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P2.5M for letter opener

A 20th century Fabergé brass letter opener, a 19th century oil painting of the Annunciation, vases by French artist Émile Gallé, and a Hispano-Filipino ivory figure were among the many opulent pieces on sale at the Makati City showroom for Casa de Memoria’s 2nd anniversary auction on May 5.
The auction house — which specializes in antiques and heirlooms from Europe but which recently added Asian antiques — celebrated its 2nd anniversary with pieces that come in pairs.
“For this anniversary, we’re concentrating on perfect pairs to play up the 2nd anniversary set up. A lot of items here are sold as two lots in one,” Casa de Memoria marketing manager Camille Lhuillier told BusinessWorld shortly before the auction.
The house’s 11th auction included neoclassical furniture, porcelain and ceramics, paintings and drawings by Filipino artist Romeo Tabuena, gold jewelry, European pocket watches, and Asian ivory.
Seventy-eight out of 195 lots were sold. The highest bid at the auction was for the Fabergé letter opener (which sported a mammoth finial and a green enameled handle) which sold at a hammer price of P2.5 million (opening price was P120,000). This was followed by the painting The Annunciation with God the Father which went for P420,000 (opening at P220,000).
The ecru- and dark amber-toned art nouveau floral vases by Émile Gallé were sold at P75,000 and P35,000, respectively. Among the ivories, a Hispano-Filipino figure of Sto. Niño Peregrino was sold at its opening price of P450,000, while a 19th century European figure of the infant Jesus figure sold at P180,000.
Five untitled paintings and drawings by Romeo Tabuena were all sold for a little more than their P25,000 opening bids — a portrait of a man went for P30,000; one of a man with hat for P45,000; while the rest, including a drawing of a mother and child, each went for P35,000.
“These are not things to look at. These are things to use and make a part of your house out of.” Ms. Lhuillier said, noting that antiques are not only objects for display.
“I think people approach art with it being like a museum. It has to be something that is revered, but it is also something to be used. These were made with something to use in mind.” — Michelle Anne P. Soliman

RLC teams up with Hongkong Land for projects

ROBINSONS Land Corp. (RLC) has partnered with Hongkong Land Group (HKLG) for the development of real estate projects in the country, starting with a P5.6-billion residential property in Pasig City.
The Gokongwei-led property developer disclosed to the stock exchange on Tuesday that it has signed an agreement with HKLG through its representatives Hongkong Land International Holdings Ltd. and its subsidiary Ideal Realm Ltd.
RLC and HKLG have agreed to invest approximately P5.6 billion.
RLC will have a 60% stake in the joint venture (JV) company, which will develop a residential project located in Block 4 of Bridgetowne East in Pasig City. To note, Bridgetown East is a business park developed by RLC that houses office buildings occupied primarily by business process outsourcing firms.
Aside from developing the property, the JV company will also be in charge of the marketing and sale of the residential units. It will also be used for other projects in the future.
HKLG is a property investment, management, and development group based in Hong Kong with around 850,000 square meters of prime office and luxury retail property under its portfolio. In Hong Kong’s Central district, the company has around 450,000 sq.m. of prime property, as well as a luxury retail mall in Beijing and a stake in an office complex in Jakarta. It also has 165,000 sq.m. of office space in Singapore, mainly through joint ventures.
“This collaboration combines the experience, vision and financial capability of RLC and HKLG; bringing together local expertise and international design that stand as landmarks in key Asian cities. The project is envisioned to transform the landscape of Pasig City, adding to it a well-planned township of mixed-use development with skyscrapers imbued with international appeal,” RLC said.
The JV firm will be governed by a board of directors composed of three nominees from RLC and two nominees from HKLG.
RLC said it has already received clearance from the Philippine Competition Commission for the project last May 4.
This is the listed property developer’s second joint venture for the year. Last March, RLC announced its partnership with Shang Properties, Inc. for a P10-billion mixed-use project in Bonifacio Global City, Taguig. The two firms plan to develop residential condominium units and serviced apartments in the area. — Arra B. Francia

New York auction houses get set for an ‘extraordinary season’

