Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9707

What to see this week

6 films to see on the week of April 5 — April 11, 2019

Shazam!

WHEN teenager Billy Batsons shouts the word “Shazam!,” he instantly transforms into a tall and strong superhero. Still a kid at heart, he explores his special powers and has fun with them but soon has to use them to fight the forces of evil controlled by Dr. Thaddeus Sivana. Directed by David F. Sandberg, the film stars Zachary Levi, Lovina Yavari, Jack Dylan Grazer, and Mark Strong. Rolling Stones’ Peter Travers writes: “Best known for starring in Chuck and as the neurotic, non-comformist Jewish doctor on The Marvelous Mrs. Maisel, the actor owns the role. He’s a firecracker. And his teamwork with Grazer is comic gold, as they awkwardly and uproariously work out what powers the kid now possesses.”

MTRCB Rating: PG

Pet Sematary

BASED on Stephen King’s horror novel the film follows a family that moves from Boston to rural Maine where they discover a burial site near their new home. When unusual things occur, a chain horrific consequences follow. Directed by Kevin Kölsch and Dennis Widmyer, the film stars Jason Clarke, John Lithgow, and Amy Seimetz. IndieWire’s Britt Hayes writes: “The new version of Pet Sematary is both darkly humorous and quite chilling, modernizing some of the cheesier emotional beats of that earlier adaptation.”

MTRCB Rating: R-16

Inner Ghosts

HELEN previously worked to train others to communicate with ghosts. Now dedicating her time to brain research, visitors from the other side gift her with a mysterious device which comes with great risks. Directed by Paolo Leite, the film stars Celia Williams, Elizabeth Bochmann, and Iris Cayatte. “Inner Ghosts is predominantly a film about ideas — the conflict between religion, spirituality and science. For the most part it’s a very talky film… That’s not to say it doesn’t take a dark turn about two thirds in, with one particular scene guaranteed to shock audiences expecting 90 minutes of chin stroking erudition,” writes David Dent of Dark Eyes of London.

MTRCB Rating: R-13

It Started with a Kiss (a.k.a. Fall in Love at First Kiss)

BASED on the popular manga series Itazura na Kiss, the film follows Xiang Qin who has a crush on the school genius Jiang Zhi Shu. When her house collapses after an earthquake, her dad’s good friend offers them a place to stay along with Jiang Zhi Shu. She soon finds herself in love with him. Directed by Yu Shan Chen (as Frankie Chen) the film stars Darren Wang and Jelly Lin. “The resolution of Chen’s film… is as inevitable as it is contrived and naggingly frustrating. One suspects the faithful fan base will be more forgiving of the outcome, despite what it peddles as acceptable ways for young men and women to behave and treat each other,” writes James Marsh of the South China Morning Post.

MTRCB Rating: R-16

Manikarnika: The Queen of Jhansi

THE film is based on the life of Queen Rani Lakshmi Bai who refused to cede her kingdom to the British Empire in 1857. Directed by Radha Krishna Jagarlamudi, the film stars Kangana Ranaut, Rimi Sen, and Edward Sonnenblick. “The film is only set on making Laxmibai a hero (but we already knew that). A little insight into her mind would have been nice,” writes Reuters’ Shilpa Jamkhandikar.

MTRCB Rating: R-13

Portrait of My Love

A COUPLE are shot multiple times, and while their bodies are in a coma, the woman’s soul wanders around, tries to seek revenge, and finds friendship with other wandering souls. Directed by Poap Manansala, the film stars Polo Ravales and Kiray Celis.

MTRCB Rating:PG

Emperador profit rises 8%

EMPERADOR, Inc. on Thursday said its net income increased by 8% in 2018 supported by strong growth of its whisky products around the world.

In a statement, the liquor unit of tycoon Andrew L. Tan’s Alliance Global, Inc. said net profit stood at P6.8 billion in 2018, driven by the 10% rise in revenues to a record P47 billion.

