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Tagaytay will host Asian BMX, Junior BMX Championships

TAGAYTAY City will host the 2023 Asian BMX Championships and Asian Junior BMX Championships for racing and freestyle from March 3 to 4 at its bicycle motocross (BMX) track and Tagaytay City International Convention Center complex.

PhilCycling president Abraham Tolentino on Monday made the announcement after the Asian Cycling Confederation awarded the hosting rights to the country during its annual congress in Dushanbe, Tajikistan over the weekend.

“We thank the ACC for granting the PhilCycling’s bid to host the Asian championships,” said Mr. Tolentino, who is also the president of the Philippine Olympic Committee.

“It’s been a while since we hosted international cycling events and with this privilege, PhilCycling, Tagaytay City and the entire country for that matter will put their best foot forward for this event.”

The congressman from Tagaytay is also hoping the Union Cycliste Interantionale (UCI) will approve the 2023 Asian Championships as a qualifying race to the 2024 Paris Olympics.

It will be the first time Tagaytay City is hosting an international cycling meet since it served as venue for road and BMX in the 2019 Southeast Asian Games.

Olympian Daniel Caluag is expected to spearhead the country’s campaign along with brother CJ and 2019 Asian Junior Championships gold medalist Patrick Coo.

BMX Freestyle, now an Olympic and UCI event, consists of Flatland and Street with 2019 SEA Games veterans Renz Viaje and Alan Ray Alfaro leading the charge.

A roof has been built over the BMX Track in Tagaytay City, making it one of the most unique tracks in the continent.

The Flatland competitions will be staged at the Sigtuna Hall inside the TICC and the Street events at the existing skatepark facility at the Tagaytay City athletics oval. — Joey Villar

Entertainment News (03/29/22)

Hannah Precillas

Hannah Precillas releases single

GMA NETWORK affiliated artist Princess Hannah Precillas talks about the sorrows of falling out of love in her latest single, “Sadly Falling,” under GMA Music. Written and composed by director Njel de Mesa, the song’s lyrics capture what Hannah personally experienced losing her feelings for a person she once cherished. Ms. Precillas’ talents in singing and performing were noticed when she won GMA Network’s reality talent show Bet ng Bayan in 2014. In 2021, she took home the Best Novelty Award during the 34th Awit Awards for her song “Sabi Ko Na Nga Ba.” She also emerged as the second runner-up in Dangdut Academy Asia 5 in Indonesia in 2021. Ms. Precillas has sung various drama theme songs including Kambal Karibal’s “Kanlungan” and “Hindi Ko Kayang Iwan Ka,” The Lost Recipe’s “No Matter What it Takes,” Endless Love’s “Kulang ang Sandali,” and Onanay’s “Awit Kay Inay.”

Clara Benin releases music video for single ‘blink’

SINGER-SONGWRITER Clara Benin returns with the music video of her new single, “blink.” Heavily inspired by Michel Gondry’s romantic sci-fi film, Eternal Sunshine of the Spotless Mind, the music video finds the folk-pop singer waking up in bed on a beach. It is directed by Josh Elefan, a close friend and frequent collaborator of Ms. Benin. A month ahead of the International Women’s Day, Ms. Benin was featured on a giant billboard at Times Square in New York for Spotify’s EQUAL campaign, having amassed more than 40 million streams on Spotify. Ms. Benin is the first Filipino signed under Sony Music’s OFFMUTE, a Southeast Asian record label that’s entirely dedicated to cross-collaboration within the region. The single “blink” is available on all digital music platforms via OFFMUTE. Watch the music video at Clara Benin – blink (Official Music Video) – YouTube.

