Home Blog Page 9820

What to see this week

5 films to see on the week of February 28, 2020 — March 5, 2020

The Invisible Man

AFTER Cecilia’s abusive partner takes his own life and leaves her his fortune, she believes that his death is a hoax as she tries to prove that she is being haunted by someone she only can see. Directed by Leigh Whannell, the film stars Elizabeth Moss, Aldis Hodge, Storm Reid, and Harriet Dyer. Forbes’ Scott Mendelson writes, “This is all anchored by a terrific ‘in nearly every frame of the movie’ performance from Elisabeth Moss. She has become something of an heir to Jennifer Connelly’s ‘feel bad cinema’ crown (even as ‘cinema’ now includes prestige TV).”

MTRCB Rating: R-13

Hell Girl

HELL GIRL runs a website where the bullied and tormented are enabled to take revenge on their oppressors. The price for the service however is that the bullied and their oppressors are together in damnation. Directed by Kôji Shiraishi, the film stars Tina Tamashiro, Akaji Maro, and Manami Hashimoto Raiku.

MTRCB Rating: R-13

Ip Man 4: The Finale

A KUNG FU master travels to the United States when he finds out that his student has upset the local martial arts community for establishing a Wing Chun school. Directed by Wilson Yip, the film stars Donnie Yen, Scott Adkins, and Danny Chan Kwok-Kwan.

MTRCB Rating: R-13

Tootsies & the Fake

THE popular Thai television show comes to the big screen. Gayzilla Golf causes celebrity superstar Cathy to fall unconscious a week prior to the shoot for a TV commercial. To avoid a 50-million-baht lawsuit if Cathy does not show up, the tootsie gang plan to find a look-alike to pose as the real Cathy. Directed by Kittiphak Thongauam, the film stars Araya A. Hargate, Pattarasaya Kreuasuwansri, and Charoensook Paopetch.

MTRCB Rating: PG

Us Again

Margie, an unfulfilled medical technician, wants to rebuild her life. Meanwhile, Mike, a graphic artist, returns home from the United States to reconcile with Margie. Directed by Joy Aquino, the film stars RK Bagatsing and Jane Oineza.

MTRCB Rating: PG

Ayala unit funds acquisition of Ilocos Norte wind farm

AC Energy Philippines, Inc. is subscribing to the shares of Giga Ace 1, Inc. to allow the subsidiary to fund its acquisition of the ownership interest of an equity fund in a wind farm in Ilocos Norte.

In a disclosure to the stock exchange, the Ayala-led company’s arm for local energy projects placed the number of shares involved in the deal at 96,707,235, which will give it a 99.97% of the unit’s outstanding shares.

The shares are valued at about P2.57 billion. The subscription will be paid in cash.

In detail, AC Energy Philippines said it had signed the agreement with issuer Giga Ace 1 to subscribe to the latter’s 75,000 common shares to be issued out of its unissued authorized capital stock.

The agreement includes the subscription of 43,069,625 common shares and 53,562,609 Class A redeemable preferred shares to be issued out of the increase in the subsidiary’s capital. It was signed on Feb. 26, 2020.

The unissued common shares are priced at a total P75,000, while the new common shares are priced at P430,796,260, and the redeemable preferred shares at P2,142,504,360.

AC Energy Philippines said the subscription will be used by the issuer to fund its acquisition of the ownership interest of Philippine Investment Alliance for Infrastructure (PINAI) in Philippine Wind Holdings Corp. (PhilWind).

PINAI is comprised of Government Service Insurance System, Langoer Investments Holding B.V. and Macquarie Infrastructure Holdings (Philippines) Pte Ltd.

PhilWind directly and indirectly owns about 67% of North Luzon Renewables Energy Corp., which owns and operates an 81-megawatt wind farm in Pagudpud, Ilocos Norte.

North Luzon Renewables is a joint venture of AC Energy, Inc., UPC Philippines Hold Co I B.V., Luzon Wind Energy Holdings B.V., and PINAI.

AC Energy Philippines earlier said it had received on Feb. 4, 2020 the decision of the Philippine Competition Commission clearing its acquisition of the shares. It quoted the antitrust watchdog as saying that the deal “will not likely result in substantial lessening of competition.” It bought the shares for P2.7 billion subject to agreed adjustments.

AC Energy Philippines said it would be buying the entire shares of PINAI in PhilWind, and that after the transaction, it will directly and indirectly own 67% of North Luzon Renewables.

