PCOO ONLINE NEWS 12 NOVEMBER 2013 GSIS offers aid package for Yolanda-hit members, pensioners Baldoz identifies industries deemed indispensable to national interest In Zambo Norte, 23 grads of technical courses establish Internet café through DOLEs P373-K assistance Statement by DBM Sec. Florencio B. Abad on the devastation wrought by super Typhoon Yolanda DTI: price freeze in calamity hit areas DepEd tracks Typhoon Yolanda affected personnel EU increases support to Mindanao peace process New Zealand Prime Minister to visit Manila Filipino-Malaysian community extend assistance to Yolanda victims BI intercepts foreign nationals with dubious ECC PRC cancels Tacloban City as testing site for November 2013 Midwife and December 2013 Nurse examination The Philippine Deposit Insurance Corporation wins the Deposit Insurance Organization (DIO) of the Year Award for 2013 BSP rediscount rates for November 2013 and availments as of October 2013 Foreign Direct Investments rise by 123 percent in August 2013 2.1 million families affected by ‘Yolanda’ — DSWD ________________________________________ GSIS offers aid package for Yolanda-hit members, pensioners Source: gsis.gov.ph State pension fund Government Service Insurance System today bared its assistance package for more than 300,000 members and pensioners adversely affected by typhoon Yolanda. GSIS members residing or working within the declared calamity areas may now apply for the Php20,000 emergency loan in GSIS branch offices and through the GWAPS kiosks until December 31, 2013. For members with existing emergency loan, GSIS will waive the requirement to pay 12 monthly amortizations before loan renewal. In addition, the pension fund is granting a six-month loan moratorium on outstanding loans to enable its hardest-hit members to use the deferred payments on their GSIS loans for rebuilding their homes and other urgent needs. Loans covered under the moratorium include consolidated loans, housing loans, policy loans, and eCash Advances. The loan moratorium will be extended from November 2013 to April 2014. The payment for existing loans of members will thus resume in May next year. For old-age pensioners living in calamity-declared areas, GSIS is opening a new pension emergency loan (PEL) window of Php20,000 with terms similar to the emergency loan for active members. As with the existing pension loan, a loan redemption insurance will be included. Likewise, pensioners in hardest-hit areas will benefit from a six-month moratorium on their existing loans. GSIS allocated a total of Php4.5 billion for the emergency loan package. For more information on the emergency assistance program, members and pensioners may go to the nearest GSIS office, call the GSIS contact center at 847.4747. |TOP| ________________________________________ Baldoz identifies industries deemed indispensable to national interest Source: dole.gov.ph To guide workers and employers filing for Assumption of Jurisdiction petitions Baldoz identifies industries deemed indispensable to national interest Labor and Employment Secretary Rosalinda Dimapilis-Baldoz has issued a department order amending the Implementing Rules and Regulations (IRR) of the Labor Code of the Philippines that identify industries indispensable to the national interest. “This essential amendment is in pursuit of clear-cut rules to govern assumption of jurisdiction (AJ) petitions before the Office of the DOLE Secretary in those situations that this mechanism is resorted to, said Baldoz after she signed Department Order No. 40-11-13, Series of 2013. The department order amends Rule XXII of the Implementing Rules and Regulations of Book V of the Labor Code of the Philippines, by adding a new section, Section 16. The amendment reads: “Section 16. Industries indispensable to the National Interest. -- For the guidance of the workers and employers in the filing of Petition for Assumption of Jurisdiction, the following industries/services are hereby recognized as deemed indispensable to the national interest: (a) Hospital Sector; (b) Electric Power Industry; (c) Water Supply Services, to exclude small water supply services, such as bottling and refilling stations; (d) Air Traffic Control; and (e) such other industries as may be recommended by the National Tripartite Industrial Peace Council (NTIPC).” Baldozs new order re-numbered Section 16 of D.O. No. 40-G-03 S. 2010 to Section 17, and re-numbered Section 17 to Section 18 and amended accordingly, and which now reads as follows: Section 18. Decision on the assumed labor dispute; finality. - Within five (5) days from the issuance of the assumption or certification order, a preliminary conference or hearing shall immediately be conducted by the Office of the Secretary of Labor and Employment, the NLRC, or the Voluntary Arbitrator or Panel of Voluntary Arbitrators as the case maybe. The decision of the Secretary of Labor and Employment, the NLRC, or the Voluntary Arbitrator or Panel of Voluntary Arbitrators shall be rendered within thirty (30) days from submission of the case for resolution and shall be final and executory