Probinsiya

Sindikato ng pekeng dolyares, nabuwag

(Pilipino Star Ngayon) Updated June 20, 2006 12:00 AM OLONGAPO CITY – Dalawang Liberian national na pinaniniwalaang miyembro ng sindikatong namemeke ng dolyares ang nasakote ng mga tauhan ng pulisya sa isinagawang operation sa Barangay Barretto, Olongapo City kamakalawa ng umaga. Sa isinumiteng ulat ni P/Insp.Vic Gabarda kay P/Senior Supt. Angelito Pacia, Olongapo police director, nakilala ang mga suspek na sina James Williams, 26 at Levi Myers, 29, kapwa walang permanenteng tirahan. Ang suspek ay dinakip ng mga tauhan ni Gabarda sa pangunguna ni SPO3 James Bada sa Baloy Long Beach Resort matapos magreklamo ang mag-asawang Janette at Matz Venerberg, 55, isang Swedish national. Napag-alamang nakilala ng mga suspek si Matz sa isang bar ng naturang resort at hinikayat sa kanilang modus operandi sa pag-gawa ng milyong halaga ng pekeng dolyares. Sa labis na pagkamangha ay bumilib ang biktima matapos makitang naging $50 dolyar ang isang maitim na blangkong papel na nilagyan ng kemikal at sinubukang ipapalit ang pekeng pera sa isang money exchange shop kung saan ito nga ay napalitan ng tunay. Subalit, nagduda si Matz makaraang hingan na siya ng mga suspek ng $1,500 US kapalit ng mga parapernalias sa paggawa ng mga pekeng dolyares. Agad na humingi ng tulong ang mag-asawang biktima sa pulisya kaya nadakip ang mga suspek. Nakumpiska sa mga suspek ang apat na bultong naglalaman ng black money at kaha-de-yero, samantalang wala namang maipakitang pasaporte at kaukulang dokumento ang dalawang dayuhan. (Jeff Tombado)

Bangko Sentral okays $1-billion global bonds issue

By Des Ferriols (The Philippine Star) Updated July 11, 2009 12:00 AM

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) yesterday granted approval in principle for the proposed $1-billion global bonds issue by the government, paving the way for finance officials to finalize the terms of the cash-raising exercise. The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) approved the proposed issue in principle with the final approval pending the finalization of the terms and features of the issue. BSP Governor Amando M. Tetangco Jr. said the proposed issue was approved in principle for up to $1 billion worth of global bonds with the Republic of the Philippines (ROP) as the official issuer. The proposal was for ROP (Republic of the Philippines) bonds but the possibility of issuing yendenominated bonds in the Japanese market—known as Samurai bonds—has not been entirely ruled out. The Monetary Board approval would serve as a stand-by authority but finance officials could still opt to issue Samurai bonds pending the conclusion of ongoing negotiations with Japanese officials. Officials said negotiations are still ongoing between finance officials and the Japan Bank for International Cooperation (JBIC) which had previously agreed to guarantee the bond offer. According to officials, the discussion was stalled on the question of guarantee fee although there were talks in the market earlier that the bond size might actually be increased to $1.5 billion. JBIC has initially agreed to guarantee up to $1 billion of the Samurai bonds that would be issued in the Japanese market. But if the terms would not be favorable, finance officials said the government might decide to just float plain vanilla bonds in the international market and generate funds that way. “Discussions with JBIC are still ongoing,” the official said. Officials said issuing Samurai bonds might be cheaper but with the JBIC guarantee, the government would have to pay for a guarantee fee which could generate savings of around 20 basis points. “So we are trying to determine if it makes more sense going to the commercial market and borrow there or to issue Samurai bonds in the Japanese market,” the official said. “But the guarantee fee might offset that savings so it’s a balancing issue.” Finance officials stressed that applying for the authority to issue ROP bonds did not mean the government is abandoning the possibility of issuing Samurai bonds which could still happen. “We’re just exploring all available options,” the official said, adding that it might be too late if the government waited too long to secure BSP approval of its additional foreign borrowing this year. But the market has bigger issues than the government’s ability to finance its deficit through borrowing. The bigger concern is its ability to raise revenues. In its latest macroeconomic review, Citibank revised its fiscal outlook for the country, prompted by the combination of weak cyclical environment and its expected decline in tax collection for 2009.

Citi analyst Jun Trinidad said in the report that tax collections are expected to drop to about 12 to 13 percent of gross domestic product (GDP) this year, leading to a wider fiscal gap of P350 billion, roughly 4.5 percent of the GDP at best. “At 12 percent, the low end of the range, the fiscal gap could expand to more than P400 billion or 5.3 percent of GDP,” Trinidad said.

