July FX reserves smallest in 7 months
THE COUNTRY’S international reserves slipped in July to a seven-month low as the central bank tapped the funds to temper foreign exchange swings and the national government paid more debts, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
Gov’t plans to import more rice next year
THE NATIONAL Food Authority (NFA) plans to import in 2018 double the rice it is bringing in this year, according to a presentation in a budget hearing last week in the House of Representatives.
BMI: Coal to remain primary power source
By Victor V. Saulon
Sub-Editor
COAL-FIRED power plants will be the primary driver of growth in the country’s power infrastructure segment in the next 10 years, Fitch Group’s BMI Research said in an Aug. 4 report released on Monday.
US, Japan, Australia tell PHL: Use court victory in sea dispute
By Ian Nicolas P. Cigaral
Reporter
THE UNITED States (US), Japan and Australia yesterday urged the Philippines to “abide” by the landmark ruling it filed and won in an international tribunal against China’s sweeping claims on the disputed South China Sea.
Southeast Asia foreign ministers deliver message to North Korea: Let’s talk
PHILIPPINE FOREIGN Affairs Secretary Alan Peter S. Cayetano met with Foreign Minister Ri Yong-Ho of the Democratic People’s Republic of Korea (DPRK) on Monday to convey the position of the Association of Southeast Asian Nations (ASEAN) on the tense situation in the Korean Peninsula.
ASEAN calls for non-militarization, self-restraint in disputed sea
SOUTHEAST ASIAN foreign ministers ended an impasse on Sunday over how to address disputes with China in the South China Sea, issuing a communique that called for militarization to be avoided and noting concern about island-building.
Comelec chair cries extortion and politically motivated allegations
COMMISSION ON ELECTIONS (Comelec) Chairman Andres D. Bautista has defended that the allegations of ill-gotten wealth and offshore accounts filed by his wife, Patricia Paz-Bautista, at the National Bureau of Investigation (NBI) are politically motivated and that he is just a victim of extortion.
Lapu-Lapu gov’t paid P3.2 million for ‘non-existing’ repair work
THE LAPU-LAPU City Government spent P3.2 million to repair a 37-year-old road grader which has a book value of only P426,000, according to the latest report of the Commission on Audit (CoA). Worse, CoA found no actual repair has been made due to the unavailability of spare parts. CoA stated in its 2016 report that the city made a total of P3,239,100 advance payment, equivalent to 90% of the contract cost of P3,599,000 out of its Disaster Risk Reduction Management fund for the general rehabilitation of one unit LG2H model Mitsubishi road grader, even if contractor SSVF-ADD Trading had been in default in the performance of its contract. “The repair cost is considered uneconomical and unnecessary since the equipment had been unserviceable for more than 37 years already,” read the CoA finding. Mayor Paz C. Radaza reportedly approved the payment requests. The city’s legal office said that an administrative investigation against the personnel involved in the preparation of the advance payments is being conducted upon Ms. Radaza’s order. While the investigation is pending, the city said it will recover the payments from the contractor and will pursue possible civil and/or criminal cases, including the termination of the contract and/or blacklisting of the contractor. — The Freeman
Lowly teams Cardinals, Blazers collide today
By Michael Angelo S. Murillo
Reporter
STRUGGLING teams College of St. Benilde (CSB) Blazers and Mapua Cardinals look to wake up from their stupor as they collide today in seniors’ basketball of Season 93 of the National Collegiate Athletic Association (NCAA).
Provincial malls lift SM Prime Q2 profit
SM PRIME Holdings, Inc. grew its earnings by 15% in the second quarter of 2017, as it starts to reap the benefits of establishing more malls in the provinces.