Home 2019 December 11

Daily Archives: December 11, 2019 | 11:08 pm

BoC collections dented by weak petroleum import volumes

THE Bureau of Customs (BoC) said it failed to meet its collection target for the 11 months to November due to lower import volumes for petroleum products as well as lower tariff rates.

DoT positioning Western Visayas for food tourism

WITH Western Visayas considered a possible focus of food tourism, the Department of Tourism (DoT) is now gearing up to promote the region’s farms as possible destinations.

Banana exports up 41%; industry still lobbying to lower S. Korea tariffs

BANANA exports totaled 3.593 million metric tons (MT) in the first 10 months of 2019, up nearly 41% from a year earlier, the Philippine Statistics Authority (PSA) said.
Philippine Competition Commission (PCC) logo

ADB lends over $23M for capacity building at PCC

THE Asian Development Bank (ADB) is lending the Philippines $23.3 million to expand the Philippine Competition Commission’s (PCC) capacity to promote greater competition.

PNR takes delivery of new rail cars from Indonesia

THE government took delivery Wednesday from Indonesia six new rail cars for the Philippine National Railways (PNR).

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Game changers in the digital economy’s taxation landscape

Generally, the power of taxation extends only as far as the territorial jurisdiction of a state. However, digitalization of the economy defies these boundaries as the goods and services of digital enterprises become accessible anywhere around the globe. Digitalization likewise reduces, if not eliminates, the need to maintain bricks-and-mortar shops in a specific market jurisdiction since the customers can easily conclude a transaction with just one click. This new normal in our way of doing business makes it harder for countries, including the Philippines, to impose the appropriate taxes on digital transactions, especially on those that do not have a physical presence in the archipelago.

Banking on action: How ADB achieved 2020 climate finance milestone one year ahead of...

AS they extend their power grids, build more roads and bigger cities, and cultivate forestland, developing countries in Asia and the Pacific are increasingly contributing to the global climate change problem. Two of the top three emitters of greenhouse gases are developing countries in Asia -- the People’s Republic of China and India. At the same time, five Asian developing countries are among the top 10 most climate-vulnerable countries in the world. Across the region, livelihoods and economic growth are increasingly exposed to climate change impacts and disaster risk. Clearly, Asia and the Pacific must play a strong role in efforts to address climate change.

Smoke Easy

During the Prohibition Era (1920--1933) in the United States, when the sale, manufacture, and transportation of alcoholic beverages was illegal throughout that country, illicit or hidden establishments emerged to illegally sell or serve liquor. Such a club or bar, called a speakeasy (or a blind pig or a blind tiger) became very popular among both the rich and poor.

Water politics and power price control

“Adam Smith said people who intend only to seek their own benefit are ‘led by an invisible hand to serve a public interest which was no part of their intention. I say that there is a reverse invisible hand: People who intend to serve only the public interest are led by an invisible hand to serve private interests which was no part of their intention.” -- Milton Friedman, “Why Government is the Problem”, Essays in Public Policy, no. 39. Stanford, California: Hoover Institution Press, 1993.

Focus and be involved

In a 2019 study by Hootsuite, a social media management system, it was reported that Filipinos spend an exorbitant amount of time in social media. We check out the lives of friends -- even complete strangers -- and contemplate their lives instead of our own. We fixate on what they have and realize how different our lives are from theirs. As soon as we ask the question “why won’t our job give us that kind of life,” we already know the answer. The answer is really within us.

How to do things right

A YEAR ends and another begins. The best use of this turn of time is to measure performance and achievements. To look back, appreciate and learn or to look ahead, plan and then execute.

After 14 years, Team Philippines is SEA Games overall champion anew

IT was mission accomplished for the Philippines in the 30th Southeast Asian Games after it formally claimed the overall championship at the end of competitions on Wednesday.

AFC Cup 2020 group stage contenders revealed

GROUPINGS for the Asian Football Confederation (AFC) Cup 2020 were officially revealed on Tuesday at the draws held at the AFC House in Kuala Lumpur, Malaysia.

