Home 2019 June 24

Daily Archives: June 24, 2019 | 9:37 pm

Rising welfarism, rising taxes

Among the factors given why President Duterte’s Senatorial bets won and shut out the opposition in the May 2019 Senatorial elections were: a. high popularity of the President; b. high visibility of his build-build-build programs; c. reduction in inflation in 2019; and, d. failure of the opposition to convince voters that they are the “right group to lead the charge.”

Slam of party-list system a mere sham

“The party-list system has become one evil,” bewailed President Rodrigo R. Duterte at the oath taking of the newly elected officials of Cagayan de Oro City on June 13. He accused the rich of using their money to insert themselves into Congress. “They (party-lists) are named after laborers, but their nominees are millionaires,” said he.

Water woes

Metro Manila and adjoining provinces are facing rotating water service interruptions again despite the onset of the rainy season.

Out of the loop

THE system that allows for working outside the office is able to keep everyone in the loop, even when they’re out of town. The chat groups are not turned off for vacations. They continue in their different clusters and work groups, which sometimes include clients.

Federal but not in name

ONE of the very first matters discussed by the 1986 Constitutional Commission was the form of government well-suited for Filipinos after two decades of authoritarian rule. A query by the sublime constitutionalist, Fr. Joaquin G. Bernas, SJ, is particularly relevant to us now, to wit:

Tax haul from more inshore fishing seen at P24B

THE Bureau of Fisheries and Aquatic Resources (BFAR) said fishermen should make more use of inshore, municipal waters to boost the government’s ability to tax and modernize the industry.

Indonesia deficit to be plugged with produce, auto parts exports

THE Department of Trade and Industry (DTI) is looking into narrowing the trade deficit with Indonesia by exporting more agricultural commodities and car parts.
Department of Trade and Industry (DTI) logo

DTI launches capacity-building program for Iloilo MSMEs

THE DEPARTMENT of Trade and Industry (DTI) in Iloilo said it launched a capacity-building program for small entrepreneurs at the barangay level.

New Clark City golf, hotel project to undergo Swiss challenge

THE Bases Conversion and Development Authority (BCDA) said it will initiate a Swiss challenge this week for a golf and mountain resort project in New Clark City, BCDA President and CEO Vivencio B. Dizon said.

NPO found to have outsourced printing jobs without valid contracts

THE Commission on Audit (CoA) said the National Printing Office (NPO) conducted unauthorized transactions last year amounting to P121 million, and improperly recorded outsourced printing agreements as equipment leases.

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Freedom from past tax burdens — a work in progress

As we are celebrating Philippine Independence this month, I can recall several kinds of freedom. For Filipinos, June 12 is a commemoration of our freedom from being ruled by another nation. Another type of freedom is for young upon reaching the legal age, at which point they can make their own choices. Freedom can also be viewed in the context of moving on from a failed relationship. For the taxpayers’ perspective, freedom would mean liberation from tax burden; and it is fitting to mention that, early this year, a law was passed to set free the taxpayers from the past tax deficiencies.

San Miguel seeks to shape up as it forges ahead of campaign

DOWN to their last six games in the elimination round of the Philippine Basketball Association Commissioner’s Cup, the San Miguel Beermen look to make the most of it and put themselves a situation to advance to the next round.

Ceres out to do better in 2nd leg of AFC Cup ASEAN zone semis

HELD to a 1-1 draw in the first leg of the two-legged AFC Cup ASEAN Zone semifinals last week, Ceres-Negros FC is out to do better and get the job done against Hanoi FC in the return match today in Vietnam.

Government, public sector kick off support for athletes, para athletes in first-ever unity walk

THE Philippine Olympic Committee (POC) and the Philippine Paralympic Committee (PPC) joined forces Saturday, June 22 at the College of Science Oval in UP Diliman to stage a unity event among various sports sectors to prepare for the coming Southeast Asian Games later this year and the ASEAN Para Games in 2020.

Jomary Torres confident of ending skid in KL event

JOMARY “The Zamboanginian Fighter” Torres is highly-determined to get back to the winner’s circle at ONE: Masters of Destiny on July 12 against Malaysian hometown hero Jihin “Shadow Cat” Radzuan.

