By Lorenzo Kyle Subido (Entrepreneur Philippines) | 15 March 2018
The Bangko Sentral ng Pilipinas (BSP)’s policy stance towards cryptocurrencies in the Philippines has evolved alongside the spread and widening use of virtual money for transfers, payments and investment.
Referring to digital, decentralized and unregulated currencies such as Bitcoin and Ethereum, cryptocurrencies are touted to disrupt traditional fiat or legal money as medium of exchange, unit of account and store of value.
As early as 2014, the BSP had already recognized cryptocurrencies’ presence in the Philippines, but it did so by warning the public against it. Among the five reasons it listed in a warning advisory dated March 6, 2014 were cryptocurrencies’ tendency to be used for “money laundering and other illicit activities” and how they were “a form of unregulated digital money.” Read more
By John Mangun (Business Mirror) | 14 March 2018
This past Monday I attended an event hosted by the Shareholders Association of the Philippines (SharePHIL), titled “Cryptocurrency: The Truth & the Myth”.
The speakers included Nico Jose “Nix” Nolledo, chairman and CEO, Xurpas; Nichel Gaba, CEO, Philippine Digital Asset Exchange (PDAX); and Ephyro Luis Amatong, commissioner, Securities and Exchange Commission. The keynote address was delivered by the Honorable Nestor A. Espenilla Jr., Bangko Sentral ng Pilipinas (BSP) governor.
While following SharePHIL since its inception several years ago, I am skeptical of people with a “car and driver” looking out for the interests of other people that have to park their own cars. Of course, that is an unfair exaggeration, but experience teaches us that it is prudent to ask, “What’s in it for you?” or me for that matter. Read more
By Doris Dumlao-Abadilla (Philippine Daily Inquirer) | 14 March 2018
While keeping an open mind to the growing popularity and usefulness of cryptocurrencies, Philippine financial regulators are watching out for risks that these digital tokens pose to the financial system and to investors who get sucked into the hype.
Cryptocurrencies or digital tokens are not likely to replace fiat money anytime soon, Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. said in forum on cryptocurrencies organized by the Shareholders Association of the Philippines on Monday.
The BSP recognizes the huge potential of digital technology, including cryptocurrencies, which is an emerging medium of exchange globally. However, Espenilla urged the public to take caution against unscrupulous parties perpetrating pyramid schemes in the guise of initial coin offerings. Read more
By Iris Gonzales (The Philippine Star) | 19 February 2018
MANILA, Philippines — The Shareholders’ Association of the Philippines Inc. (SharePHIL), a group of minority stockholders in the country, has asked the Securities and Exchange Commission (SEC) to investigate stock market transactions made by directors, officers, and other insiders of Calata Corp. (Calata).
Calata, founded by businessman Joseph Calata, is a distributor and retailer of agricultural products.
In a letter to the SEC dated Feb. 8, SharePHIL alleged that Calata did not disclose material information when it suffered a P126 million casualty loss caused by a typhoon in the fourth quarter of 2016.
“The casualty loss was not promptly disclosed to the public as required by the Securities Rules and Regulation (SRC) and disclosure rules of the Philippine Stock Exchange (PSE), but mentioned only in Calata’s audited financial statements dated April 26, 2017 as part of its 2016 annual report and was disclosed to the public only on May 2, 2017,” SharePHIL said. Read more
By Jenniffer B. Austria (Manila Standard) | 14 February 2018
The Shareholders’ Association of the Philippines Inc., a group that promotes and protects the rights of minority stockholders, asked the Securities and Exchange Commission to investigate directors, officers and other staff of Calata Corp. for possible insider trading violations.
SharePHIL said in a letter to the SEC that Calata. which is engaged in the distribution and retailing of agrochemical products, feeds, fertilizers, veterinary medicines and seeds, failed to timely disclose it suffered a P126-million casualty loss caused by a typhoon in the fourth quarter of 2016 as required by the Securities Regulation Code.
“The casualty loss appears to have been disclosed only in Calata’s audited financial statements for 2016 dated April 26, 2017 and was posted in the disclosure system EDGE of the PSE only on May 2, 2017. During this period, persons connected with Calata’s management appeared to have unloaded their shareholdings unto the investing public,” SharePHIL said. Read more