Home Blog Page 6295

Mick Jagger positive for COVID-19, Amsterdam Rolling Stones concert postponed

Rolling Stones — PHOTO FROM ROLLINGSTONES.COM

AMSTERDAM —  The Rolling Stones postponed a concert on Monday in Amsterdam after lead singer Mick Jagger tested positive for coronavirus disease 2019 (COVID-19), the band said in a statement.

“The Rolling Stones are deeply sorry for tonight’s postponement, but the safety of the audience, fellow musicians and the touring crew has to take priority,” they said.

Jagger, 78, had experienced symptoms after arriving at Amsterdam’s Johan Cruijff Arena, the band said.

Representatives for Mojo Concerts, which had organized the band’s appearance in the Netherlands, came onstage to inform the audience at ArenA, a football stadium, an hour and a half before the concert was due to begin.

“He can’t sing, he can’t play,” an unnamed announcer told fans. “There is no show tonight … it is what it is.”

Amsterdam was to be the fourth stop in the Stones Sixty European tour, following an appearance in Liverpool on Thursday. — Reuters

Gilas youth squad routs Kuwait in FIBA U16 Asian Championship

THE new crop of Gilas Pilipinas youth introduced itself in flying colors, drubbing Kuwait with an emphatic 82-45 win in the International Basketball Federation (FIBA) Under 16 (U16) Asian Championship on Tuesday in Doha, Qatar.

Filipino-Canadian big man Zain Mahmood uncorked 16 points and five rebounds while co-captain Jared Bahay scattered 12 markers, eight rebounds, six assists and three steals in Gilas’ 37-point win.

Fil-American sensation Caelum Harris struggled for just two points, but Jacob Bayla and Kristian Porter stepped up with 10 each as Gilas tied Japan on top of Pool C with a 1-0 card.

Gilas was to play Japan — which clobbered Kuwait with a 98-33 win — at 8:45 p.m. (Manila time) last night, needing a big win to top Pool C and clinch an outright quarterfinals berth.

A loss by the Nationals would drag them to a qualification phase among second and third-seeded squads in order to advance.

With Mr. Bahay quarterbacking their offense, the Filipino teens raced to a 25-9 start and never looked back for a rousing return to international action amid the pandemic.

The Nationals led by as many as 38 points built on a 51% accuracy plus 48 rebounds, 23 assists and 33 points in the paint. They also had 17 steals, resulting in 28 turnover points from Kuwait’s 29 errors.

Adel Alsaied paced the winless Kuwait (0-2) with 16 points and nine boards.

The U16 Asian Championship is Gilas youth’s first tourney in three years, hoping to replicate the success laced by two World Cup appearances of the previous batch led by now NBA Draft hopeful Kai Sotto.

The tourney is a qualifier to the FIBA U17 World Cup in Spain next month. — John Bryan Ulanday

The Scores:

Philippines 82 – Mahmoud 16, Bahay 12, Bayla 10, Porter 10, Competente 9, Konov 7, Gemao 5, Nieto 4, Jones 4, Harris 2, Reyes 2, Romero 1.

Kuwait 45 – Alsaied 12, Alrashaid 10, Alresheedan 8, Asadallah 7, Malallah 6, T. Mohammad 2, Alenizi 0, B. Mohammad 0, Edhbayah 0, Alhusaini 0.

Quarterscores: 25-9, 43-24, 64-33, 82-45.

British police charge Kevin Spacey over alleged sex crimes

KEVIN SPACEY in a scene from the drama series House of Cards. — NETFLIX/IMDB.COM

LONDON — British police said on Monday they had charged Oscar-winning actor Kevin Spacey over historic allegations of sex offences, with the actor due in court on Thursday.

Prosecutors last month authorized the charges to be brought against Spacey, 62, on four counts of sexual assault against three men, and a further charge of causing a person to engage in penetrative sexual activity without consent.

Police said the alleged assaults had taken place between March 2005 and April 2013 — four in the capital London and one in Gloucestershire. They involved one man who is now in his 40s and two men now in their 30s.

“He is due to appear at Westminster Magistrates Court at 10 a.m. (0900 GMT) on Thursday, 16 June,” London’s Metropolitan Police said, confirming Spacey had been charged on the five counts authorized by the Crown Prosecution Service (CPS) following his arrest.

Spacey, who won Academy Awards for the Usual Suspects and American Beauty in the 1990s, has said he is willing to defend himself in Britain and is confident any trial will prove his innocence.

Once one of Hollywood’s biggest stars, Spacey has largely disappeared from public view since being accused of sexual misconduct five years ago.

