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Cayetano, Pompeo affirm Philippine-US alliance in latest meeting

Foreign Affairs Secretary Alan Peter S. Cayetano and Secretary of State Michael R. Pompeo reaffirmed the country’s alliance with the United States during the diplomats’ first meeting on Thursday, June 21 with the US Department of State at their headquarters in Washington D.C.
Philippine Ambassador to the US Jose Manuel G. Romualdez said Messrs. Cayetano and Pompeo discussed the Philippines’ independent foreign policy and its position on issues, such as the South China Sea and the Korean peninsula.
“Secretary Cayetano and Secretary Pompeo had an open and cordial interaction at the State Department today and we are optimistic this would reinforce the ties that bind the relations between our two countries and peoples,” Mr. Romualdez said.
In a statement, US Department of State spokesperson Heather Nauert said the two diplomats also explored opportunities to enhance bilateral trade, increase security cooperation and strengthen people-to-people ties between our two countries.
Mr. Romualdez also said Mr. Cayetano delivered a personal letter from President Rodrigo R. Duterte congratulating President Donald J. Trump for the recently concluded summit with North Korean leader Kim Jong Un in Singapore.
The two countries also reaffirmed security ties on Thursday after the meeting of National Security Adviser Hermogenes C. Esperon, Jr. and his American counterpart John R. Bolton in Washington D.C.
“Our meeting with Ambassador Bolton provided us with an opportunity to discuss how we could work together to further strengthen our security alliance,” Ambassador Romualdez said in a statement.
According to Mr. Romualdez, Messrs. Esperon and Bolton discussed issues related to terrorism and other regional concerns, such as the situation in South China Sea.
The Department of Foreign Affairs (DFA) also said Manila expressed gratitude for Washington’s assistance during the Marawi siege last year and on the rehabilitation of the Islamic City.
The DFA noted that it was the first time Mr. Bolton met with top Filipino officials since his appointment as National Security Adviser in April. — Camille Aguinaldo

DoLE commits to continuing fight against child labor

The Department of Labor and Employment (DoLE) have committed to continue their efforts towards stopping child labor in the country, in observance of World Day against Child Labor.
“Despite significant advancement we achieved against child labor, we will continue to work together to achieve a child-labor free Philippines and provide clear understanding of child labor issues among the poor households whose children are at risk of being child laborers,” DoLE Undersecretary Joel B. Maglunsod said.
A 2011 Philippine Statistics Authority Survey revealed that 2.1 million children ages five to 17 were trapped in forced child labor.
The labor department will hold an event on Saturday in observance of World Day against Child Labor.
The DoLE Project Angel Tree Team will also provide assistance to child laborers.
These projects by DoLE are in line with the Philippine Development Plan 2017-2022 which DoLE said, “targets to reduce the cases of child labor by 30 percent or 630,000 from the estimated 2.1 million child laborers nationwide.” — Gillian Cortez

DoLE urgers workers to report age-discrimination in the workplace

The Department of Labor and Employment (DoLE) urged workers to report companies who violate the Anti-Age Discrimination Law.
“It is clearly stated in the law that age discrimination in workplaces is prohibited, “said Mr. Nicanor V. Bon, program and policy division chief ng Bureau of Working Conditions (BRW). “Even labor organizations are not allowed to refuse or deny membership of any worker due to age limitations,.”
DoLE stated that companies found guilty of this will have to pay fines or face imprisonment. ““Should the court find a company guilty of the offense, it may be fined of P50,000 – P500,000 or its officials meted three months to two years imprisonment,” said Mr. Bon. — Gillian Cortez

The biggest employers in the manufacturing industry

By Jochebed B. Gonzales, Senior Researcher
Manufacturing makes up more than a fifth of the Philippine economy.
In 2015, manufacturing establishments in the formal economy generated 1.29 million in employment, according to government data.
Manufacturers of semi-conductor devices and other electronic components employed the most number of people, providing jobs to 150,821 workers.
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AUB looks to automation to improve mobile and online banking

