Dining In/Out (12/29/22)

December 29, 2022 | 12:02 am

1 of 4

Crimson parties like its 1999

CRIMSON Hotel in Filinvest, Alabang will host a New Year’s Eve countdown party called “Party Like it’s 1999” on Dec. 31, 9 p.m., at the Crimson Grand Ballroom. Guests are encouraged to wear their best 1990s threads. Tickets cost P3,500 for guests 11 years old and above, while those between 2-11 years of age cost P2,500. There will be a buffet, live entertainment, and New Year’s Eve treats. For details, send a message via Viber at 0998-590-0428.

Newport’s New Year’s Countdown to 2023

NEWPORT World Resorts is capping off The World of Christmas festivities with a New Year’s Countdown to 2023. The festivities will feature performances from Lani Misalucha and Gigi De Lana at the Newport Performing Arts Theater (NPAT) on Dec. 31, starting at 9 p.m. Ms. Misalucha will perform her classic hits with multi-instrumentalist Mel Villena and the AMP Big Band while Ms. De Lana will be accompanied by her band, The Gigi Vibes. The event will be hosted by Nicole Laurel Asensio. Ticket holders will receive a special prize and F&B vouchers worth P1,000 valid from Dec. 26 to Jan. 7. Meanwhile, the Concert and Chill package, for those looking for an entertaining and no-fuss evening, is available for P18,888 net, and includes an overnight stay at Holiday Inn Express Manila-Newport City with a New Year’s Eve dinner at The Great Room for two. It also comes with two bronze tickets to the Power Divas New Year’s Eve Concert at the Newport Performing Arts Theater, and two complimentary drinks at the Bar 360 New Year Countdown party. Tickets to the Power Divas New Year’s Eve Concert are available at all TicketWorld and SM Tickets outlets with prices ranging from P3,000 to P13,800. For inquiries, contact the Newport World Resorts National Sales Team (0917-823-9602, 0917-658-9378), or call Ticketworld (8891-9999), or SM Tickets (8470-2222). For a special New Year’s Eve dinner, Holiday Inn Express Manila — Newport City will offer the Holiday Feast buffet at the outdoor hang-out spot Jardin, and the Great Room on Dec. 31. The dinner buffet features the festive offerings of Newport World Resorts’ signature restaurants, Casa Buenas, Garden Wing Cafe, Ginzadon, Silk Road, Silouge, and Victoria Harbor Cafe, all in one place for P2,500 +. Meanwhile, the Manila Marriott has a buffet of New Year’s Eve for P2,688 net. The Sheraton Manila Hotel will offer Korean New Year menu sets await at Oori for New Year’s Eve to New Year’s Day, starting at P1,600 net.

Staycation and celebration at Eastwood Richmonde

EASTWOOD Richmonde Hotel is the place to be on Dec. 31 with the New Year’s Eve Room Packages at rates starting at P9,600 net inclusive of brunch buffet for two, and P12,600 net for a night of revelry with two tickets to the New Year’s Eve Countdown Party and buffet brunch for two. For an extended holiday from Jan.1 to 15, rates start at P4,950 net with breakfast buffet for two. All room and package rates are inclusive of taxes, Wi-Fi access, complimentary use of the pool, and parking for one vehicle. Bid 2022 adieu with a fun blast from the past at the Rockin’ Retro New Year’s Eve Countdown Party at the hotel lobby from 9 p.m. to midnight on Dec. 31. For P1,799 net, there will be flowing drinks and an international-themed cocktail buffet featuring Chinese (sharks fin soup, lechon Macao, siomai, spring rolls, butchi), Japanese (tuna and salmon sashimi, oyster iburi, dragon roll), Western (beef sliders, chicken wings, sausages, chicken and waffles, shrimp cocktail), South American (birria tacos, Peruvian chicken, tostones, ceviche), Spanish (chorizo pardon, gambas, salpicao, boquerones, queso), and Korean (kalbi rice balls, tteokbokki, soy peanuts) cuisines. There are assorted cakes too. Drink all the sodas, house cocktails, and local beer as you can while dancing the night away to throwback music performed live by the Brown Soul Band. At midnight, toast the new year with a glass of sparkling wine. After a night of partying, keep the merriment going with a hearty New Year’s Day Brunch Buffet, served at the Ballroom from 10 a.m. to 2 p.m. for P1,550 net. Set the tone for prosperity and abundance in 2023 with a bountiful buffet loaded with turkey ham, honey bacon slab, lechon baka, sausage patties, baked oysters, salmon coulibiac, and pancakes, eggs, and taho at the live stations. Drinks include coffee, tea, hot and cold chocolate, chilled juice, iced tea, and winter coffee latte. All buffet offers are free for children five years old and below while children six to 12 years old get a 50% discount on the full price. For inquiries and bookings, call 8570-7777, 0917-531-6867 or e-mail stay@eastwoodrichmonde.com. For table reservations, call 0917-821-0333 or send a message via Eastwood Richmonde Hotel’s official Facebook page.

