Home 2020 February 5

Daily Archives: February 5, 2020 | 10:26 pm

Grab in-car recording suspended on privacy concerns

GRAB Philippines has suspended its pilot selfie verification and in-vehicle video and photo recording processes after the National Privacy Commission (NPC) raised objections over passenger privacy protections.

Gov’t fund-raising generates nearly P1-T in 2019

THE government raised a total of P995 billion in 2019 from both domestic and external sources, the Department of Finance (DoF) said.

Natural gas import projects slow out of the gate — Fitch Solutions

DECLINING PRODUCTION from the Malampaya deepwater gas project has left the Philippines needing to import liquefied natural gas (LNG), but projects to allow the fuel to come in are facing delays, Fitch Solutions Macro Research said.
Mindanao rail system

DoTr to keep Mindanao railway single track, keeps options open

THE Department of Transportation (DoTr) said it will proceed with a single-track and non-electrified system configuration of the Mindanao Railway Project, overruling appeals from the Davao Regional Development Council to adopt a two-track, electric configuration.

CITIRA seen hurdling Senate committee by next week

THE measure that will eventually lower the corporate income tax to 20% from the current 30% and streamline fiscal incentives is expected to hurdle the Senate Ways and Means Committee next week.

M3 growth accelerates in December after 2019 easing

MONEY SUPPLY growth in December accelerated with the financial system continuing to feel the impact of the easing stance taken by the central bank in 2019.

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A closer look at IFRIC 23 and the challenges that lie ahead

In last week’s article, we laid down the foundation of the International Financial Reporting Interpretations Committee 23 (IFRIC 23) by discussing the key requirements of recognizing uncertain income tax treatments. The initial application of a new accounting standard often poses questions and challenges. Today, we take a closer look at concrete applications of IFRIC 23, as well as the challenges and key considerations it entails.

The two words every central banker wants to hear

FOR CENTRAL bankers around the world, acting locally now means thinking about China.

How business firms perpetuate economic inequality

Our Constitution says that all economic agents, including corporations, shall contribute to the common good in order to achieve our country’s vision of a rising quality of life for all. More than 30 years after the ratification of the fundamental law, easily one-third of Filipinos are poor despite the official poverty rate now falling below 20% and healthy economic growth at nearly 6%. The World Bank reports that the country has one of the most persistent poverty problems in the region. And the concentration of wealth among the very rich continues to worsen every year.

Sense of others

I worry that we are leaving our children, and their children, a world far worse than what we inherited from our predecessors. There is no doubt in my mind that there will be a tipping point at some time. When, where, and how, no one can predict. But, going by what is currently happening around us, it seems that point is nearing.

Inflation, land transportation, and nCoV

Consumers in the Philippines continue to be penalized by high inflation. In 2018 when the TRAIN law was implemented, the country was the “inflation valedictorian” among the big and stable economies in East Asia with 5.2%. Last year, six economies had inflation rates of below 1% and yet the Philippines had 2.5%. In January, our inflation rate spiked to 2.9%.

Impermanence and Diligence

STORIES IN New York claim that the way fathers in the apparel trade initiated their little sons into cutthroat business was by making them stand on a tall table and asking them to jump. “Jump,” they used to say, “trust me I will catch you!” And when the kid jumped the father would step aside and let the kid come crashing to the ground. “Never ever trust anyone in this business and that includes your father,” he’d admonish.

Europeans should say thank you to Boris Johnson

ONE SURPRISING knock-on effect of the UK’s departure from the European Union, which became official last week, was to bind the bloc’s 27 remaining members closer together. The British had expected the red-carpet treatment from national governments desperate to keep selling Italian prosecco, German cars, and French wine. They were instead shown the door by a united EU more focused on preserving the integrity of the single market, avoiding a return to a hard border in Ireland and settling the UK’s bill.

