2016-Annual-Report.Pdf

Total Page:16

File Type:pdf, Size:1020Kb

2016-Annual-Report.Pdf ABOUT DOLE VISION “Every Filipino worker attains full, decent and productive employment” MISSION • To promote gainful employment opportunities; • To develop human resources; • To protect workers and promote their welfare; and • To maintain industrial peace. ORGANIZATION The DOLE has 10 agencies attached to it for program supervision and/or policy coordination, 6 Bureaus, 7 staff services, 16 regional offices, and 34 Philippine Overseas Labor Offices. It has a total manpower complement of 9,430. CLIENTS The DOLE serves 43.361 million1 workers comprising the Philippine labor force. Of this total, 40.998 million1 are employed while 2.363 million1 are unemployed. Outside the country, it serves 10.239 million2 Overseas Filipino Workers (OFWs) comprising both the temporary and irregular workers. Sources of data: 1 Current Labor Statistics (July 2017 Issue) Philippine Statistics Authority 2 Commission on Filipinos Overseas (as of December 2013 data) CONTENTS LETTER TO THE PRESIDENT SECRETARY’S MESSAGE PERFORMANCE REPORT Ensure compliance with labor laws and standards, particularly the right 01 to security of tenure Enhance workers employability and competitiveness of micro, small and 05 medium enterprises to address unemployment and underemployment 13 Strengthen protection and security of Overseas Filipino Workers 21 Strengthen social protection for vulnerable workers 25 Ensure just, simplified, and expeditious resolution of all labor disputes Achieve a sound, dynamic, and stable industrial peace with free and 27 democratic participation of workers and employers in policy and decision-making processes affecting them Streamline business processes and made frontline services responsive to 31 the people’s needs FINANCIAL REPORT DIRECTORY LETTER TO THE PRESIDENT RODRIGO ROA DUTERTE Republic of the Philippines Malacañang, Manila SIR, I am pleased to submit the Annual Report of the Department of Labor and Employment for 2016 pursuant to Section 43-46, Chapter 11, Book 1 of Executive Order No. 292. Respectfully yours, SILVESTRE H. BELLO III Secretary The Secretary’s Message To facilitate easier transactions with the Department, we have streamlined our frontline services and reduced the processing time to 72 hours. We have also established the One-Stop Service Centers for OFWs and the DOLE Hotline 1349 on a 24/7 operation. Together with the industry, academe, and civil society, we have laid down the blueprint for job generation, decent employment, and entrepreneurship in the next six years. Thus, to enable stronger convergence on employment creation and generation, we have forged a partnership with the Department of Trade and Industry (DTI) called Trabaho, Negosyo, he past year saw the progress in Kabuhayan. Tpromoting gainful employment opportunities, developing the country’s Responding to the need to end “endo,” human resource, upholding the welfare and we used the full extent of our regulatory and protection of workers, and in enhancing a enforcement powers to strictly enforce the climate of industrial peace. law on security of tenure and stop practices that circumvent it, especially the labor-only While 2016 paved the way for transitions, contracting practice. our collective efforts may be summed up in the Eight-Point Labor and Employment We have reinvigorated our inter-agency Agenda we have set forth under the Duterte task force on illegal recruitment, particularly to administration. investigate and prosecute erring recruitment The Secretary’s Message agencies for the protection and welfare of our voice and representation in tripartite bodies. OFWs. We have also promoted conciliation- On-site, we continue to strengthen and mediation as an effective alternative dispute expand our capacity to deliver services through resolution mechanism to provide labor justice the Philippine Overseas Labor Offices which in a speedy and impartial manner. are working closely with their counterpart consular offices. But a lot has yet to be done. Complementing these key actions is a We will be relentless in doing our share strong reintegration program for OFWs and in moving this nation forward by enabling their families. every Filipino worker to attain full, decent, and productive employment. The Department has also implemented social protection programs geared towards providing vulnerable informal sector workers immediate relief and buffer against lost income through livelihood and emergency employment. Moreover, we