“Our renowned brandy and whisky products sold all over the world are the catalysts for continued growth and long-term shareholder value enhancement. Internationalization and premiumization will be the new frontier of growth moving forward,” Winston S. Co, president and CEO of Emperador, was quoted saying in the statement.

Emperador noted the Asian market has the strongest growth as revenues more than doubled, driven by the Dalmore — Whyte and Mackay’s single malt whisky.

Among the local brands, Mr. Co said that Emperador is still the leading brand in the Philippines.

“Emperador brandy continues to lead the domestic market. New programs are being initiated to capture the growing middle class consumers,” he said.

The company currently has an ongoing share buyback valued up to P5 billion over a 24-month period, which began in May 2017. To date, Emperador has bought back 259 million shares worth around P1.86 billion.

Emperador owns Emperador Distillers, Inc., Scotch whisky maker Whyte Mackay Group, and Bodegas Fundador in Spain.

Shares in Emperador went down by 0.55% or 0.04 centavos to close to P7.26 apiece in the stock exchange on Thursday. — Vincent Mariel P. Galang

Coins.ph partners with Western Union

FINANCIAL TECHNOLOGY company Coins.ph announced its partnership with remittance firm Western Union, allowing its users to receive money in their electronic wallets.

In a statement on Thursday, the e-wallet provider said it has collaborated with Western Union to enable over five million Coins.ph wallet holders to receive funds from the remittance firm.

“By pairing Coins.ph’s payments technology with Western Union’s expansive global network, we are giving Filipinos a seamless choice to receive money digitally, on the go,” said Ron Hose, Coins.ph co-founder and chief executive officer.

Coins.ph wallet owners can receive funds remitted via Western Union by inputting the unique tracking number and expected remittance amount. Clients can receive up to as much as P100,000 or roughly $1,907 per month, the maximum wallet capacity.

Senders can remit their money straight to Coins.ph wallets through Western Union’s 550,000 agent locations in over 200 countries and territories, as well as its online platform available in more than 60 countries.

“With this collaboration, we are proud to serve their families back home with even easier access to our suite of services and maximize positive impact on communities in the country,” Mr. Hose added.

“Filipinos worldwide and at home work hard and send money to help their families and to make a positive change within their own communities. Through our digital services, we are connecting more people than ever before,” Jeffrey Navarro, Western Union country director for the Philippines, said.

“Our collaboration with Coins.ph will provide flexibility and convenience for customers right at their fingertips.”

Cash sent home by Filipinos working abroad increased by 4.4% to $2.484 billion in January from a year ago. Including transfers in kind other than cash, personal remittances grew 3.4% to $2.745 billion in January.

Remittances, which account for roughly 10% of the country’s economy, fuel household spending, which in turn has long been a key driver of overall economic expansion.

Coins.ph, operating under its corporate name Betur Inc., offers financial services such as remittances, mobile wallet and bills payment among others. It is also licensed by the central bank as a virtual currency exchange.

It recently partnered with UnionBank of the Philippines, Inc. to launch the country’s first bank-operated and two-way virtual currency automated teller machine located in the lender’s digital branch The ARK in Makati City. — K.A.N. Vidal

Your Weekend Guide (April 5, 2019)

Performatura festival

THE Cultural Center of the Philippines (CCP) will hold the 3rd Performatura festival on April 5 to 7 with activities including poetry readings, literature classes, chanters from the regions, and slam poetry contest. For the complete festival schedule, visit performatura.wordpress.com.

Art by the Bay

THE Cultural Center of the Philippines and Association of Pinoyprintmakers presents Art by the Bay on April 6, 2 p.m., at the AP Studio, Folk Arts Theater, CCP Complex in Pasay City. The event features an open studio, fine print sales, music, food, and more. For inquiries, e-mail pinoyprintmakers@gmail.com or contact 0927-654-3707.

