BusinessMirror October 19, 2023

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Agencies get Nov deadline on anti-laundering B S P. M @sam_medenilla

W THE WORLD »A16

BIDEN WILL BE PLUNGING INTO MIDDLE EAST TURMOIL ON HIS VISIT TO ISRAEL

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2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

ITH the country’s oneyear reprieve from the Financial Action Task Force (FATF) almost over, Malacañang has ordered all concerned agencies to complete the country’s pending anti-money laundering commitments under the International Cooperation Review Group (ICRG) Action Plan by next month. In his Memorandum Circular (MC) No. 37 dated October 18, 2023, Executive Secretary Lucas P. Bersamin gave the instructions ahead of the deadline for the country to implement all 18 ICRG Action Plans by January 2024 in order to be removed in the FATF Grey

List. He said he wants the member agencies of the National Anti-Money Laundering (AML)/CounterTerrorism Financing (CTF)/Counter-Proliferation Financing (CPF) Coordinating Committee (NACC) to “assign focal person/s tasked to ensure that all deliverables are completed and all targets are achieved by 30 November 2023.” MC 37 also directed the agencies to establish a mechanism for monitoring the progress and reporting the completion of the said deliverables. As of September 2023, the country still has eight pending deliverables. The country was placed under the grey list or under increased

monitoring status in June 2021 for failing to show “tangible and positive progress” in enforcing the recommendation of the FATF, a Paris-based money laundering and terrorist financing watchdog. FATF initially gave the Philippines only until January 2023 to meet its requirements, but it opted to extend the country’s compliance period until 2024. To facilitate the country’s compliance with the ICRG Action Plan, Bersamin tasked the Anti-Money Laundering Council (AMLC) to lead in the implementation of MC 37. The AMLC is also required to submit to the Office of the Executive Secretary a comprehensive report on the implementation of the

National AML/CTF/CPF Strategy (NACS) 2023-2027 on or before December 8, 2023. “The urgent implementation of the NACS 2023-2027, particularly its Strategic Objective 1, will intensify and expedite efforts to address deficiencies identified by the FATF ICRG,” Bersamin said. Countries which fail to implement the FATF recommendations can be included in its blacklist or the so-called high-risk jurisdictions. FATF urged other countries to implement enhanced due diligence or counter measures for those included in its blacklist to protect the international financing system S “A,” A

BusinessMirror A broader look at today’s business

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Thursday, October 19, 2023 Vol. 19 No. 8

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DEPARTMENT OF SCIENCE AND TECHNOLOGY

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P.  |     | 7 DAYS A WEEK

PALACE HOLDS ROLLOUT ■

OF MAHARLIKA’S RULES

FLEEING THE WAR In the complex juxtaposition of events, the first wave of repatriated Overseas Filipino Workers (OFWs) escaping the conflict between Israel and Hamas arrived on Wednesday (Oct. 18) at Naia Terminal 3, among them, 16 OFWs and an infant, directly impacted by the strife. Their poignant homecoming was met with warmth by a consortium of government agencies—DMW, DSWD, OWWA, DFA, and DOH—ready to extend assistance. Simultaneously, in Gaza City, wounded Palestinians urgently await treatment at al-Shifa hospital. They arrived from al-Ahli hospital following an explosion on October 17, 2023. The Hamas-run Health Ministry attributes the incident to an Israeli airstrike, while the Israeli military claims it was a misfired Palestinian rocket. Stories on Filipinos in conflict zones of south Lebanon and Gaza, on page A2. NONIE REYES AND AP/ABED KHALED

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B S P. M @sam_medenilla  J R. S J @jrsanjuan1573

ALACAÑANG has suspended the implementation of the implementing rules and regulations (IRR) of Republic Act No. 11954 or the Maharlika Investment Fund, but did not give a reason for doing so.

