DOF warns public vs bogus cryptocurrency platform

Robie de Guzman   •   May 20, 2020   •   307

MANILA, Philippines – The Department of Finance (DOF) has warned the public against an article alleging that the Philippines is creating a platform for its citizens to invest in cryptocurrency.

In a statement, the DOF said the article claiming that the government has created a platform called “Bitcoin Lifestyle” is fake news.

“There is no such effort by the government,” Finance assistant secretary Antonio Joselito Lambino II said.

“We categorically deny that there is such a move, and warn the public against potentially harmful financial transactions with those behind the article,” he added.

The DOF said the fake news article also stated that President Duterte is “urging all citizens of the Philippines to learn about the platform to get involved.

The article also claimed that the “tax revenues will be huge and will benefit all citizens” and “will go to the financing of Philippines’ retirement and to counteract the crisis of learning support services.”

“This is false. We urge the public to exercise caution in their investments, and to keep their expectations of returns realistic,” Lambino said.

The Finance official also urged the public to report similarly suspicious investment schemes to the Enforcement and Investor Protection Department of the Securities and Exchange Commission (SEC), with telephone number 8818-5704.

“We warn unscrupulous individuals and groups attempting to lure the public into unauthorized and deceptive investment schemes that the government is monitoring the public space for such schemes, and will take appropriate legal and regulatory action,” he added.

DOF assures enough funds for free COVID-19 vaccine for 20M Filipinos

Robie de Guzman   •   July 31, 2020

MANILA, Philippines – The Department of Finance (DOF) assured that the Philippine government has enough funds to purchase millions of doses of coronavirus disease (COVID-19) vaccine once it becomes available.

In a briefing in Malacañang aired on Friday, Finance Secretary Carlos Dominguez said they have prepared a financing plan to procure COVID-19 vaccines with the help of the Philippine International Trading Corporation (PITC).

The PITC, an agency under the Department of Trade and Industry (DTI) engaged in trading and bulk importation of essential goods for the government, has been tasked to manage the financing efforts for the vaccines.

Researchers and scientists across the world are racing to develop vaccines against the viral respiratory disease as cases continue to spike.

Dominguez said a COVID-19 vaccine could be approved by December this year.

He said the vaccines will be purchased through the PITC and turned over to the DOH.

“Once that happens, the Department of Health now will put in their budget to pay these 400 million dollars or roughly P20 billion,” the finance chief said.

“We can pay them over 2 or 3 years, so babayaran lang nila with the financing companies which is LandBank and DPB, so kayang-kaya ng DPB at ng LandBank na i-finance itong purchase ng COVID vaccine,” he added.

This way, DTI Secretary Ramon Lopez said, the government won’t have to sell properties to finance the purchase of vaccines.

“Kaya po ipinapadaan sa PITC, Philippine International Trade Corporation, dahil para po sila po ang in effect directly na manghihiram mula sa DPB and LandBank,” he said.

“’Yung sinasabi ni Sec. Domiguez, ang may pondo na magpapahiram dito po sa isang government corporation who will execute the importation or the buying ng mga vaccines na ito, para po ang PITC ang magsu-supply sa DOH,” he added.

The vaccines will be administered to the poorest 20 million Filipinos for free.

If each of the 20 million poor Filipinos will need two shots, Dominguez said an estimated P20 billion fund would be needed.

The DTI, however, clarified that this figure is only initial and will be increased based on DOH’s recommendation.

Private companies wanting to secure financing to procure COVID-19 vaccines may do so through the PITC, Secretary Lopez said.

“Maaaring intial po yun dun sa poorest of the poor na communities. Of course, beyond that ang private sector naman po pwede ring makabili padaanin din dito sa PITC para makakuha ng tayo ng volume purchasing o volume discount,” he said. – RRD (with details from Correspondent Joan Nano)

PHL, World Bank ink $370-M loan deal for titling of lands to CARP beneficiaries

Robie de Guzman   •   July 21, 2020

MANILA, Philippines – The Philippine government has signed a $370-million loan agreement with the World Bank for a project that aims to speed up the process of the country’s program to redistribute land to farmer-beneficiaries, the Department of Finance (DOF) said.

