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Construction of 10 big-ticket infrastructure projects to start within the year — DoF

CONSTRUCTION WORKS for 10 of the 75 key large-scale infrastructure projects of the Duterte administration are set to begin in the latter half of this year.
Department of Finance (DoF) data show that projects moving into the construction stage include the P4.61 billion Binondo-Intramuros bridge and the P1. 37-billion Estrella-Pantaleon Bridge, where both of which were funded by China grants.
It also includes the China-funded P4.37-billion Chico River Pump Irrigation Project and the P35.26-billion Mindanao Railway Project, Tagum, Davao, Digos segment that is split between the government budget and China loans.
The Panguil Bay Bridge Project worth P4.86 billion financed by Korea official development assistance (ODA) will also start in the second half of the year, as well as the P1-billion repair of revetment and parapet walls and drainage improvements along Pasig River from Delpan Bridge to Napindan Channel, funded by an undetermined ODA source.
There are also four public-private partnership (PPP) projects readied for construction, namely the P3.33-billion mixed-income housing center, P1.78-billion government center, P850-million commercial center components of the Clark Green City.
It also includes the New Bohol Airport operations and maintenance PPP concession worth P2.34 billion. — Elijah Joseph C. Tubayan

GSIS warns members of penalties for overdue loans

The Government Service Insurance System (GSIS) urged its members to settle past due loan amounts until end-September to avoid further penalty charges.
“Paying off your loan will… enable you to avail of other GSIS benefits which you could not enjoy if you have defaulted on your loans,” GSIS President and General Manager Jesus Clint O. Aranas was quoted as saying in a statement Thursday.
The state pension fund said it will start collecting penalties and surcharges on past due loan accounts starting October 1.
According to Mr. Aranas, the pension fund’s “forgone” interest income from loan investments will be aggravated if GSIS continues to refrain from collecting penalties.
At present, GSIS is not collecting surcharges on past due loan accounts on members that are in active service.
GSIS said a way to settle members’ loan account is through the availment of Enhanced Conso-loan Plus program.
Clients can also avoid the predicament of having their retirement pay eaten up by loan balance by restructuring their salary loan accounts through the Enhanced Conso-loan Plus program.
The pension fund is extending the restructuring scheme to help its members ease their financial burdens to enjoy their full benefits in their retirement. — Karl Angelo N. Vidal

House bill filed seeking to assign more school nurses in public schools

A house bill (HB) seeking to establish a school health and safety office in public schools has been filed to address inadequacy in the nurse to student ratio.
Aangat Tayo Representative Harlin Neil J. Abayon III introduced on June 19, House Bill 7874, “School Health and Safety Act of 2018.”
“At the DepEd (Department of Education), the school nurse to student ratio they are following is 1:5000 and the allocation of school nurse items is not by school, but by school division which means by province or by city,” Mr. Abayon stated in the explanatory note of the bill.
“With this kind of policy, many schools have no school nurses on duty to take charge of the many school health and nutrition activities,” he added. — Charmaine A. Tadalan

Peso strengthens on BSP policy rates decision

The peso strengthened a tad against the dollar on Thursday, June 21, following the local central bank’s decision to raise its interest rates.
The peso closed Thursday’s session at P53.46 against the greenback, two centavos stronger than the P53.48-per-dollar finish on Wednesday.
The peso immediately traded stronger, opening the session at P53.39 per dollar. Its intraday high stood at P53.35 versus the US unit, while its worst showing was at P53.50.
Dollars traded soared to $860.95 million from the $650 million that switched hands the previous day.
A trader said that the peso traded the same as Wednesday as investors “bought heavily given the very strong dollar against most currencies.”
“However, we also saw heavy selling near P53.50, so the level of resistance was put on hold,” the trader said.
Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, said: “[The peso] was pretty strong throughout the day and this may be because of the rate hike.”
The Bangko Sentral ng Pilipinas raised its policy settings by another 25 basis points during their fourth review for the year. Rates now stand at a 3%-4% range.
The rate-setting Monetary Board decided to hike its benchmark rates as “inflation expectations remained elevated for 2018 and that the risk of possible second-round effects from ongoing price pressures argued for follow-through monetary policy action.”
“We’re also seeing more volatility in the exchange rate, which potentially adds to the dynamics on inflation that we need to be careful about,” BSP Governor Nestor A. Espenilla, Jr. said following the policy meeting.
“But trade spat uncertainties remain and Asian markets are bearing the brunt including the currencies,” Mr. Asuncion noted.
Since last week, the United States and China has been exchanging threats on slapping tariffs in its imports, sparking concerns of a looming trade war.
On the other hand, Michael L. Ricafort, head of the Economics and Industry Research Division of Rizal Commercial Banking Corp., said the peso hit its intraday high after the Philippine Stock Exchange index (PSEi) entered the bear market territory or at least a 20% slump from its peak.
The PSEi was down 2.2% on Thursday to close at 7,098.15, the lowest closing rate in nearly one-and-a-half years or since Jan. 5, 2017.
For Friday, the trader expects the peso to move between P53.30 and P53.50 against the dollar, while Mr. Asuncion gave a slightly wider range of P53.30-P53.60.
“The local currency might further strengthen [on Friday] on likely softer US initial jobless claims data, which is the leading indicator of U unemployment,” another trader said, expecting the peso to play between P53.35 and P53.50 against the US currency. — Karl Angelo N. Vidal

