Home 2020 November 11

Daily Archives: November 11, 2020 | 9:00 pm

Peso ends flat vs dollar

THE PESO was flat versus the dollar on Wednesday as the growth of domestic liquidity and bank lending eased in September and amid developments in trials of vaccines for the coronavirus disease 2019 (COVID-19).

Index slips as investors pocket profits from rally

THE MAIN INDEX posted losses on Wednesday but remained above the 7,000 mark as some investors resorted to profit taking after Tuesday’s rally.

Duterte says vaccines may be funded by loan

PRESIDENT Rodrigo R. Duterte on Tuesday said the government might borrow $300 million to finance its vaccination program for the coronavirus, which has sickened more than 400,000 and killed almost 8,000 people in the Philippines.

Philippines won’t end military deal with US just yet, defers termination for 6 months

THE PHILIPPINES won’t end a military pact with the US on the deployment of troops for war games just yet, after it extended the suspension of its termination for six more months, according to its top envoy.

Robredo rejects Marcos inhibition plea

VICE President Maria Leonor G. Robredo has opposed a plea by losing vice presidential candidate Ferdinand R. Marcos, Jr. and the Office of the Solicitor General for a magistrate to inhibit himself from his election protest due to alleged bias.
Panfilo Lacson

Congress urged to realign budget for buildings

A SENATOR on Wednesday urged Congress to realign a portion of the P68-billion budget for multipurpose buildings next year after flagging 5,913 local infrastructure projects that were poorly built.

Nationwide round-up (11/11/20)

THE Department of Labor and Employment (DoLE) said it has recommended the lifting of the temporary deployment ban on healthcare workers, but with a limit on the number that will be allowed to leave.

Regional Updates (11/11/20)

THE Cardinal Santos Medical Center (CSMC) recently signed an agreement with the Philippine National Police (PNP) to provide medical services to members of the force.

Plastics firms warn of closure if tariffs imposed on suppliers

PLASTICS MANUFACTURERS said they may be forced to close down factories if their supply of raw materials is hindered by safeguard tariffs.

Below-average holiday boost seen in fast-moving consumer goods sales

THE surge in fast-moving consumer goods (FMCG) sales during the holidays will be lower than the usual 20% seen in previous years, a market research company said.

Paris climate goals seen requiring tripling in RE investment

GLOBAL renewable energy investment needs to triple to nearly $800 billion by 2050 in order to meet climate goals set out in the Paris Agreement, an intergovernmental organization said in a report.

Wellness touted as potential economic growth driver

INVESTING IN WELLNESS holds the potential to boost Asian economies by eliciting more productivity from healthier workers, according to an Asian Development Bank (ADB) economist.
Ramon M. Lopez

DTI business registrations in year to date top 2019 total

THE department tallied 839,444 business registrations between January and early November, outpacing the 2019 full year by 32%, Trade Secretary Ramon M. Lopez said in an online event Wednesday.
rice grains

Rice Tariffication Law tweaks seen better than return to old policy

DRAFTING policies that complement Republic Act No. 11203 or the Rice Tariffication Law should be the focus rather than seeking its repeal and returning to the old system, economists said.

Coast Guard modernization bill filed in House

A BILL proposing to modernize the Philippine Coast Guard (PCG) has been filed at the House of Representatives, to boost its capability to counter intrusions by foreign vessels.

Renewables adoption requires ‘whole-of-society’ approach — NREB

THE transition to renewable energy requires the involvement of every segment of society with greater public engagement possibly encouraged by the government’s recent ban on new coal-fired power plants, the head of a government board overseeing renewables said.

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Conditions on the relief for early retirees under Bayanihan II

As we continue to navigate a new normal and grapple with these times of uncertainty, we have come to immensely value clarity. In this aspect, with the passage of Republic Act No. 11494 (Bayanihan II), the Bureau of Internal Revenue (BIR) released issuances to clarify its implementation. Among these are Revenue Regulation (RR) No. 29-2020 and Revenue Memorandum Circular (RMC) No. 120-2020, which intend to explain the tax exemptions on certain income payments given to employees during the pandemic.

Deep-freeze challenge makes Pfizer’s vaccine one for the rich

WHEN Pfizer, Inc. and BioNTech SE’s coronavirus disease 2019 (Covid-19) vaccine rolls off production lines, Shanghai Fosun Pharmaceutical Group Co. will be waiting to distribute it through a complex and costly system of deep-freeze airport warehouses, refrigerated vehicles and inoculation points across China.

Vietnam rebukes Netflix, Apple, over lack of tax payments

HANOI — Vietnam’s information minister on Tuesday accused foreign streaming companies like Netflix and Apple of skirting their tax responsibilities, saying it would create unfair competition for domestic firms.

Hong Kong-Singapore travel bubble to start on Nov. 22

HONG KONG/ SINGAPORE — A travel bubble between Hong Kong and Singapore will begin on Nov. 22, the two cities announced on Wednesday, as they moved to re-establish overseas travel links and lift the hurdle of quarantine for visiting foreigners.

Penultimate legislative priority

The Senate is now working on the 2021 budget bill, deliberating on proposed changes to the version earlier approved by the House of Representatives. Towards the end of this month, lawmakers from both the Senate and the House are expected to meet and finalize all revisions to the bill, before approving it before the Christmas break.

World’s populists may regret their embrace of Trump

WE KNOW that US President Donald Trump loves strongmen. He was famously soft on Vladimir Putin’s Russia; he welcomed Hungary’s xenophobic Viktor Orban to Washington by saying he had done “the right thing” by restricting immigration; and he said he got along better with world leaders “the tougher and meaner they are,” singling out Turkish President Recep Tayyip Erdogan as the toughest and meanest. 