ten (10) calendar days after receipt thereof by the parties. Baldoz said Article 263 of the Labor Code does not preclude the President of the Philippines from determining industries that, in his opinion, are indispensable to the national interest, and from intervening at any time and assuming jurisdiction over such labor dispute in order to settle or terminate the same. The amendment, Baldoz said, finds basis in President Benigno S. Aquino IIIs 22-point labor and employment agenda whose overarching goal is to promote industrial peace based on social justice by strengthening tripartite cooperation and reforming labor arbitration and adjudication by streamlining procedures, removing red tape, and at the same time, restoring integrity and fairness in the system. As labor and employment chief, Baldozhas been very judicious and sparing in the application of assumption of jurisdiction (AJ). Based DOLE records, no AJ has been resorted to on any actual strikes since she took the post as Secretary. On the other hand, the record shows that in settling actual strike/lockout notices, Baldoz only resorted to AJ twice in the 3rd and 4th quarters of 2010; four (4) times in 2012; and none at all during the first semester of 2013, for a total of only six (6) AJs in the past three years. Baldoz said this has contributed to the newfound reputation of the Philippines as Asia’s hub of industrial peace. Through sustained promotion of industrial peace, social dialogue, and cooperation., we have shown that inclusive social dialogue and cooperation between labor and management could lead to industrial peace, she said. “In fact, the DOLE provides a host of other mechanisms by which parties in dispute in any industry or workplace, short of AJ, have resorted to with the active assistance and intervention of the National Conciliation and Mediation Board, she added. These avenues of mutual settlement include preventive mediation, voluntary or compulsory arbitration, and other modes of disposition, such as the mandatory 30-day Single Entry Approach (SEnA) which has produced very significant results. |TOP| ________________________________________ In Zambo Norte, 23 grads of technical courses establish Internet café through DOLEs P373-K assistance Source: dole.gov.ph To ensure that the government’s livelihood interventions continue and are able to make a lasting impact in terms of increased self-employment and productivity, Labor and Employment Rosalinda Dimapilis-Baldoz yesterday awarded ten computers and one photocopying machine worth P373,400 to I-Café’ Computer Services, a livelihood project of 23 graduates of technical courses of Ave Maria College in Liloy, Zamboanga del Norte under the DOLE Integrated Livelihood Program. Baldoz, who is in Zamboanga City for an official visit, said the livelihood award improves the opportunity for the graduates to earn income through self-employment, an alternative to wage employment. In awarding the livelihood grant, Baldoz urged the DOLE Regional Office No. 9 to continue strengthening the implementation not only of the DOLE livelihood program, but also of the emergency employment in the region, particularly for those who are victims of crisis situations. “Our objective is to assist displaced workers and community groups in developing sustainable enterprises right in their communities so they may earn incomes through wage and self-employment,” Baldoz said. The I-Café’ Computer Services is a project of 23 graduates of a two-year course in Associate in Computer and Information Technology from Ave Maria College. They decided to venture into a computer service business to offer Internet surfing; encoding/printing; animation; hardware and software repair; and photocopy services. “During its one-month dry-run operation, the I-Café earned a net income of P2,412.56 for its internet business and P4,914.56 for its photocopying services. The association was also able to employ a shop-supervisor, who receives an honorarium of P3,000 per month, which means this early the business is already contributing to employment generation,” Cano explained to Secretary Baldoz. |TOP| ________________________________________ Statement by DBM Sec. Florencio B. Abad on the devastation wrought by super Typhoon Yolanda Source: dbm.gov.ph “As we continue to monitor developments in areas hit by super typhoon Yolanda, our thoughts and prayers are with the survivors whose losses we are only beginning to grapple with. We deeply mourn the unprecedented destruction of life and property in the wake of the typhoon, but the Aquino administration is no less determined to bring quick relief to Yolanda’s victims and restore order and normalcy in all affected cities and communities. “We wish to assure the public that we’re already moving funds to address the urgent need for disaster relief in all typhoon-stricken areas. As of end-October, the President’s Social Fund has a balance of P6.4 billion, while P16.6 billion in government savings are still available. We can readily tap these fund sources, in addition to the P1.74 billion in Quick Relief Funds (QRFs) that