money – Page 27 – Author Carlo Carrasco

Almost P115 million worth of coins deposited through BSP’s machines

October 20, 2023October 18, 2023carlocarrasco

As the public became more aware of the Bangko Sentral ng Pilipinas’ (BSP) coin deposit project, it is unsurprising that the accumulated amount of coins deposited through machines reached almost P115 million, according to a BusinessWorld news report. Take note that the BSP recently installed additional machines which should give people more opportunities to deposit their idle coins.

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

THE BANGKO SENTRAL ng Pilipinas (BSP) has collected P114.9 million in coins less than four months after the launch of their coin deposit machines (CoDMs) nationwide.

The central bank collected 42.4 million coins worth P114.9 million via the CoDMs as of Oct. 6 since they were rolled out in June, it said in a statement on Tuesday.

“We would like to thank our participating retailers and coin savers, especially those who have been promoting the usage of CoDMs on social media, for being instrumental in the program’s continued popularity and success,” BSP Deputy Governor Bernadette Romulo-Puyat said.

The coin deposit machines form part of the BSP’s efforts to improve the circulation of coins in the financial system.

“A case was made for a cash recycler program because we had about 36 billion coins in circulation then, but there seemed to be an artificial shortage in some areas in the Philippines,” BSP Deputy Director Jann Ryan D. Jose said.

The central bank said there were 39.1 billion coins in circulation as of April for an average of around 358 coins per person, almost three times the 2005 average of 121 coins per individual.

“When coins are not recirculated and left idle, an artificial coin shortage can happen in certain regions. This increases the likelihood of businesses shortchanging their customers,” the BSP said.

The BSP has finished deploying its target of 25 coin deposit machine units in malls across Metro Manila and other nearby provinces.

The value of coins deposited in CoDMs may be credited to the depositor’s e-wallet account or converted into a shopping voucher for over-the-counter transactions. Customers depositing coins can credit the equivalent amount to their e-wallets.

The awareness of the coin deposit project of the BSP is only growing and this prompted people to collect their coins and deposit them. Very recently at Festival Mall in Alabang, I noticed a growing number of people who lined up at the BSP coin deposit machine at the ground floor carrying plastic jars full of coins. One particular customer ahead of me who carried such high number of coins took a lot of time to deposit them into the machine (supported by a designated technician) as the counting got disrupted a number of times which required the technician to do some fixing. That customer’s coins were worth over P20,000 in value.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are there any BSP coin deposit machines near your local community? If you were able to find the machines, were you able to deposit your idle coins? Are there many people in your local community who are interested to deposit their coins into the machines?

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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Almost P90 million worth of coins deposited through BSP’s machines

October 6, 2023October 4, 2023carlocarrasco

Do you have an excessive amount of coins with you right now? In recent times, the Bangko Sentral ng Philippines (BSP) launched their project to give people opportunities to deposit their coins through coin deposit machines (CoDMs) that were installed in a few locations. According to a report by GMA Network, almost P90 million worth of coins have been deposited.

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

Nearly P90 million worth of coins have been deposited through the Bangko Sentral ng Pilipinas’ (BSP) coin deposit machines (CoDMs).

Since its launch on June 20, over P87.4 million worth of coins were deposited through CoDMs from more than 20,000 transactions as of September 22, 2023.

The CoDMs were launched in a bid to encourage the public to make use of their idle coins.

Latest central bank data revealed that the coins deposited into the machines were mostly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers.

In June, the BSP deployed two CoDMs at the SM Mall of Asia in Pasay City, one at Festival Mall in Alabang, Muntinlupa City, and another at Robinsons Place Ermita in Manila.

Moreover, the BSP installed additional coin deposit machines at Robinsons Place Galleria in Ortigas, SM City North EDSA, SM City Fairview in Quezon City, SM City San Lazaro in Manila, SM City Bicutan in Parañaque, and SM City Bacoor in Cavite, bringing the total CoDMs count to 10.

The BSP’s CoDMs accept all denominations of the BSP Coin Series and the New Generation Currency Coin Series launched in 2018, ranging from a centavo to as high as P20.

Through the CoDMs, customers can deposit legal tender coins and have the equivalent amount credited to their GCash accounts. The BSP said it is also working to onboard Maya to provide more e-wallet options to the public.

