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LANDBANK, Customs bureau in payments system partnership

PHILSTAR FILE PHOTO

LAND BANK of the Philippines (LANDBANK) has entered into a partnership with the Bureau of Customs (BoC) to simplify the bureau’s payments system.

Under the partnership, the BoC will use LANDBANK’s Link.BizPortal to facilitate online payments for both government and private entities, the bank said in a statement on Monday.

“We at LANDBANK hope that our digital solutions and our Link.Biz platform will be able to accelerate collections. So we are doing our part as well for the efficient collection of government dues, and we are very much looking forward to this partnership,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.

The partnership will allow clients to pay their dues to the BoC online instead of having to visit LANDBANK branches.

The bank added that the partnership will enhance the operational efficiency of the BoC, reduce red tape, and improve overall service delivery. 

“Through LANDBANK’s Link.BizPortal, we are not only facilitating smoother transactions, but also fostering greater transparency and accountability. As we embark on this new chapter, let us continue to strive for greater efficiency in our operations,” Customs Commissioner Bienvenido Y. Rubio said.

Ms. Ortiz and Mr. Rubio signed the Memorandum of Agreement for the partnership on March 4.

The LANDBANK Link.BizPortal will add to the BoC’s existing payment systems, PAS6 and E2M, promising a more user-friendly online payment experience. 

LANDBANK added that the partnership supports the Adoption of Digital Payments for Government Disbursement and Collections, in line with Executive Order No. 170, and Republic Act No. 11032, or the Ease of Doing Business and Efficient Delivery of Government Services Act. — Aaron Michael C. Sy

MWSS applies to keep April water allocation unchanged at 50 cms

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE Metropolitan Waterworks and Sewerage System (MWSS) is seeking to keep its April water allocation unchanged at 50 cubic meters per second (cms).

“We just reiterated it in our letter last Friday to maintain the 50 cms for April as the March has been maintained,” Patrick James Dizon, head of the MWSS Angat/Ipo operations management division, told reporters on Monday, referring to a request it sent to the National Water Resources Board.

“We laid out the impact in case (of) a reduction in our allocation,” he said.

He estimated that any reduction could result in water interruptions of less than 12 hours during the nighttime hours between 10 p.m. to 4 or 6 a.m.

Angat Dam is the primary water source for Metro Manila, providing approximately 90% of the capital’s potable water.

As of Monday morning, the water level in Angat Dam was 201.48 meters, down from the 201.70 reading the previous day.

These readings were below the normal high-water level of 212 meters.

Mr. Dizon said that the water level in the reservoir recedes 17-19 centimeters per day.

However, he projected stable water levels for the reservoir, citing forecasts by the government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration).

“I’m still confident on the refilling of our reservoir based on the forecast of PAGASA of rainfall coming May and June because they said that rainfall over our watersheds will go back to normal,” he said. — Sheldeen Joy Talavera

Siemens healthcare unit to explore training, innovation, digital systems ventures in PHL

SIEMENS-HEALTHINEERS.COM

A SIEMENS AG unit, Siemens Healthcare, Inc., has submitted letters of intent (LoIs) to the Department of Trade and Industry (DTI) outlining plans to develop a training center, an innovation hub, and to enter partnerships in digital healthcare.

In a statement, Siemens Healthcare said the plans were submitted to the DTI during the German-Philippine Business Forum in Berlin, which was attended by Philippine cabinet members and business leaders from both countries.

“Each of the three LoIs reinforces the commitment Siemens Healthcare has in becoming a valued partner to contribute to further developing and revolutionizing the Philippine healthcare sector,” the company said.

The first LoI aims to designate a partner hospital into a radiology training center.

“A comprehensive program will be developed to further improve healthcare quality, such as a curriculum on the various aspects of mammography screening, including anatomy, pathology, imaging techniques and interpretation, safety, and patient care,” Siemens Healthcare said.