are now being mobilized to facilitate the delivery of immediate aid to all typhoon victims. “Furthermore, we also have P1.28 billion in Calamity Funds and another P824 million in Contingency Funds at our disposal. “Because we only have two more months before the year concludes, however, the more costly rehabilitation requirements will be largely addressed through the 2014 budget. By then, fresh budgetary support will be available to aid all efforts at repairing the damage wrought by Yolanda to the Visayas region. Nonetheless, the more urgent post-disaster requirements—such as the restoration of power, water, and other utilities in all affected communities, as well as the immediate provision of shelter, food, medical and rescue activities, and clearing operations—will be amply supported by available funds. “Already, disaster relief efforts are underway, with the government working hand-in-hand with aid groups, civil society, and volunteers around the country to provide swift aid to communities in need of post-disaster assistance. We in the Department of Budget and Management will work in the quickest way possible to ensure that public funds meet the needs those who survived Yolanda, who are now confronted with the wrenching and difficult task of rebuilding their lives and their communities.” AGENCY QRF BALANCE Department of Agriculture P 168,367,030 Department of Education 233,000,000 Department of National Defense (OSec) 303,850,000 Office of Civil Defense 532,761,000 Department of Public Works and Highways 32,576 Department of Social Welfare and Development 502,351,476 TOTAL 1,740,362,082 |TOP| ________________________________________ DTI: price freeze in calamity hit areas Source: dti.gov.ph The Department of Trade and Industry (DTI) declared price freeze in provinces and towns hit by typhoon Yolanda. The areas declared under price freeze are: Provinces of Iloilo, Antique, Capiz, Negros Oriental, and municipalities of Coron in Palawan; Baco, Naujan, and Calapan in Oriental Mindoro; and City of Ormoc, Leyte. The provinces of Bohol and Cebu, which were hit by magnitude 7.2 earthquake last month, remain under price freeze. Secretary Domingo reported that the supply of goods in most areas remain stable, except for some places which are difficult to access due to damaged roads, such as Roxas City, in which supplies come from Iloilo City. The DTI is monitoring the condition of roads going to Tacloban and Ormoc, Leyte to see if supplies from Manila and Cebu can be delivered in the said cities. On assisting affected micro small and medium enterprises, Secretary Domingo said he will talk with government financial institutions such as Small Business Corp, Development Bank of the Philippines (DBP), and Land Bank of the Philippines, to see if they could provide special programs for the affected businesses. Meanwhile, Edith de Leon, president of Philippine Chamber of Food Manufacturers announced that their members and distributors prepositioned their supplies in anticipation of typhoon Yolanda. She said that several small retailers have started to clean up their stores right after the typhoon to resume their operations. DTI will conduct a series of Diskwento Caravan in affected areas to help the typhoon victims. Secretary Domingo said the Diskwento Caravan is targeted to be conducted as early as Thursday, depending on the accessibility of roads and availability of location. The food manufacturers have committed to join the Diskwento Caravan. |TOP| ________________________________________ DepEd tracks Typhoon Yolanda affected personnel Source: deped.gov.ph PASIG CITY – The Department of Education has mobilized its staff at the Central Office in Pasig City to track and take into account missing and injured personnel in the Visayas area during the onslaught of Super-typhoon Yolanda. The goal is to provide psychosocial debriefing, and medical support at the soonest possible time. DepEd Secretary Br. Armin A. Luistro FSC instructed representatives of various offices to orient every personnel of the urgency to build linkages and facilitate identification of services needed by the Super-typhoon Yolanda’s affected areas. “We must ensure that no one is left behind and that there is a person in charge of reaching those offices—” Luistro said, “—in the next 24 to 48 hours, the task of everyone is to account our people, secondarily, their relatives,” he added. Luistro also appealed to NGOs and private foundations to amplify their reach in providing help to severely affected areas. “We should exhaust all our means to be able to contact the Divisions (offices), or someone in the Division, to ascertain whether these are the areas that the Central Office will focus its attention on in terms of support, finances, and other means.” |TOP| ________________________________________ EU increases support to Mindanao peace process Source: opapp.gov.ph Manila - The European Union (EU) on Monday signed a Contribution Agreement with the World Bank extending an additional € 8 million (P467 million) to boost development in conflict-affected communities in Mindanao. EU