MANILA (Mabuhay) — A Land Transportation Franchising and Regulatory Board (LTFRB) official on Thursday appealed to local government units (LGU) officials to strictly implement ordinances against erring tricycle and kuliglig drivers who continue to defy overloading. Reports received by LTFRB chairman Winston Ginez show kuliglig (makeshift motorized tricycles) which are not even registered with the […]
MANILA, Philippines (Xinhua) – Foreign portfolio investments known as “hot money” to the Philippines declined 8.5 percent on year to $1.3 billion in the first quarter of 2013, the central bank reported today. The central bank said lower net equity capital investments reduced inflow of portfolio investments in the country. Gross equity capital placements rose 49.4 percent on year to $1.5 billion in the first quarter, mostly due to investments that came in from Mexico, Japan, Malaysia and the U.S. But these placements were offset by withdrawal of $799 million during the same period. Reinvestment of earnings likewise declined, decreasing 26.3 percent on year to $196 million in the first quarter. Net placements by overseas companies in debt instruments issued by local affiliates totaled $378 million, up 71 percent on year as parent companies abroad continued to lend funds to their local subsidiaries and affiliates to sustain existing operations or expand their businesses in the country. In March alone, FDI posted net outflow of $78 million.
The allowable poll expenses limit may soon be pegged on “economic factors” such as the inflation rate and consumer price index (CPI), a Commission on Elections (Comelec) official said on Monday. This could be possible if the 16th Congress approves a bill amending the Omnibus Election Code that the Comelec would endorse, according to poll commissioner Christian Robert Lim. The poll official said the commission has proposed to form a regional tripartite body with officials from the National Economic and Development Authority and the Department of Trade and Industry that would determine the allowable election expense per voter. “Every elections, there would be a regional tripartite board na magde-determine using the CPI magkano [ang expense limit]. Mataas ba ang inflation kaya kailangang itaas din namin para realistic?” explained Lim. The reform aims to motivate candidates to be truthful in their statements of contributions and expenditures, he added. “More often than not, candidates are going to spend more. So more likely they would not declare. So we want them to be truthful in their declaration,” Lim said. As of now, the Comelec under its Resolution No. 9476 limits presidential and vice presidential candidates to P10 for every registered voter, candidates with political parties to P3 per voter, and independent candidates to P5 per voter. According to the National Statistics Office, the CPI measures the “changes in the price level of goods and services that most people buy for their day-to-day consumption.” Meanwhile, inflation is the change in price level over a Read More …
Kirams ready to face the music. Princess Jacel Kiram, daughter of Sulu Sultan Jamalul Kiram III, talks to media at a press conference in Taguig City on Monday. Together with Sultan Jamalul Kiram III and Dr. Abdurahman Amin of the Moro National Liberation Front (MNLF), Princess Jacel said the family is ready to face any charge that the government may file against them for the intrusion in Sabah. Danny Pata Malacañang has downplayed claims from the camp of Sulu Sultan Jamalul Kiram III, whose followers were embroiled in deadly clashes with security men in Sabah three months ago while pressing their claim on the territory, that the Philippine government plans to extradite members of the clan to Malaysia. In a press conference Monday at the Kiram’s residence in Maharlika Village in Taguig City, the sultan’s daughter Princess Jacel Kiram claimed that the family had received information from sources “within the government” about plans to turn in the Kirams to the Malaysian government. In a report on GMA News TV’s Balitanghali, Jacel said the extradition plan was “very close na sa implementation.” But presidential spokesperson Edwin Lacierda belittled the statement and said: “Claim lang ‘yon. Wala, we have not [discussed anything like that].” Some of the sultan’s followers are currently facing criminal cases in Sabah for the incursion last February. Meanwhile, the National Bureau of Investigation has yet to submit its report on the Sabah incursion to the Department of Justice, which will make its recommendation to President Benigno Aquino Read More …
MANILA, Philippines (Xinhua) – The Philippine stock market rallied back to the 6,800 level following the strong gains in US stocks last Friday. The bellwether Philippine Stock Exchange index jumped by 2.59 percent or 173.65 points to 6,875.60. The broader all-share index rallied by 1.96 percent or 81.20 points to 4,229.61. Trading volume reached 1.14 billion shares worth P14.22 billion ($332.63 million) with 123 stocks advancing, 52 declining, and 29 unchanged. All six counters were up. “Buyers resumed to position in equities on Monday, encouraged in part by Wall Street’s overnight ascent,” 2TradeAsia.com said. Dow Jones industrial average index jumped by 207 points last Friday on back of a US labor department report that American employers took in more workers in May. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Monday’s climb, according to analyst Justino Calaycay of Accord Capital Equities Corp., has taken back 40 percent of the values lost during the meltdown. “Yet despite the strong price and index surge, caution remained fairly evident as turnover kept a slack pace,” Calaycay said. Value turnover have been below the five-period and 30-period averages for quite some time and Monday’s action does not show any indication that is to change. Stocks in the 30-company index were mostly up. These include Metropolitan Bank and Trust Co., SM Prime Holdings, Inc., and Alliance Global Group, Inc.
