Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2056

SC bans legal officers as counsel

PHILSTAR FILE PHOTO

THE PHILIPPINE Supreme Court (SC) has ruled that legal officers of local government units (LGUs) are prohibited from representing public officials charged before the Ombudsman due to conflicts of interest.

In a decision penned by Associate Justice Antonio T. Kho Jr., Richard R. Enojo — the legal officer who served as the counsel for former Negros Oriental governor Roel R. Degamo in his criminal and administrative cases — was found to have breached the Code of Professional Responsibility.

The ruling stated that Mr. Enojo lacked the authority to practice law outside his duties as provincial legal officer, rendering his representation of Mr. Degamo before the Ombudsman, the Sandiganbayan as well as the Court of Appeals unauthorized.

“The Court finds that respondent must be reprimanded for his act of representing the Provincial Governor, which gave rise to a conflict of interest,” read the ruling.

“The Court, however, stresses that the leniency of this penalty extends only to the present case and not to subsequent cases of legal officers representing their LGU’s public officials when they are charged in their private capacities,” it added. — Chloe Mari A. Hufana

P91B released for health workers

PHILSTAR

THE DEPARTMENT of Budget and Management (DBM) on Wednesday said it has released P91.283 billion in emergency benefits and allowances for healthcare workers since 2021.

The amount is under the Public Health Emergency Benefits and Allowances (PHEBA) program for healthcare workers.

“In a letter to the DoH (Department of Health), the DBM noted that it has already released a total of P91.283 billion for PHEBA,” DBM said in a statement.

This includes some P73.26 billion for Health Emergency Allowance (HEA)/One COVID-19 Allowance (OCA), P12.9 billion for Special Risk Allowance (SRA), P3.65 billion for COVID-19 Sickness and Death Compensation, and P1.4 billion for other benefits, such as meal, accommodation, and transportation allowance, it added.

Broken down by year, the DBM released P12.1 billion in 2021, P28 billion in 2022, P31.1 billion in 2023, and P19.962 billion for 2024.

Earlier this year, the DBM asked the DoH to finalize its mapping of the HEA, which would outline all PHEBA claims and payments per region and health facility.

“The information gathered from the HEA mapping shall be used in expediting final determination of the amount of deficiency to cover the full settlement of arrears,” the DBM said.

In a March 13 letter addressed to Budget Secretary Amenah F. Pangandaman, Health Undersecretary Ma. Carolina Vidal-Taiño said the agency has yet to complete its HEA mapping.

She added that the data in the mapping is not yet final. “This is due to the ongoing validation process of the submitted COVID-19 Risk Exposure Classification (CREC) Reports by health facilities, as well as the processing and release of sub-allotted funds amounting to P19.79 billion specific for HEA grant,” she said. — Beatriz Marie D. Cruz

CTA clears firm of P35M in taxes

CTA.JUDICIARY.GOV.PH

THE COURT of Tax Appeals (CTA) has cleared IBMS Technology Phils. Corp. of P35.35 million in tax liabilities, as it ruled the Bureau of Internal Revenue (BIR) had failed to issue a valid formal assessment notice (FAN) in 2015.

The tax agency’s assessment notice suffered from “incurable defect” because it did not specify the amount of the tax and when it was due, the tax court’s Special Third Division said in a 20-page decision promulgated on March 15. 

“Without a valid formal assessment notice, the assessment that sprung from it is inescapably void,” Associate Justice Corazon Ferrer-Flores said in the ruling.

Also, the court ruled that the petitioner is not liable to pay the subject compromise penalties. “Since the subject assessments are void, petitioner cannot likewise be held liable to the compromise penalty in the amount of P70,000,” it said. — Chloe Mari A. Hufana

Casino ‘scam’ suspects indicted

A casino dealer collects chips at a roulette table in Pasay City, Metro Manila. — REUTERS

BAGUIO CITY — The people behind a casino junket financing scheme that allegedly collected at least P4 billion in supposed investments from over 10,000 individuals in Northern Luzon have been charged with syndicated estafa by the Baguio City Prosecutor’s Office.

Formally charged last March 15 were Hector Pantollana, leader of the erstwhile Horizon Players Club casino junket operator, and 15 other personalities including the group’s Baguio and Cordillera region wing Team Z leader Hazen Humilde. 

