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Mountain Province gets P271-M climate change survival fund

MOUNTAIN PROVINCE TOURISM OFFICE

BAGUIO CITY — Malacañang has granted P271.15 million to Mountain Province to fund the local government’s efforts to curb the effects of climate change.

President Ferdinand R. Marcos Jr. and Finance Secretary Benjamin E. Diokno awarded the province’s share of the People’s Survival Fund (PSF) during a ceremony at the Palace last Wednesday.

Mountain Province Governor Bonifacio C. Lacwasan, Jr. said the fund was through the initiatives of the Provincial Disaster Risk Reduction and Management Office (PDRRMO), Mountain Province LGU and the Mountain Province State Polytechnic College.

He said that once all the required documents are processed, the fund will be downloaded from the Department of Budget and Management (DBM).

Mr. Lacwasan thanked the national government for priority allocation given to Mountain Province which received almost 50% of the P541-million climate adaptation fund for beneficiary-local government units (LGUs) under the PSF-Climate Change Commission.

Another P2 million was received by Besao, a municipality of Mountain Province, for the same effort to parry off the dire effects of climate change. — Artemio A. Dumlao

NGCP seeks resolution of TRO on Panay-Guimaras tower sites

THE National Grid Corp. of the Philippines (NGCP) said it is seeking an “urgent resolution” from the Supreme Court (SC) of a temporary restraining order (TRO) that blocked it from working on a site needed for its Panay-Guimaras 138-kilovolt interconnection project.

“We are hopeful for the urgent resolution of the issue so as not to hamper the interconnection which will improve the region’s power transmission line projects,” the NGCP said in a statement on Thursday.

The SC had granted the petition of the Iloilo Grain Complex Corp. (IGCC) for Certiorari and Prohibition with Very Urgent Application for Temporary Restraining Order and/or Writ of Preliminary Injunction.

IGCC owns the property where two towers are set to be erected. The NGCP said the site is “crucial as this 1.7-kilometer transmission line will connect the proposed Iloilo Substation to the Ingore Cable Terminal Station.”

The cable terminal station will serve as the connection point of the submarine cable to Guimaras Island.

The NGCP filed an expropriation case on Sept. 30, 2022 to acquire the property, which was approved by Iloilo Regional Trial Court (RTC) Branch 33 on Nov. 3, 2022.

A writ of possession was then issued on Dec. 12, 2022, but the IGCC submitted a motion for reconsideration on Jan. 18, which was denied by the RTC.

The dispute was then elevated to the SC, which granted the TRO.

The NGCP said that the TRO prevents it from carrying out a component of the project crucial to linking the two islands.

“The Supreme Court’s decision is disheartening as it hinders us from fulfilling our commitment to the residents of the islands of Panay and Guimaras, including fast-developing Iloilo City,” the NGCP said.

“Nevertheless, we steadfastly maintain our dedication to enhancing power transmission within the area despite this setback,” it added.

The interconnection project is an upgrade of the existing submarine cable connecting Panay and Guimaras. It is targeted to be completed in December next year.

The NGCP said it continues to seek “an expeditious and amicable settlement” with the landowner. However, the grid operator said that it is reluctant to move forward with IGCC’s proposal, which involves a reroute through a residential area affecting five households.

“When we plot the route of our transmission line projects, a major consideration is the existence of structures and residents. We aim to traverse areas that will cause least destruction to property, and result in the least number of persons displaced,” it added.

According to the grid operator, “any deviation in the established route may also affect adjacent towers and cause further delay to the completion of the project.” — Sheldeen Joy Talavera

Senate MUP pension reform measure approved by four committees

The government wants to reform the pension system for military and uniformed personnel (MUP) to avert a fiscal crisis. — PHILIPPINE STAR/EDD GUMBAN

A SENATE bill seeking to overhaul retirement benefits for military and uniformed personnel (MUP) has been approved by four of the chamber’s committees.

On Thursday, the Senate Committees on National Defense and Security, Unification and Reconciliation; Government Corporations and Public Enterprises; Ways and Means; and Finance released their committee report on Senate Bill No. 2501, which seeks to set monthly retirement pay at 50% of the base pay for the last position held by retired MUPs.

Under the bill, retirees may choose to receive benefits in lump sum or directly through an accrual method.

New MUPs will be required to contribute to the new pension fund system.

