Home 2020 March 11

Daily Archives: March 11, 2020 | 10:10 pm

OFW dep’t, road user tax bills approved on final reading

THE House of Representatives passed on third reading a priority measure seeking to create the Department of Filipinos Overseas and Foreign Employment.

Retailers call for rationing of rubbing alcohol, hand sanitizer

A SUPERMARKET association official said its members need to consider capping individual purchases of rubbing alcohol, hand sanitizers and face masks, in order to stem panic-buying following a rise in domestic cases of coronavirus (Covid-19).
Cebu BRT

‘Precursor’ service to Cebu Bus Rapid Transit launching next week

THE Department of Transportation (DoTr) said Wednesday that a bus service meant to serve as an interim form of transport ahead of the completion of the Cebu Bus Rapid Transit (BRT) system will begin operations next week.

Rice inventory increases 10.9% in February

THE NATIONAL rice inventory rose 10.9% year-on-year to 2.375 million metric tons (MT) in February, the Philippine Statistics Authority (PSA) said, following a substantial increase in holdings by the National Food Authority (NFA).

One-hour test to detect ASF hurdles pilot evaluation

THE Bureau of Animal Industry (BAI) said a test kit for African Swine Fever (ASF) co-developed with Central Luzon State University has become available, promising more rapid detection of the disease in hogs suspected of being ill.

‘Modest’ oil price decline impact on emerging markets

PLUNGING global oil prices could boost oil-dependent emerging economies like the Philippines and possibly serve as a “modest global offset” to the adverse impact of the coronavirus disease 2019 (Covid-19) outbreak, according to Oxford Economics.

House passes amendments to retail trade law on 3rd reading

THE House of Representatives approved on third and final reading a priority measure that aims to further open up the retail sector to foreign companies on Wednesday.

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VAT refunds: Is the government unjustly enriched?

One of the well-known and time-honored principles in the Law on Obligations and Contracts is solutio indebiti. The rule is that no person shall unjustly enrich himself at the expense of another. Accordingly, if something is received when there is no right to demand it, and it was unduly delivered by mistake, the obligation to return it arises. In such a situation, a creditor-debtor relationship is created under a quasi-contract. The payor becomes the creditor with the right to demand the return of payment made by mistake while the payee, who has no right to receive the payment, is obligated to return it.

Only the lonely

It is perhaps the loneliest and not the fittest, that are most likely to avoid COVID-19. “Lockdowns,” social distancing, and “independent” living are nothing new to people who live isolated, hermit-like lives. They live off-grid, away from crowds, and keep to themselves. They put a premium on privacy, and rarely use the internet or social media accounts.

A TV network for the common good (Part Two)

ABS-CBN’s franchise says that it should “provide at all times sound and balanced programming; ...assist in the functions of public information and education; [and] conform to the ethics of honest enterprise...” In line with this, I believe the network needs to provide more balanced and independent reporting and analysis of important social issues to help Filipinos become critically engaged citizens.

Cheap oil, gas, and power stability

One of the consequences of the COVID-19 scare is the huge decline in global oil demand and low oil prices because oil supply remains high, thanks to Trump’s policy of “energy dominance”: from only 5 million barrels per day (mbpd) at the end of Bush, Jr.’s term in 2008, to 8.8 mbpd at the end of Obama’s in 2016 (a 3.3 mbpd increase after eight years), and 13.1 mbpd by February 2020 (a 4.4 mbpd increase in just three years and two months).

Postpone CITIRA due to the coronavirus!

Days before the spike of local cases of infection with the SARS-COV-2 coronavirus which causes COVID-19, the Senate Ways and Means Committee was ready to approve its version of CITIRA (the Corporate Income Tax and Incentives Rationalization Act). The proposed law is the second phase of tax reform of the government, which reduces the corporate tax rate and reforms the investment incentives laws of the country.

