Home 2020 November 24

Daily Archives: November 24, 2020 | 9:00 pm

Local shares decline on profit taking after rally

LOCAL SHARES surrendered to profit taking on Tuesday following a rally that brought the main index to its highest level since the coronavirus pandemic started.

Peso strengthens on vaccine news

THE PESO strengthened versus the dollar on Tuesday after drug firm AstraZeneca and its partner University of Oxford claimed their vaccine can be 90% effective.

China hits Trump adviser for creating ‘chaos’

THE CHINESE government on Monday accused US National Security Adviser Robert O’Brien of inciting hostilities after his remarks on the South China Sea dispute and Chinese actions in Hong Kong and Taiwan.

Coronavirus cases nearing 422,000; 8,185 dead — DoH

THE DEPARTMENT of Health (DoH) reported 1,118 coronavirus infections on Tuesday, bringing the total to 421,722.

Irrigation official blames logging for Luzon flood

AN IRRIGATION official on Tuesday blamed illegal logging for the floods that submerged many parts of Luzon this month, saying water from Magat Dam was not the major cause of flooding in Cagayan Valley and Isabela provinces at the height of Typhoon Vamco.

Duterte says hundreds fired for graft

President Rodrigo R. Duterte on Monday night said hundreds of state officials had been fired under his anti-corruption drive.
Franklin M. Drilon Corporation Code

Nationwide round-up (11/24/20)

A SENATOR on Tuesday pushed for an inquiry into the operation of the Philippine International Trading Corp. (PITC) amid allegations of some P33.4 billion in “parked” funds.

Regional Updates (11/24/20)

THE DEPARTMENT of Agriculture (DA) distributed P1.42 billion worth of assistance to farmers and fisherfolk in Quezon province who were affected by recent typhoons while their livelihoods have been weakend by the coronavirus disease 2019 (COVID-19) pandemic.

Bids sought for parts of South Commuter Railway project

THE Transportation department has started seeking bidders for the construction of viaducts, bridges, nine stations, and a depot for use by the South Commuter Railway project.

Gym fee rules eased for users unable to work out during lockdown period

FITNESS CENTERS have been required to allow paid-up members who were not able to use their facilities during the lockdown to return without making further payments, the Department of Trade and Industry (DTI) said.

Regional income inequality seen worsening in countries spending less on welfare

INCOME INEQUALITY is expected to worsen in Asia Pacific economies that skimped on social safety nets and welfare spending during the pandemic, according to Moody’s Investors Service.

Pagcor to provide P2 billion for evacuation facilities

PHILIPPINE AMUSEMENT and Gaming Corp. (Pagcor) said it will provide P2 billion to help build multi-purpose evacuation centers in provinces vulnerable to typhoons.

Early warning during calamities must be followed by community-level action — expert

EARLY WARNING of a calamity needs to be matched by appropriate community action, a University of the Philippines (UP) expert said Tuesday.
fish galunggong Navotas Fishport

Fish supply declared sufficient until year’s end

THE fish supply has been judged sufficient to meet demand up to the end of 2020, according to the Department of Agriculture.

Land registry agrees to share data with BIR

THE Land Registration Authority (LRA) and the Bureau of Internal Revenue (BIR) said they signed a memorandum of agreement (MoA) running for five years which will allow the two agencies to share records in aid of improving tax assessments and collections.
construction infrastructure Ormoc

NCR construction materials price growth picks up in Oct.

WHOLESALE PRICE growth of construction materials in Metro Manila accelerated in October, the Philippine Statistics Authority said.

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Cybersecurity during the pandemic

Risk professionals around the world have always had pandemics on their radar and rightly so. In the last 20 years, the world has witnessed how diseases such as ebola, chikungunya, SARS, H1N1, and MERS-CoV placed nations in grave danger. However, governments and medical communities were always able to address each situation, and while there may have been some casualties, the contagion was somehow managed, preventing the disease from spreading worldwide. When news of a novel respiratory disease from China broke out in December 2019, it took several months before the World Health Organization (WHO) gave it an official name, declaring a pandemic on March 11.

Trump administration finally allows Biden transition to begin

WASHINGTON/WILMINGTON, Del. — After weeks of waiting, President Donald Trump’s administration on Monday cleared the way for President-elect Joe Biden to transition to the White House, giving him access to briefings and funding even as Mr. Trump vowed to continue fighting the election results.

Taiwan to protect sovereignty with fleet of new submarines amid tensions with China

KAOHSIUNG — Taiwan President Tsai Ing-wen on Tuesday vowed to defend the democratic island’s sovereignty with the construction of a new fleet of domestically-developed submarines, a key project supported by the United States to counter neighboring China.

Qantas to require COVID-19 vaccination for international travelers

SYDNEY — Australia’s Qantas will insist in future that international travelers have a COVID-19 vaccination before they fly, describing the move as “a necessity.”

Collectively attack the crises

In this time of pandemic, the proclivity of societal responses to mitigate the ravaging impact of the crisis is carried out on three fronts — government’s effort to control the spread of infection, the private sector’s sensible reaction of saving and protecting human capital, and civil society’s endeavors to promote philanthropy and volunteerism.

Unintended consequences of the Special Resident Retiree’s Visa

The Philippines prides itself on its tropical weather, pristine beaches, thousand islands, scenic natural wonders, delicious local cuisine, and hospitable people, making it one of the most sought-after travel destinations for tourists looking for recreation and relaxation. For these same reasons, the country makes for an appealing retirement haven not only for Filipino citizens but foreign nationals as well.