PLDT offers networking solutions to improve connectivity of enterprise customers

PLDT Enterprise of PLDT, Inc. announced on Thursday, June 21, it will start offering software-defined wide-area network (SD-WAN) technology to its enterprise customers, aiming to help businesses in digitization efforts.
In a statement, the listed company said the technology is intended to help businesses become “more agile” in its workflow by providing better connection.
“SD-WAN interconnects enterprise networks, data centers, and the cloud with each other—enabling customers to be agile despite geographical distances via a powerful and secure platform,” it said.
PLDT Vice President and Head of Enterprise Core Business Solutions Jojo Gendrano said they are partnering with Cisco for its SD-WAN offer. — Denise A. Valdez

City Savings Bank gets BSP approval to acquire PR Savings

The Bangko Sentral ng Pilipinas has approved the plan of UnionBank of the Philippines’ savings lending arm to acquire Philippines Resources Savings Bank Corp. (PR Savings) of the Ropali Group.
The Abotiz-led lender said in a regulatory filing Thursday that the acquisition of 100% common shares in PR Savings by UnionBank’s subsidiary City Savings Bank was approved by the BSP.
In a letter sent on June 20, the central bank has also authorized in principle the merger between PR Savings and City Savings, with the latter as the surviving entity.
“The acquisition is in line with the company’s goal to expand its mass market reach consistent with its vision to promote inclusive growth in the country,” UnionBank said in the disclosure.
In January, City Savings said it has signed a share purchase agreement with the Ropali Group to fully acquire PR Savings. — Karl Angelo N. Vidal

BSP relaxes rule on rediscount loans

Banks will soon have more leeway in acquiring short-term funding from the Bangko Sentral ng Pilipinas (BSP) as the regulator is accepting syndicated loans as collateral for rediscounting.
BSP Circular 1008 has relaxed the central bank’s rules on rediscount loans by the “removal of the P3 billion cap per bank on rediscountable National Food Authority papers and the acceptability of syndicated loans and loans with underlying real estate collaterals under Mortgage Trust Indentures for rediscounting and emergency loans.” — Melissa Luz T. Lopez

PSEi slides 2.25% after BSP rate hike

By Arra B. Francia, Reporter
Local equities plummeted on Thursday as bearish sentiments hounded the country, following the Bangko Sentral ng Pilipinas (BSP)’s second rate hike and the continued exit of foreign funds from the Philippine market.
The bloodbath continued for the sixth straight day at the Philippine Stock Exchange index, spiraling down 2.25% or 163.47 points to 7,098.15. The local market is now officially in bear territory, as it has declined by more than 20% from its peak of 9,078.37 intraday of Jan. 29.
The broader all shares index also gave up 2.04% or 91.01 points to close at 4,369.21.
“It seems to me that the decline was caused by a combination of factors: there’s pressure on local rates to rise all the way up to 2019, no let up in foreign selling (to date they’ve let go of P60 billion worth and they still have about P120 billion to sell),” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a text message.
Net foreign outflows swelled to P2.27 billion, significantly higher than the P772.56 million recorded on Wednesday.
The BSP during its June 20 policy meeting decided to hike rates by 25 basis points, marking the second increase for the year in a bid to temper rising inflation and to keep local yields competitive.
“We were expecting the BSP to wait to hike in August, but policymakers may have opted to act sooner given upside risks to already-above-target inflation in coming months and the further depreciation in the Peso (one of the worst-performing currencies in Asia) since early June,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.
All sectoral indices ended in negative territory, led by the property sub-index which lost 3.54% or 125.62 points to 3,421.98. Services followed with a decline of 3.46% or 49.67 points to 1,386.68.
Industrials slumped 1.98% or 208.08 points to 10,301.43, followed by mining and oil that shed 1.83% or 177.17 points to 9,529.67. Holding firms dropped 1.68% or 120.88 points to 7,058.28, while financials lost 1.09% or 19.67 points to 1,788.73.
A total of 1.91 billion issues switched hands valued t P7.89 billion, higher than the previous session’s P5.33 billion. Decliners outpaced advancers, 166 to 36, while 41 issues remained unchanged.

