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Goldman Sachs eyes 100% of China venture

GOLDMAN SACHS Group, Inc. is inching closer to becoming the first Wall Street bank with 100% ownership of its securities joint venture (JV) in China, paving the way for an aggressive expansion as the Asian nation opens its $50-trillion financial market wider to foreign firms.

The New York-based bank has started the process of getting clearance from regulators to take full control of Goldman Sachs Gao Hua and signed a definitive agreement with its partner to buy the 49% of the venture it doesn’t own, according to an internal memo. A Hong Kong-based spokesman at Goldman Sachs confirmed the contents.

The move will end Goldman Sachs’ 17-year collaboration with Beijing Gao Hua Securities and gives the firm free rein to pursue an expansive growth strategy that includes boosting its workforce in China to 600 and ramping up in asset and wealth management. Wall Street giants are rushing to gain a bigger foothold as China’s market opens, jostling to capture a share of profits that are estimated to swell to $47 billion in investment banking alone by 2026.

Full ownership “of our franchise on the mainland represents a significant commitment to and investment in China,” Chief Executive Officer David Solomon, President John Waldron and Chief Financial Officer Stephen Scherr said in the memo.

Taking full control in China would bring the firm closer to its vision of being “one Goldman” in all markets. As part of the progression to full ownership, the firm will migrate all onshore businesses currently under Gao Hua across to Goldman Sachs Gao Hua, which will be renamed Goldman Sachs (China) Securities Co. Ltd.

Gaining full ownership and moving its non-investment banking businesses to the existing joint venture on the mainland will help Goldman untangle a convoluted structure.

In 2004, Goldman was granted approval to create a securities venture with Gao Hua Securities, which was set up by Chinese banker Fang Fenglei with a loan from the US firm. Goldman has been effectively controlling the operations of Gao Hua even though the loan was repaid a decade later. — Bloomberg

Legacy Construction Corporation generates over 1,000 jobs nationwide amid pandemic

Despite this past year of substantial shifts in the labor market due to the global pandemic, family-run diversified holdings company Legacy Construction Corporation has been able to provide new jobs to over 1,000 Filipinos thanks to their ventures in construction, real estate, and agriculture.

“We are grateful for the opportunity to provide some stability to our employees, especially during this tumultuous year. Legacy Construction Corporation is happy to continue our nation-building efforts through investments in both community projects and the members of these communities themselves,” said President Alex Abelido in a statement.

The Department of Labor and Employment reported that over 3.73 million workers were affected as lockdown measures hurt the Philippine economy. Many companies have had to downsize, but Legacy Construction Corporation has been able to not only retain but grow their employee pool through their diversified portfolio of services.

While they started out by specializing in government construction projects in Bacolod, Legacy Construction Corporation has since ventured out into new provinces and into different sectors with LS PRAMMANI for realty development and Legacy Farms for agriculture. By not limiting themselves to one location or industry, Legacy Construction Corporation has helped see the growth of towns nationwide alongside the proud locals they employ.

“Our communities, particularly those outside of the country’s major cities, have so much potential to grow,” shared Legacy Construction Corporation Operations Director Raymond Abelido. “In the past few years, we’ve focused on expanding to realty and agriculture because we understand that these sectors have a multiplier effect in uplifting a community’s viability,” he added.

Both the real estate industry and the agricultural sector have been cited as key factors in the country’s economic recovery for the post-pandemic era. Economist Dr. Bernardo Villegas from the University of Asia and Pacific recently noted the continued demand in residential property, while the World Bank released a report on the importance of transforming the country’s farming into a vibrant rural economy. Moreover, the government’s consistent funding for its Build, Build, Build projects helps ensure job security for those in construction.

By investing in such essential sectors, Legacy Construction Corporation has been able to generate over 1,000 jobs in the past year alone. Stringent protocols in all operations are also in place to protect employees from ongoing health concerns.

“We are a proudly Filipino company that proudly invests in the Filipino people. Being able to share our legacy with those who work with us is part of our commitment to nation-building, so we will continue to find opportunities to empower communities,” shared Alex.

