Nearly P800M
in coins deposited
in BSP machines
By Ashley Evardome
A total of P783.6 million coins, numbering 211.68 million pieces, have been deposited through the Bangko Sentral ng Pilipinas' (BSP) coin deposit machines (CoDM) from 191,804 transactions as of June 23.
The BSP launched the CoDM project on June 20 last year, and it has been a resounding success. The project was initiated to address the artificial coin shortage in some regions of the country and to ensure that only fit and legal tender currency is readily available for public use.
CoDMs allow customers to conveniently deposit their legal tender coins, which are credited to their GCash or Maya electronic wallet accounts or converted into shopping vouchers.
The coin deposit machines play a crucial role in supporting the BSP's Coin Recirculation Program. This program is designed to put idle coins back in circulation, effectively serving the country's currency needs and making a significant impact on the economy.
The BSP has deployed 25 CoDMs in partner retail establishments across Greater Manila.
These are located at Robinsons Place Metro East, Pasig City; Robinsons Place Novaliches, Quezon City (QC); Robinsons Place Antipolo, Rizal; Robinsons Place Magnolia, QC; Robinsons Place Ermita, Manila; Robinsons Place Galleria, Ortigas; Festival Mall, Muntinlupa City; SM Megamall, Mandaluyong City; SM City Grand Central, Caloocan; SM City Marilao, Bulacan;
SM City Taytay, Rizal; SM Hypermarket FTI, Taguig City; SM Southmall, Las Piñas City; SM City Sucat, Parañaque; SM City Calamba; SM City Marikina; SM City San Mateo, Rizal; SM City Valenzuela; SM Mall of Asia, Pasay City; SM City North EDSA, QC; SM City Fairview, QC; SM City San Lazaro, Manila; SM City Bicutan, Parañaque; and SM City Bacoor, Cavite.
BSP’s CoDM project: P783.6M coins deposited, 211.68M pieces, 191,804 transactions.
SECURITY FEATURES. GCash chief marketing officer Neil Trinidad tells members of the media that added security features on the GCash app reduce the possible risks of account takeovers and link scams, during the GCash FutureCast 2024 at the Green Sun Hotel in Makati City last Friday. To ease the payment concerns of Filipinos, GCash introduced new features, such as Send Money Protect, Money Manager, GCash Jr. with Parental Control, International Bank Cash In, and GTravel in its mobile payment service app. (Photo courtesy of PNA)
Solon points to ERC
for high power rates
Rodriguez faults the ERC for the challenging rate-setting process of Meralco and other power distributors in the country.
"We found the root cause of the high rate issues hounding Meralco, and it is indeed regulatory inaction which already caused so much unnecessary noise, precisely because of the highly technical nature and of electricity rates," Rep. Rodriguez said.
"As the regulator, it ultimately has the huge responsibility to ensure timely implementation of rate review and approval as this assures customers that the rates they are paying are fair and reasonable," he added.
The ERC recently ruled with finality on Meralco's rateapplication for the Lapsed Period—or from 2015 to 2022—when there was no completed rate reset, not just for Meralco but also for other distributors.
Customers of Meralco already benefitted from the close to P50 billion refund, which was triggered by Meralco's initiative to have its rates reviewed despite the absence of rules and rate resets for about seven years.
"The recent ruling of the majority of the ERC commissioners is a win for consumers as this paves the way for the regulatory body on other rate applications by other
distribution utilities pending before them that will likely result in refunds to consumers, and similarly allow ERC to proceed with the rate reset process," Rodriguez said. He added that the ERC exercised its quasi-judicial rate-setting power to fix the problem without Meralco's rate review.
The lawmaker also criticized the dissenting opinion on the decision and asked all ERC commissioners to always consider the impact of their delayed actions and inaction on distribution utilities like Meralco and paying consumers.
"The ERC should always keep in mind its mandate to deliver timely, " said Rodriguez .