4th Impact joins Sony Music PHL, ShowBT PHL

A SINGING group composed of four sisters — Celina, Mylene, Irene, and Almira Cercado — 4th Impact is the newest addition to Sony Music Philippines and ShowBT Philippines’ roster of music talents, which include SB19 and five-member girl group KAIA. The sister act made waves in the UK after finishing fifth on the British singing contest, The X Factor and peaking at No. 10 on iTunes Brazil with their 2020 single “K(NO)W MORE.” Late last year, the girl group co-headlined the crossover orchestra concert Forte with SB19. “It’s an answered prayer for us,” the sister act said in a statement. “We once prayed for a management who will really take care of us and believe in what we can do. We feel ShowBT and Sony Music are the right companies to help us reach more of our dreams. And it is such a great honor to be part of their roster and be lined up with the P-Pop Kings: SB19.” To mark the start of the partnership, 4th Impact has released a new single, “Here We Go,” which is available on digital music platforms worldwide via Sony Music Philippines.

Actress Sharlene San Pedro releases new single

OUTSIDE of acting and hosting, Sharlene San Pedro is now branching out into a music career. With the guidance of Mayonnaise’s lead singer and chief songwriter-producer Monty Macalino, the young actress has released songs that balance teen pop with easy-listening sounds. This year, Ms. San Pedro returns with a new song, “Running,” written and produced by Macalino. According to the 22-year-old singer-actress, the pop-rock track is all about “feeling all the emotions and trying to live in that particular moment or memory but you know you’re running out of time.” The release of the single is accompanied by a music video directed by Janelle Cristobal. “Running” also serves as one of the culminating releases for Sony Music Philippines’ International Women’s Day Campaign #BabaeAko, which aims to turn the spotlight on women and female artists under the label’s roster through several online and promotional activities this month. “Running” is available on all digital music platforms worldwide via YR Music and Sony Music Philippines.

Globe to hold annual stockholders’ meeting on April 26

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

NOTICE IS HEREBY GIVEN that the annual meeting of stockholders of GLOBE TELECOM, INC. will be conducted virtually via https://www.globe.com.ph/asm2022 on Tuesday, APRIL 26, 2022 at 9:00 o’clock in the morning with the following

AGENDA

1. Call to Order

2. Notice of Meeting, Determination of Quorum and Rules of Conduct and Procedures

3. Approval of Minutes of the Stockholders’ Meeting held on April 20, 2021

4. Annual Report of Officers and Audited Financial Statements

5. Ratification of All Acts and Resolutions of the Board of Directors and Management Adopted During the Preceding Year

6. Approval of Amendments to the Articles of Incorporation:

Seventh Article – To increase the Authorized Capital Stock

7. Election of Directors (Including the Independent Directors)

8. Approval of Increase in Directors’ Fees

9. Election of Independent Auditors and Fixing of their Remuneration

10. Consideration of Such Other Business as May Properly Come Before the Meeting

11. Adjournment

Only stockholders of record as of March 11, 2022 are entitled to notice of, and vote at, this meeting.
Given the current circumstances and pursuant to our By-Laws, our Board resolved on February 8, 2022 that our Annual Stockholders’ Meeting (ASM) be held in a virtual format, hence, stockholders may only attend the meeting by remote communication, by voting in absentia or by appointing the Chairman of the meeting as proxy1.
Duly accomplished proxies shall be submitted on or before April 13, 2022 to the Office of the Corporate Secretary at 4/F Tower One and Exchange Plaza, Ayala Triangle, Ayala Avenue, Makati City or by e-mail to corporatesecretary@globe.com.ph. Validation of proxies is set for April 19, 2022, 9:00 a.m. at the Office of the Corporate Secretary. Stockholders intending to participate by remote communication should notify the Corporation by e-mail to corporatesecretary@globe.com.ph on or before April 13, 2022.
Stockholders may vote through remote communication, or in absentia subject to validation procedures. The procedures for participating in the meeting through remote communication and for casting their votes remotely or in absentia are set forth in the Information Statement.
Bonifacio Global City, Taguig City, Philippines.

 

March 18, 2022.