UHC Law: the opportunity of a generation

TWO YEARS ago, my sister was diagnosed to have Stage 3 colon cancer. Her treatments have depleted her life-long savings despite the help of the Philippine Charity Sweeptstakes Office and other government agencies. Unfortunately, a lot of Filipinos are in the same predicament. In fact, one of the main reasons why Filipinos migrate overseas is to make sure that they have access to good and affordable healthcare.

Casimero pumped for big fight against Inoue

WORLD BOXING ORGANIZATION bantamweight champion JohnRiel “Quadro Alas” Casimero of the Philippines is ready to go into battle against undefeated Japanese World Boxing Association (WBA) and International Boxing Federation (IBF) champ “The Monster” Naoya Inoue of Japan in April.

Harden leads Rockets past Hornets, 125-110; Milwaukee tops New Orleans

HOUSTON -- James Harden finished one rebound shy of a 40-point triple-double, and the host Houston Rockets erased a 15-point deficit to beat the Charlotte Hornets, 125-110, on Tuesday.

Rubilen Amit to spend ‘quiet’ 2020 working to stay fit

AFTER A BUSY 2019 where she competed in various tournaments that spawned good results, Filipino billiards star Rubilen Amit said this year would be a quiet one but she is not letting it go to waste, taking it as an opportunity to focus on her health and wellness.

Fajardo suffers leg injury, out indefinitely

FIVE-TIME Philippine Basketball Association most valuable player June Mar Fajardo of the San Miguel Beermen is to miss time on the court after suffering a leg injury in practice at the weekend, his mother team announced on Wednesday.

All-Filipino race in 2020 edition of Ronda Pilipinas

OUT TO bring the race back to the Filipinos, the LBC Ronda Pilipinas will revert to an all-Filipino race when this year’s edition of the competition unfurls later this month.

Caruana wins Tata Steel

The new FIDE rating list has been released and the Tata Steel Masters, being the only strong tournament rated in January, played a big role in the new rankings (the Gibraltar Chess Festival was also concluded in January but the results were submitted too late to be included in this list):

McDowell’s push

Graeme McDowell is no stranger to slumps. In fact, he had one shortly after he won the 2010 United States Open. Still, it didn’t take him long to recover. He had solid seasons in 2012 and 2013, and the manner in which he rebounded to crowd the top of the sport gave rise to the contention that he would have plenty more highs than lows. In his own words, however, life “just got in the way,” and he saw bliss off the course, courtesy of marriage and fatherhood, coinciding with tumult inside the ropes. “I don’t think I’ve ever sat back and rested in my laurels. Just my practice changed, the time I was giving to the game changed, and I was less effective in what I was doing.”

Shares climb further as global markets rebound

PHILIPPINE SHARES sustained their climb on Wednesday as the rest of global equities kept improving after taking blows from concerns over the novel coronavirus.

Peso weakens vs dollar

THE PESO weakened on Wednesday with the market factoring in a possible rate cut this Thursday and on expectations of upbeat US non-manufacturing data.

DoH confirms Philippines’ 3rd coronavirus case

A THIRD case of the novel coronavirus (nCoV) in the Philippines has been confirmed in a 60-year old Chinese woman who previously tested negative twice for the virus, the Department of Health (DoH) reported on Wednesday.

Quarantine for cargo ships from any port lifted

THE BUREAU of Quarantine (BoQ) has exempted all cargo ships from the required 14-day quarantine amid the novel coronavirus (nCoV) threat in consideration of the country’s supply chain, Philippine Ports Authority (PPA) General Manager Jay Daniel R. Santiago said on Wednesday.
congress House of Representative

House committee OK’s proposed divorce bill

THE HOUSE Committee on Population and Family Relations approved on Wednesday a bill seeking the legalization of divorce in the Philippines.

DepEd suspends school field trips, big events in response to nCoV threat

THE DEPARTMENT of Education (DepEd) has ordered the suspension of all national and regional activities as well as field trips and other off-campus activities to minimize the risk of the novel coronavirus (nCoV) spread.

