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New mall hours sought

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE Metropolitan Manila Development Authority (MMDA) on Wednesday asked major shopping malls in Metro Manila to adjust their operating hours to lessen traffic brought by the holiday crush

MMDA Chairman Romando S. Artes said the “holiday rush” is already being felt in the capital region with 421,000 vehicles traversing Epifanio de los Santos Avenue (EDSA) daily, as of Sept. 24.

“Most probably [the numbers will go up]. Normally we reach half a million as the Christmas season approaches. We expect before Undas, the traffic would be heavier and after Undas, it would rise steadily until Christmas time,” Mr. Artes said in mixed English and Filipino.

Adjusting mall hours could lessen traffic congestion as past practice showed, he added, but it does not entirely erase traffic. MMDA will talk with the Department of Transportation to adjust EDSA Carousel bus hours and the railway systems.

Major malls said they will post adjusted mall hours on their respective social media pages. — Chloe Mari A. Hufana

TRO on PhilHealth transfer sought

1SAMBAYAN Coalition and others asked the Supreme Court (SC) to stop the transfer of P89.8 billion excess funds from the Philippine Health Insurance Corp. (PhilHealth) to the national treasury as the third tranche of transfer pushed through on Wednesday.

The petitioners asked the top court to issue a temporary restraining order (TRO), writ of preliminary injunction, and/or other injunctive remedies under the 1987 Constitution and Rule 65 of the Rules of Court.

A total of P30 billion has previously been remitted to state coffers, while another P30 billion was remitted today. The last tranche of P29.9 billion will be transferred in November.

A Department of Finance Circular 003-2024 allowed the transfer of P89.9 billion idle PhilHealth funds to the national treasury for other government spending, which former SC Senior Associate Justice Antonio T. Carpio runs against the Constitution.

“The petition is basically grounded on two provisions of the Constitution. First, the Constitution says no law shall be passed authorizing the transfer of appropriations,” Mr. Carpio said in a briefing after the filing.

Article VI, Section 25 (5) of the Constitution stated that “no law shall be passed authorizing any transfer of appropriations” apart from the President, the Senate President, the House Speaker, the Chief Justice, and heads of Constitutional Commissions for their respective offices.

The 2024 General Appropriations Act (GAA) paved the way for Finance Secretary Ralph G. Recto to transfer any excess funds from PhilHealth to the national treasury to help fund the unprogrammed appropriations.

“That is a clear violation because the general is that no law shall be passed authorizing the transfer of appropriations,” Mr. Carpio added, noting the president can authorize the transfer of savings for one item in the budget item but not the finance chief.

“In appropriation, if P1 billion is allocated to build a bridge but only P800 million is used, the P200 million in savings cannot be transferred to another item. However, the 2024 GAA authorizes the Secretary of Finance, who isn’t among the officials authorized to transfer funds, to transfer excess funds, which is a violation,” he added in mixed English and Filipino.

The former top court justice said there are no surplus funds because Universal Healthcare services are not yet fully implemented as many Filipinos still need medicine and there is a shortage of hospitals.

The plaintiffs further argued that since PhilHealth funds are “special funds,” they cannot be transferred unless their purpose has been abandoned or accomplished.

“We’re asking the court to issue a TRO because this situation is irreparable. For PhilHealth alone, they are set to transfer P89.9 billion. Once that amount is spent, it’s irreparable because there is no entity in the government that can reimburse such funds,” Mr. Carpio said. — Chloe Mari A. Hufana

No tax for PCUP donations

THE Bureau of Internal Revenue (BIR) will not tax donations made by private companies to the Presidential Commission for the Urban Poor (PCUP), it said on Wednesday.

The BIR and the PCUP signed a memorandum of agreement for the tax exemptions on Sept. 10, it said.

Under the agreement, the bureau will also provide and orient PCUP focal persons of the policies and guidelines for the exemption granted to donors.

It will also designate a focal person who will coordinate with the PCUP for the implementation and monitoring of the agreement, BIR said.

In September, the BIR collected P161 billion in tax revenues, 12.7% below its P184.46-billion collection target for the month. This year, the BIR is expected to generate P3.05 trillion in revenues. — Beatriz Marie D. Cruz

SM creates jobs for artists, people deprived of liberty 

SMINVESTMENTS.COM

SM Investments Corp. (SMIC) on Wednesday said its SM Green Find’s livelihood project has created nearly 100 jobs for independent artists and people deprived of liberty (PDL) in Quezon City.

In collaboration with social entrepreneur and designer Zarah Juan, the project centers on environmental sustainability by repurposing 34,000 square feet of used tarpaulin into tote bags and pouches, the company said in a statement on Wednesday.

