Home 2019 July 10

Daily Archives: July 10, 2019 | 9:46 pm

Ports beating revenue targets due to fuel marking program

THE Department of Finance (DoF) said the fuel marking program is producing higher revenue at certain ports of entry, thereby helping counter the expected increase in smuggling by parties seeking to evade higher excise taxes for fuel under the tax reform law.

Manila cleanup to boost city’s status as Southeast Asian ‘shopping paradise’ — DoT

THE Department of Tourism (DoT) said Wednesday that the street cleanup and crackdown on illegal vendors in the city of Manila, initiated by Mayor Francisco Moreno Domagoso, is expected to boost the city’s status as a “shopping paradise” for Southeast Asian visitors.

DoT touts parts of Mindanao considered safe for tourism

THE Department of Tourism (DoT) said Wednesday it is working to reverse the public perception of Mindanao as a place to be avoided, after President Rodrigo R. Duterte called his home island “lawless” and “violent” last month.

Rails for MRT-3 rehabilitation arrive months ahead of schedule

THE government said it took delivery of new train parts for the rehabilitation of the Metro Rail Transit Line 3 (MRT-3) this week.

Israel signs P44-B loan agreement to support solar irrigation

THE Agriculture department said Israel has agreed to assist the Philippines in a project that intends to promote the use of solar-powered irrigation.

Policy rate cut to precede action on RRR in 2nd half — Diokno

THE Bangko Sentral ng Pilipinas (BSP) is likely to cut policy rates in the second half before moving to reduce the reserve requirement ratio (RRR), the central bank’s Governor Benjamin E. Diokno said.
Securities and Exchange Commission (SEC) logo

Draft rules for Corporation Code up for comment

THE Securities and Exchange Commission (SEC) is soliciting comment on implementing rules for amendments to the Corporation Code, which was overhauled recently to allow fewer incorporators to found companies, as well as the registration of foreign corporations.

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Pag-IBIG, no more?

“No more to Pag-IBIG!” is the message of Circular No. 421 released in January by the Home Development Mutual Fund (HDMF), also known as Pag-IBIG. The Circular highlighted three points concerning foreign nationals who are working or assigned to work in the Philippines.

Private airports and government airport authorities

As argued in previous columns, I advocate integrated Public–Private Partnership (PPP) -- construction then Operations and Maintenance (O&M) all done and financed by one private entity -- and not hybrid PPP -- construction via foreign loan or national budget, O&M by local private entity. I like the development in some provincial airports that become bigger, more modern international airports, privately owned and managed, and helping attract more foreign tourism, investments and commerce.

Why buck what works?

In some cases, people get away with doing questionable things because they cannot be made accountable for them. And knowing that they can get away with it, they wreak havoc with impunity. They are emboldened by the fact that, at the end of the day, the rewards for their misdeed far outweigh the potential risks or penalties -- if there will be any at all.

Taking a stand for marginalized employees

I moved to the Philippines 12 years ago to start a business. The skilled labor and high level of English proficiency made it a natural choice among its neighbors in the region. The friendly people, beautiful islands, live bands, and incredible nightlife didn’t hurt either! As my business progressed from start-up to operations, I realized that I had so many questions about why employees behave the way that they do in an organization.

That giant asteroid of gold won’t make us richer

REJOICE, people of Earth! News outlets are reporting that NASA is planning to visit an asteroid made of gold and other precious metals! At current prices, the minerals contained in asteroid 16 Psyche are said to be worth $700 quintillion -- enough to give everyone on the planet $93 billion. We’re all going to be richer than Jeff Bezos!

Iran’s reform movement died 20 years ago

ONE OF THE comforting illusions promoted by many critics of President Trump’s Iran policy is that his actions have alienated and weakened the regime’s moderates.

ROS Elasto painters give quarters push a boost

THE Rain or Shine Elasto Painters did their Philippine Basketball Association Commissioner’s Cup quarterfinal push a favor with a gutsy 86-82 win over the Magnolia Hotshots Pambansang Manok on Wednesday at the Smart Araneta Coliseum.