IRC to implement structural changes ahead of Makati subway construction

IRC Properties, Inc. is making key structural changes to its company in preparation for the construction of its proposed subway system in Makati.
In a disclosure to the stock exchange on Thursday, June 21, IRC said its board of directors has approved to change the company name to Philippine Infradev Holdings, Inc. (PIHI). It will then act as a holding firm for investments in real estate development and infrastructure project.
“The amendment shall enable the company to expand its business operations to include infrastructure and real estate development projects,” the company said. — Arra B. Francia

Revolution Precrafted enters Bahrain

Revolution Precrafted Properties, Ltd continues its global expansion in Bahrain, after striking a deal to supply residential villas for the country’s Property One Investment Company (Property 1).
In a statement issued Thursday, June 21, the property technology firm said it has signed an agreement with Property 1 where it will design and supply up to 500 modular residential villas for Property 1 and its clients over the next five years. The 200-square meter villas will have four bedrooms each, valued from $320,000 and up.
The company will also design and supply modular residential villas specifically for the Middle East through precast and prefab technology. The villas will then be supplied to different housing developments in the country.
Revolution Precrafted expects to finalize the design and start supplying the villas to clients by 2019. — Arra B. Francia

Trump orders halt to family separations

WASHINGTON — President Donald Trump ordered an end to the separation of migrant children from their parents on the US border Wednesday, reversing a tough policy under heavy pressure from his fellow Republicans, Democrats and the international community.

The spectacular about-face comes after more than 2,300 children were stripped from their parents and adult relatives after illegally crossing the border since May 5 and placed in tent camps and other facilities, with no way to contact their relatives.

Despite the order, there was no plan in place to reunite the thousands of children already separated from their families, according to multiple US media reports citing officials from the Health and Human Services Department (HHS).

Those youngsters would remain separated while their parents were under federal custody during immigration proceedings, according to The New York Times, before officials backed off those comments late Wednesday.

“It is still very early and we are awaiting further guidance on the matter,” said Brian Marriott, senior director of communications at HHS’s Administration of Children and Families.

“Reunification is always the ultimate goal,” he said.

Pictures and accounts of the separations sparked outrage and a rebellion among Republicans in Trump’s own party, as well as international accusation that the US was committing human rights violations.

“What we have done today is we are keeping families together,” Trump said as he signed the executive order. “I didn’t like the sight or the feeling of families being separated.”

At a later campaign-style rally of supporters in the northern state of Minnesota, he reiterated that the change does not mean a softening at the border.

“We will keep families together, but the border is going to be just as tough,” he said.

Trump then accused rival Democrats of putting “illegal immigrants before they put American citizens.”

For weeks, Trump had insisted he was bound by law to split the children from their parents and that only Congress could resolve the problem — before he radically shifted gears.

His daughter and advisor Ivanka had reportedly urged her father to end the separations, while First Lady Melania Trump made a rare political plea, saying the country needs to govern “with heart.”

“We want security for our country,” the president said Wednesday. “And we will have that — at the same time, we have compassion.”

The order says the Department of Homeland Security — and not the Justice and Health and Human Services Departments, as under previous policy — would have continuing responsibility for the families.

It also suggests the government intends to hold the families indefinitely by challenging an existing statute, the 1997 Flores Settlement, that places a 20-day limit on how long children, alone or with their parents, can be detained.

That move could lead to new legal battles for the administration.

Trump said there was a need to sustain his “zero tolerance” policy to prevent crime, which he blames illegal immigrants for.

“We still have to maintain toughness, or our country will be overrun by people, by crime, by all of the things that we don’t stand for and we don’t want,” he said.

‘DEEPLY DISTURBING’ IMAGES
Earlier, as countries marked World Refugee Day Wednesday, global leaders assailed Trump for the separations.

British Prime Minister Theresa May, Canadian Prime Minister Justin Trudeau, the Council of Europe and Pope Francis all took issue with the “zero tolerance” policy.

May said images of migrant children kept in cage-like units were “deeply disturbing,” and the Council of Europe, a global human rights watchdog, said Trump had abdicated any claim to moral leadership in the world.

After a downturn last year, since October, the number of migrants seeking to cross the southwest US border from impoverished Guatemala, El Salvador and Honduras, as well as from Mexico, has surged.