Arts & Culture (12/09/12)

Steps Dance Studio releases film

EVERY year during Christmas, the Steps Dance Studio holds performances at the Ayala Malls. This year, however, things have to be done a little differently. In partnership with Ayala Malls and a creative team including director Madge Reyes and choreographer James Laforteza, Steps Dance Studio launches a dance film to support local dancers and uplift mall goers. Titled Happy, the dance film begins with a mall maintenance staff falling asleep on a chair in an empty cinema. Next thing he knows, he’s surrounded by Ayala Malls’ lush greenery and is joined by a group of young jazz dancers as they move along, performing at other areas of the mall. The maintenance staff soon wakes up from his dream. The song accompanying the dance film is Ryan Cayabyab’s original composition “It’s Gonna Be a Happy Day,” performed by Reese Lansangan. Watch Happy on Facebook at https://fb.watch/2aK4a84bQb/ . Watch the official video for “It’s Gonna Be a Happy Day” on YouTube: https://www.youtube.com/watch?v=c1y-paG_mpQ&feature=youtu.be.

Group show at the BenCab Museum

THE BENCAB Museum caps the year with RE:VIEW 2020, a group exhibition by 45 artists — including Antipas Delotavo and BenCab, Charlie Co, Jason Moss, Mark Justiniani, Welbart Slowhands, Max Balatbat, Imelda Cajipe Endaya, and Abi Dionisio — working in diverse styles from figurative to non-figurative, and showing a wide range of subject matter and techniques. RE:VIEW 2020 will be on view at BenCab Museum’s Gallery Indigo from Dec. 12 to Feb. 7, 2021 The museum is open Tuesday to Sunday, 9 a.m. to 5  p.m. For inquiries,send an e-mail to bencabartfoundation@gmail.com.

‘20/20’ caps Pinto Museum’s year

PINTO Art Museum caps the year with the group exhibit “20/20,” which opened on Dec. 6 at the contemporary art museum’s recently inaugurated Gallery 7. The selling exhibition features the works of some of the most highly regarded Filipino artists — from the emerging to the established. 20/20 touches upon a wide variety of subject matter, but with most of the works contemplating on the external and internal conditions brought about by the pandemic, the consequent lockdown, and the emergent “new normal.” The painters were asked to project their visions onto a 20 x 20-inch canvas as a way to engage with the show conceptually and to respond with a sense of balance and scale to what has been a tumultuous year. One of the special thrusts of the exhibition is to highlight sculptural works, which also needed to subscribe to the 20-inch height/width/length prescription. With over 100 artists participating, with each of them presenting their unique take on our collective struggle, “20/20” — curated by Ferdie Montemayor — inflects a clarity of vision and purpose to how we face the possibilities of the future. Pinto Art Museum is at 1 Sierra Madre St., Grand Heights Subdivision, Antipolo City. For inquiries on the purchase of works and viewing of the exhibition, call at 8697-1015 or e-mail pintoartmuseum@yahoo.com.

CCP’s parol tradition continues

THIS year the Cultural Center of the Philippines (CCP) heralds the holiday season with “Pasko 2020,” a display of Parul Sampernandu, which will light up the CCP’s Main Building Facade and the complex grounds from Dec. 10 to Jan. 3. The center upcycles the lanterns — which were originally designed by the Quiwa Family from San Fernando, Pampanga — after years of storage. With the health crisis and the aftermath of natural disasters that hit the country this year, the craftsmen from Pampanga have lost livelihood opportunities, is where the CCP comes in. They were engaged to improve on the eight-point star lanterns in the CCP’s keep and refresh their fascia with gold foil. A projection mapping by projection designer GA Fallarme complements the glimmering lanterns. Completing the whole experience will be the light and sound spectacle designed by Danilo Villanueva. In addition, a selection of short animation films from the Gawad CCP Para sa Alternatibong Pelikula archives will be shown. The whole spectacle will be streamed live on the CCP Facebook page and other social media platforms. In this time of the pandemic, the CCP will hold its traditional Simbang Gabi online with the participation of parish churches in Luzon, Visayas and Mindanao. The virtual Simbang Gabi will run from Dec. 15 to 23, 9 p.m. (Anticipated Masses, with replays the following morning) and on Dec. 16 to 24, 5 a.m. (Dawn Masses); culminating in a Christmas Eve Mass on Dec. 24, 8 p.m., and a Special Christmas Day Mass on Dec. 25, 10 a.m. Follow the official CCP Facebook and social media accounts to get the latest updates on the “Pasko 2020.” Visit www.culturalcenter.gov.ph to know more about the CCP and its programs.