NEW YORK — Six months after selling a Leonardo da Vinci for half a billion dollars, New York art auction season is back, gearing up to break new records with a magnificent Rockefeller collection and a Modigliani.
The collection was amassed by the late billionaire banker David Rockefeller, who died last year aged 101, and his wife Peggy.
In all, Christie’s is selling 1,600 items over three days, with an expected take of $600 million. The proceeds are going to charity.
The jewel in this collection’s crown is Picasso’s 1905 masterpiece Fillette a la corbeille fleurie (Young Girl with a Flower Basket). Its purchase by Gertrude and Leon Stein, along with two other Rose Period paintings, helped jump-start the artist’s career.
The Picasso alone is valued at $100 million, but the combined total is expected to smash the previous record for a collection set by that of Yves Saint Laurent and Pierre Berge, which fetched $484 million in 2009.
For the first time, Christie’s this year will spread its spring sales over two weeks, twice the traditional length, kicking things off on Tuesday.
This comes after Christie’s sold da Vinci’s Salvator Mundi, a 500-year-old depiction of Jesus Christ, for $450.3 million in November, making it the most expensive work of art ever sold at auction.
CHRISTIE’S ‘BIGGEST EVER’
“After the Leonardo, I went through three weeks of a bit of a lowdown. But then you get excited by new projects,” said Loic Gouzer, co-chairman for postwar and contemporary art at Christie’s.
“Not only is the Rockefeller sale the biggest sale we’ve ever had at Christie’s, but the Impressionist and modern sale is also the biggest one ever,” he told AFP.
“It’s probably going to be the biggest season Christie’s has ever had.”
The highlight of the second week is Sotheby’s May 14 sale of a stunning nude by Amedeo Modigliani, expected to fetch more than $150 million, the highest pre-sale estimate for any work of art at auction.
Another of the Italian’s nudes sold for $170.4 million in 2015, currently the third most expensive work of art ever sold at auction.
A REVOLUTIONARY MODIGLIANI
Not only is Modigliani’s Nu couche (sur le cote gauche) his biggest painting, Sotheby’s calls it the greatest of his celebrated reclining nudes. It was the cover star of a recent retrospective at the Tate Modern gallery in London.
Simon Shaw, co-head of Impressionist and modern art at Sotheby’s, said Modigliani quietly revolutionized nude painting in the work — rooted in tradition but reflecting the changing status of women during World War I.
“This is a nude of a very self-possessed, sexually confident woman who is not looking out from a distance. She’s absolutely meeting our gaze,” he told AFP.
Overall, the season includes five works estimated at $70 million or more, including a painting by Malevich and a sculpture by Brancusi, and will test the depth of an increasingly globalized art market.
“I think demand is at an all-time high at this point for the very best of the best. It’s a selective market. It’s not every work that would meet that appetite,” Shaw said.
THE ‘NEW’ COLLECTOR
After the remarkable marketing blitz around the Salvator Mundi in November, the spring season is focused more than ever on a new generation of buyers building collections differently than in the past.
Traditionally divvied into Impressionist and modern, and postwar and contemporary, those categories are ebbing away as the new generation wants not just a savvy investment but the ultimate status symbol.
Both Christie’s and Sotheby’s, rivals founded in 18th century London and still dominating the market, have mixed and matched periods in the hanging and grouping of their pre-sale exhibitions.
Shaw says collectors “want the best of its kind rather than collecting a particular school or period,” adding that categories are increasingly “anachronistic.”
“It’s going to be an extraordinary season,” he predicted.
“We’ve seen a lot of great works of art in recent times on the auction market but never anything quite like this.” — AFP

