Home 2021 January 11

Daily Archives: January 11, 2021 | 9:00 pm

Stocks rise on proposed changes to Constitution

STOCKS ended in positive territory on Monday as the market welcomed a proposal to amend economic provisions of the 1987 Philippine Constitution to attract more foreign investments into the country.

Peso declines as daily virus tally climbs

THE PESO weakened against the greenback on Monday as investors were cautious following the pickup in local coronavirus infections and the drop in foreign direct investments (FDI).

Regional wage boards cleared to hold hearings via teleconference

REGIONAL WAGE BOARDS have been given the go-ahead to conduct virtual hearings and consultations to adjust the minimum wage in their areas of responsibility, according to the National Wages and Productivity Commission (NWPC).

Luzon power projects with supporting battery storage, financing estimated at 320 MW

THE Energy department has identified 13 power projects in Luzon which have obtained financing and are supported by battery energy storage systems (BESS), with their combined capacity at 320 megawatts (MW), according to the department’s tally of private sector-initiated committed power projects.

IMF sees efficient deployment of 2021 budget, extended-validity funds as key to recovery

THE International Monetary Fund (IMF) said one of the keys to the Philippine recovery is the efficient use of funding from both the 2021 budget and the various economic measures whose validity has been extended for the year, including the 2020 budget and the second stimulus package, which is known as Bayanihan II.

NGO calls for tougher food label rules, more import inspection

FOOD LABELS need to be standardized while imported food must be inspected more thoroughly in the interest of consumer protection, a non-governmental organization (NGO) said.

Taxpayers’ CAS journey made easier

Digital transformation has been a buzzword in the business community for years now, and its importance was emphasized when the COVID-19 pandemic hit. As COVID-19 affects businesses globally, business entities must find ways to continue their operations despite the government restrictions that were enforced to ensure public health and safety. Accordingly, for some companies COVID-19 became the main driver behind their digital transformation journey. 

Government in final talks with drug makers for vaccine orders

THE PHILIPPINE government is finalizing talks on coronavirus vaccine orders and might start the rollout next month, according to vaccine czar Carlito G. Galvez, Jr.

Drop cha-cha, pass pending economic bills, Congress told

THE PHILIPPINE Chamber of Commerce and Industry (PCCI) on Monday urged lawmakers to prioritize the passage of pending economic bills instead of changing the 1987 Constitution.
Department of Foreign Affairs (DFA)

China’s foreign envoy to discuss trade with Filipino counterpart

CHINA’S state councilor and foreign minister will visit the Philippines this week to advance priority areas of cooperation including trade and investment, according to the Department of Foreign Affairs (DFA).

Regional Updates (01/11/21)

CITY mayors are set to meet with national officials online on January 12 to discuss the procurement of vaccines as several local government units (LGUs), mostly cities and some provinces, have already signed contracts with pharmaceutical firm AstraZeneca Plc.

PSC underscores athletes’ safety is paramount as training resumes

THE planned return to training of national athletes vying for a spot in the rescheduled Olympic Games at the weekend did not push through and instead was delayed by a week, but the Philippine Sports Commission’s (PSC) reminder on safety stays.

Raven QB Lamar Jackson runs into NFL record book

QUARTERBACK (QB) Lamar Jackson etched his name in the National Football League (NFL) record book while leading the Baltimore Ravens to a 20-13 win over the host Tennessee Titans in an American Football League (AFC) wild card game on Sunday in Nashville, Tenn.

Clarkson looks to repay confidence given to him by Jazz

AWARDED by the Utah Jazz with a fresh four-year contract extension in the offseason, Filipino-American player Jordan Clarkson looks to repay the confidence given to him, setting solid personal goals and for the team.

Anthony Davis helps LA Lakers trounce Houston Rockets

ANTHONY Davis scored 27 points and blocked three shots in his return from a one-game injury hiatus as the Los Angeles Lakers remained unbeaten on the road with a 120-102 victory over the Houston Rockets on Sunday.

