Home 2019 August 14

Daily Archives: August 14, 2019 | 10:46 pm

Teodoro L. Locsin, Jr.

DFA signals openness to bigger foreign role in EEZ surveys

FOREIGN AFFAIRS Secretary Teodoro L. Locsin, Jr. is considering opening up marine surveys of the Philippines’ exclusive economic zones (EEZs) to more foreign participation, subject to the condition that they use Philippine ships or cede leadership of the survey mission to Filipinos.

Banks expect national ID to enable faster loan processing

THE Philippine Identification System Act (PhilSys) is expected to lead to the expansion of bank lending by enabling faster processing of loan applications, a bank official said.
rice grains

Israeli company signs financing deal to build crop processing plants

A FARM equipment manufacturer said it has partnered with an Israeli company to help finance $100 million worth of processing plants.

DoE to evaluate 3 exploration bids, warns participating firms to meet qualifying requirements

THE Department of Energy (DoE) has warned three entities which nominated areas to explore for possible petroleum or gas deposits that it will disqualify any of them should they fail to meet eligibility requirements.

Duterte signs law amending Cooperative Authority charter

PRESIDENT Rodrigo R. Duterte has signed a law reorganizing the Cooperative Development Authority (CDA), making the agency more capable of promoting cooperativism.
Department of Trade and Industry (DTI) logo

Trade dep’t to test business registration plan before rolling out online system

THE Department of Trade and Industry (DTI) said it will set up a pilot operation in Metro Manila within two months to test a one-stop shop system for business registration.

Health facility program received P6.3B in funding in July and August, DBM says

THE Department of Budget and Management (DBM) said it has released P6.3 billion worth of funding from the P16-billion Health Facilities Enhancement Program (HFEP) since July.

PEMC complies with order on surplus settlements

THE Philippine Electricity Market Corp. (PEMC) said it “immediately” acted on the Energy Regulatory Commission’s (ERC) order on the adjustment of the net settlement surplus (NSS), resulting in either a refund to some market participants or collections from the others.
National Electrification Administration (NEA)

Most power co-ops earn NEA’s top rating in 2018

THE National Electrification Administration (NEA) said Wednesday that 87 of the country’s 121 electric cooperatives (ECs) were classified as triple-A rated, the highest possible grade, in 2018.

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Tax amnesty for delinquency in document submission

Following the issuance of the Implementing Rules and Regulations (IRR) of the Tax Amnesty Act [i.e., Revenue Regulations (RR) No. 4-2019], the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 57-2019 to address frequently-asked questions concerning the Tax Amnesty Application on Tax Delinquencies.

Rule of law and property rights, Hong Kong vs China

“... the rules must apply to those who lay them down and those who apply -- that is, to the government as well as the governed -- and that nobody has the power to grant exceptions.” -- Friedrich Hayek, Chapter 10, The Constitution of Liberty (1960)

Government relocation to Central Luzon

Should we relocate the National Government and its agencies outside of Metro Manila to decongest the metropolis? Should we take note of the claim of the state-run Bases Conversion and Development Authority (BCDA) that its New Clark City in Tarlac -- about 100 kilometers outside of Metro Manila -- is ready to become the new government center by 2030?

Towards inclusion

How do we understand and develop inclusive organizations?

The role of special economic zones in nationwide progress

If we are to become an economic tiger finally, we have to optimize the strategic contribution of the special economic zones to our nationwide progress. Metro Manila must not be the sole beneficiary of the economic improvements that we are now witnessing. In fact, it is imperative that the provinces and other cities outside the National Capital Region must compete in terms of investments and growth. President Rodrigo Duterte, on June 17, actually ordered a moratorium on eco-zone applications in Metro Manila.

SEA Games stakeholders sign tripartite agreement

SOUTHEAST ASIAN Games hosting stakeholders are ready to “win as one” after they finally formalized and strengthened their partnership with the signing of the tripartite agreement for the country’s hosting of the biennial sporting meet later this year.

San Miguel a win away from Commissioner’s Cup title

THE San Miguel Beermen are one win away from the Philippine Basketball Association Commissioner’s Cup title after taking a 3-2 lead over the TNT KaTropa in their best-of-seven finals series with a 99-94 victory in Game Five on Wednesday at the Smart Araneta Coliseum.

Senators scold PhilHealth for lack of safeguards

SENATORS on Wednesday scolded officials of the Philippine Health Insurance Corporation (PhilHealth) for failing to enforce safeguards against fraud.

De Lima allowed to visit sick mother

JAILED Senator Leila M. de Lima has been allowed to visit her sick mother at the hospital, with conditions.

SC orders palace to answer Rappler suit

THE SUPREME Court has ordered the government to comment on the petition of online news website Rappler, which was banned from covering President Rodrigo R. Duterte.

Duterte body probing 2 Cabinet officials

TWO CABINET officials are being investigated for corruption, an official of the Presidential Anti-Corruption Commission (PACC) said on Wednesday, without naming the officials.

E-trikes in Zamboanga City

The first batch of environment-friendly tricycles for Zamboanga City, composed of 38 Euro 4-compliant units made in Italy, were launched Tuesday.
peso dollar bills

Peso recovers vs dollar as Trump delays tariffs

THE PESO appreciated on Wednesday after the United States put off its implementation of additional tariffs on Chinese goods to December.