Bunye: A good year for Bangko Sentral ng Pilipinas and the banking system

Ignacio R. Bunye Speaking Out
Former presidential spokesperson and Press Secretary Ignacio "Toting" Bunye was appointed as Monetary Board Member of the Bangko Sentral ng Pilipinas on July 3, 1998, a position he holds up to the present. Bunye had served as Press Secretary from July 16, 2002 to January 19, 2003, before he formally assumed the post of presidential spokesperson on January 20, 2003. On August 24, 2004, he was again appointed as Press Secretary and concurrently as spokesperson. He was designated as acting Executive Secretary from October 21 - 30, 2007, in which time he signed the papers pardoning former President Joseph Estrada. Graduating at the top of his elementary and high school class, Bunye earned the degrees of Bachelor of Arts in Political Science and Bachelor of Laws from

the Ateneo de Manila University. He also holds a Master's Degree in Management from the Asian Institute of Management. Bunye, a lifetime member of the National Press Club, began his work in media as a working student at the Ateneo de Manila, first, as a reporter of DZMT, the radio station of the old Manila Times, and later, as reporter of the Daily Star. He was recently inducted as a member of the Manila Overseas Press Club. A lawyer by profession, Bunye has served in various executive positions at the Ayala Group of Companies. view previous articles

Sunday, January 3, 2010
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ALL in all, the Bangko Sentral ng Pilipinas did well in 2009. And so did the domestic banking system. Once again, the Bangko Sentral ng Pilipinas delivered on its principal mandate of maintaining price stability despite the twin challenges posed by increasing oil prices and commodity supply constraints caused by Typhoons Ondoy nd Pepeng. Because of a benign inflation, the BSP could afford to peg its policy rates at an all time low. This has translated into lower pass-on interest rates charged by banks to their clients. Lower inflation also helped maintain the purchasing power of the ordinary Filipino. Also because of low inflation, the Bangko Sentral could afford to provide liquidity enhancement mechanisms, thus providing the necessary environment for banks to increase lending activities. Indeed, commercial loans expanded during the year albeit at a moderate pace. The external sector provided another source of stability. Supported by record remittance flows from overseas Filipinos and receipts from the Business Process Outsourcing sector, the country posted a balance of payment surplus in excess of US $ 3.3 billion. This in turn has resulted in a record build up of Gross International Reserves – more than enough to pay for 9 months of imports and more than enough to cover our short term maturing foreign obligations. For its part, the Philippine banking system weathered well the global financial storm. According to BSP Governor Amando M Tetangco Jr., “Important banking reforms, particularly in the areas of corporate governance, risk management, and asset clean-up, have strengthened the banking system further, boosting its overall performance in terms of higher asset growth, enhanced asset quality, improved profitability and better capitalization.” The banking system’s capital adequacy ratios (CARs), a prime indicator of financial health, showed improvements both on a solo and consolidated basis. The Bangko Sentral ng Pilipinas requires a minimum CAR of 10 per cent while the Basel II Accord prescribes a minimum CAR of 8 percent. Owing to significant buildups in qualifying capital as well as issuances of tier capital notes, most banks easily hurdled the capital

requirements. As of the second quarter, CAR on a consolidated basis hit 15.68 per cent while CAR on a solo basis hit 14.81. 2009 saw the BSP continuing to be active in launching and conducting various advocacies. Examples of these are the Credit Surety Fund, Economic and Financial Learning Centers in Luzon, Visayas and Mindanao, Tulong Barya para sa Eskuwela, Public info campaign and OFW financial literacy campaign. The Philippines also gained global recognition for leadership in microfinance and mobile banking. Praises for the Bangko Sentral’s model regulatory approach in microfinance and mobile banking came from such prestigious groups as the London-based publication, The Economist, The Financial Times, the World Bank’s Consultative Group to Assist the Poor and the newly formed G20 Financial Inclusion Experts Group. A significant milestone also occurred in the legal front. The Supreme Court affirmed in the Legacy rural bank cases the authority of the Monetary Board to determine the insolvency of banks and to place them under receivership. The ruling effectively restricted undue interference by the courts in the Monetary Board’s exercise of its regulatory and supervisory powers over banks. 2009 saw the production and roll out by the BSP of e-passports. This enabled compliance by the Philippines with the international deadline of 2010. For the opportune implementation of the epassport project, President Arroyo conferred BSP Governor Amando M. Tetangco Jr. the Order of Sikatuna (Rank of Datu).