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CBS announces series of short Star Trek episodes

LOS ANGELES — CBS Corp.’s next voyage into the Star Trek universe will come in the form of a four-part series of 10 to 15 minute episodes released starting this fall on the CBS All Access streaming service, the network said on Friday. Star Trek: Short Treks will be released monthly, and each episode will tell a separate, closed-ended story, CBS said in a statement. The network announced the series at San Diego Comic-Con, a convention for fans of science fiction and pop culture. CBS said The Office actor Rainn Wilson will play con artist Harry Mudd in one episode. Another installment will focus on a man who finds himself the only human on board a deserted ship. Each of the Short Treks episodes will reveal clues about the story unfolding on Star Trek: Discovery, a series that is heading into its second season, co-creator and executive producer Alex Kurtzman said. The original Star Trek debuted in 1966 as a US TV series depicting the adventures of the Starship Enterprise. It was created by the late Gene Roddenberry and featured characters including Captain James T. Kirk, played by William Shatner, and Vulcan officer Mr. Spock, played by the late Leonard Nimoy. The franchise has persisted through several movies and TV shows. CBS announced in June that it would further expand the Star Trek franchise with new series, mini-series, and animation under a production deal with Kurtzman. — Reuters

Financial independence

THERE is an impassioned, mostly millennial community that I accidentally discovered online. This is the FIRE community, an acronym for “financial independence, retire early.” As the acronym suggests, the goal of this movement is to gain financial independence, and this means getting away from reliance on paid employment to keep going and retiring early from corporate bondage.
Financial independence is not about getting rich. It is about figuring out how much money is enough to sustain a particular lifestyle. It’s about having just the right amount set aside, investing it wisely and living off interests and passive income. It is being freed from capture by the corporate world and doing just enough to live a more satisfying life where you are your own boss. For some it means taking an occasional job to supplement their savings although the strict advocates are comfortable with their investment account.
One good model of this FIRE movement is Chris Reining. At age 37, Chris successfully retired as a millionaire. He did not win a lottery. Neither did he engage in a networking scheme or some complicated business. His financial secret was featured a New York Times article tagged as “There’s a difference between ‘living rich’ and ‘being rich.’”
What prompted Chris to retire at such a young age? He said he did not feel sorry for himself for doing so but saw it as a once-in-a-lifetime opportunity for growth. “I wasn’t getting the things I wanted to get out of life and if you’re not getting the things you want to get out of life, then you need to change to become the person who can. If you stay the same you’re going to get what you’ve always gotten.” It was a risk he took for a change, a transformation to a better him and it included financial freedom.
What is his secret to financial security and independence per se? It’s a simple formula but difficult to execute. Spend less than what you earn and invest the difference. In layman’s terms, one must live within his means and learn the art of working on your numbers by investing. How will you be able to do that? One tweet of Chris Reining spilled the trick highlighting the difference between living rich and being rich. “Living rich: make $500k, spend $500k, don’t have two nickels to rub together. Being rich: make $100k, spend $40k, have $1 million in the bank.”
A lot of people want to be rich when they mean to say is they want to spend like a rich person. To be able to do that requires earning a bigger pay check and so the cycle goes on. More earnings, more wants (and most of these are on branded stuff and expensive items that depreciate their value over time) resulting to no savings at all. The reality of being rich is measured by assets generating income that exceed your standard of living.
Chris substantiated the “4% rule” to be able to be financially independent. This means that from your pay check, you must always separate a portion going to savings and this savings must be invested. Your savings will be sufficient when you have enough to allow you to withdraw 4% from your investment accounts yearly, adjust for inflation, and never run out of money. This theory was backed up by research papers of Bill Bengen and professors of Trinity University. Your amount of annual spending must be the basis of determining your savings goal or nest egg, enough to keep up with a decent lifestyle without working and just relying on what you have.
Chris added, “The funny thing about money is you always feel like you need more — even when you have enough, you never have enough.” Living an expensive lifestyle is fine but Chris realized that if he spends less he’ll have more to save and it will help him to achieve his investment goal faster. So, the game of being rich is not how much you earn but how much you spend for a living.
This reminded me of my previous article about contentment. Contentment begins with the eyes. Avoid envy for the possession of others, have a reasonable budget and simplify one’s lifestyle by focusing on the necessities. Avoid debt like the plague. Pay yourself first. If there is something you can’t resist buying, save up before purchasing rather than using credit.
Research and learn more about investment schemes that work best for you. It may be instruments offered by banks, government securities, pooled funds and other investment outlets. There are a lot of ways to grow your money without exposing yourself to high risk. Start changing your viewpoint about money and lifestyle now so you may retire early to your liking. Envision yourself using your time somewhere else doing the things you love to do.
You need not be a strict FIRE advocate, but its principles are rational, sensible and very practical. But to achieve its goals, one must have discipline and focus. It’s like going on a strict diet, in the finance area, and sticking to the regimen. And it all starts with making sure you live within your means and prioritize your needs to what is essential.
 