Starting July last year, the National Bureau of Investigation (NBI) received a wave of complaints from so-called “investors” and “account managers” of Team Z, claiming that they were allegedly duped into investing money on the promise that they would continue receiving 5% monthly returns on their investment. A panel of prosecutors probed the allegations of over 200 complainants.

A lawyer who claimed to speak for Pantollana said through Messenger that “there are people who were indicted but not having any single participation in the alleged felony.”

“The conspiracy was not proven… [there was] no probable cause to establish conspiracy,” he added. — Artemio A. Dumlao

House revokes SMNI franchise

PHILIPPINE STAR/ MICHAEL VARCAS

THE HOUSE of Representatives voted overwhelmingly to revoke on Wednesday the congressional franchise of Swara Sug Media Corporation which operates broadcast station, Sonshine Media Network International (SMNI).

In a 284-4-4 vote, congressmen approved House Bill (HB) No. 9710, repealing Republic Act No. 11422 which renewed the franchise for SMNI to operate for an additional 25 years.

“The approval of this measure is important so that the SMNI would be stopped from spreading disinformation,” Party-list Rep. Arlene D. Brosas said, explaining her affirmative vote on the measure before the House plenary.

House lawmakers revoked SMNI’s franchise after it allegedly spread false information, which violates Section 4 of its franchise on prohibiting the “dissemination of deliberately false information or willful misrepresentation.”

SMNI also allegedly breached Sections 10, 11, and 12, relating to the sale of the company to other entities without informing Congress; failure to offer at least 30% of its stocks to Filipinos, and failure to submit an annual operations report before the government, respectively

Lawmakers started to scrutinize SMNI after it reported that Speaker Ferdinand Martin G. Romualdez had spent P1.8 billion on travel expenses last year — a claim that House officials later clarified to amount only to P4.3 million.

During its investigation, the House franchises committee cited televangelist Apollo C. Quiboloy in contempt for thrice snubbing the House panel hearings on SMNI, in which he serves as the honorary chairman of the board.

Meanwhile, an opposition party said on Wednesday that the Senate’s arrest order against Mr. Quiboloy exemplifies the august body’s commitment to ensure that no individual is above the law.

“The issuance of an arrest order underscores our commitment to a legal system that is blind to power and privilege,” Liberal Party (LP) spokesperson and former senator Leila M. de Lima said in a statement.

She also said the Department of Justice’s (DoJ) filing of criminal charges against the televangelist, who is wanted for sex trafficking, was a “crucial step” to ensuring justice and accountability.

DoJ spokesman Jose Dominic F. Clavano IV said sexual abuse and child abuse charges, as well as human trafficking have been filed against Mr. Quiboloy in Davao and Pasig City courts.

The Senate had issued an arrest order on Tuesday against him for his continuous refusal to face a congressional probe into accusations against him.

“This reinforces the principle that everyone, regardless of background or faith, is subject to the rule of law,” Ms. De Lima said. “A functioning judiciary is essential for a strong democracy and a just society.”

For his part, Senator Ronald M. dela Rosa told a news briefing on Wednesday that he would ensure Mr. Quiboloy’s safety if he still feared for his safety in facing the Senate. — Kenneth Christiane L. Basilio and John Victor D. Ordoñez

Marcos: Economic picture clearer when stripped of climate impacts

PHILIPPINE STAR/ MICHAEL VARCAS

PRESIDENT Ferdinand R. Marcos, Jr. said he aims to pitch investors by calling their attention to the underlying strength of the Philippine economy, saying that stripping out climate impacts and other elements beyond the country’s control provide a clearer picture.

“When you look at our financial numbers, you have to isolate the shocks that are hitting the economy and remove agriculture to be able to understand clearly what is happening, which are shocks that are completely out of control,” he said at a World Economic Forum briefing on Tuesday at the Palace, based on a transcript distributed to reporters.

“So, the shift from fossil fuels to renewable is something that takes up a great deal of our thinking and that is why many of the investments that we are hoping to attract are in that area, in renewables,” he added.

He said the Philippines is looking to attract more government-to-government investment to support the green transition and to help digitalize the bureaucracy.

The official target for the share of renewable energy (RE) in the power generation mix is 35% by 2030 and 50% by 2040. RE currently accounts for 22% of the mix.

Based on a study by economists at the Bangko Sentral ng Pilipinas published last week, rising temperatures and climate shocks such as the El Niño weather phenomenon could fan inflationary pressures and reduce economic output over the next few years.

Central bank experts projected that the inflationary effect of these climate shocks was “significantly” persistent up to the fourth year after a shock.

