-4 to successfully defend her crown.
May 21, 2018 15:45 UTC
Five of the eight national boxers sent to the Korotkov Memorial came home with medals after more than a week in the chilly spring weather in Khabarovsk, Russia. Eumir Felix Marcial, 22, 2011 Junior World Champion and two-time SEA Games gold medalist, walloped the opposition in the middleweight division. He decisioned a North Korean o the Finals. She eventually won her finals match against another North Korean. Lightweight James Palicte settled for silver, even though he dropped his North Korean foe in the second round.
May 21, 2018 15:45 UTC