Spanish Civil War films

ON April 6, in commemoration of the 80th anniversary of the end of the Spanish Civil War, Instituto Cervantes will be holding El fin de la Guerra Civil, a mini film cycle featuring two movies set during the turbulent post-Civil war era in Spain. La Colmena will be shown at 4:30 p.m. and Pa Negre at 6:30 p.m. at the Cine Adarna of the UPFI Film Center Videotheque, UP Diliman, QC. Free admission on a first-come, first-served basis. For details, visit http://manila.cervantes.es.

Korean film festival

SHANGRI-LA Plaza presents the Korean Independence Day Film Festival, with movies screened free on April 6 at 2 and 4 p.m., and on April 7 at 2 p.m., at the Red Carpet Cinema 4. The films are Man of Will and The Last Princess.

Volunteer expo

THE biggest volunteer expo in the country, GO! Volunteer Expo, will be held on April 6 and 7 at the Glorietta Activity Center in Makati as part of iVolunteer’s celebration of its 10th year. There will be engagements and activities that will introduce the public to volunteering and various advocacies they can support. The afternoons will feature guest performances and inspirational talks by volunteer leaders. For details, visit https://go.ivolunteer.com.ph/be-our-partner/.

Angels in America: Millennium Approaches

ATLANTIS Theatrical Entertainment Group kicks off its 20th anniversary with the Tony award-winning Angels in America: Millennium Approaches. Performances are ongoing until April 7 at the Carlos P. Romulo Auditorium, RCBC Plaza, Makati City. Directed by Bobby Garcia. The play contains strong language and mature content and is meant for audiences over the age of 16. Set in New York City in the 1980s, it tackles how two couples are affected by the AIDS crisis. For tickets, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Cream-O Flix Fest 2019

NOW ON its third year, the Cream-O Flix Fest will celebrate a common love for movies, playing games, and eating chocolate cookies on April 6, 3 p.m., at the Quezon Memorial Circle. The event is free and open to the public. To be screened are X-Men Apocalypse, Kung Fu Panda 3, and The Greatest Showman. Aside from the film showing, there will be live music performances, raffles, and activity booths. Visitors can also customize their own Cream-O.

Three common biases of employers against job applicants

I’m a 48-year old balikbayan who lived in the United States for 15 years. Now, that I’m back for good, I’d like to secure a permanent job here. What are my challenges in seeking employment here? — Lady Dragon.

The greatest help to anyone struggling to succeed in any environment is to appear like he or she has already succeeded. The trouble is that this same appearance and background may get you in trouble. For one, if you’re coming back from a country like the United States which is considered a desireable place to live, chances are, potential employers could raise a lot of issues against you.

The obvious questions are: What made you decide to come back? And why? How would you adjust to our culture here? What went wrong with you in the U.S.? Your career move is counter-intuitive as many Filipinos would opt to stay in the States, even up to the point of violating their immigration laws.

Of course, that depends a lot on the kind of job you held in the US. Otherwise, many people here would think of you as being overqualified or underqualified which is not apparent in your question. Just the same, you will be considered a square peg in a round hole.

Your experience in the US can be a strength or a weakness, depending on the employer. There are employers out there who may be interested in what you can do for them based on your experience. That’s assuming that you’ll seek work in the same industry.

On the other hand, there are also employers who may be aware of what you cannot do given your 15 years of experience in the US. Therefore, you need to discover and take stock of your transferable skills that could be applied locally. To list down the most common challenges of job applicants, here are the top seven biases of many Filipino employers and their hiring managers:

One, age discrimination. Even with the passage of the 2015 Anti-Age Discrimination in Employment Act or Republic Act No. 10911, still I can hear people complaining about age discrimination. That’s because it is difficult for an aggrieved job applicant to prove a case against an employer. If challenged, an employer would simply say the rejection is based on the total package of an applicant.

At 48, this may not be an issue against you. Instead, you should worry about giving a credible answer to why you decided to come back despite all the good things the US has to offer. Therefore, rather than worry about your age, focus on emphasizing your maturity to handle the job well.

