Home Blog Page 9985

DMCI Homes to turn over Pasig condominium units by next year

DMCI Project Developers, Inc. (DMCI Homes) is on track to turn over units at the last tower of Lumiere Residences in Pasig City by November 2020.

In a statement, DMCI Homes said the construction work on the North Tower is now down to unit finishes as of August.

Lumiere Residences is a three-tower residential development at the corner of Pasig Boulevard and Shaw Boulevard.

“The 43-level high North Tower should be ready to start accepting its first batch of residents by November 2020 as committed by DMCI Homes when construction began in 2015,” the company said.

East Tower and West Tower were both completed a year earlier than their original target ready for occupancy schedule.

The East Tower was ready for occupancy by October 2017, while the units at the West Tower was turned over to owners in June 2018. Both towers are 38 storeys high.

DMCI Homes said the towers at Lumiere Residences feature the company’s innovative design and engineering found in its other projects, such as amenities and its proprietary Lumiventt Technology that provide ambient air and light inside its buildings.

DMCI Homes is planning to launch seven projects within this year. The company earlier unveiled two projects in Quezon City that are expected to generate P10 billion worth of sales.

The company said other projects to be launched will be located in Pasig City, Las Piñas City, Mandaluyong City, Davao City, and Cebu City.

DMCI Homes booked a net income of P1.23 billion in the first half of 2019, 34% lower year on year, due to the absence of a one-time gain from the sale of land last year. Excluding this, core net income was up 6%.

DMCI Homes is part of diversified engineering conglomerate DMCI Holdings, Inc., whose interests also include power, mining, construction, and water.

Toyota launches hybrid Corolla Altis in Philippines

TOYOTA Motor Philippines Corp. (TMP) on Monday launched the all-new Toyota Corolla Altis, including the first hybrid electric variant introduced to the Philippine market.

“The introduction of the Corolla Hybrid rapidly accelerates Toyota’s push for a more sustainable mobility. For the first time, our pioneering Toyota Hybrid technology, now comes in a mainstream, high-volume and not to mention, familiar and well-loved model,” Toyota Motor Philippines President Satoru Suzuki said at the launch event at Grand Hyatt Manila.

The Corolla Altis 1.8V hybrid is considered a “perfect entry-point” for Filipino customers who want to shift to hybrid electric vehicles. It is priced at P1.58 million, while the price of the 1.6E MT (manual transmission) variant is at P999,000.

“We also worked hard to make the price more affordable compared to our other hybrid vehicles, thereby making this technology more accessible to many Filipinos. After all, this is what we aim for — an earth-friendly mobility technology that is appropriate for the present,” Mr. Suzuki said.

The Corolla Altis offers a lower center of gravity for better driver control, while reduced cowl heights, thinner instrument panel, and repositioned mirrors improve visibility.

Toyota introduced new safety features for the Corolla Altis, including the Lane Tracing Assist, which preemptively avoids lane departure by applying force on the steering when in cruise control. The Dynamic Radar Cruise Control also adjusts speed to maintain distance as soon as it detects another vehicle in front the car.

When asked about introducing more hybrid cars to the Philippines, Mr. Suzuki told reporters the local market would still need to be familiarized with the benefits of hybrid vehicles.

TMP remains the market leader with a 42.52% share as of end-July, based on data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA).

For the first seven months of 2019, TMP reported vehicle sales rose 3.8% to 87,574 from 84,401 during the same period a year ago. Out of the total, TMP’s passenger car sales reached 30,056, up 3.3% year on year. — J.P.Ibañez

Samurai, Ninja loans boom as Japan’s regional banks hunt for yield

TOKYO — Japanese regional banks are increasingly lending to foreign companies and other borrowers via samurai and ninja loans as they struggle with interest rates stuck at zero and seek to diversify their customer base.

Foreign companies who have long capitalized on the low cost of borrowing yen in the carry trade have also stepped up issuance of such credit as cross-currency interest rate swaps tumble.

“Regional banks have less opportunity to lend because the number of local companies is falling, and we have low margins because interest rates are so low,” said Kazuyuki Ikegami, senior counselor in the Tokyo branch of Bank of Kyoto Ltd., which is based in Western Japan.

“We need the opportunities to lend that samurai loans provide us, and they’re great because they mitigate currency risk. We’re putting more people on the samurai loan market.”