Head of Delegation to the Philippines Guy Ledoux and World Bank Philippines Country Director Motoo Konishi signed the agreement which formalized the expansion of EU’s contribution. Presidential Adviser on the Peace Process Teresita Quintos Deles and Bangsamoro Development Agency Chair Dr. Saffrulah Dipatuan signed as witnesses in the ceremony held at the headquarters of the Office of the Presidential Adviser on the Peace Process (OPAPP) in Pasig City. The additional funds will be downloaded to the Mindanao Trust Fund – Reconstruction and Development Programme (MTF-RDP), a multi-donor facility that aims “to improve social and economic recovery in conflict-affected communities of Mindanao through activities which promote confidence-building, peace and demand-driven governance.” According to EU Commissioner for Development Andris Piebalgs in his statement during the signing ceremony, “the additional funds are a concrete manifestation of the EUs long-time commitment for the Mindanao peace process both at the political level and through development assistance.” Piebalgs also noted that this extended assistance, when added to past contributions to the MTF brings the EU’s total contribution to the trust fund to € 12 million (P695 million), thereby making the EU the MTF’s biggest donor. He also commented on the progress of the peace talks between the Government of the Philippines (GPH) and the Moro Islamic Liberation Front (MILF) saying, “As the Philippines economy grows rapidly and the peace talks in Mindanao progress well, the EU continues to support the Philippine Government in the pursuit of inclusive peace and sustainable development in this important region of the country.” Welcoming the support of the EU, Deles, extended her thanks. “We are thankful and look forward to a strengthened and sustained partnership that will make this Administration’s vision of a just and lasting peace for a progressive Mindanao a reality.” Deles noted that the additional funds will be used to support the Sajahatra Bangsamoro, a joint development program of the government and the MILF as well as the Bangsamoro Development Planning. She said that the additional funds will support this phase of the GPH-MILF peace process. “Both the GPH and the MILF have begun to work more earnestly together on matters directly related to development efforts, which shows the commitment of both sides to make sure that the benefits of the agreements forged on the negotiating table will be immediately felt by the communities on the ground,” said Deles. In light of the recent tragedies that have battered the country, Deles reassured the EU of their positive contribution to the Philippines. “The Filipinos continue to be a hopeful and resilient people with you, the European Union and its member countries, as friends on our side,” she said. For his part, Konishi also expressed his gratitude to the EU for their “timely contribution” to the MTF. He acknowledged the Aquino administration’s efforts towards sustainable peace and development in Mindanao. “The World Bank is fully behind you in this process,” he stressed. “With the signing of the Framework Agreement on the Bangsamoro, the courage and foresight of the government, the MILF and the donors to establish and support the BDA is now paying dividends,” he said in pointing out the government’s capacity to bring the development aspects of the peace process to the ground. Dipatuan, on the same note, thanked the EU for their increased support. He stressed on the ways in which the MTF has helped increase their capacity in delivering development programs to conflict affected communities. He said that the MTF has helped transform the BDA into “an experienced organization that possess the capability to engage in dialogue on development needs and priorities as we position ourselves towards the transition to the Bangsamoro.” The BDA determines, leads and manages relief, rehabilitation and development projects in the conflict-affected areas of Mindanao. Dipatuan reported that through the MTF program, the BDA was able to deliver 254 sub-projects benefitting over 320,000 people in 215 villages across 79 municipalities in Mindanao. In closing, he also thanked OPAPP “for its serious commitment towards the conclusion of a Comprehensive Peace Agreement with the MILF, which we believe will finally bring a just and lasting peace, not only in the Bangsamoro, but in the whole of Mindanao and the entire country as well.” |TOP| ________________________________________ New Zealand Prime Minister to visit Manila Source: https://dfa.gov.ph 11 November 2013 - New Zealand Prime Minister John Key will undertake an official visit to the Philippines from November 20 to 22, upon the invitation of President Benigno S Aquino III. The two leaders will discuss issues of mutual interest and cooperation, specifically in the areas of trade, defense, labor, geothermal energy, and development assistance. The leaders are also expected to discuss matters on ASEAN, the Pacific Region, and the Mindanao Peace Process. Prime Minister Key will be accompanied by a business