In using the machines, the central bank urged customers that coins to be deposited must not be taped or bundled, must not come with other objects like buttons, magnets, nails, tokens, screws, or washers, and must be gently placed in the coin slot in handfuls.

Being based in Muntinlupa City, I myself managed to deposit coins into the BSP machine located inside Festival Mall in Filinvest City in Alabang. I really liked the convenience of having the amount of my deposited coins transferred electronically into my GCash account and without any technical or convenience fees charged. I can only hope that the BSP will come up with options for coin depositors to transfer the collected value directly into bank accounts without charging any fees.

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to deposit your coins at a BSP machine near your local community? Do you think this project by the BSP will help prevent coin shortages from happening? If you have an excessive amount of coins in your household right now, would you be willing to deposit them all into a BSP machine?

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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Philippine economic growth for 2023 could hit 5.5%

October 4, 2023October 2, 2023carlocarrasco

In the views of the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P), the economy of the Philippines could grow by 5.5% for the year, according to a news article by Philippine News Agency (PNA). 2023 has been an economically challenging year and many anticipated that the national economy won’t grow as high as it did in 2022.

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

The Philippine economy is projected to grow by 5.5 percent this year, driven by the growth in government spending, a report released by the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P) said.

In the September issue of The Market Call released on Wednesday, FMIC and UA&P said Philippine economic growth in the third quarter of the year will likely reach 5.0 to 5.2 percent.

For the fourth quarter of this year, FMIC and UA&P project the country’s gross domestic product (GDP) to grow by 6 percent.

This would bring the full year GDP growth to 5.5 percent which is slightly below the government’s 6 to 7 percent target for this year.

“Despite the weak July-August, we think the NG will accelerate further its spending on infrastructure and transportation for the rest of the year, and employment will have strong rebound in September,” the report said.

The Philippine economy grew by 4.3 percent in the second quarter of this year. During the quarter, government expenditure contracted by 7.1 percent.

FMIC and UA&P however expect government spending to accelerate in the second half of the year.

“National Government took up the slack in July spending as it ramped up expenditures by 16.2 percent year-on-year in July through higher social protection and infrastructure outlays,” the report said.

Aside from government spending, FMIC and UA&P also expect manufacturing and construction to drive growth.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the national economy can do better than the 5.5% growth foreseen by the First Metro Investment Corporation (FMIC) and the University of the Asia and the Pacific (UA&P)?

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 Mayor and Congressman warn public about beauty pageant solicitation scam

September 22, 2023September 19, 2023carlocarrasco

Did anyone in Muntinlupa City approach you and tried to solicit funds for a beauty pageant? There is a scam happening locally and no less than the Mayor and Congressman of Muntinlupa warned the public about it, according to a Manila Bulletin news report.

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

Muntinlupa Rep. Jaime Fresnedi and Mayor Ruffy Biazon warned the public of a solicitation scam using a fake endorsement letter for a beauty pageant.

In a Facebook post, Fresnedi said a fake endorsement letter indicating that it came from his office was being used to solicit from business establishments for the “Miss Amazing Philippines” beauty pageant in exchange for a five percent discount when they renew their business permits.

The fake endorsement letter certified that a certain Rovic Macariola from Barangay Putatan appeared on Sept. 15 in Fresnedi’s office “with the purpose of seeking permission for the introduction and fulfillment of the candidate requirements for the competition of ‘Miss Amazing Philippines 2023’ pageant.”

“The public is hereby warned that Rovic P. Macariola did not appear on the 15th day of September 2023 and sought permission from this Office relative to the requirements for the competition of ‘Miss Amazing Philippines’ 2023 pageant,” Fresnedi said in a statement.

He added, “Further, Atty. Miguelito Rueda-Gozos who allegedly approved the Certificate of Appearance as a lawyer holding position as a mere Administrative Aide II is not connected with the Office of the House of Representatives of the Lone District of Muntinlupa.”

Fresnedi said the letterhead used in the fake endorsement letter “pertains to the City Government of Muntinlupa and not to the Lone District and the signature of the undersigned in the Certificate of Appearance was forged.”

He said, “the public is hereby advised that the Office of Representative Jaime R. Fresnedi did not issue the Certificate of Appearance and that they should not transact with Rovic P. Macariola who made the foregoing false representations in order to solicit donations for the alleged beauty pageant.”