Jamie Lim determined to make it happen in Tokyo Olympic push

HER push to make it to the Olympic Games in Tokyo down to one last shot later this year, national karate team member Jamie Lim said she remains undeterred and looking to make things happen in her quest.

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Ronaldo and Ramsey on target as Juventus beat Sassuolo

GOALS from Cristiano Ronaldo and Welshman Aaron Ramsey helped Juventus to secure a 3-1 victory over 10-man Sassuolo in Serie A on Sunday, lifting the champions to fourth place in the standings.

CREATE is the only choice!

At the forthcoming legislature’s bicameral conference on corporate tax reform, it should only be a choice between CITIRA (Corporate Income Tax and Incentives Reform Act, House Bill No. 4157) and CREATE (Corporate Recovery and Tax Incentives for Enterprises Act, Senate Bill No. 1357). CITIRA is the House version of Package 2 of the comprehensive tax reform. CREATE, on the other hand, is the Senate Version. Both are good packages, each complete and balanced on its own, and worthy of our support.

Rethinking post pandemic Philippine foreign policy under Duterte

The strategic environment in the South China Sea (SCS) has been changed by China’s increasing revisionism amidst the pandemic. Narrowing of power gaps due to China’s economic rise and US decline, is escalating the risk of unplanned encounters, with most of 2020 being characterized by increasingly frequent US Freedom of Navigation Operations (FONOPs), and China’s People Liberation Army Navy’s (PLAN) surveillance of the SCS’s contested waters.

[B-SIDE Podcast] The sports industry: down but not out

https://open.spotify.com/episode/2eUgs6XrqrWzifkj6yBzDI Follow us on Spotify BusinessWorld B-Side Everybody loves a comeback story, where the underdog—beaten and bruised—wins it all despite the odds. The sports industry has...

Revoke social media’s legal shield, but for the right reason

DONALD TRUMP has been undeniably good for Twitter, Inc. In late 2015, when he announced that he was running for president, he was already a significant presence on the social media site, with more than 5 million followers. By last week, when Twitter finally banned him, he had almost 89 million followers. In the first three years of Trump’s presidency, meanwhile, Twitter’s revenue grew from $2.2 billion to $3.5 billion. Whether friend or foe, you had to join Twitter if you wanted to keep track of the US president.

10 big changes in the 2021 budget

The new budget law or General Appropriations Act (GAA) 2021 was signed by President Rodrigo R. Duterte on Dec. 28, 2020. Due to space constraints, I will not include items and agencies with spending below P20 billion. For comparison I include spending and revenues in the last two years, and also those in 2016, the last budget of the previous Aquino administration.

Democrats move to force Trump from office

WASHINGTON — Congressional Democrats on Monday begin their drive to force President Donald Trump from office, kicking off a week of legislative action that could end with a vote that would make him the only president in US history to be impeached twice.

Sriwijaya Air crash puts Indonesia’s aviation safety under a fresh spotlight

SYDNEY/JAKARTA — Indonesia’s poor air safety record is again in the spotlight after a Sriwijaya Air jet carrying 62 people crashed into the Java Sea minutes after take-off on Saturday, marking the country’s third major airline crash in just over six years. There has been no word of any survivors.

Following Biden win, UN chief seeks to stay on for second term

UNITED NATIONS (UN) Secretary-General Antonio Guterres told the five permanent members of the Security Council on Sunday that he would like to stay on for a second term, according to two diplomats familiar with the matter.

Period tracker is the most popular health app of 2020

Flo, Calm, and MyFitnessPal are the most popular health apps in the world in 2020, according to the Health App Index from Uswitch, a UK-based comparison website. Half of mobile app users relied on health and fitness apps in order to achieve their fitness goals before the pandemic. That number rose to 75% after the coronavirus disease 2019 (COVID-19) outbreak. 

Singapore restricts flexibility for some foreign employees

Singapore is tightening restrictions on intra-corporate transferees, one category of workers brought from overseas offices of multinational corporations, the Straits Times reported.

From the Cold War to COVID-19: The eight common ways people behave in a...