Benel D. Lagua is Executive Vice President at the Development Bank of the Philippines. He is an active FINEX member and a long time advocate of risk-based lending for SMEs.

Your Weekend Guide (July 27, 2018)

Ang Huling El Bimbo

FULL HOUSE Theater Company presents Ang Huling El Bimbo, a musical featuring the songs of the Eraserheads, from July 20 to Aug. 26 at the Newport Performing Arts Theater, Resorts World Manila, Pasay City. The musical tells a story of friends who reunite after 20 years and look back on the things that brought them together and kept them apart. For tickets and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

Music & Laughter

MASTER impersonator Willie Nepomuceno joins forces with singer Nonoy Zuñiga in Music and Laughter, tonight, 8 p.m., at The Theatre at Solaire. Tickets are available at TicketWorld (www.ticketworld.com.ph, 891-9999).

Rak of Aegis

PETA BRINGS Rak of Aegis back for a 6th run until Sept. 2. The musical, featuring the music of the jukebox band Aegis, tells the tale of a perpetually flooded barangay and how its inhabitants adapt. The PETA Theater Center is at No. 5 Eymard Dr., New Manila, Quezon City. For tickets and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

Rockestra

MANILA SYMPHONY Orchestra (MSO) traverses genres in a symphony concert featuring rock and OPM music in Rockestra on July 29, 6 p.m., at The Theatre at Solaire. Conducted by Arturo Molina, the show includes as guests guitarist Noli Aurillo and the band Silent Sanctuary. For tickets, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

Robinsons Tuguegarao

ROBINSONS Land Corp. (RLC) will throw a grand celebration on July 26 to mark the opening of Robinsons Place Tuguegarao, the 50th Robinsons Mall. To celebrate the occasion, RLC’s Brand Ambassador, Maja Salvador, will perform at the opening, along with Kapamilya star Xian Lim. On July 27, Kapamilya star Joseph Marco will visit Robinsons Place Tuguegarao for a special mall show, while on July 28, actor Vin Abrenica will serenade his fans at the mall, while kids can enjoy the company of PORORO at the mall’s Character Fest.

#TheArtofGuess

GUESS USA celebrates its heritage and contribution to street style in a three-day exhibit, #TheArtofGuess, which opens on July 27 at Whitespace Manila. It features works by local artists Anna Bautista, Anina Rubio, Alessandra Lanot, Jessica Yang, Monica Magsanoc, Steph Alvarez, Kara Pangilinan, Lee Caces, Soleil Ignacio, Raxenne Maniquiz, Archie Oclos, Dee Jae Paeste, and Anjo Bolarda. Opening night will feature performances from Aw, Curstismith, Over October, and Rammy Bitong.

