Home 2019 January 11

Daily Archives: January 11, 2019 | 7:24 pm

Foreign direct investments continue to drop in October

FOREIGN investments to the Philippines sustained a three-month slide in October, the central bank reported on Friday, casting doubt on forecasts of another banner year amid a slump in sentiment.

BSP downplays effect of Hanjin default on banking industry

LOCAL banks’ exposure to embattled firm Hanjin Heavy Industries and Construction Philippines (HHIC-Philippines) is “negligible,” a senior central bank official said, noting that local lenders are well-placed to weather these loan defaults.

Duterte tops Pulse Asia trust ratings survey

PRESIDENT Rodrigo R. Duterte remains the most trusted among the four top national officials, according to Pulse Asia’s December 2018 Nationwide Survey on the performance and trust ratings of key government officials.
Antonio F. Trillanes IV

Trillanes charged with making grave threats

EMBATTLED opposition Senator Antonio F. Trillanes IV is facing yet another court case — this time he has been charged with threatening a government official.

Estrella-Pantaleon bridge closure reset to Jan. 19

THE Metropolitan Manila Development Authority (MMDA) announced that the Estrella-Pantaleon Bridge which links Makati City and Mandaluyong City will be closed starting on Jan. 19 for three years of reconstruction.

PNP, AFP ordered to secure the BOL plebiscite, elections

PRESIDENT Rodrigo R. Duterte has called on the Philippine National Police (PNP) and the Armed Forces of the Philippines (AFP) to secure the upcoming plebiscite to ratify the Bangsamoro Organic Law (BOL) and the National and Local Elections (NLE).

Gov’t gaining grounds vs Reds — DILG

THE government is gaining ground against the communist insurgency as the number of rebels continues to decline, said Department of Interior and Local Government Secretary Eduardo M. Año.

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Anti-Corruption Commission gets anti-red tape recommendatory powers

PRESIDENT Rodrigo R. Duterte has signed an executive order mandating the Presidential Anti-Corruption Commission (PACC) to recommend complaints of violations of the Anti-Red Tape Act to the Anti-Red Tape Authority (ARTA).

President Duterte appoints Ramos-Samaniego as BoI governor

PRESIDENT Rodrigo R. Duterte has appointed Board of Investments (BoI) Management Service Group OIC-Executive Director Marjorie O. Ramos-Samaniego as BoI governor.
Benjamin E. Diokno

Salary increase for gov’t workers seen by February

GOVERNMENT WORKERS can expect to receive higher salaries next month as the 2019 budget is expected to be signed into law, the country’s Budget chief said, adding that succeeding pay hikes will be revealed later this year.

PSALM bids out MTPP property in Manila

THE Power Sector Assets and Liabilities Management Corp. (PSALM) is once again bidding out the property of Manila Thermal Power Plant (MTPP) located along the Pasig River in Isla de Provisor, Paco Manila.

Thailand appeals WTO ruling over cigarette imports

THE World Trade Organization (WTO) said on Friday Thailand is appealing the decision by a dispute panel that determined the country failed to comply with the WTO ruling against its regulations on cigarette imports.

Dennis Uy-led firm, CNOOC get go-signal for LNG terminal

PHOENIX Petroleum Philippines, Inc. looks to break ground for its liquefied natural gas (LNG) facility with partner China National Offshore Oil Corp. (CNOOC) this year, after securing the energy department’s go-signal.
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Generic drugmakers seen to benefit from UHC law

HEALTHCARE providers and generic drugmakers are seen to benefit from the passage of the universal health coverage (UHC) bill in the country, as more Filipinos will now have better access to health services.

AirAsia to open new routes from Kalibo to China

PHILIPPINES AirAsia, Inc. is launching new routes from the Boracay gateway that will link to three destinations in China: Chengdu, Kunming and Macau.

Peso rallies to new eight-month high

THE PESO sustained its rally on Friday to log its best showing in eight months, riding on a weaker dollar due to dovish comments from the US Federal Reserve.

Stocks fall as banks take hit from Hanjin default

SHARES fell on the last trading day of the week as investors turned cautious on the banking sector after news of Korean firm Hanjin’s $412-million loan default from five of the country’s largest banks.

Moody’s flags rising political risk

“POLITICAL POSITIONING” ahead of elections -- as signaled by delayed approval of the proposed 2019 national budget and several tax reforms -- could dampen Philippine growth prospects, Moody’s Investors Service said.

Philippine trade year-on-year performance (November 2018)

SOFTENING MERCHANDISE TRADE in November put an end to the country’s five straight months of export growth and pulled import growth down to single-digit level, the Philippine Statistics Authority (PSA) reported on Thursday.

Exports drop, imports slow in November; trade gap grows

SOFTENING MERCHANDISE TRADE in November put an end to the country’s five straight months of export growth and pulled import growth down to single-digit level, the Philippine Statistics Authority (PSA) reported on Thursday.
Federal Reserve Bank of New York 1

Former RCBC branch manager convicted for money laundering in Bangladesh central bank heist

A MAKATI CITY court on Thursday convicted former Rizal Commercial Banking Corp. (RCBC) branch manager Maia Santos-Deguito of eight counts of money-laundering involving $81 million stolen from Bangladesh Bank’s account with the Federal Reserve Bank of New York in February 2016.
BSP calling card

BSP further eases FX transaction rules

THE CENTRAL BANK has announced fresh easing of foreign exchange (FX) transaction rules, which include simpler documentary requirements for investments involving currency trades.
road works Infrastructure

Nov. infrastructure spending, other capital outlays surge

NATIONAL GOVERNMENT disbursements on infrastructure and other capital outlays saw “solid numbers” in November, nearly reaching the full-year program.