A year ago, the world was just starting to learn about a mysterious virus that was killing people in the Chinese city of Wuhan. While the ensuing coronavirus pandemic was unprecedented in current times, human experience with disasters and crises is obviously not new.

Even with a vaccine, we need to adjust our mindset to playing the COVID-19...

Incredibly, a whole year has passed since the first emergence of COVID-19. What looked like a temporary inconvenience at first is turning into a permanent fixture that might forever change life as we knew it before 2020.

US Capitol siege a ‘wake-up call’ for democracies, top EU diplomat says

BRUSSELS — The European Union’s top diplomat said on Sunday that last week’s siege of the US Capitol exposed the dangers of allowing the...

What investors look for in a post-pandemic world

The reality of the coronavirus disease 2019 (COVID-19) pandemic has thrust the world into the digital age. By necessity, almost overnight, companies and governments...

House prioritizes economic ‘Cha-cha’

HOUSE SPEAKER Lord Allan Q. Velasco on Sunday said there is an urgent need to amend the restrictive economic provisions of the 1987 Constitution to help the Philippine economy recover from the coronavirus disease 2019 (COVID-19) pandemic.

Banks’ bad loans rise for 10th straight month

BAD DEBTS held by big banks continued to edge higher for the 10th straight month in November, as borrowers have difficulty in repaying loans amid the economic slowdown.

BoI-approved investment pledges hit P1-T in 2020

THE Board of Investments (BoI) hit its P1-trillion target for approved investment pledges last year despite the coronavirus pandemic, Trade Secretary and BoI Chairman Ramon M. Lopez said on Saturday.

Beauty behind a mask

JUST because vaccines are rolling out to some officials do not mean that the general public can be lax about their own restrictions.

Mindanao power firms weigh in as NGCP transmission project faces delay

THE delay in critical transmission projects brought about by the latest travel ban will affect the operations of power generation companies in Mindanao, a power plant developer said.

Moving in place

WHAT AN IRONY it was, that when I started focusing on travel stories for “Velocity” early in 2020, the pandemic was soon declared and all forms of leisure travel were brought to an abrupt halt.

Damn the pandemic! Fashion Week must go on!

WHILE a new coronavirus strain threatens to ravage Europe anew, for now, fashion councils in fashion capitals have released provisional schedules for their shows. Last year saw alternative online presentations due to lockdowns and health concerns (Moschino, for example, presented its collections through a puppet show), and there is an expectation that most shows this year will still present on digital platforms.
Court of Tax Appeals (CTA)

Court of Tax Appeals cancels P172-M tax assessment on Red Ribbon

THE Court of Tax Appeals (CTA) cancelled the tax assessment against Red Ribbon Bakeshop, Inc. of P172.2 million for being audited by unauthorized officers.

T-bill rates may move sideways on strong demand and liquidity

YIELDS ON short-term government securities to be offered by the Bureau of the Treasury (BTr) on Monday may remain steady on the back of continued strong demand and high liquidity in the market.

Senate bill firms up agriculture lending requirements for banks

A MEASURE that will establish a system for financing agriculture, fisheries and rural development has been filed in the Senate, signalling progress for a proposed law already passed in the House.

Toyota Balloon Payment Plus makes car ownership easy

TOYOTA levels up on making its vehicles more easily accessible. The Balloon Payment Plus, offered by the Toyota Financial Services Philippines Corp., enables low monthly payments and comes with built-in periodic maintenance throughout the finance term, and with convenient end-of-term options.

How to care for senior pets

WHEN people grow older, they have to adjust their diets (less ice cream, more vegetables), their lifestyle (no more late nights, cutting down on drinking), and exercise (slowing metabolisms means keeping an incipient potbelly in check takes more work). People are not the only ones who have to adjust to aging, pets do too.

PSE adds 8 to list of Shari’ah-compliant firms

THE PHILIPPINE Stock Exchange, Inc. (PSE) has included eight new securities that are compliant with Islamic principles of finance based on its latest review.

BSP studying climate change impact

THE CENTRAL BANK is looking into the effects of climate change on its operations as it develops a roadmap for sustainability in the financial system, an official said.