Shares rebound as investors hunt for bargains

LOCAL SHARES recovered on Wednesday as investors hunted for bargains despite continued negative sentiment due to the Hong Kong protests.

Iloilo City council to review franchises granted to 3 water distributors

THE ILOILO City council passed a resolution on Tuesday seeking a review of the legality of the franchises granted by the previous council to three water distributors.

Piñol vows to “work just as hard” as MinDA chair

FORMER AGRICULTURE Secretary Emmanuel F. Piñol on Wednesday took his oath as the new chairman of the Mindanao Development Authority (MinDA).

GenSan starts road, sidewalk clearing operations

THE GENERAL Santos City local government has started road and sidewalk clearing operations, with dialogues held between authorities and affected vendors.

Nationwide round-up

A LAWMAKER has filed a bill that aims to establish emergency and trauma facilities in tourism hubs in the country following recent reports of accidents involving tourists.

Nation at a Glance — (08/15/19)

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

After convincing win, options abound for Pacquiao’s next fight — Gibbons

SUCCESSFULLY and convincingly overcoming the latest challenge in his Hall-of-Fame boxing career, Manny “Pacman” Pacquiao is not short in options for his next fight.

Sale makes strikeout history

CLEVELAND -- Jackie Bradley Jr. hit a tiebreaking home run in the top of the 10th inning as the visiting Boston Red Sox overcame blowing a five-run lead to beat the Cleveland Indians 7-6 Tuesday night.

Teenager Gauff, former champ Stosur get US Open wild cards

NEW YORK -- American teenager Cori “Coco” Gauff and former champion Samantha Stosur were among players to be given wild cards into the main draw of the US Open starting later this month, organizers said on Tuesday.

Philippine national women’s football team begins campaign at 2019 AFF Women’s Championship

THE Philippine national women’s football team plunges into action in the 2019 AFF Women’s Championship in Thailand today with an eye on making a run for a podium finish this time around.

Hunan International Open

There was a no prize-sharing policy in place. If, for example, two players tied for first place normally each of them will receive $37,500 ($50,000 1st place plus $25,000 2nd place then divided by two). In Hunan whoever finishes first after tie-breaks are applied receives the 50,000.

Twitter game

Phil Mickelson hasn’t been consistently good for a while now. Arguably, he started the year on a high; he claimed a bridesmaid finish at the Desert Classic in January and then a victory at the AT&T Pebble Beach Pro-Am three weeks later. Yet, even then, there were signs that he would have trouble staying sharp; for instance, his competitive stints sandwiched a missed cut at the Waste Management Phoenix Open, where he had previously won thrice. He would wind up tinkering with his swing off the tee and stroke on the greens as he negotiated his 2019 campaign, and his results underscored both the causes and effects of his efforts to find comfort in his mechanics.

Go Motion: Led by vision, backed by technology

Many businesses have become successful through the guidance of their vision and the help of proper tools and technologies. This is true for Go...

May FDI net inflow smallest in 4 years

MAY was marked by a net inflow of foreign direct investments (FDI) that was nevertheless the smallest in more than four years, the central bank reported on Tuesday.

Grab gets more time to address concerns

THE STATE antitrust watchdog has extended its monitoring of Grab Philippines, citing “lingering competition concerns” a year after the company got conditional clearance for its acquisition of Uber’s operation in the country.
1000 peso bill

DBCC to check assumptions anew

THE INTERAGENCY Development Budget Coordination Committee (DBCC) plans to meet again on Aug. 27 to consider “new” macroeconomic assumptions like inflation, the central bank chief said on Tuesday.
Bank Vault

BSP to ‘pre-announce’ action on banks’ reserve requirement

THE BANGKO SENTRAL ng Pilipinas (BSP) will “pre-announce on a quarterly basis” its intention on banks’ reserve requirement ratio (RRR) in order to prepare markets, BSP Governor Benjamin E. Diokno said on Tuesday.

Ayala group profit surges to P38B in six months

EARNINGS of Ayala Corp. (AC) more than doubled in the first half of 2019, boosted by divestment gains from its education and energy businesses.

SMC taps 3 foreign firms to design new airport

SAN MIGUEL Corp. (SMC) has tapped three foreign companies for the design and construction of its proposed P734-billion international airport in Bulakan, Bulacan.

Travellers International Q2 income declines

THE owner and operator of Resorts World Manila (RWM) posted a 52% drop in attributable profit for the second quarter of 2019, weighed down by higher borrowing costs.
Cosco Capital-logo

Cosco Capital’s earnings get a boost from Liquigaz sale

COSCO Capital, Inc. registered a 273% increase in attributable profit for the first half of 2019, boosted by sale of its liquefied petroleum gas (LPG) business.

Gov’t fully awards offer of 10-year bonds

THE GOVERNMENT fully awarded the reissued 10-year Treasury bonds (T-bond) it offered on Tuesday, with rates dropping following signals from the central bank chief on another policy rate cut and further reductions to lenders’ reserve requirement ratios (RRR).

Affordable housing business lifts Century Properties’ bottom line

CENTURY Properties Group, Inc. (CPG) saw its attributable profit surge by 108% in the second quarter of 2019, driven by higher contribution from its affordable housing segment.