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Daily Archives: March 3, 2020 | 10:15 pm

PHL Feb. PMI rises amid broad ASEAN contraction — IHS Markit

IHS MARKIT said its Philippine purchasing managers’ index (PMI) was 52.3 in February, the highest level in Southeast Asia, and outperforming other economies whose supply chains were disrupted more severely by the coronavirus outbreak.

Manila Feb. port usage drops to 50% amid epidemic

THE Philippine Ports Authority (PPA) said the yard utilization rate at the Port of Manila dropped from 65% to 50% in February due to the coronavirus outbreak.

Duterte reviewing draft EO covering use of nuclear power

A PROPOSED executive order (EO) on nuclear power is now with President Rodrigo R. Duterte awaiting his signature, his spokesman said Tuesday.

Deterrent value of wildlife smuggling laws limited — DENR

THE Department of Environment and Natural Resources (DENR) said wildlife smugglers are not deterred by the current set of penalties prescribed for them because violations are prosecuted as if they were “second-class crimes.”

Corporate fraud still high amid limited use of AI detection — PwC

FRAUD AND ECONOMIC crime in Philippine businesses fell but remained high in the last two years with the deployment of AI-based fraud detection systems remaining limited, PwC Philippines said in a report released Tuesday.
Department of Finance (DoF)

DoF defends deficit as needed stimulus, sees no sovereign ratings impact

THE Department of Finance (DoF) said the larger-than-expected 2019 budget deficit will not have a negative impact on sovereign credit ratings as government spending was needed to stimulate economic growth last year.

FDI policy review urged amid workplace closures

A LEGISLATOR has asked the House committee on labor and employment to review foreign direct investment (FDI) policy amid the recent closures of multinational firms’ Philippine operations.

Wells Fargo to maintain presence in Philippines

WELLS Fargo & Co. said it will maintain its presence in the Philippines with a staffing level of about 4,800 workers, following the relocation of Manila-based technology jobs to India.
Bureau of Customs (BoC)

Declining imports dent BoC revenue by P2.7B

THE Bureau of Customs (BoC) said collections fell 2.58% in February on declining cargo volumes as the coronavirus outbreak continued to disrupt global supply chains.

Ateneo and UP clash in UAAP volleyball today

IT will be an early “Battle of Katipunan” in UAAP Season 82 volleyball for the Ateneo Lady Eagles and University of the Philippines Fighting Maroons as they clash in a packed game date today at the Mall of Asia Arena.

Team Tarlac’s Solis claims first victory lap as Oconer solidifies lead

VIGAN, ILOCOS SUR -- Kenneth Solis of Team Tarlac claimed his very first lap victory even as George Oconer of Standard Insurance-Navy stayed firm and unflappable at the helm in the ninth and penultimate stage of the LBC Ronda Pilipinas 10th anniversary race on Tuesday.

Stocks rise ahead of G7 call on virus response

THE MAIN INDEX closed higher on Tuesday as investors across the world anticipate new measures from intergovernmental economic organization Group of Seven (G7) to address the coronavirus disease 2019 (COVID-19) outbreak.

Peso drops on weak data

THE PESO dropped against the greenback on Tuesday amid softer manufacturing data in key markets due to the coronavirus disease 2019 (COVID-19) outbreak and amid hints of possible rate cuts to cushion the impact of the outbreak on the economy.

Manila eases Korea ban, vows not to restrict travel

THE Philippines has partially lifted its travel ban on South Korea and won’t restrict travel to other countries amid a novel coronavirus outbreak, according to the presidential palace.
Salvador S. Panelo

Immigration chief given chance to fix mess — Panelo

PRESIDENT Rodrigo R. Duterte is giving his Immigration commissioner a chance to fix corruption at the agency after the Senate uncovered a bribery scheme involving Chinese nationals working at local offshore gaming companies.


