Home Blog Page 1176

PNB Holdings launches second phase of cloud implementation program

PNB Holdings Corp. (PHC), the real estate subsidiary of Philippine National Bank (PNB), has launched the second phase of its cloud adoption program in partnership with delaware Philippines to help streamline its operations.

“By adopting GROW with SAP, we’re embracing a system designed to address our unique real estate challenges while ensuring accuracy and operational efficiency. With delaware’s expertise, we are confident that this initiative will bring lasting value to our business and stakeholders,” PHC Chief Operation Officer Joselito R. Consunji said in a statement on Thursday.

PHC’s backend and frontend systems will adopt cloud solutions as part of the second phase of the program to improve operational efficiency.

Phase one involved the automation and standardization of PHC’s processes related to financials, procurement, property maintenance, and project systems.

The second phase titled Project Cosmos began this month, with the first track to start in January 2025 and the second track to follow in April.

“Our partnership with delaware underscores our shared goal of achieving operational excellence. GROW with SAP equips us with the tools to simplify processes, improve decision-making, and achieve sustainable growth,” PHC Chief Financial Officer Maryknoll B. Zamora said.

“This collaboration highlights our dedication to helping businesses like PHC navigate their digital transformation journey efficiently. We’re proud to support PHC as they adopt GROW with SAP to optimize their operations and prepare for future challenges,” delaware Philippines Partner and Managing Director Rosette Carrao added.

PHC is expected to have more accurate data, enhanced workflows, and improved decision-making as a result of the program.

“As the preferred SAP implementation partner, delaware is committed to ensuring PHC’s success. We’re excited to see how this technology will empower PHC to meet its strategic objectives and remain competitive in the real estate market,” delaware Philippines Senior Vice President for Customer Success Simone Pigason said.

PNB’s net income grew by 25.79% year on year to P4.74 billion in the third quarter amid higher revenues. This brought its nine-month net profit to P14.95 billion, up by 10.59% from the same period a year ago.

Its shares went up by 20 centavos or 0.77% to end at P26.20 each on Thursday. — A.M.C. Sy

How PSEi member stocks performed — December 19, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, December 19, 2024.


Philippines: Balance of Payments (BoP) Position

THE COUNTRY’S balance of payments (BoP) deficit widened in November as the government made more repayments on foreign debt, the Bangko Sentral ng Pilipinas (BSP) said on Thursday. Read the full story.

Philippines: Balance of Payments (BoP) Position

PHL stocks stumble as Fed delivers hawkish cut

REUTERS

PHILIPPINE SHARES sank to the 6,300 level on Thursday to hit an over five-month low amid a global sell-off after the US Federal Reserve signaled fewer rate cuts ahead due to inflation concerns.

The Philippine Stock Exchange index (PSEi) dropped by 1.13% or 73.48 points to close at 6,395.60, while the broader all shares index fell by 0.76% or 28.25 points to 3,671.75.

Thursday’s finish was the PSEi’s worst close in more than five months or since it ended at 6,358.96 on July 2.

This was also lower than its end-2023 finish of 6,450.04.

“The local market took cues from Wall Street’s drop, driven by the Federal Reserve’s trimmed projections on its rate cuts next year,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Philippine shares continued to drop following the Federal Reserve’s rate cut decision… Meanwhile, US equities fell on Wednesday, recording lows as the Fed hinted on a slower pace of cuts by 2025, pushing Treasury yields higher while dragging stocks,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

The US central bank cut interest rates on Wednesday, as expected, but Federal Reserve Chair Jerome H. Powell said more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation, remarks that showed policy makers are starting to reckon with the prospects for sweeping economic changes under a Trump administration.

Mr. Powell’s explicit — and repeated — references to the need for caution from here on jolted Wall Street, sending stocks sharply lower, bond yields higher and leading investors to dial back estimates of how far borrowing costs are likely to fall over the coming year.

Rates will fall again once inflation shows it is making more progress, “with the extent and timing of additional adjustments to the target range” depending on “incoming data, the evolving outlook, and the balance of risks,” the Fed said in new language that sets up a likely pause to the rate cuts beginning at the Jan. 28-29 meeting.

US central bankers now project they will make just two-quarter-percentage-point rate reductions by the end of 2025.

All sectoral indices closed lower on Thursday. Mining and oil retreated by 2.36% or 175.72 points to 7,248.76; property sank by 1.68% or 39.77 points to 2,323.83; industrials went down by 1.36% or 122.35 points to 8,838.82; holding firms declined by 1.35% or 75.20 points to 5,496.44; services slumped by 0.69% or 14.43 points to 2,052.48; and financials dropped by 0.32% or 7.01 points to 2,178.36.