Asia United Bank (AUB) is set to leverage its information technology (IT) solutions to improve the banking experience for its customers.
AUB President Manuel A. Gomez said the Ng-led lender will continue to automate in addressing the needs of its client base.
“[Our] innovation initiative will help us to find and focus on our identified markets and their needs and the best strategy is to address these needs,” Mr. Gomez told reporters in a press briefing following AUB’s stockholders meeting Friday.
To improve its products and services, AUB Operations and Technology Head Wilfredo E. Rodriguez, Jr. said the bank will harness automation through developing and enhancing its mobile and online banking platforms.
“We have so far incorporated InstaPay in both out mobile app and internet banking to allow our customers to do real-time fund transfer to other banks on a 24/7 basis,” Mr. Rodriguez was quoted in a statement. — Karl Angelo N. Vidal

500,000 metric tons of Indonesian corn imported ahead of expected shortage

Local corn industry firms are importing this year half a million metric tons of the grain as farmers have refused to plant the crop amid low prices.
“For this year, marami tayong import. Mga 500,000 tons for the rest of the year, ” Roger V. Navarro, president of Philippine Maize Federation Inc. (Philmaize) said in a phone interview on Friday.
Mr. Navarro also revealed that local feed millers and livestock sectors have been importing corn from Indonesia since January to augment the expected shortage of supply this third quarter.
“About 500,000 to one million metric tons of corn will be coming from Indonesia because they have four million metric tons surplus, making their grains cheaper,” he added. — Janina C. Lim

Where do we find the most number of unpaid laborers in the manufacturing industry?

By Jochebed B. Gonzales, Senior Researcher
Unpaid workers are workers who do not receive regular pay, which is either the working owners themselves or the apprentices and learners. Persons rendering at least one-third of the usual working time for the establishments without regular pay are also considered unpaid workers, based on the Philippine Statistics Authority’s definition.
BusinessWorld Research came up with the top 10 businesses which employed unpaid workers in the manufacturing industry by deducting the number of paid employees from total employment and ranking them based on the highest number of unpaid employees.
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GOCC subsidies rise over 80% at start of second quarter

FINANCIAL SUPPORT given to state-owned corporations grew 80.19% at the start of the second quarter, data from the Bureau of the Treasury (BTr) data show.
Overall subsidies in April reached P3.87 billion from P2.15 billion last year.
However, it was lower by 89% from the previous month’s P35.24 billion.
The National Irrigation Administration (NIA) received the largest subsidy in April at P2.56 billion, equivalent to 66.15% of the total.
— Elijah Joseph C. Tubayan

Consumer group calls for renewed fight against FiT-All, following ERC suspensions

A consumer group that asked the Energy Regulatory Commission (ERC) to reconsider its decision to approve the increase in the feed-in tariff allowance (FiT-All) for 2017 is asking the government to act on its petition despite the suspension of four of the agency’s commissioners.
“I truly hope that Malacanang will act on FiT-All swiftly. Otherwise, FiT-All will continue to be a burden on consumers,” said Victorio A. Dimagiba, who heads Laban Konsyumer Inc. “Despite the suspensions of the ERC officials, we are still calling on government to act on this and relieve consumers of higher rates caused by FiT-All.”
“It is not the fault of consumers that these ERC officials were suspended,” he added. “Why then do we have to bear the brunt of this delay and indecision by government on the issue of FiT-All and pay higher rates every month?”
The group said the feed-in tariff allowance is a burden on consumers and that the suspensions of the ERC officials had put “further roadblocks on the consumer group’s petitions to annul unjustified FiT-All approved by the ERC, which have been filed in the past two years, both in 2016 and 2017.” — Victor Saulon

Top domestically-traded commodities in the Philippines (as of Q1 2018)

By Jochebed B. Gonzales, Senior Researcher
Government data showed that the total value of domestic trade increased 6.1% to P174.88 billion in the first quarter of 2018. The top five most traded goods account for 85% of the total value traded.
06.20