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Senate, House got ‘very good’ ratings last quarter — SWS

THE Senate and House of Representatives got “very good” net public satisfaction ratings of +62 and +51 in the past quarter, while the Supreme Court got a “good” rating of +49, according to the latest poll by the Social Weather Stations (SWS).
Richard J. Gordon

Senate to probe suspected money laundering via cash carried through airports

THE SENATE Blue Ribbon Committee will investigate on Thursday the alleged money laundering scheme of bringing in cash through individuals arriving at international airports.

No plan to cancel Bangus Festival unless gov’t orders definitive ban on events

THE DAGUPAN City government plans to carry on with its biggest annual celebration, the Bangus Festival, unless the national government issues a directive for a complete ban on public gatherings amid the coronavirus threat.
water containers crisis

Palace assures Metro Manila will have enough water supply this year

THE NATION’S capital will have “enough water” supply, at least this year, the Palace said on Tuesday citing an assurance from the Environment chief.

Cebu’s ESL service sector feels coronavirus pinch

ENGLISH AS Second Language (ESL) service providers in Cebu are feeling the pinch of the coronavirus spread as its major markets for students have stopped coming.

1 soldier, 2 IS-inspired group members killed in Maguindanao clashes

A SOLDIER and two members of a local Islamic State-inspired group died in clashes in two Maguindanao towns on March 2, the military reported on Tuesday.

Indigenous communities assured of assistance with declaration of Dakeol Forest as critical habitat

INDIGENOUS PEOPLE (IP) communities in Dakeol Forest have been assured of livelihood support as protective measures are put in place with the planned declaration of part of the woodland as critical habitat.

Nationwide round-up

MORE THAN $1 billion was brought into the country last year linked to money laundering schemes, terrorism, and illegal online gaming operations, according to Albay Rep. Jose Maria Clemente S. Salceda, who also chairs the House ways and means committee.

Nation at a Glance — (03/04/20)

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

Bureau of Immigration hollowing out

In December 2016, or barely six months into an administration that is very strong on fighting corruption, two high ranking Deputy Commissioners of the Bureau of Immigration, Al Argosino and Michael Robles, were arrested based in an entrapment operation for demanding and receiving the grand sum of P50 million as extortion money from a Chinese gambling personality named Jack Lam.

The conversion of an ordinary stock corporation to a one person corporation

With the end in view of keeping abreast of changing times and easing doing business in the Philippines, the Revised Corporation Code (RCC) introduced the concept of a corporation with a single stockholder. Under the RCC, a natural person, trust, or an estate can now establish a One Person Corporation (OPC). For purposes of transition, it also allows an old domestic stock corporation (OSC) incorporated prior to the enactment of the RCC to be converted into an OPC. Pursuant to this, the Securities and Exchange Commission (SEC) released its proposed guidelines on the conversion of an OSC to an OPC for public feedback.

A winter of confusion

In his play, Richard III, William Shakespeare coined the phrase “winter of our discontent,” drawing an analogy between the dark and dreary winter season and the misfortunes and challenges that confronted his characters.

Quo warranto and the pitfalls of populism

In a world that runs on the ideas of neoliberalism and free trade, transnational actors have reshaped how domestic politics work. After the downfall of communism -- from the fall of the Berlin Wall to the transition of China into a global powerhouse of trade, and now, Vietnam’s growth -- it can easily be said that trade has changed the world from what it was.

Coronavirus is a risk to the Olympics, in 2020 and beyond

IN 1906, preparations for the 1908 Olympics were underway in Rome when Mount Vesuvius erupted and devastated Naples. The Italians, already strapped for funds to build Olympic venues, used the disaster as an excuse to back out of their commitment. The International Olympic Committee (IOC) didn’t miss a beat: In November 1906 -- a mere 15 months before the opening ceremonies -- London was selected as a replacement and held the games on time. Among other feats, the city built the first dedicated Olympic Stadium.

Heat beat Bucks for second time this season

MIAMI -- The host Miami Heat held reigning NBA MVP Giannis Antetokounmpo to 13 points and became the first team to beat the Milwaukee Bucks twice this season, prevailing 105-89 on Monday night.