Why America’s strategic presence will remain in the Philippines beyond the VFA

THE GEOGRAPHICAL LOCATION of the Philippines on the world map permanently defines its inimitable strategic position and geopolitical role in relation to America’s overall foreign policy framework and agenda. This principally means that the recent abrogation of the 1998 RP-US Visiting Forces Agreement (VFA) by the current Duterte Regime will inevitably give way to a potential VFA-2, or another similar bilateral defense arrangement, in the future. Such a scenario is a near certainty given two complementary conditions which continually press upon our country. One is internal, while the other remains external to the Philippines.

Main index climbs further despite cautious trade

THE MAIN INDEX marked its second consecutive day of increase yesterday, but is yet to break into the 6,400 level as investors remained cautious of the coronavirus outbreak’s economic impact.

Peso weakens slightly as oil prices correct following sharp decline

THE PESO depreciated slightly on Wednesday due to a correction with oil prices, even as it has remained relatively resilient, according to analysts.

DoH confirms 16 new coronavirus infections

HEALTH authorities on Wednesday reported 16 new cases of novel coronavirus infections, bringing the total in the Philippines to 49.

UP faculty members from Japan being tested for infection

TWO faculty members of the University of the Philippines (UP) are under investigation for a possible novel coronavirus infection, the school said in a statement on Wednesday.

Bill on lockdowns filed at Senate

A SENATOR has filed a bill allowing the Bureau of Quarantine to impose lockdowns in selected areas amid the threat of a novel coronavirus outbreak.

Regulator says there’s enough water supply in Metro Manila

THE National Water Resources Board (NWRB) on Wednesday said there was enough water supply in Metro Manila in the face of increased demand in the summer and amid a novel coronavirus contagion.

COVID-19 Regional Updates (03/11/20)

THE PANGASINAN provincial board has passed a resolution ordering village leaders along with the youth representatives to suspend “activities that could draw crowd in their respective localities” to avoid potential community transmission of the new coronavirus disease known as COVID-19.

Duterte to meet with Boracay’s tourism sector, rehabilitation team

PRESIDENT RODRIGO R. Duterte will meet tourism stakeholders and the task force overseeing the rehabilitation of Boracay when he visits the island on March 12, according to the Department of Tourism (DoT).

Davao Oriental combines greening and livelihood program with falcata project

THE DAVAO Oriental provincial government recently signed a memorandum of agreement with falcata tree farmers to strengthen its program that combines reforestation with sustainable livelihood.
congress House of Representative

Nationwide round-up

A MEASURE establishing parking fee regulations and standards for parking facilities was approved Monday by the House of Representatives’ committee on trade and industry.

Nation at a Glance — (03/12/20)

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

PBA postpones PHL Cup games until further notice

FOLLOWING a successful staging of its opening for Season 45 last weekend, the Philippine Basketball Association moved to postpone matches in the just-started All-Filipino tournament over concerns on the spread of the coronavirus (COVID-19).

Forced to a draw, Kaya seeks to do better against PSM at home

KAYA FC-Iloilo stayed undefeated and at the top half of Group H in the 2020 AFC Cup group play after a 1-1 draw with PSM Makassar in an away match in Jakarta, Indonesia, on Tuesday. But the Philippine club admitted that it would have been far better if it came out with a victory.

UP Fighting Maroons all set to do offseason work

WHILE Season 83 of the University Athletic Association of the Philippines is still months away, the UP men’s basketball team is all set to go on gear-up mode as it begins its preparations, eyeing training abroad and joining various tournaments.

NBA: Dinwiddie, Nets shock Lakers

LOS ANGELES -- Spencer Dinwiddie scored 23 points and hit the go-ahead basket, and Caris LeVert added 22 points as the Brooklyn Nets surprised the host Los Angeles Lakers 104-102 on Tuesday night.

Beating the Philidor

I am sure most of our readers have seen the famous 1858 Morphy versus Duke of Brunswick game played at an opera house in Paris. It has been called the most famous game in chess history.