Value turnover went up to P6.03 billion on Thursday with 595.34 million shares traded from  the P5.96 billion with 1.39 billion issues exchanged on Wednesday.

Decliners outnumbered advancers, 126 versus 72, while 41 names were unchanged.

Net foreign selling rose to P997.59 million on Thursday from P487.26 million on Wednesday. — R.M.D. Ochave with Reuters

Marcos to remold 2025 budget to ‘same shape’ with line-item vetoes

PRESIDENT FERDINAND R. MARCOS, JR. — REVOLI S. CORTEZ/PPA POOL

By Kyle Aristophere T. Atienza, Reporter

PHILIPPINE President Ferdinand R. Marcos, Jr. said on Thursday he seeks to remold the proposed 2025 national budget to the “same shape” submitted by the Executive branch in July.

He made the statement after meeting his economic managers on Wednesday afternoon to review the Congress-approved budget for next year.

“Well, we had to have a look because a lot were changed from the budget request of the different departments and we have to put it back in the same shape that we had first requested,” he told reports in mixed English and Filipino on the sidelines of an event in Pasay City.

The Presidential Palace on Wednesday announced the postponement of the budget signing set for Dec. 20, amid backlash that has forced the President to push for the restoration of cuts from the Department of Education’s (DepEd) budget.

Mr. Marcos earlier justified the bicameral conference committee’s (bicam) move to remove the state subsidy for the Philippine Health Insurance Corporation (PhilHealth), arguing it has enough reserves.

The President, speaking to reporters on Thursday, said he’s “unfortunately” only “left now with the veto power.”

“Now it’s up to us on how we regain control of the spending program,” he said.

Executive Secretary Lucas P. Bersamin on Wednesday said while the new date for the budget signing remains unclear, “we can now confirm that certain items and provisions of the national budget will be vetoed.”

“We are going through item by item, line by line, to see what [the] priority is and what is not. And that is what we will come up with,” Mr. Marcos said.

“But I want to be very, very sure that the budget for 2025 is directed at the important projects that we have prioritized, number one. And secondly, that there [are] stronger safeguards on spending for the different projects,” he added.

DepEd, in particular, was denied its proposed P10-billion funding for its computerization program for 2025 due to its failure to spend previous budgets for the similar program as early as 2022.

It reported an obligation rate of 41.9% as of August, ranking 11th among government agencies in terms of budget utilization. Still, the rate is higher than that of the House of Representatives (HoR), which had the lowest obligation rate of 8.8% but has nonetheless, received a P16.35-billion increase in the bicam version.

The President said they may also “assess” items included in the budget via “insertion.”

“We are starting to see some project proposals that do not have the appropriate program of work, [no] appropriate documentation, and it’s not clear where the money will go,” he said. “So we will clarify that.”

The Department of Public Works and Highways’ (DPWH) allocation in the Congress-approved budget rose by P288 billion to P1.1-trillion funding. And as the agency responsible for most of the government’s flagship infrastructure projects became a net gainer, while agencies responsible for key social services faced massive cuts.

In the bicam-version of the spending plan, the budget of the Department of Social Welfare and Development declined by P95 billion to P217.3-billion funding, while the Health department’s budget fell by P25.7 billion to P247 billion.

Public finance expert Zyza Nadine M. Suzara, however, said line-item vetoes will not restore budget cuts, raising the need to reconvene the bicam to “reshape” the budget.

“It seems like the President does know his constitutional mandate. The ratified version of the 2025 budget can only be reshaped by reconvening the Bicam and restoring the budget for what the country truly needs,” Ms. Suzara said in an X message.

“That means the President has to call Congress to a special session to ‘reshape the budget.’ Imposing line-item veto will not necessarily restore the funds that agencies lost. Taxpayers deserve more than the crumbs thrown to us by the Bicam.”

She added a line-item veto would be “useless” as it cannot “significantly change the budget,” noting the move was just a “way to minimize the backlash.”

“Without a line item in the budget for the PhilHealth subsidy, the funds cannot be restored even assuming that the President vetoes the astronomical increases in the DPWH, AKAP (Ayuda sa Kapos ang Kita Program) and HoR budgets,” she explained.

Mr. Marcos said the country does not have a considerable amount of savings, “so we need to be careful about where we spend it.”

The P6.352-trillion national budget is equivalent to 22.1% of the country’s gross domestic product, and 10.1% higher than the P5.768-trillion budget this year.

Mr. Marcos said he hopes to sign the spending plan for 2025 by the year end. If the budget is not approved within the year, the Philippine government will operate under the 2024 Generation Appropriations Act.