Four Filipinos part of Asia-Pacific team to Jr. NBA Global Championship in Florida

FOUR Filipinos will be part of the team from Asia-Pacific that will see action at the Jr. NBA Global Championship in Orlando, Florida, in August.

Green Archers United moves up the standings

PHILIPPINES Football League newbie Green Archers United FC climbed up the standings of Season 3 after getting three full points off a 3-0 victory over Philippine Air Force FC in league action on Sunday at the Biñan Football Stadium in Laguna.

2019 Asian Championship

Vietnamese GM Le Quang Liem won the Asian Continental Championship by beating the leader S. P. Sethuraman of India in the last round to clinch first place in Xingtai, a city in the province of Hebei, Northern China (“bei” is Chinese for North. Beijing is “Northern Capital,” Hebei is “North of the River,” etcetera).

Happy Murray

When Andy Murray announced his impending retirement from tennis in early January, there was ample reason to lament the loss of a player who made significant strides on and off the court. If there was universal disappointment in his departure, it underscored the degree of respect for his competitiveness with a racket in hand and his status as an ambassador for the sport. He wasn’t perfect, but if he had fits under pressure, he directed it mostly to himself in an outward reflection of his demanding nature; he knew the extent of his talent, and lashed out demonstratively when he couldn’t translate potential to practice.

Exploration ban must stay until collision solved

IT IS not the right time yet for President Rodrigo R. Duterte to lift the moratorium on exploration and drilling works at the Recto Bank or Service Contract (SC) 72 in the West Philippine Sea, analysts said on Monday, noting that the government should settle first the June 9 collision incident in the area.
PSE bells

PSE index inches higher ahead of US-China talks

THE MAIN INDEX eked out gains on Monday as investors remained cautious ahead of Washington and Beijing’s discussions on their trade relations.

Peso climbs to new one-year high

THE PESO strengthened further against the dollar to hit a fresh one-year high on market optimism ahead of the trade negotiations between the United States and China.

PNP-HPG supports Angkas services; offers driver drills

THE PHILIPPINE National Police-Highway Patrol Group (PNP-HPG) has expressed support to motorcycle-hailing firm Angkas (DBDOYC, Inc.), which is planning to launch its six-month test run within this month following a green-light from government.

DFA revising rules on diplomatic passports

FOREIGN AFFAIRS Secretary Teodoro L. Locsin, Jr. has asserted that cancelling the diplomatic passports extended to former secretaries of the Department of Foreign Affairs (DFA) is not unlawful, as opposed to the claim of Albert F. del Rosario.
Francisco T. Duque

Nationwide round-up

THE PHILIPPINE Trade Training Center (PTTC) announced on Monday that it will hold a series of workshops for local entrepreneurs during the Micro, Small, and Medium Enterprise (MSME) Week in July and ink agreements to further strengthen some local markets.

Inayawan landfill rehab still awaiting council nod

QUESTIONS OVER the Safe Closure and Rehabilitation Plan (SCRP) for the Inayawan Sanitary Landfill in Cebu City remain pending as the current city council is about to end its term this month.

5-minutes from Cubao to Makati? Possible, says HPG

PRESIDENT RODRIGO R. Duterte’s pronouncement that he wants to reduce the travel time from Cubao to Makati, a distance of about 10 kilometers, is possible, according to the head of the Philippine National Police-Highway Patrol Group (PNP-HPG).

Davao Oriental gov’t sets up task force vs investment scams

THE DAVAO Oriental government has created a body that will run after illegal investment schemes preying on the province’s residents. Gov. Nelson L. Dayanghirang, in a statement, said the Provincial Task Force on Investment Schemes will conduct investigations and possibly file charges against those behind the scams.

DFA authentication services now available at Davao City office

THE DEPARTMENT of Foreign Affairs (DFA) has opened its first authentication center in Mindanao at the Davao City office. The authentication center corresponds with...

Nation at a Glance — (06/25/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

An ever-evolving Manila

Today, June 24, marks the 448th founding anniversary of the City of Manila. Early this month, Malacañang declared this day a special non-working holiday...

