News stories from the Philippines and all other important information about the Philippine islands.
Saturday, October 15, 2022
Ateneo de Davao Electronics Engineers Passers
Foreign Borrowing of the Philippines
Monetary Board Approved US$178.10 Million Foreign Borrowing of the Public Sector in Q3 2022
For the period July to September 2022, the Monetary Board (MB) approved one (1) public sector foreign borrowing of US$178.10 million. This is 96 percent lower than the borrowings approved in the same period in 2021 amounting to US$4.66 billion and 95 percent lower than the approvals in the second quarter of 2022 amounting to US$3.54 billion. This borrowing of the Republic of the Philippines will fund the National Government's (NG) multisectoral nutrition project.
Under Section 20, Article VII of the 1987 Constitution of the Republic of the Philippines, prior approval of the Bangko Sentral ng Pilipinas (BSP), through its MB, is required for all foreign loans to be contracted or guaranteed by the Republic of the Philippines. Similarly, Letter of Instructions No. 158 dated 21 January 1974 requires all foreign borrowing proposals by the NG, government agencies and government financial institutions to be submitted for approval-in-principle by the MB before commencement of actual negotiations. The BSP promotes the judicious use of the resources and ensures that external debt requirements are at manageable levels, to support external debt sustainability.
Friday, June 3, 2022
Potential disruptions from global developments
The Financial Stability Coordination Council (FSCC) remains vigilant against potential disruptions from global developments to ensure that Filipinos can rely on a functioning financial system.
"The Council will always choose to be pre-emptive against possible systemic risks," assured FSCC Chairman and Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno during the recent meeting of FSCC, which also reaffirmed the country's strong domestic economic performance.
"The global outlook has changed significantly downwards over the last six months, and yet our Q1 growth was a strong 8.3 percent year-on-year. This reflects the resilience of the local economy," explained Governor Diokno.
The FSCC also noted that with Q1 growth outperforming market expectations, prospects for the economy differ significantly from global trends; and that the local growth momentum is expected to be sustained despite fluidity of markets worldwide.
This was validated by the recent International Monetary Fund statement which showed a higher growth forecast for 2022 for the country despite a significant reduction in global growth.
The FSCC noted that the rest of the world is already feeling the pressure from rising fuel costs and the recent policy actions of the US Federal Reserve.
The FSCC is an inter-agency council comprised of the BSP, the Department of Finance, the Insurance Commission, the Philippine Deposit Insurance Corporation, and the Securities and Exchange Commission. It is the venue for financial market authorities to identify, monitor, manage, and mitigate the build-up of systemic risks in the Philippine financial system.
Wednesday, May 25, 2022
Libel Case Filed by Samar Governor
Sunday, May 22, 2022
Manny Piñol Sorghum Contract Growing Starts In Central Mindanao
Thursday, November 4, 2021
Online Food Delivery in the Philippines
Best Online Loan App in Philippines
Friday, September 24, 2021
Manny Pacquiao as PDP Labat Presidential Candidate
PRESS RELEASE
20 September 2021
"Tragic" ending for Pacquiao's prexy bid seen
Senator Manny Pacquiao's foray into the 2022 presidential derby could end up tragically for him, PDP Laban Secretary General Atty. Melvin Matibag said Monday.
In a virtual press briefing, Matibag insisted that the supposed national convention held by the faction of Senators Pacquiao and Aquilino Pimentel III—where the former accepted his nomination as presidential candidate---failed to comply with the ruling party's constitution and thus, illegal.
"We are not surprised; we expect them to do that. The ouster of President (Rodrigo) Duterte (as party chairman), that was a comedy. The proclamation (of Pacquiao), that's drama. Hopefully, it would not end up for them as a tragedy," Matibag said.
By "tragedy" Matibag said he means the prospect of Pacquiao's defeat in the legal battle for legitimacy before the Commission on Elections but also of losing in the 2022 national elections.
Matibag expressed confidence the Comelec would eventually decide in favor of their petition seeking to declare as illegitimate the claim of Pacquiao and Pimentel are rightful officers of PDP Laban.
He noted that under PDP Laban's constitution, drafted by Pimentel himself, only the party chairman has authority to call a national council, which in turn is the only body that can convene a national assembly to elect the party's officers.
Matibag noted that in both the Sworn Information Update Statement (SIUS) that his group submitted to the Comelec on 05 August 2021 and that of Pacquiao's faction submitted on 19 July 2021 named President Duterte as the party chairman.
"That was the reason why they supposedly ousted President Duterte as chairman and replaced him with Sen. Pimentel to give them a semblance of authority to call a national council meeting. But the SIUS they filed is a declaration against their own interest," he explained.
Matibag also said it was wrong for Sen. Pimentel to accuse the party's wing led by Energy Secretary Alfonso Cusi of trying to "hijack" the party.
"If there is anybody who is not an original member of the party who wants to wrest its leadership it's Sen. Pacquiao," Matibag said.
He noted that before becoming a PDP Laban member Pacquaio came from the Liberal Party. Before joining LP, Pacquiao was a member of the Nacionalista Party.
"As to Sen. Pimentel, he would not be a Senate President had it not been for President Duterte. When the Senate Presidency was being contested between him and (the) Sen. Alan Peter Cayetano, Pacquiao initially supported Cayetano," Matibag recalled.
Matibag added that when Pimentel was ousted as Senate President, Pacquiao signed the resolution in support of the change in leadership of the Upper Chamber.