Members of the military will be required to contribute 7% of their base monthly salary, with the National Government contributing 14%, according to a copy of the measure dated as filed on Nov. 29.

The contribution scheme for other uniformed personnel is 9% of salary and a government top-up of 12%.

The current system does not require MUPs to contribute to their pension fund, which are funded entirely by the National Government.

The measure, if passed, would permit a guaranteed 3% annual increase in the base pay of active personnel and in the pension benefits of retirees for the next 10 years.

In September, the House of Representatives approved its version of the bill on third and final reading. House Bill No. 8969 or the proposed Military Uniformed Personnel Pension System Act, also requires new entrants to contribute to their pension fund, at a rate of 9% of monthly salary with a 12% government top-up.

The measure is on the Legislative-Executive Development Advisory Council’s list of priority bills.

The measure authorizes the President to adjust the pension and survivorship benefits “due to adverse fiscal or economic conditions,” as determined by the Development Budget Coordination Committee. — John Victor D. Ordoñez

SRA calls for sugar SRP to be set at P85 per kilo

THE Sugar Regulatory Administration (SRA) said on Thursday that it is pushing for a suggested retail price (SRP) for refined sugar at P85 per kilogram.

Administrator Pablo Luis S. Azcona told reporters that the SRA and the Department of Agriculture (DA) are currently studying an SRP scheme following the failure of prices to drop despite increased supply.

“We have been pushing for an P85 SRP. The only (snag) there is how it will be enforced,” Mr. Azcona added.

He said government agencies need to be able to enforce the SRP for refined sugar at retail.

The SRA has said that retail prices for refined sugar have remained stable since February last year at P80 per kilo to P110 per kilo in supermarkets.

“They said before that price (of sugar) went up because the supply was not enough; the supply is here, and we are also milling. But the retail price has not yet decreased,” he added.

According to the regulator’s Sugar Order No. 1, raw sugar production was estimated at 1.85 million metric tons during the 2023 to 2024 crop year.

Mr. Azcona said that the farmgate price of raw sugar had declined by about P10 per kilo to an average of P2,620 per 50-kilo bag.

“One thing that is being talked about is getting the other agencies involved; they are the ones who have control on the retail side. The DA and SRA charter say that we cannot participate in the market price of sugar,” he added.

He said that sugar prices are not reflecting the decline in the farmgate price of the commodity.

The SRA had projected earlier that the farmgate price of raw sugar will hit P3,000 per 50-kilo bag.

“We will see how we can fix it, but that’s an immediate concern because prices are sliding and farmers are being affected,” Mr. Azcona added. — Adrian H. Halili

UK eyeing gov’t-to-gov’t setup for major PHL procurement deals

IAN TAYLOR-UNSPLASH

By Justine Irish D. Tabile, Reporter

THE United Kingdom (UK) said it is working to develop a government-to-government scheme that will simplify major procurement exercises with the Philippines.

“We are in the process of working with the government to develop a memorandum of understanding to facilitate government-to-government agreements on trade. That is a conversation that’s happening right now,” Ambassador to the Philippines Laure Beaufils said on Thursday.

The ambassador said the talks are in their early stages, with no specific timetable set.

She added that such a scheme will “simplify government-to-government trade and simplify government-to-government arrangements for big procurements.”

Government-to-government procurement deals will function in parallel with the UK’s Developing Countries Trading Scheme, which allows the tariff-free entry of 99% of Philippine exports to the UK.

She also said that a Joint Economic and Trade Committee with the Philippines is also under discussion.

According to Ms. Beaufils, UK-Philippine trade rose 32% in the year to March to 2.9 billion pounds.

The Philippines is the 59th largest trading partner of the UK.

Chris Nelson, executive director of the British Chamber of Commerce in the Philippines, added that British meat exports to the Philippines could recover next year.

“I think this year will be lower than last year, but I think what we’re looking for is to continue the relationships which we’ve established here with the key meat importers. Therefore, I think it’s more important that we will likely see a recovery,” Mr. Nelson said.

However, he said that the extension of lowered tariffs for meat and the passage of the Anti-Agricultural Smuggling Act will be key to an export rebound next year.

“We should be realistic. It will not happen probably in the initial part of the year but further on,” he said.

