Abear, Vincent J.

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Filipinos find it hard to move up the social ladder – WEF

MANILA, Philippines – The Philippines is 61st out of 82 countries in social mobility or the ability
of an individual to move up from one's socioeconomic strata, according to the maiden study on
the matter by the World Economic Forum (WEF).

WEF's Global Social Mobility report gave the Philippines a social mobility score of 51.7,
which placed the country in the bottom half of all countries ranked in the study.

The country was behind most of its neighbors in Southeast Asia, overshadowed by
Singapore (20th), Malaysia (43rd), Vietnam (50th), and Thailand (55th). However, it
outperformed Indonesia (67th) and Laos (72nd).

Japan was the highest-ranked Asian country at 15th, while China ranked 45th.

The top 10 globally were Denmark, Norway, Finland, Sweden, Iceland, Netherlands,
Switzerland, Austria, Belgium, and Luxembourg.

"Economies with greater social mobility provide more equally shared opportunities –
namely, an equal and meritocratic footing irrespective of socioeconomic background,
geographic location, gender, or origin. There is a direct and linear relationship between
a country's income inequality and its social mobility score on the index," WEF said.

By; rappler

By this article I can say that we are in the middle of development in our social status

SEC shuts down Peso Tree, Pesolalo, Pinoy Cash Loan

MANILA, Philippines – The Securities and Exchange Commission (SEC) ordered

more online lending platforms to shut down due to lack of necessary licenses.

In a statement on Wednesday, January 22, the SEC said it ordered Peso Tree,
Pesolalo, and Pinoy Cash Loan to stop offering loans to the public, remove promotional
presentations from the internet, and delete their online applications.

The commission's Corporate Governance and Finance Department as well as

Enforcement and Investor Protection Department found that these lending operators
"employed abusive collection practices by imposing high interest rates, onerous and
misleading terms and conditions, [and] making misrepresentations as to non-collection
of charges and fees."
To make matters worse, they subjected debtors "to public humiliation and ridicule to the
extent of violating their right to privacy."

The SEC earlier issued cease and desist orders against 48 online lending platforms for
operating without incorporating and failing to secure a certificate of authority from the
agency. (READ: SEC wants interest rate cap for payday loans)

By; rappler

It is clear that the online loan application called “Peso Tree” is unable to operate due to
not accomplishing the said requirments.

LIST: Relief proposals for Taal Volcano evacuees

MANILA, Philippines – There are several proposals to help the survivors of the Taal
Volcano eruption.

Many residents living within the 14-kilometer danger zone surrounding the restive
volcano are uncertain as to when they can go back to their normal lives. (READ: Taal
Volcano's 2020 eruption: What we know so far)

Some of them are at evacuation centers in nearby cities, while others have chosen to
stay with their relatives. At least 11 towns are placed under total lockdown, and
residents were no longer allowed to go back to these areas until further notice.

Currently, Alert Level 4 is raised over Taal Volcano. State volcanologists say that
a major explosion may come within hours, days, or even months.

Here are some proposals on how to help the survivors in the short-term:

P30,000 cash aid

Senator Risa Hontiveros urged the Department of Social Welfare and Development to
give at least P30,000 cash assistance to Taal Volcano eruption survivors, as President
Rodrigo Duterte planned to seek P30 billion worth of supplemental budget from
Congress for rehabilitation.

Hontiveros said that this should be in the form of cash aid and not a loan, as the
evacuees' lives were temporarily halted because of the eruption.

Hontiveros acknowledged that the amount may not be enough to fully recuperate from
the disaster. She said this should be regareded as an "initial assistance," pending the
post-disaster assessment by the government.

Loan amortization moratorium

Senator Sherwin Gatchalian is pushing for a one-year moratorium on loan amortization

for residents affected by the Taal Volcano eruption.
Gatchalian filed Senate Resolution No. 289 urging government financial institutions
(GSIS, SSS, Pagibig) to extend loans to the victims and to freeze mandatory
amortization payments within a year.

Suspend penalties on late tax payments to LGUs

Gatchalian also urged local governments to temporarily suspend imposition of penalties

on the victims. He said that LGUs should be "more lenient" on payment of real estate
property taxes, as well as the renewal of business permits.

Business permit renewals are usually done between January 1 and 20 every year.
– Rappler.com