• By Vince Angelo C. Ferreras, June 25 2019; Business World https://www.bworldonline.com/regulator-considering-tapping-water-supply-of-provinces-near-ncr/ Image Credit to ABS-CBN News THE Local Water Utilities Administration (LWUA) said it may tap the water supply of nearby provinces to augment Metro Manila’s dwindling allocation. LWUA acting administrator Jeci A. Lapus also proposed that water concessionaires Maynilad Wter Services Inc. and Manila Water Co, Inc. should also help transport the water from provinces near the National Capital Region (NCR). “The measure could be taken to touch base with the local water districts surrounding Metro Manila to assist in the needs of the city. Pero ang (But) Metro Manila (has) Read More…

  • By Janina C. Lim, June 25 2019; Business World https://www.bworldonline.com/economic-zone-proclamations-hit-snag-for-it-industry-peza/ Image Credit to Business World THE Philippine Economic Zone Authority (PEZA) and the business process outsourcing (BPO) industry said they will seek more time to meet the requirements of the Office of the President (OP) to obtain an official proclamation for economic zones. PEZA said it will lobby for more time than the 30 days currently provided for Metro Manila economic zone applications. PEZA Director-General Charito B. Plaza said the applications affected by the current processing period are 153 information technology (IT) centers and 10 IT parks. PEZA approvals for Read More…

  • By Business World, June 26 2019 https://www.bworldonline.com/firms-more-bullish-families-bearish-in-q2/ Image Credit to Business World BUSINESSES were on the whole more confident of prospects this quarter compared to the preceding three months as they expected improved demand — marking the second straight quarter of improvement — but households turned slightly more pessimistic in the same comparative periods in the face of rising prices, according to results of the central bank’s latest surveys on these two segments that were released to media on Tuesday. BUSINESS BETTER The Bangko Sentral ng Pilipinas’ (BSP) second-quarter Business Expectations Survey — conducted on April 1-May 28 among respondents Read More…

  • By Jovee Marie de la Cruz, June 25 2019; Business Mirror https://businessmirror.com.ph/2019/06/25/maynilad-manila-water-likely-to-evolve-from-concessionaires-to-public-utilities-lawmaker-says/ Image Credit to ABS-CBN News A party-list lawmaker on Monday said the 18th Congress would work for the passage of a measure declaring water concessionaires Manila Water and Maynilad as “public utilities.” Recalling on how the water crisis in the early 1990s led to the Metropolitan Waterworks and Sewerage System’s privatization and the subsequent entry of the two water concessionaires in Metro Manila, Bagong Henerasyon partylist Rep. Bernadette Herrera-Dy said it is again time to amend the MWSS charter, and this time, explicitly define water concessionaires as public Read More…

  • By Joel R. San Juan, June 26 2019; Business Mirror https://businessmirror.com.ph/2019/06/26/sc-to-mmda-justify-ban-on-provincial-buses-along-edsa/ Image Credit to Business Mirror THE Supreme Court on Tuesday directed the Metropolitan Manila Development Authority (MMDA) to justify the implementation of its new regulation banning provincial buses from Edsa (Epifanio delos Santos Avenue) as part of its measures to ease traffic congestion in the metropolis. The order was given at Tuesday’s regular en banc session of the 15-man high tribunal which tackled the three petitions filed by AKO Bicol party-list Reps. Ronald Ang and Alfredo Garbin Jr.;  Albay 2nd district Rep. Joey Salceda; and Bayan Muna chairman Neri Colmenares Read More…

  • By Bernadette D. Nicolas, June 26 2019; Business Mirror https://businessmirror.com.ph/2019/06/26/duterte-just-making-known-his-preference-for-speakership/ Image Credit to Business Mirror Although President Duterte  earlier said he doesn’t want to interfere with the House Speakership issue, Malacañang now says the President is merely making his preference known and is not interfering with the functions of another branch of government. Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said on Tuesday that publicizing the President’s choice will not affect the House decision on who to support as the next House Speaker. “No. Expressing a preference, I don’t think that’s interference. And the interference would say, ‘I Read More…

