Senator Risa Hontiveros Pushes for Debt Audit in 2017 Budget

Wazzup Pilipinas!

An audit of loan agreements challenged as illegitimate, fraudulent and/or wasteful was pushed in the proposed P1.9 trillion 2017 national government budget by Senator Risa Hontiveros.

In her maiden budget interpellation on Tuesday, Hontiveros proposed the inclusion in the said budget of a special provision to “hold in trust” interest payments for at least 20 loan agreements pending a thorough review through a congressional debt audit.

Hontiveros assured that debts validated to be aboveboard will continue to be serviced. However, those proven to be illegitimate or riddled with questionable processes, contractual obligations, purposes and use will be subjected to renegotiation and/or repudiation. Subsequently, funds allotted for their payments will be re-channeled to augment the government’s spending for important social services.

“It is only apt that the Duterte government’s first proposed appropriation law dubbed as ‘a budget for real change,' has a specific policy language to safeguard the nation’s coffers from illegitimate loan agreements. It is only common sense that we should not pay what we don’t owe. A congressional debt audit is a step in the right direction to scrutinize these debts and avoid repeating the mistakes of the past,” Hontiveros said.

Hontiveros explained that the country endured paying for illegitimate debts in the past like the mothballed Bataan Nuclear Power Plant (BNPP) and the defunct Austrian Medical Waste Incinerator Project. She cited a study by the Freedom from Debt Coalition (FDC) which has identified 20 questionable loan agreements amounting to P 900 million (please see attached) in the proposed 2017 budget. The debt watchdog said that many of the loans came from the Asian Development Bank (ADB), Japan International Cooperation Agency (JICA) and the World Bank (WB).

Senator Loren Legarda, who chairs the Senate Committee on Finance, and principal sponsor of the proposed budget, agreed to a congressional debt audit.

 

“BNPP revival a public health risk”

Meanwhile, Hontiveros opposed the government’s plan to revive BNNP, saying it poses a serious risk to public health. She said that one of the primary consequences of radiation exposure is DNA damage while long term risks include an increased probability of contracting thyroid cancer and leukemia. The senator also argued that nuclear experts couldn’t provide a fail-safe measure to dispose of nuclear waste.

Hontiveros added that the proposed revival of the BNPP runs contrary to the prevailing attitudes of more experienced nations regarding the future of nuclear energy.

“In the wake of the Fukushima disaster, Germany, through its Energiewnede program, has pledged to fully close all of its nuclear energy plants by 2022. The risks to human health and the environment cannot be overstated. We live in an age where our actions directly shape the natural world. Our existing laws such as the Renewable Energy Act of 2008 represents our commitment to renewable energy and increase its share in our energy mix.”

Everything You Need to Know Before Joining a Property Auction

Wazzup Pilipinas!

To prepare interested participants of the most-anticipated activity set to happen at the Lamudi Housing Fair on November 18 to 20, property portal Lamudi Philippines listed down some basic guidelines for the property auction. Led by partner banks RCBC Savings Bank and Philippine National Bank and My Saving Grace Realty & Development Corporation, the property auction will showcase hundreds of properties that can be taken home by the highest bidder.

Ramil Alquileta, owner of MSGRDC, a brokerage that specializes in property auctions and foreclosed properties, shared important reminders for the public to be ready with the basic requirements when attending an auction.

Proper Identification and Show Money

As with any other public events, aspiring bidders in a property auction need to bring all legal identifications that he or she can provide. Government-issued ID’s with signature and picture is a must. Prior to the start of the public auction, a bidder needs to present his or her name and a valid ID. Subsequently, a paddle to bid will only be given upon registration and deposit of show money. The required show money per property varies on the bidding amount that you wish to place. For Php1 million and below minimum bid price per property, a show money of Php10,000 is required while for Php1 million and above, a Php25,000 show money per property must be deposited. This can be in the form of cash or Manager’s Check.