Gods and monsters

By Noel Vera
DVD
Princess Mononoke
Directed by Hayao Miyazaki
Rerelease
(Warning: article does not summarize the film’s story — there are websites for that — and goes into detailed discussions of plot and narrative twists)
CALL Princess Mononoke (Mononoke Hime, 1997) Studio Ghibli’s biggest production to date; call it a serious attempt at a sequel to the 1984 classic Nausicaa of the Valley of the Wind, spun out of control and grown to monstrous proportions; call it Hayao Miyazaki’s attempt to directly take on Akira Kurosawa’s jidaigeki epics, in particular Seven Samurai. The animation outfit would go on to do bigger efforts monetarily speaking but in terms of sweep and complexity and ambition this may be the greatest feature they would ever accomplish.
An argument I think can be made that Princess Mononoke is, if anything, more complex than Kurosawa’s epic. Where Kurosawa was careful to sketch vivid portraits of samurai and farmers and their uneasy alliance, his bandits (basically rogue samurai fighting on the other side) are a faceless horde, the single most memorable character — the bandit chief — marked by his crescent moon helmet and the matchlock rifle in one hand. Miyazaki has humans versus animals in a pitched battle for control of vast woodlands (inspired by the Yakushima forest, one of the largest — and most mysterious — subtropical evergreen growths in Japan) but the animals are hardly united: the wolf clan stages guerilla strikes on the humans who venture out of their fortress village; the boar clan intends an all-out assault; the ape clan keep their distance pelting beast and biped alike with sticks and stones. On the human side is Lady Eboshi’s Tataraba community, a group of riflemen, prostitutes, and lepers who produce iron from their elaborately constructed forge; Lord Asano and his samurai army, who scheme to seize Tataraba; Jigo and his hunter-assassins, on a secret mission from the Emperor to take the head of the Shishigami — the forest’s presiding spirit.
Asano (who never makes a personal appearance) can be dismissed. He represents the outmoded mindset of the feudal lord (The male machismo?) still fighting with the swords and spears and arrows of the previous era; I suspect Miyazaki’s cursory attitude towards his faction says everything that needs to be said about him. Jigo is more intelligent, with a streetsmart sense of humor; the filmmaker reportedly couldn’t decide if the man was a secret agent, a ninja, or a priest, decided on a mix of the three — an unfortunate decision, as our feelings towards him remain equally unfocused. His intelligence is limited by his mercenary greed — his vision confined to what the Emperor’s gratitude can give him.
Lady Eboshi starts out villainous — first we see of her she’s wounded Moro the wolf god in the shoulder — and as the film progresses we uncover different facets of her ruthless and radical nature. She’s a noblewoman — possibly the only way in feudal Japan to be a freethinking female able to carry out her ambitions; she’s also unfailingly courteous, another sign of highborn status (well — it’s a trait that suggests more than any other her highborn status). She sells the iron produce of her mill — a stinking belching but nevertheless effective engine of industry — for food, weapons, influence, entering into lucrative trade deals and intricate agreements with neighboring shoguns and the Emperor (Jigo of course is somehow involved) She’s an enthusiastic proponent of technology — she uses what look like Chinese handgonnes and fire lances to fight the forest gods, constantly pushing her people to develop lighter more compact versions (eventually she wields a shoulder-mounted matchlock, a far deadlier weapon). But she also employs lepers and prostitutes — outcasts of society — giving them a safe place to live, winning their trust. She’s a cunning tactician, a capable strategist, her implied ultimate goal: to create an army of rifle-bearing women on equal if not superior footing with traditional samurai; and to become a significant military and economic force in the region. She’s also a courageous and caring leader who only seems to want the best for her people.