  • By Elijah Felice Rosales, June 24 2019; Business Mirror https://businessmirror.com.ph/2019/06/24/envoy-taiwanese-investors-prefer-vietnam-over-phl/ Image Credit to Business Mirror Taiwanese investors prefer locating in Vietnam and Indonesia than in the Philippines, as labor cost in these two Southeast Asian economies are apparently more competitive, according to a diplomat. Taipei Economic and Cultural Office in the Philippines Economic Counselor Alfred Wang said the Philippines is at a disadvantage in terms of securing capital from Taiwanese businessmen. He said Taiwanese investors prefer to locate operations in other Southeast Asian countries as they apparently find wages here too “burdensome.” “What we are doing is attracting more Taiwanese Read More…

  • By Jasper Y. Arcalas, June 25 2019; Business Mirror https://businessmirror.com.ph/2019/06/25/da-seeking-fivefold-budget-increase-to-p333-billion-for-2020/ Image Credit to Business Mirror IF  you are given the chance to shoot for the moon, would you take it? The Department of Agriculture (DA) just did. The agriculture department is seeking a fivefold increase in its funding next year to about P333 billion as it aims to improve farmers’ productivity and competitiveness. But industry stakeholders are way off the lack of social protection in the record-high budget pitch by the DA. Nonetheless, the P333-billion 2020 budget proposal has been endorsed by the National Agriculture and Fisheries Council (NAFC) for Read More…

  • By Carmelito Q. Francisco and Reicelene Joy N. Ignacio, June 25 2019; Business World https://www.bworldonline.com/se-asia-sub-regional-group-pushes-for-bigger-local-govt-role-in-devt/ Image Credit to Business World DAVAO CITY — Leaders of the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) want more active local government participation in identifying opportunities for investments and closer linkages within the sub-region. The four countries, in a joint press statement at the end of their 13th BIMP-EAGA Leaders’ Summit after the 34th Association of Southeast Asian Nations (ASEAN) Summit in Bangkok, Thailand on Sunday, reaffirmed that they “strongly support area-based cooperation in priority points along the economic corridors, which offer the greatest potential for attracting trade, Read More…

  • By Christine Joyce S. Castañeda, June 25 2019; Business World https://www.bworldonline.com/inflation-worsens-for-poor-families/ Image Credit to Reuters INFLATION for low-income families accelerated in May after six straight months of slowing down, the Philippine Statistics Authority (PSA) reported on Monday. The inflation rate for the country’s bottom 30% income households clocked in at 4.6% in May, faster than the year-on-year overall price increase of 4.3% in April, but was slower than 6.4% in May 2018. The latest reading brought the year-to-date pace for this income segment to 4.9%, still slower than the 5.7% in 2018’s first five months. That compared to a 3.2% Read More…

  • By DJ Yap and Matthew Reysio-Cruz, June 24 2019; Philippine Daily Inquirer https://newsinfo.inquirer.net/1133285/house-to-probe-metro-water-shortage Image Credit to Philippine Star MANILA, Philippines — The House of Representatives is opening its oversight hearing on the water shortage in Metro Manila on Tuesday as the metropolis remains parched despite the onset of the rainy season and the drop of water in Angat Dam to critically low levels. In one of her last orders as House leader, Speaker Gloria Macapagal-Arroyo called for the investigation into the persistent water troubles, which began in March and continued through the peak of the dry season. The chamber invited officials Read More…

  • By Manuel Cayon, June 24 2019; Business Mirror https://businessmirror.com.ph/2019/06/24/duterte-to-sign-eo-cutting-red-tape-after-asean-meet/ Image Credit to GMA News DAVAO CITY—President Duterte’s admonition for government offices to accord due attention and speedy processing of citizens’ official documents would now be mandatory and legally binding after his promise to issue an executive order (EO). The Chief Executive said he would also encourage aggrieved citizens to name the government official or personnel who would cause delays in the processing of documents. “When I go back after [attending the 34th Asean Leaders’ Summit in Bangkok, Thailand], I will just write an EO,” he said on Friday night here at Read More…