Chooks-To-Go extends Manok ng Bayan mission with MPBL tie-up

CHOOKS-To-Go’s mission of helping promote nationalism through sports got added dimension with its recently inked partnership with the Maharlika Pilipinas Basketball League (MPBL).

Budapest Gambit

Do you notice lately that all the openings are starting to look the same? On the kingside it is either the Berlin (1.e4 e5 2.Nf3 Nc6 3.Bb5 Nf6) the Petroff (1.e4 e5 2.Nf3 Nf6) or the Giuoco Piano (1.e4 e5 2.Nf3 Nc6 3.Bc4 Bc5). On the queenside we usually get the Queen’s Gambit Declined (1.d4 Nf6 2.c4 e6 3.Nf3 d5 4.Nc3), the Catalan (1.d4 Nf6 2.c4 e6 3.g3 d5 4.Bg2) or various forms of the London System (1.d4 and 2.Bf4) or Torre-Trompowsky (1.d4 and 2.Bg5).

Growing Hawks

The Hawks finally put the ball through the hoop with 31.1 ticks left in overtime yesterday. Prior to Cam Reddish’s short stab, they proved unable to score in 10 straight offensive sets dating back to the last minute of the fourth quarter. And through seven missed field-goal attempts, two trips to the charity stripe, and two turnovers, they managed to snatch defeat from the throes of victory. They hitherto looked to be en route to reaping the benefits of 47 minutes of outstanding hoops in hostile territory, only to get in their own way and ultimately absorb their 18th setback in 24 outings so far through their 2019--20 campaign.

Peso weakens on US-China issues

THE PESO weakened against the dollar on Wednesday due to mixed signals from the US and China on the new set of tariffs on Chinese goods set to take effect this month.

Stocks rebound ahead of China tariff deadline

SHARE prices bounced back on Wednesday as the deadline to impose US tariffs on Chinese products inched closer while the Fed meeting drove investors to Philippine stocks.
rice farmer

Farmers receive P3B worth of rice seeds

MORE than 300,000 bags of inbred seeds worth P3 billion have been given out to 46 provinces under the Rice Competitiveness Enhancement Fund (RCEF), the Agriculture department said on Wednesday.
poverty slum area

Gov’t poised to beat anti-poverty goal by 2022

PRESIDENT Rodrigo R. Duterte’s government can lift more people out of poverty than originally targeted by the end of his six-year term in 2022, one of his economic managers said on Wednesday.

Suspected trafficking victims stopped at Iloilo Int’l Airport

IMMIGRATION officials stopped six suspected female trafficking victims at the Iloilo International Airport on their way to Lebanon.
motorcycle taxi

Congress asked to legalize motorcycles as transport mode

COMMUTERS’ groups want Congress to legalize motorcycles as a mode of transportation, saying the six-month pilot program is enough to determine their viability.

Davao welcomes non-extension of martial rule

THE Davao City government and its private sector said they support President Rodrigo R. Duterte’s plan not to extend Martial Law in Mindanao.

The Bond watch is revealed

OMEGA is delighted to unveil 007’s newest timepiece that will feature in the 25th James Bond film, No Time To Die, set to arrive...

Backed by Vlight, Sofanovel is entering the global reading industry

Vlight, the leading Singapore-based provider of integrated internet communications services committed to improving the quality of lives, has stepped into the online publishing and...

Top IdeaSpace acceleratees awarded P1 million each in exchange for equity

The top three participants in IdeaSpace’s acceleration program receive P1 million each as they continue to develop their startups under the organization.

Charter change gets support of citizens and 256 local officials

AT LEAST 256 local chief executives have expressed their support for President Rodrigo R. Duterte’s push to change the 1987 Philippine Constitution, the Interior and Local Government department said on Tuesday.