delegation from various sectors particularly food and beverage, aviation, and ICT. The Prime Minister will be the keynote speaker at the New Zealand-Philippines Business Forum to be attended by leading members of the Philippine business sector. The Philippines and New Zealand marks 47 years of diplomatic relations, which were established on 6 July 1966. President Aquino undertook a State Visit to New Zealand in October 2012. The last visit by a New Zealand Prime Minister to the Philippines was in 2007 when then Prime Minister Helen Clark attended the East Asia Summit in Cebu. |TOP| ________________________________________ Filipino-Malaysian community extend assistance to Yolanda victims Source: https://dfa.gov.ph 11 November 2013 – The Filipino’s bayanihan spirit shone through as Embassy officers and staff, the Filipino community and Malaysian friends conducted an on-the-spot fund drive for the benefit of those affected by Typhoon Yolanda (Haiyan). During the Third Philippines-Malaysia Labor Exchange Conference held at Sunway Resort Hotel and Spa in Selangor on November 10, the participants of the event did a “pass-the-hat” among themselves for the benefit of the victims, which they turned over to Philippine Ambassador to Malaysia J. Eduardo Malaya. Ambassador Malaya delivered a message during the event. The Philippines-Malaysia Labor Exchange Conference brought together close to 200 representatives from the Philippine Association of Manpower Agencies for Malaysia Affiliates (PAMAMA) and Philippine Overseas Labor Office (POLO)-accredited Malaysian agencies. During the conference, the participants discussed strategies and updates on labor exchange, job facilitation and employment contracting, welfare and protection for overseas Filipino workers (OFWs) consistent with Department of Labor and Employment (DOLE) policies, identified strategies and measures to effectively implement employment policies, and promoted and enhanced camaraderie among sending/receiving country operators. International Labor Organization Senior Program Officer based in Bangkok and former DOLE Undersecretary Manuel Imson was the event’s guest speaker. Also present were Embassy Labor Attache Dr. Alicia Santos and POLO officers and staff. At the Embassy’s flag ceremony today, Embassy officers and staff also did a “pass-the-hat” of their own. In total, the joint efforts were able to collect 3,000 Malaysian ringgit (around US$1000), which will be sent to the Philippine National Red Cross (PNRC). “Truly, the Filipinos’ generosity, concern for others and bayanihan spirit shone through at this difficult time. I wish to thank everyone for their efforts, which would go a long way towards helping our nationals affected by this typhoon. As they say, the Filipino spirit is indomitable, and I am confident that this would help us overcome this challenge,” Ambassador Malaya said. The Embassy is also undertaking other fund-raising initiatives to help those affected by the typhoon. It will be placing a donation box at the cashier of the Embassy’s consular area for its clients who wish to give their donations until November 15 (Friday). The total amount collected will be sent to the PNRC. In cooperation with LBC, boxes for in-kind aid will be placed at the Embassy’s consular area. Donations for blankets, sleeping mats, tents, mosquito nets, clothes, foodstuffs (water, rice, biscuits, noodles, canned goods, etc.), toiletries and hygienic products (diapers, soap, toothbrush, toothpaste, sanitary napkins, etc.), cooking utensils, medicines, first aid kits and the like are accepted. This will be shipped to the PNRC and the Department of Social Welfare and Development (DSWD) through the LBC Foundation. Those who cannot go to the Embassy can send their financial donations through the PNRC (redcross.org.ph/donate), the DSWD (dswd.gov.ph) or the National Disaster Risk Reduction and Management Center or NDRRMC (ndrrmc.gov.ph). As of 6 a.m. today, the NDRRMC reported that more than 2 million families are affected in 51 cities and 41 provinces. It also reported that there are 251 casualties, 71 injured and 39 missing. Currently, the Philippine Government is actively engaged in a massive search and rescue operation over a wide area. |TOP| ________________________________________ BI intercepts foreign nationals with dubious ECC Source: immigration.gov.ph The Bureau of Immigration (BI) has intercepted two foreign nationals who were believed to have presented doubtful Emigration Clearance Certificates (ECCs) upon departure at the Ninoy Aquino International Airport (NAIA) in two separate occasions. Immigration Officials held the 26–year-old Tchad National Idriss Dina Adoum Khalid upon his attempt to depart via Cebu Pacific flight no. 5J501 last October 11 bound for Kuala Lumpur, Malaysia. The said foreigner was proven to have presented a fraudulent ECC following thorough inspection by authorities. On another instance, Chinese National Huang Huodi was held upon attempting to leave the country for presenting suspicious ECC on October 25. Following the verification process made by Immigration Officials