P15.5 billion calamity fund ready for El Niño
MANILA, Philippines — Government agencies can still tap over P15 billion in disaster funds to mitigate the impacts of El Niño, the Department of Budget and Management (DBM) said yesterday.
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Land Bank offers ways on how Eastern Visayas ARBs can pay delinquent loans
TACLOBAN CITY – The Land Bank of the Philippines (LBP) has created remedial actions on how agrarian reform beneficiaries (ARBs) of Eastern Visayas can pay their past-due accounts.Rosemarie Arreglo of DAR Eastern Visayas Agri-Credit and Microfinance office said that the DAR coordinated with the LBP to help ARBs cope with their heavy burden of credit.“We found ways on how the ARBs can pay off their loans without losing the opportunity to still acquire loans at low-interest rates to finance their farm operations and other livelihood activities,” Arreglo said.Arreglo said the ARBs’ delinquent loans stemmed from the various credit assistance programs offered by the DAR, which the ARBs had availed.In a meeting with the DAR, Restituta Ilagan, Manager of the LBP Lending Center, explained to the officers of the DAR Agri-Credit and Microfinance Provincial Office, that ARBs with delinquent loans could request for either extension of maturity of their loans, restructuring, or apply for the conditional condonation of penalty.She emphasized, however, that the LBP could only grant the request for an extension of maturity if there is a valid reason such as the occurrence of calamities.“Likewise, conditional condonation of penalties can only be approved if theborrower pays the principal loan in full and must not miss in paying the remaining monthly dues, otherwise, the condonation of the loan penalties will be forfeited,” Ilagan said.At present ARBs can avail of loans through the Accessible Loans for Empowered, Resilient and Transformed-Agrarian Reform Beneficiaries Organizations (ALERT-ARBOs) credit program, which is jointly administered by the DAR, Department of Agriculture (DA), Department of Environment and Natural Resources (DENR), Agricultural Credit Policy Council (ACPC), and the LBP.DAR also offers loans through the Accessible Fund for Delivery to ARBs(AFFORD) credit program.In the same meeting, Rhodelia Austero of the Philippine Crop Insurance Company (PCIC), advised the ARBs to register in the Registry System for Basic Sectors in Agriculture (RSBSA) to be covered of the free insurance up to ₱300,000.
Press Release - Jinggoy to employers: Provide financial literacy program to workers
TO help workers make sound financial decisions, Senator Jinggoy Ejercito Estrada has filed a bill seeking to require employers nationwide to provide a free financial literacy program for all its employees.
Filipinos can now use Globe Rewards to redeem Singlife insurance
MANILA, Philippines — Globe Telecom and Singlife Philippines, a mobile-first life insurer, are igniting a revolution in rewards redemption with a groundbreaking partnership.
GSIS raises RCR take to 8.18%
The Government Service Insurance System (GSIS) [link] has increased its stake in the Gokongwei-owned RL Commercial REIT [RCR 5.02, up 1.4%; 23% avgVol] to 8.18% through the purchase of over 790 million shares of RCR over the past 60 days. GSIS now owns 877.43 million RCR shares worth approximately P4.4 billion at RCR’s closing price of P5.02/share.
Ex-ombudsman hits back at GSIS management, questions deals
MANILA, Philippines — Former ombudsman Ma. Merceditas Gutierrez lashed back at the management of the Government Service Insurance System (GSIS) after the state-run pension fund manager questioned her eligibility as a member of the board of trustees.
La Union farmers shift to drought-resistant crops to curb El Niño impact
BAGUIO CITY— Farmers in La Union are shifting to drought-resistant crops to parry off the dire effects of the El Niño phenomenon in the agriculture sector.
‘Ex-ombudsman not qualified to sit on GSIS board’
MANILA, Philippines — Results of an inquiry conducted by the Government Service Insurance System (GSIS) showed that former ombudsman Ma. Merceditas Gutierrez is not qualified to be a member of its board of trustees for not being a member of the state-run insurer at the time of her appointment in April 2023.