Heritage Foundation senior analyst Anthony Kim (left) speaks to the press. (Prinz Magtulis) MANILA, Philippines – Improved economic freedom in the Philippines should be sustained to boost investments in the next five years and promote prosperity, an analyst for global think tank Heritage Foundation said on Monday. “We are really impressed by well intended good policies. But it’s not easy to make good policy economic reform: it takes time, it takes energy and dedication,” senior analyst Anthony Kim told reporters in a roundtable discussion. “Reforms will attract and generate more opportunities for average people of the Philippines but it will take some time so it’s time to wait and just move forward,” he added. The Washington-based agency publishes yearly a global index measuring economic freedoms in 157 countries, including the Philippines. In its latest edition released last March, the country improved 10 notches to 97th place. Economic freedom, Kim said, involves measuring individual and country liberties, good policies and promotion of free enterprise as a tool to achieve economic growth and prosperity across the population. For the Philippines, Kim noted that the country’s “resilient and dynamic” economic story was hedged on a “committed” government to pursue “real, practical policy solutions” that cover taxation and the business environment, among others. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 While Kim refrained from discussing specific reforms that need to be undertaken or continued, the official noted that “healthy discussions” on lifting the 40-percent foreign ownership cap on certain industries should be Read More …
A Commission on Elections official has warned candidates who ran in the May 13 elections that they face perjury charges if they will fail to submit their statements of contributions and expenditures (SOCEs). At a press conference on Monday, Comelec Commissioner Christian Robert Lim said such candidates may have committed perjury since they declared in their certificates of candidacy an oath to submit their SOCEs. “Yung balak namin, ie-endorse namin ‘yung mga hindi nagfile sa DOJ [Department of Justice],” said Lim, head of the poll body’s campaign finance unit. Perjury is a criminal act under the Revised Penal Code. However, “(A)ng target namin is really not to put people in jail but to encourage them to file,” said Lim. Republic Act 7166, which was enacted on Nov. 26, 1991, states that every candidate and treasurer of a political party shall be required to file an itemized statement of all contributions and expenditures within 30 days after the day of the election. Failure to submit SOCEs is penalized with an administrative fine from P2,000 to P30,000 for the first offense, and from P2,000 to P60,000 for second offense, depending on the position, according to Comelec Resolution No. 9476. While it is not a criminal act, failure to file SOCEs can be penalized with disqualification from holding public office, the law said. The Comelec had earlier wanted failure to submit SOCEs a criminal offense. — Marc Jayson Cayabyab/RSJ, GMA News
Now it’s official: the rainy season for this year has finally started, state weather forecasters said Monday afternoon. PAGASA declared the start of the rainy season at 2 p.m. after noting the criteria have been met, radio dzBB’s Divine Caraecle reported. According to PAGASA forecaster Ricky Fabregas, Tropical Storm Dante (international name: Yagi) played a major role in ushering in the rainy season by enhancing the southwest monsoon. Fabregas also cited the almost daily thunderstorms that brought rain to Metro Manila and other parts of the country in past weeks. On the other hand, Fabregas said that while the rainy season may be here, there may still be “breaks” where there may be no rain for two days to a week. Earlier, PAGASA said the rainy season usually starts in the last week of May or the first part of June. — TJD, GMA News
No politics involved. This was how a Malacañang official described a decision by a government agency banning 15 food products from Taiwan that were found to contain maleic acid, an unapproved food additive that could potentially harm the kidney. “Alam mo ang kagandahan dito sa FDA (Food and Drug Administration) there is empirical evidence e. [They were banned] because of the presence of a certain ingredient. It’s not subject to politics,” presidential spokesperson Edwin Lacierda said at a press briefing Monday. Lacierda added that the banning of the food products, which include tapioca pearls and rice noodles, have been subjected to tests. “It’s subject to a scientific evaluation whether that banned substance exists in those products, and if it is, under our laws, it is banned. It is as simple as that,” Lacierda said. “It has nothing to do with politics. It has nothing to do with the present situation that we’re in with Taiwan. FDA ‘yung nagdesisyon ‘nun e,” he added. Lacierda said the government continues to look out for the health of all Filipinos. “Siyempre ang concern po ng gobyerno, ‘yung safety po at ‘yung kaligtasan, ang kalusugan po ng ating mga mamamayan. It has everything to do with the health of the Filipino citizens,” he said. However, Lacierda also expressed hope that the tensions in Taiwan, which has resulted in cases of discrimination agaisnt OFW’s there, will end soon. “Siyempre gusto nating ma-lift ‘yung sanctions pero alam ninyo, meron tayong investigation na nangyayari ngayon, NBI and their Taiwanese Read More …
The Commission on Elections has finally gotten a favorable ruling from the Supreme Court. In an en banc resolution on Monday, the high court junked a petition seeking the inhibition of the Comelec from deciding on electoral protests. In its resolution, the high court junked the petition filed by an election watchdog seeking to enjoin the Comelec from participating in electoral protests stemming from the May 13 automated midterm elections. In its 26-page petition filed last May 10, Kontra Daya accused the Comelec of engaging in a “grand scale mass deception that can be used as basis for the impeachment (of Comelec officials).” The petitioner said the Comelec should inhibit from deciding on poll-related cases “until the lapse of a grace period of three months within which political parties, candidates and citizens’ arms shall finally be able for the first time to exercise their right to review the source code.” But in its ruling, the high court dismissed Kontra Daya’s petition because such failed to show “any judicial controversy,” according to Public Information Office chief Theodore Te. The SC said the petition was “clearly premature, highly speculative and does not warrant the relief prayed for.” A source code is the set of instructions to be followed by the computerized voting machine, and is written by computer programmers in a readable symbolic language. A few weeks before the polls, Elections chairman Sixto Brillantes Jr. said the poll body already had the source code to be used for the May 13 polls, Read More …