Samurai loans, which are yen loans issued in Japan by foreigners, doubled to $21.5 billion last year and have continued rising this year, according to Refinitiv data.

Ninja loans, debt issued by a foreigner in Japan in any currency that usually yields more than domestic yen lending, jumped 50% in the first half of the year — the fastest pace since the first half of 2015 — according to data from LPC, a fixed-income news service that is part of Refinitiv.

The trend shows Japan’s yield-starved smaller regional banks are joining the mega-banks that previously dominated these markets, as they seek opportunities to put their vast deposits to work and generate higher returns.

Japanese banks can earn more in the samurai and ninja market for any given creditor profile than they can when they lend to domestic companies.

For example, Canada’s largest pipeline operator Enbridge, Inc. issued a 3-year samurai loan paying 65 basis points (bps) over yen LIBOR earlier this year, according to Refinitiv. It has also sold a five-year tranche at 85 bps over LIBOR.

Spreads on conventional loans to Japanese corporates rarely exceed 50 bps above the benchmark rate. Japanese companies with the best credit ratings pay only a few basis points over the benchmark.

Non-Japanese companies typically in the financial services, utilities, and food and beverage sectors are exploiting the opportunity to raise near-zero loans and the opportunity to gain exposure to a broader range of investors.

CHEAP TO SWAP YEN
Foreign companies are opting to raise low-cost, long-term loans due to cheaper cross-currency interest rate swaps and the majority of borrowers come from the US, India, Hong Kong and Canada, according to LPC data.

The cost to swap variable-rate yen loans into dollars has tumbled since the start of 2016, when the Bank of Japan (BoJ) adopted negative interest rates, making it more attractive for non-Japanese companies to borrow in yen.

The BoJ has been steadily pumping money into the financial system since it started quantitative easing in March 2014, by buying massive amounts of government debt to spur consumption in the world’s third-largest economy.

Negative interest rates were meant to turbocharge already loose monetary conditions by pushing up lending and consumer prices, but the policies haven’t helped the economy much.

Commercial banks bristled at the notion of having to pay 0.1% on a small portion of their reserves kept at the central bank.

The yield curve flattened so much that banks could not earn money from the spread between short-term and long-term rates. Eight months after the introduction of negative rates, the BoJ said it would allow the yield curve to steepen, but this has done little to improve banks’ margins.

Even worse, Japanese banks’ domestic lending growth peaked in July 2017 and has been sluggish since.

“We are into the samurai loan market, because it is all about our need to get extra yield,” said Takeshi Endo, deputy general manager of the financial markets department at Bank of Yokohama. “I think more regional banks like ours will be drawn to the samurai loan market.” — Reuters

COL Financial establishes new business units

COL Financial Group, Inc. continues to expand its financial services offerings with the establishment of three new business units.

In a disclosure to the stock exchange on Monday, the listed firm said the Securities and Exchange Commission has approved the primary registration of COL Equity Index Unitized Mutual Fund, Inc., COL Cash Management Unitized Mutual Fund, Inc. and COL Investment Management, Inc.

The company did not disclose further details on their specific functions.

Incorporated in 1999 originally as CitisecOnline.com, Inc., COL Financial’s core interest is in the brokerage and/or dealership of securities, while also providing stock brokerage services through the internet.

The company had more than 313,000 clients by the end of June, 14% higher year on year. Client equity also grew 12% to P78.7 billion.

COL Financial’s net income attributable to the parent registered flattish growth at P326.03 million in the first half of 2019, amid a slight decline in gross revenues to P611.51 million in the same period.

Shares in COL Financial dropped 0.11% or two centavos to close at P18.58 each at the stock exchange on Monday. — Arra B. Francia

Good narrative depth

Root Letter: Last Answer
Nintendo Switch

Takayuki Nakamura is in his early thirties. He’s between jobs in Tokyo, and a scheduled house renovation compels him to do some cleaning. As he rummages through things in storage, he comes across a set of letters dating back 15 years. He recalls putting out an ad in a magazine for a pen pal, and then getting a response all the way from Shimane Prefecture. His subsequent back and forth with Aya Fumino was what enabled him to survive senior year in high school, he notes. And, across the miles, he believed he found love. Unfortunately, his 10th letter wound up unanswered, and it was all that became of their long-distance friendship. Or so he thought.