In November 2017, London’s Old Vic theater said it had received 20 separate allegations of inappropriate conduct by Spacey from 20 men who came into contact with him at the theatre, or in connection with it, between 1995 and 2013.

He was dropped from the TV show House of Cards and removed from the movie All the Money in the World after the accusations of sexual misconduct came to light. — Reuters

LANDBANK, SSS sign agreement on streamlined disbursements for members

LAND BANK of the Philippines (LANDBANK) and the Social Security System (SSS) have signed a memorandum of agreement for streamlined disbursements to SSS members and claimants.

LANDBANK said in a statement on Monday that under the agreement, the SSS will use LANDBANK’s Bulk Credit System (LBCS) and the Link.BizPortal platform to “ensure a timely delivery of social assistance to local and overseas Filipino workers and their beneficiaries.”

“Our collaboration today is timely and relevant as we continue to leverage on technology to meet the growing demand for digital payments and financial solutions,” LANDBANK President and Chief Executive Officer Cecilia C. Borromeo said. “Our combined efforts will ensure the delivery of convenient and uninterrupted service to SSS members nationwide.”

“This partnership forms part of LANDBANK’s expanded mandate of serving the nation, which includes the promotion and adoption of digital payments for the advancement of financial inclusion in the country,” the bank said.

Through this partnership with SSS, the state-run lender will facilitate the electronic disbursements of retirement funds, benefits, and investments to qualified SSS payees through the LBCS. This will be done through PESONet, InstaPay, or the LANDBANK Crediting Facility for the crediting of SSS payouts.

The SSS will also integrate their Electronic Collection Service with LANDBANK’s Link.BizPortal payment system for real-time posting of contributions, loans and other fees.

Link.BizPortal is a digital payment platform that allows clients to pay over 870 government and private partner merchants nationwide online.

LANDBANK earlier reduced Link.BizPortal’s transaction fees for customers making payments through the platform to P7 from P15.

For the first quarter, the bank’s income reached P13.2 billion, 141% higher than the P5.48 billion a year prior. This translates to a return on equity of 14.27%.

Its first-quarter performance was attributed to higher interest income from loans and investments, as well as one-time gains from its merger with the United Coconut Planters Bank. — T.J. Tomas

Converge’s new appointee to deliver ‘pervasive Gigabit access to all’

CONVERGE ICT Solutions, Inc. announced on Tuesday the appointment of digital transformation expert Paulo Martin G. Santos — a former vice-president for enterprise communication, collaboration, and security in a bank — as its chief network transformation officer.

”I’m eager to bring my years of experience in network infrastructure management to Converge, as it aims to bring world-class connectivity to unserved and underserved Filipinos. With a robust network, we will transform our network operations to deliver pervasive Gigabit access to all Filipinos,” Mr. Santos said in an e-mailed statement.

At UnionBank of the Philippines, Mr. Santos developed partnerships with Huawei Technologies Co., Ltd. and Globe Telecom, Inc. to implement the first fifth-generation (5G)-enabled “bank on wheels,” a mobile concept branch of the bank.

He transformed the bank’s network infrastructure to a “cloud-ready software defined network,” Converge said.

Mr. Santos also founded WiFi Nation PH, a startup offering wireless connectivity solutions, the company added. It was acquired by Smart Communications, Inc.

It added that as head of digital transformation strategy at PLDT, Inc.’s strategy office, Mr. Santos was responsible for building the strategic road map for digitizing corporate operations and customer experience across the PLDT group of companies.

Converge Chief Executive Officer and Co-Founder Dennis Anthony H. Uy said: “We’re building a strong team in pursuit of our vision to become a world-class organization. We’re glad to have onboard a young, tech-savvy executive to transform our network operations.” — Arjay L. Balinbin

How PSEi member stocks performed — June 14, 2022

Here’s a quick glance at how PSEi stocks fared on Tuesday, June 14, 2022.


Peso rebounds vs dollar on positive sentiment

BW FILE PHOTO
THE PESO gained against the dollar after three straight days of closing lower. — BW FILE PHOTO

THE PESO rebounded against the dollar on Tuesday, correcting after three straight days of decline on positive market sentiment as the benchmark stock index rallied.

The local unit closed at P53.25 versus the greenback on Tuesday, gaining five centavos from its P53.30 finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session at P53.28 against the dollar. Its weakest showing was at P53.40, while its intraday best was at P53.13 versus the greenback.

Dollars exchanged rose to $1.16 billion on Tuesday from $685.2 million on Monday.

The peso’s rebound was a healthy correction after weakening for three straight trading days and was partly due to gains seen in the local stock market that defied recent declines in US markets, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The benchmark Philippine Stock Exchange index slightly went up by 7.52 points or 0.11% to close at 6,474.53 on Tuesday. Meanwhile, the broader all shares index declined by 3.88 points or 0.11% to 3,471.05.

For Wednesday, Mr. Ricafort expects the peso to range between P53.10 and P53.30 versus the greenback. — KBT

PSE index rises on last-minute bargain hunting

BW FILE PHOTO

SHARES improved on Tuesday on last-minute bargain hunting despite concerns over the policy paths of the Bangko Sentral ng Pilipinas (BSP) and US central bank due to rising inflation here and abroad.

The benchmark Philippine Stock Exchange index (PSEi) went up by 7.52 points or 0.11% to close at 6,474.53 on Tuesday, while the broader all shares index lost 3.88 points or 0.11% to 3,471.05.

“Last-minute bargain hunting sent the local market higher this Tuesday. For the most part of the day however, the bourse was in the negative territory amid the pessimistic spillovers from Wall Street caused by worries that the Federal Reserve will take aggressive measures in their policy meeting this week in light of the US’ latest inflation print,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco  said in a Viber message.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan added that investors are bracing themselves for the possibility of a larger-than-expected interest rate hike from the Fed.

The US consumer price index increased by a faster-than-expected 8.6% last month, the largest year-on-year increase since December 1981, according to US Labor department data released on Friday, showing inflation has yet to peak.

This caused renewed bets of aggressive action from the Fed at its June 14-15 meeting that could dampen growth prospects for the world’s largest economy.

The US central bank kicked off its tightening cycle with a 25-basis-point (bp) increase in March followed by a 50-bp hike last month as inflation continued to reach multi-year highs.

Meanwhile, First Metro Investment Corp. Head of Research Cristina S. Ulang said the market was affected by the “dovish” messaging from the BSP about a planned reserve requirement ratio (RRR) cut by yearend, which she said assumes “inflation normalization.”

BSP Governor Benjamin E. Diokno chief on Monday signaled they would reduce banks’ RRR by October or November as part of its efforts to manage inflation and as the central bank continues to unwind the accommodations it made for lenders at the height of the pandemic in 2020.

The majority of the sectoral indices ended in the red, except for holding firms, which gained by 97.35 points or 1.64% to 6,025.78, and mining and oil, which rose by 80.94 points or 0.70% to 11,624.43.

Meanwhile, property declined by 29.32 points or 0.96% to 3,015.59; industrials fell by 78.86 points or 0.87% to 8,974.70; services went down by 13.24 points or 0.75% to 1,740.52; and financials gave up by 2.30 points or 0.14% to end at 1,559.68.

Decliners overwhelmed advancers, 118 versus 62, while 44 names ended unchanged.

Value turnover grew to P5.60 billion with 827.41 million shares changing hands from the P5.38 billion with 761.72 million issues seen on Monday.

Net foreign selling ballooned to P1.25 billion from the P624.30 million recorded on the previous trading day. — L.M.J.C. Jocson

Domestic trade in the regions: Which have (un)favorable trade balances?

TRADE in domestic goods declined by 35.6% in the first quarter to P135.812 billion, the Philippine Statistics Authority (PSA) said on Monday, with trade hindered by mobility restrictions and the disruptions imposed by the Russia-Ukraine war. Read the full story.

Domestic trade in the regions: Which have (un)favorable trade balances?

DoLE nominee Laguesma doubts feasibility of nat’l minimum wage

PHILSTAR FILE PHOTO

BIENVENIDO E. LAGUESMA, who has been nominated to head the next government’s Labor department, said on Tuesday that a national minimum wage may not be possible because many small companies are still struggling to recover from the pandemic.

Labor groups have been pushing for a national minimum wage amid complaints that the recent regional wage increases force workers to survive on what they called poverty wages.

“We have heard this before from the ranks of the laborers,” Mr. Laguesma said in Filipino during an interview with ABS-CBN TeleRadyo on Tuesday. “On the part of the business, especially the small companies, the small- and medium-sized enterprises, this is a heavy ask, especially since we are still suffering from the effects of the pandemic and other calamities that have hit the country.” 

He added that regional wage boards should focus on improving the productivity of businesses to generate more jobs.

“In recent years, the regional boards have been too focused on raising wages but have not addressed increasing productivity,” Mr. Laguesma noted. “It is important to induce or encourage countryside development.”

The World Bank’s World Development Indicators ranked the Philippine labor force’s productivity at 12th among 18 economies in East Asia and the Pacific.