There will be a price to pay for making vaccines too expensive

THE WORLD is unequal enough and the COVID-19 (coronavirus disease 2019) pandemic threatens to make things more unequal still. Poorer countries have had to take on debt they will struggle to pay back. Their more fragile healthcare systems and crowded cities forced them into stricter and more economically harmful lockdowns, and poverty rates have risen dramatically. Now, they rightly fear a staggered recovery from the pandemic will further disadvantage them, given how expensive vaccine rollouts look to be.

Barangay Ginebra and Phoenix Super LPG go for series closeout

THE Barangay Ginebra San Miguel Kings and Phoenix Super LPG Fuel Masters shoot for a spot in the finals of the PBA Philippine Cup when they trek back to the Angeles University Foundation Sports Arena in Pampanga on Wednesday.

PFF’s futsal thrust set to be ramped up

FUTSAL in the country is set to be given a shot in the arm as the Philippine Football Federation (PFF) is girding to ramp up its program for the sport.

FIFA bans African football head for five years after ethics investigation

MANCHESTER, England — The head of African football, Ahmad Ahmad, has been banned from football for five years by International Federation of Association Football (FIFA) following an ethics investigation by world soccer’s governing body.

Lakers sign Harrell

One of the biggest surprises in free agency was the decision of reigning Sixth Man of the Year Montrezl Harrell to jump to the Lakers. Not that the move made no sense. In fact, there are no downsides to claiming a crucial spot on the rotation of the defending champions — and especially when doing so makes them even more favored to retain their collective status as the best of the best. Nonetheless, the development raised eyebrows, and not just because he’s fresh off a personally productive campaign with their intra-town rivals.

Japan’s ramen bars struggle to stay open as COVID hammers small firms

TOKYO — Sixty-year-old Yashiro Haga is folding his Tokyo noodle ramen shop after 15 years in December, unable to overcome the prospect of a...

Big changes in the global insurance market: will they affect you?

You’ll probably be aware of the terms “bull market” and “bear market” in terms of stocks and shares. But did you know that the...

Virus hits Philippines outlook most across Southeast Asia

Economists have slashed their 2020 outlook for the Philippines by more than any other Southeast Asian nation as it struggles with one of the...

Philippines in advanced talks with AstraZeneca for vaccine

The Philippines is close to concluding talks with Britain's AstraZeneca for the supply of at least 20 million doses of its COVID-19 vaccine, a...

PEZA may exceed investment goal

THE Philippine Economic Zone Authority (PEZA) is aiming to approve more than P100 billion in investment pledges by the end of the year, led by a potential investor relocating from China.

Too early to say worst is over, says ex-BSP exec

FORMER economic managers warned it might be too early to claim the “worst is over” for the Philippine economy, saying that quarantine restrictions should be further loosened to ensure a stronger and more inclusive recovery.

South Korea eyes more investments in PHL but flags ‘high’ corporate tax

SOUTH KOREA is looking to expand investments in the Philippines, but expressed concern over the country’s “high” corporate income tax rate, according to the Department of Finance (DoF).

MWSS to Maynilad: Fix water supply, turbidity woes

THE REGULATORY office of the Metropolitan Waterworks and Sewerage System (MWSS) ordered west zone water concessionaire Maynilad Water Services, Inc. to explain and fix the service interruptions and turbidity issues in its water supply after the onslaught of Typhoon Ulysses.

AirAsia expects return of normal travel behavior by 2022

AIRASIA Group Berhad continues to focus on survival and restructuring, as travel behavior is expected to return to normal by 2022, its top official said.
cement mixer

Industry group says cement supply enough after typhoon

TYPHOON-AFFECTED areas such as the Bicol Region, Isabela, and Cagayan provinces will have ample supply of cement products to start the rehabilitation of infrastructure and houses, cement makers said on Monday as they dismissed the possibility of any shortage.

Investing in renewable energy limits financial risks — AC Energy’s Francia

FINANCIERS of renewables are able to limit their financial risks, because they can invest in smaller amounts on those projects, the head of one of the fastest growing Philippine energy companies said on Monday.

DoubleDragon files REIT application with SEC

DDMP REIT, Inc. has submitted an application to the Securities and Exchange Commission (SEC) for a real estate investment trust (REIT) offer.

Bria Homes expands portfolio

REAL ESTATE developer Bria Homes is continuing to expand its portfolio of housing developments.

QCinema goes online with a smaller lineup

FOLLOWING on the heels of several local film festivals that have opted to go for digital — or hybrid — screenings, the Quezon City International Film Festival (QCinema) will likewise be showing its films online, although it will have a physical screening of its opening film, the black-and-white version of Bong Joon-Ho’s Oscar award-winning film Parasite (2019).

GBP turns over P23M to Toledo City as plant host

POWER producer Global Business Power Corp. (GBP) has remitted P23.3 million of funds to its host community in Toledo, Cebu, to help in boosting the local government’s response to the global health emergency, the firm said in a press release on Monday.

Gov’t fully awards offer of T-bills

THE GOVERNMENT made a full award of Treasury bills (T-bills) it offered on Monday as yields declined across the board on the back of ample liquidity among investors and the central bank’s surprise rate cut last week.

More stores open at Eton Centris

MORE STORES have opened within the Eton Centris complex in Quezon City, amid the loosening of quarantine restrictions.

Holiday-themed series top bill TV5’s new shows

LOCAL television network TV5 is ending the year with more new programs as it continues its return to entertainment programming, leading with a holiday-themed drama series titled Paano Ang Pasko.