Meanwhile, the second LoI focuses on the development of an innovation hub serving students, researchers, and working professionals, with the aim of creating “disruptive” initiatives that will improve healthcare.

The third LoI aims to explore digital partnerships in healthcare with the Department of Health to enhance the healthcare infrastructure through initiatives like eHealth, digital health, and AI (artificial intelligence) capacity-building and training. — Justine Irish D. Tabile

‘Nearshoring,’ policy action may be needed if Red Sea crisis worsens

REUTERS

A WORSENING Red Sea crisis could require the government to overhaul its import supply chain with “nearshoring” initiatives, while forcing it to respond to price increases with policy tools, Oxford Economics said.

“In the case the conflict in the Red Sea exacerbates rapidly and impacts transportation costs on a much more wide basis, the Philippines could see import prices rise, feeding through to domestic prices,” Economist Makoto Tsuchiya of Oxford Economics Japan said in an e-mail.

“In the short term, government will have to shore up efforts through monetary and fiscal policy to contain the damage from higher prices on firms and households, but high public debt and limited fiscal space could be an issue here,” he said.

Yemen’s Houthi rebels have attacked cargo ships and tankers, affecting shipping traffic through the Red Sea. The northern part of the Red Sea leads up to the Suez Canal and accounts for around 12% of global trade or 30% of global container traffic.

“In general, we think the impact of what’s happening in the Red Sea has disproportionate impacts on Europe compared to Asia, given about three times more containers are brought from Asia into Europe than the other way around,” Mr. Tsuchiya said.

Meanwhile, Pantheon Chief Emerging Asia Economist Miguel Chanco said the rate cut in the Philippines could be an outcome of the Red Sea conflict.

“For now, we’re only seeing the crisis as a risk to our forecasts, which see average inflation in the Philippines softening to 3.2% from 6.0% last year, allowing the BSP (Bangko Sentral ng Pilipinas), in our view, to eventually cut rates by 100 basis points in total this year,” Mr. Chanco said in an e-mail.

The central bank last month kept its key rate at 6.5% — the highest in nearly 17 years — for a third straight meeting. The BSP has raised policy rates by 450 basis points (bps) between May 2022 and October 2023 to tame inflation.

Headline inflation accelerated to 3.4% in February from 2.8% in January, mainly due to increasing food, transport, and oil costs.

Mr. Chanco said the Red Sea disruptions would have minimal impact on the Philippines’ economic growth, which relies more on domestic demand than external trade.

Last year, The Development Budget Coordination Committee (DBCC) narrowed its gross domestic product growth target range to 6.5-7.5% from 6.5-8% previously.

The economy grew 5.6% in 2023, falling short of the DBCC’s 6-7% goal for the year and slower than the 7.6% expansion in 2022. — Beatriz Marie D. Cruz

EU, PHL announce plans to start FTA negotiations

REUTERS

THE European Commission (EC) and the Philippines, represented by the Department of Trade and Industry (DTI), said on Monday that both sides have agreed to start formal negotiations for a free trade agreement (FTA) aimed at increasing bilateral trade by 6 billion euros.

At a briefing in Brussels, EC Executive Vice-President Valdis Dombrovskis said that the conditions are suitable for the parties to take trade relations to the next level.

“The European Union (EU) is the Philippines’ fourth (largest) trading partner, and the FTA is projected to increase trade by up to 6 billion euros,” Mr. Dombrovskis said.

He said that trade in goods between the EU and the Philippines totaled 18.4 billion euros in 2022.

Trade Secretary Alfredo E. Pascual said that the formal start of the negotiations, for which he gave no date, follows a comprehensive stock-taking exercise that Philippine and EU officials undertook from September to December 2023.

“This process helped identify mutual ambitions and resolve issues lingering from the last negotiation round in 2017, setting a constructive tone for our discussions going forward,” Mr. Pascual said.

