Home 2019 December 12

Daily Archives: December 12, 2019 | 10:17 pm

Lacson to list ‘reservations’ on budget, up to Palace to veto

THE Senate will continue reviewing the P4.1-trillion national budget for 2020 even after its ratification by both Houses, Senator Panfilo M. Lacson said, Thursday.
Manila International Container Port (MICP)

Fitch Solutions cuts view on current account balance

FITCH SOLUTIONS Macro Research said the narrowing of the Philippines’ current account deficit, largely due to plummeting import demand, has led it to cut its estimates for the current account-to-Gross Domestic Product (GDP) ratio in 2019 and 2020.

Australian firms awaiting resolution of CITIRA uncertainty

AUSTRALIAN companies are seeking “clarity” on legislation proposing to reduce the corporate income tax (CIT) and streamline fiscal incentives, now pending before the 18th Congress.
Department of Budget and Management (DBM) facade

GOCCs, state financial firms ordered to start 2021 budget preparations

THE Department of Budget and Management (DBM) has ordered state firms and financial institutions to start drafting their spending plans for 2021.

Unregulated courier industry could be subject of House probe

A LEGISLATOR has called for an investigation into the proliferation of unregulated courier delivery services, adding that most of these couriers are foreign-owned and without local partners.

Ethanol output estimated to rise 8.1% in 2019

PHILIPPINE ethanol production is expected to hit 320 million liters this year, up 8.1%, as declining sugarcane output and high prices encourage more market entrants going forward, the United States Department of Agriculture (USDA) said.
Davao City Hall

Davao chamber eyes better marketing after trade missions

DAVAO CITY -- The city’s business chamber is focusing on helping companies build their marketing capability in 2020 following this year’s round of trade missions.
congress House of Representative

Charter amendments extending local officials’ terms, easing FDI rules hurdle committee

THE House Committee on Constitutional Amendments approved Wednesday proposed amendments that could extend the terms of local officials, create regional representation in an expanded Senate, and ease restrictions on foreign investment.

Sugar output falls over 29% in late Nov.

THE Sugar Regulatory Administration (SRA) said that sugar production in the third week of November was down 29.05% year-on-year.

Peso up on Fed, BSP decisions

THE PESO strengthened against the greenback on Thursday after both the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP) decided to maintain key policy rates.
PSE BGC bell

PSE index drops ahead of BSP’s announcement

LOCAL SHARES traded lower on Thursday in anticipation of the last policy meeting of the Bangko Sentral ng Pilipinas (BSP), which concluded after the market closed.

Fulfilling the promise of UHC

A “new dawn for Philippine healthcare” is how the World Health Organization described the enactment in February 2019 of the Universal Health Care (UHC) Act.

Rethinking Philippine education

TESTED for the first time by the Organization for Economic Cooperation and Development’s (OECD) Program for International Student Assessment (PISA), a presumably representative population of 15-year-old Filipino students put the Philippines last in reading comprehension among 79 countries. They hardly fared any better in science and mathematics; they were rated second to the last at 78th place.

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‘A republic if you can keep it’

As with the Philippines, a republican democracy essentially keeps the passing passions and dominance of the majority in check by adhering to certain principles, the upholding of inherent individual rights, and the principle of checks and balances.

Can criticism be constructive?

THE POSSIBILITY of bad reviews is ever present for theater performances, movies, books, political moves, and even hosting of international events. Even out-of-town corporate retreats can be panned -- no alfalfa sprouts for lunch.

World is stuck with the dollar as the reserve currency

THE US dollar’s position as the world’s reserve currency might be weakening. In the last few years, the fraction of global reserves denominated in dollars has been inching down.

What’s worse than world leaders laughing at the US?

THAT VIRAL video of the leaders of Canada, France and the UK laughing about their US counterpart at last week’s NATO summit was vivid yet anecdotal evidence of what the rest of the world thinks of President Donald Trump. Now comes some hard data showing America’s declining global reputation.

How SEA Games 2019 was won

THE Philippines dropped the curtains on the 30th Southeast Asian Games on Wednesday, a competition that the host country dominated right from the get-go. And how!

PBA Governors’ Cup semifinals this weekend

ACTION resumes in the Philippine Basketball Association with the start this weekend of the semifinals of the Governors’ Cup at the Smart Araneta Coliseum.

UAAP stars journey from home to limelight in iWant sports documentary ‘Dayories’

FOR the love of family and the sport of basketball, three collegiate superstars dared to leave their comfort zones to make their dreams come true.

Jesus hat-trick gives Man City 4-1 Dinamo win

ZAGREB -- Manchester City striker Gabriel Jesus netted a superb hat-trick as they came from behind to beat Croatian title holders Dinamo Zagreb 4-1 away in an entertaining Champions League Group C clash on Wednesday.

NY Yankees land Cole for nine years, $324 million

NEW YORK -- The Yankees just landed the biggest catch on the free agent market, right-hander Gerrit Cole is headed to New York on a nine-year, $324 million deal, multiple media outlets reported late Tuesday night.

PHL volleyball teams grateful for support they got

FOR the Philippine volleyball teams, their drought of medals at the SEA Games for over a decade is a huge challenge to overcome -- especially after a long, storied history of victory and domination in the regional tournament back in the ‘80s and ‘90s.
Leila M. De Lima

US Senate committee backs de Lima’s release

A US Senate committee has passed a resolution calling on the Philippine government to release Senator Leila M. de Lima and drop criminal charges against the founder of a news website critical of the administration.

