Home 2020 November 12

Daily Archives: November 12, 2020 | 11:25 pm

Stocks may drop as mart checks typhoon damage

THE LOCAL MARKET is expected to decline when it reopens on Friday as investors continue to secure profits from the recent climb of the main index.

Duterte invokes UN award at ASEAN summit

PRESIDENT Rodrigo R. Duterte on Thursday said a 2016 United Nations (UN) arbitral ruling that favored the Philippines in its sea dispute with China is part of international law and should not be ignored.

US vows to keep close ties with Philippines

THE United States on Thursday said it would keep close ties with the Philippines after Manila extended the suspension of a military pact on the deployment of troops for war games.

President assures quick relief for flood victims

PRESIDENT Rodrigo R. Duterte on Thursday said he would send quick relief to people in the capital region and nearby provinces after Typhoon Vamco, locally named Ulysses, submerged much of Luzon island, prompting residents to climb on rooftops to escape rising floodwaters.

COVID-19 infections nearing 403,000 as deaths hit 7,721

THE DEPARTMENT of Health (DoH) reported 1,407 coronavirus infections on Thursday, bringing the total to 402,820.

Under water

THE ELEMENTARY public school of Barangay San Roque Madawon in  Nabua, Camariñes Sur is flooded on Nov. 12 following heavy rains dumped by typhoon Ulysses (international name: Vamco). The town of Nabua was also one of the hardest hit during typhoon Rolly (Goni) in the first week of November.

Nationwide round-up (11/12/20)

PHILIPPINE President Rodrigo R. Duterte called on fellow leaders in the 10-member Association of Southeast Asian Nations (ASEAN) to strengthen collaboration on health security and labor resiliency in response to the coronavirus crisis.

Regional Updates (11/12/20)

GATES in three dams in Luzon were opened on Thursday following heavy downpour from typhoon Ulysses (international name: Vamco).

Crop damage estimate from Rolly upgraded to P5.79B

AGRICULTURAL DAMAGE caused by Typhoon Rolly (international name: Goni) was estimated at P5.79 billion, against the previous estimate of P5.01 billion, according to the Department of Agriculture (DA).

GDP seen contracting 9.8% this year, more BSP easing expected

THE ECONOMY could contract by 9.8% this year, weighed down further damage to the economy from calamities, according to Nomura Global Markets Research, adding...

Philguarantee approves P42B in guarantees for MSME loans

STATE-RUN Philippine Guarantee Corp. (Philguarantee) approved P42.3 billion worth of credit guarantee facilities to cover loans taken out by micro, small and medium enterprises (MSMEs) from banks, easing their access to credit during the economic crisis.

Managing transition to renewables seen as key challenge confronting power industry

THE Asian power industry considers the transition to renewables a major challenge, second only to finding investment during an economic downturn, according to a...
Bureau of Local Government Finance (BLGF)

LGUs gain more say over dev’t funds

THE GOVERNMENT issued new rules giving local government units (LGUs) more leeway to decide on which projects to support with their development funds (DFs), but added reporting requirements to ensure accountability.

Gov’t agencies top NPC’s data breach tally

GOVERNMENT AGENCIES received the most number of data breach notifications so far this year among sectors monitored by the National Privacy Commission (NPC).

Farmers report difficulty accessing weather data

FARMERS have reported difficulty in accessing and making use of weather and climate data provided by the government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), according to studies conducted by the Philippine Institute for Development Studies (PIDS).

Addressing traffic congestion in Luzon

DPWH’s Luzon Spine Expressway Program in progress to improve existing highways and expressways inside and outside Metro Manila When urban roads get congested due to...

Crisis watch

Some Filipinos were rightly on tenterhooks over the United States of America’s 2020 presidential elections, but for the wrong reasons. Some were rooting for Joseph R. Biden, Jr. and others for Donald Trump. While it does matter, it is not so much who prevails in that contest, but how the most contentious US elections in decades are resolved that should really most concern the people of this country and those of the rest of the world. Because of Trump and the Republican Party, a crisis could develop in the US in the coming months that could have far-reaching consequences on the entire planet.

‘Growth’ manifestations of coronavirus

The broadsheets described the third quarter real GDP growth at -11.5% as indicative of an “economy on the mend.” The recession was deep, but not as deep as the second quarter’s deep dive at 16.9%.

Foreign investment damage under lockdowns

Suppose you’re managing a corporation doing business in a foreign country. Suppose further its government imposes mandatory rules that are unnecessary, arbitrary, and results in substantial loss of profits. What do you do to recoup your losses? One way is to sue that government which imposed those measures.

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Trump’s desperate assault on American democracy

PRESIDENT Donald Trump’s refusal to concede defeat and allow an orderly transition doesn’t violate our Constitution, as his Republican allies have pointed out. But it does violate unwritten norms that have attained a quasi-constitutional status in American elections. His defiance is dangerous. Even without violating the letter of the law, Trump’s resistance has the capacity to undercut the democratic legitimacy of this election, and the election process as a whole.

World’s biggest free-trade zone close to deal

FIFTEEN Asia-Pacific nations including China aim to clinch the world’s largest free-trade agreement this weekend, the culmination of Beijing’s decade-long quest for greater economic integration with a region that encompasses nearly a third of the global gross domestic product.

Biden reassures US allies in calls with leaders of Japan, S. Korea, Australia

SEOUL/TOKYO/WILMINGTON, Del. — In their first calls with Joe Biden since the US election, the leaders of Japan, South Korea and Australia on Thursday reaffirmed plans to form close ties with the president-elect to tackle issues including climate change and regional security.

