US law firm offers permanent residency for investors in America


Bastien Trelcat, managing partner for Southeast Asia of Harvey Law Group  

By Rose de la Cruz 

Now there’s an easy way to get to the United States as a permanent resident through investing in Tommie Hotel in Hollywood for only $500,000. Not only would investors be getting a permanent residency status but they also have the opportunity to provide 10 full-time jobs for US citizens.

 To stimulate the U.S. economy through job creation and foreign capital investment, the EB-5 Immigrant Investor program (which ends in on September 30) allows foreign investors and their spouses to apply for a green card…

Read more: US law firm offers permanent residency for investors in America

February FDIs rise by 46.4%



By Rose de la Cruz


The net inflows of foreign direct investments in February 2018 posted $573 million higher by 46.4 percent that recorded a year ago, due mainly to the 56.3 percent growth in investments in debt instruments (or inter-company borrowings between FDI and their subsidiary/affiliates in the Philippine), amounting to $412 million.


Net equity capital likewise increased by 55.4 percent to $96 million, as gross placements of $114 million more than compensated for the withdrawals of $18 million. Equity capital placements came mostly from Hong Kong, the United States, China, the Netherlands,…

Read more: February FDIs rise by 46.4%



The Monetary Board cancelled recently the certificate of registration of Edzen Enterprises and World Wide Money Changer


Both are sole proprietorships owned by Zenaida M. Artuz and Elliot M. Artuz, respectively.


The cancellation was due to significant violations of their Deeds of Undertaking, specifically on the commitment to strictly comply with Republic Act No. 9160 (Anti-Money Laundering Act), as amended, and its Revised Implementing Rules and Regulations; and the minimum procedures on the sale and purchase of foreign currencies by MCs/FXDs and the transactional requirements for large value payouts by RAs/MCs/FXDs.

Read more: MB cancels registration of money changer, remittance agent


By Rose de la Cruz


The Philippine bond market is not yet big enough for two trading systems and the recent loss of Land Bank of the Philippines in its attempt to get majority control of the holding firm of the Philippine Dealing System is a testament to this.


Thus said Rep. Henry Ong, vice chair of the committee on banks and financial intermediaries, even as he stressed that only one bond market for the Philippines is the best, and not two competing systems.


Aside from that, the market and its players would be averse to too much government influence in the market. Conflict of interest would also be an issue. These are the two underlying reasons for the failure of Land Bank to take over the Philippine Dealing System, Ong emphasized.


If the intention of the government is to help small- and medium-sized enterprises (SMEs), then that would be achieved with a window or board for SME bonds, not with two separate systems.


If the government’s bonds and the SME bonds are viable and sound investments, buyers will line up for them in an open market setting.

Read more: Rep. Ong says only one Phl. Bond market is best

Separate credit limits for stand-alone projects ok’d


By Rose de la Cruz


To propel the Build Build Build program of the government, the Bangko Sentral ng Pilipinas has approved a separate credit limit for stand-along projects, thus amending current regulations providing entities created as vehicles to implement major project (often called Special Purpose Entities) with a separate single borrower’s limit.


The SBL is currently at 25 percent of a bank’s/quasi bank’s networth. Such SPEs were given their own separate SBL in consideration of the independence they usually enjoy under project finance schemes.


Under these schemes, SPEs are ring-fenced by appropriate legal structures, operational…

Read more: Separate credit limits for stand-alone projects ok’d

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Monday, 16 July 2018
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