EXPLANATION OF AGENDA ITEMS

1. CALL TO ORDER. The Chairman of the Board of Directors, Mr. Jaime Augusto Zobel de Ayala, will call the meeting to order.

2. NOTICE OF MEETING, DETERMINATION OF QUORUM AND RULES OF CONDUCT AND PROCEDURES. The Corporate Secretary will certify on the date when written notice of the time, date, place and purpose of the meeting was sent to all stockholders of record as of March 11, 2022 and the date of publication of the notice in the newspapers of general circulation.

The Corporate Secretary will further certify the presence of a quorum. The holders of record for the time being of a majority of the stock of the Company then issued and outstanding and entitled to vote, represented in person or by proxy, shall constitute a quorum for the transaction of business.

Pursuant to Sections 57 and 23 of the Revised Corporation Code which allow voting in absentia by the stockholders, the Company has set up a designated online web address (uniform resource locator or URL), which may be accessed by the stockholders to register and vote in absentia on the matters for resolution at the meeting. A stockholder who votes in absentia as well as a stockholder who participates by remote communication shall be deemed present for purposes of quorum.

Unless otherwise amended, the following, are the rules of conduct and procedures at the meeting:

(i) Stockholders may attend the meeting by remote communication through the URL provided. Questions and remarks may be sent via e-mail prior to or during the meeting to corporatesecretary@globe.com.ph, and shall be limited to the items in the Agenda of the meeting.

(ii) Stockholders must notify the Company of their intention to participate in the meeting by remote communication through corporatesecretary@globe.com.ph to be included in the determination of quorum, together with the stockholders who voted in absentia and by proxy.

(iii) In the event that physical attendance will be allowed at the meeting –

  1. Anyone who wishes to make a remark shall identify himself after being acknowledged by the Chairman and shall limit his remarks to the item in the Agenda under consideration;
  2. Stockholders present at the meeting may opt for manual or electronic voting. For manual voting, each stockholder will be given, upon registration, a ballot where he can write his vote on every item in the Agenda or proposed resolution. For electronic voting, there will be computer stations near the registration table where stockholders may cast their votes electronically using a digital version of the ballot.

(iv) Each of the proposed resolutions will be shown on the screen during the livestreaming as the same is taken up at the meeting.

(v) Voting shall only be allowed for stockholders registered in the Company’s Voting in Absentia & Shareholder (VIASH) System or through the Chairman of the meeting as proxy. Detailed requirements and instructions pertaining to the VIASH System and the use thereof are provided in the Information Statement.

(vi) Stockholders voting in absentia, who have previously registered in the VIASH System, may cast their votes electronically at any time using the VIASH System prior to or during the meeting.

(vii) All the items in the Agenda requiring approval by the stockholders will need the affirmative vote of stockholders representing at least a majority of the issued and outstanding voting stock present at the meeting, unless the law requires otherwise.

(viii) Election of directors will be by plurality of votes and every stockholder will be entitled to cumulate his votes. Each outstanding share of stock entitles the registered stockholder to one vote.

(ix) The Office of the Corporate Secretary will tabulate all votes received and a firm selected for this purpose will validate the results. The Corporate Secretary shall report the results of voting during the meeting.

(x) The meeting proceedings shall be recorded in audio and video format.

3. APPROVAL OF MINUTES OF THE STOCKHOLDERS’ MEETING HELD ON APRIL 20, 2021. Copies of the minutes of the stockholders’ meeting held on April 20, 2021 will be made available to the stockholders before the meeting. Likewise, the minutes of the meeting are available at the Company website, www.globe.com.ph.

4. ANNUAL REPORT OF OFFICERS AND AUDITED FINANCIAL STATEMENTS. The Chairman, Mr. Jaime Augusto Zobel de Ayala, and the President and Chief Executive Officer (CEO), Mr. Ernest L. Cu, will deliver a report to the stockholders on the highlights of the Y2021 Company performance as reflected in the audited financial statements (AFS 2021), and the outlook for Y2022. The AFS as of December 31, 2021 will be included in the Information Statement to be sent to the stockholders at least 28 days prior to the meeting. The AFS 2021 will be released by the Company at least 60 days from the financial year end and available at the Company website, www.globe.com.ph.