at the BI National Operations Center (BINOC), the said ECC presented by the 37-year-old female Chinese was proven to be dubious and was issued to another person. Immigration Officials said that both foreigners were turned over to the BI Detention Center in Bicutan, Taguig City for further investigation. The ECC is an important pre-departure document issued to foreigners who are holders of Immigrant and Non-Immigrant visas and are leaving the country whether temporarily or for good. It serves as proof that they do not have any derogatory records in the country and no pending obligations with the government. Recently, BI OIC Commissioner Siegfred B. Mison warned foreigners against procuring fake and fraudulently issued ECCs from unauthorized private entities and individuals offering to provide this document. Mison said that any person found in possession of such spurious document shall be charged for violating the Philippine Immigration Act of 1940 or Commonwealth Act 613, as amended. The BI chief further noted that in due time, the Bureau will come up with automated ECC Kiosks to centralize and simplify the process of issuing the ECC. |TOP| ________________________________________ PRC cancels Tacloban City as testing site for November 2013 Midwife and December 2013 Nurse examination Source: prc.gov.ph Manila, November 11, 2013 – The Professional Regulation Commission announces the cancellation of Tacloban City as examination site for the November 16 and 17, 2013 Board Licensure Examination for Midwives and the December 7 and 8, 2013 Board Licensure Examination for Nurses. Examinees who are supposed to take the said examinations in Tacloban City are advised to transfer to the nearest and most accessible PRC Testing Centers. The PRC and the Professional Regulatory Boards of Midwifery and Nursing decided to cancel Tacloban City as testing center due to the damage brought by super typhoon Yolanda to the PRC Tacloban Regional Office as well as considerations over the safety and security of examinees and examination personnel. |TOP| ________________________________________ The Philippine Deposit Insurance Corporation wins the Deposit Insurance Organization (DIO) of the Year Award for 2013 Source: pdic.gov.ph The International Association of Deposit Insurers (IADI), an organization of 71 member deposit insurance organizations based in Basel Switzerland, announced that the Philippine Deposit Insurance Corporation (PDIC) has been selected as the “Deposit Insurance Organization (DIO) of the Year”for 2013. The announcement was made during the Twelfth IADI Annual Conference and Annual General Meeting of Members (AGM) in Buenos Aires, Argentina on 7 November 2013. Other organizations who won in the other categories include the Deposit Insurance Agency of Russian Federation for the “Award for Achievement in Banking Resolutions and Payouts”, Bank Guarantee Fund of Poland for the “Award for Core Principles and International Participation” and Kazakhstan Deposit Insurance Fund for the “Award for Deposit Insurance System Improvements.” The DIO of the Year Award for 2013 was presented to PDIC being the IADI member with significant achievements in all three categories. PDIC President Valentin A. Araneta said that he is humbled by the award which reflects the hard work and commitment of the Board, officers and staff of PDIC. According to Araneta, international recognition of the effectiveness of Philippine government institutions serve to inspire domestic and foreign confidence in the Philippine economy. The PDIC organization has adopted a slogan of “Committed to Serve” aligned with the call of President Benigno S. Aquino, III to government institutions for service commitment and accountability to the public. The PDIC has Finance Secretary Cesar V. Purisima as Board Chairman and BSP Governor Amando M. Tetangco, Jr. as Director. Their respective alternates are National Treasurer Rosalia V. De Leon and BSP Deputy Governor Nestor A. Espenilla, Jr. The other directors are Rogelio W. Manalo, Protacio T. Tacandong and Valentin A. Araneta who also serves as President and Vice Chairman. The PDIC has two Executive Vice Presidents, Ms. Imelda S. Singzon and Ms. Cristina Q. Orbeta handling the Examination and Resolution Sector and the Receivership and Liquidation Sector, respectively. Finance Secretary Purisima lauded the Board officers and staff of PDIC on the international recognition. He exhorted PDIC to sustain and continually improve its good governance standards and its oversight over the handling of bank deposits. He said that good governance of banks is the best measure of depositor protection. In its continuing efforts to comply with the Core Principles for Effective Deposit Insurance Systems and other international best practices, PDIC has subjected itself to assessments and is an active participant in IADI activities. In 2005, the IADI began conferring the DIO Award to a member in celebration of an important achievement and/or in recognition of the contribution that the Member has made to furtherance of IADI’s goals. The first organization to receive