A forum on microfinancing in the Philippines was held last 2 January at the All Saint’s Parish Centre, Liverpool sponsored by the VAA Inc. and PCC-NSW Inc.

The speakers were Bob Alipalao and Violi Calvert from the North Shore Filipino Association (NSFA), who spoke on the associations’ involvement in the microfinance project. They both explained the history of the development of the Micro-Credit Project Program that began in collaboration with NORFIL which stands for NorwegianFilipino.

NORFIL is a registered non-government organization based in the Philippines. It is licensed and accredited by the Department of Social Welfare and Development as a family / child welfare and community development agency.

The project not only involves physical work to make money to help the community and family, but is also designed to seek changes in the attitudes, lifestyle and character of the individuals involved. It also aims to bring out positive changes that will help the community and families involved better themselves inwardly and spiritually as well.

The North Shore Filipino Association has funded NORFIL projects related to Vinegar Making, Bakery, Therapeutic Massage, Cabinet Making, Chicharon Making, Catering Services, Hairdressing, Sari Sari Store, Tamarind Candy Making, and Slipper Making.

The info session was well attended, with a number of the PCC-NSW Inc. present and past officers, the Visayan Association Inc. officers and members, the Leon Aguila Association Officers, Plaza Filipino, and Fil-Oz Liverpool.

Richard J Ford JP – Press Relations Officer for Visayan Association Inc, Evestcco-Eastern Visayas Community, Calapenos and Friends Association and the Vice-President (External) for Fil-Oz Liverpool and Districts.

The full first-home owner’s boost initiated last October/November 2008 will extend for the first six months of the budget period.

The extended boost will be phased out in two stages. First-home buyers during the quarter July – September 2009 will receive the full benefits. First-home buyers during the quarter October – December 2009 will receive 50 per cent.

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The ACCC chairman, Mr Graeme Samuel, said that the consumer watchdog is aware of the increased pressure on families resulting with higher mortgage commitments who may be defaulting in their repayments.

There are reports, according to the ACCC chairman, that some businesses may be employing unscrupulous practices to take advantage of this situation.

Mr Samuel said the purpose of the new section, “Managing your mortgage” is to provide some practical steps that homeowners may take if they are experiencing financial difficulties.

Before homeowners consider selling their home, the ACCC chairman said that homeowners should first consider the following tips:

(a) seeking independent advice from a financial counsellor, community legal centre or legal aid office to identify possible courses of action

(b) talking to the lender as soon as a problem is identified to discuss options

(c) checking all the terms and conditions of new loans before deciding to refinance, and

(d) if a sale is necessary, arrange a number of valuations to get the best deal.

The new section is located on the For Consumers pages at the ACCC website located at www.accc.gov.au

The Aussie dollar has risen above the US$0.90 level and yet A$1 could only fetch a shade over Php40.

Compared to some 18 months ago when the Aussie dollar was only a touch close to US$0.80 and yet it was getting more than Php41 per A$1.

The reason for this is simple. The Aussie dollar and Philippine peso both moved strongly against the US dollar at the same.

The Philippine peso hit its highest in seven years this week when it traded at Php43.885 per US$1.00 last Monday.

This strong trading by the Philippine peso according to Bangko Sentral ng Pilipinas was due to the downturn in US property combined with high level of remittances from overseas Filipinos.

In a media release the other day, 7 November, the BSP also announced that the Philippines gross international reserves (GIR) rose to US$32.4 billion as of end-October 2007, 4.9 percent higher than the end-September 2007 level of US$30.9 billion.

At that level, the GIR can cover 5.8 months of import goods and payments of services and income. That level, according to BSP, is also equivalent to 5.4 times the country’s short-term external debt based on original maturity and 3.3 times based on residual maturity.

BSP also explained that the large build-up in GIR was boosted mainly by the central bank’s foreign exchange operations and to continued strong inflows of foreign exchange. #