BCDA’s remittance to beneficiaries declines 54% in 2023

June 20, 2023 | 12:01 am

THE Bases Conversion and Development Authority (BCDA) remittance to the Bureau of the Treasury declined by 54% from P7.21 billion in 2023.

For this year’s remittance, the BCDA allotted P3.31 billion to the Armed Forces of the Philippines, representing a major portion of the agency’s disposition proceeds, the development corporation said on Monday.

“This year’s contributions declined… due to the delay in the clearing and turnover to the developer of a portion of the Bonifacio South Pointe property caused by the COVID-19 pandemic,” the BCDA said in a statement.

For other beneficiaries, the BCDA remitted P235.08 million in contributions. These include the National Housing Authority, Department of Public Works and Highways, Department of Transportation, Department of Science and Technology, Department of Social Welfare and Development, and Department of Labor and Employment, among others.

Meanwhile, the cities of Makati and Taguig as well as the Pateros municipality were provided P4.79 million.

BCDA Acting President and Chief Executive Officer Joshua M. Bingcang said that the agency will always ensure to give the biggest chunk of its gross disposition income each year.

“Our consistent contribution to the military is possible through great efforts to sustain our robust financial standing, bolstered by excellent collection efforts and sound management,” he said in a statement.

Since its establishment in 1992, the cumulative contributions of the BCDA to the AFP have amounted to P59.71 billion, accounting for 44.34% of the P134.66 billion disposition proceeds as of end-2022.

The BCDA generates income from the sale, lease or joint venture arrangements with private sector partners in former military camps in Metro Manila.

The proceeds from these revenue-generating activities are remitted to the Bureau of the Treasury every year, which are then allocated by the Department of Budget and Management to the AFP and other beneficiary agencies. — Justine Irish D. Tabile

Filinvest Land to expand Cebu township City di Mare

June 20, 2023 | 12:01 am

FILINVEST Land, Inc. (FLI) is planning to further develop its Cebu township City di Mare by adding new civic spaces and improving in-city mobility.

“We recognize the importance of civic spaces and in-city mobility enhancing the quality of life for Cebuanos. Thus, FLI is committed to creating a thriving community at City di Mare in Cebu City,” Filinvest Townships First Vice-President Don Ubaldo said in a statement.

“As part of our dedication to the city’s goals, we will be developing these new features to benefit the community,” Mr. Ubaldo added.

City di Mare, a 58-hectare development in Cebu, covers a 40-hectare mixed-used area and a 10-hectare commercial sector.

“It is also home to Cebu City’s first-ever pump track for active bicyclists,” the company said.

The company said that planned civic spaces will have multi-use sports fields — approximately two football fields, while another area will be a leisure space including but not limited to bazaars, cultural spaces, food stalls, and interim pop-up attractions.

“The planned civic spaces at City di Mare are envisioned to serve Cebu City’s residents, similar to parks, and may even serve as emergency evacuation areas if needed,” the company said.

The new areas will add to the township’s park areas, which currently feature brand-new recreational amenities including play and exercise equipment, and the City di Mare Events Grounds where the 2023 Sinulog Festival was held.

Additionally, the company is also planning to add new sidewalks, widen existing roads, add new access roads leading into the development, and build a pedestrian bridgeway connecting the township to FLI’s IL Corso mall.

The company said that it will also further develop the property’s coastal area in an effort to support the Cebu City government’s goal to improve the location’s “coastal experience.”

“These spaces will not only provide residents with recreational areas but also contribute to the overall resilience and sustainability of the city. We look forward to working closely with the local government and community to bring these plans to fruition,” he said.

Meanwhile, the company has also acquired an 8.1-hectare property aimed to be a mixed-use development, which will feature residential, commercial, office, and retail components in South Road Properties, Cebu City. — Adrian H. Halili

Bill Cosby sued for sexual assault by nine women in Nevada

June 20, 2023 | 12:01 am

Nine women have filed a lawsuit in Nevada accusing comedian Bill Cosby of sexual assault, the latest in a long series of misconduct allegations against the once-beloved entertainer.

