Maniolas

MANILA, Philippines – Amid allegations of environment degradation, coal miner and power producer Semirara Mining and Power Corp. (SMPC) has committed to protect marine protected areas (MPA) surrounding its coal mines in Semirara Island in Antique. SMPC disclosed yesterday it has pledged to support the Caluya local government’s campaign to declare two near-shore sites in Semirara Island as MPA or marine reserves. MPAs are coastal or marine areas placed under conservation or protection regimes by communities, local ordinances or national laws to restrict human activity. Two near-shore sites were identified as MPAs by Silliman University Angelo King Center for Research and Environmental Management (SUAKCREM), a leading marine and terrestrial research organization which conducted a biological survey of the island last year. “Contrary to expectation for mining areas, the reefs surveyed has extensive coverage of live hard coral cover and relatively high fish biomass and density,” the study noted. However, the research team also noted certain sites may have been affected by siltation and fishing activities but these sites have the potential to recover if “strictly protected from heavy fishing.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Prior to this research, marine diversity around the island was undocumented. We wanted an independent study to help resolve concerns and allegations of environmental degradation in Semirara Island,” said SMPC president and COO Victor Consunji. Semirara has been part of the hit list of Department of Environment and Natural Resources (DENR) Secretary Gina Lopez for allegedly causing environmental-related issues based on complaints Read More …

MANILA, Philippines – The peso weakened for the second straight day yesterday, hitting a near eight-year low anew despite the announcement of a strong third quarter gross domestic product (GDP) growth under the Duterte administration. The local currency shed 21 centavos to 49.56 from Wednesday’s 49.35 to $1. This was the weakest level in almost eight years after closing at 49.83 to $1 on Nov. 24, 2016 The peso opened weaker at 49.36 and hit an intra-day high of 49.22. Volume increased 23.2 percent to $821.5 million from $666.5 million last Wednesday. The country’s domestic output as measured by the GDP grew faster at 7.1 percent in the third quarter from seven percent in the second quarter in the back of growing investments and a strong rebound in agriculture. The agriculture sector grew 2.9 percent in the third quarter breaking five consecutive quarters of contraction. This is under the first three months of President Duterte who assumed office last June 30. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The GDP growth of the Philippines was also faster than China’s 6.7 percent, Vietnam’s 6.4 percent, Indonesia’s five percent, and Malaysia’s 4.3 percent. Economic managers penned a six to seven percent GDP growth target for this year. The GDP growth eased to 5.9 percent from 6.1 percent in 2014 due to weak global demand and lack of government spending.

The country’s third quarter GDP growth rate is the highest since the second quarter of 2013 (7.6 percent). Jun Acculador/CC BY-ND MANILA, Philippines — The Philippine economy expanded by 7.1 percent in the third quarter of the year, higher than the revised second quarter growth of 7 percent, the Philippines Statistics Authority (PSA) announced on Thursday. The country’s latest GDP growth rate is the highest since the second quarter of 2013 (7.6 percent). The PSA said the services sector, which posted a growth of 6.9 percent, contributed much to the third quarter’s economic performance this year. “Services gave the highest contribution to the GDP growth in the third quarter of 2016 with 4.1 percentage points,” said National Economic and Development Authority Director Reynaldo Cancio said at a news conference. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The industry sector, meanwhile, accelerated by 8.6 percent this year, considerably higher than the 6.1 percent rate in 2015. This is a developing story.

THE Department of Energy (DoE) has asked the government agency that owns the Agus and Pulangi hydroelectric complex to allocate the output of Mindanao’s main power source to areas that need it the most.

“All field audit and other field operations, including all enforcement activities, shall continue during this holiday season,” Revenue Memorandum Circular 109-2016 dated Nov. 7 stated. File photo MANILA, Philippines – There will be no let-up on the Bureau of Internal Revenue’s audits this holiday season as it aims to reverse a revenue slowdown toward maximum revenue collection by the end of the year. “All field audit and other field operations, including all enforcement activities, shall continue during this holiday season,” Revenue Memorandum Circular 109-2016 dated Nov. 7 stated. “It is reminded that all efforts should be directed to ensure maximum revenue collection throughout the year,” it said. In previous years, BIR stops audits from Dec. 15 until Jan. 1 of the following year. Eleanor Roque, a director of industry group Tax Management Association of the Philippines, said halting audits during Christmas season before was meant to avoid “tax examiners asking gifts.” “But I guess now, given the promises and the declarations of the new administration, taxpayers are assured that will not happen or if it does, they have ways to report it,” she said in a phone interview. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BIR, which accounts for around 80 percent of state revenues, had fluctuating performance since the Duterte administration took over in June 30. It increased revenues by one percent in July, a seven-month low, before recovering to a 10-percent uptick the following month. In September, it slowed again to one percent. It brought the Read More …