A resolution noting the annual report and approving the AFS 2021 will be presented to the stockholders for approval by the affirmative vote of the stockholders representing at least a majority of the outstanding voting stock present at the meeting. Likewise, the stockholders will be given an opportunity to ask questions prior to submitting the AFS 2021 for their approval. Copies of the Information Statement and AFS 2021 will be made available to the stockholders before the meeting.

5. RATIFICATION OF ALL ACTS AND RESOLUTIONS OF THE BOARD OF DIRECTORS AND MANAGEMENT ADOPTED DURING THE PRECEDING YEAR. Ratification by the stockholders will be sought for all the acts and resolutions of the Board of Directors, Executive Committee, and other Board Committees and all acts of Management of the Company taken or adopted since the ASM on April 20, 2021 until April 26, 2022. The acts and resolutions of the Board and its Committees were reflected in the minutes of the meetings including approval of contracts and agreements, projects and investments, treasury matters and acts and resolutions covered by disclosures to the Securities and Exchange Commission, the Philippine Stock Exchange and applicable regulatory agencies. The acts of Management were those taken to implement the resolutions of the Board or its Committees or taken in the general conduct of business.

6. APPROVAL OF AMENDMENTS TO THE ARTICLES OF INCORPORATION TO INCREASE THE AUTHORIZED CAPITAL STOCK. Management will obtain approval of the Board on the proposed increase of Authorized Capital Stock (ACS) on or before April 25, 2022. In accordance with the Revised Corporation Code2, approval by the stockholders representing at least two-thirds (2/3) of the outstanding capital stock will be sought to increase the Corporation’s ACS from Ten Billion Two Hundred Forty-Six Million Seven Hundred Eighteen Thousand Six Hundred Fifty Pesos (Php 10,246,718,650.00) consisting of One Hundred Forty-Eight Million Nine Hundred Thirty-Four Thousand Three Hundred Seventy-Three (148,934,373) Common Shares with a par value of Fifty Pesos (Php 50.00) per share, One Hundred Sixty Million (160,000,000) Voting Preferred Shares with a par value of Five Pesos (Php 5.00) per share, and Forty Million (40,000,000) Non-Voting Preferred Shares with a par value of Fifty Pesos (Php 50.00) per share to Eleven Billion Two Hundred Forty-Six Million Seven Hundred Eighteen Thousand Six Hundred Fifty Pesos (Php 11,246,718,650.00) divided into One Hundred Sixty-Eight Million Nine Hundred Thirty-Four Thousand Three Hundred Seventy-Three (168,934,373) Common Shares with a par value of Fifty Pesos (Php 50.00) per share, One Hundred Sixty Million (160,000,000) Voting Preferred Shares with a par value of Five Pesos (Php 5.00) per share, and Forty Million (40,000,000) Non-Voting Preferred Shares with a par value of Fifty Pesos (Php 50.00) per share.

7. ELECTION OF DIRECTORS (INCLUDING THE INDEPENDENT DIRECTORS). In accordance with the By-Laws of the Company, the Manual of Corporate Governance as revised, and the SEC Rules, any stockholder including minority stockholders, may submit to the Nomination and Governance Committee the names of nominees to the Board of Directors. The Nomination and Governance Committee, in the exercise of its assigned task, will determine whether the nominees for the Board of Directors including the independent directors, have all the qualifications and none of the disqualifications to sit as members of the Board of Directors of the Company before submitting the nominees for election by the stockholders of the 11 members of the Board of Directors including the 3 independent directors. Copies of the curriculum vitae and profiles of the nominees to the Board of Directors will be provided in the Information Statement and on the Company website for examination by the stockholders.