Eboshi is an evolutionary step beyond the character of Lady Kushana, particularly in the later issues of Miyazaki’s Nausicaa manga, a formidable military and political leader who inspires fanaticism in her followers; Nausicaa’s dark twin if you like. She is also answer to a question that must have weighed on Miyazaki’s mind: how do you create a truly interesting adversary? Why, instill in him — in her — all the good and admirable abilities a person might possibly have, make her charming and witty, make her compassionate, at least to her folk; make her in effect so noble she hardly seems villainous at all. If Eboshi has a flaw it’s (as with Jigo) in a smallness of vision: her concern stops with her own community, and woe to the outsider that stands in her way. Other communities — Lord Asano’s, the Emperor’s realm — are to be treated with suspicion. The forest clans? Not human, hence not to be recognized as anything other than enemy.
Of all the alliances — between Eboshi and the various human factions, between the forest clans — the one between Ashitaka and San (the eponymous Hime) is arguably the most intense, and most troubled. They meet in a state of mistrust and anger (San’s adopted mother Moro had just been wounded), they are drawn to each other across vistas of suffering and carnage, they end up as with all the other factions in an uneasy truce: recognizing they’re from two different worlds they part ways, but with a declaration of lasting affection, and a vague promise to visit each other regularly.
You wonder at this arrangement — does Ashitaka intent to someday take a wife in Tataraba, perhaps have his own family? Are they to stay friends, perhaps with benefits? Thinking in those terms feels vulgar — they are of different communities; different species, almost — yet love each other. Perhaps the analogous relationship might be between Plaxy and her dog in Olaf Stapledon’s tragic novel Sirius — a spiritual connection with physical aspects, a hopelessly incompatible pairing that despite everything insists on persisting.
Two incidents suggest the intensity of their connection: early in the film Ashitaka is wounded, and San brings him to the Shishigami to be healed. He wakes, alive but weakened; she feeds him a meat jerky, but he has difficulty chewing. She rips off a piece, chews on it, presses her lips to his, feeding him the well-ground mush. It’s a highly practical gesture, found throughout early human history (the first mention is in ancient Egypt, where mothers are advised to premasticate medicine before feeding it to their children — but the practice has probably been popular long before written history) and in various animal species (wolves, wild dogs, certain birds, apes). It’s also not a little repellent, and perversely erotic — a precursor to the French kiss if you like, with tongue pushing food (moistened by the giver’s saliva) into the receiver’s mouth.
San watches as Ashitaka recovers. At a certain point she falls asleep and San wakes; he in turn watches her. She wakes looks at him sleepily asks if he’s all right; he says “yes, thanks to you.” She blinks and falls back to sleep.
That blink I submit puts the lie to the accusation that Miyazaki’s characters lack the expressiveness of Hollywood animated characters. On a far smaller budget, using far cruder tools (pen and ink as opposed to a mouse or computer keyboard), he’s able to distill a thought, an emotion, a nuanced gesture that suggests pages upon pages. In this case: “I’m grateful and relieved and not a little delighted in my not-quite-awake state; now I’ll go back to sleep.” Trust is such a given, it’s not even mentioned; they act like lovers or a married couple having a brief exchange in the middle of one night in the rest of their lives.
Princess Mononoke will be remembered for its outsized battles, its monumental setpieces (Tataraba destroyed, the Daidarabotchi unleashed) but lives (for me at least) in throwaway little moments like these. One of Miyazaki’s best; arguably one of the finest animated features ever made.

