| Economy |
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Caught
in the AVB crossfire
RP banks in harms way of remittance embargo
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Overseas
Filipinos are demanding Congress to pass ora mismo the
Absentee Voting Bill (AVB). The bill allowing them to
vote has been languishing in the legislature for 15 years.
If legislators still dilly-dally, they threatened to cut
their cash remittance and postpone coming home this year.
The International Coalition on Overseas Filipinos Voting
Rights (ICOFVR), which groups OFW organizations worldwide,
issued the warning after the Senate failed to calendar
the Angara-sponsored AVB before the September break.
The Senate version of the AVB was supposed to have been
passed already by opposition senators during a short-lived
stint as majority group in June but administration senators
voided the action after re-assuming power the next few
days. The incumbent majority led by Senate president Franklin
Drilon wanted the approval process repeated to incorporate
more refinements to the AVB.
In response, ICOFVR leaders warned that OFWs would stop
remitting funds through banks and instead send money through
colleagues, friends, family, or private agencies until
the administration realizes that they mean business. They
also will send balikbayan boxes instead of cash.
If by the end of October the AVB is still not passed,
OFWs will set a specific period when they will completely
refrain from remitting money.
Isagani B. Manalo, leader of the OFW Congress based in
Riyadh, Saudi Arabia, said it was time to resort to stronger
action for congressmen to take seriously their clamor
to choose the right people who will lead the Philippines
in the 2004 elections. But he said the plan of cutting
remittances is not aimed at hurting the national economy.
Currently, around 70% of all OFW remittances go through
banks. The amount of remittance of the over 7 million
overseas Filipinos estimated at $7 billion is monitored
and taxed by the government. The remittances also helped
fuel domestic consumer spending. In the first six months
of this year, the Bangko Sentral ng Pilipinas (BSP) indicated
that OFW remittances amounted to $4.143 billion, up 43.2%
from the same period in 2001. The BSP attributed the remittance
growth to the increase in the number of workers deployed
abroad mostly to Europe, Africa and the Americas. Over
half a million Filipino workers left for abroad from January
to June this year.
If remittance flow stops, it will deprive the government
of needed foreign cash. Moreover, the banking industry
will suffer.
The Bankers Association of the Philippines (BAP) cried
foul against the planned remittance boycott because OFWs
are picking on the wrong people.
“Why penalize the banks for something that they
don’t have anything to do with. Mali ‘yung
choice of punishment. You’re punishing a lot of
innocent bystanders,” lamented BAP Executive Director
Leonilo Coronel.
BAP admitted that the remittance embargo will cut banks’
profits but they cannot do anything about it. “That’s
their (OFWs) prerogative,” Coronel told Balikbayan.
Banks stand to lose earnings from incoming remittance
transactions such as service charge, commissions from
telemoney centers abroad and markups from dollar-to-peso
conversion.
A Metrobank branch in Manila that receives up to P400,000
in remittance money (not all from OFWs) per month, charges
P100 for every incoming remittance transaction regardless
of the amount of peso remitted. For any amount of dollar
remittances, the service charge is $2.
An RCBC branch in Manila charges $5 service fee for every
remittance from its telemoney centers abroad to individual
and corporate accounts. The branch transacts an estimated
$20,000 incoming remittance per month.
RCBC claims to have the most number of padala or telemoney
centers in the Middle East. In Saudi Arabia, RCBC has
13 telemoney centers and 40 in the United Arab Emirates.
There are other RCBC padala centers in Bahrain, Lebanon,
Kuwait, Oman and Qatar.
The bank also charges P66 service fee for advice-and-pay
transactions. In this service, the allottee has no account
in the bank and dollar remittances are automatically converted
to peso denomination before it is claimed. The bank earns
up to 50 cents markup for every dollar converted.
RCBC also has a remittance service through Moneygram,
in which the money is transferred from abroad to the bank
within a day. The bank earns a fixed commission from Moneygram
remittances while the government earns through the use
of documentary stamps. Every P200 remittance is charged
30 centavo worth of documentary stamp.
Of course, foreign banks will also be affected by the
remittance embargo in the same way as local banks while
the lack of balikbayan spenders during the Christmas holiday
will impact on the domestic economy and the tourism industry.
Congress is unperturbed by the blackmail though it is
cooperating as the Senate passed on second reading its
version of the bill. The remaining question is if the
Lower House will follow suit. |
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| Sabah
workers, employers back in each other’s arms |
Who
said Malaysia doesn’t need Filipino workers? Filipinos
who were deported in August from Sabah for illegally working
in plantations, factories and various firms in the Malaysian
province are slowly being reunited with their employers.
It was the employers who asked Malaysian authorities to
allow the return of the deported workers, whom they need
to keep their business running. They are simply irresistible.
Malaysian authorities are gathering the names of workers
who have been deported but whom their employers want to
return and giving them working visas. The deportees’
name are then submitted by the Philippine labor attaché
in Kuala Lumpur to the DOLE regional office in Zamboanga
City and the inter-agency one-stop shop that was formed
there to provide travel documentation (employment certificates
and passports) and overseas job placement for the refugees.
Those deported after May 1, 2002 are even given free passports.
Filipinos who are interested to work in Sabah can also
get papers at the one-stop shop as long as they meet the
job qualifications. |
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| Free
livelihood skills training for refugees |
Hope
is not lost for the Filipino refugees who don’t
want to return to Sabah anymore. They can learn how to
put up a meat processing, fish processing, baking, novelty
items making, hog raising and other kinds of business
for free courtesy of the Technical Education and Skills
Development Authority (TESDA) Regional Office IX.
TESDA is conducting the livelihood skills training in
various communities where the female repatriates are located.
For the male repatriates, TESDA offers free skills training
on electrical, lathe machine operation, automotive, civil
and construction trades, refrigeration and airconditioning,
and welding.
For those who are in Zamboanga City, the free training
can be availed at the Regional Training Center at the
TESDA Region IX Complex, along Talungon Street, Barangay
San Roque. For details, call Engr. Lorenzo Macapili or
Marilou Olayan of TESDA Region IX at telephone nos. 991-3229
and 991-9434. |
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| Overseas
Filipinos starting own bank |
By
the end of the year, OFWs will have their own bank. The
Overseas Filipinos Worldwide International Holdings, Inc.
(OFW Holdings), has laid the groundwork for the establishment
of a thrift bank in one of the provinces outside Metro
Manila.
The SEC-registered OFW Holdings is the financial arm of
the OFW-run Overseas Filipinos WorldNet Foundation, Inc.
(OFWNet), a group that aims to empower some 8 million
OFWs economically and politically.
The thrift bank will initially provide remittance, loans,
investments, and other financial service to OFWs in Saudi
Arabia.
The OFW Holdings hopes to put up its own universal bank
catering to OFWs by 2006. |
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| OFW
dependents putting up seafood farm, resto |
Dependents
of OFWs are embarking on an P11-million business to breed
seafoods and operate a floating restaurant and marine
park in Babak, Island Garden City of Samal.
The venture of the Samal Island Filipino Overseas Workers
Dependents Multi-purpose Cooperative is being undertaken
together with the Federation of Filipino Workers of Region
XI, Balet Fisherfolk Association and Balet Barangay Councilmen.
Various government agencies, led by the Department of
Agriculture, are providing technical support while the
OWWA and other donors are providing the capital.
The livelihood project involves building fish cages and
culturing of bangus, crabs and lobsters. It also involves
the maintenance of a reef and collection of ornamental
fishes, the management of the fishery, marine culture
training, and construction of bunk houses for workers,
an office building, a warehouse and cold storage facilities. |
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| Dubious
money managers on the loose |
The
Securities and Exchange Commission (SEC) warned the public,
particularly OFWs and their families, against investing
their money in two unregistered financial firms.
The SEC said the Overseas Workers Stock Capital and Portfolio
Management Services, which are targeting OFWs, are not
licensed to operate as securities brokers and dealers,
investment advisers or futures exchange brokers.
The SEC added that both firms are not registered corporations.
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| Saudi
consulate promotes entrepreneurship |
The
Philippine Consulate General’s office in the Western
Region of Saudi Arabia is ready to help OFWs set up their
business back home. The consulate’s Economic Diplomacy
Unit is offering to process the documentation of the business.
The EDU also conducts business opportunity seminars to
enable OFWs to become entrepreneurs.
For more details, contact the EDU office at the consulate
at telephone numbers 667-8101, 663-0354, and 660-0348.
Consult Rose Justiniano. |
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| ROADIE
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| Sunday
freaky Sunday |
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The
accident involved one 10-wheeler, 1 truck, two Adventures,
one Expedition, one Pajero, one Toyota and ako. I was
driving a green Nissan. |
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September
8 was a lazy Sunday when I drove home from Taft Avenue.
Mom was sitting in front, my tita and two cousins at the
back.
As my usual route, I took Nagtahan (going to España).
Traffic was light but when we reached the flyover near
Amang Rodriguez, cars were not moving. I could see a blue
10-wheeler several cars ahead. While we were enjoying
Latin music over the radio and discussing the pros and
cons of inflatable pillows, we saw a guy signaling everyone
to pull back.
Mom said, “O, atras daw.”
I replied, “Paano tayo aatras eh may mga kotse sa
likod.”
A brand new white Pajero was right behind us. There was
no room to maneuver to the left since the lane was also
filled with cars.
All of a sudden, the guy was running and hysterically
shouting “Atras! Atras!” It was then that
we noticed the 10-wheeler was fast rolling down.
Mom was shouting and pointing to the truck. Everything
happened so fast. Honks were blaring. People were screaming.
I looked at the rear view mirror and saw cars behind us
frantically trying to back-up. I felt the rear of our
car bumping against metal.
All I could think was how to save my passengers, especially
(my) mom, who was sitting beside me. I was not sure if
she had fastened her seatbelt so I stretched my right
arm to protect her from hitting the windshield. The container
van was a few meters away and still out of control. I
had to stop our car from colliding with those behind us.
Otherwise, we would be trapped (with the 10-wheeler in
front). I held on the hand brake, floored on the brakes,
and with my left hand, turned the wheel to the right.
The rear right end tire blew. We hit the railings.
Again, our trunk was bumped. It sounded like metal being
crumpled. We were pushed to a 45-degree angle. I turned
and saw a white truck running straight to my side; the
10-wheeler was now right in front of us. The white truck
hit my door and smashed the window. My mind went blank.
I just stepped on the brakes and one-handedly gripped
the steering wheel until my fingers were numb and my knuckles
were white. The truck’s left side hit the tail of
the 10-wheeler, stopping both their momentum of further
crushing me to smithereens.
Albert, my cousin, was shouting “P—ina! Baba!
Baba! P—ina!” The doors at the right side
were not damaged and they left a wide space for us to
pass thru.
Tita Thelma scolded him “Albert, wag kang mag-mura!”
{See, prim and proper ang familia namin. Even in times
like these, yan pa ang naiisip.)
When they all alighted, the car slid downwards. A green
flashlight and a rubber slipper sailed thru my window.
Mom stood motionless. I was still inside. I could hear
her thinking that I might have been injured. At last,
everything was still. I was able to get out without mishap.
When (my) mom saw that my fingers and toes were still
intact, she allowed to be guided down the bridge and wait
at the school. It was then raining.
Albert was urging me to get away from the scene. Somebody
was yelling, “Takbo! Tumutulo ang gasolina! Baka
sumabog!” On-lookers were running in all direction.
Albert grabbed my arms but I said he could go ahead. I
had to check if nobody was left injured in the rubble.
(Feeling heroic daw).
I walked towards the heap of cars and heard somebody moaning
“Hintay, hindi ako makalabas.” Then two guys
crawled out of the green Adventure, which was squeezed,
between the white truck and Pajero. He confirmed that
nobody else was inside and thankfully, he was not injured.
He was limping though.
I never expected the extent of the damage nor the number
of cars to be that much. The accident involved one 10-wheeler,
1 truck, two Adventures, one Expedition, one Pajero, one
Toyota and ako. I was driving a green Nissan.
When I saw everything, all I could say was, “Sh—t,
paano ako papasok bukas? Wala akong kotse.” (tonta,
of all things to say...)
Nobody sustained injury though. I have bruises at my left
arm, my elbow and wrist hurts. The investigating police
officer said he could not imagine how it happened and
with the positions of the cars, he had expected casualties
if not major injuries.
Well, all of us were truly very lucky. May isang ale na
niyakap ako nang makita niya yong kotse. Sabi niya, “Magpasalamat
ka ma’am. Second life mo na ito. Magpamisa ka at
magpakabait.” After hearing the last word, I said
to my cousin, “Albert, di ba mabait naman ako?”
Lessons I’ve learned from this experience?
1. Pray and have faith - when my tita (who was sitting
behind me) saw the 10-wheeler rolling
down, she implored Mama Mary to save us. It was Sept 8,
the birthday of the Blessed Virgin.
2. Presence of mind - do not panic. All I could think
of then was my mom and tita, who have
the tendency to be nervous wrecks. Sabi nga ng friend
ko, ginawa ko raw na human shield
ang sarili ko. It may sound stupid but can you bear the
thought if something had happened
to your relatives? The gravity of the situation only hit
me on our way home. I was shaking
and felt like crying but no tears would fall (pusong bato?)
3. Mobile phones - very useful. But then, dapat naka-charge.
My phone conked out. Buti na lang,
may dala si momie and my cousins.
4. Emergency numbers - store them in the phone book. Mine
was Diners Club Road Assistance.
Am not sure if they were the ones who alerted the police.
I guess, this will be a good card
feature, parang 911 for Diners Club members, not just
for road assistance but other
emergencies as well. :
5. Fasten your seatbelt - kahit pasahero ka lang. This
experience made me re-evaluate my life.
So am trying hard na magpakabait. Second life ko na daw
ito, so I’d better make every
minute count (hmmm..).
Sabi nga, LIVE, LAUGH, LOVE. Enjoy and appreciate what
you have while you have them. Thank the One above for
all your blessings... thank Him for your family who’s
always there for you, for your friends who make life’s
journey light and easy, and for the gift of life. |
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| Ford
rolls out 5 millionth Explorer |
The
five-millionth Ford Explorer produced recently rolled
off the assembly line in Louisville, Kentucky - driven
by no less than the company Chief Operating Officer and
President Nick Scheele amidst the cheers of its hundreds
of plant employees.
The first Ford Explorer rolled off the line in Louisville
on Valentine’s Day in 1990. Since then, the American
love affair with this best-selling SUV has continued to
grow and mature. In 1991, Explorer’s first full
year of availability, sales jumped 38% to more than a
quarter-million units, and Explorer became the first sport
utility vehicle to join the ranks of the top 10-selling
vehicles, holding the seventh spot. |
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| You’re
in control with Honda’s Accord |
Through
its Accord, Honda Cars Philippines’ has made decision-making
a dauntless task for the world-executive when it comes
to choosing cars.
Designed to be a world-executive class sedan, the Accord
offers a 2-liter in-line four-cylinder VTEC engine that
delivers increased power, reduced vibration and extremely
low emissions. The VTEC engine operates with Honda’s
renowned Multi-point Programmed Fuel Injection, with a
16-bit powertrain control module for higher fuel efficiency.
The double wishbone front and rear suspension gives unmatched
stability for smoother handling and drive.
On the outside is a sleek front grille and bumper and
chromed side window moldings. Lush interior features include
rear seat armrest with cup holders, illuminated power
window switches and an opulent wood grain center panel
with an in-dash TV monitor and a Pioneer CD Tuner. |
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SEX
BOMB GIRLS. Fourteen boob-tube babes would like
to help fight lawlessness and evil in our crime-infested
communities. How are they going to do it if they have
superpowers? |
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GET
YOUR COPY NOW |
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