DT_20190724

MOST
INNOVATIVE
BROADSHEET
2018
44TH
PHILIPPINES
BUSINESS
EXPO
ADB BOOSTS
BOND
ENHANCEMETN
UNIT BY $50-M
B28
WHAT’S IN THE
SWAG BAG?
C32
Jun Vallecera, Editor
Wednesday, 24 July 2019
Daily Tribune
BUSINESS
LPG LIFTS PRYCE
CORP. NET PROFIT
25% IN H1
B27
B25
BSP exercises prudence
Looking ahead, I have to emphasize that the BSP prefers to be
patient and prudent in calibrating monetary policy
By Joshua Lao
For the nth time since assuming the
office, Bangko Sentral ng Pilipinas (BSP)
Governor Benjamin Diokno said monetary
policy crafting is never guesswork and that
their decision is always driven by data.
He also said timing has a lot to do with
the effectiveness of their collective decision
making and that prudence helps allow the
economy to grow whenever the Monetary
Board calibrates the extent or depth of the
monetary response.
This was learned from BSP Governor
Benjamin Diokno on Tuesday as he dwelled
on the importance of both data and timing
in the execution of monetary policy.
“Looking ahead, I have to emphasize
that the BSP prefers to be patient and
prudent in calibrating monetary policy.
Our decisions will always be data
dependent,” Diokno told reporters on
the sidelines of an economic forum in
Makati City.
“Hence, on the question of whether
further monetary easing is needed at this
juncture, we will first have to see how
economic conditions will evolve in the
coming weeks,” he added.
According to him, at the upcoming ratesetting
meeting on 8 August, the Monetary
Board should have the necessary economic
data such as inflation and local output
growth measured in gross domestic product
to make a well-informed and carefully
balanced decision.
Diokno said the need for further
monetary accommodation or easing
depends heavily on how strong the country’s
growth drivers are working
“(Also,) the BSP needs to evaluate how
our recent monetary policy action has
moved credit, interest rates and market
WORK continues on the rest of the Skyway Stage 3 and C5 South Link project even as the Buendia-to-Plaza Dilao segment is now open.
Reunion
expectations,” he said.
On price pressures, Diokno said earlier
that inflation in the third quarter would
likely slip below 2 percent “because of
base effects.”
In all, the central bank head said the
BSP will continue to deliver its primary
mandate of price stability despite economic
headwinds and challenges.
“We do see continued economic
challenges for the Philippines in the months
ahead. Nevertheless, we remain optimistic
and we believe the economy starts in a
position of strength,” Diokno said.
“You can continue to count on the BSP
to remain steadfast in fulfilling its mission,”
he said.
ROMAN PROSPERO
SEC assumes
external auditor
accreditor role
External auditors are valuable
partners in promoting the
integrity of financial reports and
transparency in the financial
sector
The Securities and Exchange Commission (SEC)
will take over the accreditation process of external
auditors across the financial sector by August this
year in line with the Ease of Doing Business law
gunning to streamline government transactions.
In a statement on 23 July, the corporate regulator
said it has released the draft guidelines on the
adoption of a centralized (one-stop-shop) framework
for accreditation or selection of external auditors for
public comment.
Accreditation currently involves meeting different
requirements imposed by the offices of the SEC, the
Bangko Sentral ng Pilipinas (BSP) and the Insurance
Commission (IC).
“External auditors are valuable partners in
promoting the integrity of financial reports and
transparency in the financial sector,” SEC chairman
Emilio Aquino said.
He added the proposed one-stop-shop framework
for external auditor accreditation “will not only
streamline the application process on the part
of independent auditors and audit firms but also
improve the ease of doing business in the country,
in general.”
The SEC is aiming to roll out the initiative in
August after its cooperative arrangements with the
BSP, IC and the Philippine Deposit Insurance Corp.
(PDIC) under the Financial Sector Forum, which the
four member-agencies comprise.
“Under the proposed guidelines, the SEC will
handle the acceptance, processing and approval
of applications for accreditation of external
auditors of institutions supervised and regulated
by the country’s financial sector regulators,” the
SEC said.
Still, the BSP and IC will have to agree with
the approval of the external auditor applications
of their supervised institutions, as applicable.
The SEC said the external auditors will be
classified into three categories in accordance
with the institutions they will be allowed to
audit, and qualification requirements will
depend on the category applied for on top of the
concerned financial regulator’s other specific
requirements.
The accreditation is valid for five years, or less, as
prescribed by the financial sector regulators, unless
it is suspended or delisted for gross negligence,
material misrepresentation, failure to comply with
regulatory and reportorial requirements and other
grounds, the SEC added.
I find comfort in knowing that
he is now forever stored in the
cloud and is merely a click
away to restore in our batch’s
memory bank
Reunion — actually a French noun, the etymology
of which is the Latin word “reunire,” meaning
to come, bring, gather together again — is a
word that usually connotes, for us, renewing
friendships, perhaps even rekindling loves past, youth
relived, joyful memories, fun, laughter and the good
times of yesterday! But sometimes, these occasions
could also bring about sadness, regrets, tears, sorrows,
pain for loves lost, opportunities missed and for best friends departed.
The past week or so has been a roller coaster ride for me that brought
about a lot of the emotions we associate with reunions. Several weeks ago,
I wrote about the sudden passing of Ramoncito Zara Abad, my Upsilon
Sigma Phi fraternity ka-batch and a very good friend to so many people
whose paths Mon crossed. Last week was the 40th day of his passing and
Mon’s classmates at the Asian Institute of Management (AIM), Batch 1973,
reunited at AIM to say goodbye to Mon for the last time and to see him off
on his final journey to immortality.
The crowning project of BA69 for the golden jubilee
will be the production of what promises to be a
beautiful hardbound souvenir yearbook.
The class remembered the ties we had with Mon, as a few of us took
turns recalling what made him so special. I, for one, related an incident
that typified the zany character that Mon was. Out on a double date with
Mon and his wife, Cely, together with my girlfriend then and now my beloved
wife, Liza, after a couple of drinks too many, somehow Mon convinced Liza
and I to elope that very evening. Somewhat flush with alcohol, we naively
agreed to Mon’s madcap idea of his motoring us to Baguio that very night,
but before that, to pass by a post office and send a telegram to Liza’s
parents to say that she was fine and not to worry. Little did we know that
as we dozed off in the back of Mon’s car, he was driving us not to Baguio
but back to Liza’s home! Upon realizing what he had done, he burst out
laughing as he gleefully suggested that I just sit outside Liza’s house to wait
for the telegram to arrive.
Other classmates, on the other hand, particularly the damsels in our
class, recounted with a smile Mon’s endless wisecracks and flirtations that
would provide momentary relief to the grueling tension of chasing an MBA
degree. But above all, the class would always remember Mon’s penchant and
unquestionable talent as an impresario extraordinaire cum “roasting” host
during our reunions. Our Great Gatsby dinner party, which he organized
with a zeal, complete with 1920s outfits, coupled with endless ribbings of
“exalted” classmates, would always be embedded in our minds together
with the memory of Mon the extraordinaire!
Of course, Mon’s brothers at Upsilon Batch 1966 did not miss the
opportunity to have a reunion as well, as we received an invitation from
Mon’s family to attend his inurnment service and to commemorate the
40th day of his passing. It was a much more solemn and somber occasion
and I had a lump in my throat as we listened to mournful songs, as images
of Mon’s life flashed and flickered before our eyes on the big LED screen.
The Eagle’s Nest
Bing Matoto
As the family and our batch shared our
memories of Mon, the recurring thread was his
infectious mirth, his tremendous generosity, the
forgiveness he liberally showered on those who had
hurt him, and, most important of all to Mon, his love
for his family. I personally felt a sense of closure
as I shared the finality of an act that our batch
took when we decided to finally delete his name
and number from our Viber group, prompted by a
strange post we received from his number, which
unbeknown to us was inadvertently made by his
trusted driver. But although Mon may now have
been deleted from our Viber group, I find comfort
in knowing that he is now forever stored in the cloud
and is merely a click away to restore in our batch’s
memory bank.
The other reunion I attended was in preparation
for the golden jubilee of the Class of 1969 of the College of Business
Administration (CBA) of the University of the Philippines (UP) that will be
held on 24 August, which is during the UP-wide alumni homecoming, and
on 7 December, which is just for the CBA.
In contrast to the reunion in honor of Mon, this one was punctuated
with smiles, lots of laughter, songs of the ’60s, renewal of acquaintances,
rekindling of friendships, reminiscing of the fun times and tons of group
selfies. Spurred on by the boundless energy, magnanimous generosity and
tireless leadership of classmates like Francis Laurel, Gilbert Joven, Justice
Garcia Mondragon, Adeline Noche Carbonell, Myrna Yap Urtula, Linda
Santiago Rosal and Carmen Borra, just to name a few, and my apologies
to the others I may have inadvertently missed out, our class has lined up
several activities that will guarantee our 50th year celebration will be a blast.
To whet the appetites of our fellow golden jubilee celebrants, going back
a bit in time, courtesy of Myrna, 1969 was when the cost of the ubiquitous
“Ikot” jeepney in UP campus was 5 centavos, lunch at Vinzons Hall, one
peso, an egg sandwich, 50 centavos, embotido, 40 centavos, turon with
jackfruit, 10 centavos, and a bus ride on JD or Yujuico from Quiapo to UP,
20 centavos. A notable achievement of BA69 was the launch of AIESEC,
a youth-run business-oriented organization that promotes international
exchange programs. A group of BA69 ladies singing Cliff Richards’ “Ti Volio
Culare” snagged the top prize in a singing contest, but the BA basketball
team lost to the Eco (Economics) team! And about a dozen BA69 couples
dating then ended up getting married!
The crowning project of BA69 for the golden jubilee will be the
production of what promises to be a beautiful hardbound souvenir yearbook
that is being painstakingly put together. To date, about 50 percent of the
class or about 107 persons have agreed to contribute photos of their then
and now. And for those who have not yet done so, it is not yet too late for
you to submit your photos. Just email 69memories69@gmail.com. Join
the fun of meeting once again your classmates of BA69!
Until next week… one big fight!
For comments, please email bing_matoto@yahoo.com