Evidently, Nakamura received an 11th missive — one he notices isn’t postmarked. And as he finds it, the old memories give way to shock. He opens and reads it for the first time. “I killed someone. I must atone for my sins,” it said. “We won’t speak again. Farewell.” As a wave of emotions rush in, he decides to take a trip to Matsue in an effort to get to the bottom of the mystery. What happened? He takes stock of all that he knows about Fumino, and, despite acknowledging the modicum of information he possesses, is determined to press on. He owes it to her. He owes it to himself.

And so begins Root Letter: Last Answer, a reissue of a visual novel that claimed a cult following when it was released on the PlayStation Vita and PS4 three years ago. Taking off from its well-laid premise, gamers are tasked to gather information about her and how she went about her secondary education beginning with clues she left in her letters. The interface is simple, if functional; through context-driven commands, they are able to examine surroundings, engage in conversations, and ultimately piece together a puzzle that touches on school and secrets, food and fallacies, ghosts and growth, life and love.

As with most other offerings in the genre, Root Letter: Last Answer’s visuals are largely static. Accompanied by thematically appropriate music and outstanding Japanese voiceovers, they provide gamers with lush and intricately drawn backdrops that lend flavor to the proceedings. Even as Fumino’s past becomes more evident through engagements with the circle of friends she named in her writings, so, too, does Matsue’s present. Filled with details that go beyond fictional confines, the storytelling is steeped in culture; developer Kadokawa Games imbibes its creation with stunningly precise local flavor.

As a remake, Root Letter: Last Answer hews closely to its source material. In fact, it can be navigated exactly the way the original was presented — with detailed and intricately designed artwork highlighting the association of those behind it with the popular and long-running LovePlus dating-sim series. At the same time, it provides gamers with an alternative; it likewise offers a live-action redesign slated to add heft to the presentation. Among others, the characters of Bestie, Shorty, Monkey, Fatty, Snappy, Four-Eyes, and Bitch are fleshed out even more, literally and figuratively.

Be that as it may, Root Letter: Last Answer thrives because of the depth of its narrative. Twists and turns abound, with gamers able to squeeze the truth out of Nakamura’s interactions through the presentation of previously gathered evidence. There are 10 chapters to be negotiated, each based on one letter Fumino wrote, backstopped by four newly produced epilogues. However, the unfolding of the last two sections will vary depending on choices made en route. By extension, so, too, will the ending — and because five all told are in store, replay value is enhanced.

For the most part, Root Letter: Last Answer pulls its weight. It takes its time peeling off its various layers, unfolding the stories it and, just as importantly, its locations in a pace suited to taste. Not all instances present the power of choice; in fact, few do. Then again, the skillful manner in which it weaves its tales makes its largely linear journey just as fulfilling as its unique denouements. And, significantly, it can be even better; tasked with its localization for Western audiences, PQube occasionally stumbles on the translation and typography. They’re nothing a mere software update can’t fix. That said, they’ve been around since the release of the original version, as much an indication as any that improvements in this regard aren’t forthcoming.

Depending on leanings, gamers can find Root Letter: Last Answer’s live-action Drama Mode to be either gimmicky or inspired. The effort is acknowledged all the same; Kadokawa Games assembles a cast of 90 actors for the purpose. And, in the final analysis, there can be no denying the title’s worth. It’s a fit for the Nintendo Switch, in particular; not too taxing on the hardware, it can be enjoyed in handheld mode, on the go and in spurts, sans any slowdowns or letdowns. In other words, it’s precisely what an ideal VN is, and — clocking in at an aggregate 30 hours or so — a worthy addition to the library of gamers partial to the genre.

THE GOOD:

• Immersive narrative

• Steeped In culture

• Outstanding visuals and sounds

• Live-action Drama Mode

• Four new epilogues

• Great for on-the-go gaming

THE BAD:

• Essentially a remake

• Even the typographical errors are retained

• Pace can be slow

• Occasionally repetitive

RATING: 8.5/10

POSTSCRIPT: Exception begins innocuously enough: An old woman not quite adept with modern technology whiles away some idle time in front of her laptop. Unfamiliar with the pitfalls of Cyberspace, she clicks on a link that offers a freebie; instead, it unleashes malware threatening to take over her computer system. Taking off from the premise, gamers assume control of software designed to combat the infestation. The result is a fast-paced — make that extremely fast-paced — romp through 128 levels requiring precision movement laced with occasional strikes against enemies on the prowl.