SM Green Finds is a multiyear campaign with a focus on products made from natural, local ingredients to support local communities’ micro, small, and medium enterprises in their green practices.

The PDLs clean and ready the discarded tarpaulins for sewing, while more than 52 skilled artisans from Bulacan follow the design.

Jail Chief Inspector Lourvina Abrazado, Warden at Quezon City Jail said the tarp bag project empowered and upskilled more than 30 female PDLs in Quezon City.

“I designed it for enduring appeal and longevity. It’s a reflection of the bag’s overarching purpose,” Ms. Juan said.

SM Green Finds x Zarah Juan The Tarp Project bags are available at Kultura branches nationwide. Tote bags are priced at P999, while pouch bags are at P499.

Sales from the tote bags will be donated to the SM Foundation’s youth and education initiatives. — Aubrey Rose A. Inosante

145,000 land titles distributed 

THE DEPARTMENT of Agrarian Reform (DAR) on Wednesday said it has distributed 146,017 land titles to beneficiaries under the administration of President Ferdinand R. Marcos as of last month.

At a Senate finance committee hearing on the agency’s proposed P11.101 billion budget next year, Agrarian Reform Secretary Conrado M. Estrella III said his agency has also condoned about P57.56 billion of debt covering 610,054 beneficiaries debt this year.

“This year, DAR has distributed 54,874 land titles and before the year ends, we are targeting to distribute 101,666 more to our farmers,” he said in mixed English and Filipino.

The DAR chief earlier told congressmen that the agency plans on fast-tracking its digitalization efforts to streamline land reform data by October next year. — John Victor D. Ordoñez

Poverty incidence declines in CAR — PSA

BAGUIO CITY — Poverty incidence in the Cordillera Administrative Region (CAR) declined in 2023, the Philippine Statistics Authority (PSA) reported in its Official Poverty Statistics of the Philippines 2023.

PSA-CAR Regional Director Villafe P. Alibuyog reported here that poverty incidence among families in the region improved to 4.4% in 2023 from 6.9% in 2021.

“This translates to 20,440 poor families in 2023, down from 30,740 poor families recorded in 2021,” Ms. Alibuyog explained during their dissemination forum this Wednesday.

The poverty incidence among population was also down to 7% in 2023 from 9.9% in 2021.

This means that the ‘income poor individuals’ in Cordillera was estimated at 129,000 in 2023 from 180,710 individuals in 2021, the PSA-CAR official added.

Ms. Alibuyog said the average poverty threshold, or the amount that represents the minimum income required by a family of five members to meet their basic food and non-food needs, increased to 13,239 pesos in 2023 from 11,793 pesos in 2021; while the average food threshold per family per month, or the minimum amount required by a family with five members to meet their basic food needs, here is P9,274.

The subsistence incidence which is the proportion of families with income less than the food threshold, decreased to 0.7% in 2023 from 1.4% in 2021. “This means that an estimate of 3,330 families in the Cordillera are considered food poor in 2023 from 6,120 families in 2021,” Mr. Alibuyog said.

The subsistence incidence among population is also down to 1.3% in 2023 from 2.2%  in 2021. This equates to 23,790 individuals who are food poor in 2023, down from 39,660 food poor individuals in 2021.

Ms. Alibuyog said that the increase in income of the families near the poverty threshold is faster compared to the rise of prices of the basic food and nonfood needs, which resulted in the reduction of poverty incidence among families in the Cordillera. — Artemio A. Dumlao

P200K reward up for BARMM minister’s office bombers

COTABATO CITY — Bangsamoro Health Minister Kadil M. Sinolinding, Jr. has offered a P200,000 reward for information that could help the police solve the setting off a fragmentation grenade at the entrance path to his clinic and office in Cotabato City at almost midnight.

Mr. Sinolinding, a concurrent member of the 80-seat Bangsamoro regional parliament, has a separate office as health minister, which is located inside the 32-hectare regional capitol in Cotabato City.

Mr. Sinolinding, a physician-ophthalmologist, has no known enemies and is popular for his having treated thousands of poor cataract and pterygium patients for free since his “doctor to the barrio” days in the 1990s.

Employees of the Ministry of Health-Bangsamoro Autonomous Region in Muslim Mindanao hinted that Mr. Sinolinding also had possibly caught the ire of corrupt and non-performing officials affected by the extensive reform programs he has been pushing forward since he was appointed as health minister in early May this year.

His subordinates in his parliament office had shared to reporters and police investigators closed-circuit security camera recordings showing a motorist tossing a fragmentation grenade at the ground of his office and clinic compound and sped away just as an explosion ripped through the area.