Temperature shocks could increase headline inflation by 0.46 percentage point (ppt) in the short term and as much as 0.81 ppt long term, they said.

Inflation accelerated for the first time in five months to 3.4% in February as food prices continued to rise. Rice inflation surged to 23.7% that month.

At the same forum, San Miguel Corp. President and Chief Executive Officer Ramon S. Ang contested the idea of the Philippines not being competitive due to its high power and fuel costs, arguing that such costs appear high since other Asian countries’ energy sectors are subsidized.

“The Philippines, comparing its actual power and fuel cost with other countries, (would be) the lowest in Asia (without) the Philippine government’s imposition of excise tax and value-added. All other countries subsidize their fuel and power,” he said.

Meanwhile, Mr. Marcos said the government is also focused on attracting more investment in digital upskilling and new forms of technology for the energy sector.

“Whenever we speak of investments, I always ask (whether) we have, in fact, a training program (and), if there is a transfer of technology,” he said.

“For workers, to be able to compete properly in the international markets, specialized skills are necessary,” he added.

Last week, US Secretary of Commerce Gina Raimondo said US companies pledged to bring in more than $1 billion in investments to the Philippines.

She said about 30 million workers are expected to benefit from the US digital upskilling investment pledges.

Secretary of State Antony Blinken, who visited Manila this week, said the US will continue supporting Philippine manufacturing and the clean energy sector. — John Victor D. Ordoñez

Target for building new ports set at 200 by 2028 

FACEBOOK/PHILIPPINE COAST GUARD

THE Department of Transportation (DoTr) said it is planning to build 200 new ports by 2028 to improve connectivity and facilitate economic growth.

“We have identified (sites) outside of the Philippine Ports Authority system because these ports to be developed by the DoTr are mostly small,” Transportation Undersecretary for Maritime Elmer Francisco U. Sarmiento told reporters on the sidelines of the Philippine Ports and Logistics forum on Wednesday. 

The proposed new ports are valued at a combined P12.5 billion, the DoTr said, adding the typical project will cost between P20 million and P80 million.

“Again, this is about connectivity. We would like to connect these remote places, these remote islands, to bigger island economies for their economic growth,” he said.

At the moment, the DoTr is seeking the approval of the Department of Budget and Management (DBM) to fund the proposed projects.

“We have identified (the 200 sites). We hope these will be approved by the DBM and that legislators provide a budget. If so, then we hope to accomplish these by 2028,” he added.

One of the proposed ports will be located in the Turtle Islands of Tawi-Tawi province, Mr. Sarmiento said.

Such small ports will be for fishing boats and passenger RoRo boats, but again the main purpose is connectivity,” Mr. Sarmiento said. — Ashley Erika O. Jose

Exporters want say in PHL-EU free trade talks

A worker makes denim jeans for export at a garment factory in Manila, June 17, 2008. — REUTERS

EXPORTERS said they need to be consulted more as the Philippines negotiates a free trade agreement (FTA) with the European Union (EU), adding that previous trade deals were concluded without their input.

“It is important that when we negotiate trade agreements, and that’s why we’re saying, the private sector should be involved, the players. In the past, we have had trade agreements that is laid out to us, and it’s too late to complain,” according to Philippine Exporters Confederation, Inc. (Philexport) President Sergio R. Ortiz-Luis, Jr.

Speaking to reporters on the sidelines of the launch of the United Nations Development Programme Investor Map for the Philippines on Tuesday, Mr. Ortiz-Luis said the Philippines was “late” in tapping the European market’s potential and needs an FTA to revive its flagging wearables industry, as well as to support agriculture and forestry producers.

The Philippines and the EU this week announced the resumption of their FTA talks in Brussels. FTA talks stalled in 2017 due to concerns over the human rights record of former President Rodrigo R. Duterte.

In January, exports of agro-based products grew 17.7% to $430.39 million, but wearables exports suffered a 19% contraction to $82.4 million.

Philexport also called on the government to address non-tariff barriers and other challenges that exporters face. These include ease of doing business issues, shipping costs, unstable policy, and port congestion.  

“Whenever we go out to attract investment, to attract buyers, what they say is, they’re afraid of our arbitrary rules,” Mr. Ortiz-Luis said.

He also said that the government must ensure the enforceability of contracts, and ensure that its sustainability and labor policies comply with EU standards.