Two, length of time in-between jobs. How many months or years have you been out of work? Regardless of the culture, you’ll soon discover that there are many employers out there who would consider an employment gap a big issue. Much more if it is more than one year.

Therefore, you must be ready to justify your whereabouts during this period. One way out is to explain that you tried establishing and operating a business. If not, you may even talk about pursuing a post-graduate degree. Whatever is the case, be honest and ready with the most credible explanation.

Last, job-hopping. While many employers frown on employment gaps, they also reject people who jump from one job to another. This is easy to understand as job-hoppers are viewed as taking the bait right away from companies that offer the highest pay and perks in the industry. In some cases, however, this is not a big deal, especially when an applicant possesses hot skills that are difficult to find elsewhere.

Most of the time, this happens because some employers that are hard-pressed to hire key talent must actively engage in the war for talent. In that case, when a person is considered a superstar in his field, at times, he sometimes asks for a big package to compensate for his lost seniority at the old job.

I’ve met a lot of balikbayan who are oozing with confidence. Of course, when you’re in the job market, you can’t afford to be shy, nervous and anxious. Self-confidence is a pre-requisite, but you must be willing to eat your humble pie when the time comes, particularly when you’re looking for a job.

Rather than giving you an edge against other job applicants, your CV could be a handicap. It could intimidate hiring managers who may not be properly equipped to handle your job application. This is not to say that you should tone down the content of your CV, but be prepared to counter the anxiety or nervousness of hiring managers.

First things first. Don’t talk more than your share. Let the job interviewer direct the pace of the job interview rather than the other way around.

Perhaps your best bet is to start with US multinationals who might better understand your situation.

ELBONOMICS: Objectivity or subjectivity is in the eyes of the beholder.

 

Send anonymous workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting

Clark Int’l Airport records 1 million passengers in Q1

THE operator of the Clark International Airport reported on Thursday it was able to accommodate its highest passenger count in a three-month period during the first quarter of the year.

In a statement, Clark International Airport Corp. (CIAC) said 1.02 million passengers passed through the gateway in the January to March period, the biggest quarterly figure since it started operations.

“Six years ago, it was a record number if you hit the one million passenger mark in a year. Clark had 1.3 million and 1.2 million passengers in 2012 and 2013, respectively. Now, we broke that mark in just three months, so far the highest quarterly figure in the airport’s 24-year history,” CIAC President Jaime Alberto C. Melo was quoted as saying.

CIAC also noted that in January, the Clark airport saw 364,171 passengers, also a monthly record.

“More travelers choose Clark because of congestion in Metro Manila. There are also improvements of terminal facilities here (at Clark) and a more focused and precise operational direction from CIAC management,” Mr. Melo added.

CIAC initially targeted a total of 4.5 million passengers to fly through the Clark airport by 2022. But now, as its monthly average reaches 340,000 passengers, the operator said the airport may achieve 4 million passengers by end-2019.

“The surge in Clark numbers is largely attributed to the support of the Duterte administration and the leadership of Transportation Secretary Arthur P. Tugade, who, in 2016, led officials in urging local carriers to move some of their operations to Clark,” it said.

The current capacity of the Clark airport is 4.2 million passengers annually. A new terminal building is scheduled to open next year, which will add another 8 million to the annual capacity.

The Clark airport currently serves flights to 246 international and 488 domestic destinations. CIAC said there are negotiations to add new links from the gateway to Bangkok and Kuala Lumpur, among others. — Denise A. Valdez

Achieving digital determination

When the International Data Corp. (IDC) unveiled its top predictions for the Philippine information and communications technology (ICT) industry in 2019 and beyond, it predicted that at least 30% of organizations across the country would achieve digital determination by 2020.

To be “digitally determined” means to transform markets and reimagine the future through innovative business models as well as digitally enabled products and services. For Filipino firms and their chief information officers (CIOs), this would require not just resilience, but also a blueprint consisting of a unified enterprise strategy, a single digital platform to scale technology innovations, and a long-term investment plan based on the principle that digital transformation is inherently valuable to the business.