Philippine VP Duterte slapped with third impeachment rap

VICE-PRESIDENT SARA DUTERTE-CARPIO FACEBOOK PAGE PHOTO

ANOTHER impeachment complaint seeking the removal of Philippine Vice-President (VP) Sara Z. Duterte-Carpio was filed at the House of Representatives on Thursday, containing allegations she committed plunder, bribery, and betrayed the public’s trust.

The impeachment rap, filed by 12 complainants composed of clergymen, members of a religious sect and a lawyers’ group, alleged the embattled vice-president breached the Constitution, betrayed public trust, committed plunder, bribery, corruption, and other high crimes.

The Philippine Charter stated that grounds for impeachment include “culpable violation of the Constitution, treason, bribery, graft and corruption, other high crimes, or betrayal of public trust.”

Camarines Sur Rep. Gabriel H. Bordado, Jr. and Party-list Rep. Lex Anthony Cris A. Colada endorsed the impeachment complaint, which called for Ms. Duterte’s removal from office for her failure to account for the alleged “anomalous disbursements” of more than P600 million worth of secret funds in 2022 and 2023.

The Office of the Vice-President (OVP) did not immediately respond to an e-mail seeking comment about the most recent impeachment complaint.

In a Viber message to reporters, the OVP said “the matter was already relayed to the Vice President.”

Two impeachment complaints were filed earlier by civil society groups and activists, which similarly zeroed in on Ms. Duterte’s alleged misuse of confidential and intelligence funds (CIF).

“What makes this different is that the complainants now believe that it is no longer just the constitutional and legal obligation of the members of the House of Representatives to impeach and for the Senate to remove from office the sitting vice president of the Republic of the Philippines,” Armando Virgil D. Ligutan, the complainants’ counsel, told reporters before the ouster rap’s filing. 

“That obligation now becomes a moral one,” he added.

In a separate statement on Thursday, the Office of the Secretary-General in the chamber confirmed receipt of the third complaint.

“The House of Representatives reaffirms its steadfast dedication to upholding the principles of transparency, accountability, and the rule of law,” it said.

“The impeachment complaint will undergo due deliberation in strict compliance with the Constitution and established legislative processes.”

The filing of the third impeachment complaint comes just before the Philippine Congress goes on recess for its Christmas break, which would start on Dec. 21 until Jan. 12.

Ouster complaints against Ms. Duterte face an uphill battle as lawmakers question whether there is enough time to deliberate with the country’s midterm elections just five months away.

The Constitution requires the House to first hear the complaints, requiring one-third of its members or at least 103 congressmen to find it with merit before the case is elevated to the Senate for trial. At least 16 senators need to find Ms. Duterte culpable of the alleged violations to be convicted.

All 318 seats in the House will be voted on by Filipinos in May, while 12 spots in the influential 24-seat Senate are up for grabs.

Thursday’s complainants alleged that Ms. Duterte’s use of secret funds “were not properly done” as her office used fictitious individuals to receive the government funds, according to Mr. Ligutan.

“We have instances of the same individuals receiving money from the public, but these individuals used different signatures,” he said, referring to the House good government panel’s findings that fictitious identities were used by recipients of CIF from Ms. Duterte’s office.

Ms. Duterte’s failure to also submit documentary evidence on her use of CIF “evidenced inexcusable negligence on the vice-president’s part to ensure that the Filipino people’s money was properly spent,” a copy of the filed impeachment complaint provided to reporters stated.

“If this Honorable House of Representatives allows the Vice-President to get away with what she did, what is stopping other less ethical public officials from misappropriating millions and millions of hard-earned public money by the mere flimsy excuse that disposition be confidential,” the complaint further read. — Kenneth Christiane L. Basilio

DoJ to review proposed charges vs Duterte

SCREENSHOT FROM HOUSE OF REPRESENTATIVES FACEBOOK

PRESIDENT Ferdinand R. Marcos, Jr. on Thursday said the Department of Justice (DoJ) needs to review a recommendation by a House panel to file charges of crimes against humanity against former President Rodrigo R. Duterte and his allies for rights violations in the previous administration’s war on drugs.

Mr. Marcos said he was “aware” of the House Quad Committee’s recommendations, and that it is the DoJ that will have to determine the next steps.

“The DoJ has to make that assessment,” he told reporters on the sidelines of an event in Pasay City. 

“The DoJ will look at it and see if there are — if it is time to file cases, what cases to file, how to produce the evidence, and we will need to actually build the case up,” he added.

He said the DoJ needs to assess the committee’s recommendation thoroughly and see if it is going in the right direction.

