GOCC holdovers step down today

 Economy
Jul 302016
 
GOCC holdovers step down today

This could create a vacuum in several GOCCs as some of the appointees of President Duterte did not go through vetting process of the Governance Commission on GOCCs as prescribed under RA 10149. KJ Rosales, file MANILA, Philippines – Hold-over officials of government-owned and controlled corporations (GOCCs) are stepping down from their posts effective today. This could create a vacuum in several GOCCs as some of the appointees of President Duterte did not go through vetting process of the Governance Commission on GOCCs as prescribed under RA 10149. The GCG source who declined to be identified because she is not authorized to speak on the matter, said the GCG has been “reminding” Malacanang about the requirement since it took over and even after memorandum circular 1 was issued.  Under the circular, officials from the previous administration may stay on hold-over capacity until July 31. Vetting and shortlisting requirements on GOCC appointments were listed under Section 16 of the GOCC Governance Act of 2011. It said presidential appointees to the director level, chief executives and board of trustees would need to come from a GCG shortlist. Section 16 of the law states that all board members, chief executive officers and the equivalent as well as all appointive directors will need to pass the “fit and proper” rule. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “To maintain the quality of management of the GOCCs, the GCG…shall… prescribe, pass upon and review the qualifications and disqualifications of individuals appointed as officers, Read More …

Metrobank hikes PSBank stake

 Economy
Jul 302016
 
Metrobank hikes PSBank stake

PSBank senior vice president and CFO Perfecto Ramon Dimayuga Jr. said its parent firm bought 16.093 million shares of PSBank at P100 per share last July 28. File photo MANILA, Philippines – Listed Metropolitan Bank & Trust Co. shelled out P1.61 billion to raise its stake in thrift bank arm Philippine Savings Bank to over 80 percent through a block sale last Wednesday.  PSBank senior vice president and CFO Perfecto Ramon Dimayuga Jr. said its parent firm bought 16.093 million shares of PSBank at P100 per share last July 28. The additional stake is equivalent to 6.69 percent of the thrift bank’s total outstanding capital stock.  This brought the number of shares owned by Metrobank in PSBank to 198.629 million or 82.67 percent from the previous 182.535 million or 75.98 percent.  The identity of the sellers was not included in the report submitted to the Philippine Stock Exchange.  Prior to the transaction, Metrobank owned 75.98 percent and another 7.7 percent through PCD Nominee Corp. together with Metrobank chairman Arthur Ty.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Other major shareholders include Danilo Dolor with 5.25 percent, Erlinda Dolor (3.16 percent), Maria Soledad de Leon (1.66 percent), Gian Carlo de Leon (1.14 percent), Leonardo Frederick de Leon (1.08 percent), Alvin Benjamin de Leon (1.01 percent), Kevin Anthony de Leon (one percent).  Metrobank recently announced it was raising P20 billion in fresh equity through the issuance of Long Term Negotiable Certificates of Time Deposits (LTNCD) to take advantage of the Read More …

ERC penalizes 4 power distributors

 Economy
Jul 302016
 
ERC penalizes 4 power distributors

MANILA, Philippines – Four delinquent power distributors were penalized for failure to submit required five-year plans to the Energy Regulatory Commission (ERC). The four distribution utilities are First Bay Power Corporation Inc. (FBPC), Albay Electric Cooperative Inc. (ALECO), Abra Electric Cooperative Inc. (ABRECO) and Maguindanao Electric Cooperative Inc. (MAGELCO). The four were ordered to pay P50,000 each for non-compliance, as provided for in Section 46 – Fines and Penalties of the Electric Power Industry Reform Act of 2001 (EPIRA). “The ERC, under its investigation and enforcement function, will see to it that every stakeholder complies with all the relevant laws and directives issued by the ERC to promote and protect the long-term interests of the consumer,” ERC chairman Jose Vicente Salazar said. Following a request from the Department of Energy (DOE), the power regulator conducted a thorough investigation and issued a Show Cause Order (SCO) to the companies for their failure to comply with the submission of their respective Distribution Development Plan (DDP). But the ERC found no justifiable reason to absolve FBPC, ALECO, ABRECO and MAGELCO.

