Tag: banking

Over P170 million deposited into BSP coin machines as of October 30, 2023

Over P170 million deposited into BSP coin machines as of October 30, 2023

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Recently, the Business Mirror published a news article revealing that more than P170 million worth of coins have been deposited in the many coin deposit machines (CODMs) of the Bangko Sentral ng Pilipinas (BSP) nationwide as of October 30, 2023. Based on recent findings, more people and business representatives have been lining up at their local CODM to deposit their excess coins and turn it into added value into their GCash accounts or PayMaya accounts, or use the value for shopping vouchers (accepted by The SM Store). Previously the figure was revealed at P115 million and this major project by the BSP launched this past June. 

To put things in perspective, posted below is an excerpt from the Business Mirror news article. Some parts in boldface…

THE coin deposit machines (CoDMs) have collected an average of a million pesos per day since June, according to the latest data from the Bangko Sentral ng Pilipinas (BSP), which rolled out the program four months ago to ease the coin shortage and cut government losses in minting coins.

As of October 30, the CoDM collections have reached P171.09 million since June 20. This means an average of P1.29 million worth of coins every day for a period of 133 days.

As of October 20, only 10 days prior, collections already reached P146.78 million. This means, in just 10 days, some P25.31 million or an addition of P2.53 million worth of coins were collected per day.

The data obtained by BusinessMirror also showed that a total of 59.8 million coins were deposited in CoDMs as of October 30.

This means an average of 449,607 coins were deposited into the 25 CoDMs located in various malls and groceries in Metro Manila. This translates to about 17,984 coins per machine everyday.

These coins include the P20, P10, P5, P1, 25 centavo, 10 centavo, 5 centavo, and 1 centavo. These are converted into e-wallets and shopping vouchers.

Based on the data, more than half of the coins deposited in CoDMs are P1 and 25 centavo coins. A total of 22.96 million P1 coins were deposited between June 20 and October 30 while 13.79 million 25 centavo coins were received by the machines during the period.

This was followed by the P5 coin with 12.89 million pieces; P10 coin, 3.02 million pieces; 5 centavo coin, 2.73 million pieces; P20 coin, 2.49 million pieces; and P10 centavo coin, 1.88 million pieces. The lowest was the 1 centavo coin with only 47,496 pieces.

In the data as of October 20, the largest sum ever deposited in a single transaction was P105,818. This was deposited on September 30 in an SM-owned location.

The highest volume of coins deposited during the period reached 33,794 pieces which was received in a CoDM in another SM-owned property last September 3.

The data as of October 20, also showed almost all or 97.63 percent of the amount of the coins collected by CoDMs were converted into GCash credits. The total amount converted into GCash reached P142.33 million as of October 20.

In terms of coin volume, GCash also converted the most into credits with 51.13 million coins or 97.63 percent of the total. This covered a total of 50,225 transactions or 97.04 percent of all CoDM transactions.

In June, BSP rolled out the CoDMs to alleviate the coin shortage in the country and cut the government’s losses in minting coins.

Former BSP Governor Felipe M. Medalla said the Philippines currently has a problem with coins, given that its coins per capita have more than doubled in less than a decade.

There are 39 billion pieces of coins in circulation in the country. At 110 million Filipinos, this translates to around 355 coins per capita which is a 195 percent growth from the 120 coins per capita eight years ago.

Let me end this piece by asking you readers: What do you think about this recent development? Were you able to deposit your excess coins into a BSP cash deposit machine in your city? Was there a time when you had to wait long in the line at a BSP cash deposit machine because one of the customers ahead of you brought several jars full of coins with them for deposit? Do you think having one BSP CODM per shopping mall is sufficient to meet local customers’ need for coin depositing? When waiting for your turn at the BSP CODM takes too long, do you take your coins with you to the bank to deposit into your personal account?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Digital wallet and online banking companies warned by COMELEC about vote-buying

Digital wallet and online banking companies warned by COMELEC about vote-buying

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In connection to next month’s Barangay and Sangguniang Kabataan Elections (BSKE), the Commission on Elections (COMELEC) turned to operators of digital wallets and online banking and warned them about digital vote-buying, according to a Manila Times news report.

