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Makati City
Sunday, June 25, 2017
Standard Chartered Bank has expressed interest in providing financial and technical assistance to the Philippines in implementing the proposed railway system in Mindanao under the Duterte administration’s “Build, Build, Build” infrastructure program, according to the Department of Finance (DOF). In a recent meeting with Finance Secretary Carlos G. Dominguez III,...
The chairman of the Senate Committee on Banks, Financial Institutions and Currencies is relying on regulators of the Bangko Sentral ng Pilipinas (BSP) to strictly enforce adequate measures to protect people’s money in the wake of last week’s bank mishaps at Banco de Oro (BDO) and Bank of the Philippine...
Asia United Bank (AUB) plans to expand consumer banking with additional branches and mobile services to ride on the country’s projected three-year economic growth. AUB plans to set up 30 branches a year to offer more consumer products, including real estate, salary, auto and pension loans to individual clients. At present,...
An evening of pure enchantment awaited us at the Solaire Theater on May 28. Malen Claravall, the guiding spirit of the Claravall School of Dance in Parañaque and the British School of Manila presented “Snow White and Other Dances”, the former being the full-length story long known to most...
Senate probers were reassured on Monday that no depositor lost money and no hacking was involved in the “technical malfunctions” that disrupted banking operations at the Bank of Philippine Islands (BPI) and at Banco de Oro (BDO) last week. But ranking BPI and BDO officers, as well as Bangko Sentral...
The Department of Finance (DOF) said the remittances sent by overseas Filipino workers (OFWs) is not covered by the Comprehensive Tax Reform Program (CTRP) and, therefore, will not be taxed. Finance Undersecretary Karl Kendrick T. Chua, in congressional hearings, issued a clarification in response to erroneous reports that OFW remittances...
The Philippine Insurers and Reinsurers Association said the number of nonlife insurance companies will shrink to 54 from the current 63 by the end of the year, as some cannot afford to meet the paid-up capital requirement of the Insurance Commission of at least P1.3 billion by 2022. According to...
Dictionary.com defines “customer-centric” as placing the customer at the center of a company’s marketing effort, focusing on the customer rather than sales. According to Customers.com, the customer-centric organization creates products, processes, policies, and a culture designed to support customers in their endeavors and provide them with a great experience...
The Bureau of Customs (BOC) has forged an alliance with Chinese counterparts to further boost Manila and Beijing’s anti-smuggling efforts and eliminate the illicit trade. According to Customs Commissioner Nicanor E. Faeldon, the Philippines has discussed with members of the Anti-Smuggling Bureau of the General Administration of China Customs initiatives...
The shared services unit of the Dutch financial services giant ING Group in the Philippines anticipates adding some 700 more seats to its knowledge-process outsourcing (KPO)operations. This was learned on Tuesday from Cees Ovelgonne, country manager of its Philippine unit, who said its workforce could reach 700 this year, as...

On peace and development

“Peace is the greatest weapon for development that any person can have.”— Nelson Mandela Peace has often been defined as the “absence of war”, giving peace a negative definition.  It would be preferable to give peace a positive approach, by viewing it as the attainment of security, justice, welfare, freedom...
Thrift banks see higher growth in consumer loans with Internet-based financial technologies that enable digital banking on mobile phones. “We’re starting to do that also for mortgage and consumer loans for the noncore banking. But we’re gradually moving into the core,” President of the Chamber of Thrift Banks Gregorio B....
Resurgent global economic climate and sustained domestic expansionwere to push foreign direct investments (FDI) some $1 billion higher this year than originally projected, the Bangko Sentral ng Pilipinas (BSP) said on Monday. According to the BSP, FDI, the kind of investment the government prefers because it stays for the long...
There’s a general concession that life is full of surprises. In a moment, everything may change—for better or for worse. If it benefits you, you may relish the euphoria of things unfolding and revel in the happiness of the moment. Conversely, you could find yourself so helpless in trying...
The Bangko Sentral ng Pilipinas (BSP) has given banks a year to shift from the current magnetic stripe to the chip-based EMV technology or face monetary sanctions for noncompliance. The various banks have until June 30, 2018, to migrate customer debit or payment cards from the old system to the...
The Department of Finance (DOF) said the conflict happening in Marawi City in Mindanao should not derail the growth program and the government’s push for the buildup of infrastructure in the country. In Hong Kong Finance Secretary Carlos G. Dominguez III told the international business community that the growth program...
The Insurance commission (IC) has issued a show-cause order against health-maintenance organization (HMO) Caritas Health Shield mandating the resolution of numerous complaints filed against it on alleged fraudulent swiping of credit and debit cards. According to Insurance Commissioner Dennis B. Funa, Caritas Health Shield was told to explain why agents...
Billionaire businessman and Party-list Rep. Michael L. Romero of 1-Pacman has allegedly gone on the lam following a Regional Trial Court (RTC) in Manila City issuance of a hold departure order (HDO) for allegedly stealing P3.4 million from his family-owned Harbour Centre Port Terminal Inc. (HCPTI). RTC in Manila City...

End of brand loyalty

For a very long time, consumers stood by their brand regardless of price and would go through great lengths to be able to acquire their branded product of choice.  Essentially, the brand was the seal or the certification imbued in the product guaranteeing quantity, quality, consistency, safety, effectivity, specifications...
The top collecting agencies of the government reported increases in May, according to the Department of Finance (DOF). Data from the DOF show the Bureau of Internal Revenue (BIR) collecting P157.364 billion during the month, an expansion by 3.44 percent, compared to last year’s P152.135 billion. Still, the revenues the BIR...
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