Woods to pair with Thomas in fourballs at Presidents Cup

MELBOURNE -- Captain Tiger Woods will kick off the United States’ bid for an eighth successive win in the Presidents Cup when he combines with Justin Thomas in the opening match of the fourballs at Royal Melbourne on Thursday.

DoJ posts record in 2018 human trade convictions

VARIOUS courts convicted 119 human traffickers last year, a record since a measure outlawing human trade for forced labor, sexual slavery and other illegal purposes was enacted in 2003, according to the Justice department.

DoJ rules out conflict of interest in review of water contracts

JUSTICE Secretary Menardo I. Guevarra ruled out conflict of interest in the government’s review of contracts with water companies, saying it was he who had led the review.

Road seen to boost tourism, agriculture in La Union small mountain town

SANTOL, a small mountain town in the eastern part of La Union, is now more accessible to tourists with the completion of a three-kilometer access road, the Department of Public Works and Highways (DPWH) announced Thursday.

Iloilo City seeks P230M fund from TIEZA to spruce up 5 parks

THE ILOILO City government is asking the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) for a P230 million fund to rehabilitate five public parks next year.

Cotabato City celebrates Shariff Kabunsuan Festival

THE ANNUAL Shariff Kabunsuan Festival in Cotabato City, which celebrates the arrival of the Arab missionary believed to have introduced Islam to southern Philippines and contributed to the area’s growth, starts on Dec. 15.

DoT-Davao to tap local governments for accreditation of more tourism establishments

THE DEPARTMENT of Tourism-Davao (DoT-11) will tap the assistance of local governments units (LGUs) to fast-track the accreditation of more tourism establishments in the region, including accommodations, transport services, and dining places.

More Filipinos take pride in local athletes’ performance

THERE are more Filipinos now who feel proud when the country does well at international sports events, according to a September poll by the Social Weather Stations (SWS).

Nike marks closure of Nike Hyper Court at BGC with community basketball event

TO commemorate the closure of the Nike Hyper Court @ BGC (Bonifacio Global City) after two momentous years of serving the community, Nike will hold a community basketball event to be attended by ballers, coaches and local athletes on Dec. 15.

Record bid

The Yankees were determined not to let Gerrit Cole get away again. Having already zeroed in on him as their top free-agent prospect, they promptly made sure their pitch would not be topped by the competition. They proposed a contract that guaranteed him the highest figure for the longest time. And, for good measure, they topped their eye-popping record offer of $324 million over nine years with an out clause that he can exercise at his discretion midway through the deal. In other words, they placed a key to the door under their welcome mat -- ensuring that he got the message they were bent on sending: They need him, and, to secure his future as best he can, he needs them.

Charter Change body wants economic restrictions lifted

A TASK force created to propose changes to the 1987 Constitution wants to remove economic restrictions in the Charter, including the ban on foreign investment in some industries.
faucet running water

Impact of moves vs water firms flagged

METRO MANILA’S two water providers warned of the implication of the government’s move to revoke the extension of their concession, which they learned only on Wednesday morning, while a foreign business group and an economist said the wider impact on investor confidence bears watching.
Department of Budget and Management (DBM) facade

DBM sets P4.64-trillion 2021 budget

THE GOVERNMENT is looking at a P4.64-trillion spending plan for 2021, about 13% more than the P4.1-trillion national budget for next year which made it out of Congress on Wednesday, Acting Budget Secretary Wendel E. Avisado said.

Congress ratifies national budget for next year

THE PROPOSED P4.1-trillion national budget for 2020 is now a step away from enactment, having secured Bicameral Conference Committee approval and ratification by both chambers of Congress on Wednesday.

Growth outlook of select Asian economies

ECONOMIC MANAGERS on Wednesday slashed their gross domestic product (GDP) growth targets for 2021 and 2022, abandoning original hopes for expansion of up to...
crane infrastructure construction

Planners cut economic projections further

ECONOMIC MANAGERS on Wednesday slashed their gross domestic product (GDP) growth targets for 2021 and 2022, abandoning original hopes for expansion of up to eight percent, while revising this year’s forecast to a tighter range following earlier quarters’ slower-than-expected clips.
auto show Lexus

Nov. auto sales biggest year-to-date

AUTOMOBILE SALES notched another record high in November, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) reported on Wednesday, adding that the latest tally brought the entire industry closer to a 410,000-unit sales projection for the entire year.

Lotte looking to increase stake in Pepsi Philippines

PEPSI-COLA Products Philippines, Inc. (PCPPI)’s biggest shareholder Lotte Chilsung Beverage Co. Ltd. wants to increase its stake in the company, which is seen to possibly lead to an eventual delisting from the local bourse.

Term deposit rates drop

YIELDS ON term deposit mostly went lower with lenders awaiting the upcoming holidays and the policy stance of the central bank for its final policy meeting this Thursday.

Metro Pacific Hospital Holdings buys stake in Mindanao hospital

METRO PACIFIC Hospital Holdings, Inc. (MPHHI) is taking a majority stake in the operator of a 100-bed hospital in Butuan, Mindanao.

Intel creates ‘Horse Ridge’ chip to control quantum computers

QUANTUM COMPUTERS aim to carry out tasks in just a few minutes that would take today’s best conventional computers thousands of years. But in nearly every photograph of the devices, there’s a tangle of wires in the background connected to equipment that controls the quantum computer.