the award was the Central Deposit Insurance Corporation of Taiwan. Since then, the conferment of the Award has been part of IADI’s tradition and is among the highlights of its annual meetings. The previous awardees of the DIO Award are the Korea Deposit Insurance Corporation (2012), Malaysia Deposit Insurance Corporation (2011), Deposit Insurance Corporation of Japan (2010), Savings Deposit Insurance Fund of Turkey (2009), U.S. Federal Deposit Insurance Corporation (2008), Brazil’s Fundo Garantidor de Créditos (2007) and the Canada Deposit Insurance Corporation (2006). |TOP| ________________________________________ BSP rediscount rates for November 2013 and availments as of October 2013 Source: bsp.gov.ph The BSP announced today the rediscount rates applicable on loan availments by banking institutions for November 2013 and availments as of October 2013. For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate till 14 November 2013 is 3.50 percent p.a. for all maturities. This has been in effect since 29 October 2012 in line with the Monetary Board (M.B.) policy decision to reduce policy rates at its 25 October 2012 meeting. The M.B. decided to maintain the same during its last policy meeting on 24 October 2013. The Peso Rediscount Rate is based on the applicable BSP overnight reverse repurchase rate (O/N RRP) per Circular No. 679 dated 01 February 2010. Following the issuance of Circular No. 806 dated 15 August 2013, implementing the establishment of two separate rediscounting windows, Rediscounting Window I (RW I) for universal and commercial banks and Rediscounting Window II (RWII) for thrift, rural and cooperative banks, Peso Rediscount Rates, effective 15 November 2013 up to the next policy rates revision, are as follows: Rate (%) Loan Maturity RW I RW II 30 days 5.6250 3.5000 90 days 5.6875 3.5000 180 days 5.7500 3.5625 360 days n/a 3.6250 The Peso Rediscount Rates for RW I and RW II are based on the applicable BSP one-month repurchase rate and O/N RRP rate, respectively, plus term premia for longer maturities. Meanwhile, for loans under the Exporters Dollar and Yen Rediscount Facility (EDYRF), the rates for the month of November are as follows: Period Rate (%) Loan Maturity Dollar Yen All Maturities 1-14 November 2013 0.16800 0.10929 1-90 days 15-30 November 2013 2.24200 2.14286 91-180 days 2.30450 2.20536 181-360 days 2.36700 2.26786 The EDYRF rediscount rates for the period 1-14 November 2013 are based on the respective one-month London Inter-Bank Offered Rate (LIBOR) as of 31 October 2013, while the rates for the period 15-30 November 2013 are based on the respective 90-day LIBOR as of 31 October 2013 plus 200 basis points plus term premia for longer maturities pursuant to Circular No. 807 dated 15 August 2013. Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P17,476 million for the period 01 January to 31 October 2013, 54.3 percent lower than the P38,235 million total in the same period last year. Of the availments for the period, 82.1 percent went to commercial credits, 3.2 percent to agricultural and industrial credits, and 14.7 percent to other credits consisting of CAPEX (7.2 percent), other services (6.7 percent), permanent working capital (0.7 percent) and housing (0.1 percent). Under the EDYRF, aggregate dollar availments of eight commercial banks and a thrift bank for the period 01 January to 31 October 2013 amounted to US$106.7 million and benefitted 30 exporters. This represents a 31.2 percent decrease in availments compared to the US$155.1 million grants for the same period last year. On the other hand, there was no Yen-denominated availment under the EDYRF for the period 01 January to 31 October 2013. |TOP| ________________________________________ Foreign Direct Investments rise by 123 percent in August 2013 Source: bsp.gov.ph Net foreign direct investment (FDI) inflows increased by 123 percent to reach US$143 million in August 2013, more than twice the US$64 million posted in the same month last year.1,2 The significant rise in foreign investments into the country reflects the positive outlook of investors on the Philippines’ economic prospects in spite of the challenging global economic conditions. Domestic economic prospects have been supported by sound macroeconomic fundamentals and a smoothly functioning financial system. Net inflows in FDI were observed across the three components, namely: a) equity capital, b) reinvestment of earnings, and c) placements in debt instruments. In particular, non-residents’ placements in debt instruments issued by local affiliates reversed to net inflows of US$47 million during the month from net outflows of US$44 million a year ago. Equity capital also yielded net inflows of US$42 million as gross placements of US$91 million more than offset withdrawals of US$49 million. Gross equity capital placements—sourced mostly from the United States, Singapore, the United Kingdom, Japan and Germany—were channeled mainly to financial and insurance; real estate; manufacturing; human, health and social work; and information and communication activities. Meanwhile, reinvestment