Philippines. moving closer to exit
anti-money laundering grey list
By Khomfie Manalo
The Marcos administration has sufficiently addressed the issues raised by the Financial Action Task Force (FATF) and has moved closer to exiting the financial watchdog's grey list or list of jurisdictions under increased monitoring,
The Marcos administration has sufficiently addressed the issues raised by the Financial Action Task Force (FATF) and has moved closer to exiting the financial watchdog's grey list or list of jurisdictions under increased monitoring,
In a statement, the FATF said the administration has made significant progress in enhancing its anti-money laundering and counter-terrorism financing (AML/CTF) regime in its International Co-operation Review Group (ICRG) action plan.
"Since June 2021, when the Philippines made a high-level political commitment to work with the FATF and APG to strengthen the effectiveness of its AML/CFT regime, the Philippines has taken significant steps towards improving its AML/CFT regime, including by demonstrating an increase in ML investigations and prosecutions in line with risk; enforcement of beneficial ownership transparency obligations and law enforcement access to those beneficial ownership data records; and that risk-based supervision of DNFBPs (designated non-financial businesses and professions) is occurring," the FATF said.
The FATF is a global money laundering and terrorist financing watchdog.
The FATF said the Philippines should continue to work on implementing its action plan to address its three strategic deficiencies.
These include demonstrating that supervisors are using AML/CFT controls to mitigate risks associated with casino junkets; applying cross-
border measures to all main sea/airports including detection of false declarations of currency and confiscation action in line with risk; and demonstrating an increase in the prosecution of TF cases in line with risk.
"The FATF urges the Philippines to swiftly implement its action plan to address the above-mentioned strategic deficiencies as soon as possible as all deadlines expired in January 2023," the FATF said.
In a separate statement on Friday, the Anti-Money Laundering Council (AMLC) said the Philippines will continue to work on implementing its action plan to address remaining deficiencies.
"We welcome FATF's recognition of the country's progress in strengthening its position in the global fight against financial crimes, even as we remain focused on addressing remaining action plan items," AMLC Executive Director Matthew David said.
Earlier this year, President Ferdinand R. Marcos Jr. directed all government agencies concerned to address all the remaining action plan items within the year to trigger the exit process.
AMLC said the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Coordinating Committee (NACC) and all agencies concerned have exhausted all measures in accordance with the President's directive. The executive secretary heads the NACC.
It added that during the recent FATF Working Group and Plenary meeting, Executive Secretary Lucas Bersamin reaffirmed the nation's commitment to combating money laundering, terrorism financing, and proliferation financing of weapons of mass destruction.
In addition to citing the progress made, he emphasized the Philippines' comprehensive, whole-of-nation approach, high-level commitment, and continuous efforts to improve its financial security regime.
Mr. Rolando Ledesma Macasaet
President and Chief Executive Officer
Earn 7.2% annual returns
with booster pension, SSS
He said that SSS allows partial or complete withdrawal of participants' savings in the program, and they receive their total contributions and investment earnings.
He added that members are encouraged to retain their money in the program until they retire. “When they get their retirement, total disability, or death benefits from the Regular SSS Program, they will also receive their total contributions plus investment earnings from the MySSS Pension Booster tax-free.
Social Security System (SSS) members could earn up to 7.2 % in annual return by investing in SSS Pension Booster, a program to boost their retirement funds and savings.
SSS president and chief executive officer Rolando Ledesma Macasaet called on members to take advantage of the SSS savings program, which will allow their invested money to grow and earn a higher annual return.
“If you want to build your retirement fund while young, invest in the MySSS Pension Booster. Do you have a medium-term financial goal? Why not start saving money in the MySSS Pension Booster to reach that goal? Our savings program offers so much flexibility than most savings programs,” he said.
Macasaet said that the MySSS Pension Booster comprises mandatory and voluntary schemes. “Under the mandatory scheme, members contributing above the ceiling of P20,000 to the Regular SSS Program are automatically enrolled in the savings plan.”
Meanwhile, Macasaet said the voluntary scheme is open to all members, especially those who want to invest more in their retirement or savings. SSS also invites those applying for the issuance of a Social Security (SS) number to enroll in the program.