No one was hurt in the bombing but the blast that reverberated through the scene caused panic among villagers in houses around. — John Felix M. Unson

2 gunrunners arrested in Maguindanao del Norte

STOCK PHOTO | Image by Klaus Hausmann from Pixabay

COTABATO CITY — Policemen seized two assault rifles and ammunition from two gunrunners clamped down in an entrapment operation in Sultan Mastura, Maguindanao del Norte on Tuesday.

Brig. Gen. Romeo J. Macapaz, director of the Police Regional Office-Bangsamoro Autonomous Region, told reporters on Wednesday that the two suspects are now in the custody of the Criminal Investigation and Detection Group, awaiting prosecution.

In a report to Mr. Macapaz, Lt. Col. Ariel T. Huesca, regional chief of the CIDG-Bangsamoro Autonomous Region, said the duo yielded peacefully when they were frisked and cuffed by their agents who had procured two M16 assault rifles and ammunition during a tradeoff. — John Felix M. Unson

Peso rebounds on BSP policy decision

THE PESO rebounded against the dollar on Wednesday after the Bangko Sentral ng Pilipinas (BSP) delivered another rate cut.

The local unit closed at P57.70 per dollar on Wednesday, strengthening by 16.5 centavos from its P57.865 finish on Tuesday, Bankers Association of the Philippines data showed.

The peso opened Wednesday’s session weaker at P57.90 against the dollar. Its intraday best was at its closing level of P57.70, while its worst showing was at P57.92 versus the greenback.

Dollars exchanged went down to $1.38 billion on Wednesday from $1.47 billion on Tuesday.

“The market mostly moved sideways ahead of the BSP rate decision and was muted when the BSP announced the 25-basis-point (bp) cut. Traders mostly absorbed and repositioned following the rate decision,” a trader said by phone.

The Monetary Board on Wednesday cut benchmark interest rates by 25 bps for a second straight meeting, as expected by 16 of 19 analysts in a BusinessWorld poll, as price pressures remain manageable.

This brought its policy rate to 6%. The interest rates on the BSP’s overnight deposit and lending facilities were also adjusted to 5.5% and 6.5%, respectively.

The BSP in August kicked off its easing cycle with a 25-bp reduction, marking its first rate cut in nearly four years.

The peso rose against the dollar as it was supported by signs of easing tensions in the Middle East after Israel said it would not target Iran’s oil and nuclear facilities, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

For Thursday, the trader sees the peso moving between P57.50 and P57.90 per dollar, while Mr. Ricafort expects it to range from P57.60 to P57.80. — A.M.C. Sy

PSEi slips as peso weakness dents sentiment

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

THE MAIN INDEX inched lower on Wednesday as sentiment soured amid a weaker peso and following Wall Street’s slump overnight.

The Philippine Stock Exchange index (PSEi) dropped by 0.25% or 19.31 points to close at 7,437 on Wednesday, while the broader all shares index rose by 0.27% or 11.11 points to end at 4,097.56.

“The local market edged lower this Wednesday after two straight days of being up,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The bourse declined with the peso’s weakness against the dollar seen as a weighing factor. Spillovers from Wall Street’s overnight decline also weighed on Wednesday’s trading,” he added.

On Tuesday, the peso sank to an over two-month low of P57.865 per dollar. It rebounded on Wednesday, rising by 16.5 centavos to end at P57.70.

Meanwhile, Wall Street’s major stock indexes closed lower on Tuesday, with a 1% drop in the technology-heavy Nasdaq leading losses as chip stocks tumbled on demand concerns while the energy sector fell 3% as oil prices dropped, Reuters reported.

The Dow Jones Industrial Average fell 324.80 points or 0.75% to 42,740.42; the S&P 500 lost 44.59 points or 0.76% to 5,815.26; and the Nasdaq Composite lost 187.10 points or 1.01% to 18,315.59.

Notably, both the Dow and the S&P 500 registered record closing highs in the previous session.

“Philippine stocks traded sideways ahead of the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board decision on benchmark interest rates,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia added in a Viber message.

“A 25-basis-point (bp) rate cut was widely expected but it was not set in stone yet, so it’s likely that investors opted to pocket their gains in case of a negative surprise,” Mr. Garcia said.

The Monetary Board on Wednesday continued its easing cycle as it cut its policy rate by 25 bps to 6%, as expected by 16 out of 19 analysts in a BusinessWorld poll.

Rates on the BSP’s overnight deposit and lending facilities were also reduced to 5.5% and 6.5%, respectively.

Majority of sectoral indices ended lower on Wednesday. Mining and oil dropped by 1.08% or 95.05 points to 8,669.49; property lost 0.83% or 24.63 points to end at 2,944.57; holding firms went down by 0.56% or 35.52 points to 6,291.19; and services declined by 0.04% or 1.07 points to 2,262.06.