  • By Business Mirror, June 23 2019; Business Mirror https://businessmirror.com.ph/2019/06/23/duterte-thanks-vietnams-nguyen-for-rescue-of-22-phl-fishermen/ Image Credit to ABS-CBN News A GRATIFYING side story to the Asean Leaders summit in Thailand is the personal expression of Filipinos’ gratitude to Vietnam for the rescue of 22 Filipino fishermen who were abandoned at sea by a Chinese vessel that hit their boat at Recto Bank on June 9, causing it to sink. During the Summit, which ended on Sunday, President Duterte expressed his gratitude to Vietnamese Prime Minister Nguyen Xuan Puc for the act of Vietnamese fishermen during the Recto Bank incident, the Philippine News Agency quoted presidential Read More…

  • By Bernadette D. Nicolas, June 24 2019; Business Mirror https://businessmirror.com.ph/2019/06/24/landmark-pact-on-eez-between-phl-indonesia-nearing-entry-into-force/ Image Credit to Business Mirror THE Philippines and Indonesia cheered at the weekend the completion of domestic requirements for the entry into force of a landmark agreement on the delimitation of exclusive economic zone (EEZ) boundary between two countries. Malacañang said on Sunday this was considered to be the highlight of the bilateral meeting between President Duterte and Indonesian President Joko Widodo. Duterte and Widodo met on Saturday night on the sidelines of the 34th Association of Southeast Asian Nations Summit in Bangkok. “Both leaders see this development as a Read More…

  • By Karl Angelo N. Vidal, June 17 2019; Business World http://www.bworldonline.com/finance-department-disputes-imd-competitiveness-studys-methodology/ Image Credit to Business World THE Department of Finance once more disputed the results of the International Institute of Management Development’s (IMD) world competitiveness rankings even as the Philippines’ score improved this year, saying that the study appears to have focused on “backward-looking” indicators. The Philippines rose four places in the 2019 World Competitive Ranking conducted by the Swiss business school, placing 46th out of 63 countries surveyed, from last year’s 50th spot. However, the country remained a laggard in the region, placing 13th of 14 economies surveyed in the Asia-Pacific, Read More…

  • By Angela Celis, June 17 2019; Malaya https://www.malaya.com.ph/business-news/business/cost-money-ph-won%E2%80%99t-be-cheap-soon Image Credit to Business Mirror The cost of borrowing money to fund the government’s spending on infrastructure, education and other human capital investments would soon get higher because of the Philippines’ anticipated status of becoming an upper middle-income economy, the Department of Finance (DOF) said. Thus, Carlos Dominguez, DOF secretary, said the government had to act fast and took advantage of whatever opportunity was left to borrow at low, concessional rates by frontloading its borrowings and diversifying sources to jumpstart the “Build, Build, Build” program. “From 2010 to 2016, the cost of Read More…

  • By R.J.N. Ignacio, June 18 2019; Business World https://www.bworldonline.com/bsp-likely-to-keep-policy-rates-steady-this-week/ Image Credit to Business World THE Bangko Sentral ng Pilipinas (BSP) will likely keep benchmark rates steady at its review this week, with policy makers preferring to ensure that inflation maintains its downward trend, analysts said in a BusinessWorld poll. Six out of 10 economists polled by BusinessWorld said the BSP is expected to leave rates untouched as its policy-making Monetary Board meets on Thursday, with the rest predicting another 25-basis-point (bp) reduction in benchmark yields. “I don’t see a rate cut for the BSP Monetary Board meeting this month. I think that the anticipated Read More…

  • By Jonathan L. Mayuga, June 18 2019; Business Mirror https://businessmirror.com.ph/2019/06/18/angat-level-dips-further-despite-rains/ Image Credit to Business Mirror AS the water level in Angat Dam continues to go down, the National Water Resources Board (NWRB) has appealed to Metro Manila’s consumers to conserve water for a little longer or until the effect of the “wet season” is strongly felt—hopefully, by the end of the month. To ensure that the supply coming from Angat Dam will last until fresh supply from the  rains comes in, the NWRB advised people to minimize the use of water flowing from the tap, and use harvested rainwater to Read More…

  • By Jasper Emmanuel Y. Arcalas & Bernadette D. Nicolas, June 18 2019; Business Mirror https://businessmirror.com.ph/2019/06/18/duterte-retains-tariff-on-chicken-mdm-at-5/ Image Credit to Business Mirror THE tariff on mechanically deboned meat (MDM) of chicken and turkey will remain at 5 percent until 2020 after President Duterte followed the recommendation of the National Economic and Development Authority (Neda) and signed Executive Order (EO) 82. As reported in the BusinessMirror (See, “‘EO on MDM tariff up for Duterte’s  signature,’” June 10, 2019), the issuance of the EO is expected to avert increases in the prices of processed meat products, which are popular among most low-income households. This is because Read More…