S&P Global Ratings ‘optimistic’ on Philippine banks’ growth prospects

By Melissa Luz T. Lopez, Senior Reporter
PHILIPPINE BANKS will benefit from a brighter outlook for the economy, S&P Global Ratings said, with stronger domestic activity to fuel increased lending for local players.
Ivan Tan, director for financial institution ratings at S&P, said the financial system is likely to get a lift from the debt watcher’s more optimistic view on the Philippines.
Last month, S&P revised upward its rating outlook for the Philippines to “positive,” hinting at a possible credit upgrade in the coming months.
“Our view on the Philippines banking system is pretty much aligned with our view on the government as well. We are equally optimistic on the Philippines banking system as a whole,” Mr. Tan said in a webcast last week.
A higher credit rating improves the chances for a country to borrow funds from foreign sources at cheaper rates.
The Philippines currently holds a “BBB” rating from S&P, which is a notch above minimum investment grade. The rating has been on a “stable” outlook since April 2015 prior to this revision, with S&P drawing confidence from the country’s improved fiscal policies following the enactment of tax reform.
“We are seeing this positivity feeds through to the conglomerates and the corporate sector. Banks in the Philippines typically lend to the large corporates and medium-sized enterprises as well,” Mr. Tan said. “Basically, the banking sector is a face or representation of the economy there and when the economy does well, the credit profile of the banking system will improve as well.”
Universal and commercial banks made a cumulative P39.768-billion net income during the first quarter, spelling a 17.8% increase from P33.745-billion profits booked in the same period last year, according central bank data. This came on the back of an 18.4% surge in lending to hit nearly P8 trillion.
Despite the rapid credit growth, S&P said asset quality is likely to remain strong as problem loans account for a measly share relative to rapidly expanding loan books.
Mr. Tan added that the solid footing of Philippine banks remain largely dependent on corporate borrowers, even though the industry is now opening up to increased retail lending.
“[T]he fate of the banking system will be more closely tied to how well the family-owned conglomerates in the Philippines are performing,” the analyst said despite an industry-wide push towards greater consumer lending.
The rosier view taken by the debt watcher also hinges on the ambitious infrastructure spending plans of the Duterte administration, which will boost the country’s bid as a middle-income economy.
“Extremely strong” household spending will also serve as a key engine for gross domestic product (GDP) growth, which S&P expects to clock in at 6.7% this 2018, sustaining the pace clocked in last year although short of the state’s 7-8% goal.
“The economy is pushing a 7% GDP growth this year, one of the highest in the region as a whole,” Mr. Tan added.

Solaire operator’s profit soars in 1st three months

BLOOMBERRY Resorts Corp. reported a 73% increase in attributable profit for the first three months of 2018, boosted by record volumes in both its mass gaming and VIP gaming segments.
The owner and operator of Solaire Resorts and Casino Manila booked a net income attributable to equity holders of the parent of P3.7 billion in the first quarter, higher than the P2.14 billion posted in the same period a year earlier, according to a regulatory filing on Tuesday.
The higher attributable profit was supported by a 34% growth in revenues to P11.5 billion for the period. Earnings per share accordingly went up to 33.6 centavos, versus 19.5 centavos in the same period last year.
Earnings before interest, tax, depreciation, and amortization, meanwhile, increased 44% to P4.54 billion.
“We are off to a good start. Our fundamentals are solid, our cost optimization initiatives are working, so we should be on track to making this a banner year,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said in a statement.
Gross gaming revenues saw a 28% increase to P13.75 billion, lifted by higher VIP hold rates and strong mass table drops and electronic gaming machine (EGM) coin-ins.
VIP gross gaming revenues (GGR) for Solaire stood at P7.11 billion, 39% higher year on year, despite volumes falling by 12%. The integrated resort and casino said VIP hold rate was higher than usual at 3.61%, versus 2.31% in the first quarter of 2017.
Mass table drops and EGM coin-ins were the highest for this quarter, growing 17% and 23%, respectively.
Promotional allowances and contra accounts for Solaire increased by 5% to P3.04 billion for the quarter, slower than the GGR increase for the quarter.
On the other hand, Bloomberry’s South Korean operations through Jeju Sun Hotel & Casino saw a 13% decline in GGR to P51 million. The company noted that the casino’s operations were hurt by the increased competition and the drop in Chinese tourist arrivals in Jeju island.
Bloomberry’s non-gaming segment contributed P816 million in revenues for the quarter, 4% higher year on year. It attributed the single-digit growth to higher retail and additional rental income from new outlet stores at the luxury retail strip in Solaire called TheShoppes@Solaire. — Arra B. Francia

Olazo abstract fetches P1.9 million at benefit auction


ANTIQUE FURNITURE, 18th century maps of Asia and the Philippines, wooden bu’lul (harvest god) figures, and paintings by renowned Filipino artists were among the pieces auctioned off for the benefit of scholars at the International School Manila (ISM).
The auction was held in partnership with Gavel & Block, a subsidiary of Salcedo Auctions, on May 5 at The Peninsula Manila.
Each year ISM selects four scholars in each grade level from 8 to 12, and the Vicky SyCip Herrera (VSH) Filipino Scholarship underwrites a fifth scholar of exceptional ability in addition to the four in each grade level already funded directly by the school. The scholarship fund was established to honor the well-loved guidance counsellor and her 38 years of service to the school. The funds raised by the Gavel & Block: Benefit auction will go to the VHS scholarship.
“The partnership started four years ago when Salcedo Auctions was approached by the International School Manila to assist in a silent auction to help raise funds for the Vicky SyCip Herrera Foundation that funds Filipino scholarships. This year, we started talks with the advancement office of ISM and proposed to do a live auction instead of a silent auction, to be able to, hopefully, generate more bids and higher prices for the different pieces that are offered. There’s nothing like competitive bidding to drive prices up and generate more funds for the scholarship,” Richie Lerma, Salcedo Auctions director, told BusinessWorld in an e-mail.
Of the 209 lots up for auction, 81% were sold. Abstract painter Romulo Olazo’s 1986 untitled mixed media on canvas work garnered the highest bid at P1.985 million from its opening price of P380,000. Meanwhile, Ang Kuikok’s Still Life Table with Fruits, a 1973 oil on wood painting, went for P1.1 million, and Ramon Orlina’s glass sculpture Madonna and Child was sold for P1 million.
An untitled 1965 oil painting of a couple by Simeon Saulog, a contemporary of Fernando Amorsolo, was sold for P876,000 from its opening price at P40,000, while an untitled and undated wooden sculpture by National Artist for Visual Arts Arturo Luz was sold for P400,000 from a starting price at P220,000. — Michelle Anne P. Soliman

Emerging market sell-off has Indonesia in crosshairs

INDONESIA’S market rout shows no signs of abating, with its two-year bonds the latest to be dumped in anticipation that the central bank may need to raise rates to defend its currency.
The yield on the two-year debt soared 25 basis points to 6.63%, set for its highest close in 10 months, as the currency weakened past the psychological 14,000 level on Monday. The stock index has tumbled to its lowest since August.
The selldown has Bank Indonesia (BI) caught between mounting pressure to raise rates and an economy that isn’t growing fast enough. An emerging market rout that started as US Treasury yields touched a four-year high last month has hurt the Southeast Asia nation given its relatively open economy and high foreign ownership of its assets.
“There seems to be an increase in market anxiety after the rupiah breached the 14,000 threshold,” said Winson Phoon, head of fixed-income research at Maybank Kim Eng Securities Pte. in Singapore. “BI is expected to continue to take measures to stabilize the financial market, and raising rate is one of the tools at their disposal. The bond market may be pricing in such an eventuality.”
The rupiah fell 0.3% to 14,040 per dollar at 11:44 a.m. in Jakarta, after touching 14,047, the weakest since December 2015. The 10-year bond yield also rose 12 basis points to 7.27%. Dollar bonds of Indonesia’s state-owned entities were sold off as well, with oil producer PT Pertamina’s 2044 notes down 1.7 cents to 106.6 cents.
Foreign investors have sold a net $1.1 billion of sovereign bonds last month, on top of $2.7 billion of stocks this year, data compiled by Bloomberg show. Foreign investors hold around 38.4% of local-currency bonds.
“As global investors become more cognizant of rising US rates and dollar strength, there would be pressures on EM yields including Indonesia,” said Eugene Leow, a fixed-income strategist at DBS Group Holdings Ltd. in Singapore.
Bank Indonesia Governor Agus Martowardojo has said he will ensure ample liquidity of currencies to ease volatility, after repeated intervention on the rupiah. The central bank has also stepped up buying of sovereign bonds from the secondary market.
Indonesia isn’t alone in contending with investors who have turned cold. Debt sales from countries such as Russia have been canceled or postponed, while Argentina’s central bank has raised interest rates three times in a week to halt a currency slide.
“We just need to watch the rupiah by learning from the experience of Argentina,” Jeffrosenberg Tan, head of investment strategy at PT Sinarmas Sekuritas, said in Jakarta. “The stock market at this point is hoping for BI to raise the rates to stabilize the exchange rate.”
Indonesia’s benchmark index has dropped 9.4% this year, and is the second worst-performing major equity market in Asia. Any interest rate increase will also need to take into the consideration the sluggish economy. Growth in the first quarter at 5.06% missed estimates by economists.
Traders will be watching two events Tuesday. The government is selling five-, 15- and 20-year government bonds, while reserves data will be scrutinized to determine what’s left in Bank Indonesia’s war chest.
Investors will probably be cautious at the auctions owing to a strengthening dollar, and yields have room to keep rising, according to Deutsche Bank AG. The nation’s reserves have slid $5.9 billion in the two months through March 31 to $126 billion. — Bloomberg

