BIZ BUZZ: Another deputy governor set to exit BSP

Another deputy governor is bound to leave the Bangko Sentral ng Pilipinas (BSP) soon. And the hunt for her successor has begun.

We’re referring to Deputy Governor Chuchi Fonacier, who is set to retire soon after years of serving as head of the BSP’s financial supervision sector (FSS), which is mainly responsible for the regulation of banks and other financial institutions.

This means the central bank will lose two key officials.

READ: BIZ BUZZ: Wanted: New BSP deputy governor

Recall that the BSP early this month already started the search for a new deputy governor for the monetary and economics sector (MES). The successful candidate will replace retirement-bound Francisco Dakila Jr.

And both Fonacier and Dakila will leave large shoes to fill.

Fonacier joined the BSP in 1984 as a bank examiner and worked her way to become the deputy governor of the FSS in 2017.

Under her watch, a record number of bank issues and developments were successfully resolved and implemented.

Meanwhile, Dakila supervised the MES in maintaining internal and external monetary stability, liquidity and preserving the convertibility of the peso.

All the best to both DGs and good luck to their successors. —Ian Nicolas P. Cigaral

NFA fraud alert

The National Food Authority (NFA) cautioned the public against dealing with “some individuals” posing as the NFA administrator or a member of his staff to carry out fraudulent schemes.

The NFA advised the public to steer clear of such individuals asking for information about the NFA, instructing millers to fast-track milling operations or soliciting donations, financial favors or money transfer to bank accounts as these activities are illegal and against its policy.

Let’s set the record straight: the NFA has only one administrator, Larry Lacson.

While the NFA buys palay from local farmers to build its buffer stock, there is no directive from the grains agency to accelerate operations.

As a matter of fact, the NFA is seeking an additional budget of P9 billion this year to maintain a 15-day inventory required by the amended Rice Tariffication Law.

The NFA thus urged the public to remain vigilant, verify solicitation requests or calls and report similar suspicious activities via its mobile number or email addresses. —Jordeene B. Lagare

NAC marks milestone

Listed natural resources development company Nickel Asia Corp. (NAC) has marked another milestone in attaining net-zero emissions across its business operations.

NAC announced it was the first entity with mining assets to fully account for its carbon emissions related to land use change. This allows the company to set targets and align its programs toward achieving its net-zero carbon objective by 2050.

These targets will be submitted to the Science Based Targets initiative, a global body that promotes best practices in reducing emissions anchored on climate science.

NAC made this development after commissioning the University of the Philippines Los Baños to determine its carbon emissions from land use change in the following nickel mining sites: Cagdianao Mining in Cagdianao, Dinagat Islands; Hinatuan Mining in Surigao del Norte; Rio Tuba Nickel Mining in Bataraza, Palawan; and Taganito Mining in Claver, Surigao del Norte.

The research, entitled “Carbon Emissions from Land Use Change in Nickel Mining,” revealed that the firm is “truly serious about rehabilitating the areas they once mined,” according to Florencia Pulhin, who led the research team. —Jordeene B. Lagare