have pursued measures to promote a more inclusive social dialogue by making the expansion of representation in tripartite bodies a reality. The aim is to ensure that formal sector workers, informal sector workers, migrant workers, women workers, public sector workers, and the youth have SILVESTRE H. BELLO III Secretary “We should be guided by three principles. First, we should always stand for balance in employee-employer relationships. Second, we should always support the creation of decent work opportunities, knowing fully well that to make rights at work effective in law and in practice, there must, first of all, be decent work. And third, to make the first two principles realizable, we have to recognize and nurture the rights of workers to participate in policy and decision making processes directly affecting them and of employers to reasonable returns on investments and to expansion and growth. With these principles in mind, we should be ready to discharge our functions as enabler for work creation and protector of workers’ rights.“ – SECRETARY SILVESTRE H. BELLO III 37th National Conference of Employers 13 July 2016 DOLE 2016 PERFORMANCE REPORT 1 AGENDA 1 ENSURE COMPLIANCE TO LABOR LAWS AND STANDARDS, PARTICULARLY THE RIGHT TO SECURITY OF TENURE To protect and respect all rights at work as a precondition for promoting decent work, DOLE strictly enforced compliance with labor laws and standards through its labor inspection system. With the President’s directive to stop endo, 3,665 30,690 DOLE used the full extent of its regulatory and regularized workers regularized workers resulting from through enforcement powers to ensure job security at labor inspection voluntary regularization workplaces and prevent illicit practices like labor- only contracting specially in identified priority industries. August - December From August - December 2016, a total of 34,355 2016 workers have been regularized. Of this figure, 30,690 were regularized through voluntary 34,355 regularization while 3,665 were regularized as a regularized result of labor inspection. workers establishments were inspected by the DOLE covering 60, 376 2.275-M workers in 2016 70% 85% 71% 86% GENERAL LABOR MINIMUM WAGE OCCUPATIONAL SOCIAL WELFARE STANDARDS (GLS) SAFETY AND HEALTH BENEFITS (SSS, Pag-IBIG, PhilHealth) COMPLIANCE RATES COMPLIANCE STANDARDS PLANT LEVEL CORRECTIONS 17,385 156,506 ₱ 46.540-M establishments corrected workers benefitted amount of restitution DOLE | ANNUAL REPORT 2016 2 Occupational Safety and Health Program To further the aims of ensuring the safety and health of Filipino workers, the Occupational 1,828 Safety and Health Center (OSHC), Regional workers Basic Occupational Safety and Occupational Safety and Health Networks Health (BOSH) Training (OSHNets), and accredited Safety Training Organizations (STOs) joined hands in training a 1,016 total of 36,913 workers from 15,090 companies Construction Occupational Safety workers in the 40 hours mandatory OSH courses — Basic and Health (COSH) Training Occupational Safety and Health (BOSH) Training, Construction Occupational Safety and Health (COSH) Training, and other OSH-related courses 34,069 and learning sessions. workers Other OSH-related courses and learning sessions Workers Organization Development Program Scholarships were awarded to 97 union members and/or their dependents for the completion of 79 Bachelor’s Degree bachelor’s degree, vocational-technical courses, 1 Vocational-Technical Courses and master’s degree. The scholarship covers 17 Masteral Degree tuition, book allowance and a monthly stipend. TRAINING GRANTS 99 3,633 691 ₱ 6.909-M trainings funded workers benefited organizations benefited worth of training grants 3 Labor and Employment Education Services A total of 422,007 workers, employers, and including work ethics, values and skills and other students were provided with labor education matters on labor relations. particularly on their rights and responsibilities, 50,107 144,181 227,719 workers/employers workers students Labor Relations, Continuing Labor Labor Education for Human Relations and Education Seminars Graduating Students Productivity (LHP) (CLES) on specialized (LEGS) who will be Seminars at firm topics for organized/ future entrants to the level on workplace unorganized workers’ world of work through relationships to groups in the private orientations which increase productivity sector. focus on awareness on and enhance basic labor laws, rights competitiveness. and responsibilities of workers. An essential component of the LEES is the related concerns, whether local or overseas. e-Learning System that provides web-based Housed at the DOLE’s Labor Governance Learning learning and education on a wide array of topics Center (LGLC), it can be accessed by students, covering general labor standards, occupational workers, employers and the general public at safety and health standards, labor relations, http://elearning.dole.gov.ph. productivity and other labor and employment- DOLE | ANNUAL REPORT 2016 4 LABOR SUMMIT. As part of its effort to get the widest participation of workers