In a memorandum issued on October 12, Executive Secretary Lucas P. Bersamin directed the Land Bank of the Philippines (LBP) and the Development Bank of the Philippines (DBP) to defer the rollout of the IRR pending further study of its provisions. He also instructed LBP and DBP to notify all concerned heads of departments, bureaus, and other agencies of the Executive department including governmentowned and -controlled corporations about the development. As of press time, the Palace has yet to release the cause of why it initiated the review. The Bureau of Treasury issued the IRR of RA 11954 last August 28 for implementation of the MIF, while both LBP and DBP are undergoing a merger, which is expected to be completed by the first half of 2024. Earlier this month, several in-

cumbent and former lawmakers filed a case before the Supreme Court seeking to declare unconstitutional the Maharlika legislation.

OSG: ready to defend law

THE Office of the Solicitor General (OSG) will continue to defend the constitutionality of the MIF law before the Supreme Court despite the President’s decision to suspend its implementation. Solicitor General Menardo Guevarra said his office is preparing its response to the petition filed by Senator Aquilino “Koko” Pimentel III together with representatives of Bayan Muna Party-list group, seeking to declare unconstitutional Republic Act No. 11954 or Maharlika Investment Fund Act of 2023. The Court, in a resolution on October 3, 2023, ordered respon-

Halt to MIF’s implementing PINOYS ALL SET FOR THEIR UNDAS, HOLIDAY VACATIONS rules isn’t end of fund: BSP B M. S F. A

@akosistellaBM Special to the BM

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ITH the upcoming long Undas (All Saints/All Souls Days) break and a newly published list of holidays for 2024, Filipinos are likely headed for vacations to Cebu, Tagaytay, and El Nido, or staycationing in Metro Manila hotels with their families. This developed as the Hotel Sales and Marketing Association (HSMA) revealed these were among the top destinations and hotel locations chosen by buyers during its recent September Online Sales (SOS). According to HSMA Vice President and SOS Project Head Amie Villena, 3,662 vouchers were sold during the monthlong event, and generated revenue over P19.3 million. Seventy-three hotels and resorts participated in the project, with Cebu, Tagaytay and Metro Manila among the top destinations, based on number of vouchers sold. She said hotels that reached more than P1 million in revenue during the sales event were Twin Lakes Hotel in Tagaytay, Miniloc

Island Resort in El Nido, Bai Hotel Cebu, and Okada Manila. Belmont Hotel in Boracay also landed among the top five hotels, selling more than 100 vouchers. The vouchers are valid for one year and if rooms are available, guests can also book during holidays like All Saints/All Souls Days on November 1 and 2. With October 30 recently declared a special non-working holiday due to the Barangay/Sangguniang Kabataan Elections, Filipinos are looking at a potential long break from October 28 to November 5. This year’s sales were 48 percent lower though than the P37 million generated from 5,854 vouchers sold in 2022, due to the competing travel fairs held by other organizations. “Yes, we did not meet our target to replicate last year’s performance, but we are more than pleased with the result,” said Villena. “SOS also coincided with the Philippine Travel Mart and our members did their own online sale. Inspite of these events, we were still able to generate significant revenue for the participating hotels/resorts,” she added.

B C U. O @caiordinario

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HE Palace decision to halt the implementing rules of the Maharlika Investment Fund (MIF), the Bangko Sentral ng Pilipinas (BSP) said, does not

mean the government has thrown in the towel in the effort to create the fund. On the sidelines of an event on Wednesday, BSP Governor Eli M. Remolona Jr. said he was aware of   A

S “P,” A

S “M,” A

PESO EXCHANGE RATES US 56.7430 ■ JAPAN 0.3789 ■ UK 69.1640 ■ HK 7.2526 ■ SINGAPORE 41.4819 ■ AUSTRALIA 36.1226 ■ SAUDI ARABIA 15.1279 ■ EU 60.0171 ■ KOREA 0.0420 ■ CHINA 7.7560 Source: BSP (October 18, 2023)


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