THE LANDMARK ruling favoring the Philippines against China in its territorial row over the West Philippine Sea is unlikely to affect the local economy, Moody’s Investors Service said, and will not merit adjustments to the country’s investment grade rating.
THE Asian Development Bank (ADB) in a statement said its president, Takehiko Nakao, met on Wednesday with President Rodrigo R. Duterte to explore ways the institution can support his administration’s efforts in promoting sustainable growth, reducing poverty, and increasing transparency in government affairs.
Just a couple of months ago, the country held its elections which generated a good slice of nationwide buzz from when it kicked off up to the official announcement of the winning candidates. From the countless headlines the recent election season brought, the one that stood out for me was the Comelec breach. The breach caused an uproar because it exposed the sensitive personal information of 55 million registered voters through a hacking attack.
THE DEPARTMENT of Finance (DoF) on Tuesday tapped Undersecretary Gil S. Beltran to be its anti-red tape czar, tasked to cut down transaction processes with the tax and customs agencies within six months.
FACTORY OUTPUT in May dropped for the first time this year to its lowest level in 11 months, while merchandise exports continued its descent — albeit slower — for more than a year, the government reported yesterday.
MONEY SENT HOME by overseas Filipino workers (OFWs) likely grew between 4% and 5% in May, sustaining an uptrend seen the previous month in light of a slight recovery in oil prices, an economist at ING Bank N.V. Manila said.
ENVIRONMENT Secretary Regina Paz L. Lopez has formalized an order for a moratorium on new mining projects and also required an audit of mine operations that are currently suspended.
FUND-RAISING on the local bond market will likely amount to P100 billion by the yearend, the top executive of the Philippine Dealing & Exchange (PDEx) said, as the financial system remains awash with cash.
Discretion is a power which makes someone powerful even more powerful. Administrative bodies like the Bureau of Internal Revenue (BIR) and the Bureau of Customs, were given discretionary powers in order to carry out their tasks to implement laws. The grant of discretion recognizes that the agency has the knowledge, experience and specialization on a particular field to make judgments. Discretionary powers facilitate efficient implementation, upholds the law, curbs the evils the laws seek to avoid and achieves the higher interest of the State, its citizens and those who sojourn its territory, equity. However, discretion is double-edged in that it impacts negatively when it is abused, performed in manifest partiality and favored one’s own interest.
SECURING certification from the International Organization for Standardization (ISO), as required by law, will not guarantee that miners will avoid the suspension of their operations following a government audit, Environment Secretary Regina Paz L. Lopez said.