North Luzon Renewables is a power generating asset with stable cash flows from feed-in tariff under the Renewable Energy Act.

AC Energy Philippines had said the acquisition supports its “strategic objective to be the growth platform” of the AC Energy group in the country, and helps meet its goal of achieving 2 gigawatt of attributable renewable energy capacity by 2025.

On Thursday, shares in AC Energy Philippines rose 0.48% to close at P2.10 each. — Victor V. Saulon

Family lending

Seventeen years ago, I wrote about the concept of “Family Loans”, inspired by Robert Merton and Zvi Bodie in their innovative text Finance. Whenever I raise the issue in my Finance classes, I realize the concept can benefit today’s millennials. Allow me to revisit the same topic.

Suppose you are 30 years old, just got married, and want to buy a house for P1 million. Your bank is willing to grant you a mortgage loan for P800,000 or 80% of the purchase price of the house at an effective interest rate of 12% per annum, but you need a 20% down payment of P200,000.

On the other hand, your elder sister has some savings placed in time certificates of deposit and she can get only about 4% per annum if the deposit is rolled over.

With a little creativity and some straight thinking, these two circumstances can be turned into a family loan and both parties can benefit from the deal.

The elder sister can lend directly to you and the intermediary is eliminated. This means that you get the mortgage without the additional costs such as taxes and application fees. The loan will take less time to process, and the interest rate should be lower.

Simultaneously, your elder sister can increase her own return. Rather than the 4% per annum time deposit rate which is actually even 20% less because of withholding tax, she can charge a higher amount, say 6% per annum, and still offer you a bargain. She can even finance part of your down payment so that you get easier terms.

This decision is possible because as Merton-Bodie discuss, the financial system provides price information that helps coordinate decentralized decision making in the economy. Knowledge of market interest rates should allow transactions within families in a manner that will benefit all members.

Family loans are exemplary ways of showing that in a functional financial system, we will all be better off. Competition in the financial system should reduce the cost of intermediation. And one such way is by eliminating it altogether as in family loans.

However, family loans rarely happen especially in the Philippine setting. I’ve been surveying my MBA and undergraduate students in Finance on whether they practice this. Rare is the situation where a positive reply is given. When family loans are accommodated they are generally on a pay when able basis and are tempered to a minimum. No interest is charged and the lender loses on the time value of money alone. Finally, the lender will accommodate just enough in anticipation of non-repayment.

Because of the lack of appreciation of the benefits of this system among kin, siblings and close relatives are considered poor credit risk, despite all the love and familiarity we can factor in the relationship. Parents who lend to children, sisters to brothers, cousins, etc. find it difficult to collect from each other. They view it as a grant with option to collect. Add Filipino characteristics like hiya, utang-na-loob and pakikisama, and the family loan is doomed even before it starts.

We can all benefit from family loans. One might want to introduce a third-party arbiter, maybe a financial adviser, who should be independent, between the family borrowers and lenders. The transaction must be treated as an arm’s length business deal. The objective must be a win-win arrangement for the parties.

We belabor the need for family loans more especially if the proceeds are to be used for a business venture. Start-ups are rarely financed by formal financial institutions. And pricing is often high despite the low interest rate regime in the economy. New undertakings are often financed by the so-called 2Fs, friends and family. While the more endowed family member is usually ready to provide limited grants (or equity), funding can be increased under our family loan concept. And more new undertakings will be financed by the 2Fs if there is clear appreciation of the discipline and integrity needed by both borrower and lender. Otherwise, only the third F will show up for such accommodation — fools!

There are enough signals in the market place to make such transactions happen. All family members need to look at are market prices of similar assets to settle on the price of the transaction. And it can be mutually beneficial in comparison to deals with formal financial institutions. When accommodating requests of close family members, there may be a part given as largesse, but the real family loan should be well defined.

If only we can tap family loans in a big way, our economy will move forward faster. Imagine the pool of funds available from family members who work abroad. There is no Filipino without at least one relative in the US or elsewhere as an overseas worker. Surely, our relatives abroad mostly put their money in “safe” financial institutions. If family loans can only be made “safer” as it should be because of the drastic reduction in information asymmetry, the economy as a whole will be better off.

 

Benel D. Lagua was recently EVP and Chief Development Officer at the Development Bank of the Philippines. He is also a part-time lecturer at both Ateneo and DLSU. He is an active member of FINEX and is an advocate for innovations in SME Finance. Feedback and comments are welcome at

benellagua@alumni.ksg.harvard.edu

Best approach for celebrating worker birthdays

Our current human resources (HR) practice is to release printed birthday cards to those who are celebrating their birthdays during the month. The cards contain the best wishes and greetings of the boss and their department colleagues. However, I find it a bit corny, if not a robotic exercise for me as the new HR manager. Is there a better way? — Yellow Rose.