To put things in perspective, posted below is an excerpt from the Manila Times news report. Some parts in boldface…

THE Commission on Elections (Comelec) warned electronic wallet operators they could be involved in vote-buying cases if they allow candidates in the Barangay and Sangguniang Kabataan Elections (BSKE) to use their apps to buy votes.

Comelec Chairman George Garcia said over the weekend that the agency has already informed GCash, Maya and other companies involved in mobile payment services that they may face charges for conspiracy to commit vote-buying.

Garcia said they advised the companies to monitor high-volume transactions, especially in the days prior to election day. The companies were also told to be suspicious when money is sent to 50 to 200 people in one day.

“A red flag would be if someone sent a certain amount of money to a large number of recipients,” Garcia pointed out.

He said companies involved in digital wallets and online banking have vowed to support Comelec’s efforts against vote-buying.

The poll body intends to sign a memorandum of agreement with e-wallet companies, Garcia said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the COMELEC did the right thing to ensure the credibility of the BSKE? Do you think this new move by the COMELEC will prevent vote-buying from happening?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

HSBC sees Philippine economy growth of 4.4% for 2023 due to key factors

HSBC sees Philippine economy growth of 4.4% for 2023 due to key factors

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HSBC, one of the biggest players of the global financial industry, recently made its forecast of the Philippines growing economically at 4.4% for the year 2023, according to a news article by the Philippine News Agency (PNA). There are certain factors mentioned in HSBC’s assessment for the nation.

To put things in perspective, posted below is the excerpt from the PNA article. Some parts in boldface…

Hikes in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates are expected to dampen the strong domestic output for 2023, with an executive of HSBC forecasting a 4.4 percent expansion this year.

In a virtual briefing on Thursday, HSBC chief investment officer for Southeast Asia, Global Private Banking and Wealth, James Cheo, said private consumption contributed to the strong recovery of the domestic economy last year but this is seen to be limited by the monetary tightening aimed to temper the elevated inflation rate.

Other factors that boosted gross domestic product (GDP) last year include investments, higher government spending on infrastructure and increased mobility following the resumption of face-to-face schooling, he said.

“Looking into 2023, the country’s growth will slow and the recovery is going to be more gradual as the reopening boost fades and monetary tightening weighs on domestic demand,” Cheo said.

As of the third quarter of last year, growth, as measured by gross domestic product (GDP), rose by 7.76 percent, exceeding the government’s 6.5 to 7.5 percent growth assumption for this year.

The BSP’s key rates have been hiked by 350 basis points from May to December last year, after being at record-low of 2 percent in 2020, as monetary authorities help address the elevated inflation rate.

Last December, domestic rate of price increases further accelerated to 8.1 percent, the highest since November 2008, due to faster annual jumps in goods and energy prices.

Cheo said “household’s consumption in 2023 will likely be curtailed” given the elevated inflation rate.

“Strong employment, tourism recovery, expanding production and retail sales, and public investment will continue to support growth in 2023,” he said.

With inflation expected to remain high, Cheo projects the BSP to make three consecutive 25 basis point increases this year, “pausing at 6.25 percent by Q2 (second quarter) 2023” and keeping this decision until at least the second half of 2024.

The above article ended with HSBC predicting that the Philippine Peso will weaken to the United States Dollar at a rate of US$1 = P56.50.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you believe that inflation and interest rates will somehow slow down the ongoing economic growth later this year? Do you think that Philippine tourism will become a factor to help the Philippine economy grow at least 5% this year? What do you think the national government and its economic managers should do to maintain strong growth as the nation keeps on recovering from the depression of the COVID-19 crisis? Have you been managing your personal or business finances carefully recently?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

COVID-19 Crisis: EastWest Bank employees and partners receive protection through FilVax COVID-19 vaccination program

COVID-19 Crisis: EastWest Bank employees and partners receive protection through FilVax COVID-19 vaccination program

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Are you looking for something inspiring or interesting during this pandemic? Check this out…EastWest, a major bank here in the Philippines, had its employees and the personnel of its partners vaccinated for COVID-19 recently.

The EastWest logo.

