finance – Page 23 – Author Carlo Carrasco

More than P950 million deposited through BSP’s coin machines

September 26, 2024September 24, 2024carlocarrasco

Almost a billion Pesos worth of coins have been deposited through the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) as of September 15, 2024, as published on their website.

Based on the latest statistics, a total of P950,361,380.76 (14.26% higher than the previous count of P831,774,151.23) in coins got deposited into BSP machines on 228,482 transactions (13% higher than the previous count of 202,110 transactions) from customers. In terms of physical quantity, 250,352,704 in coins were deposited. The previous count of deposited coins was 223,021,306

Doing the math on the latest statistics, customers averaged P4,159.46 per transaction (versus the previous count of P4,115.45 per transaction) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.7961 per coin deposited (versus the previous average of P3.7296 per coin deposited).

When it comes to the number of coins involved with each transaction, 250,352,704 coins divided by 228,482 transactions resulted in an average of 1,095.72 coins per transaction. This result shows that a lot of people out there are making big deposits by the jars and bags at the coin deposit machines.

Let me end this piece by asking you readers: What is your reaction to this recent development? Does your household or your local business still have plenty of loose change that you could possibly deposit into the nearest BSP coin deposit machine? Are many members of your local community aware that they can deposit their excessive coins into BSP coin deposit machines so that they can money into their respective GCash accounts?

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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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

Parañaque City scam hub raided, Chinese nationals arrested

September 21, 2024September 16, 2024carlocarrasco

Recently in the City of Parañaque, local authorities raided a scam hub and arrested four Chinese nationals, according to a news report by the Philippine Star. The report also includes the arrest of a Chinese fugitive as a result of a separate operation in Parañaque.

To put things in perspective, posted below is the excerpt from the Philippine Star report. Some parts in boldface…

Four Chinese were arrested recently during a raid on a suspected cryptocurrency investment and love scam hub in Parañaque City.

The facility reportedly posed as a licensed Philippine offshore gaming operator to conceal its illegal activities.

Wei Hanbing, 33; Wang Bo, 32; Wang Zhaoshan, 37, and Guo Dong, 26 were detained on Aug. 31 at Camp Bagong Diwa in Taguig. Authorities have turned them over to the Bureau of Immigration (BI).

Meanwhile, Zhang Xi, 38, who is wanted by the Chinese government and the Interpol, was apprehended on Sept. 8 in Parañaque, according to BI fugitive search unit chief Rendel Ryan Sy.

Zhang allegedly led an online criminal ring that designed a computer virus to remotely control around 4,200 computers in China, which gained over seven million yuan in ill-gotten profits since 2023.

Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, are you concerned that there could be a lot more Chinese criminals secretly doing illegal operations within your local community? Why is it that Parañaque is still a hot spot for POGOs, scam hubs and criminal activities involving Chinese nationals?

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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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 engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Three people arrested in Muntinlupa City for multi-million Peso estafa scheme

September 18, 2024September 18, 2024carlocarrasco

Recently in the progressive City of Muntinlupa, law enforcers arrested three individuals for as a result of complaints received that the suspects were responsible for fraudulent activities involving a local property and several millions of Pesos, according to a Philippine News Agency (PNA) news article. The arrest happened in Barangay Poblacion.

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

Operatives of the Southern Police District (SPD) have arrested three suspects allegedly responsible for a PHP10 million estafa scheme known as ‘sangla-tira’ in Muntinlupa City.

In a report on Wednesday, SPD chief Brig. Gen. Leon Victor Rosete identified the suspects as alias ‘Alec’, 28, alias ‘Christina’, 48, and alias ‘Daniel’, 36, all arrested in an entrapment inside a restaurant in Barangay Poblacion at 3 p.m. Tuesday.

The operation stemmed from complaints about the suspects’ fraudulent activities related to the pawning and mortgage of a property located in Sucat, Muntinlupa City.

The suspects allegedly enticed victims with promises of substantial profits, using notarized contracts to lend an appearance of legality to their transactions.

During the operation, authorities recovered genuine a PHP1,000 bill on top of boodle money, three original sets of a contract to sell the property, two sets of acknowledgment receipts totaling PHP500,000, identification cards, mobile phones, and a gray Mitsubishi Expander registered to alias Christina while a Glock .9mm pistol was found in the possession of ‘Daniel’.

Further investigation revealed that Alec had previously been convicted for violation of Batas Pambansa 22 (Bouncing Check Law) by a court in Valenzuela City and was ordered to pay a fine of PHP400,000 and PHP1,000,000 as civil liability.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you concerned that there could be a lot more scammers or “sangla tira” criminals pouncing on locals? Has there been anyone in your local community who became victims of the suspects?

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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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 engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Improving foreign investment outlook for Philippines seen

September 12, 2024September 4, 2024carlocarrasco

As far as analysts are concerned, the foreign investment outlook for the Philippines is improving and should result in more investments, according to a BusinessWorld news report.

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

LOWER INTEREST RATES will help drive the entry of more foreign direct and portfolio investments into the Philippines, analysts said.

“The outlook for foreign direct investment (FDI) and foreign portfolio investment (FPI) in the Philippines appears promising, with current trends suggesting the country could meet or potentially exceed the Bangko Sentral ng Pilipinas’ (BSP) targets,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

The BSP expects to record FDI net inflows of $9.5 billion this year. For foreign portfolio investments, it forecasts $3.1 billion in net inflows by yearend.

“The BSP’s forecast for the year sounds reasonable, as it wouldn’t be too far a stretch, with that sort of level of annual FDI coming into the Philippines almost consistently over this period, barring the coronavirus-hit year in 2020,” Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco said in an e-mail.

In the January-to-May period, FDI net inflows jumped by 15.8% year on year to $4.024 billion, data from the BSP showed.

Meanwhile, short-term foreign investments yielded a net inflow of $1.46 billion in the January-July period, surging from the $157.3-million net inflows in the same period a year ago.

FDIs are considered long-term investments, while portfolio investments or “hot money” are seen as more fickle due to the ease by which these funds enter and leave the economy.

Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc., said the BSP’s investment targets are doable amid easing interest rates.

“Offering attractive rates will be the key. All around will be declining key rates, thus, offering sensible investments now will lock in gains for prospective investors. I would like to believe that there is time,” he added.

Mr. Roces said the further reduction in policy rates this year and next year “should stimulate investment activity, particularly for FDI, by making borrowing more attractive.”

At its August meeting, the Monetary Board cut rates for the first time in nearly four years or since November 2020. It reduced borrowing costs by 25 basis points (bps), bringing the benchmark rate to 6.25% from the previous over 17-year high of 6.5%.

The central bank could also deliver another 25-bp rate hike in the fourth quarter, BSP Governor Eli M. Remolona, Jr. said earlier.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the findings of the economic analysts pointing to improving foreign investment outlook for the nation?

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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Vietnamese woman robbed and raped in Parañaque City, one suspect arrested and the other still on the loose

September 11, 2024September 10, 2024carlocarrasco

Recently in the city of Parañaque, a woman from Vietnam who availed of a private transportation service was held against her will, robbed and raped, according to a GMA Network news report. The driver of the vehicle got arrested while the other suspect remains free and on the loose.

To put things in perspective, posted below is the excerpt from the GMA Network news report. Some parts in boldface…

A Vietnamese woman was allegedly held up and raped during a ride hailing service after booking a ride last September 5 in Paranaque City.

In Nico Waje’s report in Saksi on Monday, CCTV footage showed that a ride-hailing service car entered into a subdivision in Paranaque City to pick up the foreigner at around 4 a.m. of Thursday last week.

The Southern Police District (SPD) said that the 32-year-old victim was robbed inside the vehicle by the driver’s accomplice.

“Pinaikot-ikot siya nitong ating suspek na driver. Tapos mayroon din pong sumakay na isa pang kasabwat nitong ating driver,” said SPD Public Information Office chief Police Major Hazel Asilo.

(The driver just drove around in circles. Then another man, his accomplice, suddenly boarded the car.)

At knife point, the accomplice took P35,000 in cash from the woman, the report said. Police added the victim was sexually assaulted by the suspects.

“Matapos siyang nakawan, kuhain ‘yung kaniyang pera at saka ‘yung kanyang cellphone ay ginahasa rin po ‘yung ating Vietnamese na victim. So bago po siya maibaba ay nanakawan na siya at nagahasa pa siya,” said Asilo.

(After her money and cellphone was taken from her, the Vietnamese victim was also raped. So before she was dropped off, she was robbed and raped.)

The victim was dropped off at Barangay San Dionisio in Paranaque City where she reported the incident to police. The driver suspect was arrested in Cabuyao, Laguna in a follow-up operation last September 7.

“Umako naman po siya sa mga ginawa nila…modus na po ito nitong ating mga suspek. Although ilang beses na nilang nagawa, hindi po sila nahuhuli dahil wala pong nare-report,” said Asilo.

(He admitted to their crimes…they’ve been doing this modus for a long time. They’ve done this several times, but they were never caught because no one was reporting them.)

When confronted, the driver said that it was his accomplice who raped the victim, which the latter also confirmed.

Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, are you concerned that there could be a lot more abusive drivers with accomplices who are searching for women to rob and rape around the city?

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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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 engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Philippines 2024 2nd quarter economic growth at 6.3%

August 9, 2024August 8, 2024carlocarrasco

The economy of the Philippines grew at a fast 6.3% in the 2^nd quarter (April to June 2024) according to a Philippine News Agency (PNA) news article. The declared quarterly growth rate placed the Philippines ahead of Malaysia, Indonesia and China.

