Home 2019 July 1

Daily Archives: July 1, 2019 | 11:08 pm

BSP

BSP estimates 6% GDP growth in 2nd quarter

THE Bangko Sentral ng Pilipinas (BSP) estimates that the economy grew about 6% in the second quarter on the back of government spending and low inflation.

BI restricts special work permits to foreigners in 14 occupations

THE Bureau of Immigration (BI) said its new guidelines on granting temporary work permits to foreign nationals prioritizes 14 categories for the issue of Special Working Permits (SWPs), including athletes, performers, and persons with special abilities.
Bureau of Internal Revenue (BIR)

Taxation of foreign POGO workers to start this month

THE Bureau of Internal Revenue (BIR) will start to collect taxes this month from foreign workers employed by Philippine Offshore Gaming Operators (POGOs), Finance Secretary Carlos G. Dominguez III said.

Palace proclaims new IT economic zone in Bonifacio Global City

PRESIDENT Rodrigo R. Duterte issued proclamation designating as a special economic zone a building at the Bonifacio Global City in Taguig City, which will be known as BGC Corporate Center.

Dominguez says gov’t taking ‘close look’ at sugar import liberalization

FINANCE Secretary Carlos G. Dominguez III said that the government is looking into liberalizing sugar imports because prices of the domestic product are uncompetitive.

Business sector pushing for earlier tax cuts

BUSINESS GROUPS questioned proposals to lower corporate income tax in phases, saying that the cuts could come sooner.

Bank secrecy lifting seen key to ‘A’ credit rating — BSP

AN UPGRADE to a credit rating of “A” is achievable in the next 18 months if the government addresses issues like the lifting of the bank secrecy law and raises per capita income, according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo.
Carlos G. Dominguez III

Economic reforms seen driving growth to 7% in three years

THE PHILIPPINES is on track to hit 7% economic growth in three years with the acceleration of the Build, Build, Build program, the reform of the tax system, and other economic reforms, Finance Secretary Carlos G. Dominguez III said Monday.
hospital beds

First Senate bills tackle medical scholarships, drug measures, 14th-month pay

THE PROPOSED Medical Scholarship Act and measures supporting the war against illegal drugs, lowering the minimum age of criminal responsibility, and requiring employers to provide 14th-month pay were among the first bills filed in the Senate Monday.

Economic team sees prolonged trade war, armed conflict as biggest risks to economy

THE GOVERNMENT has warned that prolonged trade disputes or the outbreak of armed conflict in strategic parts of the world pose big risks to even small trading economies like the Philippines.


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Tax exemption of expat employees under tax treaties

Can expatriate employees assigned to the Philippines qualify for personal income tax exemptions under tax treaties? This is a question often asked by foreign corporations sending employees to the Philippines for various purposes.

Constructing transitional justice

Transitional justice has been one of the buzzwords in the peace agreement between the Government of the Philippines (GPH) and the Moro Islamic Liberation Front (MILF), specifically, under the Annex on Normalization. True to its mandate, the Transitional Justice and Reconciliation Commission (TJRC) submitted its Final Report to both panels in March 2016, providing explanations for historical injustice, legitimate grievances, human rights violations, and marginalization through land dispossession, and offering analysis as to the root causes of the Bangsamoro conflict as well as recommendations based on the pillars of Dealing with the Past.

Which Philippine regions are advancing and lagging?

Over the past eight years and two administrations, the Philippine economy posted a high growth rate averaging over 6% a year and an average gross domestic product (GDP) per capita growth of 4.5% a year. The strategic question is: Which regions have been advancing and which have been lagging over the past eight years?

Election cycle: New Leaders in an old system

Our country has witnessed countless national and local elections. Our people have elected many brilliant candidates. A lot of them had the best interests of the nation in mind when they started.

Earthquakes and steel

There is understandable concern about the resilience of our structures, public and private, in withstanding earthquakes. But there is also alarmism being spread about the “Big One” happening soon in the Philippines.