8. APPROVAL OF INCREASE IN DIRECTORS’ FEES. Management will obtain approval of the Board on the proposed increase in directors’ fees on or before April 25, 2022. In accordance with the Revised Corporation Code and Company By-Laws3, the Company will seek approval of the stockholders representing at least a majority of the outstanding capital stock to increase the directors’ fees in the form of retainer fees, in addition to the current attendance fees for each non-executive director. Executive directors do not receive per diem compensation or any attendance fees per meeting.

9. ELECTION OF INDEPENDENT AUDITORS AND FIXING OF THEIR REMUNERATION. The Audit and Related Party Transactions (ARPT) Committee will endorse to the stockholders the appointment of the Independent Auditor for the ensuing year as well as the proposed remuneration of the Independent Auditor. The profile of the Independent Auditor will be provided in the Information Statement and on the Company website for examination by the stockholders.

10. CONSIDERATION OF SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING. The Chairman will open the floor for comments and questions by the stockholders, and take up items included on the agenda received from stockholders in accordance with existing laws, rules and regulations of the Securities and Exchange Commission4.

11. ADJOURNMENT. Upon determination by the Corporate Secretary that there are no other matters to be considered, and on motion by a stockholder duly seconded, the Chairman shall declare the meeting adjourned.

1 The Corporation shall hold a physical meeting if so requested by stockholders holding at least 10% of our outstanding capital stock and provided that the same is allowed by government regulations and issuances. Stockholders have until 22 February 2022 to submit their requests to corporatesecretary@globe.com.ph.
2 Sections 6 and 15 of the Revised Corporation Code of the Philippines or Republic Act No. 11232.
3 Section 29 of the Revised Corporation Code of the Philippines or Republic Act No. 11232; Article II, Section 7 of the Globe By-Laws.
4 SEC Memorandum Circular No. 14, series of 2020 or “Shareholders’ Right to Put items on the Agenda for Regular/Special Stockholders’ Meetings”: https://www.sec.gov.ph/mc-2020/mc-no-14-s-2020shareholders-right-to-put-items-on-the-agenda-for-regular-special-stockholders-meetings/.

 

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How PSEi member stocks performed — March 28, 2022

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

Philippines slips in global philanthropy environment list

Philippines slips in global philanthropy environment list

Housing demand sustained for second straight quarter in Q4

Housing demand sustained for second straight quarter in Q4

Peso strengthens as oil prices fall

BW FILE PHOTO
THE PESO gained against the dollar on Monday as oil prices dropped due to a lockdown in China. — BW FILE PHOTO

THE PESO appreciated versus the greenback on Monday as oil prices declined and amid the growth in infrastructure spending.

The local unit closed at P52.13 per dollar on Monday, gaining two centavos from its P52.15 finish on Friday, based on Bankers Association of the Philippines data.

The peso opened Monday’s session at P52.18 versus the dollar. Its weakest showing was at P52.30, while its intraday best was at P52.08 against the greenback.

Dollars exchanged declined to $778.55 million on Monday from $1.105 billion on Friday.

The peso strengthened as global oil prices declined, a trader said.

Reuters reported that fuel prices dropped by more than $5 on Monday due to expectations of weaker fuel demand due to the lockdown in Shanghai as coronavirus infections there surged anew.

Brent crude futures fell to as low as $115.32 a barrel and declined by $5.15 or 4.3% at $115.50 at 0731 GMT. Meanwhile, the US West Texas Intermediate crude futures reached a low of $108.28 per barrel, and dropped by 4.7% or $5.30 at $108.60.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the market also priced in news of rising infrastructure spending as it is an import growth driver.

Data from the Department of Budget and Management showed infrastructure spending in 2021 jumped by nearly a third to P895.1 billion. It also surpassed the P761.2-billion target for the year.

The rise was attributed to the low base in 2020 as well as spending on roads, flood barriers, multipurpose buildings, railways and airports, the agency said.

