IN BRIEF

SEC issues IRR on financial consumers protection law

THE Securities and Exchange Commission said it released the implementing rules and regulations of Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act to protect consumers from fraud and abuses.

It said the IRR covers all financial products and services including credit, securities and investments.

ing on April 20 that importation would fill the domestic supply shortfall of basic goods.

Aside from importation, other measures proposed by NEDA are the prepositioning of rice buffer stocks during El Niño; strengthening the implementation of biosecurity and hog repopulation programs; improving and expanding the Kadiwa program to directly connect producers and consumers; and fast-tracking the distribution of targeted subsidies to farmers and fisherfolks.

Edillon said import decisions should take into account the expected lean domestic production period and estimated transit time of commodities from the source country to address the domestic supply gap.

“True to the objectives of the FCPA, the IRR advances financial consumers’ right to equitable and fair treatment, to disclosure and transparency in the marketing of financial products and services, to protection of consumer assets against fraud and misuse, to data privacy and protection, and to timely handling and redress of complaints of consumers,” SEC chairperson Emilio Aquino said.

“In turn, the IRR reinforces the commission’s mandate of, and unwavering commitment to, protecting financial consumers, and inculcating in financial service providers the values of fairness, transparency, accountability and ethics,” Aquino said. FCPA and the IRR also reinforce the SEC’s power over issuers of securities in tokenized or digital forms. Jenniffer B. Austria

PEZA seeks higher threshold on investment approvals

THE Philippine Economic Zone Authority will push for an increase in the investment threshold to a range of $3 billion to $5 billion from less than $1 billion for incoming projects locating inside economic zones.

“Ideally, the approval of big-ticket projects is reserved to the Fiscal Incentives Review Board.

At present, we can only process projects less than $1 billion,” said PEZA director-general Tereso Panga.

Panga said the FIRB trained PEZA on cost benefit analysis of projects, making it easier for the agency to assess and approve projects without duplication. Having this authority will strengthen PEZA’s position as an IPA that directly promotes investments and interacts with investors, he said.

“Thus we can commit that the necessary incentives will be offered directly to investors instead of going through the FIRB for separate approval and confirmation of incentives,” he said.

Data showed that investments approved by PEZA grew by 53.99 percent in the first quarter to P12.53 billion. “We have achieved positive investments for this year’s first quarter and we can sustain this momentum in the coming months as we expect more inbound delegations of foreign investors. The best is yet to come as we further open up the economy and manage the external headwinds,” Panga said. Othel V. Campos Bank

lending standards stayed unchanged in Q1

HOUSING EXPO. The Chamber of Real Estate & Builders’ Associations Inc. musters the support of government and private sector stakeholders to attain its vision of ‘a home for every Filipino’ through the staging of the first Visayas-Mindanao Regional Housing and Real Estate Conference and Expo on April 26 to 28, 2023 at the SM Trade Hall in General Santos City. Leading the conference are (from left) CREBA national president Noel Toti Cariño, conference chair Isidro Protacio, vice president-chapter Jocelyn Yumul and vice president-academics Techie Bautista. The event drew the attendance of real estate and housing players from various regions eager for updates and insights on major growth drivers that will help propel the property sector to a strong rebound and recovery.