MMFF 2018 breaks box office record

THE 44th Metro Manila Film Festival drew to a successful close on Jan. 7, with the festival’s chairman announcing that they had not only surpassed last year’s gross but also recorded the highest ever take in the film festival’s history.

Sweet as a spoonful of sugar

Now that’s what I call a fantastic follow-up of a pop-in.

Tribute concert set in honor of new National Artist Ryan Cayabyab

SOME OF the best singers in the Philippines will pay tribute to newly minted National Artist for Music Raymundo “Ryan” Cayabyab on Jan. 18 at the Globe Auditorium of the Maybank Performing Arts Theater in Bonifacio Global City (BGC).

Costume drama The Favourite leads BAFTA awards nominations

LONDON — The Favourite led the nominations for the British Academy of Film and Television Arts (BAFTA) awards on Wednesday, with 12 nods for the costume drama that has already won its leading actress Olivia Colman critical acclaim and several prizes.

The immortal story

ORSON WELLES died in October 1985; his latest film, The Other Side of the Wind, was released in November 2018.

TV5 president confident network can break even in 2019

TV5 Network, Inc. reduced its losses by as much as 30% in 2018, according to its president Vincent P. Reyes.

What to see this week

3 films to see on the week of January 11 - January 17, 2019

AC Health to boost expansion of FamilyDoc clinics

THE health care unit of Ayala Corp. (AC) looks to end the year with more than 80 FamilyDoc clinics, as it continues to be on the lookout for partnerships to expand its existing facilities.
wage protest

Inflation-ravaged 2018 shakes faith in regional wage-setting

FOR NEARLY three decades, wages in the Philippines were set by region, a practice which has been questioned after inflation averaged 5.2% in 2018, thereby eroding the spending power of workers faster than the system could keep up.

Your Weekend Guide (January 11, 2019)

THE Smart Araneta Coliseum in Cubao, QC, hosts the Philippine Circuit Show 2019 from Jan. 10 to 13.
Pilipinas Shell

Shell stations start collecting higher fuel taxes — Energy dep’t

PILIPINAS Shell Petroleum Corp. has adjusted the prices of the petroleum products it is selling to reflect the implementation of the higher excise and value-added taxes under the Tax Reform for Acceleration and Inclusion, or TRAIN law.

Metrobank expects ‘consistent’ growth

METROPOLITAN Bank & Trust Co. (Metrobank) expects its growth to be “consistent” this year compared with 2018 as it draws strength from the economy’s expansion.
architecture buildings black and white

Professionals growing at over 5% annually

THE growth in the number of registered professionals exceeded 5% between 2010 and 2016, led by teachers, the largest contingent of workers required to pass board examinations, the labor department said.

Judd’s claim vs Weinstein dismissed

LOS ANGELES — A federal judge in Los Angeles on Wednesday dismissed actress Ashley Judd’s sexual harassment claim against movie producer Harvey Weinstein but said she could proceed with a defamation claim against him.

Victorias profit rises 74% in Q1

VICTORIAS Milling Company, Inc. (VMC) grew its attributable profit by 74% in its first quarter ending November 2018, driven by higher sugar prices even as volumes of sugar sold declined.

Merger of Philippine Business Bank, ISBI likely to be completed by June

THE MERGER of Philippine Business Bank (PBB) and Insular Savers Bank, Inc. (A Rural Bank) (ISBI) is expected to be completed within six months following the central bank’s approval of the transaction.

M. Night Shyamalan merges storylines in Glass

LONDON — M. Night Shyamalan, the director known for his film-ending twists, brought his latest offering to London on Wednesday, comic book thriller Glass — a tale merging two of his previous movies.

ATI acquires new cranes for Batangas Port expansion

ASIAN Terminals, Inc. (ATI) said on Thursday it is expanding the Batangas Container Terminal (BCT) with the deployment of additional modern equipment.

Rediscount borrowings surge on funding needs

MORE BANKS turned to the central bank to avail of short-term loans in 2018, with the figure surging compared to a year ago due to higher funding needs for investments.
Jaguar Land Rover

Jaguar Land Rover to cut thousands of UK jobs after China, diesel slump

LONDON Britain’s biggest carmaker Jaguar Land Rover (JLR) is set to announce “substantial” job cuts in the thousands, a source told Reuters, as the company faces double-digit drops in demand in China and a slump in sales for diesel cars in Europe.

Margot Robbie to play Barbie in live action film

LOS ANGELES — Australian actress Margot Robbie is to play Barbie in the first live-action feature movie about the iconic and controversial doll, who has enjoyed multiple careers in her 60-year lifetime.

Having an overstaffed work force without knowing it

I’m the owner of a fast-growing restaurant business. We opened our third branch last year and we’re looking forward to having seven branches this year. That’s why we keep on hiring new workers from all sources just to fill the vacancies as demanded by each branch. Now, each branch is averaging more than 30 workers each, including the chefs, cashier, and branch head. And yet, our overhead expenses have also increased due to overtime payments made to people who are forced to work as many as 16 hours a day, which to me is impossible to do. I can’t understand what’s happening; no matter how we increase the number of workers for each branch, we still encounter excessive overtime work and other manpower-related expenses for each branch. Could you please tell us what’s wrong? -- Losing It.