The recommendations followed the conclusion of the committee’s investigation into deaths linked to Mr. Duterte’s anti-drug campaign and crimes related to Philippine offshore gaming operations.

The Justice department had earlier created a task force to investigate alleged extrajudicial killings in Mr. Duterte’s drug war.

The government estimates that at least 6,117 people were killed in Mr. Duterte’s drug war between July 1, 2016, and May 31, 2022, but human rights groups say the death toll could be as high as 30,000.

The International Criminal Court’s probe of Mr. Duterte’s drug war covers crimes committed in Davao City from November 2011 to June 2016 when Mr. Duterte sat as its mayor, as well as cases during his presidency up until March 16, 2019, the day before the Philippines officially withdrew from the court’s Rome Statute.

“When they do an oversight hearing, they have findings that they will forward to the DoJ with their own recommendations as to how to handle the findings in the hearings,” Mr. Marcos said in mixed English and Filipino.

In recommending the filing of charges against Mr. Duterte and others, the committee cited Republic Act 9851, known as the Philippine Act on Crimes Against International Humanitarian Law, Genocide, and Other Crimes Against Humanity.

Quad Committee chair and Surigao del Norte Rep. Robert Ace S. Barbers noted in the report that Mr. Duterte himself admitted key elements of his administration’s drug war, including the so-called Davao Death Squad.

The lawmaker also cited the Davao template of rewarding police officers involved in extrajudicial deaths.

Also named in the report were Christopher Lawrence Go, Mr. Duterte’s former aide who is now a senator, and then-police chief and now senator Ronald Dela Rosa. — Kyle Aristophere T. Atienza

UP’s 18th president passes away

SEAN DUNCAN S. REYES

POLITICAL SCIENTIST and former president of the University of the Philippines (UP) Francisco “Dodong” A. Nemenzo, Jr. passed away on Thursday at the age of 89, his family announced.

The Marxist scholar was an advocate for social justice, leading to his imprisonment during the martial law era in the 1970s.

He served as UP’s president from 1999 to 2005.

“A political scientist, professor and radical educator, he was known for his strong nationalist and anti-imperialist views, as well as his lifelong commitment to the University,” UP posted on its Facebook page. “[He] lived a life rich in thought, action, and impact.”

Mr. Nemenzo “specialized in the study of unconventional politics,” the Philippine Social Science Council wrote, citing his own words.

His scholarly works focused on the dynamics of revolutionary movements in the Philippines, it added.

The date for the memorial service has yet to be announced.

He is survived by his wife and fellow activist Princess, and children Fidel, Leonid, and Lian. — Chloe Mari A. Hufana

Marcos appoints new Air Force chief

PRESIDENT Ferdinand R. Marcos, Jr. leads the Philippine Air Force (PAF) Change of Command of outgoing Lt. Gen Stephen P. Parreño and incoming Lt. Gen Arthur M. Cordura at Villamor Air Base in Pasay City on Thursday. — PHILIPPINE STAR/NOEL B. PABALATE

President Ferdinand R. Marcos, Jr. on Thursday appointed Arthur M. Cordura, former vice-chief of staff of the Armed Forces of the Philippines (AFP), as new chief of the Philippine Air Force (PAF).

In a change of command of ceremony in Pasay City, Mr. Marcos urged Mr. Cordura to guide the Air Force to make it “more agile, credible, and responsible to the demands of an ever-evolving security landscape.”

“These times call for vigilance and for resolve. There is no room for complacency, for any pause in our efforts to risk compromising the safety and welfare of the Filipino people,” the Philippine leader said.

Before his latest appointment, Mr. Condura served as vice chief of staff of the AFP.

Mr. Cordura, a member of the Philippine Military Academy (PMA) “Bigkis-Lahi” Class of 1990 and a member of the PAF Flying School Class of 1992, joined the 15th Strike Wing and attained all levels of flight qualifications as Combat Crew Training Pilot, Element Lead Training Pilot, and Instructor Pilot of the MD-520 Military Gunship.

He also held other key positions in his military career, such as vice-commander and chief of air staff of PAF, commander of Air Force Reserve Command, and wing commander of the 520th Air Base Wing, among others.

Mr. Condura replaced Stephen P. Parreño, who reached the mandatory retirement age of 56 on Dec. 12.

Mr. Marcos cited the former PAF chief’s contributions to the PAF, including the 2,500 flying hours dedicated to external defense and 450 maritime patrol missions aimed at protecting the country’s territorial integrity.

