Saturday, May 26, 2012
Laundering, plunder charges eyed vs CJ
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Saturday, May 26, 2012
PSE okays BDO's $1-B rights offer
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Saturday, May 26, 2012
MANILA, Philippines - The Philippine Stock Exchange (PSE) has approved the $1-billion rights offer of BDO Unibank Inc. (BDO), which will be classified as core capital. It will be the biggest rights offer in the country’s history.
BDO chairperson Teresita T. Sy said the capital raised would be used to fuel medium-term growth for the bank. Likewise, it may set aside an amount in anticipation of the more stringent Basel III capital guidelines of the Bangko Sentral ng Pilipinas (BSP)
Under the Basel III capital framework, the BSP will be raising the capital adequacy ratio (CAR) from the present 10 percent to 12.5 percent, as well as double the Tier 1 ratio from five to 10 percent by 2014.
“The bank is optimistic about the outlook on the Philippine economy and hopes to continue with its faster-than-industry loan growth, driven by a strong consumer sector and opportunities in the SME, middle market and large corporate segments,” Sy added.
Initial reports indicate that the rights offer is enjoying on 1:3 ratio, which will be offered at an indicative discount of 20 to 25 percent to market. This will allow all shareholders to proportionately participate in the capital-raising program.
The offer price, to be fixed on June 5, will be based on the 10 to 15 trading-day volume-weighted average price of BDO shares prior to the pricing date, subject to a discount of 20 to 25 percent.
Strategic investors SM Investments Corp. (SMIC), the International Finance Corp., and the United Overseas Bank (UOB) have expressed support for BDO’s expansion plans and the proposed rights offer. The IFC is the private investment arm of the World Bank.
BDO Capital & Investment Corp. is the lead issuer and domestic underwriter. The joint international lead managers and international underwriters are Citigroup Global Markets Inc., Deutsche Bank AG, Hong Kong branch, JP Morgan Securities Ltd., and United Overseas Bank Ltd. - By Ted P. Torres
Clamor growing for lawmakers to sign confidentiality waivers
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Saturday, May 26, 2012
Corona bares he has $2.4 million in his accounts
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Saturday, May 26, 2012
Friday, May 25, 2012
CIDG: Rescue of estafa suspects legit
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Friday, May 25, 2012
PNP Needs Doctors, Pilots, Priests
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Friday, May 25, 2012
Corona in ICU for possible heart attack - SC spokesman
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Friday, May 25, 2012
President Offers Salary For Repairs
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Friday, May 25, 2012
Cavite Gets P22M For Agriculture
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Friday, May 25, 2012
Business optimism continues to pick up
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Friday, May 25, 2012
Padaca posts bail
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Friday, May 25, 2012
Philippines 'lacks sincerity' in sea dispute: China
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Friday, May 25, 2012
China accused the Philippines Thursday of not being sincere in seeking a peaceful end to a standoff over disputed waters, ramping up the rhetoric one day after confirming the deployment of more ships.
The Chinese foreign ministry made the remark as tension lingered over the Scarborough Shoal in the South China Sea, a vast body of water which stretches almost to the Equator and is claimed in its entirety by China.
"During the whole process, China has been appealing for diplomatic consultations to resolve the situation there," foreign ministry spokesman Hong Lei told a regular briefing.
"But the actions of the Philippine side cannot but raise our doubt over the sincerity of the Philippines to properly resolve the current situation."
As of early this week, there were five Chinese government vessels -- up from three -- and 16 fishing boats at the shoal, the Philippine foreign department said Wednesday.
Chinese state media later confirmed a "strengthened" presence, and Hong on Thursday also suggested that China had boosted the number of vessels.
"From the beginning of the incidents, China had launched solemn and immediate representations, demanding the Philippines to withdraw their vessels," he said.
"Now the Philippines is still taking some provocative actions there and China has to strengthen control and raise alert there."
China claims the shoal along with most of the South China Sea, even up to the coasts of its Asian neighbours, while the Philippines says the shoal is well within its 200-nautical-mile exclusive economic zone.
Both countries have had ships posted around the shoal since early April, when Chinese vessels prevented a Philippine Navy ship from arresting Chinese fishermen.
"We urge the Philippine side to respect China's territorial sovereignty in earnest and stop all provocations and show sincerity and carry out serious and earnest diplomatic dialogue with China," Hong said.
Taiwan, Brunei, Vietnam and Malaysia also claim parts of the South China Sea.
The rival claims have for decades made the waters one of Asia's potential military flashpoints.
Wednesday, May 23, 2012
2nd US warship sold to Philippines also stripped of guns
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Wednesday, May 23, 2012
..Manila (Philippine Daily Inquirer/ANN) - Washington has turned down Manila's request to retain the entire weapons system in the second US Coast Guard cutter the Philippines is acquiring from the United States.
Top Filipino military officials flew to the US last weekend for the ceremonial turnover on May 23 of the 378-ft USCG Dallas in North Charleston, South Carolina.
According to Defense Secretary Voltaire Gazmin, the second cutter will also have most of its weapons removed as happened with the first cutter acquired from the US by the Philippine Navy last year.
In the case of what is now the BRP Gregorio del Pilar, all its weapons were removed except for a 76-mm Oto Melara automatic cannon.
In a meeting in Washington on April 30, Gazmin personally asked his counterpart, US Defense Secretary Leon Panetta, to keep the USCG Dallas in its original state and to restore the weapons that were removed from its sister ship, the Gregorio del Pilar.
The Gregorio del Pilar is currently the biggest and most modern warship in the Philippine Navy fleet which still relies on World War II-vintage vessels.
Symbolic turnover
Armed Forces of the Philippines Chief of Staff General Jessie Dellosa and Philippine Navy Fleet commander Rear Admiral Jose Luis Alano will take possession of the Dallas during a symbolic turnover on Wednesday.
The vessel will be renamed the BRP Ramon Alcaraz, after the World War II hero and former fleet commander, and will be under the command of Navy Captain Ernesto Baldovino.
In April 1942, Alcaraz was commander one of the Philippines' three torpedo boats that shot down three of nine attacking Japanese fighter planes.
After the turnover, the Philippine Navy crew will undergo training before they sail the ship home to the Philippines.
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Philippines to receive 10 new patrol ships from Japan
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Wednesday, May 23, 2012
Manila (Philippine Daily Inquirer/ANN) - The Philippines is acquiring 10 brand new patrol ships from Japan to boost the country territorial defense in the West Philippine Sea.
Japan is offering assistance [to boost] our maritime capability, Defense Secretary Voltaire Gazmin told reporters in a phone interview.
Vice Admiral Edmund Tan of the Philippine Coast Guard said the patrol ships will be used by the PCG.
The loan is now for approval of the National Economic Development Authority, Tan said.
Asked when the ships would arrive in the Philippines, Tan said it would depend on the processing of the papers.
There still no approval, he told reporters by phone. â¿¿We have to go to the process.
Tan did not discuss further details.
In March, weeks before a standoff between China and Philippines began in the Scarborough Shoal, media reports in South Korea and Japan said Tokyo would provide the Philippines with patrol ships by yearâ¿¿s end.
The Japanese embassy in the Philippines on Thursday, however, said Tokyo has not yet officially decided if it would provide patrol vessels to Manila.
Nueva Ecija vice mayor charged with rape
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Wednesday, May 23, 2012
Mayors top list of officials facing corruption cases
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Wednesday, May 23, 2012
MANILA, Philippines - City and municipal mayors topped the list of government officials with the most number of cases filed against them before the Office of the Ombudsman last year.
Records show that 3,852 cases were filed against mayors in 2011, of which 2,075 were lodged in the anti-graft agency’s central office in Metro Manila.
The Office of the Ombudsman’s finance and management information office (FMIO) said 633 cases were filed in the Luzon office, 600 in the Visayas and 544 in Mindanao.
Members of the Philippine National Police are second on the list with 1,128 complaints against them followed by members of the Department of Education with 562.
The Philippine Information Agency is fourth with 490 cases; followed by the Bureau of Internal Revenue, 416; Armed Forces of the Philippines, 304; Bureau of Customs, 177; Department of Environment and Natural Resources, 155; Department of Social Welfare and Development, 148; and Department of Justice, 98.
At least 92 cases were filed against personnel of the Department of Finance; Department of Health, 87; Department of Public Works and Highways, 86; Department of Agrarian Reform, 81; Commission on Higher Education, 57; Commission on Elections, 54; National Labor Relations Commission, 48; Bureau of Fire Protection, 47; and the National Bureau of Investigation and National Economic Development Authority, both with 45 cases.
The FMIO report also listed 14 agencies with the least number of cases filed in 2011. The agencies include the Laguna Lake Development Authority, Local Civil Registrar, Philippine National Oil Co., Senate and the Technical Education Skills and Development Authority.