Senate committee report recommends charges vs Faeldon

A SENATE multi-committee report has recommended graft charges against former Bureau of Corrections (BuCor) chief Nicanor E. Faeldon over the good conduct time allowance (GCTA)-for-sale scheme. 

Sohoton National Park soon to be more accessible with upgraded road

TRAVEL TIME to Sohoton National Park, one of the country’s declared protected areas, will soon be faster with the completion of the improved 2.4-kilometer Basey Bypass Road.

ASF outbreak: Lingayen culls infected swines; Davao Occidental declares state of calamity

PIGS THAT tested positive for the African Swine Fever (ASF) in Barangay Namolan have been culled, the Lingayen provincial office reported Tuesday evening.

Davao City mayor, Chinese envoy pursue trade cooperation

AMID the current ban on direct flights between China and the Philippines due to the novel coronavirus (nCov), Davao City Mayor Sara Duterte-Carpio and Chinese Consul General Li Lin met Tuesday to discuss continued trade cooperation and opportunities.
Gringo Honasan

Nationwide round-up

FORMER SENATOR Gregorio B. Honasan II, who now heads the Department of Information and Communications Technology (DICT), may be summoned for the proposed Senate inquiry over alleged irregularities in the agency’s confidential funds.

Nation at a Glance — (02/06/20)

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

Asian Development Bank launches ADB Ventures, investing in impact tech startups

The project will also be providing various forms of financial and technical assistance to startups aiming to address relevant global issues.

Factory output falls for 13th straight month in December

INDUSTRIAL PRODUCTION extended its declining streak to the 13th straight month in December, the Philippine Statistics Authority (PSA) reported this morning. Preliminary results of the...

January inflation picks up, fastest in eight months

The overall year-on-year pace in the prices of widely used goods picked up for the third straight month in January by its fastest pace...

Sun Life Asset Management brings back “Make It Mutual” campaign

Sun Life Asset Management Company, Inc. (SLAMCI) is bringing back its highly successful investor education campaign dubbed “Make It Mutual,” in a bid to...

GDP growth could slow on outbreak

PHILIPPINE economic growth could slow this quarter as factory closures in China, which is battling a coronavirus outbreak that has killed hundreds and sickened thousands more, hit the global supply chain, according to Mitsubishi UFJ Group (MUFG) Global Research.

Gov’t raises record P311B from RTBs

THE Bureau of the Treasury (BTr) raised a record P310.8 billion from its sale of retail Treasury bonds (RTBs) that ended on Tuesday, two days ahead of the original schedule, following strong demand from investors.

8 insurers, NHMFC charged for anti-competitive deals

THE Philippine Competition Commission’s Enforcement Office (PCC) has charged a pool of insurers and state-led secondary mortgagor for entering into anti-competitive agreements that cornered a type of insurance offered to borrowers for nearly four decades.

Asian central banks face rate cut pressure

CENTRAL BANKS in Asia face increasing calls to cut interest rates as they jump into action against a spiraling coronavirus crisis that’s hammering tourism, travel and confidence across the region.

Which were the Philippines’ most profitable companies in 2018?

To know more about the country's top-performing firms, buy the latest copy of the Top 1000, which is available at select branches of National...

JFC joins companies halting China business

LOCAL companies with operations in mainland China are closing shop amid the novel coronavirus scare, as the epidemic push the death count and confirmed cases higher by the day.

PSE proposes tender offer for involuntary delisting

THE Philippine Stock Exchange, Inc. (PSE) is seeking an amendment of rules for companies that will be involuntarily delisted from the local bourse, where a tender offer may be required to protect investors.

SEC flags more illegal businesses

THE Securities and Exchange Commission (SEC) is revoking the registration of Togachat Academy Philippines, Inc. after finding it is operating an illegal investment scheme.