The Insurance Commission through chief insurance specialist Julia Duenas wrote in reaction to a
Spybiz item titled "What’s the Deal with Nicphil" (Sept. 20, 2005). The letter has been edited for space constraints. According to Duenas, the conservators’ salary was subject of the engagement letter between the conservator and the Nicphil board in accordance with Section 248 of the Insurance Code. The Nicphil board deemed the conservator’s salary reasonable considering the extent and complexity of the work required and the conservator’s commitment to finish the work within two months. The board also went on voluntary suspension of operations allegedly because of massive insider fraud and mismanagement which have limited Nicphil’s capacity to accept more risks. The voluntary suspension was approved by the Insurance Commission because of the company’s huge capital impairment and margin of solvency deficiency of P22,663,361.52 as a legal cause for the issuance of a cease- and-desist order. Duenas said that the appointment of the conservator was intended precisely to ensure that the squabble between the directors would not permanently prejudice the company’s policyholders and the insuring public. In the meantime, the IC-appointed Nicphil conservator has considered herself resigned during the recent special stockholders’ meeting. However, she allegedly hasn’t returned the 2000 black Toyota Altis issued to her. The car is reportedly being used by her son.
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Spybiz Eye-Spy spotted a black vehicle sporting the plate number "8" doing its own version of the "ocho-ocho" in an attempt to get ahead of other vehicles on the ramp leading to C5-South Luzon Expressway. Those who saw the vehicle’s attempt to nose out others that were patiently waiting on the correct lane for traffic to move faster were not amused. What was also noticeable about the "8" vehicle was the fact that its registration sticker dates back to 2001, making the Eye-Spy wonder if Congressmen were exempted by the LTO. By the way, the vehicle plate said that it is from the lone district of a province that is named after a Philippine president.
| Taguig moves to torpedo Makati Mayor Binay’s business district |
Taguig City is bent on edging out Makati as the "it" city for business as it prepares to amend its revenue code to reduce business taxes. Taguig councilors AP Bartolome and Glenn San Pedro are spearheading moves to amend the Taguig Revenue Code and make the city a business-friendly alternative to Makati, which is also amending its revenue code to raise business taxes. While Makati imposes business taxes of P10,000 plus additional 50 percent of one percent for sales above P2 million, Taguig imposes a flat rate of P10,500 in business taxes regardless of sales. Amusement taxes are also lower in Taguig at 10 percent on gross receipts from ticket sales, compared to 30 percent in Makati. Banks will also find it cheaper to do business in Taguig Mayor Freddie Tinga’s turf, which charges eight percent of one percent of gross receipts, as against Makati’s 10 percent of one percent of gross receipts. It seems Tinga is going full speed ahead to torpedo Makati Mayor Jojo Binay’s business district.
| Purge DepEd of ghost teachers, solon urges |
Rep. Herminio Teves of Negros Oriental urged the Department of Education (DepEd) to make a physical accounting personnel and purge it of ghost employees and address the lopsided distribution of teaching personnel to address the rapid decline of education in the country. In Central Visayas for instance, the region could only account for 500 teachers, which is way below the 4,000 supposed number of teachers performing non-teaching jobs. Under the proposed 2006 national budget, DepEd has been authorized to hire 8,200 new teachers at a cost of P1 billion, bringing the total number of DepEd employees to 505,150. Teves proposed to reduce by 10 percent the 82,776 teachers assigned to non-teaching work and instead give them full-time teaching jobs in regions where the shortage of teachers is most severe.
| Spy tidbiz: Hell hath no fury like GMA scorned |
For continually spurning her overtures, GMA is finished playing the tolerant schoolmarm and is getting ready to give "school-yard bullies" a taste of hell’s fury. Aside from charges being prepared against the Hyatt 10, GMA has reportedly given the go-ahead to dig up Hacienda Luisita’s records to see if shortcuts were made to exempt the Cojuangco-owned sugar plantation from the Comprehensive Agrarian Reform Law. A list of businessmen are also being quietly investigated by the Bureau of Internal Revenue’s Tax Fraud Division. By coincidence, those in the list are among those who have been demanding the resignation of GMA. Those who know GMA well say this sudden turnaround should come as no surprise. After all, she is her mother’s daughter.
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