Home Blog Page 6979

Filipinos in US warned vs attacks

The Philippine Embassy in the US has warned Filipinos there to remain cautious after recent attacks against Asian Americans.

“Filipinos are advised to exercise utmost caution in view of these incidents,” it said in an advisory.

It said it appreciates the swift action taken by US authorities to apprehend the perpetrators. “However, we call on federal, state and local authorities to further ensure the protection of persons of Asian descent, including Filipinos,” the embassy said.

Those who experienced attacks were advised to immediately call the 911 emergency hotline.

Early this month, a 61 year-old Filipino was slashed in the face in a New York subway while he was on his way to work.

There were also attacks in Oakland in California, according to a Reuters report. — Vann Marlo M. Villegas

Listen to people on VFA, Duterte told

President Rodrigo R. Duterte should listen to the people to help him decide whether to end a military deal with the United States on the deployment of troops for war games, according to a senator.

“Nobody has the monopoly of wisdom regardless of power and authority,” Senator Panfilo M. Lacson said in a statement on Friday.

“The best decisions are those made not out of hubris, but the humility of listening to as many people and trying to get a bit of what they have to say,” he added.

Mr. Duterte in a pre-recorded public address on Wednesday said he had not decided on whether the Philippines would end or renew a two-decade-old visiting forces agreement (VFA) with the US.

Mr. Duterte in February said he was ending the VFA after the US Embassy canceled the visa of Senator Ronald M. dela Rosa, his former police chief who led his deadly war on drugs.

He suspended the termination for six months in June, citing heightened tensions in the region and saying it was a distraction to countries’ anti-coronavirus efforts. It was suspended again for another six months.

“The decision is his to make anyway. There’s nothing to lose and everything to gain in listening to others,” Mr. Lacson said. “What matters most is that our national interest, dignity and self-respect will be upheld.”

Meanwhile, House Deputy Speaker Rufus B. Rodriguez urged Mr. Duterte to keep the deal with the US.

“The President wants to feel the public pulse on the VFA,” he said in a statement. “I think most Filipinos not only support the agreement but want the government to strengthen Philippine-US relations.” — Vann Marlo M. Villegas

Fisheries bureau boosts surveillance

The Bureau of Fisheries and Aquatic Resources (BFAR) has improved and expanded its surveillance of illegal fishing activities, according to the agency.

In a statement, it could now track and communicate with flagged fishing vessels in real time, while integrating law enforcement.

“Implementing the project gives us the opportunity to benefit from technological innovations for more improved fisheries management practices while empowering our fishers to become responsible resource users,” Agriculture Undersecretary Marie Natidad-Caballero said.

BFAR is setting up six of 15 port and coastal monitoring system towers, while it has already installed 25 of 117 coast stations nationwide.

The equipment will feed real-time data of commercial fishing vessel activities to the agency’s national data center in Navotas City, which will process data including license management, vessel tracking and automated detection of illegal, unreported and unregulated fishing.

“The system also collects relevant oceanographic, meteorological, and fish catch data that can be used for quick response, disaster recovery, scientific research and climate change mitigation measures,” BFAR said. — Revin Mikhael D. Ochave

Philippines eyes stricter border security

The Bureau of Immigration on Friday said it would launch an advanced security system that will boost Philippine border security.

The new system would allow the agency to conduct security inspections of foreigners in advance before they arrive or leave the airport, it said in a statement.

The bureau’s advanced passenger information system will allow airlines to electronically transmit personal details of their passengers and crew members to the bureau before they enter or leave the country.

“This will enable the bureau to conduct in advance security vetting of international travelers so that those with derogatory records, such as international terrorists and wanted foreign fugitives, will be prevented from boarding their flights to the Philippines right at their ports of origin,” it added.

“We will be able to use data to investigate the possible entry of illegal aliens through early detection of red flags,” Immigration Commissioner Jaime Morente said in the statement.

Justice Secretary Menardo I. Guevarra approved the rules that will enforce the system in January, and the bureau has created a center for better management.

The agency will launch the system as soon as technical issues are ironed out, Mr. Morente said. — Bianca Angelica D. Añago

NGCP holds consultations on transmission plan

The National Grid Corp. of the Philippines (NGCP) on Friday said that it has been consulting agencies and stakeholders in the past two months about the country’s updated transmission development plan.

In a statement, the agency said the latest version of the plan would cover 2021 to 2040 and would take into account the needs of the power grid. The plan is updated yearly.

The National Grid had presented the road map for expansion and improvement of the grid in the coming years to the Department of Energy, National Transmission Corp., Philippine Electricity Market Corp. and Independent Electricity Market Operator of the Philippines.

Also consulted were Manila Electric Co. and power generators and customers from Luzon, Visayas and Mindanao, it said.