What to see this week

4 films to see on the week of July 27-August 3, 2018

Mission Impossible: Fallout


ETHAN HUNT, along with his Impossible Mission Force team, joins with CIA assassin August Walker to stop a nuclear attack. Arms dealer John Lark and a terrorist group plan a simultaneous attack on the Vatican, Jerusalem, and Mecca using three plutonium cores. Ethan and his team go on a mission in search for the missing weapons before they fall into the wrong hands. Written and directed by Christopher McQuarrie, it stars Tom Cruise, Henry Cavill, Alec Baldwin, Simon Pegg, Ving Rhames, Rebecca Ferguson, Michelle Monaghan, Angela Bassett, and Vanessa Kirby. Empire’s Helen O’ Hara writes, “McQuarrie and Cruise push each scene a little further than you think they can, adding an unexpected flourish or upping the stakes in a way that feels fresh, so that you can never quite predict Hunt’s limits.”
MTRCB Rating: PG

Behind the Walls

A HAUNTED house waits for a newcomer to move in. When a broken family seeks shelter there, evil spirits begin to haunt them and force them to stay. Directed by James and Jon Kondelik, it stars Vanessa Angel, Hutch Dano, Lew Temple, and Reggie Lee.
MTRCB Rating: R-13

Our House


SCIENCE WIZ Ethan drops out of college and breaks up with his girlfriend to take care of his younger siblings after his parents die in a car accident. In the evenings, he busies himself with a machine that can generate wireless electricity to bring back the dead. Instead the device results in awakening unfriendly souls around their house. Directed by Anthony Scott Burns, it stars Thomas Mann, Nicola Peltz, Percy Hynes White, Carlyn Burchell, John Ralston, and Christine Horne.
MTRCB Rating: PG

Kusina Kings


TO SAVE their restaurant business, best friends Ronnie and Benjie join the Kusina King Challenge and work hard to win P3 million so as to not surrender their business to the cooking show host. Directed by Victor Villanueva, it stars Zanjoe Marudo and Empoy Marquez, Ryan Bang, Jun Sabayton, Maxine Medina, Hyubs Azarcon, and Nathalie Hart.
MTRCB Rating: PG

Household spending per capita gives snapshot of inequality

Government data showed per capita household spending growing by 4.2% in 2017 to P56, 936, slower than the 5.4% increase seen in 2016.
Disaggregating the data shows that only five out of the country’s 17 regions grew faster than the national average: Central Luzon (6%), Davao Region (5.4%), Western Visayas (5.3%), Mimaropa (5.1%), and the Cavite-Laguna-Batangas-Rizal-Quezon region or CALABARZON (4.8%).
In absolute terms, only three — National Capital Region (NCR), Central Luzon, and CALABARZON — posted above-average per capita household consumption levels, with NCR being the highest spender. Furthermore, only four — Mimaropa, Cagayan Valley, Caraga, and the Autonomous Region in Muslim Mindanao — saw faster growth in per capita household spending last year compared to 2016. — Miguel Alfonso A. Lim
Household spending per capita gives snapshot of inequality

How PSEi member stocks performed — July 26, 2018

Here’s a quick glance at how PSEi stocks fared on Thursday, July 26, 2018.

If you could ask a businessman any question, what would it be?

After three decades of delivering the facts from the source to the readers, this year, BusinessWorld did a little experiment. During the first SparkUp Summit, a conference organized by the publication’s multimedia arm for millennials SparkUp, a call for entries was plastered by the entrance: “If you could ask a businessman any question, what would it be?”
Nearly a hundred questions — raised by readers currently enrolled in university or already setting up their own enterprises — poured in. Ranging from queries about business ideas, leadership, turning a profit, and generating ideas, five questions stood out, which BusinessWorld editors and reporters brought to their trusted sources.
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Fish prices driving inflation, Finance dep’t warns

THE DEPARTMENT of Finance (DoF) called on the government to ensure stable fish supplies, noting that fish products have played a significant role in the elevated inflation levels of the past few months.
“To ensure the sufficient supply of fish in the country, advancement of technology to introduce innovative ways of aquafarming is important as aquaculture produces more than half of the total fish supply in the economy,” the Finance department said in an economic bulletin.
“A comprehensive program to ensure sustainability of seafaring needs to be put in place. This should include, among others, appropriate environmental management,” it added.
The DoF noted that inflation in fish prices hit 12% in the first quarter of 2018 from only 5% in the same period in 2017.
In June, inflation in fish prices was 11.2%, and contributed 0.6 percentage points to the 5.2% headline that month.
Food items are a major component in a developing country’s inflation indices. The Philippines has also seen elevated prices for rice, vegetables, and fuel, among others.
Inflation averaged 4.3% in the first half, exceeding the central bank’s 2-4% target range. The government expects inflation to come in at 4.5% this year, and fall back within the 2-4% range next year.
“Gross value added of fishing to GDP (gross domestic product) continued to register negative growth, (with) 4% and 0.9% drops in 2016 and 2017 respectively. In the first quarter of 2018, gross value added of fishing further declined by 3.7%,” the DoF said.
“In 2011 the growth of fisheries production started to decline. In 2017, among the three subsectors of fisheries, only aquaculture has registered positive growth (1.7%),” it noted.
It also noted that Republic Act No. 10654, or the amended Fisheries Code is not viewed as a major contributor to the decline in fish production.
“The 15-kilometer fishing restriction for large commercial fishing vessels is already in the 1998 law and remained in the 2015 law. Climate change may be the biggest factor in the (declining) production of fisheries,” the DoF said.
It noted that in 2016, total fish production declined 6.31% to 4.32 million metric tons, due to the “severe drought” that year and in 2015.
In 2017, fish production declined by 1%.
“During El Niño episodes, water temperature rises thus inducing fish to move to colder, deeper waters. Also, rougher seas ensue as typhoons and monsoon rains intensify thus increasing the danger to fishing activities,” the DoF said. — Elijah Joseph C. Tubayan