ISIS on the comeback trail

On June 28, news filtered in from Indanan, Sulu that two suicide bombers had penetrated the headquarters of the Army’s 1st Brigade Combat Team. As of the latest reports, eight people were killed (the two bombers, three soldiers, and three civilians); while 22 were wounded (12 soldiers and 10 civilians). The Islamic State East Asia Province (ISEAP) allegedly claimed responsibility for the attack.
Department of Agriculture (DA) logo

Agriculture sector insider likely to replace Piñol

SOMEONE ALREADY affiliated with the sector is likely to be appointed as the next Agriculture secretary, according to one of the President’s top economic managers.

Honasan finally assumes post as DICT secretary

FORMER SENATOR Gregorio B. Honasan II will now take the top post at the Department of Information and Communications Technology (DICT), almost seven months after his appointment as secretary in November, Malacañang confirmed late Monday.

ASEAN emergency response warehouse launched at AFP’s Camp Aguinaldo

A SATELLITE warehouse under the Disaster Emergency Logistics System for ASEAN (DELSA) — which will hold a stockpile of different emergency needs such as food, sanitary kits, and building tools, that will be distributed during disaster response — was launched Monday in Camp Aguinaldo, the Armed Forces of the Philippines’ (AFP) headquarters located in Quezon City.

China rejects having 3rd party in Recto Bank probe

MALACAÑANG ON Monday said the People’s Republic of China does not want to involve a third party in the joint investigation into the June 9 boat sinking incident at the Recto Bank in the West Philippine Sea.

Davao court issues hold departure order vs 8 KAPA officials

THE DAVAO City Regional Trial Court Branch 16 issued a precautionary hold departure order against eight officials of KAPA-Community Ministry International Inc. in connection with the complaint they face before the Department of Justice (DoJ) for violation of the Securities Regulation Code (SRC).
gas pump

Gasoline, diesel prices higher again this week

FUEL PRICES are up for the third straight week as oil companies announced rate hikes for gasoline, diesel and kerosene effective 6 a.m. of July 2.

Nationwide round-up

PHILIPPINE NATIONAL Police (PNP) chief Gen. Oscar D. Albayalde said they are ready to arrest people who want to impeach the President if found that they have violated the law.

New Baguio mayor vows environmental protection as one of priorities as city gov’t appeals...

THE LOCAL government of Baguio issued an appeal to households and businesses “to find ways to manage their biodegradable wastes” following the cease and desist order (CDO) against the operation of the city’s Irisan open dumpsite.

Hearing on PECO-MORE Power expropriation case resumes July 2

HEARING RESUMES Tuesday, July 2, on the expropriation case filed by MORE Electric and Power Co. (MORE Power) for Panay Electric Co. Inc.’s (PECO) assets.

Convicted Korean arrested at NAIA

THE BUREAU of Immigration (BI) intercepted a South Korean national wanted for economic crimes in his country upon his arrival at the Ninoy Aquino International Airport (NAIA).

‘Bad faith’: DILG says ex-mayor Osmeña could face graft charges for stripping bare his...

DEPARTMENT OF Interior and Local Government (DILG) Undersecretary Jonathan E. Malaya said former Cebu City Mayor Tomas R. Osmeña could be sanctioned for violating Republic Act 3019, Anti-Graft and Corrupt Practices Act, for stripping bare his office as his term ended last Friday.

PNP says suspected suicide bombers in Sulu blast likely to be Filipinos

PHILIPPINE NATIONAL Police chief Gen. Oscar D. Albayalde said the two alleged suicide bombers in last Friday’s explosion at a military camp in Sulu, which left eight dead and 22 injured, are likely to be Filipinos.

Zamboanga City to convert dumpsite to eco-park, solar energy farm

THE ZAMBOANGA City government is planning to convert the 4.6 hectare former Lumbangan dumpsite into an ecological park with waste recycling facilities and a solar energy farm.