Breakthrough athletes to be given special awards at PSA event

YOUNG and breakthrough athletes will get their share of the spotlight at the Annual Philippine Sportswriters Association Awards Night on March 6 at the Centennial Hall of the Manila Hotel.

UST clinches fourth straight UAAP men’s judo title

UNIVERSITY of Santo Tomas leaned on both a rookie and a seasoned senior to turn it around and edge out University of the Philippines, claiming its fourth straight UAAP men’s judo title on Sunday at the SM Mall of Asia Arena.

Fallorina barges into Last 64 of Predator-Volturi 9-Ball Cup

MARK “Iron Fist” Fallorina toppled Rodel Adona, 6-3, to qualify in the tough Round of 64 of the Predator-Volturi 9-Ball Cup 2020 tournament at the AMF-Puyat Makati Cinema Square, Makati City over the weekend.

Cebu Country Club opens defense of Interclub title

BACOLOD -- With its tight, bending fairways and greens that are glass-like, Marapara will be the venue of the first and final rounds of the 73rd playing of the Men’s Philippine Airlines Interclub championship.

Detours

When the season-opening PBA Philippine Cup unfurls later this week do not be surprised if as it progresses it makes detours in the cities of Manila and Pasig.

Finding their stride

The Heat haven’t exactly had a good run since the turn of the year. After taking the National Basketball Association by storm with its overachieving ways to start the 2019–20 season, they promptly went a middling eight and six in January. They appeared to have righted the ship to start the next month, only to absorb three different losing skeins of three, two, and two games to finish five and seven. A glaring inability to both hold on to seemingly comfortable leads and play up to par in the crunch had them struggling to hold on to provisional fourth in the East.

Think long-term for your financial security

Some opportunities only come once in a lifetime. With the release of CIMB Bank Philippines’ (CIMB Bank PH) new ‘One Shot at Love’ short...

Manufacturing purchasing managers’ index of select ASEAN economies, February (2020)

FACTORY ACTIVITY in the country improved in February to reach a 13-month high driven by sustained growth in output and new orders, despite delays...

Factory activity hits 13-month high in Feb.

FACTORY ACTIVITY in the country improved in February to reach a 13-month high driven by sustained growth in output and new orders, despite delays in shipments from China due to the coronavirus disease 2019 (COVID-19) outbreak.

Government spending to soften virus blow — analysts

HIGHER government spending will probably cushion the effects of a deadly coronavirus outbreak on the Philippine economy, according to analysts.

NEDA: Virus fallout could shave 1-pct point off GDP growth

SOCIOECONOMIC Secretary Ernesto M. Pernia on Monday said the economy could take an even bigger hit if the coronavirus disease 2019 (COVID-19) outbreak persists until yearend, estimating a one-percentage point reduction in 2020 gross domestic product (GDP) growth.

BSP chief not ‘totally’ ruling out another rate cut

BANGKO SENTRAL ng Pilipinas Governor Benjamin E. Diokno said it may be more apt to push for fiscal stimulus rather than monetary easing as the government looks to shield the country against the economic fallout from the spread of the coronavirus disease 2019 (COVID-19), even as he said a policy rate cut may still be on the table this year.
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Virus spurs rise in online English classes

THE online English education industry is experiencing increased demand as students in China stay home due to the new coronavirus disease COVID-19 epidemic.

More hotels cut rates amid virus

ANGELES CITY, PAMPANGA — More hotels have committed to offer as much as 50% off on their published room rates to help boost domestic tourism amid the coronavirus outbreak, the Tourism Congress of the Philippines said.

Architects’ group wants stricter issuance of building permits

THE United Architects of the Philippines (UAP) reiterated the need for more stringent procedures in the issuance of building and construction permits, particularly in the implementation of ancillary architectural permits as mentioned in the National Building Code of the Philippines.