  • By Janina C. Lim, June 16 2019; Business World https://www.bworldonline.com/napocor-projects-in-palawan-qualify-for-expedited-approvals/ Image Credit to Business World THE Department of Energy (DoE) has designated Palawan capacity addition and transmission projects proposed by the National Power Corp. (Napocor) as energy projects of national significance (EPNS), a milestone that allows for expedited approvals for such projects. In a statement, Napocor said the DoE’s Energy Investment Coordination Council (EICC) granted the certificate to the Palawan island service delivery improvement projects which consisted of capacity additions to eight plants under the small power utilities group (SPUG) and the installation of new generating sets in 18 new Read More…

  • By Kimani Eros S. Franco, June 14 2019; Business World https://www.bworldonline.com/regional-inequality-narrows-in-2018-as-poorer-areas-grow-faster/ Image Credit to Philippine Star REGIONAL inequality in the Philippines eased in 2018 compared to 2016 and 2017, the Department of Finance (DoF) said in an economic bulletin on Friday, citing lower measures of variability in regional domestic product. It said the coefficient of variation of gross regional domestic product (GRDP) per capita fell to 0.788 in 2018 from 0.791 in 2016 and 0.795 in 2017, suggesting that laggard regions closed the gap with richer regions. The DoF said the overall narrowing of the gap was due to a Read More…

  • By Reicelene Joy N. Ignacio, June 14 2019; Business World https://www.bworldonline.com/bop-turnaround-continues-with-may-surplus/ Image Credit to Business Mirror THE Bangko Sentral ng Pilipinas (BSP) said it estimates that the balance of payments in May continued to reflect a surplus, of about $3.7 billion, continuing the turnaround from a deficit of $3.5 billion as recently as November. It added that the May estimate for BoP heralds an improvement in the domestic economy in the second half of the year. The May estimate represents a slight retreat from the nearly $3.8 billion surplus in the first quarter. “The development in the balance of payments Read More…

  • By Rea Cu, June 17 2019; Business Mirror https://businessmirror.com.ph/2019/06/17/cheap-loans-could-have-filled-infra-gap-dof/ Image Credit to Business Mirror THE past administration missed its opportunity to take advantage of low interest rates on loans in a time it could have addressed the country’s infrastructure gap by raising funds for its various programs and projects, the Department of Finance (DOF) said recently. Thus, the Duterte administration is taking a different tack, taking advantage of whatever opportunity is left to borrow at low, concessional rates by front-loading its borrowings and diversifying their sources to jump-start its ambitious “Build, Build, Build” (BBB) infrastructure modernization program, Finance Secretary Carlos Read More…

  • By Cai Ordinario, June 17 2019; Business Mirror https://businessmirror.com.ph/2019/06/17/govt-studies-p208-b-proposal-to-build-terminal-3-at-mactan-cebu-intl-airport/ Image Credit to Business Mirror An unsolicited Mactan-Cebu International Airport (MCIA) Terminal 3 project is now being evaluated by the National Economic and Development Authority (Neda), according to GMR Megawide Cebu Airport Corp. In a briefing in Cebu, GMR Chief Executive Adviser Andrew Acquaah-Harrison said the P208-billion extension involves the construction of a third terminal for the airport along with two runways and aircraft maintenance hangar. Harrison said the project will also feature an underground train network and entails a reclamation of 300 hectares of land. The details of the project Read More…

  • By Cecille Suerte Felipe, June 13 2019; Philippine Star https://www.philstar.com/headlines/2019/06/13/1925998/national-id-system-has-enough-safeguards Image Credit to Philippine Star MANILA, Philippines — Senate Minority Leader Franklin Drilon assured Filipinos that there are enough safeguards in the national ID law to protect their privacy, underscoring that the law’s main objective is to enhance the delivery of basic services to the public. Drilon made the statement to allay public fears as Malacañang announced that pilot testing of the national ID system would begin in September. As the principal author of the Philippines Identification System Act, Drilon said the law would ensure efficient delivery of services and Read More…