Singapore set to introduce new visa to draw top global tech talent

SINGAPORE is rolling out the red carpet for top talent, launching a program to initially attract 500 individuals with a proven track record of contributing to the global technology ecosystem.

Russia says early data show Sputnik V coronavirus vaccine is 92% effective

MOSCOW — Russia’s Sputnik V vaccine is 92% effective at protecting people from coronavirus disease 2019 (COVID-19) according to interim trial results, the country’s sovereign wealth fund said on Wednesday, as Moscow rushes to keep pace with Western drugmakers in the race for a shot.

PBA quarterfinals begin

THE Philippine Basketball Association (PBA) “bubble” tournament in Pampanga hits the playoff phase with the start of the quarterfinals on Friday.

Belingon out to keep standing in ONE bantamweight division

FORMER ONE Championship bantamweight champion and current number one contender Kevin “The Silencer” Belingon returns to action on Friday and is looking to keep his standing and be in a position still to make an assault at the division title.

E-Gilas plunges back into action at FIBA Esports Open

THE PHILIPPINE ESPORTS team, or “E-Gilas,” pits its skills anew on the world stage as it plunges back into action at the International Basketball Federation (FIBA) Esports Open this weekend.

Soggy Masters on tap as unique major season wraps up

AUGUSTA, GEORGIA — Players applying late finishing touches to their Masters preparations were forced to cut things short when thunderstorms rolled in on Wednesday afternoon, setting the stage for a soggy start to a tournament 19 long months in the making.

Lakers to start 2020-21 season without fans in stands

FIRST, the Los Angeles Lakers were forced to skip a championship parade, and now, they are asking their fans to wait even longer for an up-close-and-personal gathering.

IOC’s Bach will be in Tokyo for talks with Games organisers

BERLIN — International Olympic Committee (IOC) President Thomas Bach will be in Tokyo for three days next week to review preparations for the postponed 2020 Olympics and back organizers amid the ongoing coronavirus pandemic.

‘All eyes’

Tiger Woods was most definitely not the pre-tournament favorite when he teed off with playing partners Shane Lowry and Andy Ogletree at Augusta National last night, Manila time. The honor went to United States Open champion Bryson DeChambeau, whose impressive length off the tee figures to tame the course. As the defending Masters titleholder, however, all eyes stayed on him. Never mind that sports books had a dozen or so names ahead of him, and that his 35-to-one odds reflected his poor form in recent memory.

Party at work like it’s 2020: How to celebrate the holidays virtually

NEW YORK — It may be a remote memory, but the workplace party is back for the holidays. While some companies throw up their hands at the thought, others are planning to celebrate like it’s 2020—in virtual worlds.

Graphic design platform offers free marketing templates for MSMEs

Graphic design platform Canva launched Canva for Negosyo to help entrepreneurs take their negosyos (businesses) online. 

MMC settles into ‘healthy normal,’ plans to expand services in 2021

Makati Medical Center (MMC) announced a downward trend in COVID-19 admissions, positivity rates, and healthcare worker infections, and an upward trend in operational capacity. 

Venio provides nano-credit assistance to the unbanked

Venio provides unbanked consumers with nano-credit assistance by making credit facilities accessible through a smartphone app. Users enter their details in the app to apply for a loan and then wait for the app’s decision. 

The social (selling) network

In the world of live selling, e-commerce becomes a social experience, a welcome development for shopaholics in lockdown. A seller sets up a livestream—an online broadcast—and transacts with buyers in real time via chat and other features, depending on the platform they’re using. Online shopping break outs of the rigidity of a website page and turns into a fun interactive video event. 

Tech experts voice concerns of gig worker surveillance in pandemic

LONDON - Growing armies of gig workers have little to no say in how they are being monitored during the coronavirus pandemic, researchers and advocates told a conference on Wednesday, calling for better oversight in how tracking tools are deployed.

Typhoon Vamco lashes main Philippine island, kills one

MANILA - Typhoon Vamco soaked and lashed provinces in the Philippines' main Luzon island overnight, killing one person while three more are missing, the...

FDI inflows up for 4th straight month

FOREIGN INVESTMENTS to the Philippines grew for a fourth straight month in August due to renewed investor confidence despite the coronavirus disease 2019 (COVID-19) pandemic, the central bank said.   

Think tanks cut PHL outlook after weak Q3

TWO THINK TANKS lowered their growth forecast for the Philippines this year, after latest data showed a steeper-than-expected contraction in the previous two quarters that signaled a shaky recovery from the coronavirus pandemic.
Makati skyline yearender

Senate approves FIST bill

THE SENATE on Tuesday approved a measure allowing financial institutions to offload bad loans to asset management companies in order to cushion the impact of the coronavirus pandemic on their finances.

‘Premyo bonds’ launched

THE BUREAU of the Treasury (BTr) on Wednesday launched one-year peso-denominated “Premyo bonds” with an interest rate of 1.25% per annum, as it seeks to attract more small investors to government securities.

Gov’t to forge new contract with water firms

THE Department of Justice will negotiate with two water concessionaires in Metro Manila on the proposed new contract after the President ordered their review due to alleged onerous provisions.

SM to open new mall in Agusan del Norte this week

SM Prime Holdings, Inc. is opening a new mall in Mindanao this week as it remains bullish in the island’s business prospects amid the coronavirus pandemic.

Villar makes Forbes Asia’s list of top altruists in 2020

THE Philippines’ richest individual Manuel B. Villar, Jr. is the sole Filipino included in Forbes Asia’s list of top philanthropists in the Asia-Pacific region for 2020.