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People's Journal

People's Journal

Beware of gaming biz clients, banks told

The Bangko Sentral has called on banks to follow stricter measures on the rising number of clients engaged in gambling and or online gaming business.

BSP Deputy Governor Chuchi Fonacier, in Memorandum No. M-?2018-002, said banks now have greater exposures to gaming-related clients, thus, the need to “ensure the soundness of their risk management policies and practices to manage risk exposures arising from the transactions of these customers.”

First of these rules is for the banks’ Board of Directors (BOD) to set the financial institutions’ risk appetite and to require an adequate reporting mechanism to update the Board on risk exposure for it to “make informed decisions and issue appropriate directives.”

Banks need to also conduct necessary due diligence on the customers “to ensure that they will not be used as channel for money laundering (ML)/terrorist financing (TF) activities.”

These measures include really understanding their customers’ business model to foresee any suspicious activities, transacting only to authorized or licensed gaming business, and verifying the identity of the businesses’ owners.
    
Banks are also required to have customer risk assessment that focuses on their client’s business operations and products, types of customers, the business distribution channel and jurisdictions where the gaming business operates.
    
Continued account and transaction monitoring are also required from the banks, the Memorandum said, as it pointed out that banks are expected to have their Money Laundering and Terrorist Financing Prevention Program.

  • Published in Business

Ejecting rocketman

If you are into the business of making projectiles aimed at peaceful communities, then every civilized state must have the right to launch you out of its territory.

This is the only option for any country wanting to protect its citizens and stop threats to its national security.

There is simply no place for makers of weapons of mass destruction in a country which renounces war as a national policy.

And so, the government said Monday it would deport an elderly Iraqi man described as a scientist for Hamas and accused of helping the Palestinian militant group lob missiles at Israel.

Iraq tipped off the Philippines about the presence of Taja Mohammad Al Jabori, who was arrested on Sunday, national police chief Ronald Dela Rosa told reporters.

However, the arrest was due to visa problems rather than any evidence of militant activity, the police chief stressed.
    
"He's an illegal alien, his visa is expired so he has to be deported right away," Dela Rosa said.
    
"He admitted being a member of Hamas. He's a chemist and he has been responsible for improving the rocket technology of Hamas in firing their missiles from their area towards the other side, for Israel."
    
The suspect would be deported to Iraq.
    
The police chief said it was the first time authorities had dealt with an alleged member of Hamas, a group labelled a terrorist organization by the United States, the European Union and Israel.
    
The Islamist movement does not recognize Israel, with which it has fought three wars, and has vied with the rival Fatah movement for control of Palestinian territory.
    
The handcuffed detainee did not speak while being made to stand beside the police chief at a press conference.
    
Dela Rosa said it was unclear at present why the alleged Hamas chemist had travelled to the Philippines.
    
Police said he arrived last year as troops battled militants loyal to the Islamic State group for control of the southern city of Marawi.
    
Al Jabori had however mostly stayed in Manila and nearby provinces and told police he had no intention of committing any terror act in the Philippines, the police chief said.

  • Published in Newsdesk

Perfect tea for you

HEALTH buffs believe that drinking tea boosts the body’s immune system and fights free radicals because of anti-oxidants in tea.

The processing of tea leaves determines the contents of bioactive ingredients. Each variety of tea whether black, red or green, contains a different package of compounds of physiological importance.

Taste and aroma are the usual factors that make  branded tea pricey and this also affects consumers’ preferences with regard to tea of their choice.

However, consumers do not pay much attention to the chemical composition and nutritional value of tea. For them, as long as it is a tea, it is nutritious.

The National Health Institutes conducted an assessment of the nutritional value of black, green and white high-quality tea leaf from Chinese plantations based on the chemical composition of the dried leaves as well as minerals and caffeine content in tea infusions.

Scientists analyzed dried tea leaves of their chemical composition (contents of water, protein, volatile substances and ash) and assessed selected minerals and caffeine contents in the tea infusions.

They found that high-quality Chinese green teas have the most valuable composition of minerals, like the highest contents of zinc (Zn), Manganese (Mn), Magnesium (Mg), Potassium (K), Calcium (Ca) and Aluminum (Al).
    
They also found highest contents of protein in comparison to the other products. Chinese black teas had the highest contents of total ash and caffeine and white teas were characterized with high content of volatile substances, similar to the black teas, and the highest content of water and the lowest content of total ash.
    
The next time you want to brew or steep a cup of tea, choose one with mineral balance and valuable elements for your health.

Tax take from sugary drinks to hit P52B

Expected revenues from excise tax on sugar-sweetened beverages is seen to contribute some P52.03 billion to government coffers this 2018.

Department of Finance (DOF) data showed that based on the medium-term revenue program, excise tax from sugar-sweetened beverages (SSB) is the fourth largest revenue contributor among excise taxes in the country.

Under Package 1 of the Tax Reform for Acceleration and Inclusion (TRAIN), otherwise known as Republic Act (RA) No. 10963), drinks using sugar and artificial sweeteners will have an excise tax of P6  per liter while it is P12 per liter for drinks that use high fructose corn syrup.

Exempted, however, from this law are all kinds of milk, 3-in-1 coffee products, natural fruit and vegetable juices, and medically-indicated beverages.

SSB excise tax is not part of the revenues set under the medium term program.

DOF, in an explanation on its website, said the excise tax on SSB “will help promote a healthier Philippines” since it discourages the public from consuming sugar-sweetened beverages that boost their chances of being obese or have diabetes or worsens the situation of those who already have the disease.
    
“This is a measure that is meant to encourage consumption of healthier products, to raise public awareness of the harms of SSBs, and to help incentivize the industry to develop healthier products and complements,” it said.
    
Total excise taxes expected to be collected this year amount to about P300.208 billion.
    
Bulk of these were programmed to be collected from tobacco products, P126.969 billion; followed by alcoholic products, P56.23 billion; and tobacco products, P52.282 billion.
    
SSB excise tax was programmed to have the fourth largest collection followed by those from automobiles, P7.029 billion; fuels and oils, P5.398 billion; miscellaneous, PHP158 billion; cosmetic procedures, P100 million; and tobacco inspection fee, P11 million.
    
Finance Secretary Carlos Dominguez III has repeatedly stressed this confidence to collect the programmed revenues as major collecting agencies.

For 2018, BIR revenue goal was set at PHP2.039 trillion, about 11.6 percent of gross domestic product (GDP), while BOC’s target is PHP627 billion.

  • Published in Business
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