BIR extends deadline for offices processing pre-2014 VAT refund claims

THE BUREAU of Internal Revenue (BIR) has extended the deadline for processing value-added tax (VAT) refund claims made prior to the issuance of a new set of prescriptive periods in 2014.
“In order to give sufficient time to all concerned offices to complete the processing, review and approval of all pending VAT claims filed prior to the effectivity of RMC No. 54 – 2014, the deadline prescribed in Item No. Vl.A.1 of RMC No. 17 – 2018 is hereby moved from June 30, 2018 to December 14, 2018,” the circular read, which was signed by Commissioner Caesar R. Dulay on June 13.
The BIR under previous leadership implemented RMC No. 54-2014 retroactively, which effectively denied pending claims upon the expiration of the 120-day period stated in the circular.
This was met by several complaints from taxpayers, which led the BIR to issue a Revenue Regulation in 2017 that gives a “fair and adequate relief to taxpayer-claimants,” following a Supreme Court ruling that taxpayers “have every right to pursue their claims in the manner provided by existing regulations at the time it was filed.” — Elijah Joseph C. Tubayan

Asian traders on course to end painful week with losses

Asian investors were on course to end a tumultuous week with more losses on Friday as the prospect of a debilitating global trade war hung over regional markets.
As European Union tariffs on key US goods — including jeans, bourbon and motorcycles — came into effect, there were fears China and the US will carry through with their own threats, locking the world’s three biggest economies in a potentially destructive face-off.
The EU move was in retaliation to Donald Trump’s decision to hit steel and aluminium imports from the bloc, and comes after the US and China traded tit-for-tat threats on hundreds of billions of dollars of goods.
There are worries a full-blown flare up could pummel the global economy just as it is getting back on its feet after the global financial crisis.
“We have a trade war — and it’s an escalating trade war,” SEB chief economist Robert Bergqvist told AFP in an interview.
“Investors… are more cautious today, they are waiting for the right time to reduce their exposure in stock markets.”
New York’s three main indexes ended down — with the Dow suffering an eighth straight loss — as investors were spooked by news that Daimler had cut its profit forecasts because of new levies on cars exported from the US to China.
“We heard from Daimler about the impact of the trade tensions on sales, and there are a growing number of stories about the chance of China directly targeting US firms who do business in the country,” said Greg McKenna, chief market strategist at AxiTrader.
“What comes to pass is still uncertain in that regard. What’s not uncertain, though, is the resolve of US Commerce Secretary Wilbur Ross to pursue China and try to change it — and other nations’ — actions.”
Optimistic view
Tokyo ended the morning session 0.9 percent lower​​, while Hong Kong and Shanghai — which have led losses in Asia this week — were both 0.5 percent lower in the morning.
Singapore shed 0.4 percent and Sydney was flat, while Manila, Wellington, Taipei and Jakarta were also lower.
Seoul was up slightly.
However, while trading floors are mostly a place of gloom, John Chong, head of the investment-banking arm Maybank Kim Eng, was more upbeat for the outlook.
“Asia is now better positioned to weather the volatility,” he said at a conference in London.
“We believe investors will see real value emerging in Asian corporates after the recent market tantrums and should capitalise on the opportunity.”
On currency markets, the pound held its ground after rising on the back of news that the Bank of England’s top economist had backed lifting interest rates despite Brexit uncertainty.
And the euro was up slightly after eurozone ministers declared the end of Greece’s eight-year debt crisis with debt relief and a big cash payout as part of a broad bailout exit deal.
Oil prices rallied more than one percent ahead of an output decision from the Organization of the Petroleum Exporting Countries, which kicks off a key meeting in Vienna later in the day.
Kingpin Saudi Arabia and non-member Russia are pushing to raise an 18-month-old ceiling but others want to keep the status quo.
However, while an increase is widely expected there are concerns of a split in the cartel — which accounts for about 40 percent of global production — with Iran’s oil minister walking out of a key meeting with OPEC peers.
Key figures around 0300 GMT
Tokyo – Nikkei 225: DOWN 0.9 percent at 22,500.45 (break)
Hong Kong – Hang Seng: DOWN 0.5 percent at 29,148.21
Shanghai – Composite: DOWN 0.5 percent at 2,862.22
Euro/dollar: UP at $1.1610 from $1.1607 at 2100 GMT
Pound/dollar: UP at $1.3256 from $1.3245
Dollar/yen: UP at 110.02 yen from 109.96 yen
Oil – West Texas Intermediate: UP 86 cents at $66.40 per barrel
Oil – Brent Crude: UP 95 cents at $74.00 per barrel
New York – Dow Jones: DOWN 0.8 percent at 24,461.70 (close)
London – FTSE 100: DOWN 0.9 percent at 7,556.44 (close)
— AFP

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