‘Dream Team’ turn mean machine at Wimbledon

LONDON -- Wimbledon’s Centre Court is the property of the All England Club, but on Tuesday it belonged to Serena Williams.

Gilas Pilipinas preparations steadily coming along

A LITTLE over three weeks since opening camp for the 2019 FIBA Basketball World Cup, Gilas Pilipinas said things are steadily coming along and expected it to further pick up in the coming weeks.

What’s next for Gauff as world goes Coco-crazy?

LONDON -- A quick glance at Cori Gauff’s Twitter account shows what a difference a week makes in the life of a 15-year-old tennis phenomenon.

Filipino pugilists eye SEA Games gold repeat

GOLD MEDAL winners in the 2017 Southeast Asian Games, Filipino boxers John Marvin and Eumir Felix Marcial are eyeing a repeat of the feat in this year’s edition of the biennial regional games which the Philippines is hosting later this year.

Magnus Carlsen wins No. 8

Magnus Carlsen has just won his eighth consecutive tournament with an overpowering 5-win 6-draw result in the Zagreb leg of the 2019 Grand Chess Tour. The moving spirit behind this event is former World Champion Garry Kasparov. As you may know Kasparov tried to run for President of Russia in 2008 against Vladimir Putin but failure to find a sufficiently large rental space to assemble the number of supporters that is legally required to endorse such a candidacy forced him to withdraw. Kasparov blamed “official obstruction” for the lack of available space.

Shell-shock yet fortunate

The Thunder were not pleased. They had greeted free agency with guarded optimism, strapped as they were by the repeater tax and yet bent on coming up with solid deals to enhance their competitiveness moving forward. Despite already having the most expensive payroll in the National Basketball Association, they remained committed to investing in talent. And they did, entering into handshake deals with Alex Burks and Mike Muscala. Unfortunately, their plans were overtaken by the prospect of top scorer and erstwhile Most Valuable Player candidate Paul George leaving them. For some reason, he asked to be traded, and specifically to the Clippers.

PHL shares end higher on Federal Reserve watch

LOCAL SHARES ended higher on Wednesday as investors remained on the lookout for hints on the next policy move of the US Federal Reserve.
peso dollar bills

Peso weakens vs dollar as eyes turn to Powell

THE PESO SLID against the dollar on Wednesday following dovish remarks from Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

Duterte sees ‘very dangerous times’ ahead

PRESIDENT Rodrigo R. Duterte on Tuesday cited the need to boost police and military capabilities against terrorism, saying he senses “very dangerous times ahead.”

Dengue cases rise amid persistent rains

DENGUE cases rose 8 percent in the week ending June 22 from a year earlier amid continued rains, the Department of Health said in a statement yesterday.

Arroyo cites difficult ties with Duterte

FORMER President Gloria Macapagal-Arroyo on Tuesday said she regretted her difficult relationship with President Rodrigo R. Duterte.

Legislator warns of compromised House

A SENATOR yesterday warned that the independence of the House of Representatives may have been compromised after some lawmakers asked President Rodrigo R. Duterte to endorse his bet for speaker.

Nationwide round-up

FISHERFOLK FROM Palawan and Zambales consented to the petition for Writ of Kalikasan from the Supreme Court (SC) which sought the protection of the country’s territories in the West Philippine Sea, lawyer Jose Manuel I. Diokno assured.

Duterte meets with Misuari after dropping federalism push

PRESIDENT RODRIGO R. Duterte on Tuesday met with Moro National Liberation Front (MNLF) Chairman Nur Misuari in Malacañang, which comes after his recent pronouncement that he will no longer push for federalism but at least an amendment in the Constitution.