  • By Darryl John Esguerra, June 13 2019; Philippine Daily Inquirer https://newsinfo.inquirer.net/1129799/duterte-blasts-evil-party-list-system Image Credit to GMA News MANILA, Philippines—”This party-list (system), that’s one evil.” President Rodrigo Duterte issued the scathing remark  Wednesday night as he lamented the entry of millionaires in Congress through the party-list system, impairing its mandate to provide representation for the marginalized sectors. “Everyone involved there are the rich,” Duterte pointed out after the oath-taking of newly elected officials of Cagayan de Oro City. “The rich people fund the party-lists. They are named after laborers but the people behind it are the millionaires. So they stay in power Read More…

  • By Elijah Felice Rosales, June 11 2019; Business Mirror https://businessmirror.com.ph/2019/06/11/dti-to-tighten-ps-rules-rid-market-of-substandard-products/’ Image Credit to Business Mirror The Department of Trade and Industry (DTI) is tightening its standard certification procedures as part of efforts to rid the market of substandard products. In a draft Department Administrative Order (DAO), the DTI’s Bureau of Philippine Standards (DTI-BPS) will roll out a new Philippine Standard (PS) mark in the form of a holographic sticker. This will come with security features identifiable only by the government, the prescribed PS logo, a unique serial number and a quick response code. “For a more stringent control of the Read More…

  • By Denise A. Valdez, June 12 2019; Business World https://www.bworldonline.com/ltfrb-wont-ease-driver-norms-for-ride-sharing-industry/ Image Credit to Business World THE Land Transportation Franchising and Regulatory Board (LTFRB) said it will not ease its accreditation requirements to deal with a potential shortage of ride-share drivers, despite appeals to temporarily allow transport network vehicle service (TNVS) operators with pending documents to stay on the road. In a joint statement with the Department of Transportation (DoTr) Wednesday, the LTFRB said its application process for TNVS is “imperative for the safety and security of the riding public.” “The DoTr-LTFRB does not wish to deprive applicants of opportunities for Read More…

  • By Arra B. Francia, June 13 2019; Business World https://www.bworldonline.com/sec-targets-to-release-ico-rules-later-this-year/ Image Credit to Business World THE Securities and Exchange Commission (SEC) is optimistic it can come out with the guidelines for initial coin offerings (ICO) this year as it hopes to regulate the number of businesses using this method to raise money. SEC Chairperson Emilio B. Aquino earlier said they will release the approved rules and regulations for ICOs within the second quarter, but noted they encountered other problems that caused the delay. “We want that out already because these are additional products. But at the same time angconcern namin (our concern is), Read More…

  • By Janina C. Lim, June 13 2019; Business World https://www.bworldonline.com/reforms-eyed-to-boost-fdi-inflows/ Image Credit to Philippine Star FOREIGN direct investments (FDI) inflows to the Philippines dropped in 2018 even as most Southeast Asian countries saw gains that pushed the region’s overall haul for the year to an all-time high. While admitting that challenges to the Philippines’ investment environment persist, Trade Secretary Ramon M. Lopez said the government is pushing reforms to make the country more attractive to foreign investors. The United Nations Conference on Trade and Development’s (UNCTAD) 2019 World Investment Report on special economic zones showed FDI flows to Southeast Asia Read More…

  • By GMANews, June 13 2019 https://www.gmanetwork.com/news/news/nation/697524/malacanang-calls-for-probe-of-recto-bank-incident-sanction-on-chinese-crew/story/?headline Image Credit to Philippine Star Malacañang on Wednesday called for an investigation into the sinking of a Filipino fishing boat following a collision with Chinese vessel off Recto Bank in the West Philippine Sea and the imposition of sanctions against the Chinese crew. “We call on the appropriate Chinese authorities to probe the collision and impose the proper sanctions to the Chinese crew,” said presidential spokesperson Salvador Panelo. He added that appropriate government agencies have already extended assistance to the 22 Filipino crew on board FB Gimber 1, who were rescued at sea by Read More…