He said that the Philippines is emerging as a prime destination for foreign investment especially in areas related to climate change and ESG initiatives.

“As the center of economic growth shifts to the vibrant Southeast Asian region, the Philippines stands as a crucial ally of the EU and we’re ready to engage in meaningful economic reforms to make this happen,” he added.

He said that the FTA is anticipated to significantly expand market access in goods, services, and investments, enhance commercial interactions, create valuable opportunities, and establish reciprocal rules. — Justine Irish D. Tabile

SEC issues guidelines for eAMEND Portal

You may have watched Dune: Part Two by now. The movie is set in the year 10191. Despite being set on the future, one thing that most viewers will notice is the lack of modern technology. There are no phones or computers, nor robots or AI. Based on the book series, there was a war that left society relying on thinking machines for most aspects of life, while the other believed that doing so was harmful to humanity. Relatively, the latter ideology prevails. I, personally, understand and agree that modernization and advancement in technology, when utilized correctly, greatly benefits our daily activities.

The Securities and Exchange Commission (SEC) recently issued SEC Memorandum Circular (MC) No. 3-2024, which discussed the guidelines for the use of the Electronic Application for Modification of Entity Data (eAMEND) Portal. Previously, when applying for amendments to the Articles of Incorporation (AoI) and/or By-Laws (BL), one had to manually accomplish the amendment forms and submit them together with the hard copies of the amended AoI and/or BL and other requirements. Applicants had to physically wait for their queue number to be called from a long line of applicants in the SEC office. The documents were physically reviewed by an examiner and the applicant had to wait for at least a week before receiving the approved amended AoI and/or BL. Under the SEC MC 3-2024, in pursuit of sustainable practices, streamlined and automated processes, the SEC allowed amendment applications through the eAMEND portal which eases the amendment application process.

COVERAGE AND APPLICABILITY
Currently, the circular is only applicable to registered and active partnerships and corporations. One of the major changes presented by MC 3-2024 is the issuance of a digital certificate.

A. Applications subject to issuance of the digital certificate

The circular presents the following applications for the amendment of the AoI and/or BL where a digital certificate is issued:

I. Articles of Incorporation:

a. Change in principal office address;

b. Increase or decrease in the number of board directors or trustees;

c. Fiscal year for One Person Corporations (OPC); or

d. Deletion and/or addition of new provisions in the existing AoI except those provisions on purposes, capitalization, and reclassification of share.

II. By-Laws

a. Date of annual meeting of the stockholders or members; or

b. Amendment of fiscal year.

B. Applications subject to regular processing through the eAMEND Portal

On the other hand, the following applications for amendment are subject to regular processing through the eAMEND portal:

a. Amendment of partnership;

b. Dissolution of partnership;

c. Amendment of AOI and BL other than those indicated above;

d. Application for conversion of OPC to an ordinary corporation and vice versa; or

e. Application for increase of capital stock for OPC via cash.

It should be noted that those not mentioned above do not cover the application via the eAMEND Portal. Hence, any other applications not covered above must be filed via the official electronic mail of the SEC.

DOCUMENTARY REQUIREMENTS
A. Applications subject to issuance of the digital certificate

The eAMEND Portal also streamlined the required documents for amendment of the AoI or BL. The applicant is to submit a system-generated/downloaded cover sheet, and system-generated/downloaded, signed, and notarized or apostilled/authenticated Amendment Form. In addition to these two documents, applicants will also have to upload their compliance with the Monitoring Clearance requirement and the certification and/or favorable endorsement of appropriate government agencies for covered entities, if applicable.

B. Applications subject to regular processing through the eAMEND Portal

The required documents can be checked on the Commission’s latest citizen’s charter.

APPROVAL AND ISSUANCE OF CERTIFICATE
A. Digital certification

The Digital Certificate of Filing of Amendment will automatically be issued via the eAMEND Portal upon payment of the amendment fees. Subject to post-evaluation / post-audit, the original Certificate of Filing of Amendment will be released upon submission of the hard copies of the application documents.