Foodpanda extends Pandago express delivery to PHL

CUSTOMERS of foodpanda in the Philippines, Thailand, and Taiwan can now enjoy the convenience of instant deliveries of small parcels with the launch of Pandago, foodpanda’s on-demand, express delivery service for customers. After its initial launch in Singapore in August, foodpanda has now extended Pandago to customers in Davao in the Philippines, Taipei in Taiwan, and Thailand, with more cities to come in the next few months. The service offers customers a fuss-free and reliable solution particularly for time-sensitive deliveries such as keys, gifts, medications, and essential documents within 60 minutes via the pandago feature on the foodpanda app. The feature is also available 24/7. Delivery fees start at a base fee, with an additional per-kilometer distance-based fee in the respective countries.

The Bistro Group ends 2022 with 136 stores

THE BISTRO Group has announced that in 2022, the company opened 41 stores, ending the year with a total of 136 stores nationwide. “After meeting the extraordinary challenges of the past two years, we aim to seize opportunities to thrive in the changing world of business,” said The Bistro Group president, Jean Paul Manuud, in a statement. The company has expansion plans for 2023 which involves the opening of more branches of existing concepts and the introduction of new brands, both local and international. In January alone, there will be multiple openings of Randy’s, Bulgogi Brothers, Olive Garden, and Texas Roadhouse. Fogo de Chão, an experiential restaurant from Brazil known for churrasco with whom Bistro signed a development agreement last year, will be launched next year. “We are also currently in talks with well-known international restaurant concepts in the fine and casual dining space that have expressed their interest in partnering with us to launch their brands in the country,” Mr. Manuud said. The scope of Bistro Group’s expansion stretches across practically all restaurant concepts, from American brands like TGIFridays, Denny’s, Italianni’s, Texas Roadhouse, and Hard Rock Café to Asian brands Watami, Bulgogi Brothers, and Modern Shang as well as the Spanish concepts like Las Flores.

US House bans Chinese video app TikTok from all its managed devices

December 29, 2022 | 12:02 am

THE POPULAR Chinese video app TikTok has been banned from all US House of Representatives-managed devices, according to the House’s administration arm, mimicking a law soon to go into effect banning the app from US government devices.

The app is considered “high risk due to a number of security issues,” the House’s Chief Administrative Officer (CAO) said in a message sent to all lawmakers and staff on Tuesday, and must be deleted from all devices managed by the House.

The new rule follows a series of moves by US state governments to ban TikTok, owned by Beijing-based ByteDance Ltd., from government devices. As of last week, 19 states have at least partially blocked the app from state-managed devices over concerns that the Chinese government could use the app to track Americans and censor content.

The $1.66-trillion omnibus spending bill, passed last week to fund the US government through to Sept. 30, 2023, includes a provision to ban the app on federally managed devices, and will take effect once President Joseph R. Biden signs the legislation into law.

“With the passage of the Omnibus that banned TikTok on executive branch devices, the CAO worked with the Committee on House Administration to implement a similar policy for the House,” a spokesperson for the CAO told Reuters on Tuesday.

The message to staff said anyone with TikTok on their device would be contacted about removing it, and future downloads of the app were prohibited.

TikTok did not immediately respond to a request for comment about the new rule.

US lawmakers have put forward a proposal to implement a nationwide ban on the app.— Reuters

Entities in Zamboanga fail to file SEC reports

December 29, 2022 | 12:02 am

THE Securities and Exchange Commission (SEC) has identified 2,384 corporations that have failed to submit required annual reports such as general information sheets and financial statements, the regulator announced on Tuesday.

The corporations, which are all registered with the SEC’s Zamboanga extension office, failed to submit the required annual reports three times, consecutively or intermittently, within a period of five years.

Under Section 177 of the Revised Corporation Code of the Philippines, a domestic or foreign corporation doing business in the country should submit annual financial statements audited by an independent certified public accountant as well as a general information sheet.

However, if a corporation’s total assets or total liabilities are less than P600,000, its financial statements are to be certified under oath by its treasurer or chief financial officer.

In a notice, the regulator directed the identified corporations to appear within 30 days at the Compliance Monitoring Division or any SEC extension office to explain why their certificate of incorporation should not be declared delinquent.

“After the lapse of the said 30-day period and the corporations named in the attached list fail to appear and have not updated their reports, as well as settled the corresponding fine or penalty, their certificates of incorporation shall be deemed delinquent,” the SEC said.

The full list of the companies can be found on the SEC’s websites under the “Notices” tab. — Justine Irish D. Tabile

SSS benefit disbursements climb by 13.2% as of Nov.

December 29, 2022 | 12:01 am

SOCIAL Security System (SSS) saw its benefit disbursements rise by 13.2% to P236.3 billion in the first 11 months of the year, it said in a statement on Wednesday.

SSS President and Chief Executive Officer Michael G. Regino said the increase in disbursements came on the back of higher benefit claims from members and pensioners and benefit releases for retirement, disability, and death.

“For the first 11 months of 2022, we have received 4.58 million benefit claims. This is 7.3% higher than the 4.27 million benefit claims we received for the same period last year,” Mr. Regino said.

“Our pensioners, which stood at three million in 2021, grew to 3.18 million by November 2022, while our retirement, disability, and death benefit monthly disbursements, which averaged at P16.6 billion in 2021, increased to P19.53 billion for January to November this year,” he added.

SSS said its benefit disbursements and claims grew by an average of 11.4% and 7.9%, respectively, from 2016 to 2021 despite the 1% decrease seen during the coronavirus disease 2019 (COVID-19) pandemic.

“The upward trend in SSS benefit payments in recent years is also attributed to the grant of additional monthly benefit, implementation of a new benefit program, and higher salary base for benefit computation,” the state pension fund added.

“With all these changes, we were able to disburse P1.20 trillion benefits through 23.87 million claims in less than six years, specifically from January 2017 to November 2022,” Mr. Regino added.

In 2017, SSS gave an additional monthly benefit of P1,000 for pensioners following an order from the then-President.

Meanwhile, in 2019, the implementation of Republic Act (RA) No. 11199 or the Social Security Act of 2018 expanded SSS’ mandatory membership coverage, introduced the Unemployment Benefit Program and Workers’ Investment Savings Program, and increased the minimum and maximum monthly salary credit (MSC).

RA No. 11210 was also signed in the same year, which increased the number of compensable days of maternity leave to 105 days for live childbirth, regardless of the type of delivery, and an additional 15 days if the female worker qualifies as a solo parent. This was from the previous 60 days for normal delivery and 78 days for cesarean section delivery.

The law also extended the maternity leave to every pregnancy. including miscarriage or emergency termination, and regardless of frequency. Previously, this was limited to the first four deliveries or miscarriages.

Meanwhile, from 2011 to 2016, SSS’ benefit disbursements stood at P606.47 billion for 16.79 million claims.

“As we continue to see higher benefit payments through these developments, it is equally important for us to also implement the scheduled reforms provided under the Social Security Act of 2018 that aim to strengthen the SSS fund for us to continue serving our current and future members and their beneficiaries,” Mr. Regino said.

Next month, SSS will increase its contribution rate to 14% from 13% previously, as mandated under RA No. 11199.

The employer’s share of the contribution will rise to 9.5% from 8.5%, while that of the employee will stay at 4.5%.

Meanwhile, self-employed, voluntary, and land-based overseas Filipino worker members will shoulder the increase.

The minimum and maximum MSCs will also rise to P4,000 from P3,000 and P30,000 from P25,000, respectively. — A.M.C. Sy

Champagne makers celebrate record sales ahead of Christmas

December 29, 2022 | 12:01 am

REIMS, France — Champagne sales are expected to reach a new record this year, despite inflation that could have made consumers shun the expensive bubbly, producers said ahead of the start of year-end celebrations around the world.