The wearables industry suffered employment declines of 2% and 13% in 2022 and 2023, losing European orders to Vietnam, which had signed an FTA with the EU, Confederation of Wearable Exporters of the Philippines Executive Director Ma. Teresita Jocson-Agoncillo said last month. 

The EU is the Philippines’ fourth-largest trading partner with trade in goods worth 18.4 billion euros in 2022, and trade in services worth 4.7 billion euros in 2021, European Commission Executive Vice-President Valdis Dombrovskis said on Monday. — Beatriz Marie D. Cruz

Shipyard operator IMP seeking capacity to handle bigger ships

BOI PHOTO

THE Board of Investments (BoI) said on Wednesday that IMP Shipyard and Port Services, Inc. is planning to expand its operations in order to service larger vessels.

In a statement, the BoI said the company’s plans surfaced after IMP launched a P500-million shipyard project in Albuera, Leyte, last month.

“Looking ahead, IMP Shipyard plans to expand into strategic locations to accommodate larger vessels and potentially establish a ship-breaking and recycling facility to support the government’s ship retirement and replacement program,” the BoI said.

“Prospective investors and domestic shipowners are invited to explore collaboration opportunities,” it added.

IMP Shipyard’s Leyte project, expected to be fully operational by mid-2024, has 10 berths, with eight dedicated to repair and two to new-ship construction.

As the first shipbuilding and repair facility approved by the BoI under the Strategic Investment Priority Plan, the Leyte project also aims to build energy-efficient ferries to win contracts during the refleeting of Metro Ferry Cebu.

IMP Shipyard also plans to build commercial fishing vessels and a fish port with refrigeration facilities to service the needs of small-scale fisherfolk.

“The project will provide significant employment opportunities, in collaboration with the Department of Migrant Workers-National Reintegration Center for OFWs (overseas Filipino workers),” the BoI said.

“The company aims to capacitate returning seafarers for their upskilling and reskilling and provide potential business opportunities in the ancillary services of IMP Shipyard,” it added.

In the last 10 years, the BoI has approved 35 shipbuilding projects.

The Philippines is the fourth-largest shipbuilding nation, with 115 registered shipyards under the Maritime Industry Authority employing over 30,000 workers. — Justine Irish D. Tabile

Peso weakens to P56-a-dollar level on market caution before Fed statement

BW FILE PHOTO

THE PESO declined to the P56-per-dollar level anew on Wednesday as the market stayed on the sidelines ahead of the US Federal Reserve’s policy decision announcement overnight.

The local unit closed at P56.13 per dollar on Wednesday, weakening by 21 centavos from its P55.92 finish on Tuesday, Bankers Association of the Philippines data showed.

This was the peso’s weakest close since its P56.20-a-dollar finish on Feb. 29.

The peso opened Wednesday’s session at P55.87 against the dollar, which was also its intraday best. Its weakest showing was at P56.20 versus the greenback.

Dollars exchanged rose to $1.54 billion on Wednesday from $1.31 billion on Tuesday.

“The peso depreciated to breach the P56 level due to market caution ahead of the Fed meeting overnight,” a trader said in an e-mail.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the market was waiting for the updated Fed dot plot and statements from the US central bank chief on their future policy path.

The US central bank was set to end a two-day policy meeting overnight. Markets widely expect the Fed to keep its target rate steady at the 5.25-5.5% range for a fifth straight review.

Mr. Ricafort added that the peso weakened amid high global oil prices recently.

Oil prices retreated from multi-month highs on Wednesday due to a strong dollar, Reuters reported. Brent eased 0.2% to $87.18 a barrel, while US crude lost 0.3% to $83.21 per barrel.

Meanwhile, the dollar index, which measures the US currency against six rivals, was 0.039% higher at 103.90.

For Thursday, the trader said the peso could weaken further due to possible hawkish statements from Fed Chair Jerome H. Powell.

The trader sees the peso moving between P56 and P56.25 per dollar on Thursday, while Mr. Ricafort expects it to range from P56 to P56.20. — A.M.C. Sy with Reuters

NCR water allocation to be reduced starting late April

PHILSTAR FILE PHOTO

THE water allocation for Metro Manila will be reduced to 48 cubic meters per second (cms) between April 16 and 31, according to the National Water Resources Board (NWRB).

“For April 1 to 15, we will still maintain the 50 cms for MWSS… and then on April 16-31 (it) will be reduced,” NWRB Executive Director Ricky A. Arzadon told reporters on Wednesday.