Nation at a Glance — (07/02/19)

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

Peso hits new one-year high on US-China truce

THE PESO strengthened further against the dollar to hit a fresh one-year high amid market optimism driven by positive developments in US-China trade relations.
19022018_PSE-BGC_Arnaiz11

PSEi up as US, China resume trade negotiations

LOCAL SHARES climbed on Monday on the back of the resumption of trade negotiations between the United States and China.

Argentina hands Gilas Youth 2nd defeat at U-19 World Cup

GILAS Pilipinas Youth slumped to its second defeat at the FIBA Basketball Under-19 World Cup, bowing to Argentina, 77-72, early Monday morning (Manila time) at the Herklion University Sports Hall in Greece.

Durant headed to Nets with Irving, Jordan

LOS ANGELES -- NBA superstar Kevin Durant didn’t wait long to declare his new destination, announcing he would sign with the Brooklyn Nets a few minutes after the free agency period opened Sunday night.

NCAA Season 95 to celebrate unity amid competition

COLLEGIATE sporting season commences later this week with the opening of Season 95 of the National Collegiate Athletic Association which aims to celebrate unity amid the competition.

Fernandes-Belingon IV set for October in Japan

ONE OF THE top rivalries at ONE Championship gets another serving as bantamweights Bibiano “The Flash” Fernandes of Brazil and Kevin “The Silencer” Belingon of the Philippine go at it once again in a title fight later this year.

Philippine Junior Championship

Jeth Romy Morado and Rhenzi Kyle Sevillano, both Far Eastern University (FEU) Tamaraws, tied for first in the 2019 Philippine Junior Championship. Morado was declared the winner on tie-breaks but both players were awarded the National Master title.

Changed minds

In retrospect, the writing was on the wall long before the doors of free agency opened yesterday. Kevin Durant wasn’t going to return to the Warriors, not after his much-publicized flare-up with teammate Draymond Green early in the 2018-19 season fed into the narrative that his joining them in 2016 was for his benefit and not theirs. For all his talents and evident status as their best player over the last three years, he could not quite shake off the reasonable contention that they were already formed and formidable to begin with. So in line with his objective to cement his legacy as an all-time great, he simply had to start anew elsewhere.

Autokid forges partnership with Dongfeng

Truck solutions company now distributes range of Dongfeng trucks Autokid Truck Solutions is now the premiere distributor of Dongfeng trucks in the Philippines. By forging...
grocery imported goods

Analysts expect slower price hike in June

INFLATION likely resumed easing last month following a surprise uptick in May, according to most analysts in a BusinessWorld poll late last week who cited declines in food and fuel prices.

Housing prices rise faster in first quarter

RESIDENTIAL prices rose at a faster clip in the first quarter from a year ago and from October-December 2018, fueled by increases for condominiums and townhouses that offset reductions for single detached/attached houses and for duplex units, the Bangko Sentral ng Pilipinas (BSP) reported late on Friday, citing movements of its Residential Real Estate Price Index (RREPI) that tracks the average change in prices of various types of housing units based on bank housing loan data.
PSE BGC bell

Corporate regulator OK’s more IPO plans of hospital group

THREE MORE MEMBERS of the Allied Care Experts (ACE) Medical Group secured clearance from the Securities and Exchange Commission (SEC) for their respective initial public offerings (IPO) worth up to P1 billion each.

Analysts’ June Inflation Rate Estimates

INFLATION likely resumed easing last month following a surprise uptick in May, according to most analysts in a BusinessWorld poll late last week who...

DoTr says Clark O&M template for other deals

THE DEPARTMENT of Transportation (DoTr) will start requiring all proponents of airport projects to draft concession agreements patterned after the one signed with the North Luzon Airport Consortium (NLAC) for the operations and maintenance (O&M) of the Clark International Airport.

Refreshed BR-V bulks up on features

NUMEROUS CHANGES mark the mid-cycle refresh of Honda’s compact crossover, the BR-V. Formally launched last week, the updated vehicle was conceptualized by its designers with an “enhanced SUV image” touting a “masculine and premium look with its sleeker design and advanced features.”