The alleged assaults took place between 1979 and 1992 in various locations in Nevada, including in Mr. Cosby’s backstage dressing room and his Las Vegas hotel suite, according to the lawsuit, which was filed on Wednesday in federal court in Nevada.

The complaint arrived just weeks after the state enacted a “lookback” law eliminating a two-year window for sexual assault victims to bring civil claims, following the lead of several other states.

More than 60 women have leveled accusations stretching back decades against Mr. Cosby, who was once known as “America’s Dad” for his role in the 1980s television comedy The Cosby Show.

Now 85, Mr. Cosby was the first celebrity to be convicted in the #MeToo era, when a Pennsylvania jury found him guilty in 2018 of sexually assaulting Andrea Constand, an employee at his alma mater Temple University in Philadelphia, in 2004.

He spent three years in a Pennsylvania prison before the state’s Supreme Court threw out his case in 2021, ruling that he should not have faced charges after striking a non-prosecution deal with a previous district attorney years earlier.

In a statement, Mr. Cosby’s spokesperson, Andrew Wyatt, criticized “lookback” laws and said his accusers “are not fighting for victims — but for their addiction to massive amounts of media attention and greed.”

The Nevada lawsuit accuses Mr. Cosby of drugging each victim with drinks or pills before assaulting them, a pattern that matches allegations from other women, including Ms. Constand.

Mr. Cosby faces other legal claims as well. A former Playboy model sued him this month, alleging he assaulted her in 1969. The plaintiff is taking advantage of a California law that lifted the statute of limitations on such claims.

Lili Bernard, one of the plaintiffs in Nevada, has separately sued Mr. Cosby in New Jersey for an alleged assault in 1990 under a similar law.

Last year, a California jury found that Mr. Cosby sexually assaulted teenager Judy Huth at the Playboy Mansion in 1975 and ordered him to pay her $500,000. — Reuters

How PSEi member stocks performed — June 19, 2023

June 20, 2023 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, June 19, 2023.

How affordable are Metro Manila’s home prices compared with its peers in the region

June 20, 2023 | 12:00 am

Metro Manila’s home affordability ratio — the share of median home price to median annual household income — is one of the highest (most expensive) in the region after the cities in China, Vietnam, Hong Kong, and Indonesia, according to a report by Urban Land Institute (ULI). Median home price in Metro Manila is 24.8 times higher than its median annual household income in 2023, data from the latest ULI Asia-Paciﬁc Home Attainability Index showed. The ratio of the Philippine capital is higher than Metro Cebu’s 23.3 and City of Davao’s 16.1.

World Competitiveness Ranking 2023

June 20, 2023 | 12:00 am

THE PHILIPPINES dropped four spots in an annual global competitiveness report amid global inflation, public health crises, and geopolitical concerns. Read the full story.

Peso climbs to near one-month high vs dollar

June 19, 2023 | 9:00 pm

THE PESO strengthened to a near one-month high against the dollar on Monday as the Bangko Sentral ng Pilipinas (BSP) is expected to keep its benchmark rates steady this week following a similar decision by the US Federal Reserve.

The local currency closed at P55.74 versus the dollar on Monday, up by 12 centavos from Friday’s P55.86 finish, data from the Bankers Association of the Philippines’ website showed.

This was the peso’s strongest close since its P55.725-per-dollar finish on May 23.

The local unit opened Monday’s session at P55.845 per dollar. Its weakest showing was at P55.97, while its intraday best was at P55.70 against the greenback.

Dollars traded rose to $1.11 billion on Monday from the $969.15 million seen on Friday.

Expectations of a continued pause from the BSP following the Fed’s decision last week boosted the peso, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Fed decided to keep its target interest rate steady at 5-5.25% during its June 13-14 meeting, the first pause after it hiked borrowing costs by a total of 500 basis points (bps) for 10 straight meetings since March last year.

Meanwhile, the BSP is expected to keep benchmark interest rates steady for a second straight meeting on Thursday, as 15 economists in a BusinessWorld poll all expect the Monetary Board to maintain the overnight repurchase rate at 6.25% this week.

If realized, this would be the second straight meeting the BSP will leave interest rates untouched. The central bank had raised borrowing costs by 425 basis points from May 2022 to March 2023 to help bring inflation down.

“The peso appreciated after the BSP projected an improved balance of payments (BoP) for the year,” a trader said in an e-mail.

The BSP last week said it expects the country’s BoP position to end the year at a deficit of $1.2 billion, or -0.3% of gross domestic product (GDP), down from the $1.6 billion (-1.3% of GDP) forecast given in March.

For Tuesday, the trader said the peso could strengthen further against the dollar as the market awaits the BSP’s policy meeting.

The trader sees the peso moving between P55.60 and P55.85 per dollar on Tuesday, while Mr. Ricafort expects it to trade from P55.65 to P55.85. — A.M.C. Sy

PHL shares fall as market awaits BSP meeting

June 19, 2023 | 9:00 pm

LOCAL EQUITIES declined on Monday as investors wait for fresh leads ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting this week.

The Philippine Stock Exchange index (PSEi) fell by 58 points or 0.89% to end at 6,450.34 on Monday, while the broader all shares index went down by 25.87 points or 0.74% to close at 3,441.24.

“This Monday, the local bourse dropped by 58.00 points (0.89%) to 6,450.34 following a negative spillover from the US markets last Friday. Investors also took some gains after the two consecutive days of market rally while waiting for the meeting of the Bangko Sentral ng Pilipinas (BSP) this week,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“The market took a breather and fell below the 6,500 support level as investors await fresh leads, including the BSP’s policy rate decision and guidance,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said.

Mr. Colet said investors stayed on the sidelines while awaiting overseas events, including the congressional testimony of US Federal Reserve Chairman Jerome Powell this week.

The S&P 500 ended lower on Friday, weighed down by Microsoft and other market heavyweights as comments from two Federal Reserve officials curtailed optimism that the central bank is nearing the end of its aggressive interest rate hikes, Reuters reported.

The S&P 500 fell 0.36% to end the session at 4,409.77 points; the Nasdaq declined 0.68% to 13,689.57 points; while the Dow Jones Industrial Average declined 0.31% to 34,301.03 points.

Meanwhile, the BSP is expected to keep benchmark interest rates steady for a second straight meeting on Thursday after inflation eased further last month and the Fed likewise paused its tightening cycle last week.

Fifteen economists in a BusinessWorld poll last week all expect the Monetary Board to maintain the overnight repurchase rate at 6.25% during its June 22 meeting.

If realized, this would be the second straight meeting the BSP will leave interest rates untouched. The central bank had raised borrowing costs by 425 basis points from May 2022 to March 2023 to help bring elevated inflation down.

All sectoral indices fell on Monday except for mining and oil, which rose by 93.22 points or 0.94% to end at 9,919.72.

Meanwhile, holding firms declined by 85.04 points or 1.31% to 6,364.39; property dropped by 29.01 points or 1.08% to 2,639.35; industrials lost 93.72 points or 1.01% to end at 9,153.60; financials went down by 7.63 points or 0.41% to 1,835.58; and services decreased by 6.58 points or 0.43% to 1,522.57.

Value turnover dropped to P4.22 billion on Monday with 483.71 million shares changing hands from the P53.51 billion with 993.78 million issues traded on Friday.

Decliners outnumbered advancers, 112 versus 60, while 50 names closed unchanged.