The Office of the Ombudsman did not provide information on the status of the complaints. - By Michael Punongbayan
Gov't eyes P30 B from PSALM bond issuance
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Wednesday, May 23, 2012
MANILA, Philippines - The government is aiming to tap the cash-rich domestic market by mid-June for up to P30 billion in 10-year bonds for the Power Sector Assets and Liabilities Management Corp. (PSALM), the state agency tasked to manage and dispose the government’s power assets, officials said yesterday.
Finance Undersecretary Rosalia de Leon told The STAR yesterday that the government is considering borrowing an initial tranche of PSALM’s estimated P85-billion funding requirement through the issuance of bonds and continue with the second tranche in the latter part of the year.
“We will do an initial tranche. The full amount they’re requiring is P75 billion to P85 billion,” she said.
The rest of the amount would be raised in the latter part of the year, she said.
Government financial institutions such as the Land Bank of the Philippines and the Development Bank of the Philippines may handle the debt sale, De Leon added.
“We are already in talks with the GFIs,” she said.
National Treasurer Roberto Tan said the Bureau of the Treasury may adjust its regular borrowing correspondingly so as not to compete with the PSALM issuance.
“We have to differentiate it so it will be different from what will be issued by PSALM,” said Tan as he confirmed that the government is already preparing the bond issuance for PSALM.
The government would do away with the usual practice and borrow on behalf of PSALM instead of the agency doing the fund-raising activity.
“(Borrowing by the) national government is the cheapest,” Tan said.
Estimates made by the Department of Finance (DOF) showed that the financing cost of government is 50 basis points lower than the borrowing cost of state agencies.
Early last year, PSALM has obtained P75 billion in syndicated term loan to meets its funding requirements.
The government has a program to borrow $4.02 billion from foreign sources this year, lower than the programmed $4.5 billion in 2011, according to the latest data from the Department of Finance (DOF).
Of the $4.02 billion, the government plans to borrow $2.25 billion from the commercial debt market and to borrow $1.77 billion worth of program and project loans.
The 2012 borrowing program has a proposed mix of 75 percent and 25 percent, in favor of domestic sources.
The government borrows from the local and overseas debt market to plug its budget deficit, which is projected to hit roughly 2.6 percent of gross domestic product (GDP) this year.
Last year’s budget gap reached P197 billion, below the programmed ceiling of P300 billion set for last year. - By Iris C. Gonzales
LGUs to get P1.8-B IRA funds
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Wednesday, May 23, 2012
Corona in 'possible heart attack', confined at ICU
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Wednesday, May 23, 2012
After a 'hypoglycemic episode', Chief Justice Renato Corona has been admitted to an intensive care unit.
Corona is in Medical City in Pasig early Wednesday morning due to a possible heart attack, Supreme Court spokesperson Midas Marquez said.
In a radio interview, Marquez said a blood test on Corona showed he had elevated Troponin T levels and the diagnosis is a possible heart attack.
Marquez said he is not sure if the chief justice will be able to take the witness stand on Wednesday as ordered by the impeachment court.
He assured that Corona wanted to continue with his testimonies but his doctors were against it.
"Bago ako umalis, sinigurado ko kung ano ba talaga ang kaniyang nararamdaman at kung tingin niya at makakapunta siya sa impeachment kanina. Talagang gusto na niyang matapos ito," he said.
"Medyo tumututol na yung mga duktor na kausap namin. Sinasabi ko nga na baka puwedeng payagan niyo at humarap ng sandali at ipaliwanag iyung kaniyang kundisyon," he added.
Marquez said Corona's doctors are expected to issue a medical bulletin around 8 or 9 a.m.
Meanwhile, Senators will check whether Corona is fit to testify on Wednesday.
"The Senate will verify his (Corona's) condition," says Senator Tito Sotto.
Senator Francis Escudero meanwhile added: "We will have to check on his medical condition. If indeed he is too ill to continue, we might not be able to continue with his direct testimony and cross examination."
Monday, May 21, 2012
pawikan meat
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Monday, May 21, 2012
By NESTOR B. RAMIREZ, VERA Files
CEBU CITY—Business is brisk, judging from the throng of people and cars parked outside this makeshift eatery in Pasil, a shoreline barangay.
The customers, some in long sleeves and tie, do not mind the heat and the dishevelled slum area. They are here for one reason: To eat their favorite stewed dish of sea turtle or pawikan, an endangered species whose hunting, sale and killing have been banned by law since 2001.
The Wildlife Conservation Act, or Republic Act No. 9147, penalizes violators with a fine of up to P100,000 and imprisonment of up to one year.
