PHILIPPINE economic growth prospects remain rosy given healthy demand and supply conditions, monetary authorities noted during their policy meeting last month.
Apr 232015
Apr 232015
DAVAO CITY — Banana production increased by 2.8% in 2014 to 8.88 million metric tons (MT), according to the Bureau of Agricultural Statistics’ (BAS) Major Crops Bulletin, but this year’s output could suffer a setback as the prevailing mild El Niño has started to affect harvest.
Apr 232015
KALIBO, AKLAN — A system that allows generators to run on waste cooking oil will be offered to high-end resorts and hotels, which are seen as natural customers for the product because they generate large amounts of the needed fuel in their daily operations.
Apr 232015
The Sandiganbayan Third Division will conduct the bail hearing of Janet Lim-Napoles, the alleged brains behind the pork barrel scam, at the Correctional Institute for Women (CIW) in Mandaluyong City on Friday. In a press conference Thursday, clerk of court Dennis Pulma confirmed that the CIW has set aside a hall in the facility’s medium security area for the hearing. “For tomorrow’s continuation of Mrs. Napoles’ bail hearing, the venue will be inside the premises of the Correctional Institute for Women in Mandaluyong. Same time, 8:30,” Pulma said. The hearing will be the first since Napoles was convicted of serious illegal detention by the Makati Regional Trial Court. According to Pulma, Napoles’ bail hearings for her graft and plunder charges will be in the CIW since the Supreme Court has yet to act on the Sandiganbayan’s request for her to be brought out of jail every time she needs to attend a hearing. “So far we have not yet received any notice or resolution or action to the letter of the Presiding Justice. In the meantime, we made some arrangements with the officials of the CIW, to hold the hearing tomorrow in the premises,” Pulma said, referring to the letter written by Presiding Justice Amparo Cabotaje-Tang to Chief Justice Maria Lourdes Serreno. Pulma said accredited media will be allowed to cover the hearing. “When we went there we were informed that usually they do not allow media coverage for hearings, except upon the permission of the Secretary of Justice herself. Read More …
Apr 232015
Customs chief Sevilla quits post . At a press conference in Manila on Thursday, April 23, Customs Commissioner John ‘Sunny’ Sevilla announced his resignation several days after reporting that the bureau had increased its revenue collections for the 1st quarter of 2015. Formerly a Department of Finance undersecretary, Sevilla was appointed by President Benigno Aquino III to the bureau’s top post in December 2013, after then-Customs chief Ruffy Biazon resigned. Danny Pata Following Customs chief John Phillip Sevilla’s resignation, Malacañang admitted Thursday that reforming the bureau is a “big challenge” for the administration. At a press briefing, Communications Secretary Herminio Coloma Jr. said President Benigno Aquino III, who won on an anti-corruption platform during the 2010 elections, wants reforms in the Bureau of Customs (BOC) to continue even after Sevilla’s resignation. “Ang direktiba po ng Pangulo ay ipagpatuloy ‘yung mga repormang naumpisahan na, ipagpatuloy ‘yung paglaban sa korapsyon,” Coloma told reporters. “Talagang kinikilala na malaking hamon ito at sa kabila niyan ay kahanga-hanga ‘yung naging performance ni Commissioner Sevilla,” he added. Coloma particularly said that the administration wants to pursue “institutional strengthening” and further modernization at the BOC. “Maraming mga sistema na nagbibigay daan doon sa pagpasok ng personal influence. Kaya ang isa sa mga tinukoy diyan ay ‘yung systemic reforms, ‘yung automation, ‘yung pagtitiyak na ‘yung mga transaksyon ay aboveboard sa pamamagitan nga ng mas maayos na sistema ng mga transaksyon diyan,” he said. Earlier in the day, Sevilla announced that he is quitting his post since he could Read More …
Apr 232015
In the latest trade of diplomatic barbs with China, the Department of Foreign Affairs on Thursday brushed aside a Chinese media editorial calling the Philippines a “cute little submissive” of the United States. It is believed that the commentary ran by the Global Times this week reflects the position of the Chinese government since the paper is known as the Communist Party’s mouthpiece. “Unable to defend their unlawful position both on the core issue which is the nine-dash line claim and their unilateral and aggressive activities, our northern neighbor has reduced its lack of response to name-calling once again,” Foreign Affairs spokesman Charles Jose told a press briefing on Thursday. “What they should be doing is to accord their positions and actions with the 2002 conduct of parties in the South China Sea and international law,” Jose said. —KG, GMA News
Apr 232015
Senator Ferdinand “Bongbong” Marcos Jr. is keen on including in the proposed Bangsamoro Basic Law a provision that would state that the Bangsamoro political entity will remain part of the national territory of the Philippines. He said the inclusion of such provision is needed to allay fears that the BBL will be used to separate the Bangsamoro entity from the country. “Kailangan nating ilagay dahil baka nangangamba na ito ay hakbang sa paghihiwalay ng Bangsamoro sa Pilipinas,” Marcos said in a phone interview with reporters Thursday. Marcos said the same provision is stated in Article III, Section 1 of the Organic Act, which created the Autonomous Region in Muslim Mindanao (ARMM). The provision states: “Integral Part of the Republic. – The Autonomous Region in Muslim Mindanao shall remain an integral and inseparable part of the national territory of the Republic as defined by the Constitution and existing laws.” Marcos, chairman of the committee on local government discussing BBL, said he asked the peace panel why such provision was not included in the draft BBL. He said the panel told him there is no need to because the Moro Islamic Liberation Front (MILF) has no plan of separating from the Philippines. “Ang sabi ng peace panel, hindi naman daw kailangan, hindi naman daw nila planong gawin kaya there is no need to put it. Parang wala naman daw tayong tiwala sa MILF sa kanilang pangako,” he said. “Sinasabi ko na kung yan ang balak nila, bakit hindi na lang natin ilagay. Read More …
Apr 222015
As expected, Ogie’s party for Regine also turn into a mini-concert!
Apr 222015
MANILA, Philippines–The owners of AG Finance Inc. are exiting the company they listed two years ago, days after announcing that its original microfinance business would be modified to include mining and smelting. AG Finance said in a stock exchange filing Wednesday its controlling shareholders, chair Tony King and his family, had agreed to sell their 70-percent stake to RYM Business Management Corp. No other details were provided. AG Finance fell 9.55 percent to P7.10 a share on Wednesday after posting sharp gains since the beginning of March this year. “We understand that the agreement is subject to closing conditions customary for share sale transactions, including the conduct of a tender offer to minority stockholders by the buyer,” AG Finance said in its filing. The move comes days after AG Finance announced that it had approved the change in its primary purpose from leasing and finance to that of a holding company. The company also approved to amend its secondary purpose to include “mining and smelting operations.” AG Finance in 2013 raised about P150 million in an IPO. The company provides microfinance and consumer loans mainly for overseas Filipinos. Part of the proceeds funded the company’s professional and skilled overseas Filipino worker loan portfolio expansion program. A portion was also used to repay outstanding loans with China Bank amounting to P37 million. The microfinance firm of Tony King was established in 2011 to provide short-term, unsecured credit facilities to permanent rank-and-file employees of reputable medium-sized companies in the Philippines. In 2003, Read More …
Apr 222015
EMPLOYMENT GROWTH in large Metro Manila enterprises slowed to 1.02% year on year in the fourth quarter of 2014 from 3.22% a year earlier, with the expanding services sector remaining the main job engine, according to the quarterly Labor Turnover Survey issued by the Bureau of Labor and Employment Statistics (BLES).