Last week, the Department of Labor and Employment (DoLE) announced that the Zamboanga Peninsula regional wage board had ordered a P35 minimum wage increase for nonagricultural workers and a P20 hike for agricultural workers.

If approved by the National Wages and Productivity Commission, the minimum wage for nonagricultural workers will rise to P351 from P316.

Eastern Visayas will also see a wage increase of P50 across all industries which will be given in two tranches of P25. This will bring daily pay to P375.

DoLE has said new minimum wages will be implemented in 14 regions this month after regional boards approved wage hikes of between P30 and P110.

The new minimum wage in Metro Manila increased by P33 on June 4 to P570 for nonagricultural workers and P533 for agricultural workers.

Central Luzon will have a P40 increase to P414-460.

The new minimum wage in Calabarzon is P390-P470 for nonagricultural workers; P350-P429 for agricultural workers; and P350 for retail and service establishments with not more than 10 workers.

The Trade Union Congress of the Philippines (TUCP) said the recent pay hikes are insufficient to make up for the recent rise in fuel prices, and do nothing to bring workers out of poverty.

“Because of extraordinary inflation, the series of wage increase orders issued by the wage boards failed to restore the purchasing power of wages and (they) didn’t uplift workers’ purchasing power above the poverty threshold,” TUCP President Raymond C. Mendoza said. — John Victor D. Ordoñez

BPOs unlikely to take up gov’t dare to forego incentives

THE Information Technology and Business Process Association of the Philippines (IBPAP) said its members are not likely to sacrifice their tax incentives, which the government has warned they must surrender if they flout tax rules and allow employees to continue working from home.

“I highly doubt that investors in our industry and in other industries for that matter will forego tax incentives… It is a very important factor for continued investment in the country,” IBPAP President Jack Madrid said in a television interview on Tuesday.

The business process outsourcing (BPO) industry typically performs its work in economic zones and enjoy tax incentives. One of the conditions for availing of such incentives is to perform most of the work within the economic zones.

“I think any investor especially in our very large and important industry consider an array of factors before investing in our country. I would say fiscal incentives and tax incentives are critical to continue growing our industry,” he added.

The Finance department said in a recent statement that tax incentives are “not that important” to foreign investors doing business in the Philippines, after BPO company Concentrix decided to continue with its hybrid work arrangements, in the process giving up its tax perks.

“This goes to show that tax perks are not that important to investors doing business in the Philippines. This validates the Department of Finance’s (DoF) policy thrust to avoid the grant of unnecessary tax incentives as this is apparently not the main consideration for them to do business in the country, especially for the BPO firms that have been enjoying the exemptions and incentives for a long time,” Finance Assistant Secretary Juvy C. Danofrata said.  

According to Mr. Madrid, the decision of Concentrix stemmed from the company’s decision to heed its employees’ wishes, after the government ordered economic zone locators to resume on-site work.

“In the case of Concentrix, which is a very active member of the association, this is I believe, a very temporary measure, a painful decision for them to make, given that viable commercial activity and profitability need both fiscal and non-fiscal incentives,” Mr. Madrid said.

“… I think knowing the investment appetite of many of our members, including Concentrix, I believe that fiscal incentives will continue to play an important role to grow investment and to retain investors,” he added.  

Mr. Madrid said the association is contented with the 70% on-site and 30% work-from-home (WFH) arrangement allowed by the Philippine Economic Zone Authority (PEZA) for registered business enterprises (RBEs) that have applied for letters of authority (LoAs) and cannot immediately return to on-site work.

He added that IBPAP is in dialogue with the current and incoming administrations on the importance of flexibility in the workplace.

“We don’t know what that final number (ratio) will be, but we are quite comfortable with the current 70-30 ratio that the PEZA has allowed us to those who have applied for LOAs,” Mr. Madrid said.

“It is extremely challenging, after adopting WFH for almost two years, to suddenly fully return to on-site work. We see (these challenges) beyond our industry. I think we all have seen the benefits of a hybrid work set-up that we are all still trying to figure out what that optimal balance is,” he added.  

WFH was resorted to as a temporary measure during the pandemic, with the Fiscal Incentives Review Board (FIRB) authorizing ecozone locators to adopt alternative working arrangements for safety reasons. This authorization was withdrawn as the coronavirus case count declined.

In April, PEZA announced that it allowed RBEs to maintain a 70-30 on-site work ratio while still enjoying tax incentives. This arrangement is valid until Sept. 12, or the end of the declared national state of calamity, as long as RBEs apply for LoAs.

