P260-M fund earmarked for Caraga rice production

SomePHP260.8 million has been earmarked to boost rice production in the Caraga Region this year.

The strengthening of rice production is also in line with the directives of President Ferdinand R. Marcos Jr. on the stability of rice supply and increased farm household income among rice farmers, Emmylou Presilda, DA-13 information officer, said in an interview on Monday.

“Production support services program involves the provision of high-yielding rice seed varieties and fertilizer as- sistance to our rice farmers,” Presilda said.

Of the total allocation, some PHP178.9 million will be apportioned for the production support services program in the rice sector in the region.

A total of PHP54.4 million will also be allocated for the extension support, education, and training services of the rice program in the region, she added.

Presilda said that education and training ser- vices will not only benefit the rice farmers and their leaders but also the rice extension workers in the provinces and municipalities in the region.

The other allocations in the rice program include PHP13.7 million for irrigation network services, PHP6.9 million for facilities and support services, and PHP6.7 million for research and development.

Presilda said a dialogue with the stakeholders and partners in the rice industry was already facilitated last Jan. 20, led by DA-13 Regional Ex- ecutive Director Ricardo Oñate Jr.

The dialogue was focused on the issues and concerns that affect the rice sector in the region, particularly on farm mechanization and the formation of cooperatives and associations among the rice farmers through clustering, she said.

The gathering also discussed the sustainability of the operations of the Rice Processing Centers in the region, as well as the development of multiple-income opportunities for rice stakeholders in the area. (PNA)

2.72B spam, scam SMS blocked in 2022: Globe

Globe Telecom said on Tuesday it blocked a record high 2.72 billion scam and spam messages in 2022, more than double the 2021 total of 1.15 billion.

In a statement, Globe said as a result of intensified crackdown it was also able to block 83.4 million bank-related spam messages in 2022.

“Our customers are our top priority so we do our best to ensure that they are protected from scammers and fraudsters.

We will continue to invest in cybersecurity systems and work tirelessly to provide them with a safe and enjoyable online experience as we also take part in the full implementation of the SIM Registration Act,” said Anton Bonifacio, Globe Chief Information

BSP hikes ceiling for credit card fees to 3%

The Bangko Sentral ng Pilipinas said it has approved the increase in the monthly ceiling of fees imposed on unpaid credit card outstanding balance by 100 basis points to 3 percent from the previous 2 percent.

The existing ceiling on the month add-on rate that issuers can charge on installment loans, meanwhile, was maintained at a maximum rate of 1 percent, the central bank said in a statement.

Security Officer.

“With our relentless proactive blocking efforts and implementation of the new law, we are taking great strides in our campaign to end text fraud,” he said.

Globe said it has spent about $20 million to upgrade its spam and scam SMS detection and blocking system. It earlier blocked person-to-person SMS with clickable URLs from all networks.

SMS-linked spam and scams proliferated in the Philippines last year, prompting the government to enact the SIM Registration Act. All SIM holders are required to register their SIM until April. The measure is meant to eradicate SIM-related illegal activities.

Similarly, the maximum processing fee on the availment of credit card cash advances remains at P200 per transaction, it added.

“The policy aligns the credit card interest rate ceiling with developments in the macro economy and cushions the impact of inflationary pressure on banks’/credit card issuers’ ability to provide quality credit card services to their clients,” BSP Gover- nor Felipe Medalla said. Medalla earlier said the Monetary Board would review the cap on credit card fees and charges after the recent interest rate hikes that brought the benchmark policy rate to 5.5 percent from 2.5 percent.

The 2 percent cap was placed by the BSP in 2020 as a “temporary relief measure” to ease the financial burden of the COVID-19 pandemic, it said.

The upward adjustment considers higher inflation and that it would help banks and credit card issuers cover higher costs related to handling of consumer transactions, the BSP said.

ING Bank Manila’s Senior economist Nicholas Mapa said higher rates could dampen consumption.

Interest rate was raised to 5.5 percent in the last 6 months to tame inflation that hit 8.1 percent in December, or the highest since November 2008.