B. Original certification

For those applications that are covered by regular processing, the original certificate of amendment will be issued upon submission of the hard copies of the application documents and payment of the required fees. No digital certification is to be issued through the eAMEND Portal.

PURGING AND CANCELLATION OF APPLICATION
The circular also authorizes the SEC to purge applications on the following grounds:

a. Failure to complete the application and to upload the requirements within 60 calendar days from the creation of the eAMEND Portal account;

b. Failure to comply with SEC’s compliance order within 30 calendar days from receipt of the e-mail compliance notifications;

c. Failure to pay the required fees within 45 calendar days from the Payment Assessment Form date.

In addition, the SEC may motu propio cancel the application for non-submission of the three original sets of the application documents that have been approved via the portal within the 30 calendar days indicated in the digital certificate. This also covers any non-compliance of any lawful order of the SEC in case of incomplete documents or if there are inconsistencies between the uploaded documents with the submitted hard copies.

The circular further provides that the amendment forms which will form part of the AoI and/or BL and any changes thereof will be considered official and legally valid when presented to other government agencies. The circular took effect on Feb. 23.

Although there is no timeline for the SEC to process and issue the digital or original certificates, we expect that by adopting this eAMEND portal, the processing time can be significantly shortened.  Looking forward, we may hope that additional transactions will be included in the eAMEND Portal. 

The eAMEND Portal is a great technological modernization of our transactions with the SEC, which is a welcome development to all stakeholders. This is a big step in easing the system for submitting amendment documents as well as the SEC’s processing time.

Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

 

Alexander M. Querido, Jr. is a manager from the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

pagrantthornton@ph.gt.com

Shares rise on remittance data, bargain hunting

PHILIPPINE STOCKS rebounded on Monday on higher cash remittances from overseas Filipino workers (OFWs) and as investors picked up bargains.

The benchmark Philippine Stock Exchange index (PSEi) climbed by 0.45% or 30.97 points to close at 6,853.29 on Monday, while the broader all shares index rose by 0.29% or 10.43 points to end at 3,570.89.

“After the steep decline last Friday, the local bourse went up by 30.97 points (0.45%) to 6,853.29 as investors sought bargains. The growth of overseas Filipinos’ cash remittances by 2.7% year on year in January, provided optimism as well,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

Data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances of OFWs coursed through banks increased by 2.7% to $2.836 billion in January from $2.762 billion in the same month last year.   

Month on month, the growth in cash remittances slowed to 2.7% from 3.8% in December. It was also the slowest pace of remittance growth since 2.6% posted in September.

The BSP expects OFW cash remittances to grow by 3% this year and next.

“Meanwhile, investors remained cautious ahead of the Federal Reserve meeting this week,” Ms. Alviar added.

The Fed will meet to discuss policy on March 19-20. Markets widely expect the US central bank to keep its target rate unchanged at 5.25-5.5% for a fifth straight meeting.

“Philippine investors brushed off the latest FTSE rebalancing last week as attention will focus on more US economic data. These include building permits, expected to come in at 1.5 million on Tuesday, and the interest rate announcement on Wednesday, with an anticipated rate of 5.5%,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The US Federal Reserve is likely to maintain the current interest rates, but there’s speculation about potential rate cuts starting in the second quarter of the year,” he added.

Back home, majority of sectoral indices closed higher, led by financials, which went up by 2.95% or 58.62 points to 2,043.49. Property increased by 0.63% or 17.51 points to 2,771.46; mining and oil went up by 0.27% or 22.45 points to 8,219.63; and industrials climbed by 0.12% or 11.39 points to 8,853.58.

Meanwhile, services declined by 1.05% or 19.33 points to 1,813.40 and holding firms fell by 0.4% or 26.21 points to 6,517.33.