NGCP just finished consultations with Mindanao stakeholders on Feb. 24. — Angelica Y. Yang

Marikina River dredging to help prevent floods

The Department of Public Works and Highways on Friday said it had started dredging the Marikina River to expand its capacity in handling rainwater and prevent floods in nearby communities.

The dredging of about 50,000 cubic meters of soil, sand and silt started on Feb. 17, and would continue toward the summer season within two to three months, the agency said in a statement.

“Due to the mountainous areas of the nearby province of Rizal and due to the clogging of esteros, Marikina City has become prone to heavy flooding in the absence of an efficient drainage system,” it said.

Lives and properties are at risk without flood-control structures to channel rainwater to the sea, it added.

Marikina City is a catch basin of rainwater coming from the upstream areas of San Mateo and Montalban, Rizal, as well as from the cities of Antipolo and Quezon, according to Public Works Secretary Mark A. Villar. — Arjay L. Balinbin

Stocks inch up over news of COVID-19 vaccine arrival

Local shares closed the week on a high note after the government announced that the country’s coronavirus disease 2019 (COVID-19) vaccines are set to arrive on Sunday, Feb. 28.

“The market may have closed higher today due to investor optimism on the country’s first shipment of COVID-19 vaccines, which is expected to come over the weekend,” China Bank Securities Corp. Research Head Rastine Mackie D. Mercado said via email.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 38.91 points or 0.57% to end at 6,794.86, while the broader all shares index rose 20.14 points or 0.49% to 4,120.30.

“The local bourse gained 0.58%, lifted by late day bargain hunting, with the positive sentiment over the arrival of the Sinovac vaccine in the Philippines on Sunday,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a Viber message on Friday.

The country is set to receive its first batch of CoronaVac vaccines manufactured by China-based pharmaceutical company, Sinovac Biotech Ltd.

For Regina Capital Development Corp. Head of Sales Luis A. Limlingan, the market’s uptick is due to a sudden spike in US bond yields.

“Shares in the Philippine market closed on the positive as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high- flying technology names,” Mr. Limlingan said in a separate Viber message.

“After the sell-off last trading day, investors [hunted] for bargains, particularly in the PSE index members. During the intraday, the market was in the red following the drop in Wall Street,” Philstocks Financial’s Ms. Alviar added.

The PSEi dipped to an intraday low of 6,681.14, while the all shares index went down to 4,058.78.

“The initial weakness today was likely due to weak market sentiment following the sell-off in global equity markets yesterday as U.S. yields spiked on investor worries about rising inflation and sooner-than-expected policy tightening by the U.S. Federal Reserve,” China Bank’s Mr. Mercado said.

Half of the sectoral indices inched up on Friday, while the other half closed in the red.

Financials grew by 41.6 points or 2.89% to finish at 1,477.19; property increased by 72.43 points or 2.14% to 3,457.14; and services went up by 6.82 points or 0.47% to 1,453.36.

Holding firms fell by 69.57 points or 0.99% to close at 6,920; mining and oil dropped 59.77 points or 0.63% to end at 9,331.67; and industrials 17.91 points or 0.2% to 8,655.34.

Value turnover went down to P13.74 billion with 12.28 billion shares switching hands on Friday from the P14.70 billion traded on Wednesday with 36.10 billion issues.

Advancers outnumbered decliners, 121 against 96, while 42 names closed unchanged.

Net foreign selling inched up to P972.65 million on Friday from the P652.86 million reported on Wednesday.

“We expect the PSEi to stage a recovery rally next week following the successful test of the 200-day support at 6,690, with resistance likely at 7,000 to 7,130,” Mr. Mercado said.

“Possible market-moving developments we’re looking at for the coming week include the vaccine program rollout and possible revisions in government growth targets,” he added. — Keren Concepcion G. Valmonte

A basic guide to styling an industrial-themed coffee bar at home

For coffee enthusiasts, having at least one cup of their favorite coffee mix is an essential part of their daily routine. It can serve as an energizer for the early risers and a stress reliever and a relaxer for workaholics. Satisfy the caffeinator in you and customize your coffee bar at home with this quick guide to styling an industrial-themed nook with Wilcon Depot.

Incorporate urban industrial tones

When talking about any industrial-themed setup, you can often recognize neutral colors such as black, white, gray, brown, or cream making the limelight. It creates the raw and edgy effect that the style aims for. This type of setup commonly portrays elements that are hard and rustic—the perfect complementary style for coffee. Achieve an urban-like coffee bar with wood-looking bar stools and tables from Heim that can serve as the focal point of the space. You can also add pendant lights from Alphalux to spruce it up and make it more upscale.