Biazon said this is a scam and the city government does not ask money or donation in exchange for a discount.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Did someone approach you and tried to solicit funds from you for a special event or activity? Do you think there could be more solicitation scams happening within the city 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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Digital wallet and online banking companies warned by COMELEC about vote-buying

September 21, 2023September 19, 2023carlocarrasco

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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GCash will start collecting P5 cash-in fee from those who use BPI and Union Bank in the 4th quarter

September 4, 2023September 1, 2023carlocarrasco

GCash, a very popular electronic wallet (e-wallet) here in the Philippines, will soon be charging a fee of P5 each time a user cashes in (loading money into his or her GCash account) via the Bank of the Philippine Islands (BPI) or Union Bank of the Philippines, according to a business news story by the Philippine Star. For the newcomers reading this, GCash users can put money into their respective accounts in other ways such as doing it over-the-counter at recognized convenience stores, the cash-in kiosks and other types of businesses that accept GCash cash-in.

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

E-wallet giant GCash will start charging a convenience fee of P5 for every time a user cashes in from its major partners Bank of the Philippine Islands (BPI) and Union Bank of the Philippines in the fourth quarter.

In an interview with reporters, GCash president and CEO Martha Sazon said the convenience fee remains to be one of the lowest compared to the transaction charges imposed by traditional banks that run as high as P25.

“As GCash continues to scale, we still subsidize most of the charges as well as heavily invest on upgrading our infrastructure and reinforcing security services,” Sazon said.

Sazon said GCash has to slap a convenience fee for cashing in to cover its rising costs. However, Sazon said the fee only reduces the subsidies that GCash pays to keep its financial services affordable.

“This also ensures that our operations will remain seamless for all customers. Even with this fee, we will continue to subsidize part of the operating cost for our cash-ins as we remain committed to keeping our services affordable to many Filipinos,” Sazon said.

Sazon is encouraging GCash customers to compute how much they have to spend for every time they load their accounts through BPI and Union Bank.

For instance, Sazon said a user can cash in P10,000 in one go rather than top up P500 in tranches to minimize getting charged P5 every time.

Users can add cash to their GCash platform by linking it into their bank accounts. Likewise, they can cash-in via convenience stores, dedicated machines, department stores, gas stations, sari-sari stores, among others.

Last week, GCash announced that it would waive for the rest of the year the transaction charges on merchants for payments accepted through QR Ph. The e-wallet leader expects that through this, micro, small and medium enterprises will book extra earnings from cashless transactions.

GCash offers merchants access to e-wallet with a limit of up to P500,000 per month, waiving the transaction fee of 1.5 percent for P100,000 in gross sales.

GCash is one of the largest finance apps in the Philippines with a nationwide presence in more than 1,600 billers.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a GCash user who often loads money using the respective apps or systems of BPI and Union Bank, does the above business story discourage you a lot?

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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Watch out for Villar City

August 28, 2023August 24, 2023carlocarrasco

In the years to come and if no major disasters would happen, something new will be rising in the south of Metro Manila. I am talking about the ambitious Villar City project which has been making waves through the media, social media and in nearby communities in recent times. Recently the Manila Bulletin published an article about the planned casino project within Villar City but if you pay close attention to the details, there is a lot more about the said city which should give you an idea about the scope and vision behind it.

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

Philippines’ richest Manuel B. Villar Jr. announced plans to put up a satellite casino in his newly-launched Villar City in addition to the one he is developing in the 80-hectare Global South integrated resort project.

Being his legacy project, Villar is carefully designing Villar City to be Metro Manila’s “new center of gravity” to ensure that it will be as iconic as it is massive.

The planned 3,500-hectare Villar City spans 15 cities: Taguig, Las Pinas, Paranaque, Muntinlupa, Bacoor, Dasmarinas, Imus, San Pedro, General Mariano Alvarez, Silang, General Trias, Tanza, Trece Martires, Carmona, and Tagaytay.

Villar City will be about 10 times as big as Bonifacio Global City, indicating its sheer magnitude not only in terms of the number of homes, offices and complexes that will be built within this vast community, but also with respect to its potential contribution to job generation and economic development.