Recommended publications
  • 2018 Financial Statements
    We acknowledge the support and cooperation that Management extended to the Audit Team, thus facilitating the completion of the report. Very truly yours, COMMISSION ON AUDIT Director IV Cluster Director Copy Furnished: The President of the Philippines The Chairperson - Appropriations Committee The Vice President The Secretary of the Department of Budget and Management The President of die Senate The Governance Commission of Government-Owned or Controlled Corporation The Speaker of the House of Representatives The National Library The Chairperson - Senate Finance Committee The UP Law Center Republic of the Philippines COMMISSION ON AUDIT Commonwealth Ave., Quezon City ANNUAL AUDIT REPORT on the OVERSEAS FILIPINO BANK, INC. (A Savings Bank of Landbank) For the years ended December 31, 2018 and 2017 EXECUTIVE SUMMARY INTRODUCTION Overseas Filipino Bank, Inc., A Savings Bank of LANDBANK, formerly known as Philippine Postal Savings Bank, Inc. (PPSBI) is a subsidiary of the Land Bank of the Philippines (LBP). On September 26, 2017, President Rodrigo Duterte issued Executive Order No. 44, which mandates the Philippine Postal Corporation and the Bureau of Treasury to transfer their PPSBI shares to Landbank at zero value. The EO further stated that Postbank will be converted into the Overseas Filipino Bank. On January 5, 2018, the PPSBI registered with the Securities and Exchange Commission the Amended Articles of Incorporation bearing the new corporate name. The Bangko Sentral ng Pilipinas through its Circular Letter No. CL-2018-007 dated January 18, 2018 approved the change of corporate name of the PPSBI to “Overseas Filipino Bank, Inc., a Savings Bank of LANDBANK”. As stated in its Vision, OFBI is a Digital Bank servicing Overseas Filipinos and their Beneficiaries through state-of-the-art Electronic Banking Channels such as Mobile Phone, ATM and Internet which are more convenient, faster (real-time), cheaper and secure, eliminating the need for over-the-counter services.
    [Show full text]
  • 2019 ANNUAL REPORT [email protected]
    PHILIPPINE DEPOSIT INSURANCE CORPORATION TAKING THE HELM, Philippine Deposit Insurance Corporation SSS Bldg., 6782 Ayala Ave. cor. V.A. Rufino St. ONWARD TO A NEW HORIZON 1226 Makati City, Philippines 2019 ANNUAL REPORT www.pdic.gov.ph [email protected] 1 PHILIPPINE DEPOSIT INSURANCE CORPORATION TAKING THE HELM, Philippine Deposit Insurance Corporation SSS Bldg., 6782 Ayala Ave, cor. V.A. Rufino St. ONWARD TO A NEW HORIZON 1226 Makati City, Philippines 2019 ANNUAL REPORT www.pdic.gov.ph [email protected] CONTENTS 01 Corporate Profile 02 The Philippine Deposit Insurance System 03 Transmittal Letters 06 Chairman’s Message ABOUT THE COVER 08 President’s Report Titled “Taking the Helm, Onward to a New Horizon”, the 2019 15 Corporate Operating Environment Annual Report wraps up another trilogy of PDIC annual reports, from “Changing Horizons” in 2017 and “A New Horizon” in 18 Institutional Governance Framework 2018. The horizon, represented by the ever-evolving financial 22 Strengthening Depositor Protection landscape that PDIC navigates, is full of challenges, and the Corporation continues to face it head on. The PDIC is undeterred 36 Ensuring Good Governance by the currents and is committed to create ripples of positive 50 Promoting Financial Stability change in the service of its clients and stakeholders. 68 Financial Performance The organization’s readiness and earnest desire to serve 74 Corporate Direction for 2020 is communicated through this year’s cover design -- young professionals take determined strides towards the rising sun, 78 Board of Directors embodying confidence that the PDIC is in the right direction to 86 Executive Committee accomplish its Vision to be a leading institution in depositor 87 Group Heads protection recognized for its operational excellence that is responsive to the changing times.