of earnings amounted to US$54 million, lower by 18.4 percent compared to US$66 million registered in the same month last year. On a cumulative basis, net FDI inflows for the first eight months of 2013 grew by 25.4 percent to US$2.8 billion from US$2.2 billion posted in the same period last year. By component, non-residents’ net placements in debt instruments rose to US$1.7 billion during the period, more than fivefold the US$318 million level recorded during the comparable period in the previous year. Parent companies abroad continued to lend to their local subsidiaries/affiliates to fund existing operations and/or expansion of their businesses in the country. Non-residents’ gross placements of equity capital increased by 60.6 percent in January-August 2013 to US$2.1 billion from US$1.3 billion in the same period in 2012. The bulk of equity capital investments—which came mainly from Mexico, Japan, the United States, the British Virgin Islands, and Malaysia—were directed to manufacturing; water supply, sewerage, waste management and remediation; financial and insurance; real estate; and arts, entertainment and recreation activities. Meanwhile, reinvestment of earnings amounted to US$492 million, lower by 32 percent than the US$723 million recorded in the comparable period last year. ------------ 1 The BSP adopted the Balance of Payments, 6th edition (BPM6) compilation framework effective 22 March 2013 with the release of the full-year 2012 and revised 2011 BOP statistics. The major change in FDI compilation is the adoption of the asset and liability principle, where claims of non-resident direct investment enterprises from resident direct investors are now presented as reverse investment under net incurrence of liabilities/non-residents’ investments in the Philippines (previously presented in the Balance of Payments Manual, 5th edition (BPM5) as negative entry under assets/residents’ investments abroad). Conversely, claims of resident direct investment enterprises from foreign direct investors are now presented as reverse investment under net acquisition of financial assets/residents’ investments abroad (previously presented as negative entry under liabilities/non-residents’ investments in the Philippines). 2 BSP statistics on FDI covers actual investment inflows, which could be in the form of equity capital, reinvestment of earnings, and borrowings between affiliates. In contrast to investment data from other government sources, the BSP’s FDI data include investments where ownership by the foreign enterprise is at least 10 percent. Meanwhile, FDI data of Investment Promotion Agencies (IPAs) do not make use of the 10 percent threshold and include borrowings from foreign sources that are non-affiliates of the domestic company. Furthermore, the BSP’s FDI data are presented in net terms (i.e., equity capital placements less withdrawals), while the IPAs’ FDI do not account for equity withdrawals. |TOP| ________________________________________ 2.1 million families affected by ‘Yolanda’ — DSWD Source: dswd.gov.ph The Department of Social Welfare and Development (DSWD) reported that as of 12 noon, the number of families affected by ‘Yolanda’ has reached the two million mark composed of 9.53 million persons as local government units (LGUs) from Regions IV-A and B, V, VI, VII, VIII, X, and CARAGA continue to assess the extent of the disaster. Some 96,039 displaced families with 449,416 persons are staying in 1,790 evacuation centers, while 36,627 other families with 182,379 persons temporarily sought shelter in their friends and relatives’ houses. DSWD has initially extended P10.6 million worth of relief assistance to Bicol region, Western Visayas, Central Visayas, Northern Mindanao, and CARAGA. In Tacloban City, DSWD, in coordination with the local government, set up a satellite internet service at the city hall to enable the public to communicate with their relatives. DSWD Secretary Corazon Juliano-Soliman personally led the distribution of relief packs in the city yesterday. “The relief operations are hampered by lack of communication and inaccessibility of the worst-hit towns, cities and barangays, but we from DSWD and other government agencies are doing our best to reach the affected population,” Secretary Soliman emphasized. Meanwhile, the Secretary thanked the 1,906 volunteers from all walks of life who trooped to the DSWD-National Resource Operations Center (NROC) to assist in the repacking of relief goods since November 7. “We are expecting more volunteers during the weekend when there is no work or school. Some are regular volunteers who have been helping out at NROC every time there is a disaster,” the Secretary stated. Repacking of relief goods at NROC is on 24-hour shifting schedule. Individuals and groups who are interested to volunteer can call telephone numbers 851-2681 and 511-1259 for shifting schedule. Likewise, volunteers in the Visayas can go to the DSWD Field Offices in Iloilo and Cebu preferably during daytime. |TOP|
Posted on: Wed, 13 Nov 2013 02:56:56 +0000
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