Source sold bogus account info to Palace for P10-M: Trillanes

MANILA - Senator Antonio Trillanes IV on Wednesday accused Malacañang of using intelligence funds to pay President Rodrigo Duterte's source of "fake" information on his offshore accounts. 

Trillanes, in a privilege speech on Tuesday, claimed that Malacañang paid P10 million to a certain Daniel "Snooky" Cruz for information on the lawmaker's alleged bank accounts, including one at the Development Bank of Singapore (DBS). 

The senator recently flew to Singapore to prove that the account was non-existent.

 "Nag-imbento po ng fake accounts ito at ibinenta sa Malacañang na binili naman and without verifying or validating ay isinubo nila kay Duterte. At itong isa naman ay iyun ang pinangangalandakan kaya nasunog siya nang ilang beses at napaaming inimbento nga niya. Ang nagbayad ay Malacañang, binili itong information," he told DZMM.

"Malamang galing iyan (P10 million) sa intelligence funds... Hindi naman bubunot ang mga iyan sa bulsa nila," the opposition lawmaker told DZMM.

Cruz, he said, gives security seminars for a living, but had pretended to be a financial forensic expert and former US agent.

The senator said Cruz also sold to authorities fake details on the bank accounts of Senator Leila de Lima, which were just identical to his supposed accounts.

He added that it is Duterte who is keeping millions of pesos in undeclared accounts and reiterated his challenge for the President to sign bank secrecy waivers. 


Malacañang made no immediate comment about Cruz. 

Duterte meanwhile has admitted he just invented bank details to "catch" Trillanes. 

He later said Trillanes closed his DBS account "online" before going to Singapore. DBS however said accounts can only be closed in person at its branches.

Duterte has also said his family had properties and businesses including an ice plant and lumberyard, adding his late father was a provincial governor. 

"All in all it would not go beyond 40 million (pesos or $785,000), my lifetime savings. A part of that was my hereditary -- you people from Davao know this -- property," Duterte said. "I hate to say it (but) what do you think of us, poor? That we are that poor?" 

The President, however, said he would not cooperate with the Office of the Ombudsman's investigation into allegations that he amassed ill-gotten wealth, saying these were "lies based on baseless" information. 

source: news.abs-cbn.com

Duterte's bank bait for Trillanes has no sense: analyst

MANILA- President Rodrigo Duterte's move of inventing bank account numbers to "catch" his critic, Sen. Antonio Trillanes IV simply made no sense, a political analyst said Wednesday.

Former dean of the Ateneo School of Government, lawyer Tony La Viña, said Duterte's credibility may be questioned after he admitted that he lied.


"It doesn’t make sense. There’s no bait there. It actually gave Sen. Trillanes an opportunity to have a propaganda coup," La Viña said in an interview on ANC.

"Shouldn't we now not believe in anything that he says? That seems to be the message here: 'Don’t always believe me'," he added.

The President earlier publicly alleged that Trillanes had offshore accounts, prompting the senator to fly to Singapore to prove that his supposed bank accounts there did not exist.

Hours after Trillanes' Singapore trip, Duterte said he intentionally gave the wrong number of the senator's alleged bank account to “catch” the senator for lying.

La Viña said Duterte was on the losing end of his scuffle with Trillanes since the President did not have to go down to the level of his critics.

"He made himself equal to a senator. He doesn’t have to do this… Why does he go down to the level of his critic and in a lower position than him?" La Viña said.

Trillanes on the other hand, was able to make use of Duterte's lie to better his political image since he knew from the start that the President was lying, La Viña explained.

"Of course Sen. Trillanes knew this was fake. He would know his own account number if there was such. And since there’s none, he exploited to the maxim with all the visuals," he a said.

"I think Trillanes came very, very well from this episode. [It appeared that] here’s a good-looking senator, young, and he goes after a powerful president… that’s what he does and that’s what comes out," he added.

source: news.abs-cbn.com

Just married? Here are 7 money tips

Now that your dream wedding is over, what's next? To keep you in the honeymoon stage as long as possible, it may help to know that money problems are one of the most common causes of friction in married life.