Significantly, Exception allows gamers to skip the adequate, if unnecessary, setup and go straight to the action. And, in this regard, developer Traxmaster Software delivers. The presentation is somewhat minimalist, but deliberately kinetic. In fact, the action platformer benefits immensely from its decision to keep the principal protagonist in the center of the screen at all times; however direction the character “moves” is reflected by the environment’s dynamism. Hitting an object en route results in a change in perspective and configuration. Quick thinking and rapid reflexes are thus imperative.

Each stage in Exception is short (lasting well under a minute), with a timer ensuring its speedy traversal. Rewards by way of stars are earned depending on the rapidity with which it is completed; a maximum of four is at stake in every turn, and are then accumulated for the generation of new abilities. Moreover, character momentum is carried over to the next level, thus incentivizing tactical transitions. The completion of collectibles and attainment of top ranks in online leaderboards enhance replay value.

Absent the pursuit of psychic income, Exception is good for at least a handful of hours of fun. It’s certainly a worthy addition to the Nintendo Switch’s already-loaded library given the hybrid console’s pronounced bias for on-the-go gaming. Its abstract retro-inspired aesthetic and synthwave music keep the adrenaline pumping, and the solid interface makes route optimization amid a bevy of hurdles attainable. All told, it’s worth every penny of its $14.99 tag. Recommended. (8/10)

Kickstarter-funded Hyper Light Drifter has made its way to the iOS platform, and owners of Apple devices will be glad to know the two-dimensional action role-playing game manages to retain all the attributes that made it a critical and commercial hit, and then some. The mobile port of developers Heart Machine and Abylight Studios’ homage to the 16-bit era of gaming includes content hitherto touted as exclusive to the Nintendo Switch. Given the hybrid console’s on-the-go leanings, it’s no surprise, to be sure. Nonetheless, it adds no small measure of value to the already feature-packed offering.

Envisioned to be a cross between Diablo and The Legend of Zelda: A Link to the Past, Hyper Light Drifter starts with a premise from which an overarching narrative evoking Studio Ghibli masterpieces is pieced together over time. Gamers get to control a technology-savvy journeyman compelled to traverse vast wastelands in search of a remedy for his illness. En route, he finds the driver of his exploration dovetailing with a higher purpose: survival is at stake, but not just his. Meanwhile, subsistence requires continual combat against increasingly powerful enemies; thusly, expansion of skills and equipment become as crucial as employment of proper tactics at the right times.

Gameplay is nothing short of outstanding. Hyper Light Drifter employs an interface that locates the floating stick on the left and action buttons around the remainder of the screen, and, for the most part, it works, enabling free range of motion and rapid reactions to stimuli. Even as customized mapping would have been a plus, the default set gets the job done. Once in a while, moving a hand across the screen to initiate an action is required — thus presenting a potential handicap during periods of frenetic combat.

Parenthetically, Hyper Light Drifter has Made-for-iOS controller support, which makes progress even easier. On the flipside, it’s better paired with an iPad Pro than with an iPhone; for obvious reasons, the latter’s mobility advantages, not to mention capacity to provide haptic feedback, are effectively curtailed in tabletop mode. That said, input lag is nonexistent either way. If there’s any technical stumble, it’s in the absence of cloud saves. Additionally, movement is less than smooth; stutters would be evident on occasion, and even when the screen doesn’t seem to be busy enough to tax the hardware.

Still and all, Hyper Light Drifter more than earns its $4.99 price tag. Armed with a story that’s like a gift needing to be unwrapped slowly to appreciate the contents, as well as with RPG elements that keep gamers immersed throughout, it engages in every sense of the word. Fewer 10 hours are better spent. (8.5/10)

When news of Dead Cells being ported to iOS devices first hit the grapevine, mobile gamers were skeptical. They had reason to be; after all, France-based developer Motion Twin’s intellectual property is already extremely hard to beat on eighth-generation consoles. The notion of doing so with virtual controls on the touchscreen proves even more daunting and makes the exercise decidedly Sisyphean. Even though only those who have been living under a rock all this time don’t know that death is a requisite to finishing the roguelike-Matroidvania offering, acceptance figures to become infinitely harder when technical issues are considered as well.

The good news is that Dead Cells excels on iOS. In fact, publisher Playdigious has done such a yeoman’s job of translating it for Apple devices that even the most critical quarters in the intrinsically finicky community will be hard-pressed to find fault with it. Even with all the action required, gamers will encounter little to no trouble navigating the Prisoner — a blob-like mass of cells able to possess bodies — through dungeon after dungeon en route to the castle’s throne room, where the king and his right hand need to be defeated.

Combat is complex and difficult in and of itself, and often requires gamers to learn the characteristics of their enemies to progress. In this regard, death is inevitable, and the running count of “cells” collected from dead bodies — which can be used to secure power-ups at the end of completed sections — will then revert to zero. Thankfully, the interface is so smooth that it doesn’t add to the hurdles. It likewise helps that buttons can be mapped according to personal preference. The screen real estate subject to constant pressing has likewise been maximized with the transfer of informational visuals to the top; inputs are thus registered without fail and delay.

Needless to say, Dead Cells is best appreciated on a large screen, and with the benefit of tactile feedback. Parenthetically, it gives the most bang for the buck via an iPad Pro and a console controller in hand. That said, the iPhone affords gamers the privilege of playing it on the go — and how. It’s the best of the year by far. Highly recommended. (9/10)

People need architects

PEOPLE are often ask the question “Paano kaya ang mundo kung walang tubig, walang pagkain o kaya walang mga tao? (What would be the world like without water, food or people?).” Well, the answer to that is it is just like living in the moon.

But have you ever come across people who have asked the question “Paano na lang kaya ang mundo kung walang mga arkitekto? (What is life without architects?).”

The answer there is easy. It is like living in a place, a society, a city or a community of identical box shapes and houses resembling those in the nursery rhyme The Three Little Pigs where just one puff from the Big Bad Wolf will bring the house down.

To answer the question: “What is life without architects?” IT IS LIFE WITHOUT FORMS.

I believe most people have never met an architect, or if they have, they have always thought of them as engineers. Maybe they have never engaged the services of an architect in planning and design of vertical structures.

It is up to us to communicate what architects do and educate society on the value of architects, their functions, and their role in nation building. This is what this leadership and the United Architects of the Philippines have been doing as part of our advocacy campaign: “FOR YOUR PLANS AND DESIGNS, GET AN ARCHITECT.”

In most official gatherings I have attended, guest speakers who are not architects would generally say “architects draw beautifully period.” We all know that. But is that all architects do?

Architects do more than just draw beautifully! In fact, they are good managers, planners and good visionaries. Architects do plans, designs, and project management. We design and build vertical structures. We also do construction management, heritage conservation, urban and rural designs, liturgical architecture, regenerative architecture and adaptive re-use.

Not only that, architects excel in evidence-based research, low cost housing and resettlement projects, structural design conceptualization, tourism architecture, hospital planning and mixed-use projects.

Academically, the architect has to go through a rigorous process of education. As a student, he undergoes ten semesters of studies, taking into consideration the surrounding environment, including the principles of stability, functionality and aesthetics. After this, he undertakes an apprenticeship program under a licensed and registered architect for a minimum of two years, and then take the state-regulated professional exams.

By the time he takes the oath as a professional, the architect has mastered the trade. No other technical profession comes close to the hectic and specialized architectural profession. That is why the architect is the prime professional in the design and building of vertical structures and of shelters for man.

I have encountered a lot of malpractice by non-architects in design and construction. Even more surprisingly, I have met people who have been doing it themselves and later realizing while in the construction phase that they should have hired an architect.

Design and construction demand a multitude of knowledge in the design of a structure, acquisition of construction materials, building the structure, ensuring its safety, and understanding the legal implications.

Architecture is a half-decade long education and it is not a walk in the park. As a teacher before, I have seen architecture students work in libraries and classrooms all night long to finish their projects. My point here is that new architects have spent thousands of hours to perfect their craft. They definitely know what they are doing.

The mother of all arts is architecture. Society will be defined by its forms. Architects will always do a variety of forms and define its value and the value of civilization. That is why architecture is a millennia-old profession from the pyramids of Giza in Egypt to the hanging gardens of Babylon and the rising ziggurats in Tigris and Euphrates. Architecture has been able to sustain its identity and is well respected around the world.