In a statement issued on Monday, the DOF said the loan will be used to expedite the splitting of about 1.4 million hectares of land covered by the Comprehensive Agrarian Reform Program (CARP) and provide individual titles to these parcelized lots to some 750,000 farmer-beneficiaries.

Finance Secretary Carlos Dominguez III and Mr. Achim Fock, who was then the World Bank’s Acting Country Director for Brunei, Malaysia, Philippines, and Thailand, signed the loan agreement last July 14, the department said.

Dominguez said the project called Support to Parcelization of Lands for Individual Titling (SPLIT) of the Department of Agrarian Reform (DAR) will improve the bankability of farmers and enable them to access credit and government assistance.

“It will support our economic recovery program by intensifying assistance to farmers and making agrarian reform beneficiaries (ARBs) more resilient to the economic and social impacts of the COVID-19 (coronavirus disease 2019) pandemic,” Dominguez said.

Under the project, the collective certificate of land ownership awards (CCLOAs) will be divided into individual titles for some 750,000 ARBs to help fulfill the completion of the decades-old CARP.

The government has redistributed about 4.8 million hectares of land to some 2.8 million ARBs under the agrarian reform program, but only 53 percent were in the form of individual land titles.

The remaining 47 percent or about 2.5 million hectares are CCLOA titles that were issued to groups of ARBs in the 1990s as a temporary measure to fast-track the distribution of land to farmer-beneficiaries, the DOF said.

“Through the project, ARBs will be provided security of tenure by way of issuance of individual titles. If ARBs or members of their family fall ill, clear and valid documentation of their property will allow them to mortgage their land, sell, or pass it on to their family members through inheritance,” it added.

The total cost of the SPLIT Project is US$473.56 million, of which US$370 million will be funded by the World Bank, while the government will provide the counterpart financing for the balance of US$103.56 Million.

The loan deal carries a 29-year maturity period, inclusive of a grace period of 10-and-a-half years, the DOF said.

Economic, infra clusters to hold pre-2020 SONA forum this week

Robie de Guzman   •   July 6, 2020

MANILA, Philippines – The Duterte government’s economic development and infrastructure Cabinet clusters are set to present the administration’s plans for recovery and resilience in the face of the coronavirus-induced headwinds this year at the first pre-State of the Nation Address (SONA) forum to be held this week.

The Department of Finance (DOF) said that the forum titled, “Regaining Momentum, Accelerating Recovery in a Post COVID-19 World,” will be held virtually on July 8.

Hosted by the Presidential Communications Operations Office and Office of the Cabinet Secretary, the forum will be streamed live on the Facebook pages of the Radio Television Malacañang, and other government agencies.

Finance Assistant Secretary Antonio Lambino II said this year’s pre-SONA forum will be different as the audience will be “purely virtual,” due to limitations on mass gathering amid the coronavirus pandemic.

“We do hope that our citizens will be able to tune in as the country’s top decision makers discuss our path to a quick and strong recovery from this crisis,” he said.

In the forum, the DOF said that top economic and infrastructure officials are also expected to report on the state of the Philippine economy, as well as the government’s ongoing efforts to leverage on its strong fundamentals in the fight against the coronavirus disease 2019 (COVID-19).

Finance Secretary Carlos Dominguez III and Public Works and Highways Secretary Mark Villar will present performance updates and priority plans, respectively, on the economic and infrastructure fronts.

Acting Socioeconomic Planning Secretary Karl Kendrick Chua will speak on the Philippine Economic Recovery Program.

“The audience can expect Secretary Dominguez to delve deeper into the challenges we’re facing right now, the accomplishments in the previous year that we can build on, and the legislative proposals that the economic team submitted for Congress to consider,” Lambino said.

Meanwhile, updates on the monetary, external, and financial sectors will be discussed by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno.

Pre-SONA forums are held annually to discuss in greater detail the achievements of the government in the previous year and the priorities of the Cabinet cluster heads in the run-up to the President’s SONA on July 27.

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