Net foreign selling stood at P496.22 million on Monday versus the P6.06 billion in net buying seen on Friday. — A.H. Halili with Reuters

LRT 1 and 2 cleared to adjust fares on Aug. 2

June 19, 2023 | 8:18 pm

02-LRT-1-EG — PHILIPPINE STAR/EDD GUMBAN

THE Department of Transportation (DoTr) has approved an Aug. 2 fare hike by Light Rail Transit (LRT) Lines 1 and 2, after the Palace had intervened to halt the original adjustment plan to seek a review.

In a statement, the DoTr said Secretary Jaime J. Bautista cleared the way for a fare hike following a cabinet meeting on June 6.

President Ferdinand R. Marcos, Jr. had asked in April that the fare hike plan be reviewed.

The approval follows the release of favorable inflation and employment indicators, the DoTr said.

In May, the consumer price index slowed to 6.1% from 6.6% in April. It remained higher than the year-earlier rate of 5.4% a year earlier.

Meanwhile, the unemployment rate fell to 4.5% in April from 4.7% in March. A year earlier, the reading had been 5.7%.

Assistant Transport Secretary for Railways Jorjette B. Aquino said that the fare adjustment will go towards enhancing services, amenities, and technical capabilities of the two commuter lines.

“We are aiming to make our rail services more accessible, convenient, and efficient for commuters,” Ms. Aquino said.

The DoTr’s Rail Regulatory Unit had previously approved the petitions seeking to increase the train boarding fee by P2.29 with an additional 21 centavos for every kilometer traveled on LRT 1 and 2.

The LRT 1 and 2’s minimum boarding fee thus becomes P13.29 plus P1.21 per kilometer for every kilometer traveled.

The Light Rail Transit Authority (LRTA) plans to allocate about P110 million, or about 97% of the projected P114 million in additional rail revenue, for maintenance, operating expenses, and repair and upkeep of crucial rail systems and facilities, Ms. Aquino said.

“This will improve the turnaround time of equipment and ensure timely preventive maintenance activities for optimal performance,” she added.

In order for the fare adjustment to be effective, the LRTA and the Light Rail Manila Corp. must publish the approved fare adjustments in at least one newspaper of general circulation for three consecutive weeks.

“After which, 30 days after the last publication date will be the collection date — Aug. 2,” she said.

Deputy Minority leader and ACT Teachers Party-list Representative France L. Castro declared her opposition to the fare hike, noting that inflation remains high.

“Commuters are still reeling from the high prices of goods and services due to inflation, and they do not even feel that inflation is slowing down with their low wages. The proposed fare hike for LRT 1 and 2 will only add to their burden,” Ms. Castro said in a statement.

She said that public transportation is a basic service that should be accessible and affordable for all.

“The government should provide adequate subsidies to ensure that the fare remains affordable for the commuting public,” she added.

Ms. Castro said that the DoTr should reconsider the proposed fare hike and instead look for alternative solutions that will improve the quality of public transportation without burdening commuters. — Justine Irish D. Tabile

Falling Angat levels could lead to MWSS water allocation cut in July

June 19, 2023 | 8:18 pm

THE National Water Resources Board (NWRB) said it is considering reducing the water allocation for the Metropolitan Waterworks and Sewerage System (MWSS) next month due to the decline in Angat Dam water levels.

“The water level in Angat Dam continues to drop; we need to control the releases to ensure we have enough water supply,” Sevillo D. David, Jr., NWRB executive director, said in a Laging Handa briefing on Monday.

He said that the NWRB must find a water allocation that can still support the water requirements of Metro Manila and nearby provinces, which are supplied principally from Angat.

Last week, the NWRB approved the request of the MWSS to extend the 52 cubic meters per second (CMS) water allocation from June 16 until the end of month.

The NWRB had previously agreed to raise the allocation to 52 CMS for June 1-15. MWSS normally draws 48 CMS from Angat Dam.

The government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), reported that the water level in Angat Dam declined to 186.15 meters early on June 19, from 186.55 meters a day earlier.

Angat’s minimum operating level is 180 meters.

Angat accounts for about 90% of the capital region’s potable water.