I have been designed by our creator, and I have been able to sustain my practice through the years. Sustainability is a word which brings to mind cost-efficient designs, proper supervision and effective construction management

Architects have to be relevant, sustainable, sensitive to their community and grounded. They always find something to improve, and are innovative and progressive. They anticipate the needs of the community.

In this fast-paced world, sustainability is a wake-up call to innovate or die. The world is so small that architects have to innovate and improve the quality and way of life.

 

The writer is the current national president of the United Architects of the Philippines (UAP) and the first national president coming from Mindanao. He has been in the private practice for more than 34 years and is a fellow of the UAP. He is also the first ASEAN architect and APEC architect coming from Davao City. He is a graduate of BS Architecture from the University of Mindanao and is also a Doctor Fellow of the Royal Institute of Architects Singapore.

Bill on mandatory lending for MSMEs filed

A MEASURE expanding the mandatory credit to micro, small, and medium enterprises (MSMEs) and imposing stiffer penalties on noncompliant lending institutions has been filed in the Senate.

Under Senate Bill No. 110, Senate Majority Leader Juan Miguel F. Zubiri also proposed to amend Republic Act No. 6977 or the “Magna Carta for Small Enterprises” by expanding the coverage of micro enterprises.

Mr. Zubiri said in the explanatory note that the measure intends to give MSMEs more access to financing to allow them “truly dynamic, resilient, and globally competitive.”

“Lack of access to financing, sustainable markets and training to acquire the needed mindset and skills to ultimately grow and sustain a business are just a few of the constraints faced by MSMEs,” he said.

The bill, among others, mandates lending institutions to set aside at least ten percent of their total loan portfolio for MSMEs from the current six percent for a period of ten years.

It however provided that medium enterprises shall receive only up to two percent of the mandatory allocation.

The measure also proposed to define micro enterprises as those whose total assets are worth up to P5 million from the current P3 million or less and small enterprises as those with total assets worth over P5 million up to P15 million.

The bill also proposes to increase the penalties imposed on banks and other lending institutions for failure to comply with the credit quota to a fine ranging from P500,000 to P5 million for larger banks.

Smaller banks, meanwhile, will face a fine of not less than P100,000.

At present, the Bangko Sentral ng Pilipinas is only allowed to impose administrative sanctions, a fine of not less than P500,000 and imprisonment of up to six months. — C.A. Tadalan

Who are the underemployed?

Who are the underemployed?

How PSEi member stocks performed — September 9, 2019

Here’s a quick glance at how PSEi stocks fared on Monday, September 9, 2019.

 

House committee endorses P4.1-trillion budget

THE House of Representatives appropriations committee yesterday endorsed the P4.1 trillion national budget for next year, without changes, according to its chairman.

Members of the panel unanimously approved the budget bill during a closed-door session, Davao City Rep. Isidro T. Ungab, who heads the committee, told reporters.

The measure breezed through the committee because “there were no objections,” the congressman said.

The committee report on the 2020 General Appropriations bill remained faithful to the Executive branch’s national expenditure program, Albay Rep. Jose Ma. S. Salceda, who heads the ways and means committee, told reporters.

“No comma, no period, no interjections, no semicolon. It’s just the same,” the congressman said.

The hearings on the 2020 budget ended on Sept. 6. Plenary debates are scheduled for Sept. 12 to Oct. 4.

Lawmakers expect to finish deliberations by Sept. 20 and send the approved bill to the Senate by Oct. 4 at the latest, Mr. Ungab said.

Last year’s budget was delayed because of alleged “insertions” and the resulting disputes about changes to the spending program. President Rodrigo R. Duterte eventually vetoed more than P95 billion worth of budget items after signing the measure in mid-April.

The budget delay has been cited as a factor in the sharp slowdown in economic growth, because of the delays in the release of infrastructure funds, which had to reach the contractors in time for the critical dry-season building window.

Mr. Salceda thinks the P4.1 trillion national budget will help the government attain its goals.

“It is not our job to make it acceptable to the Senate,” the congressman said of the House version. “The Speaker said we wanted to approve the budget that serves the people.”

Mr. Salceda said next year’s budget will help the country achieve its target to become an upper-middle country by 2022, and obtain an A credit rating.

The Development Budget Coordination Committee in March cut the government’s economic growth target this year to 6% to 7% from 7% to 8%. The growth target for next year was also lowered to 6.5% to 7.5% from 7% to 8% due to the delayed enactment of the national budget.

