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Showing posts with label DOF. Show all posts
Showing posts with label DOF. Show all posts

Wednesday, May 08, 2019

OFW Bank To Start Operations Very Soon

As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value.
The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace.
As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value. The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace. Ads Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors. Panelo said in a Palace briefing that the bank will operate as the 3 members are appointed. However, he did not mention which positions are needed to be filled. The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private sector member to represent the OFWs. Ads Sponsored Links The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed. Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments. Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board. He also assured that the Duterte administration continues to prioritize all problems concerning OFWs. The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo. Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.

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Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors.
As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value. The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace. Ads Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors. Panelo said in a Palace briefing that the bank will operate as the 3 members are appointed. However, he did not mention which positions are needed to be filled. The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private sector member to represent the OFWs. Ads Sponsored Links The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed. Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments. Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board. He also assured that the Duterte administration continues to prioritize all problems concerning OFWs. The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo. Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.
Panelo said in a Palace briefing that the bank will operate as soon as the three remaining positions for the board members are appointed. However, he did not mention which positions are needed to be filled.

The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private sector member to represent the OFWs.

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The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed.

Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments.



Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board.

He also assured that the Duterte administration continues to prioritize all problems concerning OFWs.
As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value. The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace. Ads Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors. Panelo said in a Palace briefing that the bank will operate as the 3 members are appointed. However, he did not mention which positions are needed to be filled. The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private sector member to represent the OFWs. Ads Sponsored Links The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed. Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments. Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board. He also assured that the Duterte administration continues to prioritize all problems concerning OFWs. The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo. Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.
The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo.

Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.

©2019 THOUGHTSKOTO
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Tuesday, February 07, 2017

PROPOSED 12% VAT ON REMITTANCE CHARGES OPPOSED BY THE OFWS, SOLONS







House Bill 4774, a proposal to increase the value-added tax on the service fee of money remittances draws ire from the OFWs. The additional VAT on the service fee will  directly hit the remitters and not the remittance companies. 
Eman Villanueva, an OFW based in Hong Kong said that the additional VAT will be an additional burden for the OFWs like him  because the remittance companies are expected to pass the levy to the remitters rather than shouldering the cost themselves.
House Bill 4774, a proposal to increase the value-added tax on the service fee of money remittances draws ire from the OFWs. The additional VAT on the service fee will directly hit the remitters and not the remittance companies. Eman Villanueva, an OFW based in Hong Kong said that the additional VAT will be an additional burden for the OFWs like him because the remittance companies are expected to pass the levy to the remitters rather than shouldering the cost themselves. "We will fight it!," bayan Muna Party list representative Carlos Zarate said. He also stressed that not only the OFWs will be affected but even the domestic money senders as well. When an individual from Davao send a remittance for anyone in Manila or vice versa, it will be automatically subjected to 12% VAT. Ako Bicol Party List Representative Alfredo Garbin Jr. urged Congress to consider giving taxes to individuals with bigger income rather than OFWs. "Those who have greater ability to pay and those who have greater income should have a bigger tax burden," Garbin said. He also said that the Department of Finance seems to hide the proposed expansion of the VAT during forums and it was not been discussed. On the other hand, Asec. Paola Alvarez of the Department of Finance, clarified that the tax will be on the service fee charged by the remittance centers and not the actual amount. "We are cleaning up the VAT system to reduce leakages and unfair treatment. In the past, pawnshops are just pawning and don't transfer money, but now they do, so we have to consider this new business like any other service provider," she said. Alvarez said the bill targets businesses such as pawnshops, which are initially not registered as remittance centers but providing such services. RECOMMENDED: PRESIDENT DUTERTE WILL VISIT UAE AND KSA, HERE'S WHY MANPOWER AGENCIES AND RECRUITMENT COMPANIES TO BE HIT DIRECTLY BY HSW DEPLOYMENT MORATORIUM IN KUWAIT UAE TO START IMPLEMENTING 5%VAT STARTING 2018 REMEMBER THIS 7 THINGS IF YOU ARE APPLYING FOR HOUSEKEEPING JOB IN JAPAN KENYA , THE LEAST TOXIC COUNTRY IN THE WORLD; SAUDI ARABIA, MOST TOXIC "JUNIOR CITIZEN " BILL TO BENEFIT POOR FAMILIES
"We will fight it!," bayan Muna Party list representative Carlos Zarate said.
House Bill 4774, a proposal to increase the value-added tax on the service fee of money remittances draws ire from the OFWs. The additional VAT on the service fee will directly hit the remitters and not the remittance companies. Eman Villanueva, an OFW based in Hong Kong said that the additional VAT will be an additional burden for the OFWs like him because the remittance companies are expected to pass the levy to the remitters rather than shouldering the cost themselves. "We will fight it!," bayan Muna Party list representative Carlos Zarate said. He also stressed that not only the OFWs will be affected but even the domestic money senders as well. When an individual from Davao send a remittance for anyone in Manila or vice versa, it will be automatically subjected to 12% VAT. Ako Bicol Party List Representative Alfredo Garbin Jr. urged Congress to consider giving taxes to individuals with bigger income rather than OFWs. "Those who have greater ability to pay and those who have greater income should have a bigger tax burden," Garbin said. He also said that the Department of Finance seems to hide the proposed expansion of the VAT during forums and it was not been discussed. On the other hand, Asec. Paola Alvarez of the Department of Finance, clarified that the tax will be on the service fee charged by the remittance centers and not the actual amount. "We are cleaning up the VAT system to reduce leakages and unfair treatment. In the past, pawnshops are just pawning and don't transfer money, but now they do, so we have to consider this new business like any other service provider," she said. Alvarez said the bill targets businesses such as pawnshops, which are initially not registered as remittance centers but providing such services. RECOMMENDED: PRESIDENT DUTERTE WILL VISIT UAE AND KSA, HERE'S WHY MANPOWER AGENCIES AND RECRUITMENT COMPANIES TO BE HIT DIRECTLY BY HSW DEPLOYMENT MORATORIUM IN KUWAIT UAE TO START IMPLEMENTING 5%VAT STARTING 2018 REMEMBER THIS 7 THINGS IF YOU ARE APPLYING FOR HOUSEKEEPING JOB IN JAPAN KENYA , THE LEAST TOXIC COUNTRY IN THE WORLD; SAUDI ARABIA, MOST TOXIC "JUNIOR CITIZEN " BILL TO BENEFIT POOR FAMILIES