Water firms back down under threat

METRO MANILA’S water service concessionaires on Tuesday said they have decided not to increase rates in January, as otherwise scheduled, and not to pursue awards they won at international arbitration courts, a week after President Rodrigo R. Duterte said their concession deals disadvantaged the government.
dollars bank notes

Sept. FDI net inflow biggest in 5 months; down since March

FOREIGN DIRECT INVESTMENTS (FDI) -- a key generator of gainful jobs -- notched their biggest net inflow in five months in September which nevertheless was down annually for the seventh month in a row, according to data which the Bangko Sentral ng Pilipinas (BSP) released on Tuesday.

Philippine trade year-on-year performance (October 2019)

LATEST government trade data showed imports declining at their fastest pace in seven-and-a-half years in October while exports were flat, the Philippine Statistics Authority...

Import bill drops fastest in more than seven years in October

LATEST government trade data showed imports declining at their fastest pace in seven-and-a-half years in October while exports were flat, the Philippine Statistics Authority (PSA) reported on Tuesday.

Overseas investors turn net sellers of Asian equities in November

BENGALURU -- Foreigners turned net sellers of Asian equities in November amid mixed signals on whether the United States and China were getting closer to reaching a preliminary trade deal.
Dennis Uy

Dennis A. Uy no longer pursuing backdoor listing of Udenna Corp.

LISTED ISM Communications Corp. is changing its name to Dito CME Holdings Corp. as it seeks to buy Dennis A. Uy’s Udenna Communications Media and Entertainment Holdings Corp.

Celebrating bilateral relations through art

KOREAN CRAFTS and contemporary art are showcased at the Metropolitan Museum of Manila in celebration of the 70th anniversary of Philippine-Korean bilateral relations.

JG Summit forays into logistics

JG SUMMIT Holdings, Inc. is forming a P60-million logistics business through a joint venture with a unit of global courier firm Deutsche Post DHL Group.

Posterity for posters

UNLIKE most other kinds of art, posters are ephemeral — put up to make some sort of announcement then thrown away after the event.

Gov’t fully awards reissued 3-year bonds

THE GOVERNMENT made a full award of the reissued three-year Treasury bonds (T-bonds) it placed on the auction block on Tuesday as rates declined amid strong liquidity.

Bono-backed firm partners with PHL Red Cross

THE Philippine Red Cross (PRC) has tapped California-based drone delivery service Zipline to make on-demand and emergency blood deliveries nationwide starting 2020.

Billionaire Reuben brothers pop up in global art lawsuits vs. dealer Philbrick

BRITAIN’S billionaire Reuben brothers turn out to be the owners of a mysterious investment firm that has popped up in one of the biggest art scandals in recent history.

BPI halts use of LitePay following Westpac’s money laundering case

BANK OF THE Philippines Islands (BPI) will suspend its partnership with the remittance arm of Westpac Banking Corp. after the Australian lender got involved in a money laundering scandal.
British Chamber of Commerce Philippines (BCCP) logo

UK firm to open PHL gin school

A BRITISH gin company is entering the Philippine market early next year to set up access to Southeast Asia, an official of the British Chamber of Commerce of the Philippines (BCCP) said in a briefing on Tuesday.

Art dealer Inigo Philbrick has vanished in a cloud of scandal

HE BURST onto the scene, a young man in a hurry, with an eye for art and a nose for a deal.

Green debt fever spreads as deals grow

SUSTAINABLE FINANCING has racked up almost half a trillion dollars of deals worldwide in 2019, fueled by a list of notable firsts. Next year may be even bigger.

Now inks deal with Aboitiz unit for common telco infrastructure

NOW CORP. on Tuesday said it signed a deal with Aboitiz InfraCapital, Inc. (AIC) and Frontier Tower Associates Management Pte (FTA) for the use of common telecommunications infrastructure, such as telco towers.

Art Basel takes down replacement of $150K banana that was eaten

AN INFAMOUS $150,000 banana duct-taped to a wall disappeared again — this time because it was becoming an unsafe distraction.