 

Add coffee making must-haves

To complete your personal coffee spot at home, all the essential appliances in making coffee should be a top priority. You can get electric coffee makers that allow you to get your much-needed drink in lesser time. You can also pair your homemade coffee with delectable food using built-in ovens from Hamden and toasters for a quick prep and a more enjoyable breakfast time.

Keep your coffee area spick-and-span

In styling a coffee bar, it is a must to have all your items clean and orderly. You can place them in similar containers and organizers to make an eye-pleasing and consistent setup. Heim offers a wide array of containers and organizers—perfect for storing your coffee needs. It is also better to label each ingredient and place them on shelves to help you locate them more efficiently.

Design your coffee haven at home now and find all your remodeling needs at any Wilcon Depot and Wilcon Home Essentials store nationwide.

Adhering to health and safety protocols to fight against COVID-19, Wilcon continuously implements necessary precautionary measures in all of its stores to ensure their employees’ and valued customers’ safety, health, and well-being a priority.

Wilcon Depot also introduces a hassle-free shopping option with its Browse, Call, and Collect/Deliver feature. This new shopping option allows you to shop for your home improvement and building needs through browsing online on the Wilcon website or online shop to find the products they want to purchase. Customers can call/text/Viber to place their orders, and collect their purchases in-store or have them delivered to their doorstep.

Another shopping alternative is the Wilcon Virtual Tour. An online shopping option wherein customers can contact the nearest Wilcon store via Facebook Messenger App. Customers can contact the nearest stores, and the Wilcon team will take you on a virtual tour where you can explore the available products inside their physical stores.

Wilcon also provides contactless payment options to its customers. Wilcon offers different online payment channels like bank transfers, GCash, PayMaya, Instapay, PesoNet, WeChat, and Alipay for customers’ convenience.

Visit any of their 65 stores nationwide and explore the limitless product selections that Wilcon offers ranging from Tiles, Sanitary wares, Plumbing, Furniture, Home Interior, Building Materials, Hardware, Electrical, Appliances, and other DIY items.

For more information about Wilcon, you can log on to www.wilcon.com.ph or follow their social media accounts on Facebook and Instagram at @wilcondepot.ph and subscribe and connect with them on Viber Community, LinkedIn, and YouTube.

February inflation may exceed goal — BSP

Inflation is expected to quicken to as fast as 5.1% in February amid rising fuel and food prices, Philippine central bank Governor Benjamin E. Diokno said on Friday.

The Bangko Sentral ng Pilipinas (BSP) expects the consumer price index at 4.3% to 5.1%, beyond its 2-4% target this year and faster than 4.2% in January.

“Upward price pressure for the month emanate from the continued uptick in global crude oil prices and elevated fish prices,” Mr. Diokno told reporters in a Viber group message.

inflation could breach 4% until the third quarter due to supply pressures and base effects, Mr. Diokno separately told a Manila Times forum on Friday.

“Inflation is seen to decelerate below the midpoint of the target range by Q4 2021 and Q1 2022 due to negative base effects before settling close to the midpoint by the second half of 2022,” he said.

Global oil prices have picked up in recent weeks amid supply disruptions caused by extreme weather in the US and as demand gradually recovers.

At home, gasoline, kerosene and diesel prices have increased by P3.05, P2.90 and P3.30 this month, based on data from the Department of Energy.

Meanwhile, the open fishing season and lifting of the fishing ban in some parts of the country are expected to bring down fish prices especially of household staples such as round scad or galunggong.

Mr. Diokno said lower power rates and the temporary price caps on meat products in Metro Manila, as well as stable rice prices could somehow pull inflation this month.

The government imposed a 60-day price ceiling on some pork and chicken products and boosted pork imports to counter soaring prices caused by an African Swine Fever outbreak. Some vendors have chosen not to sell these products.

Data from the Philippine Statistics Authority showed the average wholesale price of regular milled rice slipped by 0.1% to P33.31, while the retail price was down by 0.03% to P36.14.

Manila Electric Co. this month said electricity bills of typical households might fall by P14 in February.

The central bank kept the overnight reverse repurchase, lending and deposit rates at 2%, 2.5%, and 1.5%, respectively on Feb. 11 after inflation quickened to a two-year high last month. Last year, it slashed rates by 200 basis points.

The Monetary Board will hold its next policy-setting meeting on Mar. 25.

December fiscal gap widens

The government’s budget deficit worsened in December amid lower revenue and increased spending amid a coronavirus pandemic, according to the Treasury bureau.

The fiscal gap rose by a fifth to P302.6 billion from a year earlier, data from the bureau released on Friday showed. This brought the full-year deficit to P1.371 trillion, more than double the P660 billion in 2019.

Last year’s deficit was equivalent to 7.63% of the country’s economic output, higher than 3.38% in 2019. But it was lower than the 9.63% revised program for the year.