Among the highlights of the city’s development will be his second casino project which will be a satellite of the $1 billion integrated casino and resort complex in Global South that is being developed with a Korean partner.

He noted that they have finalized discussions for the partnership with the Korean firm for the Global South project and the cost may likely exceed $1 billion because the land alone is already worth that much.

The first casino will also have a hotel component while Villar said he is converting the upper two floors of the mall there in a casino for high-rollers and VIPs. At 80-hectares, it will be bigger than any of the casinos at the PAGCOR Entertainment City in Parañaque.

Meanwhile, Villar said the satellite casino in Villar City will be bigger but he is not yet sure if it will be developed with the same Korean firm noting that, “It will depend on how well our partnership (in Global South) progresses.”

Aside from the casino, another highlight of Villar City will be a theme park which Villar plans to integrate with the mall that will be built there.

He said they will develop their own concept for the theme park and will not be getting a license or franchise from a foreign theme park operator.

“Part of the them park will be inside the mall so that there will be plenty of things to do in case it rains or when it is too hot outside. So part of the theme park will be indoors and both the theme park and mall will complement each other,” Villar said.

Villar also said he plans to donate a piece of land in Villar City to the University of the Philippines, his alma mater, to build a college focused on technology noting that, located at the city’s entrance is La Salle Dasmariñas.

Let me end this piece by asking you readers: What is your reaction to this development? Do you think Villar City will create a lot of new jobs related to construction and service in connection with its very ambitious scope? Do you think that south of Metro Manila will be receptive to new casinos and theme parks in the future?

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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To fight vote buying-selling, COMELEC seeks imposition of “money ban”

August 24, 2023August 22, 2023carlocarrasco

In relation with their campaign against the buying and selling of votes, the Commission on Elections (COMELEC) announced that it seeks to impose a ban on money (“money ban”), according to a news article by the Philippine News Agency (PNA). This is related with the upcoming Barangay and Sangguniang Kabataan Elections (BSKE) which is scheduled to happen on late October. The election body previously announced its plan to allow warrantless arrests in response to vote buying and selling.

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

The Commission on Elections (Comelec) is eyeing to impose a “money ban” to combat vote buying and selling during the Barangay and Sangguniang Kabataan Elections (BSKE) on Oct. 30.

In an interview Tuesday, Comelec Chairperson George Erwin Garcia said under Section 27 of the draft of Kontra Bigay resolution, the poll body may presume vote buying or selling through one’s “possession or transport” of cash exceeding PHP500,000 five days before the election day.

“Hindi natin pipigilan ang pagwi-withdraw ng mahigit PHP500,000. Ang atin pong ipo-prohibit at ipa-punish ay yung pagpapadala ng PHP500,000 lalo na kapag pumasok yung period ng kampanya (We will not prohibit withdrawal of PHP500,000. What we will prohibit and punish are those sending PHP500,000 especially when the campaign period starts),” he said.

However, Garcia said individuals with justifiable backgrounds shall be exempted, including businessmen and disbursement officers or cashiers, among others.

“Saan ka naman nakakita may dala kang kalahating milyon isang araw bago mag election tapos ni hindi ka treasurer, ni hindi ka negosyante? Ano ka, tagapamili ng boto? So ipe-presume namin yung mga taong yan involved sa vote buying (Where can you see someone carrying half a million [pesos] before the election day and you’re not a treasurer nor a businessman? What [kind of worker] are you, a vote buyer? So, we will presume that person is involved in vote buying),” he said.

All police authorities are tasked to conduct 24-hour money ban checkpoints nationwide.

Garcia said although these measures are not under the law, setting such is also not prohibited.

Garcia said the Comelec has submitted the draft of Kontra Bigay resolution to en banc for approval of the proposed money ban and other measures, and setting of guidelines.

Besides transporting or delivering large sums of money, Comelec also aims to monitor the splitting of at least PHP20,000 cash into smaller denominations of PHP100s, PHP50s or PHP20s.

It also targets to cooperate with mobile banking and digital payment platforms to ensure they are not used for vote buying or selling.

“Ang GCash, PayMaya at iba pa pong platform ay under ng BSP (Bangko Sentral ng Pilipinas). Kausap natin ang BSP at pati na ang AMLC (Anti-Money Laundering Council) (The Gcash, PayMaya and other platforms are under BSP. We are coordinating with the BSP and AMLC),” Garcia said.