Security risks top of mind in ASEAN

HEADS of state of the Association of Southeast Asian Nations (ASEAN) meeting in Bangkok, Thailand on Sunday led off the ASEAN Leaders’ Vision Statement on Partnership for Sustainability with pledges to “strengthen defense cooperation to tackle traditional and non-traditional security challenges”; “enhance strategic dialogue and promote practical cooperation on regional defense and security issues”; “reaffirm the importance of maintaining and promoting peace, security, safety and freedom of navigation in and overflight above the South China Sea”; promote guidelines to avert “unplanned encounters at sea”; to “combat terrorism in all its forms” and to “enhance cybersecurity cooperation” besides a host of more general resolutions in the economic, social and cultural spheres.

China no match for Japan in infra race

SINGAPORE -- Japan is still winning the Southeast Asia infrastructure race against China, with pending projects worth almost one and a half times its rival, according to the latest data from Fitch Solutions.

New trade patterns unfold as ‘rule-maker’ China rises

HONG KONG’S Maritime Museum gives a glimpse of China’s trading prowess in the centuries when seafaring was the order of the day, and how its rules back then controlled foreign merchants.

DoubleDragon readies assets for REIT offer

DOUBLEDRAGON Properties Corp. is anchoring its next stage of growth on the hospitality and industrial sectors, after it completes its target of having 1.2 million square meters (sq.m.) in gross floor area involving mall, office, hotel and industrial space by next year.

Extractives data: How can transparency stimulate domestic resource mobilization?

LET us be clear about an implicit assumption about the work of the Extractive Industries Transparency Initiative (EITI): Its objective goes beyond transparency of revenues, contracts, and ownership. Neither is the objective limited to generating domestic resources, done in a transparent way. The EITI’s distinct contribution is to promote revenue, contract, and ownership transparency, which in turn is a necessary condition to finance and build development, anchored on fairness, equity, and sustainability.

Vox populi

I am pleased to share with readers the political section of a primarily macroeconomic and financial quarterly report my colleague, Christine Tang, and I wrote last month for GlobalSource Partners (globalsourcepartners.com). GlobalSource Partners is a New York-based network of international analysts whose client subscribers are mostly international banks and asset managers.

The REIT thing at the right time

A REIT -- or Real Estate Investment Trust -- is a 33%-publicly owned listed company which uses pooled funds of investors to purchase, lease, re-sell, and manage income-generating real estate assets such as malls, offices, condominiums, warehouses, and other infrastructure. The REIT Law of 2009 that formally established the REITs is meant to help develop and democratize the capital markets, with prospects for even the small investors to earn regular income and long-term capital appreciation, much like participating in mutual funds.

Right time to invest in Metro Manila property?

A part from being an economist and columnist for this paper, I am also a business owner of a medium-sized food group and a country head of an American multi-national firm. Like many involved in the food business and investments, 2017 and 2018 were good years for us. The favorable business conditions in our industries is something we are grateful for and do not take for granted.

PAL urged to drop Europe flights

PHILIPPINE Airlines (PAL) must cut down its widebody fleet to help it reduce low-yielding routes from its long haul operations, particularly to Europe and North America, an aviation think tank said.

Chelsea investing $34 million in two new ships

CHELSEA Logistics and Infrastructure Holdings Corp. is investing around $34 million (about P1.7 billion) for the acquisition of two new ships this year, which will be used to boost its existing passenger routes and open new ones.

Spring flowers inspire LV menswear collection

PARIS -- Louis Vuitton unveiled its latest menswear collection on Thursday, using a picture-postcard scene of Paris as the backdrop for models parading in pastel colors and flowery statement pieces that evoked the joys of spring.

AEV banks on recovery of power business to drive profit higher

ABOITIZ Equity Ventures, Inc. (AEV) is banking on the recovery of its power business to push earnings higher this year, after it saw a 27% profit decline in the first quarter.

Livestock trade show moved to 2020 amid swine fever fears

THE LIVESTOCK Philippines trade show has been postponed to 2020 at the request of the industry and the Department of Agriculture amid fears the exhibition may serve as a vehicle for spreading African Swine Fever (ASF), organizers said.