 He also stressed that  not only the  OFWs will be affected but even the domestic money senders as well. When an individual from Davao send a remittance for anyone in Manila  or vice versa, it will be automatically subjected to 12% VAT.
Ako Bicol Party List Representative Alfredo Garbin Jr. urged Congress to  consider giving taxes to individuals with bigger income rather than OFWs. "Those who have greater ability to pay and those who have greater income should have a bigger tax burden," Garbin said. He also said that the Department of Finance seems to hide  the proposed expansion of the VAT during forums and it was not  been discussed.

 On the other hand, Asec. Paola Alvarez of the Department of Finance, clarified that the tax will be on the service fee charged by the remittance centers and not the actual amount.
House Bill 4774, a proposal to increase the value-added tax on the service fee of money remittances draws ire from the OFWs. The additional VAT on the service fee will directly hit the remitters and not the remittance companies. Eman Villanueva, an OFW based in Hong Kong said that the additional VAT will be an additional burden for the OFWs like him because the remittance companies are expected to pass the levy to the remitters rather than shouldering the cost themselves. "We will fight it!," bayan Muna Party list representative Carlos Zarate said. He also stressed that not only the OFWs will be affected but even the domestic money senders as well. When an individual from Davao send a remittance for anyone in Manila or vice versa, it will be automatically subjected to 12% VAT. Ako Bicol Party List Representative Alfredo Garbin Jr. urged Congress to consider giving taxes to individuals with bigger income rather than OFWs. "Those who have greater ability to pay and those who have greater income should have a bigger tax burden," Garbin said. He also said that the Department of Finance seems to hide the proposed expansion of the VAT during forums and it was not been discussed. On the other hand, Asec. Paola Alvarez of the Department of Finance, clarified that the tax will be on the service fee charged by the remittance centers and not the actual amount. "We are cleaning up the VAT system to reduce leakages and unfair treatment. In the past, pawnshops are just pawning and don't transfer money, but now they do, so we have to consider this new business like any other service provider," she said. Alvarez said the bill targets businesses such as pawnshops, which are initially not registered as remittance centers but providing such services. RECOMMENDED: PRESIDENT DUTERTE WILL VISIT UAE AND KSA, HERE'S WHY MANPOWER AGENCIES AND RECRUITMENT COMPANIES TO BE HIT DIRECTLY BY HSW DEPLOYMENT MORATORIUM IN KUWAIT UAE TO START IMPLEMENTING 5%VAT STARTING 2018 REMEMBER THIS 7 THINGS IF YOU ARE APPLYING FOR HOUSEKEEPING JOB IN JAPAN KENYA , THE LEAST TOXIC COUNTRY IN THE WORLD; SAUDI ARABIA, MOST TOXIC "JUNIOR CITIZEN " BILL TO BENEFIT POOR FAMILIES

"We are cleaning up the VAT system to reduce leakages and unfair treatment. In the past, pawnshops are just pawning and don't transfer money, but now they do, so we have to consider this new business like any other service provider," she said.
Alvarez said the bill targets businesses such as pawnshops, which are initially not registered as remittance centers but providing such services.

©2017 THOUGHTSKOTO
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