A boy went to the movies with his smaller brother and after they seated themselves, the older boy asked: “Can you see the screen, Willy?” The little boy replied: “Nope.” The older brother said: “We can’t do anything for now. Just laugh when I laugh.”

That’s what happens when HR managers simply follow the current policy without challenging the status quo and without looking for ways to maximizie the policy’s impact on the organization. I’ve seen it happen in many companies that don’t want to spend money to improve the system. It becomes worse if your department settles on copying and printing greeting card templates from the Internet that somehow contributes to the demise, if not the slow growth of Hallmark.

Really, what’s the point of issuing birthday greeting cards to the workers? Without you realizing it, that question is enormous in scope. Some would say it’s the best thing that an organization can do, in addition to issuing an announcement on the bulletin board. Others say that if you can’t pay a competitive salary, at least treat the workers well enough so they feel good that their colleagues remember their birthdays.

Sure, to some people, receiving birthday greetings have a positive impact. However, in our culture, many of us feel pressured to reciprocate. At times, office colleagues are bold enough to ask to be treated to a meal. But what if the person doesn’t celebrate that way or is hard up?

Somehow, it’s one of the reasons why celebrants avail of their birthday leaves so they are not pressured to accept the one-day heckling of their office colleagues.

BIRTHDAY CLUB CUM TOWN HALL MEETING
More than the heckling, the question is — what do birthday greeting cards have to do with good people management, when such an exercise becomes mechanical and meaningless? Have you measured its positive effects, if any, on the morale of employees? I mean, after receiving their birthday cards, what happens next?

To measure the effectiveness of birthday greetings, either by the traditional method of sending colorful, beautifully-designed cards or copy-paste template jobs from the Internet, the best thing is to organize a Birthday Club. Here HR takes the lead in scheduling a merienda cena for employees, to coincide with a town hall meeting be presided by the Chief Executive Officer (CEO), President, General Manager or alternatively by other high-ranking corporate officials. The process is simple and easy to do with HR taking into consideration the following:

One, announce the birthdays for the month via the Intranet. Depending on the capacity of the room, the celebrations may be divided into batches to accommodate as many as 50 workers per batch. Announcements may also be made through a posting on the company bulletin board. In this case, you may discontinue issuing birthday cards to all concerned.

Two, limit the celebration to two hours maximum. This is to ensure the efficient use of company time and resources. You can schedule it in the morning or afternoon and may follow the following schedule: Reception and fellowship for 30 minutes. Brief three-minute welcome remarks by the HR manager acting as the moderator followed by merienda cena for 30 minutes.

Three, focus on the basic message and plans of the CEO. Give him the chance to say his piece for about 25 minutes. After that, whatever is left of the two hours should be dedicated to an open forum where questions can be asked anonymously and displayed on a screen. This allows the HR department to sanitize impertinent, incoherent, and off-tangent questions, ideas, or complaints, including those would malign certain company officials or employees.

Four, the celebration may be held at the company’s cafeteria. This minimizes the cost of serving expensive food and drinks to all and reduces the administrative nightmare of organizing the event. To many people, the office canteen gives off a homey atmosphere and makes it easy for all workers to immediately report back to work.

Five, summarize and circulate the key points of the meeting. This must be done by the HR department. If necessary, additional comments by the CEO or any top official in attendance may be inserted in the minutes of meeting even after the event with the result also announced via the Intranet and posted on the bulletin board.

Last, issues raised during the celebration must be resolved promptly. This does not mean, however, that the resolution comes on the spot or management must give in to the employee complaints. In most cases, if management appears sincere in explaining the reasons for a certain issue or corporate policy, many will accept it under certain circumstances.

PROACTIVE COMMUNICATION
In examining the objective of having a Birthday Club alongside a town hall meeting, it is enough to understand that all workers, even supervisors and managers, are keen on regular interaction with top management. As part of good proactive communication with employees, a Birthday Club becomes a monthly, if not a semi-monthly opportunity to engage employees.

The suggested pointers are not complete and may be adjusted to suit organizational taste and capacity. But they go above and beyond the mechanical act of sending birthday cards, while raising the complication of satisfying each and every question of the workers. Whatever approach you take, don’t forget the biggest obstacle in improving organizational communication is for all line executives to possess active listening skills.