Macasaet explained that they only need P500 to start saving in the voluntary scheme of the MySSS Pension Booster, and they can contribute any amount at any time because there is no limit on the amount they can invest.
He added that members are encouraged to retain their money in the program until they retire. “When they get their retirement, total disability, or death benefits from the Regular SSS Program, they will also receive their total contributions plus investment earnings from the MySSS Pension Booster tax-free.
Start investing now
Macasaet told maritime professionals, Overseas Filipino Workers (OFWs), self-employed professionals, and corporate executives to start building their retirement funds as early as today, adding, “Planning and saving for retirement should begin from the first day they start earning money.”
“When people are in their 20s, they have their whole life ahead of them. Saving for their retirement becomes their least priority. However, the best time for them to start retirement savings is today while they are young. When they retire, they will realize the immense value of building a retirement fund early in their lives,” Macasaet.
Macasaet explained that one of the benefits of planning their retirement early is they will have sufficient time to grow their retirement fund to a level they want. “When they start young, they save smaller amounts regularly and avoid feeling the pressure of saving larger amounts a shorter period because their retirement is nearing,” he said.
He added that another advantage of early retirement savings is compound interest, as in the case of the MySSS Pension Booster, where members’ pooled contributions earn investment income annually.
“The younger they start contributing to the MySSS Pension Booster, the longer they have time to grow their retirement savings. If they start contributing now while they are in their 20s, they will have ample time to build the retirement fund they want rather than start saving when they are already in their 40s,” he said.
Macasaet emphasized that they
could maximize their earnings from the MySSS Pension Booster if they stay in the program for at least five years or more because the longer they leave their money with SSS, the bigger their earnings will be.
Earlier this week, SSS rebranded its Worker’s Investment and Savings Program (WISP) and WISP Plus into the MySSS Pension Booster as SSS repositioned its savings program to cater to corporate managers and executives, doctors, lawyers, OFWs, Filipino expats, seafarers, and young professionals who want to boost their savings or retirement funds.
The MySSS Pension Booster is among the reforms introduced by Republic Act No. 11199 or the Social Security Act of 2018, sponsored by Finance Secretary Ralph G. Recto during his tenure as a senator, who also serves as the Chairperson of the Social Security Commission, the highest governing body of the SSS.
European stocks close
lower except for Germany
Germany's DAX gains 0.14%; France's CAC performs worst, diving 0.68%
European stock exchanges closed lower on Friday except for Germany.
The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, fell 1.17 points, or 0.23%, to finish at 511.42.
France's CAC 40 was the worst performer of the day, diving 51 points, or 0.68%, to close at 7,479.
The UK's FTSE 100 lost 15 points, or 0.19%, to end the session at 8,164. Italy's FTSE MIB declined 32 points, or 0.1%, to 33,154.
Spain's IBEX 35, meanwhile, decreased nearly eight points, or 0.07%, to end the day at 10,943.
Germany's DAX, on the other hand, rose almost 25 points, or 0.14%, to finish the day at 18,235.
Chinese automaker Geely reports 56-pct revenue growth in Q1
SHANGHAI, June 28 (Xinhua) -- Chinese automaker Geely Automobile Holdings Limited reported year-on-year revenue growth of 56 percent in the first quarter (Q1) of this year, with its net income soaring 119 percent during the period, according to its Q1 financial report released on Friday.
The company recorded a total revenue of 52.3 billion yuan (about 7.34 billion U.S. dollars) during the period, with its net income topping 1.56 billion yuan. During the first five months, the company's cumulative vehicle sales volume reached 789,645 units, up over 45 percent year on year, according to the report.
Notably, from January to May, its new energy vehicles (NEVs) under the three major brands of Geely Auto, Lynk & Co, and Zeekr, achieved a total sales volume of 254,226 units, representing a robust year-on-year increase of some 126 percent.
“Furthermore, Lynk & Co’s Z10 isn’t just a vehicle; it’s a statement. Its sleek design and cutting-edge technology signal a shift toward a greener future. As more consumers embrace electric vehicles, Lynk & Co’s pioneering efforts position them at the forefront of this transformative industry.”