The pawikan appears on the list of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), having become endangered because of poaching, slaughter, blast fishing, illegal trade and pollution.
A signatory of the CITES, the Philippines, through the Protected Areas and Wildlife Bureau of the Department of Environment and Natural Resources, has implemented the Pawikan Conservation Project nationwide.
Animal welfare groups, meanwhile, consider the whole month of May as the Month of the Ocean, which promotes conservation and protection of sea creatures.
But Basilisa Piaquinto, head of the Protected Area and Wildlife (PAW) of the Community Environment and Natural Resources Office (CENRO) here, expressed helplessness over the sale of the contraband in Pasil.
Vendors, mostly ambulant, have wised up and now sell pawikan meat already cut up, making it difficult for authorities to tell it apart from other meat, she said. And eateries are temporary structures that are easy to dismantle, allowing them to elude authorities.
Piaquinto said the vendors themselves know they are violating the law, but the demand for pawikan meat has kept the trade going.
Often eaten with corn grits and sold for P60 a bowl, the stewed pawikan is commonly believed to be an aphrodisiac, explaining its popularity among men.
"People come here because they believe that pawikan is like Viagra and some also come just for the thrill and curiosity of eating an endangered species," said Henry Lumanang, who has lived for 15 years on Rallos Street where the eatery is located. Viagra is a drug used to treat erectile dysfunction.
The sale of the marine species in the neighborhood is an open secret known even to policemen, who are among the eatery's customers, he said.
Elinore Malagar, a student from the University of San Jose Recoletos, visited the makeshift restaurant, located less than 300 meters from the nearest police station, a parish church and barangay hall, in mid-April after she was told that pawikan meat was being sold openly.
When she got to the place at 11.a.m., a handful of customers were already eating at the tables housed under a tent with tarpaulin roof and two large cauldronscontaining a steaming hot stew had obviously just come off the wood-fired stove.
Beside the cauldrons was a plastic pail that contained the raw meat, four flippers and the head of a sea turtle. "I was shocked and could not believe what I saw inside the pail," Malagar said.
A man in his fifties who was preparing the exotic dish said the eatery gets its daily supply of pawikan meat from middlemen who buy the turtle meat from fishermen from islets in Bohol.
The merchandise enters through the small port in the barangay and is sold for P250 to P350 a kilo, depending on the supply, he said.
But the deliveries are not easily detected by authorities because the contraband is stored inside a styropor box and covered with fish to camouflage, unlike in the past when live sea turtles were delivered to the barangay, the man said.
"Now they deliver the meat; that is why it is hard to detect," he said in the dialect.
The supply of pawikan meat is continuous because of the sea turtle's nature to lie on the seashore where it dries its carapace or top shell in the sun, makes a nest, and lays eggs, making it easy to capture, the man said. The pawikan would also get accidentally trapped in the fishermen's nets.
The Pasil eatery cooks an average of 80 kilos of pawikan meat every day. The dish is cooked in two batches—the first at 9 a.m., in time for customers who start coming at 10. The second batch is prepared at 1 p.m. because by then the 40 kilos of meat cooked in the morning would usually have been consumed.
VERA Files saw how the old man prepares the stew. He first sautés about two kilos of tomatoes, garlic and onions in the big cauldron, then puts in the pawikan meat and lets it simmer.Water is added and brought to a boil before the man throws in a bunch of raw tamarind (sampaloc) to give the dish its sour taste and finally two glasses of black beans (tausi) to give it the salty taste.
The man explained that the pawikan meat he was cooking that day was still young and weighed only six kilos. (A pawikan can weigh up to 200 kilos depending on its age and size.) It took him less than an hour to finish cooking because, he said, the meat from the young turtle is still tender. There are days when it would take him an hour or two to cook the dish if the meat that is delivered comes from a big sea turtle, he said.
CENRO's Piaquinto said her office has looked into reports of pawikan being sold in Barangay Pasil but has been unable to catch violators who, she said, are ambulant. "(T)he reports could not pinpoint the exact location (of the sellers) since they move around,"she said.
Piaquinto also said that it is hard to identify pawikan meat because it looks like any other meat. "We need to have scientific basis in order to establish the evidence, and we don't have the equipment needed," she said.
Police seized last year 20 kilos of pawikan meat at the Pasil Port—only because they got lucky.
The couriers hurriedly left when they saw law enforcers. If the contraband had not been abandoned, police would have no idea it was pawikan meat, Piaquinto said.
Sunday, May 20, 2012
Kopi Talk We can't turn tail and run
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Sunday, May 20, 2012
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