Iloilo province to declare state of calamity to address dengue outbreak

THE EXECUTIVE Order (EO) issued last July 6 by Iloilo Governor Arthur R. Defensor Jr. declaring a dengue outbreak in the province will be submitted to the provincial board this week to serve as basis for the declaration of a state of calamity.

1 of 2 suicide bombers in Sulu blast confirmed as Filipino

THE ARMED Forces of the Philippines (AFP) and the Philippine National Police (PNP) confirmed on Wednesday that one of the two suicide bombers in the June 28 attack on a military camp in Indanan, Sulu was a Filipino.

More than 100 aftershocks follow 5.6 earthquake in Makilala

MORE THAN 100 aftershocks were recorded by the Philippine Institute of Volcanology and Seismology (Phivolcs) following the magnitude 5.6 earthquake that rocked parts of Mindanao at around 8:30 p.m. Tuesday, July 9.

Nation at a Glance — (07/11/19)

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

Building business partnerships on Burket’s B2B ‘market network’

Of the 52 startups shortlisted to compete at Pitch 2019, the official pitching competition of Asia’s largest startup conference RISE, two firms come from...

Trade-in-goods deficit narrows in May

The country's trade-in-goods deficit decreased in May as exports grew while imports contracted, the government reported this morning. Preliminary Philippine Statistics Authority (PSA) data showed...

Gov’t sets second round of mining audit

THE GOVERNMENT will start towards the end of this month the second round of its audit of the mining industry in order to ensure operations do not harm the environment and benefit host communities, the Finance department said on Monday, adding that it expects the review “to be completed by January next year.”

Senate chief seeks to hike state’s take from miners

A MEASURE increasing the government’s take from mining revenues, which forms part of the Duterte administration’s comprehensive tax reform program, has been filed anew in the Senate.

Corporate regulator issues rules for small business crowdfunding

START-UPS and micro, small and medium enterprises (MSMEs) may now raise up to P50 million through crowdfunding following the Securities and Exchange Commission (SEC)’s release of guidelines regulating this method of fund raising.

CCP turns Gold: Festivities start in September

TEN years ago, as the Cultural Center of the Philippines (CCP) was preparing for the celebration of its 40th year, then CCP President Nestor Jardin approached former First Lady Imelda Marcos at the CCP ramp and asked her, “Where did you bury the time capsule?”

Petron puts Philippine expansion plans on hold

PETRON Corp. is putting its expansion plans in the Philippines on the back burner, as it waits for global crude oil prices to stabilize.

Rembrandt’s The Night Watch begins on-site restoration

AMSTERDAM — Rembrandt’s 17th century masterpiece The Night Watch begins restoration work on Monday in Amsterdam where visitors will be able to watch every step of the Rijksmuseum’s biggest ever project.

Razon’s firm stopped from taking over PECO assets

A MANDALUYONG court has declared sections of the law that granted Razon-led MORE Electric and Power Corp. a franchise as a distribution utility in Iloilo City as void and unconstitutional for infringing on the right of the area’s existing electricity distributor Panay Electric Co., Inc. (PECO) to due process and equal protection of the law.

Hot, cold and busted sales in London show the risks of flipping art

COMPETING bids for a tiny abstract painting by Robert Ryman climbed higher and higher until — Bang! — the hammer came down on the 1963 canvas at £850,000 ($1.08 million), more than twice its low estimate.

The People at Work presents the 2nd Intelligent Leader Series: Rethinking your Business in...

What does this mean for traditional businesses? Navigating the digital world can be daunting. Traditional businesses hampered by legacy systems do not know where to...

Gardenia expands with new facility in Pampanga

GARDENIA Bakeries Philippines, Inc. is expecting stronger sales and volume growth this year, after it inaugurated its P2-billion bread manufacturing facility in Mabalacat City, Pampanga.

Money flows into Asian equities on expectations of rate cuts, trade optimism

FOREIGN investors turned net buyers of Asian stocks in June as optimism ahead of a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping, along with expectations of US interest rate cuts bolstered sentiment.