Meanwhile, industrials climbed by 0.31% or 32.08 points to 10,102.59; and financials inched up by 0.03% or 0.94 point to 2,401.74.

Value turnover increased to P6.95 billion on Wednesday with 831.76 million shares traded from the P6.41 billion with 584.49 million issues that changed hands on Tuesday.

Decliners outnumbered advancers, 101 versus 86, while 75 names ended unchanged.

Net foreign buying increased to P841.27 million on Wednesday from P638.15 million on Tuesday. — R.M.D. Ochave with Reuters

BoI confident it will exceed P1.6-trillion investment goal

STOCK PHOTO | Image from Freepik

THE Board of Investments (BoI) said it expects to breach the P1.6 trillion upper limit of its target range for investment approvals this year due to the volume of big-ticket infrastructure and renewable energy (RE) projects.

On the sidelines of the Investment Policy Forum on Wednesday, Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said the project pipeline is fueling confidence at the BoI.

“We are confident that we will breach P1.6 trillion because there are infrastructure projects coming in,” he told reporters.

“And this is in addition to the RE projects that are coming in, as you can see in our pipeline for green lanes,” he added, referring to the system of granting expedited permits for strategic projects.

The BoI had previously set an internal target of approving P1.25 trillion to P1.5 trillion in investments this year. The upper limit of the target was adjusted to P1.6 trillion in August.

As of September, the BoI said it endorsed P4.3 trillion worth of investments to the One-Stop Action Center for Strategic Investments, which is set to evaluate 158 projects. 

RE projects still account for the bulk of the list, with P3.91 trillion of the green lane-certified projects. Such RE projects number 128.

Six digital projects worth P346.33 billion were also endorsed for green-lane treatment, while 22 projects related to food security worth P13.5 billion were also endorsed.

Meanwhile, two manufacturing projects worth P29.61 billion were also given green-lane status.

In terms of approvals, the BoI has greenlit P1.35 trillion worth of investment pledges as of mid-September.

This represents an 82% increase from the P741.98-billion approved investments in the same period last year and surpassed the P1.26-trillion full-year investment approvals in 2023.

He said the main driver for BoI’s investment approvals performance was the removal of the restrictions on foreign equity on RE projects.

“We are already at P1.35 trillion (investment approvals), but not all of that is because of promotions … the most critical piece of the puzzle that led to that was the removal of equity restrictions,” he said.

Investments in RE projects increased after the government allowed full foreign ownership in the sector, which was previously capped at 40%.

The event Mr. Rodolfo appeared at was the International Institute for Sustainable Development (IISD)’s 16th edition of the Investment Policy Forum. The three-day summit aims to put together investment negotiators and policymakers from developing and emerging countries.

“It is the first time in the Philippines for this event. In terms of the number of participants, we have around 95 participants coming from countries from Latin America, Africa, and Asia, but we also have institution representatives,” IISD Director Suzy H. Nikièma said.

She said that more than 40 countries are represented at this year’s event.

“We created this event because we realized we didn’t have a platform where investment policy makers can meet together from developing countries and emerging economies to share the challenge to discuss ideas, strategize, and build coalitions,” she said. — Justine Irish D. Tabile

S. Korea, US, Japan main focus of tourism efforts amid restrictions on visas for Chinese visitors

BOHOL TOURISM OFFICE

THE Department of Tourism (DoT) said on Wednesday that it is focusing its efforts on South Korea, the US, and Japan due to restrictions on issuing visas to Chinese nationals.

“With a more stringent visa policy towards Chinese travelers, I don’t think we can expect a flourishing market from that jurisdiction,” Tourism Secretary Ma. Esperanza Christina G. Frasco told reporters on the sidelines of an event.

The Philippines is currently embroiled in a territorial dispute with China in the West Philippine Sea.

“That is why the DoT, respectful of these realities on the ground, is actively pursuing (promotional activities in) our top source markets, including South Korea, the US, and Japan,” she said.

Ms. Frasco added that the DoT sees the India market as a “massive opportunity.”

The industry is projecting demand for 456,055 hotel rooms by 2028, according to the Philippine Hotel Industry Strategic Action Plan 2023 -2028, prepared by the DoT and the Philippine Hotel Owners Association, Inc.

Ms. Frasco noted “challenges” in meeting the projections “in light of external factors that include geopolitical stresses upon these arrivals, over which we have little control.”

She also noted that Philippine visa policy is less liberal compared to its Association of Southeast Asian Nations neighbors.

“That is why we continue to advocate for a liberalized visa system to be instituted by the Department of Foreign Affairs in partnership with the Bureau of Immigration,” she said.

Ms. Frasco added that the President’s order to establish an electronic visa system could unlock markets like India. — Aubrey Rose A. Inosante

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