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

Philippine economic growth accelerated to 6.3 percent in the second quarter of the year from 4.3 percent in the same period last year, National Statistician Dennis Mapa said in a briefing on Thursday.

Mapa said economic growth during the period was also higher than the 5.8 percent gross domestic product (GDP) growth recorded in the first quarter of the year.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the latest economic growth makes the Philippines one of the fastest-growing economies in the region.

“This performance keeps our position as one of Asia’s best-performing major emerging economies. For East Asia’s economies that have released their second quarter 2024 GDP growth, we follow behind Vietnam at 6.9 percent while leading Malaysia at 5.8 percent, Indonesia at 5.0 percent, and China at 4.7 percent,” said Balisacan.

Among major economic sectors, industry and services grew by 7.7 percent and 6.8 percent, respectively. Agriculture, forestry, and fishing, however, contracted by 2.3 percent due to the effects of the El Niño phenomenon.

Household final consumption expenditure grew by 4.6 percent while government final consumption expenditure expanded by 10.7 percent.

Balisacan said the increase in government final consumption expenditure was driven by the timely implementation and expanded coverage programs of various social protection, health, and education programs, and preparatory activities for the 2025 national and local elections. Gross capital formation went up by 11.5 percent.

Public construction sustained double-digit growth of 21.8 percent as the government’s infrastructure agencies expedited the rollout of the Marcos Jr. administration’s construction and rehabilitation projects.

Exports of goods and services rose by 4.2 percent while imports of goods and services went up by 5.2 percent.

On track to meet target – “This significant development brings our real GDP growth to 6.0 percent for the first half of the year, keeping us on track to achieve our target growth rate of 6 to 7 percent for 2024,” said Balisacan.

He said the economy would need to grow by at least 6 percent in the second half to attain the lower end of the target for 2024.

Balisacan assured that the government would ensure the benefits of economic growth would be shared equitably.

“President Marcos began his 2024 State of the Nation Address with one of our most urgent priorities: the government will continue its push for food security by managing food inflation with appropriate supply-side measures,” he said.

He said the government was committed to utilizing strategic trade policy to augment insufficient domestic food supplies to meet rising demand.

The government will also expedite the rollout of social protection programs for the poor and vulnerable sectors, including enhancements to the Department of Social Welfare and Development’s Food Stamp Program and the 4Ps Program.

Aside from these, the government will also focus on raising agricultural productivity and improving farmers’ incomes and competitiveness.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines has enough momentum to achieve a growth rate of at least 6.5% for the entire year?

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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POGO Ban would help expedite Philippines’ exit from global financial watchdog’s “gray list” related to money laundering

August 8, 2024July 30, 2024carlocarrasco

In relation to helping the Philippines recover from the many negative effects caused by Philippine offshore gaming operators (POGOs), the declared nationwide ban on POGOs will help expedite the nation’s exit from the “gray list” of a global financial watchdog that has been monitoring jurisdictions for money laundering risks, according to a BusinessWorld news report.

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

THE RECENT BAN on Philippine offshore gaming operators (POGO) would help expedite the country’s exit from a global financial watchdog’s “gray list” of jurisdictions under increased monitoring for money laundering risks, the central bank governor said.

“With the POGO ban, we do see a drop in money laundering, which should help us exit the gray list,” Bangko Sentral ng Pilipinas (BPS) Governor Eli M. Remolona, Jr. told BusinessWorld in a text message.

Last week, President Ferdinand R. Marcos, Jr. ordered a total ban on all offshore gaming operations due to their ties to illicit activities such as financial scams, money laundering, prostitution and human trafficking.

Mr. Marcos directed the Philippine Amusement and Gaming Corp. (PAGCOR) to shutter all POGO facilities by the end of the year.

This comes after the Financial Action Task Force (FATF) in June kept the Philippines in its gray list for a third straight year.

The global watchdog said the country still needs to address three remaining action items, one of which is “demonstrating that supervisors are using anti-money laundering and counterfinancing of terrorism (AML/CFT) controls to mitigate risks associated with casino junkets.”

Mr. Remolona earlier said the Philippines would likely exit the gray list by next year as it still needs to address the remaining deficiencies cited by the FATF.

From 2018 to 2023, the Philippines was among the top five countries in Southeast Asia with money laundering activities added over the five-year period, earlier data from Moody’s showed.

The number of money laundering events added in the Philippines jumped by 45% from 2022 to 2023, it said.

Chester B. Cabalza, founding president of Manila-based International Development and Security Cooperation, said Mr. Marcos’ order to ban POGOs would encourage more “legitimate” investments to enter into the country.

“With the expected ban, the Philippines may be relieved with the gray list tag and re-strategize for fulfilling more legal and moral entertainment investments for the inclusive growth of the country,” he said via Facebook Messenger.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think improvements will be realized gradually over the next twelve months with the ban on POGOs in effect? Do you think that money laundering and crime related to POGOs will go down sharply?

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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Muntinlupa City Government officially denies release of P1,000 for elderly locals aged 70-79

August 8, 2024August 7, 2024carlocarrasco

In the City of Muntinlupa, the City Government issued an official denial in response to the circulating information that local senior citizens aged 70 to 79-years-old will be receiving P1,000 each from the local authorities, according to a GMA Network news report.

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

The local government of Muntinlupa City on Tuesday warned the public that it is not distributing P1,000 birthday cash gifts to residents who are 70 to 79 years old.

The city government noted that it is just currently doing surveys among its elderly residents to organize the city’s database.

“Kung mayroon man pong kumuha ng inyong impormasyon, ito ay para ito sa validation ng datos ng ating senior citizens. Gusto po nating maayos ang database at tama ang impormasyon na basehan ng mga programa ng lungsod,” the statement read.

(If anyone is asking for your information, this is only for the validation of our data on senior citizens. We just want to organize our database and make sure that we have the right information for the city’s programs.)

The city encouraged its residents to report any suspicious messages to the Philippine National Police Anti-Cybercrime Group: (02) 8723 0401 (loc. 7491), 0968-8674302 (Smart), 0967-1360322 (Globe), and 0992-9893889 (DITO).

Further, the city government advised that senior citizens may reach out to the Office for Senior Citizen’s Affairs at the Bayanan Baywalk or the satellite office at South Park Center.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, do you think that more has to be done to push back against misinformation and the spread of fake news?

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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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 engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

More than P831 million deposited through BSP’s coin machines

August 6, 2024July 29, 2024carlocarrasco

More than P831 million worth of coins have been deposited through the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) as of July 15, 2024, as published on their website.

Based on the latest statistics, a total of P831,774,151.23 (6.1% higher than the previous month’s count of P783,628,810.29) in coins got deposited into BSP machines on 202,110 transactions (5.4% higher than the previous month’s 191,804 transactions) from customers. In terms of physical quantity, 223,021,306 in coins were deposited. The previous count of deposited coins was 211,689,731.

Doing the math on the latest statistics, customers averaged P4,115.45 per transaction (versus the previous month’s P4,085.57 per transaction) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.7296 per coin deposited (versus the previous month’s average of P3.7018 per coin deposited).

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to deposit your excess coins into a BSP coin deposit machine in your locality recently? Has the BSP coin deposit machine near your been breaking down a lot in recent times?

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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PNP warns public about receiving phone calls from scammers pretending to be bank employees

August 1, 2024July 25, 2024carlocarrasco

Have you been receive phone calls from people who claim they are contacting you on behalf of a bank? Be extra careful because scammers have been acting as bank employees while calling up people in order to steal their money. Already the Philippine National Police (PNP) warned the public about such callers as they arrested several scammers in Cavite, according to a Philippine News Agency (PNA) news article.

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

The Philippine National Police (PNP) Anti-Cybercrime Group on Thursday cautioned anew the public, especially the elderly, from falling to fraudulent phone calls from those pretending to be bank employees.

The ACG issued the warning after nine suspects allegedly engaged in ‘vishing’ (voice phishing) scams and target bank depositors were nabbed in Cavite province on Wednesday night.

ACG chief Brig. Gen. Ronnie Cariaga said the arrest was made during the service of warrants to search, seize and examine computer data (WSSECD) against April Joy Espino,34, for violation of Section 4 (b) (2) or Computer-related Fraud under Republic Act No. 10175 or the Cybercrime Prevention Act of 2012.

“In telephone calls, these individuals pretended to be bank employees, deceitfully obtaining money from the victims’ bank accounts,” Cariaga said in a statement.

He said the arrest was carried out after an eight-month investigation, case build-up, and surveillance on the suspects which stemmed from complaints from dozens of victims.

Seized during the operation were registered SIM cards, information and communication technology (ICT) devices, bank documents, and scripts used when calling the victims.

Among the bank documents were assorted bank accounts and credit card account records containing various personal information.

Cariaga has called for the cooperation of financial institutions in the investigation to strengthen the evidence, prepare for filing the case, and expedite the process.

“The PNP ACG will also reach out to the victims identified in the gathered evidence to assist them in filing a complaint,” he said.

In a press briefing at Camp Crame, ACG Cyber Response Unit chief Col. Jay Guillermo said the suspects siphoned millions from the accounts of their victims.

“So roughly nasa PHP40 million na yang nakuha nila (They got roughly PHP40 million) from the time we investigate from November up to now,” Guillermo said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Did someone claiming to be working for a bank call you recently? Do you think banks should do more to inform their clients about their policies with regards to phone calls?

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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