For Tuesday, Mr. Ricafort gave a forecast range of P52.05 to P52.20 per dollar, while the trader expects the local unit to move within P52.00 to P52.30. — L.W.T. Noble with Reuters

Stocks rise on last-minute buying as risks remain

REUTERS

STOCKS climbed on Monday on last-minute buying as the market remained on edge amid inflation concerns.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 9.52 points or 0.13% to close at 7,134.36 on Monday, while the broader all shares went up by 7.46 points or 0.19% to close at 3,782.05.

“Last-minute buying sent the local market higher this Monday. For the most part of the day, however, the local bourse was in the negative territory as investors booked gains from its preceding four-day rally,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Inflation concerns also resurfaced amid the anticipated increase in local fuel prices by Tuesday. The lethargic trading shows that many are staying on the sidelines due to the lingering uncertainties,” Mr. Tantiangco added.

Oil companies announced they would raise the prices of gasoline, diesel, and kerosene products by P3.40 per liter, P8.65 per liter, and P9.40 per liter, respectively, effective on Tuesday.

The central bank last week said average inflation could breach the 2-4% target range this year at 4.3%, higher than the previous forecast of 3.7% while average inflation is expected to decline and settle at 3.6% in 2023.

“Philippine shares were bought up ahead of the quarter end and a series of key economic data releases while the street keeps a watchful eye on the Fed’s planned interest rate hikes,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

US Federal Reserve Chair Jerome H. Powell last week signaled at more aggressive rate hikes this year to fight surging inflation.

Majority of sectoral indices ended in the red except for industrials, which gained by 80.80 points or 0.84% to 9,648.35, and holding firms, which rose by 32.37 points or 0.47% to 6,816.36.

Meanwhile, mining and oil fell by 112.26 points or 0.87% to 12,769.23; services dropped by 8.69 points or 0.45% to 1,923.09; property went down by 8 points or 0.24% to 3,328.76; and financials declined by 1.92 points or 0.11% to 1,673.35.

On the other hand, the PSE MidCap Index ended at 1,195.49 up by 0.39 point or 0.03% while the PSE Dividend Yield Index went down by 0.56 point or 0.03% to 1,708. The two new thematic indices were launched on Monday to highlight mid-sized companies and firms that consistently give high-yielding dividends, as well as provide benchmarks for fund managers. (see related story on page S1/1)

Value turnover decreased to P5.19 billion with 768.14 million shares changing hands from P5.48 billion or 599.16 million issues seen on Friday.

Decliners outweighed advancers, 94 versus 77, while 55 names closed unchanged.

Foreigners turned buyers with P185.89 million in net purchases on Monday from P40.22 million in net outflows seen on the previous trading day. — L.M.J.C. Jocson with Reuters

Senate flags discrepancies in DA, Customs food import data

REUTERS

THE DATA on farm imports compiled by the Bureau of Customs (BoC) and the Department of Agriculture (DA) do not tally in the absence of an integrated data platform, officials told a Senate panel on Monday, though some Senators characterized this mismatch as “looking the other way” in a manner that facilitates smuggling.

At a Senate committee of the whole’s hearing on agricultural smuggling, representatives from the two agencies said their estimates are based on two separate data sets — the DA relies on import permit statistics to estimate the volume of commodities expected to arrive, while the BoC tallies data like volume of actual arrivals and taxes paid on entry.

BoC Assistant Commissioner Vincent Philip C. Maronilla said the DA’s import permits would be a more authoritative indicator on the actual volume of food imports entering the Philippines. However, Agriculture Assistant Secretary Federico E. Laciste, Jr. of the department’s Field Inspectorate, said there was no “real time” record of the volume of import arrivals, noting that “even if we have issued import permits, not the whole (amount) issued arrives.”

“This is because it (the process) is not yet automated,” he added. “The ideal is if it is automated, (then) in real time, we will be able to see everything.”