  • By Karl Angelo N. Vidal, June 11 2019; Business World https://www.bworldonline.com/foreign-direct-investments-fall-in-march/ Image Credit to Pixabay FOREIGN direct investments (FDI) declined to a four-month low in March, dragged by lower equity capital flows amid global uncertainties, the Bangko Sentral ng Pilipinas (BSP) reported on Monday. FDI net inflows dropped 13.9% to $586 million in March from the $681 million recorded in the same month last year, central bank data showed. This was the lowest net inflow in four months or since November 2018’s $535 million. The BSP attributed the decline to the 66.2% drop in net equity capital investments to $107 Read More…

  • By Elijah Felice Rosales, June 11 2019; Business Mirror https://businessmirror.com.ph/2019/06/11/pcci-asks-government-bodies-to-address-investors-fears-on-red-tape-graft/ Image Credit to Business Mirror THE country’s largest business network on Monday called on local and national government agencies to improve their good governance measures to attract larger investments to the Philippines. In a statement, the Philippine Chamber of Commerce and Industry (PCCI) said government bodies must elevate good governance initiatives to better the country’s competitiveness ratings in surveys. The PCCI lamented that investors continue to worry about corruption and red tape in the Philippines, causing many of them to hesitate in pouring in capital. PCCI Chairman George T. Barcelon Read More…

  • By C ai Ordinario, June 11 2019; Business Mirror https://businessmirror.com.ph/2019/06/11/japan-more-receptive-to-slashing-tariffs-on-phl-bananas-pinol/ Image Credit to Business Mirror MANILA is seeing light at the end of tunnel with regard to its request for lower tariffs on bananas shipped to Japan as Tokyo is now more receptive to it, according to Agriculture Secretary Emmanuel F. Piñol. Piñol said on Monday that this may be due to the decision of Manila to lift the seven-year-old import ban on Cherry Salmon, Sand Lance, Japanese Dace and Ayu from Fukushima. “I noticed the softening of the stance of the Japanese government [on the Philippine request for lower Read More…

  • By Matthew Reysio-Cruz, June 10 2019; Philippine Daily Inquirer https://newsinfo.inquirer.net/1128387/public-school-teachers-debts-rose-to-p319b-in-2-years-deped Image Credit to Philippine Star MANILA, Philippines — Public school teachers owe a combined debt of at least P319 billion, an increase of P18 billion in just over two years, according to the Department of Education (DepEd). The figures provided by the DepEd include P157.4 billion owed by teachers to the Government Service Insurance System (GSIS) as of May 29 and P162 billion in outstanding loans to accredited private lenders as of June 6. In October 2017, Education Secretary Leonor Briones said that at the end of the previous year, teachers Read More…

  • By Julie M. Aurelio, June 10 2019; Philippine Daily Inquirer https://newsinfo.inquirer.net/1128390/duterte-open-to-purchase-us-weapons-again Image Credit to Financial Times MANILA, Philippines — President Rodrigo Duterte had a change of heart about not buying defense equipment from the United States. Speaking in a television interview in Davao City on Saturday, the President said he would reconsider and buy certain types of US military hardware because of a “new policy” of the United States and his fondness for US President Donald Trump. “Well, America has been helpful. In the purchase of arms, we have a bad experience. But they have a new policy now. We’re Read More…

  • By Paolo Romero, June 10 2019; Philippine Star https://www.philstar.com/headlines/2019/06/10/1925175/opposition-senators-chair-committees Image Credit to Philippine Star MANILA, Philippines — Senators from the minority bloc are assured of getting committee chairmanships as the chamber undergoes reorganization for the 18th Congress, Senate President Vicente Sotto III said yesterday. Sotto said he intended to meet with Senate Minority Leader Franklin Drilon in the coming days to discuss which committees the opposition bloc could chair even as he stressed that he does not dictate what will be assigned to each senator. “I will go out of my way to talk to them because, for all you know, they might like Read More…

  • By Charmaine A. Tadalan, June 10 2019; Business World https://www.bworldonline.com/more-economic-measures-pushed/ Image Credit to Philippine Star THE 17TH CONGRESS, which closed its third and last regular session on Tuesday, passed an “acceptable” number of laws, key officials of business chambers said, but noted the lack of measures on economic liberalization. Business leaders, in separate interviews, commended the 17th Congress for passing “landmark legislation,” but pushed for other measures to increase investments and boost the economy. “Overall, I think the number of laws that have been passed is acceptable. The laws passed are slightly higher than the 16th Congress, but much lower than the 15th,” Read More…