It doesn’t matter if you have loads of cash or just have enough to get you by. Now that you’re married and all your money and assets are conjugally-owned (unless you had a prenuptial agreement), you may one day find yourselves running into arguments over how to manage your finances and assets on a day-to-day basis.

To avoid these issues and set your marriage off to a good start, especially on the money front, here are some tips to help you:

Discuss your life goals

To plan and manage your finances together, you need to know each other’s goals in life since these will determine your spending and your investment strategy. Do you want to have children? If so, how many and how soon? Do you plan to buy a house? If so, what is your time table for this? Do you plan to relocate? Pursue further studies? Start a business together? Travel? Goals can evolve with time, and make it a habit to revisit your goals every so often.

Set your priorities

This is directly related to the first. Money issues usually begin when spouses cannot agree on their priorities. Before these issues come up, have a conversation so that you would know what matters to each of you as individuals and as a couple. Let’s say you both decide that starting a business is your top priority for now, then both parties would understand that most of your joint funds will be going to the business, and that purchases of big-ticket items such as a house or car may have to take a back seat in the meantime.

Set a monthly budget

Now that you know each other’s life goals and priorities, set a monthly budget that you can live with. This will be based on your joint monthly income. Determine how much you would spend on the basics (utilities, housing, transportation) as well as on non-necessities (entertainment, leisure). Make sure to set aside an amount for savings. Determine how much each one would contribute to this budget (if applicable) and agree to regularly review this budget.

4. Decide on your bank accounts. Discuss if you would want to have separate bank accounts, a joint account, or both. Most likely, both of you already have individual accounts. If you are employed, then you would continue to have your own personal bank account. You may also wish to talk about how you would regard each other’s money. Some couples may prefer to have freedom to use their own money, while others may be more comfortable consulting each other on various expenses. This would differ greatly among couples, so you need to know what you are both most comfortable with.

Have a record filing system

Records are often overlooked by most people, but this is very important so that you can study your finances and have quick access to all the important records you need to have available. This would include bank statements, real estate titles, billing statements, etc. Make sure that both of you know where to find these records. You can also keep electronic copies of these records using various shared programs and apps that both of you can access anytime.

Start investing

Investing early in your marriage gives you one great advantage: time. You don’t need large amounts of money to invest especially in mutual funds or other investment products for retail investors. What you invest in will depend on your circumstances and your strategy, of course. Make sure you top up as you go along. Find a financial adviser you both trust and are comfortable with.

Set up a sinking fund

Both of you can contribute to this fund on a regular basis. Agree on how this will be used—as an emergency fund, to purchase a large-ticket item that you are planning for, to pay for childbirth expenses, etc.

As with almost anything concerning your marriage, your joint finances will run smoothly if you both remain open and honest to each other about the direction you want it to take. All it takes is a little careful planning—and a whole lot of communication.

source: www.abs-cbnnews.com

8 Things Not to Keep in Your Wallet This Holiday Season

You're doing your holiday shopping in the midst of those distracting sales and crowds. You’re checking your gift lists (twice!) and your budget. You’re juggling bags and boxes. And you're paying little attention to your purse or wallet. These are the moments when identity thieves will strike.

“Pickpocketing can happen virtually anywhere, and people should be on their guard, especially while shopping this holiday season,” says Ken Chaplin, senior vice president of Experian’s ProtectMyID. “Thieves take advantage of the shopping rush and its inherent distractions to steal wallets and, potentially, identities.”

With just your name and Social Security number, identity thieves can open new credit accounts and make costly purchases in your name. If they can get their hands on (and doctor) a government-issued photo ID, they can do even more damage, such as opening new bank accounts.

We talked with consumer-protection advocates to identify the eight things you should purge from your wallet immediately to limit your risk in case your wallet is lost or stolen.

And when you’re finished removing your wallet’s biggest information leaks, take a moment to photocopy everything you’ve left inside, front and back. The last thing you want to be wondering as you're reporting a stolen wallet is, “What exactly did I have in there?”

source: kiplinger.com

Here's How the Way You Bank Dictates What You Pay to Bank

Few financial products are more popular than the basic checking account. According to an FDIC survey released last year, 90 percent of America's 115 million households have at least one checking account.

They're popular. They're ubiquitous. But what Americans pay for them varies greatly.

Recently, WalletPro released its 2013 Checking Account Cost Comparison Report, showing how expensive checking accounts have gotten for many types of customers. In particular, the report focused on the various behaviors that bank customers have and how they can lead to higher costs -- especially if you're not cost-conscious in choosing the bank that offers you the best value for your money.

How You Act and What You Pay

The WalletPro report separated Americans into five categories of customers based on the way they managed their checking accounts. The factors the report looked at included use of direct deposit, online banking resources, non-network ATMs, overdraft products, check writing, and international banking.
The least expensive category of checking account-holders were "old school" customers who used direct deposit but never used out-of-network ATMs or overdrafted their accounts. Their average annual cost was just $29.

The "young and high-tech" category came in at $47, based on the assumption that they'd occasionally use outside ATMs and have their account balances go below zero but would also save by using online tools to manage their accounts.

The "average Joe" category pays a bit more on average: $161 a year. They use direct deposit for their paychecks, and otherwise take advantage of standard account features like ATMs, online bill pay, check writing. They occasionally let their accounts go negative, but they don't opt-in to overdraft protection.

As you'd expect, the costliest category included those "cash-strapped" account holders who frequently overdrafted their accounts and had non-network ATM use. They paid a whopping $527 on average, due largely to expensive overdraft-related fees.

Similarly, "international and on-the-go" account holders paid up for global access to their money, with average fees of $327.

The Elusive Free Checking Account

Almost as disturbing as the amounts that some people are paying for their checking accounts is the fact that different banks charge much different rates for their accounts.

Make the wrong choice of bank, and you could end up paying hundreds more a year than a smarter selection would have produced.

For instance, smart banking shoppers who fell into the old school and young-and-high-tech categories were able to find multiple banks that offered them fee-free checking. Yet accounts with similar features at other financial institutions often imposed substantial fees, with amounts at the costliest institutions falling into the $200 to $300 range in certain circumstances.

The penalty for choosing a bad bank was even greater for customers in higher-cost categories. Cash-strapped customers could find banks that would charge as little as $174 annually, but other banks had costs of as much as almost $750. International-oriented accounts could cost as much as $500 at some banks, while the best came in at $218.

Tips to Save On Your Checking

From the report, you can draw some conclusions about the best ways you can save the most money on your checking account:

Never overdraft your account. Among the fees examined, overdrafts were the highest by far. Moreover, the report notes that "complex overdraft policies make it nearly impossible for borrowers to understand which account is more affordable." The best way to avoid that complexity and confusion is never to let your account go below zero.

Find the right bank for your needs. One key finding of the report was that with one notable exception, most banks that had low costs for one category of customers often weren't the cheapest for other categories. That means that when you open an account, it pays to take the time to look at the particular features each bank offers and figure out which ones you'll benefit most from.

Look for special deals. The report specifically chose not to look at checking accounts that had special requirements, such as being online-only or requiring a minimum deposit. Some banks, however, offer lower costs or higher interest to certain customers or for accounts with certain features and requirements. If those accounts fit your needs, then they can sometimes produce greater savings.

When it comes to bank accounts, one size definitely does not fit all. If you want a cheap checking account that meets all your needs without charging you an arm and a leg, it pays to take the time to do some comparison shopping.

source: dailyfinance.com

Corona's wife to testify on bank accounts, SALN

MANILA, Philippines - The wife of Chief Justice Renato Corona is now certain to testify on their bank accounts with the Philippine Savings Bank (PSBank) when the defense presents its evidence in the impeachment trial of the magistrate.