    [Show full text]
  • Updated 2018 GLMS Compliance Status Data Presented Is Based from the Goccs’ Compliance As of 06 December 2019 Updated 2018 GLMS Compliance Status
    Updated 2018 GLMS Compliance Status Data presented is based from the GOCCs’ Compliance as of 06 December 2019 Updated 2018 GLMS Compliance Status 30 GOCC SECTOR COMPLIANT NON-COMPLIANT Government Financial 25 2 25 Institutions Trade, Area Development 15 2 and Tourism 20 Education and Cultural 3 1 Gaming 1 1 Energy and Materials 8 1 15 Agriculture, Fisheries and 10 4 Food Utilities and No. of GOCCs of No. 14 4 10 Communications Healthcare Services 0 0 Holding Companies 5 0 5 Total Compliant GOCCs 81 0 Government Trade, Area Education and Gaming Sector Energy and Agriculture, Utilities and Healthcare Holding Financial Development Cultural Sector Materials Sector Fisheries and Communications Services Sector Companies Total Non-compliant GOCCs 15 Institutions Sector and Tourism Food Sector Sector Sector GOCC Sector COMPLIANT NON-COMPLIANT Data presented is based from the GOCCs’ Compliance as of 06 December 2019 Updated 2018 GLMS Compliance Status LIST OF COMPLIANT GOCCs 1. Al-Amanah Islamic Investment Bank of the Philippines 16. Philippine Deposit Insurance Corporation 2. Development Bank of the Philippines 17. Small Business Corporation 3. DBP Data Center, Inc. 18. Philippine Guarantee Corporation (formerly PHILEXIM) 4. Land Bank of the Philippines 19. Employees Compensation Commission 5. Land Bank Countryside Development Foundation, Inc. 20. Government Service Insurance System 6. LBP Resources and Development Corporation 21. Home Development Mutual Fund 7. Overseas Filipino Bank, Inc. 22. Philippine Health Insurance Corporation 8. Credit Information Corporation 23. Social Security System 9. DBP Leasing Corporation 24. Center for International Trade Expositions and Missions 10. LBP Insurance Brokerage, Inc. 25. Duty Free Philippines Corporation 11.
    [Show full text]
  • Jennie $L Tl)F Frr:R»T«Rp
    EIGHTEENTH CONGRESS OF THE ) REPUBLIC OF THE PHILIPPINES ) First Regular Session ) Jennie $l tl)f frr:r»t«rp SENATE •If OEC-9 A 9 flf P. S. RES. N 0234 RECEi (. D S'-'. Introduced by Senator JOEL VILLANUEVA RESOLUTION DIRECTING THE COMMITTEE ON LABOR, EMPLOYMENT AND HUMAN RESOURCES DEVELOPMENT, AND COMMITTEE ON BANKS, FINANCIAL INTERMEDIARIES, AND CURRENCIES, AND OTHER APPROPRIATE SENATE COMMITTEES TO INQUIRE AND REVIEW, IN AID OF LEGISLATION, THE EXTENSION OF CREDIT TO OVESEAS FILIPINOS AND OVERSEAS FILIPINO WORKERS, INCLUDING THE OPERATIONS OF THE OVERSEAS FILIPINO BANK WHEREAS, Section 35(c) of Republic Act No. 10801, otherwise known as the Overseas Workers Welfare Administration (OWWA) Act, mandates OWWA to provide low-interest loans to member-Overseas Filipino Workers; WHEREAS, Executive Order No. 44, series of 2017, acknowledges the need to establish a bank dedicated to provide financial products and services tailored to the requirements of Overseas Filipinos (OFs) and focused on delivering quality and efficient foreign remittance services. Correspondingly, Section 1 of Executive Order No. 44 directs the acquisition of the Philippines Postal Savings Bank (PPSB) by the Land Bank of the Philippines (LBP) and its conversion into an Overseas Filipino Bank, subject to the approval and/or clearance of the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), Philippine Deposit Insurance Corporation (PDIC) and the Philippine Competition Commission (PCC); WHEREAS, The Overseas Filipino Bank is envisaged to be a fully “Digital Bank" servicing Overseas Filipino Workers through various electronic banking channels such as mobile phones. Automated Teller Machines (ATMs), and the internet, thereby removing the need for the establishment of physical branches and delivery of over-the-counter services.1 However, it appears that the Overseas Filipino ' “Vision and Mission." Overseas Filipino Bank.
    [Show full text]
  • Public Information and Consultation on LGU Credit Financing the Bureau of Local Government Finance
    Public Information And Consultation On LGU Credit Financing The Bureau of Local Government Finance Attached agency of the DOF Supports the DOF in its mandate to “supervise the revenue operations of all local government units” • Central Office in Manila, with 15 Regional Offices • Mandated to “develop and promote plans and programs for the improvement of resource management systems, collection enforcement mechanisms and credit utilization schemes at the local levels” • Issues Certificate of Net Debt Service Ceiling (NDSC) and Borrowing Capacity (BC) to LGUs 2 Policy Thrust and Legal Framework Local Debt Policy Build capacity of local governments to borrow money to cover their expenditure responsibilities, devolved functions Prioritize financing capital infrastructure expenditure and tax flows and to foster political accountability out of these decisions National Government has to manage LGU debts to: ▪ Prevent a systemic LGU debt crisis that could force the National Government to bail out heavily indebted LGUs; ▪ Strengthen the implementation of the statutory limit on LGU debts; and ▪ Promote responsible and credible debt management among LGUs. 3 Policy Thrust and Legal Framework Legal Framework of Subnational Debts in the Philippines Sec. 296 of LGC, Art. 395 Sec. 324 of LGC LGC IRR Appropriations of 20% of the LGU’s regular income for debt LGUs may create indebtedness servicing and avail of credit facilities for local infra and socio-economic development projects with government or private banks and lending institutions Art. 403 LGC
    [Show full text]
  • 2014 Audited Financial
    A Government Savings Bank 2014 Audited Financial Statements Basis for Qualified Opinion Republic of the Philippines Loans and receivables amounting to P2.128 billion were carried at diminishing cost instead of amortized cost COMMISSION ON AUDIT using the effective interest method contrary to paragraph 9 of Philippine Accounting Standards (PAS) 39, Commonwealth Ave., Quezon City thereby affecting the fair presentation of the account in the financial statements. CORPORATE GOVERNMENT SECTOR CLUSTER 1—BANKING AND CREDIT Qualified Opinion INDEPENDENT AUDITOR’S REPORT In our opinion, except for the effects of the matters discussed in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of Philippine Postal Savings Bank, Inc. as at December 31, 2014, and its financial performance and its cash flows for the year ended in accordance with Philippine Financial Reporting Standards. The Board of Directors Philippine Postal Savings Bank, Inc. Report on the Supplementary Information Required Under Revenue Regulations Liwasang Bonifacio, Manila 19-2011 and 15-2010 We have audited the accompanying financial statements of Philippine Postal Savings Bank, Inc., a subsidiary Our audits were conducted for the purpose of forming an opinion on the basis financial statements taken as of the Philippine Postal Corporation, which comprise the statement of financial position as at December 31, a whole. The supplementary information required under Revenue Regulations 19-2011 and 15-2010 in Note 2014, and the statement of comprehensive income, statement of changes in equity and statement of cash flows to the financial statements is presented for purposes of filing with the Bureau of Internal Revenue and is not for the year then ended, and a summary of significant accounting policies and other explanatory information.
    [Show full text]
  • Philhealth's Accredited Collecting Agents
    No. 2018 - 0071 PHILHEALTH’S ACCREDITED COLLECTING AGENTS (Under DOF Circular 01-2017) The following are the authorized Accredited Collecting Agents of PhilHealth pursuant to the implementation of the DOF Circular 01-2017 on the use of transaction fee-based arrangement in the collection of premium contribution on October 1, 2018: Over-the-counter system 29. Saviour Rural Bank, Inc. 1. Asia United Bank 30. Bayad Center, Inc. 2. China Banking Corporation 31. SM Retail, Inc. 3. Development Bank of the Philippines 4. Land Bank of the Philippines Online system 5. Rizal Commercial Banking Corporation Bancnet Member Banks - e-Gov facility 6. United Coconut Planters Bank 1. Asia United Bank 7. Union Bank of the Philippines 2. Bank of Commerce 8. Bank of Commerce 3. BDO Unibank 9. Maybank Philippines 4. China Banking Corporation 10. Philippine Veterans Bank 5. CTBC Bank 11. Robinsons Bank Corporation 6. Development Bank of the Philippines 12. Bank One Savings & Trust Corporation 7. East West Bank 13. Century Savings Bank 8. Maybank Philippines 14. Citystate Savings Bank 9. Metropolitan Bank & Trust Company 15. Chinabank Savings, Inc. 10. MUFG Bank, Ltd. 16. Overseas Filipino Bank (Head Office only) 11. Philippine National Bank 17. Penbank, Inc. 12. RCBC Savings Bank 18. Philippine Business Bank 13. Rizal Commercial Banking Corporation 19. RCBC Savings Bank 14. Robinsons Bank Corporation 20. UCPB Savings Bank 15. United Coconut Planters Bank 21. Camalig Rural Bank 22. Century Rural Bank Other Online Payment facilities 23. East West Rural Bank, Inc. 1. Bank of the Philippine Islands - BizLink 24. Money Mall Rural Bank, Inc.
    [Show full text]
  • 2018 Annual Report
    YEARSOF SUPPORTING THE NATIONAL SOCIO ECONOMIC AGENDA 2018 ANNUAL REPORT About the Cover The LANDBANK 2018 Annual Report's theme of "55 years of Supporting the National Socioeconomic Agenda" encapsulates the Bank's commitment of helping its stakeholders become part of the nationwide thrust of social and economic prosperity. As the times change and history unfolds, LANDBANK has constantly taken a more expansive and relevant role in the country's development. Consistently anchoring its strategies on the directions and priorities of the National Government, LANDBANK is relentless in enhancing its products and services, extending capability-building programs and extending its presence and YEARSOF partnerships throughout the country. In 2018, in line with the SUPPORTING national inclusive growth agenda, LANDBANK took more aggressive strides in reaching more Filipinos, including those THE NATIONAL in the unbanked and underserved communities. By using digital technology, the Bank endeavored to make banking SOCIO ECONOMIC more practical and readily accessible across various market segments — from the small farmers and fishers, to industries AGENDA and enterprises. From being the financing arm of the country's Agrarian Reform Program, LANDBANK has become one of the most reliable partners and conduits for development, and is now 2018 ANNUAL REPORT on track with its roadmap of utilizing the latest technologies to help an evolving generation of Filipinos grow in banking, towards a more progressive Philippines. Loans to agriculture 27.8% Percentage
    [Show full text]
  • 2016 Annual Report
    Postbank Center, Liwasang Bonifacio 1000 Manila Trunkline Nos. 527-9477/ 527-0053 (Connecting all departments) E-mail Address: [email protected] CONTENTS 2016 Annual Report 05 Charter Statement – Vision, Mission, Core Values and History 07 The Postbank Brand and Business Model 09 Management Report and Financial Highlights Results of Operations with Financial and Non-Financial Indicators 10 18 Strategic Plans and Objectives 22 Highlights of Major Activities 22 . Bank’s Role in Fighting Poverty in Rural Areas 23 . Renewal of the Bank’s Commitment to Serve 24 . Opening of New Micro-banking Office 25 . Credit Facilities Offered 26 . ISO Certification 27 . Trainings and Seminars . Sports Tournament 29 30 Risk Management Framework 37 Money Laundering and Terrorist Prevention Program 45 Corporate Governance 45 . Corporate Governance and Organizational Structure 53 . Selection Process of the Board and Senior Management 53 . Board’s Overall Responsibility 60 . Board Composition and Profile 71 . Board Level Committees, Functions and Attendance 75 . Senior Management and List of Officers 79 . Management Level Committees and Functions 85 Corporate Governance Policies and Programs 85 . Performance Assessment Program 87 . Orientation and Education Program 88 . Retirement and Succession Policy 94 . Remuneration Policy of Directors and Senior Management 97 . Related Party Transactions Policy 104 . Self-Assessment Function 108 . Dividend Policy 113 . Corporate Social Responsibility 114 . Consumer Protection Practices . Whistleblowing Policy 119 122 Audited
    [Show full text]
  • ·.·.1 Republic of the Philippines COMMISSION on AUDIT Commonwealth Avenue, Quezon City, Philippines Corporate Government Sector Cluster 1 -Banking and Credit
    I .·.·.1 Republic of the Philippines COMMISSION ON AUDIT Commonwealth Avenue, Quezon City, Philippines Corporate Government Sector Cluster 1 -Banking and Credit INDEPENDENT AUDITOR'S REPORT The Board of Directors Philippine Postal Savings Bank, Inc. Liwasang Bonifacio, Manila Report on the Audit of the Financial Statements Qualified Opinion We have audited the accompanying financial statements of Philippine Postal Savings Bank, Inc. (PPSBI), which comprise the statements of financial position as at December 31, 2017 and 2016, statements of comprehensive income, statements of changes in equity and statements of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section, the financial statements present fairly the financial position of PPSBI as at December 31, 2017 and 2016, and its financial performance and its cash flows for the years then ended in accordance with Philippine Financial Reporting Standards (PFRS). Basis for Qualified Opinion Provision for credit losses amounting to P1.287 billion on secured and unsecured past due loans, which were of doubtful collectability was not recognized in 2017. Had the provision for credit losses been recognized in 2017, loans and receivable account and net income for the year would have been decreased by P1.287 billion. We conducted our audit in accordance with International Standards of Supreme Audit Institutions (ISSAI). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report.
    [Show full text]
  • Capital Market Operations Under the Enhanced Community Quarantine
    MEMORANDUM – 2021-023 TO : THE TRADING PARTICIPANTS AND THE INVESTING PUBLIC SUBJECT : CAPITAL MARKET OPERATIONS UNDER THE ENHANCED COMMUNITY QUARANTINE DATE : 06 AUGUST 2021 The Securities and Exchange Commission has issued a Notice regarding the operations of the capital markets under the Enhanced Community Quarantine or ECQ. For information and guidance, attached are the following: a) the subject Notice from the Commission; b) Resolution No. 130-A, Series of 2021 issued by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases; and c) List of Capital Market Participants as of 05 August 2021 from the Commission. (original signed) DAISY P. ARCE President ACD FHRAD IED SD N O T I C E TO : CAPITAL MARKET INSTITUTIONS, PARTICIPANTS, AND EMPLOYEES SUBJECT : CAPITAL MARKET OPERATIONS UNDER THE ENHANCED COMMUNITY QUARANTINE DATE : 05 AUGUST 2021 Concerning the implementation of Enhanced Community Quarantine in the National Capital Region (NCR) from 06 August to 20 August 2021, please be advised that under the Omnibus Guidelines on the Implementation of Community Quarantine in the Philippines, as amended,1 capital market participants are allowed to implement a skeleton workforce arrangement in their offices.2 The Omnibus Guidelines allow the following IDs as proof of Authorized Person Outside of Residence or APOR status: 1. IATF IDs issued by the regulatory agencies with jurisdiction over permitted establishments or persons, 2. valid IDs or other pertinent documentation issued by accrediting organizations or establishments
    [Show full text]
  • Bureau of the Treasury Launches 2Nd Premyo Bonds Offering
    REPUBLIKA NG PILIPINAS KAGAWARAN NG PANANALAPI KAWANIHAN NG INGATANG-YAMAN (BUREAU OF THE TREASURY) Intramuros, Manila 1002 Funding the Republic Press Release Bureau of the Treasury Launches 2nd Premyo Bonds Offering MANILA, Philippines, November 11, 2020 – The Bureau of the Treasury (the “BTr”) launched today the 2nd offering of the Premyo Bonds (PB-2) as part of the government’s savings mobilization program designed to make government securities available to retail investors. Proceeds from the Premyo Bonds 2 will be used to fund the country’s response to COVID-19 as well as boost the Philippine economy. “Since Filipinos have long turned to the lotteries as means of gaining instant fortune, and as opposed to buying complicated and less understood fixed-income assets, we combined the best elements of the two into what is now the Premyo Bonds,” said National Treasurer Rosalia V. De Leon. “The hope is that as more Filipinos gain familiarity with treasury bonds, they will begin to realize higher returns on their savings while at the same time giving the government more financing sources to advance our economic agenda,” she added. In 2019, the Bureau of the Treasury, in partnership with the Financial Executives of the Philippines Academy, Inc., launched the first tranche of the Premyo Bonds to develop the capital markets and promote financial inclusion in the country. The offer was met with strong market demand, generating nearly ₱5.0 billion in proceeds compared to the ₱3.0 billion offer. With a tenor of one year and an interest rate of 1.25% per annum, the latest tranche of the Premyo Bonds offers bigger prizes and more chances of winning to the investing public.
    [Show full text]