Mr. David said that due to the expected El Niño dry spell, preparations to address any potential water shortages should be in place as early as now.

The El Niño phenomenon is expected to manifest between June and August at an 80% forecast probability, and may persist until the first quarter of 2024, PAGASA said. — Ashley Erika O. Jose

Philippines, India agree to cooperate in developing fintech

June 19, 2023 | 8:17 pm

mobile payment -wallet application — REUTERS

THE PHILIPPINES has signed an agreement with India to collaborate on the development of financial technology (fintech), the Department of Finance (DoF) said.

In a statement on Monday, the DoF said Finance Secretary Benjamin E. Diokno and Ambassador of India to the Philippines Shambhu Santha Kumaran signed a memorandum of understanding (MoU) declaring the two sides’ intent to cooperate on fintech.

“On the one hand, India is a rising economic powerhouse, with a forte in digital technology. On the other, the Philippines hosts a young and tech-savvy talent pool that can provide the intellectual capital needed to succeed in the digital economy. Clearly, the possibilities between our two economies are boundless,” Mr. Diokno said.

Under the MoU, a joint working group will be created with India’s Department of Economic Affairs (DEA) Ministry of Finance. The group will be co-chaired by the DoF and the DEA.

“The creation of a JWG is expected to facilitate inter-governmental discussions on the exchange of best practices to improve policies and regulatory connection, promote cooperation in the development of fintech solutions for business or financial sectors, and develop international standards by encouraging the creation of an international version of Application Programming Interfaces (API),” the DoF said.

On the Philippine side, the group will be composed of the Department of Foreign Affairs, National Economic and Development Authority, Bangko Sentral ng Pilipinas, Department of Information and Communications Technology, Securities and Exchange Commission, Insurance Commission, and the Philippine Statistics Authority.

The Indian side will be represented by the DEA, Ministry of Electronics and Information Technology, Union Identification Authority of India, Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory Development Authority of India, Pension Fund Regulatory and Development Authority, Ministry of External Affairs, International Financial Services Centres Authority, and Indian Computer Emergency Response Team. — Luisa Maria Jacinta C. Jocson

BIR disavows online sellers offering TIN cards, registration services

June 19, 2023 | 8:17 pm

THE Bureau of Internal Revenue (BIR) warned the public against obtaining Taxpayer Identification Number (TIN) cards from unauthorized online sources.

The BIR reported the discovery of service providers on Facebook, Shopee, and Lazada, offering assistance in obtaining TIN cards.

“These offers of TIN ID assistance posted in online channels or selling platforms are not authorized by the BIR and are, therefore, considered illegal. Please do not be deceived or misled by such offers,” Commissioner Romeo D. Lumagui, Jr. said in a statement.

The BIR said it is working with representatives from Shopee and Lazada to stop the offer of services.

Since 2019, the agency has conducted entrapment operations and arrested parties offering such services in Pangasinan, Cebu, Bukidnon, Quezon, Laguna, and the Cordillera Administrative Region.

“The offenders were apprehended, and legal proceedings were initiated to ensure that appropriate penalties were imposed on them. Said arrests and filing of criminal cases highlight the seriousness of the BIR in addressing the proliferation of unauthorized TIN issuance and selling of TIN cards,” it added.

The BIR also noted that TIN cards cannot be sold, are free of charge, and do not require a third-party service. TIN numbers and cards can only be issued by the BIR.

“Do not get TIN or TIN cards from unauthorized BIR personnel, non-BIR personnel or through Facebook, Shopee, Lazada and other online selling platforms, because they are considered illegal, fraudulent and fake,” Mr. Lumagui said.

The BIR said that selling TIN card and TIN registration services “not only poses serious legal implications but also undermines the integrity of the taxation system and the revenue-generation efforts of the BIR.”

“These illicit activities may lead to identity theft, tax fraud, and other unlawful activities that could harm both individuals (who will avail of such services) and the economy as a whole,” it added. — Luisa Maria Jacinta C. Jocson