Major sporting events affected by virus

The novel coronavirus has affected even sports. Major organizations are now preventing members of the media from accessing locker rooms after matches, with pressers held in strict compliance of social distancing measures. Other decisions will most likely be made on an as-needed basis, but preparations for any contingency are already being done. National Basketball Association teams have been told to be open to the possibility of holding matches without any paying spectators on hand, initially thumbed down by the Lakers’ LeBron James, by far the league’s biggest draw, but later on accepted as a worst-case option in the interest of public health.

2019 FDI falls on global uncertainties

FOREIGN direct investment (FDI) net inflows to the Philippines fell by almost a quarter last year, the central bank said on Tuesday, as global uncertainties, regulatory risks and an unclear path for a local tax reform program dampened investor sentiment.

Exports growth outpaces imports rise in January

THE COUNTRY’S trade-in-goods deficit narrowed in January as merchandise export growth outpaced the increase in imports, the Philippine Statistics Authority (PSA) reported on Tuesday.

Philippine trade year-on-year performance (January 2020)

THE COUNTRY’S trade-in-goods deficit narrowed in January as merchandise export growth outpaced the increase in imports, the Philippine Statistics Authority (PSA) reported on Tuesday....

Gov’t collections may drop by up to P100 billion

GOVERNMENT revenue collections may fall by between P91 billion to P100 billion if disruptions caused by the coronavirus disease (COVID-19) drag on until June, with the budget deficit projected to balloon to as much as 3.6% of gross domestic product (GDP) this year, government economic managers said on Tuesday.

Vehicle sales rebound in February

AUTOMOTIVE SALES in February climbed as the industry recovers from the Taal Volcano eruption, a joint report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed on Tuesday.

Torre Lorenzo allots P7B for ‘premium’ projects

TORRE Lorenzo Development Corp. (TLDC) is investing up to P7 billion this year to boost its premium residential-business projects and expand further into leisure development, its finance chief said.

PSE tells listed firms to offer remote voting as virus lingers

THE Philippine Stock Exchange, Inc. (PSE) is reminding shareholders of publicly listed firms of their options to participate in annual stockholders’ meetings (ASM) as the virus outbreak persists.

MPTC readies P60B as toll road projects continue

METRO PACIFIC Tollways Corp. (MPTC) is setting aside P60 billion for this year’s capital expenditure (capex) as the toll road operator continues with the implementation of expressway projects, its finance chief said.

Petron income falls to P2.3B

PETRON CORP., the country’s largest oil refiner, reported a consolidated net income of P2.3 billion last year, down 67% from the earlier year after the company’s refining business incurred losses in part because of low production.

Chelsea Logistics losses hit P832 million in 2019

CHELSEA Logistics and Infrastructure Holdings Corp.’s net loss ballooned by 51% to P832 million last year as the Dennis A. Uy-led firm suffered from its share in the losses of some units and expenses for new vessels and a warehouse complex.

POGOs have insufficient AML, CTF awareness, regulation — study

PHILIPPINE OFFSHORE Gaming Operators (POGOs) have low defenses against dirty money transactions, according to a risk assessment done by the Anti-Money Laundering Council (AMLC).
San Miguel Beer

San Miguel food unit stays positive amid virus

SAN MIGUEL Food and Beverage, Inc. (SMFB) remains optimistic about its prospects for 2020, as it maintains smooth operations amid the coronavirus disease 2019 (COVID-19) outbreak.

A musical of possibilities

WHAT happens when an Egyptian police band ends up in the wrong town in Israel and has no way to leave before morning? Strangers change each other’s lives with a whole lot of singing.

Rediscount facility untapped

LENDERS DID NOT avail of the central bank’s rediscount facility for the fourth straight month in February, as banks had enough liquidity following the reserve requirement ratio (RRR) cuts implemented last year.

AEV income slips as power business segment falters

ABOITIZ Equity Ventures, Inc. (AEV) reported on Tuesday a 1% dip in net income to P22 billion for 2019, as its top contributing power business recorded a double-digit profit decline after last year’s power outages.