The Corporate Recovery and Tax Incentives for Enterprises (CREATE) law allows companies registered with investment promotion agencies like PEZA to avail of perks such as an option to pay a 5% special corporate income tax in place of other taxes, an income tax holiday, and enhanced deductions. 

However, these companies need to comply with Section 309 of the Tax Code, which requires that business be conducted “within the geographical boundaries of the zone or freeport” in which the project or activity is registered. — Revin Mikhael D. Ochave

Public transport system on brink of ‘collapse’ due to high fuel prices

PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE SUPPLY of public transport is deteriorating as operators see their margins eroded by high fuel prices, an advocacy group said, making it a matter of urgency for the government to prepare measures that will encourage “active transport,” including the construction of bicycle lanes and walking corridors.

In a statement, the Move As One transport coalition said that with the “rising transport demand outpacing collapsing supply,” policymakers and the incoming economic team must decisively expand the number of public utility vehicles (PUVs), while heavily investing in infrastructure that would encourage more people to walk or cycle.

“The transport sector is in a deadly spiral: Oil prices are skyrocketing. Drivers are losing their jobs as they cannot afford to ply their routes,” the group said. “Public transport supply is collapsing. More commuters are experiencing long lines, waiting times, and crowded commutes in enclosed spaces, and are at-risk for COVID-19.”

Transport was the second biggest driver of overall inflation in May, according to the Philippine Statistics Authority (PSA). The 14.6% inflation in transport costs recorded in May outstripped the overall inflation rate of 5.4%.

“Economic managers should prioritize walking, cycling, and road-based public transport,” the group said. “This is the most important policy shift economic managers should take. It is the founding principle of the fight against transport inflation and the fastest, most effective, and the only sustainable way to do so.”

The coalition said walking, cycling, and road-based public transport are the “predominant ways people travel to get to work.”

Citing a Social Weather Stations (SWS) survey conducted in 2020, the group said 44% of workers walked to work, compared to only 3% who use private cars and 24% who use motorcycles. 

The group said 14% of workers used tricycles, 8% jeepneys, 3% buses, 0.2% trains and 0.1% airplanes.  Only 0.4% used ride sharing platforms, it added.

Move As One said that from 2010 to 2021, the National Government budgeted 1% or P40 billion to improve walking, cycling, and road-based public transport, compared to P2.8 trillion for road construction, widening, and maintenance, benefitting mainly private motor vehicles.

“If the national budget is the real measure of the government’s priorities, then the National Government has given only 1% of its attention to the majority of Filipinos who depend on and demand better public transport,” it said. 

“Safe pathways, accessible walkways, protected bike lanes, and bus rapid transits are much easier, cheaper, and faster to build than these big ticket infrastructure projects, and will have a much greater and more immediate impact on commuters’ lives and transport prices,” it added.

The investment gap for such modes of transport was estimated at P150 billion over the next budget cycle, it said. “This is a much smaller, but more effective use of our taxpayer money than the P2.8-trillion road construction budget in the past decade, and the P2-trillion transport infrastructure pipeline in the next decade.”

Move As One also urged economic managers to encourage local governments to apply for the P10.6-billion support fund that would allow them to install more protected bike lanes, pedestrian infrastructure, open spaces, and public parks. 

Under a program which expires on June 30, villages, municipalities, cities, and provinces can get up to P5 million, P10 million, P20 million, and P30 million, respectively.

Move As One also asked the Department of Transportation to immediately implement and spend the P2-billion active transport budget for protected bike lanes, wider and safer pedestrian walkways, and at-grade crosswalks for persons with disabilities. “As of today, this budget has not been used.”

The number of trips not served by public transport was estimated at around 2.8 million a day in Metro Manila before the pandemic, the coalition said. 

The number of bus and jeepney trips declined 14% between 2012 and 2019 on Metro Manila’s major roads as private car and motorcycle trips surged 46%, worsening road congestion, Move As One said, citing government data. 

“Despite the steady growth in our urban populations, there has been hardly any increase in the supply of public transportation in Philippine cities over the past decade,” it said. “The oil crisis has only worsened this shortage of public utility vehicles — and the suffering of countless commuters competing for scarce public utility vehicles.”

Move As One also urged the government to implement an enhanced service contracting program and accelerate the release of payments to workers who have been contracted by the government. 

The government must increase the capacity of PUVs, in part by allowing them to use special lanes and setting aside hours for their operations, it added.

“The government can implement these PUV-only lanes today because the Department of Transportation has a special provision under the 2022 budget which requires 50% of road space to be allocated for walking, cycling, and public transport.” — Kyle Aristophere T. Atienza

ADVERTISEMENT
ADVERTISEMENT