“These are not just records. They represent vigilance, determination, and an unwavering resolve to safeguard our airspace. In these efforts, our skilled pilots have remained resolute, intercepting threats [and] monitoring unidentified tracks that encroach upon our airspace,” Mr. Marcos said. — Kyle Aristophere T. Atienza

House may propose suspension of monthly PhilHealth payment

THE House of Representatives considers recommending the suspension of members’ monthly contributions to state-run Philippine Health Insurance Corp. (PhilHealth) for a year, should an investigation reveal its existing funds are underutilized, Speaker Ferdinand Martin G. Romualdez said on Wednesday.

Mr. Romualdez said the chamber would conduct an investigation into the management of PhilHealth funds amid concerns over its financial performance next year, when Congress resumes session next year.

“Next year, the House of Representatives will… conduct a thorough and impartial investigation into how PhilHealth’s funds are being managed,” Mr. Romualdez said in plenary.

Philippine lawmakers, during their bicameral conference committee on the 2025 budget bill, decided to cut PhilHealth’s supposed P74-billion state subsidy, citing billions of its unused funds.

The state health insurer has a surplus fund amounting to P150 billion, fund reserves totaling P280 billion, and investment funds of P490 billion, PhilHealth Chief Executive Officer Emmanuel R. Ledesma, Jr. told lawmakers during a House of Representatives hearing on Tuesday.

Mr. Romualdez said the House investigation would focus on ensuring that “every peso in PhilHealth’s coffers works for the benefit” of Filipinos.

“If this investigation reveals that existing funds are being underutilized or are in excess of what is needed for current operations, we will… suspend premium payments for one year,” he said.

The chamber would also look at reducing premium contributions to reduce the burden of workers paying for monthly contributions, he added.

Lawmakers would also recommend for further expansion of healthcare benefits for Filipinos, including additional medical services and hospitalization support, according to Mr. Romualdez.

“PhilHealth exists to provide security and comfort in times of medical emergencies. It should not hoard resources at the expense of its members,” he said. — Kenneth Christiane L. Basilio

Free train rides today — Marcos

PHILSTAR FILE PHOTO

PRESIDENT Ferdinand R. Marcos, Jr. on Thursday said Light Rail Transit (LRT)-1, LRT-2, and Manila Metro Rail Transit System (MRT)-3 will offer free rides on Dec. 20.

About 1.1 million commuters are expected to benefit from the free ride program, he said in a social media post.

Mr. Marcos said the initiative seeks to help Filipinos save money for their Christmas celebration. — Kyle Aristophere T. Atienza

PLDT, Smart block online abuse

PHILIPPINE STAR/IRISH LISING

TELECOMMUNICATIONS NETWORK PLDT Inc. and its wireless subsidiary Smart Communications, Inc. (Smart) on Thursday reported blocking over 1.6 million uniform resource locators (URLs) and online content linked to online sexual abuse or exploitation of children (OSAEC) since June 2021.

“We are keen to explore further areas of collaboration with UNICEF to foster industry-wide awareness on child rights and actively manage the impact of digital technology on children,” PLDT and Smart First Vice-President and Chief Sustainability Officer Melissa V. Vergel de Dios said in a statement.

“As well as support our government in the continuing fight against OSAEC,” Ms. Vergel de Dios added.

The latest SaferKidsPH research reported that Filipino youth have a similar internet usage pattern. As early as five years old and as late as fifteen years old, children already have access to the internet, which makes them vulnerable to OSAEC.

As defined by the Republic Act 11930 or the Anti-OSAEC and Anti-CSAEM Act of 2022, OSAEC is the use of information and communication technology to abuse and exploit children sexually.

According to the Situation of Children in the Philippines report, OSAEC is one of the most prevalent protection issues in the country and has become a ‘profitable industry’ that is “extremely difficult” to address.

President Ferdinand R. Marcos, Jr. last September said one in every 100 Filipinos, or half a million children, have been victimized by OSAEC.

“It is the horrible scourge of Online Sexual Abuse or Exploitation of Children or OSAEC, which remains widespread now in our country,” he said during the Iisang Nasyon, Iisang Aksyon: Tapusin ang OSAEC Ngayon Summit 2024.

To help combat the growing issue, the PLDT and SMART have partnered with different sectors and groups to implement “awareness-raising campaigns” on child rights, online protection, and the risk of OSAEC among its employees, customers, and stakeholder communities.

In addition, the companies have mobilized resources to support the SaferKidsPH consortium of UNICEF, Save the Children, the Asia Foundation, and the Australian Government on community-based interventions to strengthen child protection systems against OSAEC in Cagayan de Oro, Iligan City, Quezon City, and Angeles, Pampanga.

It also addresses child labor problems by upholding a minimum employment age in human resources practices and integrating child safeguarding considerations into their marketing sponsorships and supply chain management processes. — Almira Louise S. Martinez