Also yesterday, the House appropriations committee approved a P58-million budget for a bill that seeks to reform the country’s real property valuation and assessment system and reorganize the Bureau of Local Government Finance.

The panel approved the bill filed by Mr. Salceda without changes, Mr. Ungab said.

Mr. Salceda said local government units are expected to gain P1 billion because of the measure.

The measure seeks to empower local governments to create their own sources of revenue and to levy taxes, fees and charges.

The bill provide a comprehensive and updated electronic database of all real property transactions.

The bill will help institutionalize the third installment of the government’s Comprehensive Tax Reform Package, which aims to promote a just and equitable real property valuation system, said Batangas City Rep. Mario A. Mariño, who heads the government reorganization committee.

“The reform will broaden the tax base for local and national property and property-related taxes and expedite the valuation-based government activities, such as right-of-way acquisition and administration of land transfer taxes,” Mr. Mariño said. — Vince Angelo C. Ferreras

Senate body not keen to grant emergency powers for traffic

THE Senate public service committee is not inclined to grant the Transportation department’s renewed plea for emergency powers to solve traffic congestion in the capital, a lawmaker said yesterday.

Senator Grace Poe-Llamanzares, who heads the body, told reporters President Rodrigo Duterte can ease traffic in Metro Manila without emergency powers from Congress.

The Transportation department can hasten road projects and roll out more trains for the Metro Rail Transit Line 3 or MRT-3, among other solutions, the senator said.

“It’s easy to throw around the idea of emergency powers, but what can really ease the traffic problem is stage 3 of the Metro Manila Skyway project,” Ms. Poe-Llamanzares said in Filipino. “Another is the deployment of new trains at the MRT-3.”

Transportation Secretary Arthur P. Tugade last week renewed his call for emergency powers to solve the traffic gridlock on the main EDSA highway in the capital. During a House of Representatives hearing on his agency’s budget, Mr. Tugade said it was possible to solve the traffic problem but it would take longer without giving special powers to the president.

“I will make him explain exactly how it will speed up the remedy, if he has one, for traffic,” Ms. Poe-Llamanzares said.

The government aims to open by early next year the third stage of the Metro Manila Skyway, an 18.7-kilometer toll road connecting Buendia Avenue in Makati City to Balintawak, in Quezon City.

The Transportation department also has yet to use the 48 so-called Dalian trains to boost the MRT-3’s fleet.

Ms. Poe-Llamanzares also said the procurement law allows emergency bidding for certain projects.

Several bills were filed in both houses of Congress in the previous Congress seeking emergency powers for Mr. Duterte to ease traffic congestion. The measures sought to give the Transportation chief “full power” to manage traffic on EDSA and control road use. The House approved the bill but the Senate version did not progress. The bills have been refiled in both Houses.

Mr. Tugade earlier said the Duterte administration only has three years to address the traffic problem by bypassing conflicting laws.

“It’s very simple,” Ms. Poe-Llamanzares said. “There’s no need for emergency powers to complete those projects. Even with emergency powers, the traffic wouldn’t ease if they don’t do what they need to do.” — Denise A. Valdez

Sugar output declines in end-August as demand falls

sugar wet market
RETAIL PRICES for sugar were stable at P45 to P50 a kilo, and lower than prices a year earlier. — BW FILE PHOTO

PHILIPPINE sugar production fell by 0.47% at the end of the crop year in August as demand fell, according to the Sugar Regulatory Administration (SRA).

Sugar output fell to 2.073 million metric tons (MMT), down from 2.083 MMT in the previous year, the agency said in a statement. This was also lower than the estimated production of 2.225 MMT for the crop year.

The output was equivalent to 41.478 million 50-kilo bags, compared with 41.672 million bags a year earlier.

Demand for raw sugar declined by 17.9% to 1.988 MMT, the SRA said. Total sugarcane milled dropped by 8.8% year on year to 21.767 MMT. Refined sugar output fell by 10.7% year on year to 827,187.85 MT.

Retail prices were stable at P45 to P50 a kilo, but were lower than prices of P55 to P64 a year earlier.

For crop year 2019, raw sugar production was expected to fall by 5% to 2.096 MMT, considering factors such as weather conditions and changes in hectarage of planted sugarcane, as well as farmers shifting to other crops. — Vincent Mariel P. Galang