ELBONOMICS: The single, most important management skill is active listening.

 

Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

History talking


IN COMMEMORATION of the 75th Anniversary of the Battle of Manila, the Memorare Manila Foundation together with the Philippine World War 2 Memorial Foundation present Massacre of Manila: Untold Stories of The Battle of Manila 1945, a series of short videos featuring a retelling of survivor stories as narrated by leading film and theatre actors. The stories are testimonies of massacre survivors taken by US military investigators beginning June 1945. The stories will be narrated by Ian Veneracion, Jasmine Curtis Smith, Angel Aquino, Iza Calzado, Agot Isidro, Enchong Dee, Gabby Padilla, Leo Rialp, and Richard Cepeda. The videos will premiere on March 3 on Memorare Manila’s FB page @memoraremanila1945.

How PSEi member stocks performed — February 27, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, February 27, 2020.

Palace orders agencies to eliminate ‘burdensome’ transaction processes

PRESIDENT Rodrigo R. Duterte ordered government agencies to eliminate all processes that are “burdensome to the public,” retaining only those steps that are “necessary to fulfill their legal mandates and policy objectives.”

In Administrative Order (AO) No. 23 dated Feb. 21 but released Thursday, the President said that “excessive regulations at all levels of government, which are more than necessary to implement their respective mandates, create high costs on businesses, inhibit job creation and discourage private sector investment.”

AO 23 claims authority in part from the Anti-Red Tape Act of 2007, which governs “all government offices and agencies including local government units and government-owned or controlled corporations that provide frontline services.”

The AO called all processes that are superfluous to the bare minimum to meet legal mandates “manifestations of overregulation” which must be removed.

The AO stipulates that approval processes for energy projects continue to be governed by timelines set by Republic Act 11234, or the Energy Virtual One-Stop Shop Act.

Mr. Duterte also ordered the Anti-Red Tape Authority (ARTA) to monitor the compliance of government agencies with order, in coordination with each government office’s Anti-Red Tape Unit.

All covered agencies are required to submit compliance reports within 60 working days, outlining the regulations governing their frontline services, transaction steps and processing times, and the legal basis for such regulations.

Non-compliant agencies will be referred to the Civil Service Commission (CSC) for administrative action.

In 2018, Mr. Duterte also signed into law Republic Act 9485 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, which simplifies government transactions and sets application approval deadlines.

The Philippines placed 95th in the World Bank 2020 Ease of Doing Business report released in 2019, rising from 124th place the year prior. — Gillian M. Cortez

DBP bags dividend exemption to boost infrastructure lending

THE Development Bank of the Philippines (DBP) has been granted exemption from remitting dividends to the government in order to step up lending to infrastructure projects.

“While the bank’s financial ratios remain strong and stable, dividend relief has been requested to ensure DBP’s capability to support the priority programs of the National Government under the ‘Build, Build, Build’ initiative,” DBP said in a statement Thursday.

Government owned- and controlled corporations (GOCCs) are required by law to remit at least 50% of their annual net profit as dividends to the national government.

In a separate statement, Finance Secretary Carlos G. Dominguez III said he agreed to DBP President CEO Emmanuel G. Herbosa’s request and ordered the bank to boost its funding to big-ticket infrastructure projects, with the full implementation of the Real Estate Investment Trust (REIT) Act expected to inject more capital into the market.

“I want you to be experts in dealing with big construction companies, in dealing with large road toll projects; that should be your expertise,” Mr. Dominguez told DBP’s Mr. Herbosa and Edgar Richard Trono, the head of the Bank’s Strategic Planning Group, during a recent meeting.

With the DBP focusing on major infrastructure works, he said he does not expect the bank “to be lending to anything that’s worth less than P100 million in capital.”

Pressed for details, the DBP and DoF had not responded at deadline time.

“DBP continues to boost its lending activities, in support of the National Government’s goal of increasing investments in the infrastructure sector, so as to further build up the economy and promote inclusive growth especially in areas outside of traditional urban centers,” the bank said.

Mr. Dominguez said the “capital boom” by REIT Act will be felt next year with the formation of more REITS that will serve as a “potential market for the DBP.”

“This will create for the REIT sponsor (fresh) capital, which I’m sure they will start reinvesting. Those are your clients now, we have expanded your market,” Mr. Dominguez told the DBP.

Republic Act No. 9856 or the REIT Act was signed into law in 2009 but its final implementing rules and regulations were only signed last month.