“Race to Reinvent: The Digital Determination Playbook” was the theme of IDC Philippines’ 2019 CIO Summit held at the Shangri-La at The Fort, Bonifacio Global City. The event gathered key analysts and ICT leaders from various industries to provide insights that would help CIOs piece together a playbook for digital determination.

Among the conference speakers were: Carlos Santos, Universal Robina Corp. CIO; Francisco Castillo, Maynila Water Services SVP-CIO; Giovanni Co, Bank of the Philippine Islands VP-Business Technology; Jahangir Naina, Silver Peak Regional Director for ASEAN; Rhett Ramos, Allegro MicroSystems Philippines IT Director; Daniel Lourenco, OutSystems Solution Architect Director; and Jayan Dy, Procter & Gamble Philippines CIO.

IDC Philippines’ Head of Operations Randy Roberts discussed the role of the CIO in reinventing the ICT organization and how technologies such as Artificial Intelligence will be co-workers in this Digital Age. Prior to serving as Research Director of IDC Asia-Pacific for Internet of Things and Telcos, Mr. Roberts held a variety of leadership roles at AT&T, BlackBerry, Motorola, Nokia, and Siemens.

A fierce debate has been raging among industry leaders, economists, and policy makers about the socio-economic impact of digital transformation. Thus, IDC Program Manager Celeste Narvaez moderated a panel discussion featuring Angkas Founder and CEO Angeline Tham, who expounded on the future of work in an increasingly digital economy and how Filipino companies could deliver competitiveness through digital transformation.

The CIO Summit also addressed the challenges and opportunities that await business leaders in maximizing the combined value of digital initiatives for industry and society. Indeed, digital determination can be a force for building trust, creating a workforce ready for the machine era, and evolving a sustainable world.

TRIBUTE TO GOV. ESPENILLA
“Inclusion and Digital Transformation” was likewise the theme of the 1st Fintech Alliance INDX Summit last month at the Bangko Sentral ng Pilipinas (BSP) Assembly Hall in Manila.

Newly minted BSP Governor Benjamin Diokno delivered the keynote speech before the country’s leading companies in the financial technology sector and he declared: “I fully support and will carry forward our financial inclusion agenda so that financial services are made more accessible to a greater number of Filipinos.”

In honor of his predecessor, he launched the Governor Nestor Espenilla, Jr. Institute for Growth and National Inclusion, Transformation, and Empowerment (IGNITE) together with Fintech Alliance Philippines Chairman Lito Villanueva, who will serve as IGNITE President.

Mr. Diokno said: “We are all undoubtedly inspired by the life and work of Gov. Nesting. IGNITE is a multi-stakeholder, research-based, and data-driven advocacy. It is a social transformation platform that leverages on technology to empower financially unserved and underserved Filipinos for more inclusive growth — just as Gov. Nesting would have wanted.”

IGNITE will be chaired by USAID Microfinance Specialist Teresita Espenilla, the late BSP chief’s widow, and its board of trustees is composed of the following: Trade Secretary Ramon Lopez, Finance Undersecretary Gil Beltran, Budget Undersecretary Lilia Guillermo, Riza Mantaring of Sun Life Financial Philippines, Richard Moya of Microsoft Philippines, Kelly Hattel of Asian Development Bank, Gay Santos of International Finance Corp., Gilda Pico of Producers Bank, Aristotle Alip of CARD MRI Philippines, and Sylvia Paraguya of the National Confederation of Cooperatives.

By 2022, IGNITE’s goals are to empower 25 million adult Filipinos with basic deposit accounts, engage more digital players to reduce the number of unbanked local government units to 25% from the current 35%, and enable more than 25% of grassroots-based financial institutions such as cooperatives and rural banks to deploy inter-operable digital products and services.

 

J. Albert Gamboa is CFO of the Asian Center for Legal Excellence and Chairman of the FINEX Golden Jubilee Book Project.

How PSEi member stocks performed — April 4, 2019

Here’s a quick glance at how PSEi stocks fared on Thursday, April 4, 2019.

 

Philippines improving capacity to pay debt

Philippines improving capacity to pay debt

Andaya: Senate’s Budget diversions worth P83.9-B

A SENIOR HOUSE legislator said that the Senate made P83.9 billion worth of adjustments to the 2019 Budget, continuing the word war between the chambers over the 2019 General Appropriations Bill four months into the year.

House appropriations committee chair and Camarines Sur 1st District Rep. Rolando G. Andaya Jr. said the Senate should take another look at the record in relation to realignments of the budget to fund so-called pet projects.

“I advise the Senate President and other senators to look closely into the budget books prepared by their chamber and consult once again with their technical staff who helped the Senate craft final inputs to the 2019 General Appropriations Bill,” Mr. Andaya said in a statement on Thursday.

Senate President Vicente C. Sotto III signed the budget bill on March 26 with “reservations,” apparently leaving it to the President to veto any provisions that where inserted after both chambers ratified the document.

Senators claim P75 billion was realigned to programs and projects under the Local Infrastructure Program of the Department of Public Works and Highways.

“The senators cannot hide the fact that they unilaterally reduced by more than P75 billion the 2019 budget allocated to the President’s major infrastructure projects and vital social programs. These cuts would also affect the benefits due to government workers, including pension and retirement benefits of retired uniformed personnel,” Mr. Andaya said.

Mr. Andaya said he has kept records of the adjustments in the 2019 General Appropriations Bill.

“The submission of these adjustments are fully documented. The House has copies of videotapes from our CCTV cameras showing the entry and exit of LBRMO (Legislative Budget Research and Monitoring Office) staff during the submission of the Senate realignments from Feb. 11 to March 8, 2019,” he said.

Mr. Andaya added, “If Sen. Sotto and other senators wish to get a copy of these videotapes, we can send them to the Senate anytime.”

Mr. Andaya earlier accused of Mr. Sotto of sabotaging the government’s flagship infrastructure program, “Build, Build, Build,” which the Senate President dismissed as a “last-ditch effort” to prevent the President from vetoing House realignments.

“Piece-meal explanations of the budget cuts imposed by the Senate and click-bait statements from senators are no longer acceptable. These will only confuse, rather than educate, the public on the budget authorization process,” Mr. Andaya said.

Mr. Sotto said in a statement on Wednesday that the House should not have modified the document after the ratification of the bicameral report of the 2019 Budget Bill.

In response, Mr. Andaya said: “In truth, the Senate made similar adjustments after ratification of the bicam report and increased by P83.9 billion the allocation for their pet programs and projects under various departments and agencies.”

He added, “These adjustments were submitted to the House appropriations committee by members of the Senate’s Legislative Budget Research and Monitoring Office beginning Feb. 11, or three days after Congress ratified the 2019 budget on Feb. 8. The Senate adjustments were submitted piece-meal until March 8, 2019.”

Asked to comment on the claims made by Mr. Andaya, Mr. Sotto said in a Viber message: “Of course LBRMO staff are there during those times because they are preparing the books for the enrolled bill.”

He also said the House’s statements represent “desperate attempts to convince the President not to veto.” — Vince Angelo C. Ferreras

Palace has ‘no choice’ but to veto contested Budget items — Drilon

PRESIDENT Rodrigo R. Duterte has “no choice but to veto” the items in the 2019 national budget identified by Senate President Vicente C. Sotto III as “unconstitutional realignments,” Senate Minority Leader Franklin M. Drilon said.

“The President has no choice but to veto the questionable items in the budget, particularly the P75-billion worth of pork-barrel funds, which were illegally inserted into the budget after both Houses ratified the bicameral conference committee report,” Mr. Drilon said in a briefing, Thursday.

Mr. Sotto on March 26 signed the P3.757-trillion national budget for the signature of the President, but had “reservations” about the post-ratification realignments made by the House of Representatives.

In his letter to President Duterte, he noted his reservation to some P95-billion realignments made after the 2019 General Appropriations Bill was ratified on Feb. 8. Of this amount, P75 billion was realigned to fund programs and projects under the Local Infrastructure Program of the Department of Public Works and Highways.

“The certification of Senate President Sotto is clearly limited only to those items which were approved in the bicameral conference committee and ratified by both Houses of Congress, in effect, and very clearly the certification of Senate President Sotto denies the legality and the approval of the realignment,” Mr. Drilon said.

Mr. Drilon cited an August 1997 decision by the Supreme Court, which ruled that the President can only approve a bill validly passed by Congress.

“The Senate President raised a very serious reservation because of the fact that the insertions were made in the enrolled bill after the bill was ratified by both Houses,” he said. “Therefore, the Senate President did not attest to the valid passage of P75 billion worth of insertions.”

Asked if the President will be held accountable if he decides to approve the post-ratification realignments, Mr. Drilon said “there is no liability because the power to veto is the power of the President under the Constitution.”

He said however that the use of such contested funds may be challenged in court.

“If he approves the items which were not included in the bicameral report as ratified, the release of these funds can be questioned in the courts,” he said. — Charmaine A. Tadalan

Supreme Court TRO sought on Chico River project

THE Makabayan bloc asked the Supreme Court (SC) to issue a temporary restraining order and declare as unconstitutional the Chico River Irrigation Pump Project funded by China which would cost $62 million.

In a 67-page petition, the Makabayan bloc, a Congressional alliance, led by Senate candidate Neri J. Colmenares, said the “confidentiality clause” included in the agreement violates the Constitution.

“The Confidentiality Clause of the Preferential Buyer’s Credit Loan Agreement brazenly disregards the constitutional right of the Filipino people to information on foreign loans obtained or guaranteed by the government, and is considered inimical to the national interest.”

It cited Article XII Section 21 of the Constitution which states that information on foreign loans by the government should be made public.

“By allowing the GRP (Government of the Republic of the Philippines) to be bound by Article 8.8 of the Loan Agreement, Respondents, as representatives of the Filipino people, committed grave violation of Article XII Section 21, to the prejudice of the rights of the Filipino people and national interest.”

The Makabayan bloc also said the loan agreement does not conform to the Constitution as it obtained approval from the Monetary Board after the signing of the agreement, contrary to the Constitution which states that President may contract foreign loans with the prior concurrence of the Monetary Board.

It said that the Monetary Board approved the loan agreement only on May 17, 2018, more than a month after the country entered the contract on April 10 in the same year.

Under the Article 5.2 of the agreement, final approval of the Monetary Board is to be secured only after the signing of the agreement.

“By forcing (Bangko Sentral ng Pilipinas) approval as a it accomplish after the agreement has been signed not only violates the Constitution but renders the Republic and the taxpayers vulnerable to possible payment of penalties should the BSP disapprove an agreement prematurely signed by the Philippine government,” it said.

It also claimed that some provisions of the loan agreement were contrary to the Constitution preference to qualified Filipinos and existing procurement laws.

According to Appendix 1 on Condition Precedent, an integral part of the agreement, China is not obliged to make any disbursements unless the country provides certified true copies of the commercial contract and any documents proving that the End-User has paid certain amounts to the Chinese contractor which is 15% of the advance payment under the commercial contract.

Makabayan claims that by agreeing to have the China International Economic and Trade Arbitration Commission (CIETAC) as the arbitrator for any dispute, the government “betrayed the lack of sensitivity to the Constitution and gravely abused their discretion.”

“Such one-sidedness is plain even to the uninitiated eye,” it said. — Vann Marlo M. Villegas

1...9,7069,7079,708...12,798Page 9,707 of 12,798
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube