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ULFC President Gerard Aguirre elected as PFA officer

ULFC President Gerard Aguirre elected as PFA officer
Newly elected officers and directors of the Philippine Finance Association (PFA) for 2018-2019 are sworn into office by Securities and Exchange Commission (SEC) Commissioner Ephyro Luis B. Amatong during the PFA’s general membership meeting in August. Photo shows (L-R) Unicapital Finance and Investments, Inc. Assistant Vice President Victor L. Guerrero, World Partners Finance Corporation President Leonora Q. Alejandro, Asialink Finance Corporation General Manager Eileen B. Mangubat, ORIX Metro Leasing and Finance Corporation First Vice President and Operations Group Head Arnaldo S. Bacabac, Jr., UCPB Leasing and Finance Corporation President Gerard M. Aguirre, BDO Leasing and Finance, Inc. Marketing Head Agerico S. Verzola and RCBC Leasing and Finance Corporation President Alfonso C. Tanseco.

Securities and Exchange Commission (SEC) Commissioner Ephyro Luis B. Amatong led the induction of the Officers and Directors of the Philippine Finance Association (PFA) for the year 2018-2019. The induction was held on August 10, 2018 at the Grand Hyatt Hotel, Manila.

Among the inductees is UCPB Leasing and Finance Corporation (ULFC) President Gerard M. Aguirre who will serve as PFA’s Executive Vice President.

Established in 1989, ULFC is one of UCPB’s subsidiaries that engages primarily in leasing assets or equipment to enterprises so clients need not provide too much capital outlay or spend chattel mortgage fees to expand their businesses.

PFA is a non-profit organization which aims to promote, enhance and uphold sound and ethical fair business conduct and practices among financial institutions engaged in consumer finance, leasing and other forms of business finance.

Date published: September 13, 2018

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BSP’s Warning Against the Improper Handling of Philippine Currency

The Bangko Sentral ng Pilipinas (BSP) warns the public that the willful defacement, mutilation, tearing, burning or destruction of Philippine banknotes and coins are punishable by a fine of not more than PHP20,000.00 and/or imprisonment of not more than five years, under Presidential Decree No. 247. It also states that Philippine “banknotes and coins are issued for circulation as medium of exchange and to utilize them for other purposes does not speak well of the due respect and dignity befitting our currency.”

The following are among the prohibited acts of defacement and/or mutilation of Philippine currency:

writing or putting marks on banknotes;
willful tearing, burning, or destruction, in any manner, of Philippine currency;
willful and excessive folding or crumpling that results in a breakdown of the structure and limpness of the banknote;
willfully causing multiple random folds across the entire banknote that toughly affect its visual appearance; and
willfully exposing banknotes or coins to chemicals or other materials resulting in the acceleration of the defacement, destruction, or natural wear and tear of the note or coin.

The public is also discouraged to staple banknotes and/or use adhesives to put on banknotes and coins as these will compromise their structural integrity.

The BSP encourages the public to report any information on improper handling of Philippine currency to the nearest police station or law enforcement agency, for appropriate action, or contact the Currency Management Sector for assistance at Tel. Nos. 988-4833 and 926-5092.


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