Champagne sales reached an all-time high last year at €5.7 billion ($6.05 billion), as the relaxation of pandemic-related curbs fueled a surge in exports.

“We will very likely beat this record again and 2022 will be the new champagne record in terms of turnover,” David Chatillon, chairman of the Union of Champagne Houses (UMC), told Reuters in Reims, in eastern France, home to some of the most famous Champagne makers.

Sales would also rise by volume this year compared with the 320 million bottles sold in 2021, but remain below the 2007 record of 339 million bottles, he said.

“We have consumers who are perhaps less impacted by inflation than others and we have noticed since the end of the pandemic crisis that people want to have fun, they want good products, and opening a bottle of champagne is in itself a celebration,” Mr. Chatillon said.

Export sales were also expected to reach record highs.

“Our first three markets, the United States, Britain, and Japan, are doing very well and so are the other European destinations,” Mr. Chatillon said.

Champagne prices have risen this year as winemakers passed on a rise in costs, notably for bottles and transport. The energy crunch had less impact than on more energy-intensive sectors as harvesting was done manually, he said.

This year’s wine harvest in Champagne, which Mr. Chatillon called “miraculous,” was 45% above the five-year average due to good weather conditions and doubled from 2021, when frost and mildew fungus ravaged vineyards, official data showed.

The war in Ukraine and sanctions against Russia had little impact on Champagne sales as bottles were re-dispatched to meet strong demand from other markets, Mr. Chatillon said. — Reuters

Instacart cuts internal valuation to $10 billion

December 29, 2022 | 12:01 am

GROCERY delivery startup Instacart has cut its internal valuation to $10 billion, the Information reported on Tuesday, citing two people familiar with the situation.

The company, whose new valuation is 20% lower from $13 billion in October, has been cutting its valuation this year, beginning with a 40% reduction in March.

Instacart did not immediately respond to a Reuters’ request for comment on the report.

The coronavirus disease 2019 pandemic darling was valued at $39 billion last year, as surging infections boosted doorstep deliveries, but the recent cuts in its valuation underscore the effects of public market volatility on high-flying private companies.

The startup also delayed its much awaited initial public offering this year amid market uncertainty. — Reuters

Manila Water and partners supply treated water for Dumagat community

December 29, 2022 | 12:01 am

MANILA Water Co., Inc. has opened a water treatment facility in Norzagaray, Bulacan for an indigenous community in the area, the water concessionaire announced on Wednesday.

The facility will produce clean potable water which will be stored in the five water-tank reservoirs over a 3-kilometer water line, and 17 watering points in Norzagaray town.

Manila Water, which serves Metro Manila’s east zone, said the water treatment facility includes a chlorinator and sand filter to provide water supply for the Dumagat indigenous peoples’ community.

The project is a collaboration between Manila Water Foundation, Metropolitan Waterworks and Sewerage System, and One Meralco Foundation.

Its launch came after agreements were finalized among the parties and the Department of Environment and Natural Resources to collaborate and complement resources for a management plan that will safeguard the Ipo dam watershed as well as its development, protection and conservation.

The water concessionaire serves Metro Manila’s east zone network, which comprises Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns of nearby Rizal province.

Earlier this month, the listed water company said it is ramping up its water sampling measures to ensure water potability in the area it serves.

Meanwhile, the company also announced that its unit, Manila Water Philippine Ventures, Inc. (MWPVI) secured a P3 billion 10-year term loan facility with Security Bank Corp.

Loan proceeds will be used for MWPVI’s capital expenditure budget, and its existing projects or equity investments.

At the stock exchange on Wednesday, shares in Manila Water closed 2.63% lower to end at P18.50 apiece. — Ashley Erika O. Jose

Manila ranks 35^th in 45-city Prime Global Cities Index

December 29, 2022 | 12:00 am

Manila’s prime residential prices grew by 1.2% year on year in the third quarter of 2022. This was slower compared from the 8.4% in the same period a year ago, latest report from the London-headquartered real estate consultancy ﬁrm Knight Frank showed. The Philippine capital ranked 35th out of 45 cities included in the latest edition of the Prime Global Cities Index. This was higher compared from the previous quarter (rank 40th), however, it dropped 15 places from 20th a year ago. The quarterly report tracks the performance of prime global cities in terms of luxury residential prices. The valuation-based index does not only track movement of prime residential prices but also tracks nominal prices in their local currency.