From March to May this year, more than 50,000 people a month were apprehended for illegally crossing the border from Mexico.

With the legal system swamped, the Department of Defense on Wednesday said 21 military lawyers would be seconded to the Department of Justice for about six months to help prosecute “misdemeanor improper entry and felony illegal reentry cases.”

Nearly all of the arriving families, and many others, have officially requested asylum, citing the incessant violence in their home countries.

The policy, with mandatory separation of children from adults, was announced May 7 as a deterrent.

The issue struck an emotional chord, with accounts of children screaming and crying in facilities prepared for them.

Gene Hamilton, a senior Justice Department official, said the executive order was a “stopgap” move and that Congress needs to pass new legislation to give the president more powers to fight illegal immigration.

Current laws including the Flores Settlement, he argued, simply encouraged people to enter the country with their children, expecting to be caught and then released into US society.

Democrats and Republicans had at least two bills crafted Wednesday to address broader immigration issues, but it was not clear if any had adequate support to pass.

But Democrats and rights groups were immediately critical of the plan to change the Flores Settlement.

“The Flores Settlement prohibits the indefinite detention of children — even with their families — and any order to undermine this critical protection will be immediately challenged in court,” said senior Democratic Senator Dick Durbin.

“The Trump Administration must reverse its policy of prosecuting vulnerable people fleeing three of the most dangerous countries on earth, who are attempting to seek safe haven in America.” — AFP

Strike a pose: International Yoga Day stretches around world

NEW DELHI, India — Downward-facing dogs, cobras and warriors sprouted all over Asia on Thursday, as the fourth annual International Yoga Day got under way.

Indian Prime Minister Narendra Modi, whose proposal for the global event won UN approval in 2014, led the way, performing his asanas with over 50,000 others in the northern city of Dehradun.

People gathered at a sprawling forest research institute — snakes and monkeys were removed in advance — before dawn for the communal session involving the yoga-mad premier, an AFP reporter at the scene said.

“The way to lead a calm, creative & content life is Yoga. It can show the way in defeating tensions and mindless anxiety,” Modi said on Twitter.

“Instead of dividing, Yoga unites. Instead of further animosity, Yoga assimilates. Instead of increasing suffering, Yoga heals,” the 67-year-old said.

Other gatherings took place in the capital New Delhi with 10,000 enthusiasts registered. Several hundred braved unhealthy pollution levels and hot and humid weather to lay out their mats in the Lodi Gardens park.

At least 5,000 events big and small took place across India, but the largest was expected to be in Mysore in the south with more than 60,000 taking part, according to organisers.

Yoga was also performed on board the Japanese naval ship JS Ise and on the Indian Navy’s INS Sahyadri taking part in military exercises in the western Pacific, the Indian Navy said.

Submarine staff from India’s Eastern Naval Command were pictured doing yoga poses, as were soldiers in Secunderabad.

Artist Sudarsan Pattnaik created a special sand sculpture with the message “Yoga for Peace and Harmony” on a beach in the eastern city of Puri.

The artwork featured Modi, US President Donald Trump, Chinese leader Xi Jinping, Russian President Vladimir Putin and North Korean leader Kim Jong Un all in the lotus position.

In Tokyo, around 80 people — mainly in their 60s and 70s — took part in a special yoga session organised through the Indian Embassy in the Zojoji Temple, the two-storey red shrine in the shadow of Tokyo Tower.

Among those being put through their paces by the guru was a Japanese MP, a member of the yoga group in the Japanese parliament.

Other events were scheduled around the world later, including in Kilkenny in Ireland, Bahrain, Brisbane in Australia and in Milan.

In the Italian city, participants will perform 108 “sun salute” cycles.

On the northern facade of the United Nations building in New York a laser projection of yoga postures has been in place since Monday.

‘NOT TO WORRY’
Modi is keen on portraying his physical prowess, last week posting on Twitter his morning yoga routine involving plodding around a tree and flexing over a boulder.

He has also spearheaded an initiative to reclaim the discipline as a historic part of Indian culture since his Hindu nationalist government came to power in 2014.

Yoga has boomed in recent decades, with millions practising it regularly, although in the West it is often more of a gymnastic than a spiritual activity.

But this doesn’t bother the spiritual head of the biggest ashram or retreat in Rishikesh, the Indian city on the banks of the holy Ganges river considered the world yoga capital.

“At least people are doing it. One day you walk the path, the next day you find the truth also,” Swami Chidanand Saraswati told AFP.

“As the Sun is for all, the Moon is for all, rivers are for all, in the same way yoga is for all,” he said. “Not to worry!” — AFP

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