“I’m optimistic that in 2024 we will see a strong rebound, but probably more towards the latter half of the year because obviously they’ve got to gear up for that,” he added.

The UK Agriculture and Horticulture Development Board estimates that UK pork exports to the Philippines declined 67.5% as of Nov. 11, while beef exports declined 57.1%.

PHL stocks drop further amid MSCI rebalancing

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

PHILIPPINE STOCKS closed the month lower due to continued profit taking and window dressing, and amid the last day of the Morgan Stanley Capital International (MSCI) rebalancing.

The Philippine Stock Exchange index (PSEi) retreated by 41.41 points or 0.66% to close at 6,223.73 on Thursday, while the broader all shares index fell by 11.85 points or 0.35% to finish at 3,327.83.

“The local market gapped down at the open and saw continuing weakness for the day given continued profit-taking activities amidst the last day of MSCI rebalancing and possible month-end window dressing,” China Bank Securities Corp. Research Associate Lance U. Soledad said in an e-mail.

“Moreover, buying appetite may have also remained tepid ahead of the release of October US personal consumption expenditure price index data later tonight,” he added.

The PSEi ended lower on Thursday as investors tweaked their portfolios amid the MSCI rebalancing, Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.

“Oil prices ascended after investors shifted their focus to the OPEC+ meeting aimed at determining output policy,” Mr. Limlingan added. OPEC+ or the Organization of the Petroleum Exporting Countries and their allies including Russia were set to hold an online ministerial meeting overnight.

Oil prices traded steadily after rising more than $1 on Wednesday ahead of expected production cuts by the OPEC+ group, Reuters reported.

US crude pared losses to gain 0.23% to $78.04 per barrel and Brent was down 0.18% at $82.95.

“This Thursday, the local market dropped… as investors continued with their profit taking. Concerns over China’s economy, which is one of the Philippines’ major trading partners, also weighed on sentiment. This came following its November official manufacturing PMI (purchasing managers’ index) data, which stood at 49.4, indicating a contraction, and its non-manufacturing PMI which registered 50.2, declining from the prior month’s 50.6,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

The majority of sectoral indices closed lower on Thursday. Holding firms declined by 95.49 points or 1.59% to 5,910.80; industrials dropped by 75.73 points or 0.86% to 8,688.02; mining and oil fell by 73.56 points or 0.75% to 9,667.60; and services went down by 9.68 points or 0.63% to 1,515.44.

On the other hand, property climbed by 28.98 points or 1.07% to 2,723.03 and financials rose by 0.22 point or 0.01% to 1,742.53.

Value turnover rose to P7.9 billion on Thursday with 396.25 million shares changing hands from the P5.75 billion with 449.96 million issues traded the previous day.

Decliners outnumbered advancers, 89 compared to 79, while 49 names ended unchanged.

Net foreign selling stood at P320.3 million on Thursday, versus the P202.33 million in net buying seen on Wednesday. — R.M.D. Ochave with Reuters

Peso weakens vs dollar

PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE PESO dropped versus the dollar on Thursday due to mixed signals from US Federal Reserve officials.

The local unit closed at P55.485 per dollar on Thursday, down by 9.5 centavos from its P55.39 finish on Wednesday, based on Bankers Association of the Philippines data.

The peso opened Thursday’s session weaker at P55.45 against the dollar. Its intraday best was at P55.37, while its worst showing was at P55.51 versus the greenback.

Dollars exchanged went up to $1.27 billion on Thursday from $1.1 billion on Wednesday.

The peso weakened on Thursday due to mixed signals from Fed officials, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

While US central bank officials on Wednesday sent mixed messages, investors still focused on comments made on Tuesday by Fed Governor Christopher Waller, an influential and previously hawkish voice at the bank. Mr. Waller had said rate cuts could begin in months if inflation keeps easing, Reuters reported.

Fed Chair Jerome H. Powell is also due to speak on Friday and expected to offer crucial insights into the Fed’s policy approach ahead of their December meeting.

The peso was dragged down by a stronger dollar and rising global crude oil prices, Mr. Ricafort added.

“The peso weakened after the significant upward revision in the third-quarter US GDP (gross domestic product) growth from 4.9% to 5.2%,” a trader said via text.

For Friday, the trader said the peso could appreciate against the dollar ahead of a likely softer US producer inflation report.

