Category Archives: Finance

Why Philippines’ Central Bank Is Issuing P20 In Coins

MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – Starting in the last quarter this year, the Central Bank of the Philippines (CBP) is expected to issue a coin version of the twenty peso bill.

Officially, CBP is saying that the move will extend the denomination’s shelf life. The paper bill usually lasts for just a about a year before it succumbs to wear and tear. The coin, on the other hand, can last between 10 and 15 years.

Unofficially, a CPB spokesperson told The Adobo Chronicles the real purpose for the coins is to help Filipinos save more money. “Coins will encourage people to deposit into their piggy banks,” he said.

President Rodrigo Duterte supports the move, saying it complements his “Build, Build, Build” program.  He’s calling the coin issuance “Ipon, Ipon, Ipon.”

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How Many Zeroes In A Centibillion? We Asked Philippines’ Vice President Leni Robredo

MANILA, Philippines (The Adobo Chronicles) – She’s a lawyer, although she flunked the bar on her first try.  But she’s also known for her math skills, using them to publicly criticize the rising retail prices of rice and the Philippines’ inflation rate.

So  when it was recently reported that Microsoft founder Bill Gates  has joined Amazon founder Jeff Bezos as the world’s only two centibillionaires, we asked Robredo how many zeroes there are in a centibillion.

While math wizards quicky told us there are 11 zeroes in  a centibillion, Robredo disagreed, asserting that there are only 9 zeroes.

”Centibillion comes from two words — cent and billion. A cent is written out in numbers  as 0.01. So multiplying 1 billion by 0.01 gives is 9 zeroes.”

She even showed us a screenshot of her calculation using her China-made iPhone.

 

Maria Ressa’s New Battlecry: Financial Persecution!

F647EC61-DF8D-424A-9DB4-6F7E3F871B4FMANILA, Philippines (The Adobo Chronicles, Manila Bureau) – After her Malacañang star reporter Pia Ranada was banned from the Palace, and following the charges brought against her for tax evasion and cyber libel, Rappler CEO Maria Ressa seemed to be running out of rhetoric: “Suppression of Press Freedom,” “Political Persecution,” “Intimidation.”

Well, Ressa just found her new battlecry: “Financial Persecution!”

This, after The Court of Tax Appeals denied her appeal and that of Rappler Holdings Corporation (RHC) to void the tax fraud cases filed against them and remand it to the Department of Justice. It also junked RHC’s motion to suspend the proceedings.

The tax court’s first division will now proceed with the trial of the four tax evasion cases against Ressa and RHC.