MiCab partners with Japanese advertising company

TAXI-HAILING application MiCab on Tuesday said it is partnering with Japanese advertising firm Hallohallo Business, Inc. to launch MiAds or mobile internet advertising.
While assuring customers it will not implement surge pricing and booking charges, MiCab said the advertising services, aside from taxi subscription fees, will keep its business sustainable.
“Passengers can hail taxis through MiCab app, where they can enjoy zero booking fees and absolutely no surge pricing, as these will be shouldered by the revenue earned from MiAds,” MiCab said in a statement Tuesday.
The joint venture is expected to boost MiCab’s taxi base to 15,000 from the current 4,300 by the end of the year. These taxis will operate in six cities, namely Metro Cebu, Baguio, Iloilo, Bacolod, Metro Manila and Davao.
Through MiAds, Android tablets will be mounted on the dashboard of taxi units and will flash 15-second advertisements every 7.5 minutes to up to 80 passengers per taxi in a day.
“That has a dual purpose. When there is no passenger yet, the tablet functions as a passenger-hailing device. Once a passenger enters the cab, the tablet will play advertisements. That’s how we’ll earn,” MiCab Chief Executive Officer (CEO) Eddie F. Ybañez said during a briefing.
Mr. Ybañez said they will distribute the tablets to taxi operators, who will shoulder its costs along with the data connection. These tablets are programmed to have only the MiCab app, which has its own navigation feature called MiDriver.
MiCab has already distributed around 4,000 tablets to its partner taxis.
Mr. Ybañez said it will be sharing 10% of the revenue from MiAds to its taxi partners, which is projected to be around P10,000 per taxi every month. The P10,000 will be coming from the P500 advertisement slot, multiplied to the 20 slots per tablet in every taxi. — Denise A. Valdez

Philippine agriculture performance

GROWTH in the country’s agricultural output slowed to 1.47% in the first quarter due to a marked deceleration in the expansion of the crops subsector, the biggest contributor to total production. Read the full story.

PH Agriculture

How PSEi member stocks performed — May 8, 2018

Here’s a quick glance at how PSEi stocks fared on Tuesday, May 8, 2018.

NEDA puts officials on notice over PDP targets

THE National Economic and Development Authority (NEDA) said it has reminded government agencies of the need to hit targets outlined in the country’s medium-term economic plan.
Socioeconomic Planning Secretary Ernesto M. Pernia signed on March 28 Memorandum Circular No. 1, notifying officials belonging to various interagency bodies that they will be held accountable for targets spelled out in the Philippine Development Plan (PDP) 2017-2022.
“The relevant NEDA Board Committees, Cabinet Clusters and other Inter-Agency Committees (IACs) will have primary accountability for the achievement of the PDP outcomes identified for the Chapter(s) under their purview,” the circular read.
“These will be the coordinating mechanisms and will be responsible for ensuring the implementation and monitoring of strategies, policies, programs, and projects, identified in the said chapters,” it added.
NEDA’s Staff will also assist the NEDA Board Committees, newly-created Cabinet Clusters, and other interagency committees in achieving their respective targets.
“The responsible committees, clusters, IAC shall monitor progress in said PDP outcome and outputs,” the circular added.
The PDP overall framework is overseen by the NEDA Board — chaired by President Rodrigo R. Duterte. Demographic trends are handled by the NEDA Board-National Land Use Committee and other regional development committees; the governance provisions are the responsibility of the IAC on Development Administration and the Cabinet Cluster on Participatory Governance.
The NEDA Board’s Social Development Committee will be responsible for targets related to promoting Philippine culture, accelerating human capital development, reducing the vulnerability of families, building safe and secure communities, and reaching for the demographic dividend.
The Cabinet Cluster on Security, Justice, and Peace will oversee targets concerning the fair administration of justice, attaining peace, ensuring security, public order, and safety, while the Cabinet’s Economic Development Cluster will be tasked with achieving a level playing field in industry, as well as attaining goals set for the agriculture, industry, and services sectors.
The Science and Technology Coordinating Council will oversee targets related to advancing innovation; the NEDA Board Infrastructure Committee will seek to meet infrastructure development goals; the NEDA Board’s Development Budget Coordinating Committee is responsible for sound macroeconomic policy; and the Cabinet Cluster on Climate Change Adaptation, Mitigation, and Disaster Risk Reduction will ensure ecological integrity and a clean and healthy environment.
Mr. Pernia was quoted in a statement as saying that agencies will “be able to effectively align their work plans with the PDP. We are thus expecting to see better synergy within government so we can truly work as one in achieving our medium-term targets and long-term goals.”
In NEDA’s Socioeconomic Report 2017, the government achieved the 6.5-7.5% economic growth target last year when growth was 6.7%. The 3.8% inflation reading for the year was also within the 2-4% target range.
Missed 2017 targets include 5.1-5.4% unemployment, with the actual rate coming in at 5.7%, and the 900,000-1.1 million net job creation goal, where actual performance was a net job loss of 663,243. — Elijah Joseph C. Tubayan