According to reports Pacquiao was among the top absentees in the House of Representatives during the 16th Congress as well as in the Senate, particularly in the Third Session of the 17th Congress. Another report noted that in his 12 years as lawmaker, no significant piece of legislation can be truly identified with Pacquiao.
It was estimated that under the 2020 budget, taxpayers spent nearly P396 million for each of the 24 senators, their staff and consultants, and Senate employees.
Meanwhile, Matibag noted that PDP Laban's legal department is investigating Pacquiao in connection with the attempt to change his regional party People's Champ Movement (PCM) into a national party to back the senator's plans for 2022.
Reymar Mansilungan, PDP Laban Livelihood Committee chairman, membership in another national party is ground for automatic expulsion under the constitution of PDP Laban.
Matibag also bared Pimentel's attempt to register the humanitarian arm of the ruling party, known as PDP Cares, as a party list in support of his political agenda.
PDP Cares was established by former House Speaker Pantaleon Alvarez and was eventually headed by Pimentel's partner, Kathryna Yu.
"Now who's greedy for power?" Matibag said.
While PDP Laban led by Sec. Cusi tried to reach out to Pacquiao to iron out their differences, Matibag said reconciliation may be too late at this stage. noting the senator had already been acting "like an opposition candidate."
Likewise, Matibag said PDP Laban remains hopeful that Sen. Christopher Lawrence "Bong" Go, would change his mind and eventually accept his nomination as candidate for President of the ruling party in the 2022 elections.
"As we said before we will wait for his (Go's) Decision. We have enough time. Remember what he said before: he leaves his fate to God and the Dutertes and also that he might run for President if President Duterte were his vice-presidential running mate," Matibag said.
On the other hand, Matibag denied that there are talks for a possible tandem between former Senator Ferdinand "Bongbong" Marcos, Jr. and President Duterte.
"We have heard of such reports but, personally, I can tell you that there are no official discussions on such matter," Matibag said. ####
Reference: Melvin Matibag
Secretary General
09178063523
Friday, May 28, 2021
VAT-exemption sa electricity at water bills ng mga seniors
SENIOR CITIZEN Party-list
Chair, Committee on Senior Citizens - 09177292437
· Mula sa 5 percent itataas ang diskwento sa 10 percent
· VAT-exemption sa electricity at water bills ng mga seniors
· Discount sa first 150 kwh at first 50 cubic meters
BREAKING NEWS: MAS MALAKING DISKWENTO SA ELECTRICITY at WATER BILLS NG MGA SENIOR CITIZENS PASADO NA SA HOUSE COMMITTEE ON SENIOR CITIZENS
Aprubado na sa House Committee on Senior Citizens ang House Bills 1903 (Rep. Mark Go) at 3040 (Reps. Estrelita Suansing, Horacio Suansing) na naglalayong itaas ang diskwento ng mga Senior Citizens sa mga bayarin sa tubig at kuryente.
Ayon sa napagkasunduan ng mga mambabatas sa Committee na pinamumunuan ni Senior Citizen Party-list Rep. Rodolfo Ordanes, mula sa kasalukuyang 5 percent na diskwento lamang na itinatadhana sa Expanded Senior Citizens Act (RA 9994), itataas na ang diskwento ng mga senior citizens sa 10 percent.
Paliwanag ni Rep. Ordanes, "bukod sa dinoble natin yung diskwento sa tubig at kuryente, mas pinalawak pa ang sakop nito. Sa ngayon kasi, yun lang mga seniors na kumukonsumo ng 100 kwh sa kuryente at 30 cubic meters sa tubig ang eligible sa discount. Ibig sabihin, kapag mas mataas dyan ang konsumo ng seniors, wala siyang makukuhang discount."
"Sobrang limiting po nyan at halos walang saysay dahil ang average na konsumo ng kuryente at tubig ng bawat household ay nasa 200 kwh at 50 cubic meters; kaya halos walang nakaka-avail ng outdated na discount na iyan," diin ni Ordanes.
"Kapag naisabatas ang panukala, mag-aaplay ang diskwento sa first 150 kwh na konsumo sa kuryente at sa first 50 cubic meters na konsumo sa tubig," paliwanag ni Ordanes.
"Wait there's more," pahabol ni Ordanes, "bukod sa mas mataas na discount, hindi na rin sisingilin ng value added tax ang electricty bills at water bills na nakapangalan sa mga senior citizens, kaya't tiyak na mararamdaman ng ating mga nakatatanda ang ginhawa kapag naisabatas na ito."
The secretariat of the Committee on Senior Citizens is finalizing the report so that it can be forwarded right away to the Committee on Rules which will calendar it to plenary deliberations and eventually be put into vote by all House lawmakers.
Panawagan ni Ordanes sa mga power distributors gaya ng MERALCO at water companies gaya ng MAYNILAD at MANILA WATER, na tiyaking magiging madali at walang hassle sa pag-avail ng mga seniors sa kanilang nasa batas nang diskwento.
"Senior citizens wishing to avail of power and water discounts should start applying now for the perks that are now in effect under the present law so that when the updated law takes effect, the seniors can enjoy the discounts right away," payo ni Ordanes.
In the case of MERALCO, for instance, eligible senior citizens can go to any Meralco Business Center to bring proof of age and citizenship, proof of residence, and proof of billing. The applications will be processed within 15 days and the discount, if approved, will be applied during the next billing period.
Ang diskwento ay "granted per household, regardless of the number of senior citizens residing therein," tagubilin ng RA 9994. (END)