Page 8 - Hello Philippines December 2015 'B' ISSUE

6 www.hello-philippines.com BUSINESS & FINANCE December 2015 / Fortnightly – No. 24 • UK & Europe Edition

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MANILA - The Regional Trial securities scam case to the straight and Desist Orders (COOs) against violations of Section 8 of the SRC Mundo Miranda, Ryan Manuit,
Court of Makati Branch 56 has penalty of seven years of imprisonment Multitel and its officers, leading for selling or offering for sale or Charles Juiz Padilla, Raahbel Ymas,
sentenced the Baladjays of the Multitel each for 65 counts of fraud, and held the accused spouses Saturnino and distribution unregistered securities to John Rafael Calicdan, Jose Victoria
them civilly liable to indemnify the Rosario Baladjay to register Multitel the public. Each violation of the SRC Cajita, and Paul Alviar for violations of
SEC chair Teresita Herbosa, seen in file photo: total complainants P8 million Pesos. International Holdings, Inc. (MIHI) is punishable, upon conviction, with Section 8 and 28 of the SRC.
war on scams, fraud artists. with the SEC. a fine of not more than P5 Million or
The cases were for violations of imprisonment of 7-2~.years, or both. The PNP also filed two additional
the Securities Regulation Code (SRC), MIHI, though registered with the cases against the same respondents for
according to an SEC press release. SEC, used several conduit corporations In early November, the SEC also violation of PO 1689, also known as
to continue their illegal operations. filed before the Department of Justice Syndicated Estafa.
Originally, the entity operated two cases against EmGoldex, Global
under Multinational Telecoms The Prosecutor’s Office of Makati InterGold (GIG), and Prosperous With the “Whole of Government
Investors Corporation (Multitel) which City, after receiving a complaint from Infinite Philippines Holdings, Corp. Approach” of the DILG, PNP, NBI, and
was not registered with the SEC. the SEC, charged Saturnino Baladjay (PIPHC) masterminds Kevin del SEC, EmGoldex masterminds are also
The SEC then issued multiple Cease and Rosario Baladjay y Austria for facing serious criminal charges and
long-term imprisonment, according to
BSP exec says yuan-denominated bond issuance by PHL govt possible the SEC.
MANILA - Issuance by the Philippine in terms of cross-border transactions, the Jr. said they are open to increasing their
Expressing full support for the
government of yuan-denominated use of Chinese renminbi is expected to yuan reserves as part of the BSP’s foreign- Aquino administration’s focus on
anti-corruption initiatives and good
bonds is possible after the International accelerate,” he said. exchange diversification. governance reforms, SEC Chairperson
Teresita J. Herbosa stressed that the
Monetary Fund (IMF) decided to include The BSP official said the Philippine Internationalization of the RMB began regulatory agency is pushing for
greater financial transparency - to not
the renminbi in its special drawing right government is exposed to the US dollar, some 10 years ago when China allowed its only protect Filipino investors, but to
increase overall investor confidence in
(SDR) basket effective October 1, 2016, which is the reason it has been issuing use in offshore capital markets, opening the Philippines as well.

according to Deputy Governor Diwa greenback-denominated securities. up of its domestic capital market, and The SEC said its efforts to achieve
the public’s trust through transparency
Guinigundo of the Bangko Sentral ng But since usage of yuan has been the liberalization of its interest rate The Chinese currency was recently included and accountability are in line with the
Pilipinas (BSP). increasing and is seen to further rise mechanism. by IMF in its special drawing right (SDR) basket initiatives undertaken by the Aquino
after the IMF Executive Board’s decision, effective October 1, 2016, and the central bank administration. n InterAksyon.com / December
Guinigundo, however, stressed that Guinigundo expects the markets will To date, the Philippine central bank’s said it’s possible for the Philippines to issue yuan-
any issuance would depend on the current yuan exposure is limited to the 9, 2015 / 1:01 pm

requirement of both the private and the further embrace it. Asian Bond Fund and certain money market denominated bonds.

government sectors. “Ultimately that will be felt in both the instruments, Tetangco said. consider further increases including

“It [issuance of the bond] is possible bond and foreign exchange market,” he “As the market for yuan bonds into longer-term bonds as these become

because the Chinese economy is the added. further develops and as external trade available,” Tetangco said. n PNA / December

second biggest in the world and therefore, Earlier, BSP Governor Amando Tetangco denominated in yuan increases, we may 9, 2015 / 3:33 pm