To put things in perspective, posted below is an excerpt from EastWest’s announcement sent to me via email. Some parts in boldface…

We’re glad to announce that we’ve now made an important step in fighting COVID-19 by vaccinating our employees and partners across the Philippines!

Last August 3, EastWest and its parent company Filinvest Development Corporation had launched FilVax, a conglomerate-wide vaccination program. Our EastWest employees, janitorial services, drivers, messengers, security guards, and other partners had begun receiving the AstraZeneca vaccine at its supersite in Festival Mall in Alabang, Muntinlupa City, with more sites to be launched across the country soon after. This is part of the 100,000-dose order of the Filinvest Group, and is open to all of EastWest’s employees and partners nationwide, beginning with the bank’s frontliners. We are aiming for full vaccination of our employees by this October.

The vaccination program is the latest initiative in our efforts to protect our customers and employees from COVID-19, which include regular sanitization and disinfection of stores, a remote working setup for employees, and private shuttles for employees reporting for work in our stores. With these efforts, your safety and our uninterrupted service for all your banking needs continue to be our top priority.

It’s nice to see that EastWest made moves to protect its workforce plus other personnel from the dreaded effects of COVID-19. This means it is safe to visit their bank branches and do over-the-counter transactions. Moves like this one is key to help the nation’s economy recover. EastWest and its FilVax program deserve admiration. Getting vaccinated is truly essential!

Meanwhile residents of Muntinlupa City who remain unregistered and unvaccinated should make a move to get registered by learning the ways to do it. Those who are prepared (with personal information available) and willing to go through online registration for the free vaccines in Muntinlupa are encouraged to click https://vaccine.muntinlupacity.gov.ph/muncovac/

Let me end this piece by asking you readers: What is your reaction about EastWest Bank employees and partners getting vaccinated for COVID-19? Do you bank regularly at EastWest? How many EastWest banks are there in your local area right now?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me as well. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me at HavenorFantasy@twitter.com

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

COVID 19 Crisis: OSCA Cares beneficiaries in Parañaque to receive gift certificates soon

COVID 19 Crisis: OSCA Cares beneficiaries in Parañaque to receive gift certificates soon

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Disclaimer: This is my original work with details sourced directly from Dante Pacheco, the officer-in-charge of the Office of Senior Citizen Affairs of Parañaque (OSCA-Parañaque). Anyone who wants to use this article, in part or in whole, needs to secure first my permission and agree to cite me as the source and author. Let it be known that any unauthorized use of this article will constrain the author to pursue the remedies under R.A. No. 8293, the Revised Penal Code, and/or all applicable legal actions under the laws of the Philippines.

With the ongoing COVID-19 crisis and the recent move by the national government to extend the Enhanced Community Quarantine all over Luzon until April 30, people have no choice but to keep staying at home and continue to limiting their moves outside to the essential matters like banking and groceries.

Parañaque, a city with over one hundred fifty confirmed cases of COVID-19 (as of April 5, 2020), has something coming for its senior citizens who are legitimate members of the OSCA Cares program under the Office of Senior Citizen Affairs of Parañaque (OSCA-Parañaque).

Today OSCA-Parañaque officer-in-charge Dante Pacheco confirmed to me that an estimated fifty-seven thousand (57,000) members of OSCA Cares in the city will soon be receiving from the City Government gift certificates of SM Hypermarket.

Each SM Hypermarket gift certificate is worth P1,000. Do the math, the value for the declared number of OSCA Cares beneficiaries is worth at least P57,000,000. Based on the current foreign exchange rate with the United States Dollar, that is worth over $1,000,000.

Pacheco further said that each gift certificate will be delivered to the homes of the beneficiaries via Air21. He also stated that this move is the brainchild of mayor Edwin Olivarez.

If you are a senior citizen in Parañaque (or if you live with a senior citizen in the same city) and you have something to say about this breaking development, please reply to me via the comments below.

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists and NO to sinister propaganda when it comes to news and developments.

 

Barangay BF Homes SK Acknowledged by Parañaque SK Federation as Legally Independent on SK Funding

Barangay BF Homes SK Acknowledged by Parañaque SK Federation as Legally Independent on SK Funding

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BFSK

On the afternoon of September 4, the Parañaque SK Federation acknowledged through Facebook the Barangay BF Homes Sangguniang Kabataan (BFSK) for its legal independence on SK funding.

