Editorial 4/1/16 (money laundering, greed, coal, power plant, Cebu, Philippines, El Nino, drought, weather, health, Poe, elections, family planning)
Philippine Star "Endangered remittances" Several banks have denied shutting down their operations in Italy following the multimillion-dollar electronic heist that saw money stolen from the Bank of Bangladesh account in the US Federal Reserve being laundered through Philippine casinos and the banking system. The scandal has not only become a national embarrassment for the Philippines, where a large portion of about $81 million still has to be traced, but has also endangered the remittances of millions of overseas Filipino workers. This concern has been raised by the Department of Foreign Affairs, even as it denied yesterday the reports about several Philippine banks shutting down their operations in Italy due to the money laundering scandal. Credit rating agencies and various analysts have expressed confidence that the Philippine banking system will weather this storm. There are also no indications so far that the scandal might put the country ...