Competition Commission hoping to improve cross-border enforcement

THE Philippine Competition Commission (PCC) said it is cooperating with antitrust authorities in Southeast Asia to strengthen its enforcement activities against foreign companies operating in the Philippines.
At the first hearing of the congressional oversight committee on competition (COCC), PCC Commissioner Amabelle C. Asuncion said the “extra-territorial enforcement of rulings” by competition authorities has been a challenge for regulators everywhere.
She cited similar coordination among European Union authorities.
“There is that kind of coordination even during the time that they’re reviewing the cases,” she said, referring to the European Competition Network. “They’re already coordinating so that they can make sure that one, the rulings are consistent and number two, that they are enforceable,” Ms. Asuncion said.
“Now in our context, we’re starting to build similar networks with the ASEAN countries so that’s in the works,” she added.
Ms. Asuncion was responding to the questions raised by Senator Sherwin T. Gatchalian during the hearing regarding PCC’s ability to enforce anti-competitive rulings on cross-border or borderless transactions, citing the acquisition of ride-sharing application Grab of Uber’s operations in Southeast Asia.
The PCC Commissioner said the agency has jurisdiction over the merger because of the existence of assets and operations of Grab in the Philippines.
“They do have assets here. Their operations are here in the Philippines, so in that we have jurisdiction over those so we can still enforce the remedies in terms of how will they operate in the Philippines. We’re not totally powerless in that sense,” Ms. Asuncion said.
“But of course there’s still that challenge enforcing it outside the Philippines. But as I said we’re already coordinating with other competition agencies in the area,” she added.
The PCC chairman, Arsenio M. Balisacan, speaking at the hearing, identified “cross-border competition concerns” as among the emerging challenges facing the agency three years into its operations.
“The PCC is bracing itself given the realities of a globalized world. This means that cross-border competition concerns and global mergers or cartels are seen to intensify globalization. Also, disruptive innovations and the features of the digital economy make enforcement more complex and warrant appropriate technical expertise,” he said.
He also stressed the importance of strengthening the PCC’s capacity to deal with competition in e-commerce and the digital economy. He said the agency has been sharing its experiences with various countries, including the European Union, United States and Singapore to address these concerns.
The concerns go beyond human transactions but also “interaction… in the algorithm, the humanless and faceless art of controlling the markets. And that’s where we need to strengthen our capacity,” he said.
The congressional hearing was convened to update legislators on the implementation of Republic Act No. 10667 or the Philippine Competition Act, which was signed into law in 2015.
Senator Aquilino L. Pimentel III, who chairs the Senate committee on trade, commerce and entrepreneurship, told reporters after the hearing that there was no need to amend the law.
“We asked the Philippine Competition Commission if they feel if there is a need to amend the law, they are not ready to pass anything so that means the PCC can still live with the present law,” he said. — Camille A. Aguinaldo