The law enables real estate companies to fold their assets into stock corporations that will allow the public to invest and purchase shares, which can also be traded on the Philippine Stock Exchange (PSE). — Beatrice M. Laforga

CITIRA delay seen stalling $12 billion worth of investment

ABOUT $12 billion in investment over two years has been left hanging due to the delay in passing the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA), a senior House legislator said.

Representative Jose Maria Clemente S. Salceda of Albay, who chairs the House Ways and Means Committee, said: “Mga $12 billion ang notional na… imbes na pumasok, sa tingin ko mga $12 billion… within two years,” he told reporters on the sidelines of the Makati Business Club meeting Thursday.

Mr. Salceda said if passed, CITIRA, passed by the House in September but stalled in the Senate, can make up for those frozen investments within a year.

He said that he is open to accepting the Senate’s version of CITIRA “for the sake of speed” and for the sake of bringing in the investment left hanging by the uncertainty over the measure’s passage.

CITIRA proposes to reduce corporate income tax rates while also rationalizing the incentive system. The legislation has proved contentious after failing to pass during the previous sitting of Congress, when it was known as the TRABAHO bill.

“I want speed more than being ticklish about any other issues. I will accept the… entire Senate version now, for the sake of speed, for the sake of $12 billion. Let the next President revise if he wants to,” he said.

Mr. Salceda added that Malaysia, Singapore, and Thailand can more speedily pass investment incentive regulation than the Philippines.

Kasi kung sa Malaysia yan pag sinabi ng kabinete na CITIRA, bukas pasado na yan. Sa Singapore ganun din, sa Thailand ganun din. Sa mga presidential form of government talaga nagkakaroon ng problema. Pag sinabi nila na we will have a new investment incentive regulation, natatagalan. Dito, dahil po dalawang taon na inapprove siya sa kabinete…nakabitin. So gusto malaman ng tao, pag pumasok ba ako dito sa Pilipinas, ano ba ang babayaran ko? (In Malaysia, if the Cabinet proposes a measure it would pass tomorrow. Same with Singapore and Thailand. In countries with presidential government there have been problems. Any new investment incentive regulations are delayed. The legislation has been greenlit by the executive for two years now and remains hanging. If I were an investor I would want to know what taxes I would pay if I invested in the Philippines)” he said.

He said that Congress will no longer need a bicameral conference committee for CITIRA because he is willing to adopt the Senate version.

“I hope the Senate will be able to approve it next week. We will adopt it, so there’s no bicam, then it’s law,” he said.

CITIRA proposes to gradually bring down corporate tax rates to 20% by 2029 from the current 30% while rationalizing incentives, is awaiting Senate approval after having been passed by the House in September.

In an aide memoire dated Feb. 19, Mr. Salceda said that both the Senate and the House versions of CITIRA “aim to make the corporate income tax and incentives system simpler, fairer, and more efficient.”

“Both bills aim to make incentives performance-based, targeted, time-bound, and transparent. Both bills will instill more accountability in the grant of incentives, by expanding the Fiscal Incentives Review Board (FIRB) to cover registered business enterprises (RBEs) that receive incentives from investment promotion agencies (IPAs),” he added.

He added that the Philippines’ incentives system “will no longer be granted in perpetuity” under CITIRA.

“Both versions disperse development in the countryside through a tiered system of granting more incentives the farther one locates from Metro Manila and highly-urbanized areas. Both versions encourage the use of domestic inputs, job creation, training, and research and development through a simple system of enhanced deductions,” he said. — Genshen L. Espedido

Apo Agua bulk water project to provide service to 70% of Davao City

DAVAO CITY — Aboitiz-controlled Apo Agua Infrastructura Inc.’s (AAII) P12.6-billion bulk water supply project for Davao City will serve 70% of the urban area when completed in the first half of next year, the city’s water district said.

Bernardo D. Delima, Jr., spokesman for the water distributor, Davao City Water District (DCWD), said the water to be supplied by AAII will focus on the city center and growth areas, while other water sources will continue to be used for the peripheries.

“We really cannot cover the whole of Davao City. Our mandate is to serve the urban areas only and that is where we are concentrating. More or less we will be able to serve Davao around close to 70%,” Mr. Delima said during this week’s AFP-PNP Press Corps media forum.

Davao City’s land area is 2,444 square kilometers, making it the biggest city in the Philippines.

“We have to remember that the bulk water supply project will not be the only water source of the Davao City Water District. But it will be the major water source. For those areas that will not be served, we will still be utilizing our ground water sources and additional production wells,” DCWD Deputy Spokesperson Jovana Cresta T. Duhaylungsod said.

