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(articles form Manila Standard
Today)
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Ongpin's Inconsistency Galore
Bangko Sentral ng Pilipinas Deputy Governor Nestor A. Espenilla ("Espenilla") must have filed with the Office of the Ombudsman by now his counter-affidavit to the Complaint-Affidavit of Roberto. Ongpin ("Ongpin"). Ongpin accused him of violation Section 3(e) of the Republic Act No. 3019, otherwise known as the Anti-Graft And Corrupt Practices Act.
Ongpin charges, in his Complaint-Affidavit, that Espenilla, as Acting Chairman of the Anti-Money Laundering Council (AMLC) and Officer in Charge of the Bangko Sentral ng Pilipinas (BSP) on 14 November, 2012, caused him and his companies undue injury.
Click
for Complete Article
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In defense of the guardians of the well
The Anti-Money Laundering Council, very early this year, was very much surprised to see itself subjected to, in my view, unwarranted criticism. A well-known opinion writer (not of this paper) painted the AMLC as having turned by PNoy into "his deadly weapon against his enemies."
The basis of such condemnation apparently was a petition filed by the AMLC with the Court of Appeals to freeze the bank accounts of some officers of the Development Bank of the Philippines who were implicated in the so-called "behest" loan to one who was a former minister during the tenure of the late President Ferdinand Marcos."
Click
for Complete Article
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NAMFREL rides again
Never mind that it came after months of tense and uncertain waiting. Never mind that it came out in print media on the page of the section allocated by the Philippine Daily Inquirer in its 30 December 2012 issue to jobseekers, death notices, and classified ads. What matters is that NAMFREL is alive and well and was given the job it had most earnestly sought for the coming May 13 elections.
On December 21, 2012, the Commission on Elections (COMELEC), in a per curiam resolution, appointed NAMFREL as its one of its citizens' arms. Click
for Complete Article
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Returning to the basics of Long term deposit or investment certificate
The otherwise placid waters of the investment community of the country were recently stirred, not so mildly, by the issuance of the Department of Finance of Revenue Regulation No. 14-2012. What caused a lot of consternation amongst the always sober and somber investment community is Section 3 which deals with Section 22(FF) of the National Internal Revenue Code relating to a bank product known as the "Long-term Deposit or Investment Certificate."If my recollection serves me right (and I intend to confirm this as soon as I am able to do research at the Senate archives), the banks were at that time under severe criticism for their lending practice: they were predominantly lending short-term. This forced companies to borrow short-term in order to fund their projects which had long-term gestation periods. Click
for Complete Article
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speech
of Atty. Ricardo J. Romulo

Directory of Members of the Trust Officers
Association of the Philippines- 2008
The
Living Trust is Alive and Well
powerpoint
presentation
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For
the full text of articles that appeared at the trust guru's column in
TODAY,
click on TRUST AND ESTATES |
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For
the full text of articles that appeared at the trust guru's column in THE MANILA METEOR,
click on geronimo@tax |
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"Excoriating BSP officials for not preventing the misuse of
the banking system is pointless, unless Congress passes the necessary legislation
empowering BSP to enact and enforce the relevant regulations," says Atty. Ricardo J.
Romulo, Chairman of the Makati Business Club, before the Rotary Club of Manila during its
regular meeting on 22 February 2001. Reflecting on his brief but stressful
experience as Chairman of the Board of Equitable PCI Bank from December 19, 2000 to
January 31, 2001, Atty. Romulo observed that the shortcomings in the banking sytem in the
areas of governance, transparency and discipline are primarily the result of the demands
of the banking public. Thus, he maintained that in order to effect true banking
reform, those who avail themselves of banking services must be prepared to give up
some of the "creature comforts" customarily extended the banks to its
favored clients. The full text of his address is found in News and Views. |
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Mission |
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To serve as a hub where those who need and those who provide
professional trust and other fiduciary services, as well as those in related fields, may
avail themselves of reliable and recent information, exchange with one another views and
comments on current developments, engage in a common effort to upgrade the standards of
ethics and practice in the industry. |
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Vision |
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A world where trusts and other similar services are familiar
household amenities, where fiduciary duties and responsibilities are rendered and
availed of with highest standards of loyalty, prudence, and professionalism.
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