Legislators call for review of TRAIN amid rising prices

LEGISLATORS from both houses of Congress called for the tax reform law implemented at the start of the year to be reviewed due to its impact on prices.
In a statement, Senator Joseph Victor G. Ejercito urged the government’s economic managers to review the law, known as Tax Reform for Acceleration and Inclusion (TRAIN), after headline inflation hit 4.5% in April.
“They should assess whether the increase in inflation is still manageable. Otherwise, implementation of TRAIN 1 should be suspended and re-studied,” he said, adding that inflation would negate the positive impacts of the tax reform law on income.
Senator Paolo Benigno A. Aquino IV said: “We owe it to the Filipino people, especially the poor, to ensure that TRAIN is not making life more difficult. We must look for immediate solutions, like the suspension of excise taxes.”
He added the additional P200 financial assistance offered the government to the poorest Filipinos should be increased to P400 to P500 to address the inflationary effects of the law.
Magdalo Party-list Representative Gary C. Alejano, meanwhile, filed a House Resolution (HR) calling for the immediate review of RA 10963, saying price increases are having a disproportionate impact on the poor.
“The common Filipino now suffers under the weight of the new TRAIN Law. And it has only been four months since the law took effect, yet we see the results to be totally inimical to its objectives,” Mr. Alejano said on Tuesday in a statement.
The resolution, dated May 7, was filed amid rising inflation, in part due to higher fuel prices. Signed into law on Dec. 19 by President Rodrigo R. Duterte, the law lowered personal income taxes, but imposed additional taxes on fuel, cars, and sugar-sweetened drinks among others. Proceeds are expected to help finance the government’s aggressive infrastructure program.
The Philippine Statistics Authority reported that inflation rose to 4.5% in April from 4.3% in March, with both months breaching the central bank’s target range of 2-4%.
Mr. Alejano cited Pulse Asia’s March 2018 Ulat ng Bayan survey which found that 86% of Filipinos were strongly affected by the increases; 13% somewhat affected and 1% not affected. “So all in all, a total of 99% were affected and, again, this is only after three months of the law’s implementation,” he said.
Mr. Alejano disputed claims that TRAIN will largely support the “Build, Build, Build” program, saying it will only fund 25% of the program at most, while the rest will be provided by loans from China.
He also proposed that government agencies, such as the Bureau of Internal Revenue and Bureau of Customs, be assessed and improved to avoid revenue leakage that “should have been enough to fund government projects without enacting the TRAIN law.”
The two senators also pointed out that the earlier assurances of the Department of Finance (DoF) and the National Economic and Development Authority (NEDA) that the law would likely raise the inflation level by 0.7% and that the inflation rate would remain within the projected 2% to 4% target — did not happen.
The Senate committee on economic affairs, chaired by Senator Sherwin T. Gatchalian, will resume its inquiry on Wednesday into the inflationary effects of the tax reform law and the social mitigating measures of the government to address inflation.
Mr. Gatchalian has said the Legislative branch may possibly recommend the suspension of the law to curb and control inflation, but it would depend on the outcome of the hearings.
“Tomorrow in our hearing, we invited experts especially the BSP (Bangko Sentral ng Pilipinas) and the DoF to make sure that inflation remains in check and controlled. We will find out the government’s strategy in the next six months,” he said.
Two senators on Tuesday called for the suspension of Republic Act No. 10963 or the TRAIN Act due to rising prices of goods and services. He added the additional P200 financial assistance of the government to the poorest Filipinos should be increased to P400 to P500 to address the inflationary effects of the law.
Both senators also pointed out that the earlier assurances of the DoF and NEDA — that the law would likely raise the inflation level by 0.7% and that the inflation rate would remain within the projected 2% to 4% target — did not happen. — Camille A. Aguinaldo, Charmaine A. Tadalan

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