Senator Cynthia A. Villar, who chairs the Agriculture, Food, and Agrarian Reform committee, said at the hearing that the DA can always require importers to report on shipments as they arrive.

“You can enforce that because you are issuing import permits. If they don’t want to follow then don’t issue them the permits in the future,” she said. “It is not an excuse. It seems like you don’t want to know what has arrived and has not arrived.”

“If you do not know (the data) in real time, then you also do not know if the number of imports has already exceeded the permit volumes,” Senator Francis Pancratius N. Pangilinan said at the hearing.

He called for future permits to be denied if importers fail to disclose actual arrivals.

“They really don’t want to know what’s coming in because they need to look the other way while undocumented imported products keep coming in,” he added.

Senator Panfilo M. Lacson, Sr. noted the onerous process of being accredited with the BoC and complying with food safety rules, which has not curbed smuggling over decades.

“It is so hard for importers to comply with requirements, but it is so easy for smugglers to get past the authorities,” he said.

Mr. Pangilinan said some smugglers may have become “untouchable” over the years because of their influence on certain agencies.

“Just like other crimes and other groups… they evolve even if we guard against them and make plans, they will be creative and create more ways to get around,” Mr. Laciste said, reiterating the need for automation.

Mr. Maronilla said the BoC is currently working on full automation of its current processes.

“One of our recommendations is to have fully automated trade transactions and monitoring,” he said. “Once we have automation, not only in centralized databases but also in the import and export processes and requests for inspection, we will be able to monitor.”

He noted that major automation projects include the Philippine Customs Modernization Project funded by the World Bank.

“At this point, initial procurement of the initial stage of the Philippine Customs Modernization Project which is the procurement of the (quality assurance systems) or advisers is already on the way,” he said.

“Hopefully after that, we will be able to start with the procurement process of the customs processing system which will replace our current system and will modernize it to be on par with international standards,” he added.

“We hope and pray that it happens because your automation is already very delayed,” Senate President Vicente C. Sotto III said. “We should not let the smugglers keep up with any improvements “in the BoC’s systems, he added. — Alyssa Nicole O. Tan

MRT-3 free-ride program designed to restore public confidence after rehab

PHILIPPINE STAR/ MICHAEL VARCAS

THE Metro Rail Transit Line 3 (MRT-3) launched a month-long free-ride offering on Monday with the goal of restoring confidence in the key commuter train line after an extensive overhaul.

“The deployment of trains with four cars each set helps augment the line’s capacity, as they can carry up to a total of 1,576 passengers per train set,” the Department of Transportation said in a statement.

“The 18-22 trains, including the four-car train sets, that the MRT-3 can now deploy during peak hours is a far cry from the previous 10-15 trains only that it could deploy before its massive rehabilitation,” it noted.

The department said the government wants to show off these developments to the commuting public by offering rides free of charge.

“The free-ride program of MRT-3 is launched with this objective of showcasing the improved services of the rail line, in order to gain back the public confidence in our mass transportation system,” it noted.

The program also aims to ease the financial burden on passengers amid rising prices of fuel and commodities, as well as the return to on-site work, the department added.

“The MRT-3 recorded the all-time lowest number of operational trains on May 24, 2015, when it was able to deploy only six running train sets on the main line due to poor maintenance of its previous provider,” it said.

“Today, passengers enjoy cooler, aside from faster, MRT-3 rides as all train cars have also been (equipped) with new and 100% functioning air conditioning units.” — Arjay L. Balinbin

GOCC dividends in 2021 exceed pre-pandemic levels

DIVIDENDS remitted to the Treasury by government-owned or -controlled corporations (GOCCs) totaled P57.55 billion in 2021, exceeding the pre-pandemic performance of P52.59 billion posted in 2019, the Department of Finance (DoF) said in a statement on Monday.

The 2021 dividends were however much lower than the 2020 performance of P135.08 billion, with the government leaning heavily on GOCCs to remit more of their profits to help fund the pandemic response.

