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Showing posts with label Edgardo Angara. Show all posts
Showing posts with label Edgardo Angara. Show all posts

Monday, August 27, 2012

Stock News 2012: New Data Privacy Act to boost IT-BPO sector

poster anouncing employment opportunities in c...poster anouncing employment opportunities in callcenters and other business process outsourcing (BPO) operations on a wall next to the shavij nagar bus stationin bangalore. (Photo credit: Wikipedia)The newly signed Data Privacy Act is expected to further boost the attractiveness of the Philippines as an investment site for the information technology- business process outsourcing (IT-BPO) sector.

Louis Casambre, executive director of the Information Communications Technology Office of the Department of Science and Technology (DOST-ICTO), said Republic Act 10173, or the Data Privacy Act of 2012 makes the Philippines compliant with international data security standards.

Casambre said the new law also puts in place measures to protect and preserve the integrity, security and confidentiality of personal data collected by government and private entities in their operations.

“This measure will enable us to replicate our success in call centers in other BPO segments such as healthcare outsourcing and human resource outsourcing, where sensitive data is involved,” the official said.

The DOST lauded the efforts of the Congressional Commission on Science and Technology and Engineering (COMSTE) chaired by Sen. Edgardo Angara and House ICT committee headed by Rep. Dante Tiñga.

“We see this act as keystone legislation that will strengthen our country’s position as a leader in IT-BPO,” Casambre said.

For his part, ICT Industry Development deputy executive director Alejandro Melchor III said the new law signed by President Aquino last Aug. 15 would help sustain the country’s momentum as an emerging global leader for shared services, one of the fastest growing segments of the IT-BPO industry.

“There are indications the market is selecting the Philippines as the preferred destination for this segment,” Melchor said.

The law also creates the National Privacy Commission under the Office of the President that would enforce the law, receive complaints, set investigations and impose requisite sanctions.

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Sunday, June 24, 2012

Stock News 2012: PDIC pushes passage of bank liquidation law

Seal of Bangko Sentral ng Pilipinas (1993-2010)Seal of Bangko Sentral ng Pilipinas (1993-2010) (Photo credit: Wikipedia)
State-run Philippine Deposit Insurance Corp. (PDIC) is pushing for the enactment of a law that would govern the takeover, liquidation and winding up operations of banks that are closed by the Bangko Sentral ng Pilipinas (BSP).

PDIC president Valentin Araneta said in an interview with reporters that the proposed Closed Bank Liquidation Act (CBLA) would serve as a comprehensive law to hasten the liquidation of closed banks through the seamless transition from bank closure to liquidation.

“Our legislative agenda includes the proposed CBLA which will greatly smoothen the transition from a live bank in distress to a closed bank and minimize the disruption to the system,” Araneta stressed.

He pointed out that the proposed law that would govern the liquidation of closed banks has been presented to the Senate and House of Representatives.

The agency’s Legal Affairs Sector vigorously pursued legal action to recover and collect the receivables of closed banks and at the same time vigorously prosecuted legally liable erring closed bank officers and principals.

The PDIC official said Sen. Edgardo Angara and Albay Rep. Al Francis Bichara are looking at sponsoring the proposed billion.

Last year alone, 29 banks were closed by the BSP with a total of P26.4 billion of deposits outstanding accounted for by over 290,000 bank accounts of which nearly P13 billion were insured.

He said the total deposits of the closed banks were equal to 1.6 percent of the total national budget for 2011.

“Our concern here is not only for the insured deposits but for all the deposits because of the disruption that the closures inflict on our banking system and the destruction it causes on the value and the savings of depositors, as well as the costs to the insurance fund,” he lamented.

In 2008, the Legacy Group was ordered closed by the BSP, affecting P14 billion worth of deposits of which over P11.7 billion has been settled by PDIC.

Araneta said other legislative issues being pursued by PDIC include the institutionalization of the required Deposit Insurance Fund (DIF) and for more flexibility for the board to determine the DIF requirements.

The DIF serves as the funds backing up the insured deposits of the banking system. It is invested in Philippine government securities and government guaranteed instruments prescribed in the PDIC charter.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=820265

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