  • By Ma. Stella F. Arnaldo, June 10 2019; Business Mirror https://businessmirror.com.ph/2019/06/10/a-year-later-investigators-still-reviewing-anomalous-projects-at-tourism-agencies/ Image Credit to Philippine Star A year after Wanda Corazon Tulfo-Teo and actor Cesar Montano were asked to resign for alleged anomalies committed while at their respective government posts, efforts to charge anyone directly responsible for questionable projects and recover millions in pesos in taxpayers’ money appear to have been stymied. Tulfo-Teo was told to step down as secretary of the Department of Tourism (DOT) and Montano as chief operating officer of the Tourism Promotions Board (TPB). Edwin R. Enrile, undersecretary for legal and special concerns and chief of Read More…

  • By Bianca Cuaresma, June 10 2019; Business Mirror https://businessmirror.com.ph/2019/06/10/bsp-eyes-more-bilateral-pacts-with-asian-peers/ Image Credit to Business Mirror THE Bangko Sentral ng Pilipinas (BSP) is set to explore more bilateral relations with greater Asia, its chief said, citing the benefits of recent bilateral partnerships with other central banks in Southeast Asia. Guesting at the BusinessMirror Coffee Club in Makati City on Friday, Governor Benjamin Diokno said they are particularly looking to sign more bilateral agreements with their counterpart monetary authorities in China, Japan and South Korea. This, after the Philippines reaped the benefits from recent regional bilateral agreements among member-countries of the Association of Southeast Read More…

  • By Lee C. Chipongian, June 6 2019; Manila Bulletin https://business.mb.com.ph/2019/06/06/diokno-expects-ph-a-credit-status-in-two-years/ Image Credit to Bloomberg.com The Philippines may finally acquire its highest “A” sovereign credit score by 2021 where its ROP bonds and other issuances will be more attractive to global investors looking for manageable risks, according to the highest ranking Bangko Sentral ng Pilipinas (BSP) official. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno. (Bloomberg) “I think an upgrade to ‘A’ level is possible in two years’ time. That’s our target,” BSP Governor Benjamin E. Diokno said. The global rating agencies primarily the “Big Three” such as Standard & Read More…

  • By Rea Cu, June 7 2019; Business Mirror http://businessmirror.com.ph/2019/06/07/99-9953-accuracy-in-random-manual-audit/ Image Credit to Business World THE Random Manual Audit Committee (RMAC) has reported that it is already finished with the manual audit of ballots from its sample size of 715 clustered precincts for the 2019 midterm elections, reporting an overall accuracy rate of 99.9953 percent. Commission on Elections (Comelec) Commissioner Luie Tito F. Guia said that the random manual audit (RMA) originally slated for 715 cluster precincts was narrowed down to 711 cluster precincts, as four cluster precincts failed to be included in the audit. He said that one clustered precinct Read More…

  • By Vincent Mariel P. Galang, June 6 2019; Business World https://www.bworldonline.com/japan-firms-mango-order-to-help-ease-oversupply-pressures-on-farmers/ Image Credit to Business World/Diamond Star Agro Products, Inc. A JAPANESE COMPANY, fruit packer Diamond Star Corp., has expressed interest in importing 100 metric tons of mango, Agriculture Secretary Emmanuel F. Piñol said, an order which is expected to help address oversupply conditions after an El Niño-fueled bumper crop. In a social media post, Mr. Piñol said Diamond Star, which has been importing papayas, pineapple, mango, bananas and turnips from the Philippines, signalled its plans to the Agriculture attache in Tokyo, Samuel Animas, this week.” “This deal (comes) in Read More…

  • By Gillian M. Cortez, June 6 2019; Business World https://www.bworldonline.com/dost-to-allow-non-stem-grade-12-students-to-apply-for-tech-scholarships/ Image Credit to Philippine News Agency GRADE 12 STUDENTS in non-science, technology, engineering, and mathematics (STEM) tracks will now be permitted to apply for the government’s science and technology (S&T) scholarships. In a statement Thursday, the Department of Science and Technology-Science Education Institute (DoST-SEI) said applications for the 2020 Undergraduate Scholarships Program are now open to graduating senior high school students. DoST-SEI added: “Application is open to students in the STEM strand but non-STEM students may also apply provided they belong to the top 5% of their graduating class.” Applicants Read More…