"We are now sure that the Chief Justice's wife will testify, but we are not sure if the Chief Justice himself will testify," retired Associate Justice Cuevas, Corona's lead counsel, said in an interview Wednesday before meeting with Senate President Juan Ponce Enrile on the new trial schedule.

Cuevas also said Cristina will testify on the alleged irregularities in Corona's statement of assets, liabilities and net worth, which Article of Impeachment No. 2 also accuses the Chief Justice of failing to publicly disclose.

"She will also testify on the SALN," Cuevas said.

Aside from Cristina Corona, Cuevas said three members of the House of the Representatives - Crispin Remulla, Toby Tiangco and Hermilando Mandamas - will take the witness stand to testify on the veracity and authenticity of the impeachment complaint filed by the prosecution panel with the Senate.

source: interaksyon.com

Senate grants subpoena for Corona bank records

The Senate, sitting as the impeachment court, on Monday granted the request of the House prosecutors to subpoena to the trial representatives of the Philippine Savings Bank (PSBank) and Bank of the Philippine Islands (BPI), as well as documents related to the alleged bank accounts of impeached Chief Justice Renato Corona.

"The majority votes to grant the prosecution's request for subpoena to the responsible officers of the PSBank and the BPI to testify and bring and/or produce before the court documents on the alleged bank accounts of Chief Justice Corona only for the purpose of the instant impeachment proceedings," said the Senate resolution, as read by Senate Majority Floor Leader Vicente Sotto III.

The prosecution had earlier filed separate subpoena requests for the managers of BPI Ayala branch and PSBank Katipunan branch, who will be made to testify on Article II of the impeachment complaint, which accuses Corona of failure to properly disclose all his assets in his Statements of Assets, Liabilities and Net Worth (SALNs).

The Senate ordered two bank representatives to appear before the impeachment court on Wednesday, February 8.

The BPI executive was also asked to bring with him:


original and certified true copies of Corona's account opening form and other documents of his 1445-8030-61 account,
monthly bank statements from December 31, 2005 to 2010


On the other hand, the PSBank executive was asked to bring with him original and certified true copies of the account opening form and other documents for the following bank accounts allegedly in the name of Corona and the documents showing the balances of the same from December 31, 2007 to 2010:


089-19100037-3
089-13100128-6
089-12101735-8
089-12101959-3
089-12102012-2
089-12102168-1
089-14100712-9
089-14100746-9
089-14100814-5
089-12101195-7


The defense panel had earlier objected to these requests, saying the testimonies of the bank officials are meant to prove paragraph 2.4 of the impeachment complaint, which had already been disallowed by the Senate.

Paragraph 2.4 of the Articles of Impeachment states that "Respondent is likewise suspected and accused of having accumulated ill-gotten wealth, acquiring assets of high values and keeping bank accounts with huge deposits. It has been reported that Respondent has, among others, a 300-sq. meter apartment in a posh Megaworld Property development at the Fort in Taguig. Has he reported this, as he is constitutionally-required under Art. XI, Sec. 17 of the Constitution in his Statement of Assets and Liabilities and Net Worth (SALN)? Is this acquisition sustained and duly supported by his income as a public official? Since his assumption as Associate and subsequently, Chief Justice, has he complied with this duty of public disclosure?"

On Monday, lead defense counsel Serafin Cuevas said they intend to appeal the decision, citing laws that protect bank records from scrutiny. Senator Francis Escudero, however, said that only senator-judges can appeal the court's rulings.

Senate President Juan Ponce Enrile, the presiding officer, said that they have yet to decide whether the bank records would be admitted as evidence.

"Whether those evidence subpoenaed are admissible evidence given the fact that they appear in violation of existing laws is a question that must be resolved in due course," he said.

He specifically cited the Republic Acts 1405 and 6426.

"Nobody is immune from that penalty [under these laws] whether you are a member of the court," said Enrile. "Whether the appearance of this will impair its admissibility as an evidence is something that this court cannot at the moment resolve this issue." - KBK, GMA News

source:gmanetwork.com