Mr. Arzadon said that the reduced allocation was due to the infrequent rainfall resulting from El Niño.

The reduction was intended “to preserve and manage the distribution of water especially to Metro Manila,” he said.

He said, however, that the allocation may change depending on the elevation of the Angat Dam.

Angat Dam is the main source of water for National Capital Region (NCR), accounting for about 90% of the capital region’s potable water.

As of Wednesday morning, the water level in Angat Dam was 200.99 meters, lower than the 201.23-meter reading a day earlier.

Ronaldo Padua, head of water supply operations of Maynilad Water Services, Inc., told reporters separately that it was directed by the Metropolitan Waterworks and Sewerage System to deploy static water tanks.

“Roughly around 129 static water tanks are deployed in (various) elevated areas,” he said.

Mr. Padua said that the company has been implementing pressure management measures during off-peak hours as part of its preparations to mitigate the impact of El Niño.

Meanwhile, as an additional source of water, a P650-million modular treatment plant, has been inaugurated in Putatan, Muntinlupa City. It is expected to produce 20 million liters per day.

Maynilad said that the new plant will help improve service reliability for its customers in the south.

The company said that the plant will treat raw water from Laguna de Bay using ceramic ultrafiltration technology, which it claims is the first such system for water treatment in the Philippines.

“Maynilad continues to adopt innovative solutions to meet the evolving water supply and treatment challenges, ensuring long-term resilience and sustainability,” Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said.

“With this new facility, we are setting a milestone in municipal water treatment here in the Philippines, as we explore the potential of scaling similar technologies across other facilities,” he added.

The company serves Manila, except portions of San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon.

It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

PSEi tracks Wall Street’s rise before Fed decision

BW FILE PHOTO

PHILIPPINE SHARES rebounded on Wednesday to track Wall Street’s rise as investors awaited the policy decision of the US Federal Reserve.

The bellwether Philippine Stock Exchange index (PSEi) rose by 0.12% or 8.34 points to end at 6,856.77 on Wednesday, while the broader all shares index climbed by 0.15% or 5.62 points to close at 3,572.10.

“The local bourse gained by 8.34 points (0.12%) to 6,856.77 following positive cues from US markets overnight, attributed to the decline in US Treasury yields,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

Wall Street’s three major indexes closed higher on Tuesday after shares in hotshot chipmaker Nvidia shook off early losses and investors looked ahead to the Federal Reserve’s policy meeting conclusion on Wednesday for clues on interest rate policy, Reuters reported.

Shares in Nvidia pulled out of the red to close up 1% after it revealed pricing and shipment plans for its hotly anticipated Blackwell B200 artificial intelligence chip, which it says could be 30 times faster than current chips.

At 04:15 p.m., the Dow Jones Industrial Average rose 320.33 points or 0.83% to 39,110.76; the S&P 500 gained 29.09 points or 0.56% to 5,178.51; and the Nasdaq Composite gained 63.34 points or 0.39% to 16,166.79.

“Philippine investors kept to the sidelines once more as many await the Fed decision on interest rates. Though it is widely expected that the Fed will maintain its key policy rates, analysts will be taking into consideration any rhetoric from officials regarding the timing of the cutting of interest rates and their view on controlling inflationary pressures,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Locally, economic data remains quiet, as fund managers continue to digest earnings reports and make necessary portfolio adjustments ahead of the quarter end close,” he added.

Sectoral indices were mixed. Services increased by 1.22% or 22.07 points to 1,830.98; mining and oil jumped by 0.49% or 40 points to 8,151.38; and industrials climbed by 0.32% or 28.99 points to end at 8,861.91.

Meanwhile, property fell by 0.63% or 17.96 points to 2,801.49; financials declined by 0.12% or 2.50 points to 2,045.35; and holding firms went down by 0.06% or 4.42 points to 6,436.79.

“Monde Nissin Corp. achieved the top spot, increasing by 4.46%, while Ayala Land, Inc. was at the bottom, losing 3.64%,” Ms. Alviar said.

Value turnover climbed to P8.78 billion on Wednesday with 786.83 million issues changing hands from the P5.79 billion with 897.73 million shares traded on Tuesday.

Advancers outnumbered decliners, 101 against 92, while 43 names were unchanged.

Net foreign buying rose to P391.41 million on Wednesday from P244.88 million on Tuesday. — R.M.D. Ochave with Reuters

1...2,0552,0562,057...12,800Page 2,056 of 12,800
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube