SSS urges LBC Bank account pensioners to open new accounts

September 28, 2011, 4:28am
MANILA, Philippines — The Social Security System (SSS) called on pensioners affected by the closure of LBC Development Bank to open new accounts in another bank to avoid delay in their monthly pensions.
SSS President and CEO Emilio de Quiros, Jr. said October pensions of those with accounts at LBC Development Bank will be paid as pension checks sent to their home addresses until they have new accounts with another bank.
“SSS has started processing about P1.02 million worth of checks for the October pensions of 381 pensioners under the LBC Development Bank. We will mail the pensions checks to their home address before the end of Semptember,’ he said.
The Bangko Sentral ng Pilipinas has ordered the closure of LBC Development Bank for alleged ‘violations of banking laws’ and ‘unsafe banking practices,’ including allegations of transferring billion of pesos to affiliate companies, according to news reports.
About 99 percent of 1.6 million pensioners receive pensions through passbook or ATM savings accounts, while about 18,000 get pension checks through the mail. The Philippine National Bank accounts for the largest share of pensioners’ bank with over 550,000.
The SSS releases pension funds to its accredited banks two weeks before the applicable month. Pensions are credited monthly to pensioners bank accounts depending on members date of contingency
“As soon as the affected pensioners open a new bank account, they must go to the SSS to inform us so we can encode the changes at once. We urge them to do it before the SSS starts processing of November pensions on October 5, “ he said.
Pensioners must submit photocopies of their newly-opened passbook or ATM account and two valid identification cards together with an accomplished ‘ Request for Change of Bank’ or DDR2 form at the SSS branch nearest them, de Quiros said.
Those based overseas can apply for Chinatrust Visa Cash Card. They can mail the accomplished Chinatrust enrollment form and DDR2 form together with photocopies of their passport or any two valid IDs – at least one with photo – to the Pensions Processing Center of the SSS main office along East Avenue in Diliman, Quezon City.


REACTION:

Its good to hear that LBC bank started to take action upon their closure by sending pension checks, People who open an account to the said bank will benefit for this news. but we all know, that this kind of process will take days or months to be completed. The disadvantage for this is, the people deposit money to the LBC bank thru cash, and yet they will receive a pension check? This is very disappointing, because now a days people need money in order to survive, because the basic needs that we use everyday, the price its self is increasing. LBC bank also recommend the people who open an account to them to open an another account to other bank, but LBC bank did not think that to open a account to other bank, will need a starting deposit or a minimum balance to open an account. How can they open another account to other bank if the money they need is still on LBC bank.

For me, I will give credit to the LBC bank for taking action giving another option to the people who open an account to them. This is still a good news. It is also a lesson to us, We should first know the quality, the services that the bank is capable. So that we can ensure the safety of our investments, money and time.

Gov't Boosting Tobacco, Liquor Taxes

By KARL LESTER M. YAP (Bloomberg)

August 23, 2011, 11:12pm

MANILA, Philippines — The Philippine government aims to boost annual revenue from tobacco and liquor taxes by as much as P139.33 billion ($3.3 billion) by 2016, Finance Undersecretary Gil Beltran said.

A law to apply a uniform tax rate on all brands of cigarettes, distilled spirits and fermented liquor and automatically adjust taxes on the items to reflect changing prices will add P60.63 billion of revenue next year, with the additional income rising each year to P139.33 billion in 2016, according to a document obtained from the finance department late yesterday.

“It’s a health concern,” Beltran said in an interview in his office in Manila yesterday. “We want to curb consumption of these products. At the same time, the funds raised will be used for a universal health-care plan that is especially targeted towards the poor.”

President Benigno S. Aquino III, who identified the bill last week as among the 13 items he wanted lawmakers to approve this year, aims to expand access to health care in a nation where the World Bank estimates one out of four people lives on less than $1.25 a day. The World Health Organization urged the Philippines last year to increase taxes on tobacco to reduce its use among an estimated 17.3 million smokers.

Currently, brands are taxed at different rates. Revenue from alcohol and cigarette levies on companies including Ginebra San Miguel Inc., Philip Morris Philippines Manufacturing Inc. and Fortune Tobacco Corp. totaled 55 billion pesos in 2010, Beltran said.

The bill will treat all cigarette manufacturers equally and remove a bias against new brands, Beltran said. It will link the tax rates to inflation indexes, he said.

The government’s health care plan, which includes subsidizing costs for 10.7 million poor families and improving hospital facilities and equipment, is estimated to cost 682.1 billion pesos from 2012 to 2016.

SOURCE: http://www.mb.com.ph/articles/331834/govt-boosting-tobacco-liquor-taxes


REACTION:

                           It is good that the Government would do this such thing, in increasing taxes on the said product, As I observe these products are the common vices upon us Filipinos not only us but also in other country. But here in Davao, most of the people who are affected of these will be the teenagers. Because we can all see them in resto bars and different bars that sells this products. It will also bring good effect to the us, because not only it will increase our economy but also, it will lessen the people or teenagers to buy this products because its market price or value. In the other side, medical fields like hospital and other government health facilities will also benefit from this, because the taxes that impart to these will go to the said establishment and facilities to provided quality care and service to the people of the Philippines especially to the poor community. I myself would agree to these, because Davao City is starting to implement a good and healthy environment to us all.


  

Davao City agri suspects more areas affected by rat infestation

DAVAO CITY, Philippines (PNA) -- The City Agriculture Office (CAO) in Davao suspected that more areas in Paquibato district are affected by rat infestation aside from the recently reported eight barangays.

CAO head Leonardo Avila III said they still need to validate the report but interventions were already given to the earlier eight barangays where farm crops were attacked by rodents. The affected areas were already declared under state of calamity by Mayor Sara Duterte-Carpio as authorized by the city council.

Avila said they have allocated more than P50 million as assistance and support to affected farmers. However, he said that they need to focus and give importance to educating and training the members of the community as to how to control and eliminate rats in their villages.

"It is important that the villagers would know basic rodent management ;thus, we have designated technicians to conduct the training," he said.

As to the immediate response of eliminating the rats, Avila said chemicals like Zinc Phospide were already administered in the area; also, the blanketing of colony of the rats was done. About 2,300 hectares of farmland or 60 percent of the farms in Paquibato district has been affected  by this pestilence, damaging corn crops, banana, camote, gabi and others.

The CAO head added that they will adopt the food for work program scheme depending on the size of the area . For instance, below one hectare is equivalent to half-sack of corn seeds and the quantity increases depending on the size of the farm.

He said they will be adopting four programs from fund assistance, food for work, control and rehabilitation.

"Our approach must be comprehensive especially in the control and elimination of rodents," he said.

Source: manila bulletin 

REACTION:

            One of our basic needs is food. Davao City is well known to have a abundant resources like fruits, vegetables, corns and crops. Although we are abundant we still have to take care of these resources, because we don’t know what will happen in the near future. As our mayor Sara Duterte-Carpio heard about this report, she had order an action to the said problem. If she had not put a action to this problem, We people here in Davao City will still be affected. Supplies of Vegetables, crops will be short and will lead to a Food Supply Shortage, and sooner the prices of these said crops will increase because of the low supply, and still people will be affected of the increase of price. It is good that interventions to solve the problems of the farmers was given immediately. Educating the people of the said area will help to have proper maintenance of crops.