The trader expects the peso to move between P55.35 and P55.60 per dollar, while Mr. Ricafort sees it ranging from P55.35 to P55.55. — AMCS with Reuters

BIR says digital TIN cards now available

THE Bureau of Internal Revenue (BIR) said digital Taxpayer Identification Number (TIN) cards are now available for use by the public.

“With this new system, we can eliminate the practice of fixers and scammers selling TIN online while giving taxpayers a convenient alternative in getting a TIN, instead of lining up at our Revenue District Offices,” BIR Commissioner Romeo D. Lumagui, Jr. said in a statement on Thursday.

The BIR noted that the digital TIN is free.

“Taxpayers availing of the services of online sellers of TIN ID assistance risk the possibility of getting invalid or fake TIN and wrong taxpayer type classification, which may impact their future transactions with the BIR,” it added.

“The Digital TIN ID serves as a reference for the Taxpayer Identification Number of the taxpayer and as a valid government-issued identification document accepted in various government agencies, local government units, banks, employers, and other institutions,” the BIR said.

The BIR noted that the digital TIN does not require a signature and may be verified online through the agency’s Online Registration and Update System (ORUS).

Taxpayers with physical TIN cards may also avail of the digital TIN by enrolling their accounts on the ORUS. — Luisa Maria Jacinta C. Jocson

Disaster spending fell 52.4% in 2022 — PSA

DISASTER RISK reduction expenditure declined by 52.4% in 2022, to P315.89 billion, the Philippine Statistics Authority (PSA) said.

The PSA defines disaster risk reduction expenditure as “activities undertaken to preserve and protect society, the economy, and the environment from disasters.”

“Disaster risk reduction expenditure accounts allow us to monitor the resources allocated and demonstrate how investing in (it) saves lives and resources from a cost-benefit economic point of view,” it added.

Disaster mitigation accounted for a little over a third of total expenditures, equivalent to P107.97 billion, 64.5% higher compared to a year earlier.

“Disaster mitigation includes activities and measures to reduce existing disaster risk or to limit the adverse impacts of a hazardous event. Activities and measures (include) structural measures and construction, non-structural measures, land-use planning, and early warning systems management,” the PSA said.

Expenditure on disaster prevention dropped 50.4% to P77.98 billion. This includes “activities and measures to avoid existing and new disaster risks,” as well as the “risk prevention in advance of hazardous events and risk prevention in or after a hazardous event.”

Disaster management expenditure — items related to preparedness and emergency management — fell 57.4% to P75.65 billion in 2022.

“Disaster management is the organization and management of resources and responsibilities for creating and implementing preparedness and addressing all aspects of emergencies and other plans to respond to, and to decrease the impacts of disasters,” the PSA added.

Meanwhile, disaster recovery spending fell 79% to P54.29 billion.

“Disaster recovery involves the restoration and improvement of livelihoods and health, as well as economic, physical, social, cultural, and environmental assets, systems, and activities of a disaster-affected community or society, aligning with the principles of sustainable development and “build back better,” to avoid or reduce future disaster risk. This includes relocation, rehabilitation, and reconstruction,” it said. — Luisa Maria Jacinta C. Jocson

PHL pitching deals to Taiwan manufacturing, chip companies

REUTERS

TAIPEI — The Philippine Trade and Investment Center (PTIC)  said it is seeking to connect more Taiwan businesses with potential Philippine partners for potential manufacturing, electronics, semiconductors, and agriculture ventures next year.

“The objective is that we would be able to contribute to the manufacturing resurgence of the Philippines,” Anthony B. Rivera, PTIC-Taipei Director for Commercial Affairs told BusinessWorld on the sidelines of the Healthcare+ Expo trade show in Taipei.

“We see a lot of opportunities and collaboration in terms of industry development,” Mr. Rivera said.

“Taiwan is technologically advanced, and it is willing to share (know-how in) industry-specific areas,” he added.

The Philippines obtained $71 million worth of investment deals in the first nine months from Taiwan, up sharply from $21.18 million a year earlier.

Mr. Rivera said investments valued at $22 million have since materialized, involving manufacturing, wholesale and retail, electricity, gas, and air conditioning, financial and insurance activities, professional, scientific and technical activities, and real estate.

Taiwan was the source of the second-largest investment commitments in the third quarter at P3.63 billion, the Philippine Statistics Authority reported.