DTI seeks competition review of charges by foreign shippers

THE Department of Trade and Industry said it asked the Philippine Competition Commission (PCC) to look into “excessive” charges imposed by foreign shipping companies.
“We are requesting the Philippine Competition Commission, through Chairman Arsenio M. Balisacan, to act on the concerns of the business sector regarding questionable destination and origin charges imposed on local importers/exporters,” Trade Secretary Ramon M. Lopez said in a statement on Thursday.
“These excessive charges and fees are recurring issues that have brought significant negative impact on our local industries.”
The issue of fees charged by foreign carriers was again raised by logistics service providers recently, according to the DTI.
The issue of shipping fees was the subject of a 2017 study jointly conducted by DTI-Export Development Council and National Competitiveness Council.
The findings questioned the destination and origin charges cited by Mr. Lopez in his statement.
The study also alleges that some shipping firms are making freight costs less transparent to the benefit of overseas exporters at the expense of Philippine importers, costing the economy roughly $2 billion to $5 billion annually.
Mr. Lopez said that Philippine exporters also bear the brunt of excessive fees while consumers also absorb the additional costs of imported goods passed on to them. — Janina C. Lim

NEDA sees no disruption to ongoing projects in Bangsamoro region

NATIONAL government projects that are currently being implemented will not be disrupted by the enactment of the Bangsamoro Organic Law, the National Economic and Development Authority (NEDA) said on Thursday.
NEDA said many ongoing projects in the Autonomous Region in Muslim Mindanao (ARMM) will likely “continue as they are now.”
“Those that are currently ongoing, especially those funded by loans, most likely we will just allow them to continue as they are now. In fact, many of the ARMM projects carried out by the Public Works (department) have a MoA (memorandum of agreement) between national public works and local public works,” NEDA Undersecretary Rolando G. Tungpalan said in a briefing in Pasig City.
“The implementation arrangement will just continue for a time, but those that have yet to be started, I guess it is where we have to discuss how it will be funded and how it will be affected,” he added.
Socioeconomic Planning Secretary Ernesto M. Pernia, however, said that although he expects the impact to be minimal, NEDA has yet to study the local economic implications of the organic law, as it is one of the fastest-growing regions in the country, and takes up a large share of public spending relative to the size of its economy.
“We will have to review our plans in terms of the new landscape. We haven’t done that yet because the law has yet to be implemented. But there will be some changes, which shouldn’t be too drastic,” Mr. Pernia said.
The region “would have more say, but there will still be collaboration between the new Bangsamoro region and the national government,” he added.
According to NEDA data, ARMM’s economy grew 7.3% in 2017, faster than the national average of 6.7%. NEDA added that the region has the highest public investment-to-gross regional domestic product ratio among all the regions at 17.51%, well above the national average of 6.28% and Metro Manila’s 4.21%.
ARMM will receive 1,340 projects in the medium-term, worth P63.24 billion, or 0.82% of the total P7.74-trillion public investment program. This compares with the National Capital Region’s 320 projects worth P964.68 billion, representing 12.47% of the overall investment plan.
The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) will have its own government with expanded powers of taxation.
NEDA said it is preparing a list of regional projects with the potential to be structured as Public-Private Partnerships (PPPs).
“We at the Regional Development Offices, we are preparing something to encourage more PPPs in the regions, even small projects. We will be able to present this as… PPP opportunities that the private sector might very attractive,” NEDA Undersecretary Adoracion M. Navarro said.
This initiative will supplement the knowledge centers of the PPP Center that were launched in January.
“What we would like to happen is for the business sectors to look at these projects, because they can best judge the PPP potential. We have to subject them to an assessment to the private sector,” she said.
She added that NEDA will conduct capacity-building for those local government units (LGUs) whose ability to implement projects is deficient.
“There are LGUs which are capable of implementing some infrastructure projects, there are areas which need help,” she said.
However, Ms. Navarro noted that it is not only local government who faces capacity issues.
“It’s not only LGUs but also private sector in those regions. There are contractors who are really the problem. Let us not assume that only LGUs need improvement, but also private sector… civil society groups have a role in the monitoring of the implementation of projects,” she said.
She said that of over 11,000 local sub-projects carved out of the 4,490 medium-term government projects, about 2.45% were suspended and 0.32% terminated, or in the process of termination.
“In fact line agencies are starting to weed out contractors that have fallen behind schedule of their own account… so there’s a cleaning up to make sure that we are able to deliver on time, and of course with quality, the various infrastructure projects,” Mr. Tungpalan said. — Elijah Joseph C. Tubayan