“Among the index members, Metropolitan Bank & Trust Company gained the most by 6.83%, while LT Group, Inc. plunged the most by 6.31%,” Ms. Alviar said.

Value turnover fell to P6.3 billion on Monday with 2.21 billion issues switching hands from the P20.08 billion with 1.59 billion shares seen on Friday.

Advancers beat decliners, 101 against 97, while 39 names closed unchanged. Net foreign selling declined to P23.73 million on Monday from P4.3 billion on Friday. — R.M.D. Ochave

Peso weakens against the dollar as market awaits Fed policy meeting

THE PESO depreciated against the dollar on Monday amid hawkish expectations ahead of the US Federal Reserve’s policy meeting this week.

The local unit closed at P55.58 per dollar on Monday, weakening by five centavos from its P55.53 finish on Friday, Bankers Association of the Philippines data showed.

The peso opened Monday’s session weaker at P55.65 against the dollar. It dropped to as low as P55.70, while its intraday best was at P55.515 versus the greenback.

Dollars exchanged declined to $1.01 billion on Monday from $1.2 billion on Friday.

“The peso depreciated due to hawkish expectations prior to the US Federal Reserve policy meeting this week,” a trader said in an e-mail.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the Fed may adopt a hawkish tone following faster-than-expected US consumer and producer inflation last month.

The US central bank will meet to discuss policy on March 19-20.

The Fed held its target rate steady at the 5.25-5.5% range for a fourth straight time during its meeting in January. It raised borrowing costs by 525 basis points from March 2022 to July 2023.

The peso was also dragged down by a generally stronger dollar on Monday and higher global crude prices recently, Mr. Ricafort added.

For Tuesday, the trader said the peso could rebound against the dollar amid expectations of a rate hike by the Bank of Japan.

The trader sees the peso moving between P55.45 and P55.70 per dollar on Tuesday, while Mr. Ricafort expects it to range from P55.50 to P55.70. — A.M.C. Sy

Philippine Senate eyes more military outposts for more effective sea patrols

PHILIPPINE COAST GUARD PHOTO

THE PHILIPPINES should set up more naval bases and military outposts to assert its sovereign rights over maritime territories amid Chinese incursions, a senator said on Monday.

“The establishment of forward operating bases for the Philippine Navy would enhance our maritime capabilities, enabling us to effectively patrol and protect our vast maritime domain,” Senator Francis N. Tolentino, told a hearing on Monday.

The lawmaker, who heads the Senate special committee on maritime and admiralty zones, said these outposts would be smaller than major naval bases and cost less to build, or about P1 billion.

The Senate committee is looking at Senate Bill 654, which seeks to establish outposts in 12 areas including in the provinces of Palawan, Zambales and Batanes.

The Philippine Navy is open to accommodate troops from the Armed Forces of the Philippines and the Philippine Coast Guard while operating these bases, Emillio G. Orio, Jr., assistant chief of naval staff for plans, told senators.

The Philippine Coast Guard on March 4 deployed a patrol vessel for a two- week mission to Benham Rise and Batanes in northern Philippines after Chinese vessels were spotted in the area.

The military on March 12 said it had spotted about 50 Chinese vessels within the country’s exclusive economic zone in the South China Sea.

The Senate last month approved on third and final reading a bill that will set up maritime zones in the South China Sea and Benham Rise in the West Pacific.

The National Mapping and Resource Information Authority last year said it would finish mapping Philippine territories in the waterway by 2028.

The South China Sea is a conduit for more than $3 trillion (P167 trillion) worth of ship-borne commerce each year and is a major source of tension between the Philippines and China.

“These bases will serve as a strategic outpost allowing our Navy to swiftly respond to any threat or challenge that may arise in our waters, including calamities,” Mr. Tolentino said.

“These forward operating bases are to be established as naval and military facilities that can immediately carry out the Philippine Navy’s mandate in the country’s far-flung areas and as potential sites for future upgrades and expansion,” he added.