“This is definitely because of the economic impact of the COVID-19 pandemic that directly resulted in closures of micro, small and medium-sized enterprises and lower domestic demand,” Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc. said in a text message. “These, of course, resulted in lower government receipts.”

A deficit occurs when a government spends more than the taxes it collects, forcing the state to borrow and increase debt.

In December, government expenditures rose by 9.46% to P541.1 billion, bringing the full-year spending to P4.227 trillion, 11% higher than a year earlier.

Revenue slipped by 1.95% to P238.5 billion that month. Revenue fell by 8.97% to P2.856 trillion last year from a year ago.

Collections by the Bureau of Customs and other offices dropped by 13.13% and 14.74% to P45.3 billion and P700 million, respectively. Tax collections by the Bureau of Internal Revenue inched up by 0.48% to P163.4 billion.

Nontax revenue also increased by 5.2% to P29.2 billion as revenue from other offices jumped by 30.56% to P20.8 billion despite a 29% fall in Treasury collections to P8.4 billion.

The Treasury bureau traced the lower revenue to tax relief measures meant to ease the burden on consumers.

This year, the Development Budget Coordination Committee capped the fiscal deficit to 8.9% of the economy, with gross borrowings expected to hit P3.03 trillion.

A measure seeking to cut corporate income tax to 25% from 30% may cost the government as much as P250 billion in foregone revenue from 2021 to 2022, according to Finance Assistant Secretary Maria Teresa S. Habitan.

“Although initially it will be negative for national revenue, the longer-term impact may offset the shorter-term receipt shortfall,” Mr. Asuncion said.

The measure, which has been submitted for President Rodrigo R. Duterte’s signature, is expected to allow companies to expand and hire more people, he added.

Govt eyes 14 priority bills before elections

The government wants to pass at least 14 priority bills before the election season to help to fast-track economic recovery from a coronavirus pandemic.

The Legislative-Executive Development Advisory Council (LEDAC) met a few days ago to discuss the priority measures, Finance Secretary Carlos G. Dominguez told a Manila Times online forum on Friday.

“We agreed on a menu of measures that need to be passed before the election period begins some time in March next year,” he said.

The bills endorsed by the council would be certified as urgent by President Rodrigo R. Duterte, acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said in a mobile phone message. “We will release a list soon.”

The council is made up of 20 members that include Mr. Duterte, Vice President Maria Leonor G. Robredo, Mr. Chua, Mr. Dominguez, and three other Cabinet members, four senators, four congressmen and three members from local governments, the youth and private sector.

Albay Rep. Jose Maria Clemente S. Salceda said among those endorsed by the council were a bill seeking to help distressed small companies, one that will reform property valuation and assessment and another that will simplify the tax structure for financial instruments.

Also on the priority list are proposed changes to the Public Service Act, Retail Trade Liberalization Act and Foreign Investment Act, as well as amendments to Agri-Agra law, proposed Medical Reserve Corps Act and the creation of a Disease Prevention and Control Authority.

“That’s not an exhaustive list of what we are limited to doing for the next few months,” Mr. Salceda, who heads the House ways and means committee, said in a Viber message.

Economic managers expect the economy to grow by as much as 7.5% this year after a record 9.5% contraction in 2020. Mr. Dominguez said economic reform measures could help the country to recover.

“We cannot recover all that we lost in 2020 in one blow,” he said. “It will take us more years to nurse our economy to where it was before the pandemic struck.” — Luz Wendy T. Noble

BSP fully awards P90B in short-term bills

The Philippine central bank on Friday fully awarded P90 billion worth of 28-day bills at higher rates amid investor preference for retail Treasury bonds (RTBs).

Demand for the short-term securities reached P102.12 billion, more than the P90-billion offer but lower than P154.9 billion a week ago, according to e-mailed auctions results from the Bangko Sentral ng Pilipinas (BSP).

Yields for the central bank’s bills were 1.665% to 1.995%, wider than last week’s auction. This caused the average rate to hit 1.7303%, rising by 6.2 basis points.

“The auction results continue to broadly reflect market participants’ search for yield amid the ongoing offering of RTBs of the Bureau of the Treasury,” central bank Deputy Governor Francisco G. Dakila, Jr. said in a statement.

The government is offering RTBs at a coupon rate of 2.375% from Feb. 9 until Mar. 4, unless ended earlier. The Treasury raised P221.218 billion earlier this month.

Yields in the term deposit facility also picked up on Wednesday.

The central bank uses both its securities and term deposits to mop up excess liquidity in the financial system and to better guide short-term market rates.

“The higher auction yield was also due to a weaker peso exchange rate recently that could lead to high import prices and overall inflation,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. said in a text message.

The peso has been weakening in recent weeks as global oil prices rose due to supply disruptions in the US and with gradually increasing demand.