This development highlights one of the objectives under the Reformed SK System which is to make the SK unit financially independent from the Barangay unit. BFSK chairperson Mariel Tumang mentioned this during the July 14 general meeting at Barangay BF Homes hall. Tumang, by the way, is incumbent Vice President of the Parañaque SK Federation.

In relation to this development, Tumang clarified to me yesterday that the Barangay BF Homes SK accomplished the fidelity bond (an insurance of bondable public officer under the Fidelity Fund to assure faithful performance of all duties imposed by law and faithfully accounting all funds and public properties) as well as the opening of a bank account since July. Therefore the Parañaque SK Federation’s acknowledgement of the BFSK came rather late.

Apart from achieving independence on funding, the BFSK will have more freedom (when compared to depending on the Barangay’s own fund for your development) on creating new programs, projects and activities focused on the youth. Tumang confirmed to me that the total funds for their SK is estimated at P6.4 million and soon they will organize the upcoming Youth Camp before the year ends.

 

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Group shot I took of the BFSK (chairperson Mariel Tumang standing 4th from left) kagawads and officials with Barangay BF Homes captain Paolo Marquez during the BFSK general meeting on July 14.

These recent developments don’t tell the complete story though. Tumang said there are still some things that need to be done.

The BFSK chairperson told me that she, the SK kagawads and other officers will have to undergo training from the Commission on Audit (COA) and the Department of the Interior and Local Government (DILG) for guidelines.

Due to the bureaucracy and the fact that there are still some Sangguniang Kabataan units from other barangays of Parañaque who have not yet accomplished fidelity bonding, such training won’t start until everyone is ready. To put things in perspective, Parañaque has a total of sixteen barangays and each of them has its own SK unit.

For future updates on the youth of Barangay BF Homes, come back here soon.

If you are interested on BFSK-related articles, read my feature interview of SK Kagawad Jerry Dalmero here, the BFSK’s campaign versus youth suicide here and my in-depth coverage of the BFSK’s Linggo ng Kabataan event here.

To others reading this, if you are dissatisfied with print media and you want your community/organization/business to be featured on this website, please contact me locally via mobile number 0905-3350831 or via email at Carlo.Carrasco@gmail.com

We can negotiate, work together and be achievers together.

Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. Also my fantasy book The World of Havenor is still available in paperback and e-book format. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me as well. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me at HavenorFantasy@twitter.com

New deadline for business permit renewal in Muntinlupa is now January 31, 2019

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wanny

This is for those who have businesses operating in the City of Muntinlupa. The Business Permit and Licensing Office of Muntinlupa (BPLO-Muntinlupa) announced today that it has officially extended this year’s deadline for renewing business permits from January 20, 2019 to January 31, 2019.

BPLO-Muntinlupa wants business owners reading this to skip the habit of doing registration close to the deadline and instead pay the dues early so that penalties will be avoided. The place to visit for renewing your business permits is at the Muntinlupa Sports Complex in Barangay Tunasan with the schedule of Monday to Friday, 8AM to 5PM.

For your convenience, a “One-Stop Shop” arrangement in the Business Permit Renewal Hub has been installed in the venue. The requirements from Barangay Halls and Regulatory Offices can be processed in the location of the Renewal as representatives of said agencies will be rendering services simultaneously.

For the renewal, taxpayers can use debit cards to pay. There are also mobile ATMs (automatic teller machines) from BDO (Banco de Oro) and Landbank complete with a CCTV (Closed Circuit Television System) placed across the venue. Business owners registering in the renewal may also access the internet through a free wi-fi connection provided by Globe Telecom and Smart.

Free rides? They are being provided for you by means of shuttle services and the pick-up points are located at Muntinlupa City Hall Quadrangle in Putatan and Muntinlupa City Public Market in Alabang.

The list of requirements is available for viewing at the Muntinlupa BPLO Facebook page. For inquiries, call the department’s hotline at 851-BPLO (2756) or 821-3266 now.

Thanks for reading and good luck with your business pursuits. The City of Muntinlupa has been honored for being a very business-friendly city.