Under the Comelec draft resolution, long queues of registered voters for distribution of cash or other favors shall also be subject to the action of law enforcement.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the COMELEC’s planned “money ban” is unrealistic or doable? What do you think the COMELEC should do to effectively fight vote buying-selling?

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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Philippine economy grew only 4.3% in 2nd quarter

August 14, 2023August 10, 2023carlocarrasco

Achieving economic growth of 7% this year has gotten much more challenging for the Philippines as the economy grew by only 4.3% in the 2nd quarter of 2023, 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 Philippine economy continued its downtrend as it grew at a slower pace in the second quarter of 2023 — its slowest pace in nine quarters since the country entered the positive territory in the middle of 2021 following a pandemic-induced recession— amid high inflation that tempered consumption during the period, the Philippine Statistics Authority (PSA) reported on Thursday.

The economy, as measured by gross domestic product (GDP) or the total value of goods and services produced in a specific period, grew by 4.3% during the April to June 2023 period, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.

This is slower than the 6.4% growth rate seen in the first quarter of the year and far slower than the 7.5% GDP growth seen in the same quarter last year. Quarter-on-quarter, it posted a decline of -0.9% during the period.

This also marks the fifth straight quarter of deceleration for the country’s GDP, and its slowest footing in nine quarters since it exited the pandemic-induced recession in the second quarter of 2021.

The economy was pulled out of recession in the April to June period of 2021 with a GDP growth rate of 12%.

The second quarter print brought the year-to-date economic growth rate at 5.3%, according to Mapa.

To achieve the government’s 6% to 7% target, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the economy “needs to grow by 6.6% in the second half.”

“Notwithstanding the challenges, we believe this is still attainable,” Balisacan said, reading the joint statement of the economic team.

The country’s chief economist earlier floated that the second quarter GDP growth is expected to “further moderate.”

High inflation, interest rates – The slower growth came amid a still high inflation environment and the consequential costly interest rates to temper rising prices.

As of the first half of the year, inflation or the rate of increase in the prices of goods and services clocked in at 7.2%, still far above the government’s comfortable ceiling of 2% to 4%.

To tame inflation, the Bangko Sentral ng Pilipinas (BSP) raised monetary policy rates by a cumulative 425 basis points since May last year.

“For the second quarter, the moderate economic expansion was driven by increases in tourism-related spending and commercial investments, but was tempered by high commodity prices, the lagged effects of interest rate hikes, the contraction in government spending, and slower global economic growth,” Balisacan said.

Notably, Household Final Consumption Expenditure (HFCE) contracted by 0.1% quarter-on-quarter. Likewise, Agriculture, Forestry, and Fishing posted a quarter-on-quarter decline of -0.97% in the second quarter. Industry and Services sectors also saw contractions of 0.7% and 1.02%, respectively, during the period

Let me end this piece by asking you readers: What is your reaction to this recent development? What do you think must be achieved to boost economic growth for the rest of 2023? Do you think the Philippine economy will achieve growth of at least 6% by the end of this 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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Maid arrested in Las Piñas City for alleged theft of her superior’s cash and valuables

August 9, 2023August 5, 2023carlocarrasco

Recently in Las Piñas City, a maid got arrested by the local police for allegedly stealing her superior’s cash and jewelry in the home, according to a Philippine Daily Inquirer (PDI) news report.

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

A house help was arrested in Las Piñas City after her boss discovered that she had stolen millions worth of cash, pieces of jewelry, and a watch, the police said on Thursday.

According to the Southern Police District (SPD), Las Piñas City Police Station personnel identified and apprehended suspect Rosanna Salvadora at her employer’s residence along Versailles Alabang Daang Hari, Almanza Dos last August 1.

Based on SPD’s report, the employer found that her safe went missing on the same day after coming home from work. The victim immediately turned to Salvadora and asked about the vault, who then pointed to the kitchen.

When the complainant found her safe, it was already forcefully opened and empty. Police said missing items include P1.5 million worth of cash, P1 million worth of watch, and P2.1 million worth of jewelry.

The employer immediately sought the assistance of the police, who immediately arrested the suspect.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you think the suspect acted all alone over the theft of her superior’s cash and valuables?

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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