PDIC to pay depositors of the closed Rural Bank of Oroquieta (Misamis Occidental), Inc. starting August 6

PDIC to pay depositors of the closed Rural Bank of Oroquieta (Misamis Occidental), Inc. starting August 6


The Philippine Deposit Insurance Corporation (PDIC) will start servicing the deposit insurance claims of depositors of the closed Rural Bank of Oroquieta (Misamis Occidental), Inc. on August 6, 2014 from 8 AM to 5 PM.

Servicing of claims for the bank’s Head Office and its Calamba branch will be on August 6 to 8, 2014.  The payout site for depositors of the Head Office is at its premises located at Barrientos corner Revil Streets, Oroquieta City, Misamis Occidental.  Servicing of claims for depositors of the Calamba Branch is at its premises located in Calamba, Misamis Occidental.

Depositors with valid deposit balances of P50,000 and below, with complete mailing address found in the bank records or updated through the Mailing Address Update Form, and without any outstanding obligation with the bank do not need to file claims.

Depositors whose accounts have balances of more than P50,000 or who have outstanding obligations with the closed Rural Bank of Oroquieta (Misamis Occidental), Inc. regardless of type of account are required to file their deposit insurance claims.  The announcement on the claims settlement operations of Rural Bank of Oroquieta (Misamis Occidental), Inc. is posted at its Head Office and Calamba Branch and on the PDIC website, www.pdic.gov.ph.

When filing deposit insurance claims, depositors are advised to personally present their duly accomplished Claim Form, original copy of evidence of deposit such as Savings Passbook and Certificate of Time Deposit, and two (2) valid photo-bearing IDs with signature of the depositor. Depositors may also file their claims through mail and enclose the same set of document requirements.

Depositors who are below 18 years old should submit either a photocopy of their Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar as an additional requirement, with the Claim Form signed by the parent and the other requirements.  Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney (SPA).  In the case of a minor depositor, the SPA must be executed by the parent.

The procedures and requirements for the filing of deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph.  The Claim Form and format of the Special Power of Attorney may also be downloaded from the PDIC website.

Depositors who are not able to file their claims during the claims settlement operations period may submit their claims either through mail to PDIC or personally at the PDIC Office, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City starting August 19, 2014.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Rural Bank of Oroquieta (Misamis Occidental), Inc. is on July 22, 2016.  After this date, PDIC as Deposit Insurer, shall no longer accept any deposit insurance claim.

The PDIC said that all valid claims will be paid.  For deposits to be considered valid, it must be recorded in the bank’s records and must have evidence of inflow of funds, based on the results of PDIC examination.  PDIC, as Receiver, has the authority to adjust the interest rate on unpaid interests on deposits of a bank if such rate is deemed unreasonable.

For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail atpad@pdic.gov.ph.  Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).

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BIR reminds importers and customs brokers of the July 31 accreditation deadline

BIR reminds importers and customs brokers of the July 31 accreditation deadline

The Bureau of Internal Revenue (BIR) is reminding once again all importers and customs brokers that July 31, 2014 is the deadline for them to comply with accreditation requirements of the tax agency.

The deadline for compliance was first extended to June 30, 2014. Now, importers and customs brokers have until the end of the month to apply for accreditation with the BIR, a requirement they have to comply with before they are accredited by and allowed to transact with the Bureau of Customs (BOC).

Failure on their part to comply with the accreditation requirements will lead to the cancellation of their existing BOC accreditation effective August 1, 2014, or the date of the expiration the said accreditation, whichever comes first.

The BIR previously issued Revenue Memorandum Order Nos. 10-2014 and 22-2014 to set the guidelines, policies and procedures in the accreditation of Importers and Customs Brokers before they can be accredited by the BOC.

“There will be no more extension of the new deadline,” said Commissioner of Internal Revenue Kim S. Jacinto-Henares.

Commissioner Henares called on all importers and customs brokers to immediately comply with the BIR’s accreditation requirements, which have been simplified and made easier.

She said: “We believe we have given them enough time to comply with our accreditation requirements since this is already the second deadline extension given to them. This is part of our reform program and good governance initiatives and we call on all concerned to be part of this process.”