Almost 200 Chinese militia ships were present near disputed areas of the South China Sea on any given day last year, or a 35% increase, the Asia Maritime Transparency Initiative (AMTI), a United States think tank said.

“The data show that China’s militia is as active as ever,” it said in a report released on Feb. 28. “An average of 195 militia ships were seen across these features on any given day in 2023, an increase of 35% from AMTI’s last observation of the militia over a 12-month period in 2021-2022.”

It said more than 180 militia ships were spotted at Mischief Reef, which the Philippines calls Panganiban, from July 2023 “after only a minimal presence in the months prior.”

The think tank used satellite imagery of 10 features in the waterway that were frequented by Chinese militia ships. — John Victor D. Ordoñez

Marcos vows justice for soldiers slain in ambush

A BOY reads the Koran at the Golden Mosque in Quiapo, Manila on the eve of Ramadan. — PHILIPPINE STAR/ RUSSEL PALMA

By Kyle Aristophere T. Atienza, Reporter

PRESIDENT Ferdinand R. Marcos, Jr. on Monday vowed swift justice for four soldiers who got ambushed by an Islamic State-inspired group in southern Philippines on Sunday.

“We strongly condemn the cowardly ambush that targeted four of our courageous soldiers in Maguindanao del Sur on March 17,” he posted on social media platform X. “This despicable act only strengthens our resolve to eradicate terrorism from the region and our entire nation.”

The ambush allegedly by the group Dawlah Islamiya happened days after Filipino Muslims started their month-long fasting for Ramadan.

It was said to be in retaliation for the death of the terror group’s 26 followers in separate state operations in the provinces of Maguindanao del Sur and Sultan Kudarat in the past two years, according to a report by the Philippine Star, citing text messages from the Bangsamoro Islamic Freedom Fighters (BIFF), which has ties to Dawlah Islamiya.

The President said the government would provide benefits and assistance to the victims’ families, adding that it would boost anti-terror efforts.

“Let this tragic event unite us in our unwavering commitment to a safer, stronger and insurgency-free Philippines,” he said. “Together, we shall prevail against these acts of violence.”

The Armed Forces of the Philippines in a statement vowed to hunt down and neutralize the attackers.

In a reply to Mr. Marcos’ X post, former Senator Panfilo M. Lacson said the country’s 2020 Anti-Terror law “punishes inchoate offense.”

“Its purpose is to help save lives by conducting preemptive strikes against terrorists,” said Mr. Lacson, who is an ex-national police chief. “They only need to be equipped with good, actionable intelligence in this regard.”

The Anti-Terrorism Act of 2020, which repealed a 2007 Human Security Act, had faced more than 30 lawsuits at the Supreme Court, with critics fearing that it could be used to stifle dissent.

In 2021, the High Court voided a clause in the law that says a protest could be considered terrorism if it is intended to cause death or physical harm or to create a serious public safety risk. That provision was “overbroad and violative of freedom of expression,” it said.

It upheld warrantless arrests and the 24-day detention of suspects.

The BIFF is a splinter group of the Moro Islamic Liberation Front, which entered into a peace agreement with the government in 2014, paving the way for the creation of the Bangsamoro Autonomous Region in Muslim Mindanao in 2019.

Last month, four Philippine soldiers were killed, and four others were injured in a military encounter with the Dawlah Islamiyah-Maute Group in Lanao del Norte.

The military said two members of the extremist group were killed in the operation, adding to the deaths of 18 Dawlah Islamiyah-Maute Group members, including the alleged mastermind of the blast at the Mindanao State University in December.

The bombing happened while a Catholic mass was being held in the university’s gymnasium, killing 11 people.

Marawi City is still recovering from a five-month war in 2017 between state forces and the Maute group.

Meanwhile, Mr. Marcos touted at an oath-taking ceremony for new star-rank police officers that crimes in the country went down to 207,143 in 2022 from 295,382 in 2017.