The P135.08 billion in 2020 includes dividends the government chose to forego from the two major state-owned banks which needed to build up their capital, the DoF Corporate Affairs Group (CAG) said in its report to Finance Secretary Carlos G. Dominguez III.

Excluding the dividends that would have been paid by Land Bank of the Philippines and the Development Bank of the Philippines, GOCC remittances were P84.72 billion in 2021.

The Dividends Law, or Republic Act No. 7656, requires GOCCs to remit at least 50% of their net earnings to the National Government.

CAG projects further collections of P32 billion from GOCCs by the end of June, Assistant Secretary Soledad Emilia F. Cruz of CAG said.

“The CAG, headed by Finance Undersecretary Antonette C. Tionko, used the web-based GOCC Liabilities and Monitoring System (GLAMS) to check on the financial status of GOCCs,” the DoF said.

“Formerly known as the GOCC Debt Reporting and Monitoring System (GDRAMS), the GLAMS was transferred by the Governance Commission for GOCCs (GCG) to the DoF in July 2021, and relaunched with enhanced features in August 2021.”

Ms. Cruz said that the CAG in 2021 was successful in implementing globally accepted insurance accounting standards, the Philippine Financial Reporting Standards, at government insurance institutions, which include the Social Security System (SSS), the Government Service Insurance System (GSIS), and the Philippine Health Insurance Corp. (PhilHealth).

Mr. Dominguez called reforms pushed by CAG to be continued into the next administration.

“Continuity is the important thing in these programs that we all started to ensure that they are not just going to fall by the wayside, but will be institutionalized, because you guys have done a terrific job,” Mr. Dominguez said. — Tobias Jared Tomas

PPA sees 31 more port projects done before Duterte leaves

PHILIPPINE PORTS AUTHORITY

THE Philippine Ports Authority (PPA) said on Monday that it hopes to complete and inaugurate 31 more port projects before President Rodrigo R. Duterte’s term ends on June 30.

“Katulong ng Department of Transportation (DoTr), so far, since 2016, nakatapos na ang PPA at DoTr ng 585 port projects, malaki at maliit (With the aid of the DoTr, so far since 2016, we have completed 585 port projects, large and small),” PPA General Manager Jay Daniel R. Santiago said at a televised news briefing.

“Meron pa tayong hinahandang pasisinayaan at matatapos bago matapos ang termino ng ating Pangulo sa June 30 na nasa 31 port projects (We expect to complete and launch before the President ends his term on June 30, 31 more port projects),” he added.

These port projects, according to the agency, include Currimao Port in Ilocos Norte.

The Currimao Port is “more than ready to handle bigger, more sophisticated cruise ships,” the PPA said in a statement.

Another project to be inaugurated is Bulan Port in Sorsogon, which will provide an alternative jump-off point to Masbate and Cebu.

Also to be inaugurated before June 30 are Banago Port in Negros Occidental, the Ports of Baybay and Palompon in Leyte, and the completion of the passenger terminal buildings in Batangas and Calapan ports, “which will be… two of the biggest terminals in the country.”

“The projects that were completed also prepared the country to take in the shipping and logistical demand both from local and international players in the short- to mid-term as the world transitions to the (new) normal,” Mr. Santiago said.

Between 2016 and 2021, the PPA transferred P43.98 billion to the Treasury from taxes collected, paid and dividends remitted.

“The amount is P12.93 billion or 41.64% higher compared to the total contribution paid to the government from 2010 to 2015,” it said.

It said it incurred P19.87 billion in expenses to complete 240 port projects between 2016 and 2021. These 240 are part of the 585 port projects completed under the administration’s infrastructure program.

“We… increased the percentage of the dividend remittance from 57% in 2020 to 60% in 2021 to help the government in its (coronavirus) response,” Mr. Santiago said, adding that the ports were sufficiently flexible in delivering services as the recovery from the pandemic gained momentum, Mr. Santiago noted. — Arjay L. Balinbin

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