DUBAI // A website launched to help Filipinos who are overwhelmed by outstanding bills must first convince them their debts will not be cleared by serving a jail sentence, a banking expert says.
"We would like to correct this misconception," said Ronald Hullana, the founder and president of the UAE Pinoy Bankers Organisation.
"Many prefer to be jailed when they default on their credit card payments and loan amortisations. They are unaware that the bank can also file a civil case against them."
Issuing a bad cheque is a misdemeanour that can result in a fine, imprisonment or both. In most cases offenders are kept in prison until they repay the debts.
"The bouncing cheque law has become purely a punitive and not a corrective law," Mr Hullana said.
There have been repeated calls, most recently by the chief of Dubai Police Lt Gen Dahi Khalfan Tamim, for the law to be reformed.
Mr Hullana said banks and other creditors should be more patient and avoid sending people to jail.
"If a bounced cheque was issued because of a loan, the bank should allow a certain period for the debtor to pay," he said.
"I believe banks could issue up to three notices before it opens a police case against the defaulter."
The bankers' group plans to hold a series of workshops across the UAE before the end of the year to advise indebted Filipinos on how to better manage their money.
The Philippine Embassy says debt is the second most common reason for Filipinos being jailed in Abu Dhabi and Al Ain, after sex-related offences.
"It is unfortunate that Filipinos are among those who have been penalised so we need to help those who are in debt at the moment," said Joanofarch Aguila Catalan, a bank co-ordinator with the Pinoy Bankers Organisation.
The group, formed in 2008 to help bankers affected by the crisis, began its online awareness campaign last month. It has more than 100 members.
In coming weeks its members and banker friends will contribute articles to a blog at the organisation's website, uaepinoybankers.org.
They are also on Twitter (@UAEPinoyBankers) and Facebook (uaepinoybankers.org).
[ rruiz@thenational.ae ]
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COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
As it stands in Pool A
1. Japan - Played 3, Won 3, Points 14
2. Ireland - Played 3, Won 2, Lost 1, Points 11
3. Scotland - Played 2, Won 1, Lost 1, Points 5
Remaining fixtures
Scotland v Russia – Wednesday, 11.15am
Ireland v Samoa – Saturday, 2.45pm
Japan v Scotland – Sunday, 2.45pm
The Mandalorian season 3 episode 1
Director: Rick Famuyiwa
Stars: Pedro Pascal and Katee Sackhoff
Rating: 4/5
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
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Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
KEY DATES IN AMAZON'S HISTORY
July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington
July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon
1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024
1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs
2000: Amazon Marketplace opens, allowing people to sell items on the website
2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006
2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black
2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year
2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video
2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started
2009: Amazon introduces Amazon Basics, its in-house label for a variety of products
2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013
2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS
2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa
2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition
2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)