  • By Reicelene Joy N. Ignacio, June 6 2019; Business World https://www.bworldonline.com/under-control-inflation-to-boost-q2-investment-fmic-uap/ Image Credit to Business World INCREASED investment and consumer spending are expected in the second quarter with the taming of inflation and the acceleration of government spending, according to The Market Call published by the FMIC & UA&P Capital Markets Research. “The expected ramp-up in infrastructure and other NG (national government) expenditures should facilitate a rebound in Q2. Softer upticks in prices of key commodities, likewise, will provide extra boost,” according to the report. “We think that the downtrend in headline inflation and cuts in the BSP (Bangko Sentral Read More…

  • By Recto Mercene & Jonathan L. Mayuga, June 7 2019; Business Mirror https://businessmirror.com.ph/2019/06/07/pinoy-diplomats-posted-abroad-can-do-better-economical-job-locsin/ Image Credit to Business Mirror Foreign Affairs Secretary Teodoro L. Locsin Jr. clarified on Thursday that the Philippines will still have a voice in climate-change forums abroad but will stop sending delegates from Manila, as diplomats posted in foreign embassies could do the job, and save on airfare. He stressed that NGOs are not being barred from attending these forums, as long as they do so at their own expense. “In my watch, we will depend mostly on our foreign posts. They are in situ and must Read More…

  • By Edu Punay, June 5 2019; Philippine Star https://www.philstar.com/nation/2019/06/05/1923666/junjun-binay-permanently-barred-holding-office-ca Image Credit to Philippine Star NILA, Philippines — The Court of Appeals (CA) has upheld the order of the Office of the Ombudsman in 2017 dismissing former Makati City Mayor Jejomar Erwin “Junjun” Binay Jr. from service and perpetually disqualifying him from holding public office. The administrative case involves the P1.3-billion Makati Science High School (MSHS) building. In an 88-page decision promulgated last May 28, the 8th division of the appellate court affirmed the Ombudsman’s finding of guilt against Binay in the administrative cases of serious dishonesty, grave misconduct and conduct Read More…

  • By Orlando B. Dinoy, June 2 2019; Philippine Daily Inquirer https://newsinfo.inquirer.net/1125792/mt-apos-manobo-tribe-gets-royalty-from-power-plants-operation Image Credit to Philippine Daily Inquirer KIDAPAWAN CITY, Cotabato, Philippines — With tribe leaders imploring their ancestors to bless the project site for the next quarter century, the Manobo people at the foot of Mt. Apo have allowed a power company to continue operating two geothermal plants in their ancestral domain. In exchange for royalty from the company’s operation, the Manobo tribe granted Energy Development Corp. (EDC) free rein to tap geothermal energy in the area for the next 25 years, or until 2044. The right to operate at Read More…

  • By Reicelene Joy N. Ignacio, June 4 2019; Business World http://www.bworldonline.com/finance-dept-sets-2022-target-date-for-rolling-out-e-invoicing-system/ Image Credit to Business World THE Department of Finance (DoF) hopes to fully implement the electronic invoicing system by December 2022, resulting in administrative savings for the government and streamlining of tax processes, the Department of Finance said. “Progress has been made in modernizing information technology services for taxpayers. However, further reforms are needed. The Bureau of Internal Revenue (BIR), in partnership with the government of Korea, is set to complete the development of the e-invoicing system by end-2022,” DoF Assistant Secretary Antonio Joselito G. Lambino II said in Read More…

  • By  Tyrone Jasper C. Piad, June 5 2019; Manila Times https://www.manilatimes.net/ease-of-doing-biz-in-ph-backed/564726/ Image Credit to Business World The Board of Investment (BoI) and 33 other members of the Investment Promotion Unit Network (IPUNet) are joining hands to enhance the ease of doing business (EoDB) in the country. In a statement on Tuesday, the attached agency of the Department of Trade and Industry (DTI) said the parties will formalize the cooperation during the signing of the memorandum of agreement (MOA) on July 10. BoI said they have “finalized the contents of a MOA that is seen to further improve the ease of Read More…