GDP contraction, CDC PH, and medicine taxes

The Philippine Statistics Authority (PSA) released a bad report, saying that the Philippines’ gross domestic product (GDP) contraction continued in the third quarter (Q3) at -11.5%. The second quarter (Q2) was also revised from -16.5% to -16.9%.

No need for an introduction

Working from home seems here to stay even in the post-vaccine normal, perhaps not necessarily for all. The knowledge business, tech support, and staff services (except Finance which still needs to prepare and sign checks) may well work from home, at least partially. Even psychiatrists can diagnose depression and loneliness online.

Meralco beats Northport, 80-73, to fortify quarterfinal position

THE Meralco Bolts finished their PBA Philippine Cup elimination round campaign on Wednesday with an 80-73 victory over also-rans Northport Batang Pier and in the process fortified their position in the quarterfinals.

Philippine Superliga eyeing a ‘complete menu’ of three indoor tourneys next year

ITS 2020 season derailed by the coronavirus pandemic, the Philippine Superliga (PSL) is looking at operating in far, ideal circumstances next year and stage a “complete menu” of three indoor volleyball tournaments.

Team sports to also benefit from government stimulus package — PHL Sports Commission

TEAM sports also stand to benefit from the recently approved stimulus package of the government in the fight against the coronavirus pandemic.

Lito ‘Thunder Kid’ Adiwang has ailing mother in mind heading into key fight

APART from keeping his ONE Championship winning strict alive, Filipino strawweight fighter Lito “Thunder Kid” Adiwang has a bigger reason for wanting to win in his ONE Championship return—his ailing mother, Leticia.

NBA’s Dec. 22 start date gets final approval

THE NBA Board of Governors gave final approval Tuesday to the agreement with the players union on a Dec. 22 start date for the 2020-21 season.

Beijing just tore up China’s giant internet playbook

ALL the things that allowed China’s internet innovators to become big, powerful, and hugely profitable are under threat. The implications are chilling for established players.

China clampdown on Big Tech puts more billionaires on notice

XI JINPING’s Communist Party stepped up efforts to rein in some of China’s most powerful companies, jolting investors and dealing a blow to the country’s richest entrepreneurs.

Jack Ma, show them how to run a $280-B bank

HOW bad is the damage from China’s plan for Ant Group Co. to become more like a bank? Before regulators put the brakes on the planned initial public offering, Jack Ma’s fintech platform was weighing in at 4.4 times its book value, versus two times at traditional global banks. In other words, Ant could be worth less than half what it was two weeks ago. At the latest pre-IPO round, the company was priced at $280 billion. Now, its value could be just $140 billion, some analysts say.

Wilcon Depot extends assistance to the communities affected in Naga and Albay by Super...

Wilcon Depot, the country’s leading home improvement and construction supply retailer, provided relief assistance to the communities of Naga City and Daraga, Albay who were seriously...

Alibaba records billions in sales as China’s first post-virus Singles’ Day kicks off

SHANGHAI - Chinese e-commerce giant Alibaba Group Holding Ltd kicked off its annual Singles' Day mega-shopping event on Wednesday, looking to cash in on...

Philippine authorities evacuate thousands as Typhoon Vamco approaches

MANILA - Philippine authorities have ordered thousands of residents in eastern coastal communities to evacuate ahead of the landfall of Typhoon Vamco on Wednesday,...

Villar turns coconut waste into a viable source of income

Sustainable Waste Management Initiative The coconut tree has long been considered as the "Tree of Life" and for good reasons. All the parts of the...

Motorcycle taxis, more jeepneys get greenlight to resume service

MOTORCYCLE taxis have been allowed to start providing service again after the government’s task force against the coronavirus issued guidelines on health and safety requirements.

Economy contracts by 11.5% in Q3

THE Philippine economy continued to shrink for a third straight quarter, although at a slower pace compared with the second quarter, as lockdown restrictions were further loosened amid the coronavirus disease 2019 (COVID-19) pandemic.

DBCC to revise targets anew

THE Development Budget Coordination Committee (DBCC) may revise macroeconomic projections once again, after latest data showed the economy is recovering slower than expected.

Gross domestic product (GDP) quarterly performance (Q3 2020)

THE Philippine economy continued to shrink for a third straight quarter, although at a slower pace compared with the second quarter, as lockdown restrictions were further loosened amid the coronavirus disease 2019 (COVID-19) pandemic.

Bad loans hit highest level in over seven years

THE NONPERFORMING LOAN (NPL) ratio of Philippine banks rose for the eighth straight month in September, surging to its highest level in over seven years amid the economic slowdown.

PHL gets failing mark for inability to curb corruption in MCC scorecard

A UNITED STATES government foreign aid agency has given the Philippines a failing mark in “control of corruption” on its latest scorecard released on Tuesday.

Uy firm quizzed on Malampaya stake

LAWMAKERS on Tuesday questioned the technical capability of a subsidiary of Udenna Corp. to participate in the Malampaya offshore gas-to-power project, whose operator signified its intention to sell its stake in the country’s sole natural gas field.
CPG-Century properties_logo

Century Properties income up 74% on investment gains

PROFITS of Century Properties Group, Inc. (CPG) surged 74% to P571.48 million in the third quarter due to gains from investment properties and non-recurring losses that were recorded the prior year.
SEC logo

SEC waives fines for missed, late corporate reports

THE Securities and Exchange Commission (SEC) will not be fining companies that were not able to comply with deadlines to file regulatory requirements during the lockdown.