How PSEi member stocks performed — December 28, 2022

December 29, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 28, 2022.

Peso drops to near one-month low

December 28, 2022 | 9:00 pm

THE PESO declined to a near one-month low on Wednesday, returning to the P56 level against the dollar, on less need for cash as the holiday season nears its end.

The local currency closed at P56.20 versus the greenback, down by 30 centavos from Tuesday’s P55.90 close, data from the Bankers Association of the Philippines showed.

This was the peso’s worst finish in almost a month or since it closed at P56.22 against the dollar on Dec. 1.

The peso opened Wednesday’s trading session at P55.90 per dollar, steady from its Tuesday close. Its intraday best was at just P55.89, while its weakest showing was at P56.30 against the greenback.

Dollars traded rose to $882.85 million from $813.27 million on Tuesday.

The peso dropped against the dollar “after the long Christmas holiday weekend and after the likely culmination and eventually tail-end of the holiday-related spending, though there may still be another round of increased holiday-related spending, though by a lesser extent, in preparation for the upcoming long New Year holiday weekend,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The seasonal peak in Christmas holiday spending and the conversion of overseas Filipino workers’ remittances to pesos could have already happened shortly before Christmas, though there may still be some holiday-related spending … before the New Year celebrations,” Mr. Ricafort said.

He said importers could have also taken advantage of the stronger peso recently to secure their dollar requirements, “especially anticipating any near-term bottom to maximize the bargain-hunting opportunity shortly before the Christmas holiday spending rush.”

Meanwhile, a trader said in a Viber message that the peso declined as the dollar was stronger against most currencies on Wednesday.

The dollar climbed to a more than one-week high versus the yen on Wednesday, on higher Treasury yields amid hopes for a strong rebound in China amid eased coronavirus curbs.

“Corporate demand also outweighed the dwindling seasonal inflows. Some covering of short peso-dollar trading positions was a factor as well,” the trader added.

For Thursday, Mr. Ricafort sees the peso moving between P56.10 and P56.35 against the dollar, while the trader gave a wider forecast range of P55.50 to P56.50 amid volatile trading. — AMCS

PSEi moves sideways as market waits for leads

December 28, 2022 | 9:00 pm

STOCKS moved sideways on Wednesday due to a lack of fresh leads and with some investors picking up bargains as they stay on the sidelines.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 1.64 points or 0.02% to close at 6,566.54 on Wednesday, while the broader all shares index rose by 7.91 points or 0.23% to 3,449.33.

“It’s the last day of trading tomorrow (Thursday) so we are expecting a possible window dressing. The market is currently trading less than our average of P5 billion. Most of the investors are on vacation and some are positioning on possible themes for 2023,” Mercantile Securities Corp. Head Trader Jeff Radley C. See said in a Viber message.

Mr. See said there are no catalysts for the market now.

“It is a wait-and-see scenario due to the recession fears for the first quarter of 2023. The dollar is rallying again and some commodity prices as well,” Mr. See said.

“The local bourse moved sideways but still ended on positive territory, inching up by 1.64 points (0.02%) to 6,566.54 as investors digested the economic prospects of the country next year which remains positive despite the headwinds overseas,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

Ms. Alviar said investors bought bargains in the telecommunications sector.

“Overseas markets were giving off mixed sentiments. Investors were worried about the headwinds next year as we may already see the adverse impact of monetary tightening, especially in the US. On the other hand, investors were also optimistic about the reopening of China’s economy after they eased their COVID-19 (coronavirus disease 2019) restrictions,” she added.

Ms. Alviar said market participation also remained weak on Wednesday.

Value turnover went up to P3.7 billion on Wednesday with 1.09 billion shares changing hands from the P2.89 billion with 1.06 billion issues traded on Tuesday.

Most sectoral indices closed higher on Wednesday, except for property, which declined by 21.26 points or 0.73% to 2,881.37, and industrials, which lost 10.51 points or 0.11% to end at 9,354.58.

Meanwhile, mining and oil added 145.84 points or 1.38% to close at 10,705.30; services climbed by 19.96 points or 1.24% to 1,627.29; financials increased by 5.63 points or 0.34% to 1,637.40; and holding firms inched up by 1.80 points or 0.02% to close at 6,502.99.

Advancers outnumbered decliners, 110 versus 69, while 47 names closed unchanged.

Net foreign selling climbed to P120.47 million on Wednesday from P47.22 million the previous trading day.

Mercantile Securities’ Mr. See placed the PSEi’s support at 6,250 and 6,400 and resistance at 6,700 and 6,800. — J.I.D. Tabile

Tourism brings in P149B; Gov’t banks on PPPs to boost sector

December 28, 2022 | 8:23 pm

Tourists-ElNido-PHILSTAR-KRIZJOHN-ROSALES — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE TOURISM industry generated P149 billion in tourism revenues as of November this year, according to Malacañang.

Citing the Department of Tourism’s (DoT) yearend accomplishment report, the Office of the Press Secretary (OPS) said 2.4 million foreigners entered the Philippines this year, exceeding the target of 1.7 million international arrivals after border restrictions were lifted in February.

For 2023, the administration under President Ferdinand R. Marcos, Jr., who assumed office in July, targets at least 2.6 million international tourist arrivals in a low scenario, and 6.4 million in a high scenario, the Palace said.

The Tourism department would focus next year on “improving tourism infrastructure, establishing cohesive digitalization and connectivity, enhancing the country’s overall tourism experience and equalizing product development,” the OPS said.

To boost connectivity, the tourism agency plans to support local government-initiated tourism infrastructure and open up government properties under the Tourism Infrastructure and Enterprise Zone Authority to development through public-private partnerships (PPPs).

It would also develop cruise tourism, which will involve at least 136 ports of call in over 40 islands as well as “conduct regional travel fairs, develop tourism circuits and continue convergence with tourism-enhancing government agencies,” the Palace added.

The DoT also eyes to improve convenience by establishing tourism information desks and tourist rest areas, and ensure the competitiveness of the Philippine tourism sector by elevating accreditation standards.

“Under its e(Quality) initiative, the DoT will enhance the Philippine Tourism Brand campaign, finalize and approve the National Tourism Development Plan 2023-2028, launch the Philippine Experience Program and develop Overwintering packages,” the OPS said.

The Palace said the DoT also plans to push Mindanao in southern Philippines for more tourism opportunities, including tapping into the Muslim travel and halal markets.

PPPs
Mr. Marcos, 65, said in his first address to Congress in July that the tourism sector would play an important role in the country’s economic recovery.

In 2021, tourist receipts reached P8.49 billion, driven mainly by a surge in domestic tourism after local border restrictions were eased.

Before the coronavirus pandemic, the tourism industry accounted for 12.7% of gross domestic product in 2019, the highest since at least the year 2000, based on Philippine Statistics Authority data.

That year, income from tourism activities amounted to P2.48 trillion.

Mr. Marcos vowed to boost tourism connectivity by upgrading Philippine ports, airports, and other tourism infrastructure as part of his push for more PPPs.

In a separate statement, the OPS said the Marcos leadership would pursue more partnerships with the private sector to generate jobs and support the country’s economic recovery.

The administration would also focus on the development of PPPs at the local levels.

“The administration… is eyeing to pursue PPPs on infrastructure development and facilitate the development of local PPP projects in priority sectors to prop up the economy and create jobs,” the OPS said, citing the National Economic and Development Authority’s (NEDA) accomplishment report.

The Palace touted the revised implementing rules and regulations (IRR) for the Build-Operate-Transfer (BOT) Law that took effect in October.

The revised IRR “seeks to balance public interest and the objectives of the private sector toward meeting the country’s development goals,” it said.

The revised IRR changed the definition of the Material Adverse Government Action (MAGA) to cover all government actions, not just the Executive branch.

The IRR amendment was proposed after business groups raised concerns that the previous version compels private proponents to shoulder more risk while relieving the government of responsibility for delayed deliverables.

Lawmakers seek to further amend the BOT law, with a proposed measure requiring approval from the NEDA Board only for projects worth over P5 billion.

Projects that cost more than P300 million need to be submitted to NEDA Board for approval upon the recommendation of NEDA’s Investment Coordination Committee under the existing BOT rules.

Investment analysts have said political risks and poverty might hold back PPP growth at the local levels.

Advocates have been urging the government to boost transparency and accountability at the national and local levels to attract more private sector partners. — Kyle Aristophere T. Atienza