Mr. Rivera said collaborating with the Philippines can help Taiwan mitigate its labor shortages.

Taiwan companies in the industrial and service sectors reported about 216,000 job vacancies earlier this year, according to a survey conducted by the Taiwan Directorate-General of Budget, Accounting and Statistics.

“We are prioritizing in 2024 for Taiwan (to become) a source of sustainable export driven trade and investments anchored on ESGs (environmental, social, and governance factors) and green manufacturing,” Mr. Rivera said. — Beatriz Marie D. Cruz

Farmers lobby for more support to regions with land available to expand rice planting

PAT WHELEN-UNSPLASH

THE Philippine Chamber of Agriculture and Food, Inc. (PCAFI) said on Thursday that the Department of Agriculture needs to support farmers in regions with sufficient land to plant more rice.

PCAFI President Danilo V. Fausto told reporters that more government support should be given to the Western and Eastern Visayas, Soccsksargen, and Bangsamoro Autonomous Region in Muslim Mindanao.

Following a meeting with Secretary Francisco T. Laurel, Jr., Mr. Fausto said the DA is currently studying alternative rice planting sites.

“On rice, (the Secretary of Agriculture) is trying to go not only to Central Luzon and the Cagayan Valley. He is looking at other planting areas,” he said.

The DA is projecting that production of palay, or unmilled rice, will hit 20 million metric tons this year.

PCAFI is also calling for the continuation of subsidies for hybrid seed varieties to increase yield per hectare for rice and corn.

“We support (the Secretary’s) plan to reorganize the DA to be more aggressive…in disbursement, they are a bit delayed in reaching the farmers,” Mr. Fausto added.

Additionally, PCAFI is also pushing for the DA to provide fertilizer subsidies.

Separately, Mr. Laurel said in a statement that there are opportunities to synchronize rice programs to improve grain production and reduce post-harvest losses.

“We just have to focus our efforts and synchronize with each other in implementing our rice programs with all agencies, local government units, and stakeholders,” he added.

He said that the DA is also set to launch a “massive modernization program” to increase the rate of rice recovery after milling from the previous rate of 62%, while reducing post-harvest waste. — Adrian H. Halili

Quiambao, DLSU eye payback in Game Two to force rubber match

UAAP Season 86 MVP Kevin Quiambao (17) —FACEBOOK.COM/WEARETHEUAAP

KEVIN Quiambao promises to unleash his might and prove his mettle as the rightful Most Valuable Player (MVP) as De La Salle University (DLSU) fights to stay alive on his coronation day.

The soon-to-be University Athletic Association of the Philippines (UAAP) Season 86 MVP said people can count an entirely different Mr. Quiambao in Game 2 compared to a forgettable outing in Game 1 when the Green Archers were decimated by the in-form University of the Philippines (UP) Fighting Maroons, 97-67.

It’s the most lopsided Game 1 in the UAAP Final Four era as Mr. Quiambao admitted being disappointed with his performance in De La Salle’s deflating 30-point defeat in their first-ever UAAP finale date with UP.

Mr. Quiambao shot only four-of-10 from the field in 31 minutes of play and had a -22 efficiency as the triple-double threat forward struggled against a bevy of defenders thrown at him by the Fighting Maroons led by his former National University high school teammate Reyland Torres.

Mr. Quiambao averaged 16.7 points, 10.9 rebounds, 6.0 assists and 1.9 steals in almost 30 minutes of play in 14 games to win MVP with 97. 0 statistical points. He led second-place Rey Remogat (85.9) by over 11 SPs for a runaway fashion.

He’s set to be awarded tomorrow as the first local MVP since Ateneo’s Kiefer Ravena in 2014 and 2015 and the first local Green Archer since Don Allado’s back-to-back feat in 1998 and 1999

The last Green Archer to win MVP was Ben Mbala in 2016, which also happened to be De La Salle’s last UAAP championship.

Just two days before De La Salle’s finals stint, the four-peat champion teams of the Green Archers in 1998 to 2001 and in 2016 were feted in the ring ceremony at the school campus with the current team also gracing the event.

It’s now on Mr. Quiambao and the crew of coach Topex Robinson to turn that as a motivation as the Green Archers eye payback in Game 2 to force a winner-take-all duel. — John Bryan Ulanday

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