For winning bidders, the show money will be considered as a reservation fee and will be deducted to the total price that they will pay. On the other hand, unsuccessful bidders will get their show money back.

For bidders who cannot be physically present during the auction proper, an authorized representative may stand on his or her behalf. The authorized representative on auction day must submit a Letter of Authority signed by both the Bidder and the Representative. For signature verification purposes, the Representative must likewise present photocopies of the Bidder’s valid government issued ID with a clear imprint of the Bidder’s signature.

Bidding Rules and Regulations

The bidding is presided over by a representative of the Selling Entity or owners of the properties subject for bidding. An auction officially starts when the selling entity announces the minimum bid on a particular property. The price will then progressively increase following the standard increment for others to challenge until such time that only the highest bidder remains.

Upon the fall of the hammer, the selling entity will announce the paddle number of the winning bidder, likewise, the selling entity reserves the right to reject any or all bids for whatever reason it deem fit. After winning the bid, an Award Certificate will be given to the winner bearing the name, amount and description of the property.

After the issuance of the Award Certificate but before execution of Contract to Sell, the selling entity shall conduct whatever investigation (i.e., court case checking, credit investigation, etc.) over the winning bidder. Should there be negative findings that the Winning Bidder did not disclose, the selling entity has the right to cancel the Award Certificate and forfeit any amount paid.

Tips and Advice

Other documents such as Marriage of Certificate (if applicable) and valid Community Tax Certificate will also come in handy to fast track your papers in case you are the highest bidder. It will also be helpful if you can bring financial documents, such as Certificate of Employment and Income or pay slip issued in the last three months, Income Tax Return (ITR) and bank statements.

In addition, Alquileta also recommended that studying the properties before participating in the actual bid is crucial and necessary, after all big financial decisions such as home-buying requires due diligence.

Lamudi Philippines and partner MSGRDC will showcase some of the 15,000 foreclosed properties that they manage and will offer it for auction to the public at the Lamudi Housing Fair on November 20. On the other hand, RCBC will conduct its property auction during the Housing Fair on November 18, while PNB on November 19. All auctions will start at 2 p.m.

Take advantage of the property auction only at the biggest housing event in the country this 2016. Apart from the auction, the Lamudi fair will also feature the widest selection of properties and offer exclusive discounts to homebuyers and property investors. Investment and homebuying seminars and virtual reality application in real estate can also be learned and enjoyed at the fair.

For more information, visit www.lamudi.com.ph/housing_fair/

Trek Valdizno's Space Dust on Exhibit at Galleria Duemila

Wazzup Pilipinas!

Space dust. A whiff and a puff on the canvas. The artist explores geometrical and biomorphic figures, a niche beyond his comfort zone of abstraction. The looseness and fluidity of colors are turned into shapes of imagined realities.

The play on metallics is a muted method of elegance, a style that besets the artist’s works. Like sorcery, a belief of undetermined results highlights a being in conscious, present in a chaotic world yet ascending to a greater consciousness. Space Dust. A magic cast on the canvas.

Trek Valdizno is a graduate of the University of the Philippines with a degree in Fine Arts major in Painting. His works has been exhibited in Ayala Museum, Vargas Museum and Cultural Center of the Philippines. He also did commissioned and collaborative works in various international institutions in Australia, Hong Kong and France. •

The exhibition will run from Nov. 12 to Dec. 31, 2016 at Galleria Duemila, located at 210 Loring St. 1300 Pasay City. 

For more information, please email them at hello@galleriaduemila.com or at art@galleriaduemila.com. Visit their website at www.galleriaduemila.com and follow us them on Facebook, Twitter and Instagram: @galleriaduemila

Space Dust
Trek Valdizno

EXHIBITION RUN: Nov. 12 - Dec. 31, 2016
OPENING RECEPTION: Nov. 12, Saturday, 4pm

Exhibition curated by Sandra Palomar