AAII, a joint venture between Aboitiz Equity Ventures, Inc. and JV Angeles Construction Corp., started building the project, which will source water from the Tamugan River, in late 2018. It is expected to be operational by 2020.

Meanwhile, Mr. Delima said DCWD is also on track with its P2-billion pipe distribution network upgrade and expansion projects.

Of the 32 projects, 20 have been completed and most are operational. The remaining 12 are expected to be completed this year.

The AAII bulk water project will deliver 300 million liters per day (MLD) to DCWD as provided under their supply agreement.

DECA HOMEOWNERS
Meanwhile, the DCWD said it is willing to take over the management of the water distribution inside Deca Homes if the developer, 8990 Housing Development Corp., turns over the system to the government agency at no cost.

“Deca is being operated by a different water supply provider. Our condition before we can enter is for the water provider to endorse or turn over the facility to us,” Mr. Delima said.

Since December, a number of Deca Homes residents have been posting complaints on social media over poor water quality, intermittent supply, and non-transparent water rate structures.

Mr. Delima said DCWD does not hold exclusive authority to distribute water in Davao City.

“All complaints must be endorsed to NWRB (National Water Resources Board) and also when it comes to private water providers, the regulator is also the NWRB,” he said. — Maya M. Padillo

National task force organized to contain ASF

MALACAÑANG has ordered the creation of a national task force to deal with animal diseases following the spread of African Swine Fever (ASF) in domestic pigs.

President Rodrigo R. Duterte signed Executive Order (EO) No. 105 on Feb. 21 authorizing the creation of the National Task Force on Animal Borne Diseases, which will take charge of preventing the entry of such diseases as well as containing their spread.

“(T)o effectively address the current outbreak and to prevent or resolve similar incidents in the future involving other animal-borne diseases, there is an urgent need to create an inter-agency task force which will formulate, oversee and implement effective and coordinated policies and strategies to manage, contain, and control the spread of such diseases,” according to the EO, which was released Thursday.

ASF was first detected in domestic swine in September.

The Secretary of Agriculture was appointed to chair the task force with the Secretary of Health as Vice-Chair.

Mr. Duterte signed earlier this month another executive order that orders stakeholders to follow the national zoning plan drawn up to contain ASF.

Earlier this month, Agriculture Secretary William D. Dar said that the losses due to ASF at P7 billion. — Gillian M. Cortez

Doctors contest guidelines for denial of PhilHealth accreditation

DOCTORS said health insurance fraud is not as prevalent as the Philippine Health Insurance Corp. (Philhealth) suggests, after the latter issued a circular outlining the grounds for denying or withdrawing PhilHealth accreditation.

In a position paper published Thursday in the Philippine Daily Inquirer, doctors’ associations said that PhilHealth Circular 2020-0003 which sets guidelines for the denial or withdrawal of accreditation is “insulting the health profession.”

“The circular’s focus on preemptive penalties for noncompliance gives the unintended impression that violations are more often the rule rather than the exception in our profession which is far from the truth,” the associations said.

The paper was signed by the Philippine College of Physicians; Philippine College of Radiology; Philippine College of Surgeons; Philippine Obstetrical and Gynecological Society; Philippine Pediatrics Society; Philippine Society of Pathologists; Philippine Society of Anesthesiologists; Philippine College of Chest Physicians; Philippine College of Geriatric Medicine; Philippine College of Hematology and Transfusion Medicine; Philippine Heart Association; Philippine Rheumatology Association; Philippine Society of Allergy, Asthma and Immunology, Inc.; Philippine Society of Endocrinology, Diabetes and Metabolism; Philippine Society of Gastroenterology; Philippine Society of Hematology and Blood Transfusion; Philippine Society of Medical Oncology; Philippine Society for Microbiology and Infectious Diseases; Philippine Society for Nephrology; Diabetes Philippines; Philippine Dermatological Society Philippine Neurological Association; and the Philippine Society for Nuclear Medicine.

Based on the Circular, PhilHealth claims the authority to control the accreditation of health care providers participating in the National Health Insurance Program (NHIP).

The grounds for withdrawal or denial of accreditation include any of the following: noncompliance with any accreditation requirement; pending cases with the PhilHealth’s Prosecution Department; committing fraud or any crime related to the NHIP; or any other validated monitoring findings. — Gillian M. Cortez

ADVERTISEMENT
ADVERTISEMENT