Silverlens holds 3 live show, one online

THE YEAR-ender show of Silverlens’ Online Viewing Room features two iconic series by Chiang Mai-based artist Mit Jai Inn. “Junta Monochromes” (2016) and “Beautiful Futures” (2018) were made and shown in Bangkok amidst a backdrop of political drama and student protests  — movements that are now more active than ever. In a year of global turbulence, it is good to reflect on histories that give us hope. The show runs until Dec. 23. Meanwhile, the gallery has three shows ongoing until Dec. 23. Currently installed in the gallery’s largest space are nine oil paintings and nine ceramic sculptures by Hanna Pettyjohn in a show called “In Medias Res.” Known for addressing themes, such as memory and migration in her works, these recent abstract pieces are highly referential to the artist’s personal history, as well as her creative process. Meanwhile, Dina Gadia features new acrylic paintings and signage in her latest show with the gallery, “Navigating the Abstract.” The artist’s latest body of work is linked to the disconcertion she experienced during the height of the global health crisis. Finally, at the gallery’s Front Room, Gregory Halili presents a new set of miniature oil paintings completed on capiz shells in “Glass Horizon.” These meticulously crafted works reveal the delicate nature of the artist’s practice, as well as display his recent meditations on the fragility of nature, human existence, and social order. These exhibitions can be viewed in person by appointment only, from Tuesday to Saturday, 10 a.m. to 4 p.m. The gallery is at 2263 Don Chino Roces Ave. Ext., Makati City. For details and appointments, call 8816-0044 or 0917-587-4011, or e-mail info@silverlensgalleries.com.

2 new shows at MO_Space

AT MO_Space’s Main Gallery, Mariano Ching and Louie Cordero collaborate on a show called “Bat Soup Painters.” Both artists chose a parking lot in a town in Laguna, mid-way between their own homes during the pandemic, where they would meet up to swap paintings for the other to work on. Meanwhile, on view at Gallery 2 is “Come a little closer, Move a little far,” a three-person show featuring Keigh Cruz, Mai Saporsantos, and Ev Yu, with paintings that explore the measure of contemporary experience through figuration, landscape, narrative, and abstraction. “Bat Soup Painters” and “Come a little closer, Move a little far” are open for public viewing at MO_Space until Dec. 31. The gallery is open daily except for Mondays, from 10 a.m. to 7 p.m. For  inquiries, call 8403-6620 or 0917-572-7970.

Commission to assess effectivity of safeguard duties on steel bars

THE TARIFF commission will assess the impact of safeguard duties imposed on steel angle bars and newsprint on the domestic industry, after the expiration of these safeguard measures.

Philippine imposition of safeguard duties on steel angle bars was extended to end in 2019, after first being implemented in 2009 to 2015. Imported newsprint also had safeguard import duties from 2015 to 2018.

The commission will be conducting online public hearings in February 2021.

“The purpose of the public hearing is to evaluate the effectiveness of the actions taken by the domestic industry in facilitating positive adjustment to import competition,” the commission said in separate public notices signed last month.

All interested parties may present evidence or testimony at the meetings.

The Trade department in 2015 imposed a general safeguard measure against imports of newsprint from various countries after the department’s investigation found that increased imports likely caused serious injury to the domestic newsprint industry, in response to an application from the Trust International Paper Corp.

The Safeguard Measures Act, or Republic Act No. 8800, allows domestic producers to ask the government to conduct an investigation into their import competitors if they claim to have been injured by excessive imports.

In a 2017 assessment, the tariff commission found that the domestic newsprint industry complied substantially with commitments in its adjustment plan, noting that the measures such as equipment upgrades significantly lowered industry deficits.

“However, the full potential of the cost savings from the efficiency measures undertaken have not been fully realized by the domestic industry due to cost factors that are beyond its control such as fluctuations in such major cost components as bunker fuel and power,” the report said.

The report said that the industry must make further adjustments to the external pressures, adding that the safeguard offered it enough time to make improvements.

The steel angle bar industry had successfully petitioned for an extension of safeguard measures up to 2019 after it reported that imports seriously injured local industry and submitted evidence on its adjustment to competition.

The tariff commission’s 2017 assessment found that the domestic steel angle bar industry complied substantially with adjustment commitments.

“The impact of the adjustment measures undertaken by the domestic industry can be seen in its high market shares, the significant reduction in its production costs, and the improvements in its production and sales volumes, utilization rates, and profitability.”

Steel industry groups have recently been calling the attention of the Trade department to unmarked and substandard steel bars in Luzon markets, with Philippine Iron and Steel Institute (PISI) President Ronald Magsajo alleging that some may have been smuggled into the country.

The tariff commission will also be conducting a public hearing on Dec. 18 on the safeguard measures on the Philippine cement industry, assessing its compliance with adjustment plans. — Jenina P. Ibañez

Downtick in jobless and underemployment rates ease economic misery in Q4 (2020)

Downtick in jobless and underemployment rates ease economic misery in Q4 (2020)

Shares to move sideways on US-China tensions

PHILIPPINE SHARES are expected to go sideways after a one-day trading break as investors will assess the impact of renewed tensions between the United States and China on the market.

On Monday, the 30-member Philippine Stock Exchange index (PSEi) improved 69.11 points or 0.96% to close at 7,203.67, while the broader all shares index climbed 35.68 points or 0.83% to 4,286.05.

The market was closed on Tuesday in observance of the Feast of the Immaculate Conception of Mary.

Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said in a mobile phone message that the benchmark index may be affected as investors weigh the ongoing tensions between the US and China.

“As investors may be assessing how the US-China tensions may play out over the short-term, the index may trade sideways, especially that the market is currently trading near its immediate resistance at the 7,200 level,” Mr. Pangan said.

The United States on Monday imposed financial sanctions and a travel ban on 14 Chinese officials over their alleged role in Beijing’s disqualification last month of elected opposition legislators in Hong Kong, Reuters reported.

The sanctions prohibit the 14 individuals and their immediate members from traveling to the United States. Any assets the officials might have within the United States will be blocked and US individuals and companies will be banned from dealing with them.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said the market might also move sideways following the release of faster-than-expected inflation data.

“The overbought condition of the market with the recent uptick in inflation rate at higher than estimate may dampen the sentiment,” Mr. Pangan said in a mobile phone message.

The overall year-on-year increase in prices of widely used goods accelerated to its fastest pace in 21 months in November, the Philippine Statistics Authority (PSA) reported on Friday.

Preliminary PSA data showed headline inflation at 3.3% last month, picking up from 2.5% in October and 1.3% in November 2019.

The latest inflation result was the fastest pace in 21 months or since the 3.8% reading in February 2019. It also matched the 3.3% print in March 2019. Year to date, inflation settled at 2.5%, still within the central bank’s 2-4% target.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the PSEi may retreat in the next trading session as selling pressure has picked up.

“But a successful break above this level will encourage more bullishness. Investors remain optimistic that business activities continue to pick up due to increased government and consumer spending this month,” Mr. Mangun said in a mobile phone message.

“Immediate resistance is 7,263 with next resistance at 7282 while immediate psychological support is 7,000 with major support at recent low of 6,740,” Diversified Securities’ Mr. Pangan said. — Revin Mikhael D. Ochave

Banks need to boost cybersecurity protocols to guard vs threats, attacks as clients shift online

BANKS must build up their security measures to guard against emerging cyberthreats. — FREEPIK

FINANCIAL INSTITUTIONS need to continue boosting their guard against fraud and crimes as consumers shift towards online transactions amid the coronavirus pandemic, stakeholders said.

“With that surge of transactions, it is paramount to implement cybersecurity protocols to protect the institutions and most importantly, the customers,” Spark Perreras, chief executive officer and co-founder of financial technology firm PearlPay, said in a BusinessWorld Insights Forum on Friday.

Mr. Perreras said the vulnerability assessment penetration testing mandated by regulators is a vital point in cybersecurity as it is meant to gauge flaws in a system.

Meanwhile, Paolo del Puerto, chief marketing officer at cybersecurity platform Secuna, said lenders are not the only institutions that could be victimized by hackers, noting around 30 schools were hacked in June this year.

He also cited a study which showed it took firms about 206 days to detect a data breach.

Mr. Del Puerto said that to be safe against cyberthreats, it is important for institutions to go beyond time-sensitive assessments mandated by regulators.

He added that companies should develop better communication with stakeholders and be more receptive to feedback from users that may have experienced such attacks.

“Cybercriminals are attacking 24/7. You wouldn’t know when they would be able to exploit the vulnerability,” Mr. Del Puerto said.

For his part, Philip B. Casanova, principal for technology consulting at SGV & Co., said banks should approach cybersecurity as a governance issue and not just a technical issue.

“Banks and financial institutions would need to educate their employees and their customers about the risks…not believing everything they receive,” he said, calling this the “human firewall mentality.”

Businesses should also employ a “secure by design principle,” said Mr. Casanova, wherein cybersecurity is put forth in the early planning stage of a system.

If cybersecurity strategies are formulated earlier, businesses will also be able to reap economic benefits, he said.

“The cost to fix [a cybersecurity system] is 30 times more expensive [compared with] if you fix it during the early stages of the development life cycle,” he said.

The Bangko Sentral ng Pilipinas earlier urged lenders to have a “zero trust” cybersecurity system approach wherein resources are continuously authorized and verified through security protocols. These methods include biometric technologies and multi-factor authentication techniques. — L.W.T. Noble

PHL eyes excess vaccines of Australia, China

By Gillian M. Cortez and Vann Marlo M. Villegas, Reporters

THE PHILIPPINE government is in talks with Australia and China for the purchase of the two countries’ excess supply of coronavirus disease 2019 (COVID-19) vaccines, according to Secretary Carlito G. Galvez, Jr.

“Our negotiations with them are ongoing,” Mr. Galvez, appointed vaccine czar, told President Rodrigo R. Duterte during a televised late Monday night meeting of the task force handling the COVID-19 response.

Mr. Galvez said these two countries, which have reserved vaccine doses that are more than their respective populations, are “more than willing” to share their supply.

Last week, Mr. Galvez said 80% of the global COVID-19 vaccine supply were already prepurchased by more developed countries.

The government plans to vaccinate more than half of the 109 million population within the next three years to establish herd immunity.

In the meantime, Mr. Duterte appealed for people to avoid gatherings during the coming holidays to prevent local transmissions and outbreaks.

“You might think that this is too much. Government does not control us. Of course, we cannot control you individually if what you do is what you want. The problem is, we are preventing you from getting other people sick,” Mr. Duterte said during the Monday meeting.

“Would you be kind enough just to skip the — not really frivolous but the festivities… You avoid it because it is for your own good and for the good of the community and eventually for the good of the country,” he added.

‘SOLEMN CELEBRATION’
The Department of Health (DoH), in a statement on Tuesday, also asked the public to refrain from holding activities that have a higher risk of virus transmission such as karaoke singing.

“According to a recent study published in the Aerosol Science and Technology Journal, loud singing increases viral particle spread by 448% compared to normal talking,” Health Secretary Francisco T. Duque III warned.

He also said Filipinos should “opt to have a solemn celebration” for Christmas and New Year.

The DoH, in a statement last week, reminded the public of the risks of holding large family and social gatherings, especially indoors or confined settings.

Under the current government guidelines, mass gatherings such as for movie screening, concerts, other entertainment activities and non-essential work get-togethers are prohibited in areas under general community quarantine (GCQ). Religious gatherings are allowed up to 30% of the venue’s capacity.

Areas under the more relaxed modified GCQ, mass gathering such as entertainment activities, religious services, and work conference are allowed with only up to 50% of the venue capacity.

Coronavirus infections in the country rose by 1,400 on Tuesday, bringing the total to 442,785, the Department of Health reported.

The death toll rose by 98 to 8,670.

Recoveries, meanwhile, increased by 139 to 408,790, it said in its daily bulletin.

There were 25,325 active cases,  84.8% of which were mild, 6.6% did not show symptoms, 5.5% were critical, 2.8% were severe, and 0.32% were moderate.

Benguet province reported the highest number of new cases at 101, followed by Davao City at 90, Quezon City at 82, Rizal at 75, and Laguna at 56.

The Health department said 14 duplicates were removed from the tally while 43 cases tagged as recovered were reclassified as deaths.

Nine laboratories failed to submit their data on Dec. 7, it said.

About 5.7 million individuals have been tested for coronavirus as of Dec. 6, the DoH said on its tracker website.

China accuses US of ‘provocative actions’

THE CHINESE government has accused the United States of taking provocative actions aimed to destabilize the situation in the disputed South China Sea (SCS), citing US Acting Defense Secretary Christopher C. Miller’s recent “groundless accusations” against China.

“It is the US that has taken provocative actions increasingly, with the purpose of destabilizing the SCS and hijacking regional countries onto its chariot to serve its own domestic politics and geopolitical agenda,” Chinese Ambassador to the Philippines Huang Xilian said in a statement released late Monday evening.

The remarks were made in response to Mr. Miller’s article titled Rules (not might) make right in SCS, in which he said China is exploiting the coronavirus pandemic to advance its claims in the contested waters.

In the article, Mr. Miller reiterated the US’ position that China’s reclamation activities and militarization are unlawful. He was recently appointed as defense chief by American President Donald J. Trump, replacing Mark T. Esper.

Mr. Huang said the US, in interfering with the maritime dispute, breached its longstanding commitment of taking no one’s side. He also raised concern on the increasing military presence of the US in the region.

Further, he reaffirmed China’s commitment to achieve peace and stability in one of the busiest waterways in the world through cooperation. Mr. Huang cited Beijing’s agreement with the Association of Southeast Asian Nations (ASEAN) to conclude negotiations on the Code of Conduct.

“The US is seeking to drive a wedge between China and ASEAN countries, and disrupt the consultation process of the Code of Conduct,” he said.

Mr. Miller on Dec. 5 flew to the region to meet with his counterparts in the Philippines and Indonesia. He will then go to the US Indo-Pacific Command Headquarters in Hawaii, where he will virtually participate in the ASEAN Defense Ministers’ Meeting Plus.

His article followed similar statements of White House National Security Adviser Robert O’Brien, which China said were meant to create “chaos” in between China and ASEAN states.

The ASEAN members with SCS claims are Brunei, Malaysia, Philippines, and Vietnam. — Charmaine A. Tadalan

Nationwide round-up (12/08/20)

Makabayan bloc to Duterte: Take your public accusations to court

PRESIDENT Rodrigo R. Duterte should file a formal complaint before the court instead of repeatedly tagging progressive lawmakers and other individuals as armed communist movement members in his public speeches, a progressive bloc in the House of Representatives said Tuesday. In his televised address Monday night, Mr. Duterte again hit on BayanMuna Party-list Rep. and House Minority Deputy leader Carlos Isagani T. Zarate, saying the latter’s “act” is “the act of a soldier NPA (New People’s Army).” The NPA is the armed group of the Communist Party of the Philippines (CPP). The Makabayan bloc, in response, said the President “cannot be allowed to pass” and perpetuate “a flawed and dangerous legal theory” which “erases any distinction between the legal and illegal, the unarmed activists and armed rebels.” The bloc is composed of six lawmakers from BayanMuna, Gabriela, ACT Teachers, and Kabataan. “Pres. Duterte and his ilk do not have any credible evidence against us, because if so they would have gone to court a long time ago,” they said, “He is a lawyer and he knows that, but he continues to ignore what the law dictates and imposes his own self-serving perspective on everyone.” National Security Adviser Hermogenes C. Esperon, Jr. earlier said the government would move to disqualify the left-leaning lawmakers from the elections in 2022 for their failure to condemn the alleged atrocities of the NPA. — Kyle Aristophere T. Atienza

Bill seeks programs for incarcerated parents and their children

A MEASURE seeking to institutionalize a program for incarcerated parents and their children has been filed at the House of Representatives. ACT Teachers Party-list Rep. France L. Castro filed House Bill No. 8153, titled Parents in Jail Act, which tasks the Department of Social Welfare and Development (DSWD) to confer with incarcerated parents on various options available “in relation to the care and custody of their minor children.” The bill states, “After arraignment and upon plea of  guilty, the court shall inquire from the accused if the latter has any minor children and in whose custody the minor children are.” The bill also mandates the court to give an appropriate warning of the “special  consequences concerning the parental rights of the accused that may result from a plea of guilty or conviction, especially the loss of parental authority. The proposed law also provides for the creation of a “Coordinating Body” that will be composed of representatives from the DSWD, Department of Justice, Bureau of Corrections, and Department of Health. This body will be tasked to come up with “specific procedures for the placement of children of the accused or for infants born to women already incarcerated in state prisons,” among other responsibilities. The bill also mandates the establishment of child-friendly prison facilities and the creation of visitation opportunities for solo parents and children. — Kyle Aristophere T. Atienza

Regional Updates (12/08/20)

MRT-3 starts running at 60 kph

THE Metro Rail Transit Line 3 (MRT-3) further increased its speed to 60 kilometers per hour (kph) starting Dec. 1, reducing the average time between trains to four minutes from the previous five minutes at 50kph, the Transportation department said on Tuesday. “The improvement in train speed is a result of rail replacement works in the rail line, as part of the MRT-3’s massive rehabilitation program, which is being implemented by its maintenance provider Sumitomo-Mitsubishi Heavy Industries from Japan,” the department said in a statement. MRT-3 currently operates 20 trains per day. The department said travel time from the North Avenue station to Taft Avenue will now take 50 minutes from the previous one hour and 15 minutes. MRT-3 Director for Operations Michael J. Capati said, “The increase in train speed will provide our passengers a safer, faster and more reliable public transportation… This is a significant accomplishment for the Department of Transportation.” — Arjay L. Balinbin 

Tourism losses in Davao Region estimated at P4B

THE Davao Region tourism industry’s losses due to coronavirus-prompted restrictions is estimated at about P4 billion, a Department of Tourism (DoT) official said. DoT Regional Director Tanya Rabat-Tan said the closing of borders, airports, and hotels as well as limitations on mass gatherings, land travel and related services have affected about 1,750 tourism-related establishments and some 26,000 workers. Ms. Tan said they are continuously working on the cash assistance distribution for affected establishments and workers. She also called on other potential beneficiaries to avail of the aid under the government’s expanded response program. “Once again, all DoT primary and secondary tourism establishments can avail,” she said, including those without accreditation from the department but licensed under the local government. Aside from hotels and other accommodations, Ms. Tan said the program is open to “travel and tour agencies and transport operators exclusively serving tourist land transport, sea transport, and air transport. Other primary tourism enterprises include MICE (meetings, incentives, conferences, and exhibitions) organizers, MICE facilities, adventure sports and eco-tourism facilities and tourism frontliners and trainers.” The DoT official said the regional office’s priority next year will be promoting community-based tourism sites, farm tourism, and “MICE as it will always be a strong product of the region.” She added that they will be pushing for local and intra-regional travels. — Maya M. Padillo

Agriculture department earmarks P454M for Cebu

THE Department of Agriculture has allocated P454 million in its 2021 budget for Cebu province. Agriculture Secretary William D. Dar, in his visit to Cebu on Monday, said next year’s fund for the province is 5.3% higher than this year’s P431 million. “Among those who will receive this assistance include our sugarcane farmers, coconut farmers, our fishers, and other marginal farmers,” he said. Mr. Dar also turned over several projects to Cebu farmers such as a biogas digester and farm animals, a coconut hub, 90 units of fiber boats, and a processing center for sisal fiber, among others. He also signed the release of indemnity checks to farmers covered by the Philippine Crop Insurance Corp. and gave certificates of commitment for the establishment of an urban-agriculture community garden, monolithic dome, and food security program. Meanwhile, Mr. Dar said almost 900,000 marginal farmers and fisherfolk across the country will benefit from the department’s P4.5 billion cash and food assistance initiative funded by Republic Act No. 11494 or the Bayanihan to Recover as One Act. He said eligible farmers who are listed in the Registry System for Basic Sectors in Agriculture will receive P5,000 worth of assistance consisting of cash and food. Beneficiaries can claim the cash aid at payout centers accredited by the Development Bank of the Philippines using an electronic voucher, while the food subsidy can be availed at accredited cooperatives. — Revin Mikhael D. Ochave

Key legislator sees 2021 budget measure ratified by midweek

CONGRESS is set to ratify the proposed P4.5-trillion national budget for 2021 by Wednesday afternoon, laying down a possible timetable for obtaining the President’s signature before the new year starts, the chairman of the House appropriations committee said.

Party-list Representative Eric G. Yap said the bicameral conference committee report will be released Wednesday morning for ratification by the House and Senate in the afternoon.

“We will have another bicam tomorrow (Tuesday). We will wrap it up after that,” he told reporters.

Mr. Yap added that legislators plan to submit the 2021 General Appropriations Bill to President Rodrigo R. Duterte sometime before Christmas.

Mr. Yap said legislators are currently finalizing other details of the proposed budget for next year.

“We need to allot time for encoding. After encoding is done, it can be printed after seven to 10 days,” he said, depending on the speed of the printing office.

Mr. Yap said most of the changes in the proposed budget for next year were institutional amendments.

The bicameral panel provided more funding for the government’s pandemic response and the procurement of coronavirus vaccines, he said.

It also prioritized for funding those infrastructure projects that can be finished within 2021, he added.

Mr. Yap said the budget also contains substantial funding for the rehabilitation and recovery of calamity-stricken areas.

Speaker Lord Allan Q. Velasco requested a P5 billion increase in the calamity fund for the reconstruction of areas hit by recent typhoons. — Kyle Aristophere T. Atienza

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