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NG Records P62.5 Billion Fiscal Deficit for June 2014 Year-to-Date Fiscal Deficit at P54.0 billion

NG Records P62.5 Billion Fiscal Deficit for June 2014

Year-to-Date Fiscal Deficit at P54.0 billion


28 July 2014 Manila, Philippines –        The National Government (NG) recorded a P62.5 billion fiscal deficit in June behind government efforts to speed up spending during the period. The deficit grew six-fold from the P8.5 billion registered in June 2013. The June turnout resulted to an aggregate budget shortfall of P54.0 billion for the first half of 2014, 5% higher over comparable levels in 2013.

Revenue Performance


Total revenues for the month amounted to P138.6 billion, with tax revenues representing 88.6% of the total. Revenue collections in June grew 6% year-on-year due to stronger revenue performance of tax collecting agencies. This brings year-to-date collections to P933.7 billion, 11% higher over the comparable period last year.

The Bureau of Internal Revenue (BIR) collected P94.1 billion in June, increasing its take by 6% over comparable figures last year. Total BIR collections for the first 6 months of 2014 amounted to P643.2 billion, increasing 8% compared to the same period in 2013.

The Bureau of Customs (BOC) maintained its double-digit performance growth as collections reached P27.3 billion in June. The 18% year-on-year improvement in June puts BOC collections up by 19% year-on-year for the first half of 2014 with a total collection of P173.4 billion.

Meanwhile, Total BTr Income declined 21% year-on-year registering at P7.0 billion in June due to lower NG income, particularly dividends, remitted to BTr. Despite this, Total BTr Income of P62.9 billion for Jan-June 2014 has already exceeded the 2014 full-year target of P56.2 billion.

Revenue from other offices contributed P10.1 billion for the month, which is almost the same with revenue collections recorded in June 2013. However, year-to-date revenue of P54.2 billion still indicates a 15% performance improvement over the same period last year.

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PDIC signs cross-border partnership agreement with Korean counterpart


PDIC, KDIC CROSS-BORDER PARTNERSHIP. The Philippine Deposit Insurance Corporation (PDIC) and the Korea Deposit Insurance Corporation (KDIC) entered into an agreement of cross-border cooperation on July 23, 2014 in Makati City. KDIC Chairman and President Joo Hyun Kim (3rd from left) and PDIC President Valentin A. Araneta (4th from left) exchange the signed memorandum of understanding (MOU) that aims to address and mitigate risks in the global financial system as well as to respond to the need for international cooperation among financial safety-net players. Also present in the signing ceremonies are (L-R), Mr. Kyoung Ho Kim (Head, International Cooperation Team), Mr. Sung Hyun Yun (Senior Manager, International Cooperation Team), National Treasurer Rosalia V. De Leon and PDIC Directors Rogelio W. Manalo and Protacio T. Tacandong.

The Philippine Deposit Insurance Corporation (PDIC) and the Korea Deposit Insurance Corporation (KDIC) signed a memorandum of understanding (MOU) to foster cross- border cooperation between the two deposit insurance agencies. The MOU  was signed by PDIC President Valentin A. Araneta and KDIC Chairman and President Joo Hyun Kim on July 23, 2014 at the Peninsula Manila in Makati City.

The MOU on cross-border cooperation is part of the initiative of the two deposit insurance agencies to address and mitigate systemic risks in the global financial system. The signing of mutual cooperation between the two agencies is in response to the increasing need for international cooperation among financial safety net players to

help monitor and address cross-border issues. The enhanced cooperation is expected to benefit the depositing public from both jurisdictions.

The partnership also aims to further enhance the compliance of both the PDIC and KDIC with the Core Principles for Effective Deposit Insurance Systems formulated by the International Association of Deposit Insurers (IADI), specifically the Core Principle on cross-border issues. Both the PDIC and KDIC are members of the IADI.

The MOU provides  for  exchange  of information, technical inquiries, mutual support through exchange of experts and staff; and the conduct of bilateral meetings.

PDIC President Valentin A. Araneta said that the MOU signing with KDIC symbolizes the longstanding spirit of cooperation, assistance and friendship between the PDIC and the KDIC. This partnership is “a very substantial evidence of KDIC’s commitment to share its expertise and technology with PDIC,” President Araneta said.

For his part, KDIC Chairman and President Joo Hyun Kim cited the complexity and interconnected nature of the global financial system. “Increasing globalization makes cooperation among countries indispensable. In this regard, the signing of the MOU between our two organizations is very timely and meaningful. The MOU with PDIC is particularly more meaningful for us as the PDIC is one of the most respectable deposit insurers in the world with its 51 years of history.” President Joo Hyun Kim also said that this MOU signals further progress in the strengthening of the mutual cooperation between Korea and the Philippines which he hopes will extend to further areas.

The PDIC and the KDIC place utmost importance on sharing their mutual knowledge and experiences in  order to enhance  the effectiveness of their respective deposit insurance systems. Both agencies are frontrunners in the implementation of deposit insurance system improvements. The KDIC was named the “Deposit Insurance Organization of the Year 2012” by the IADI and PDIC won the award for the year 2013.

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Bureau of Customs opens over 1,000 job vacancies

Bureau of Customs opens over 1,000 job vacancies


In order to fill up the lack of manpower and further improve its quality of service, the Bureau of Customs (BOC) is opening 1,056 job vacancies in first and second level positions for the agency’s various groups, offices, and collection districts across the country.


“By filling up these vacancies, we will be able to provide a faster and better standard of service for importers, exporters and the public dealing with Customs,” said Customs Commissioner John P. Sevilla, “On the average, we have over 3,000 entries and over 6,000 individual items being imported every day. Around 4,000 containers arrive in the country everyday that we need to inspect. In order to facilitate these transactions we need additional manpower. Right now, there are only 3,600 employees in BOC tasked to do a lot of mandates. The lack of manpower is further aggravated by natural attrition due to retirement, resignation, death, as well as dropping from the rolls, and dismissal from service.”


Available job positions include: Customs Operations Officer (COPO) I, II, III, and IV, (Salary Grade [SG] 10, 11, 13, 16, and 18 respectively); and Administrative Officer (ADOF) I, II, III, IV, and V (SG 10, 11, 15, and 18 respectively). The complete list of job vacancies as well as the application procedure is available at the BOC website atwww.customs.gov.ph.


In order to be able to properly screen the potential influx of applications, the Bureau also came out with new guidelines in the hiring and selection of personnel under Customs Memorandum Order (CMO) 15-2014. The CMO has simplified the hiring and selection process that will enable Customs to choose the best qualified applicants.


Interested applicants just need to visit www.customs.gov.ph to download the details and documents required for their applications, fill up the application form and submit together with the following supporting documents: updated Personal Data Sheet; Certificate of Eligibility issued by the Civil Service Commission, Professional Regulation Commission, or Supreme Court as appropriate; Transcript of Records and Diploma; certificates of trainings and seminars attended, if any; and Performance Appraisal Report for the last two (2) rating periods for those who area already working in government offices.


Applicants must submit their applications either personally or by mail to the BOC office located at 16th Street, Port Area South Harbor, Manila. A special booth will be set up at the lobby of the OCOM building to receive applications from Monday to Friday, 9AM to 4PM. Provincial applicants may also send their applications via courier. Deadline for the submission of application is on August 6, 2014.


Accordingly, applicants with relatives in the BOC up to the 4th degree of consanguinity are barred from applying for any position in the Bureau. This is in accordance with the Administrative Code (Executive Order No. 292) which explicitly prohibits nepotism.


According to the CMO, all applicants shall be screened by the newly formed BOC Personnel Selection Boards (PSB). The different PSB boards comprises of a Central PSB chaired by the Deputy Commissioner of the Internal Administration Group, six Group PSBs headed by of each of BOC group deputy commissioners, and local PSBs led by district collectors. Applicants that passed the initial screening will undergo special aptitude and psychometric tests conducted by the Civil Service Commission. If they pass, applicants will then take competency-based tests given by requesting groups or offices consisting of a written test, interview, and a physical exam for applicants for the Intelligence and Enforcement groups.


CMO 15-2014 also streamlined the process of promotion for employees with first and second level positions. First level positions include positions in clerical, trades, and crafts, and custodial services which involve sub-professional work in a non-supervisory capacity; while second level positions include positions in professional, technical, and scientific work in nonsupervisory or supervisory capacity, up to division chief level. The CMO states that an employee may be promoted to a position which is more than three salary grades higher than the employee’s present position in meritorious cases, such as if the vacant position is next-in-rank in the staffing pattern, the entry position, or the lone position of its kind, or if the applicant ranks highest in the competency based exam given by the Bureau.

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