“We brought it down further to 198,617 in the first full year of this administration,” he said in a speech.

Mr. Marcos also said index crimes fell to 38,436 last year from 107,899 in 2017.

“Compared with January to February of last year, there were fewer cases of theft, robbery, carnapping, rape and physical injury,” he said. “And we have done it without resorting to legal shortcuts, or short-circuiting the process or acts that subvert the rule of law.”

Mr. Marcos also said human rights violations in the Philippines dropped by 50% last year from 2022.

“It proves that rules that strengthen the fabric of our democracy, rules that our heroes had died for, rules enshrined in our Constitution, are not inconveniences in policing but are in fact integral and indispensable in serving justice,” he said.

“We should not be content with the current decrease in crime rates,” Mr. Marcos said. “While the statistics can be counted, and crime incidents reduced, even in their diminished state, the disturbance they cause is still immeasurable.”

House wants to work with Senate on ‘Cha-cha’

BW FILE PHOTO

THE HOUSE of Representatives wants to work with senators on proposed constitutional amendments to minimize legal challenges, a congressman said on Monday.

“It is important for us to work with the Senate on this so that we can limit the possible constitutional challenges that Resolution of Both Houses No. 6 and No. 7 will face,” Deputy Speaker and Quezon Rep. David C. Suarez told a news briefing.

The House expects critics to question the validity of Charter change at the Supreme Court.

Party-list Rep. Ramon Rodrigo L. Gutierrez said they expect critics to question the process used by the House in lifting foreign ownership limits in the 1987 Constitution. “There is always a question of procedure and we’ve always said that,” he told the same briefing.

Congressmen have introduced changes to the Charter by treating it like a regular House bill. The House is expected to approve it on final reading before it goes on a monthlong break this week after passing it on second reading last week.

There is also the question about whether constitutional amendments should be approved by the Senate and House voting separately or as one body.

The Senate has issued a manifesto saying it would not let the House dilute its Charter change (“Cha-cha”) vote by insisting on the entire Congress voting as one body.

“Because this hasn’t been experienced before, there are many questions regarding the legal process,” Mr. Suarez said. “I hope that our counterparts in the Senate will find enough time on their hands to approve the same.”

Congress will go on a break from March 23 to April 28. — Kenneth Christiane L. Basilio

Senate OK’s Bulacan ecozone bill

SENATE.GOV.PH

THE SENATE has approved on third and final reading the bill seeking to set up the Bulacan Ecozone and Freeport Authority with the goal of attracting more foreign investment and creating more jobs.

In a 22-0-0 vote, senators approved on Monday Senate Bill No. 2572, which will create the Bulacan Airport City Special Economic Zone and Freeport Authority,  a body that will manage and operate the ecozone.

Under the measure, the Bulacan Airport City Special Economic and Freeport Zone and Freeport Authority will be given capital stock of P2 billion, with most of its shares being paid for by the national government and local governments covering Bulacan.

The body will be under the direct control of the Office of the President.

About 40% of the corporate income tax collected from the zone will go to the national government, 20% to the body operating the ecozone for infrastructure development, and 40% to the local government. 

The body operating the ecozone is tasked come up with a development plan that would include a list of projects within the ecozone.

The Department of Environment and Natural Resources (DENR) will be in-charge of overseeing environmental concerns within the ecozone.

“I have high hopes for this ecozone that it will spur investment, create more jobs and will actually be that model, not just here in the Philippines, but all over Asia, that would hopefully increase our gross domestic product,” Senator Grace N. Poe-Llamanzares, who heads the committee on economic affairs, said.

Senate Majority Floor Leader Emmanuel Joel J. Villanueva, who hails from Bulacan, said the ecozone could generate up to 1.2 million jobs and bring in as much as P130.9 billion in investments. — John Victor D. Ordoñez

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