Perceived corruption in government grows – SWS

 Economy
Oct 052016
 
Perceived corruption in government grows – SWS

MANILA, Philippines – The perception on the prevalence of corruption in government rose in the final year in office of former president Benigno Aquino III, the latest survey of the Social Weather Stations (SWS) and National Competitiveness Council (NCC) showed. The 2016 Survey on Enterprises Corruption released yesterday revealed that Filipino businessmen who think there is “a lot” of corruption in the public sector increased to 63 percent this year from only 43 percent in 2012 and 56 percent in 2013—the only periods that such question was asked in the three surveys conducted under Aquino’s term. The extent of corruption in the public sector as viewed by businessmen under the final year of the Aquino administration placed it at almost the same level as the last round the survey was conducted under the term of former presidents Joseph Estrada (63 percent in 2000) and Gloria Macapagal Arroyo (64 percent in 2009). The survey, which polled more than 950 executives from small, medium, and large businesses, was conducted from Feb. 2 to May 6 this year. “There was a great drop in the perception of corruption from 2009, the last round under Arroyo, and the first round under Aquino, it’s only 43. However, the following year it went up to 56. We don’t have data in the next two years but in this year’s data, it’s back to 63 so that’s a disappointment. There was a backsliding in the perception of businessmen,” SWS president Mahar Mangahas said. When asked on when Read More …

Economic team off to counter negative perception abroad

 Economy
Oct 052016
 
Economic team off to counter negative perception abroad

MANILA, Philippines – Philippine economic managers would seek to overturn the negative perception of the international community on the Philippines during the annual meetings of the World Bank Group and the International Monetary Fund (IMF) in Washington this week. While in Washington, the Philippine delegation would meet with prospective investors, business groups, banks, credit rating agencies and even foreign media which include the Washington Post and New York Times, said Socioeconomic Planning Secretary Ernesto Pernia. “We want to counter the adverse media reports (about the Philippines),” he said. On its Facebook page, the Philippine Embassy in Washington said Pernia would guest in its “Talakayan sa Pasuguan” to discuss the current economic conditions in the country, growth prospects and ongoing reforms of the Duterte administration. Foreign credit rating agencies have expressed concerns about rising uncertainties in the diminishing policy predictability and stability of the Duterte administration as well as the government’s strong focus on law and order which has allegedly resulted in numerous instances of extrajudicial killings. Debt watchers fear this would undermine respect for the rule of law and the legitimacy of democratic institutions. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pernia said the Philippine delegation would continually assure the international business community of the country’s macroeconomic stability and ongoing efforts to improve the business climate. “The macroeconomy is robust, continuously robust, and the government is focused on reducing inequality and poverty and is promoting peace and order. That in itself would attract more investors. And in addition Read More …

More lawmakers buck Duterte’s tax proposals

 Economy
Oct 052016
 
More lawmakers buck Duterte’s tax proposals

MANILA, Philippines – More members of the House of Representatives are opposing President Duterte’s tax proposals, which Finance Secretary Carlos Dominguez submitted to Congress last week. Opposition Rep. Edcel Lagman of Albay joined an increasing number of colleagues yesterday in questioning the administration’s so-called tax reform package. He said the supposed tax reforms and other components of the administration’s economic agenda are not moving because of Duterte’s “preoccupation on his brutal anti-drug campaign.” He said the proposed tax reform package “is anti-poor and anti-marginalized because, among others, it taxes holiday pay, overtime pay, night shift differential pay, hazard pay, and 13th-month pay received by low-income earners and repeals VAT (value added tax) exemption of people with disabilities (PWDs) and senior citizens.” It would also impose a P10 excise tax on lubricating oils and greases, waxes and petrolatum, regular gasoline, leaded premium gasoline and aviation turbo jet fuel, and a P6 excise tax on processed gas, denatured alcohol, kerosene, diesel, LPG, asphalts, and bunker fuel, he said. “Since the burden of excise taxes on petroleum products cascades to the ultimate consumer or the general public, the brunt of the tax is borne by ordinary people who constitute the bulk of the consuming public who will not benefit from the tax package,” he stressed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In a related development, Rep. Mikee Romero of party-list group 1-Pacman proposed yesterday the grant of a one-time tax amnesty to raise needed funds for the government. Romero said Read More …

UK backs NCC program to cut red tape

 Economy
Oct 052016
 
UK backs NCC program to cut red tape

MANILA, Philippines – The National Competitiveness Council (NCC)’s program of cutting red tape in the country has received backing from the United Kingdom. In a signing ceremony, the NCC received technical assistance from the British Embassy through the Asia Pacific Bilateral Program Fund to support Project Repeal. “The assistance will be used for the development, pilot–testing and initial rollout of the standard cost model for Project Repeal in a bid to come up with a systematic way of determining the savings brought about by reduced cost of compliance for businesses as a result of the streamlining of rules and regulations,” NCC private sector co-chairman Guillermo Luz said. Luz said the assistance would also be utilized to conduct a series of activities, including supplementary focus group discussions that will be held in several regions in the country to have a wider stakeholder engagement and ensure the project’s greater impact. Technical workshops on regulatory cost analysis and cost data capture and standardization will be organized in order to create a cost model that will provide a statistically robust, valid and reliable method in estimating the regulatory burdens imposed by existing regulations on businesses, the NCC said. The NCC’s Project Repeal is a government-wide deregulation system that addresses the growing need for a wider effort to cut red tape across agencies. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 An initiative that has drawn inspiration from UK’s Red Tape Challenge, Project Repeal was also initiated to facilitate an efficient government regulatory environment Read More …

Philippines, China firms work out joint venture deals

 Economy
Oct 052016
 
Philippines, China firms work out joint venture deals

MANILA, Philippines – President Duterte’s decision for the country to align with China is already spurring a number of Filipino and Chinese firms to embark on joint venture deals. Trade Secretary Ramon Lopez said in an interview there are currently a number of joint venture deals being worked out between companies from Philippines and China in line with the government’s plan to renew ties with the world’s second largest economy. Lopez is set to join the President in his planned visit to China this month. “A lot of private businesses are saying that they will time their signing also there as with their counterpart. These are business to business deals,” Lopez said. “So far three groups have already talked to me. One is in the food industry,” he added. Aside from the expected business-to-business signings, the Philippine government will seek to further trade relations as well as enhance joint cooperation with China during Duterte’s visit, Lopez said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said trade and investment opportunities in China remain large for the Philippines. “It will be for economic cooperation. Also for promotion of trade and investments. We invest more to China so we have to invite more Chinese investments here in the country. They also export more to us so we want to export more to China. So we want to approach a trade balance,” Lopez said. China-ASEAN Business Council executive president Xu Ning-ning earlier said Chinese firms are raring to invest in the Read More …

PhilWeb implements retrenchment

 Economy
Oct 042016
 
PhilWeb implements retrenchment

MANILA, Philippines – PhilWeb Corp. is implementing a retrenchment program following the non-renewal of its license by the Philippine Amusement and Gaming Corp. The company disclosed yesterday that vice president Antonio Jose Garcia would serve in the corporation only until Nov. 4 due to retrenchment. Businessman and former trade minister Roberto Ongpin was the first to resign from the company after President Duterte singled him out as an oligarch who must be destroyed. Ongpin is divesting his entire holdings equivalent to 771.6 million PhilWeb shares or 53.76 percent of the company. He is in talks with investment bankers on how best to go about his divestment including selling this in the open market or through a private placement. Following Ongpin’s resignation, businessman Gregorio Ma. Araneta III, chairman and CEO of Araneta Properties Inc. and the son-in-law of the late dictator Ferdinand Marcos, has been elected as chairman. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  Araneta is the second largest shareholder of PhilWeb and has been a director of the company for a number of years. He also has other business interests in property development and energy aside from his investment in the company. PhilWeb is on temporary shutdown after Pagcor refused to renew its gaming license which expired on Aug.10. The company used to provide technology for some internet cafes exclusively dedicated to casino games. PhilWeb is also studying the viability of participating in the Duterte administration’s plan to roll out offshore gaming, which will target foreign players.

Philippine sets meeting with climate vulnerable countries

 Economy
Oct 042016
 
Philippine sets meeting with climate vulnerable countries

MANILA, Philippines – The Philippines will meet for the first time this week with more than 40 other climate vulnerable countries under the Duterte administration, which vowed not to ratify a global climate change accord. Finance Secretary Carlos Dominguez will attend the ministerial dialogue of his counterparts in the Vulnerable 20 (V20) Group of Nations at Washington D.C. on Thursday. “The event will present updates on key initiatives launched by the V20, including the Global Preparedness Partnership (GPP). It will also facilitate the sharing of presentations from members on national experiences of climate finance,” the group said on its website. It will also mark the turnover of the group’s chairmanship from the Philippines to Ethiopia. V20 has expanded to cover 43 countries. On their last meeting in March, V20 nations expressed support to a new climate change deal made in Paris that aimed to limit global warming. This was, however, before President Duterte said he would not honor the agreement, which he said could limit the country’s industrialization effort. As a result, the Senate did not ratify the deal. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 When asked what will be discussed before the V20, Dominguez only said in an e-mail: “Abangan! (Wait for it).” Aside from V20, the Finance chief will fly to the US to attend the annual meetings of the World Bank and the International Monetary Fund (IMF) from Oct. 7 to 10. He will be joined by Socioeconomic Planning Secretary Ernesto Pernia and central Read More …

 Older Entries  Newer Entries