ADB approves P17-B government loan for Mindanao’s infrastructure projects
UNTV News • January 11, 2018 • 5003
MANILA, Philippines – The Asian Development Bank (ADB) has approved the Philippine government’s loan of USD 380 million or an approximately P 17-billion for Mindanao Road Sector Project.
Finance Secretary Carlos Dominguez and ADB president, Takehiko Nakao signed the agreement early Wednesday.
The total cost of the project is USD 503-million.
The project includes the repair of 280 kilometers national roads and bridges in Mindanao.
“Addressing Mindanao’s road connectivity constraints will help to unlock its potential as a major contributor to the Philippines overall growth,” Nakao said.
“We’ll open many more opportunities in our economy. The movement of people and goods will be enhanced, production cost will be reduced, producers will have better access to markets,” Dominguez said.
The Department of Public Works and Highways (DPWH) targets to start the project this year.
“The 1st quarter of this year we will already bidding out the road network for the masterplan which is approximately P25-B masterplan that covers Zamboanga Peninsula and 3 bridges in Tawi-Tawi,” DPWH Secretary Mark Villar said.
The repair of roads in Mindanao is part of the administration’s Build, Build, Build Program.
The aim of the project is to deliver the economic growth in the region.
According to Bangko Sentral ng Pilipinas Deputy Governor Diwa Gunigundo, the said move by the government is good for the continued economic growth.
“I think the prospects are even brighter, more promising, kasi hindi pa bumababa ang growth rate mo (because your growth rate has not decreased yet), inaadress mo agad yung challenges (but you’re already addressing the challenges),” Gunigundo said. – Nel Maribojoc | UNTV News & Rescue
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Wednesday reminded the public that printing images bearing the likeness of Philippine banknotes is prohibited and may result in legal action.
The BSP issued the reminder after the National Bureau of Investigation, together with the BSP Payments and Currency Investigation Group (PCIG), arrested an individual suspected of selling money or cash envelopes using the image and design of the 1000-Piso New Generation Currency banknote.
Pursuant to BSP Circular No. 829, Series of 2014, the central bank said that the act of reproducing the image of any legal tender Philippine currency banknotes, or any part of one, whether in black and white, in color, or combination of colors, without authority or approval from the BSP, is subject to imprisonment of five to 10 years.
“The public may be allowed to reproduce images of Philippine banknotes if authorization or approval from the BSP has been secured for educational, historical, numismatic, newsworthy, or other relevant purposes that will maintain, promote, or enhance the integrity and dignity of the Philippine currency,” it said.
The public may request approval from the BSP to print or reproduce images of Philippine banknotes through the PCIG at email address firstname.lastname@example.org, it added.
The Bangko Sentral ng Pilipinas (BSP) on Friday assured that the public will continue to have access to banking services amid the implementation of the COVID-19 Alert Level 3.
The BSP made the assurance after the Inter-Agency Task Force for the Management of Emerging Infectious Diseases placed the following areas under Alert Level 3 due to the rising cases of COVID-19:
City of Santiago
The alert level designation is effective until January 15.
The central bank also assured that its key services such as open market operations, PhilPaSS settlements, and servicing of cash withdrawals remain unhampered.
It likewise encouraged the public to use e-banking and digital payment services for safer and more efficient financial transactions.
The central bank further reiterates its directive to BSP-supervised financial institutions to “strictly observe minimum health protocols to safeguard the safety and well-being of bank personnel and customers.”
The BSP assured that it continues to implement strict COVID-19 measures in all BSP offices, including the vaccination of employees; regular sanitization of its premises; regular health screening through thermal scanning and submission of health declaration forms both for BSP employees and visitors; enhanced detection and contact tracing through regular testing; provision of comprehensive medical assistance; adoption of alternative work arrangements in keeping with IATF guidelines; and a sustained information campaign on protecting oneself from the virus.
The Bangko Sentral ng Pilipinas (BSP) has temporarily suspended the increases in InstaPay and PESONet fees for person-to-person fund transfers.
In a statement, the BSP said banks and e-money issuers (EMIs) participating in InstaPay and PESONet are not allowed to hike fees but may waive or reduce their current fees.
Participating banks and EMIs whose transfer fees are currently waived may charge these fees again at the level prior to such waiver of fees, it added.
According to BSP Governor Benjamin Diokno, maintaining transfer fees at this time is expected to boost the country’s post-pandemic recovery.
“Likewise, it would sustain the momentum achieved so far in increased digital payments usage,” the central bank added.
Under the Monetary Board-approved issuance, said fees cannot be increased until pricing standards or guidelines have been issued by the Bangko Sentral ng Pilipinas (BSP) or once the volume of digital payments reaches 40%, whichever is earlier.
At the height of the pandemic last year, the BSP said several InstaPay and PESONet participants, banks and EMIs alike, waived transfer fees.
Some participants continued said waiver and the full-scale imposition of these fees is expected to resume next year.
PESONet is a batch electronic fund transfer (EFT) that can be considered as an electronic alternative to the check system.
Meanwhile, InstaPay is a real-time, low-value EFT for transactions amounting up to P50,000 and is useful for e-commerce as well as urgent payment needs.
Under the BSP Digital Payments Transformation Roadmap, the BSP aims to digitalize 50% of the total retail payments by 2023.
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