No such thing as best practice of federalism —int’l political expert

 News
Jul 302016
 
No such thing as best practice of federalism —int’l political expert

There is no single country that exhibits the best practice of federalism, an international political expert said as President Rodrigo Duterte pushes to change the Philippines’ system of government. Benedikt Seemann, head of the Konrad-Adenauer-Stiftung (KAS) office in the Philippines, told GMA News Online in an interview that the foundation and Duterte’s political party, the Partido Demokratiko Pilipino-Lakas ng Bayan (PDP Laban), organized a recent event that explored models of federal systems around the world. “One insight from this is: There is no such thing as the one and only best practice model,” Seemann said. “For the case of the Philippines, we have to look at different parts of different models, ie. Canada, Australia, Germany, and see which parts of these systems can be made suitable for the Philippines,” he added. The PDP-Laban is supporting Duterte’s push the government’s shift from a “unitary, presidential, constitutional republic” to “federal.” KAS is a political foundation that is closely associated with the Christian Democratic Union of Germany, a political party in that country. KAS conducts political education and research. Its 16 regional offices and two conference centers around the world are in charge of over 200 projects in more than 120 countries. ‘Big’ PHL needs to decentralize “In a unitary system the central government controls everything. In a federal system, power is shared between the nation government and the states. The underlying belief is that some matters can be better taken care of by the local level rather than by a distant national Read More …

WIN’s Halad Concert to benefit 2017 Tacloban City Medical-Dental Mission

 Entertainment
Jul 282016
 
WIN’s Halad Concert to benefit 2017 Tacloban City Medical-Dental Mission

Waray Initiative Network (aka WIN) did not only live to its acronym in accomplishing two things in the course of its three-year existence as a nonprofit. The third musical extravaganza called Halad Offering at the Barnsdall Gallery Theater in Hollywood last July 23 was a literal winner on two fronts. First, it provided a venue for the organization to pursue its effort of continuously educating others on the beauty and depth of the Philippine heritage and culture and second, the event enabled volunteerism to show its finer moments with the members’ and benefactors contributing their musical and artistic skills for a worthwhile project that will touch and impact the lives of their fellowmen thousands of miles away. Heeding the Call: Close to a hundred benefactors heeded the call to make the project of Waraynon Intiative Network of sending a medical-dental mission in Tacloban City a reality with their sponsorships. Cerritos-based Amore Culinary Innovations, a kitchen-ware outlet operated by Pia and Noel Laput (extreme left, right) shown with their friends from the media and the professional circles was one of the benefactors of the outreach project next year. The proceed from this selfless fundraising event, another “big feather in the cap of WIN as an organization, will benefit thousands their kababayan in Tacloban City as a team of medics and volunteers engage in a medical-surgical and dental mission in July 2017. After three years of being ravaged by Super Typhoon Haiyan (Yolanda) the victims are slowly rising up and rebuilding like Read More …

Duterte, Kerry affirm long-standing PHL-US relations

 Entertainment
Jul 282016
 
Duterte, Kerry affirm long-standing PHL-US relations

President Rodrigo R. Duterte shares a light moment with US Secretary of State Secretary John F. Kerry during a courtesy call at the President’s Hall of the Malacañan Palace on July 27, 2016. (MNS photo) MANILA  (PNA) – The Philippines and the United States affirmed their long-standing relations at Wednesday’s lunch meeting between President Rodrigo Roa Duterte and U.S. Secretary of State John Kerry at the President’s Hall of Malacanang. Presidential Spokesperson Ernesto Abella, in a briefing, told the Malacanang Press Corps that PRRD and Kerry took note of the special relationship, with around four million Filipinos in America and at least 500,000 Americans in the Philippines. Kerry is the highest Cabinet member of U.S. President Barack Obama’s administration to visit President Duterte so far. He led a delegation of U.S. State Department officials and a lone military officer, US Vice Admiral Frank Pandolfe, who serves as assistant chairman to the Joint Chiefs of Staff. Abella said, “First, it was a courtesy call. It was a very interesting lunch because they shared common interests. They talked about motorcycles and hunting.” He added that “they also discussed common concerns: terrorism, crime, drugs, religious fanaticism, and maritime security. They also mentioned a menu of solutions.” The Palace official disclosed that the U.S. has committed USD 32 million in training and services to the Philippines, mainly for law enforcement. He said the Enhanced Defense Cooperation Agreement (EDCA) was touched upon and “it was affirmed that whatever works for the Philippines will be what Read More …

DOT says PHL is Miss U Org’s ‘top choice’ for pageant host

 Entertainment
Jul 282016
 
DOT says PHL is Miss U Org’s ‘top choice’ for pageant host

By Azer N. Parrocha Miss Universe Pia Alonzo-Wurtzbach visits the new Department of Tourism Office: Miss Universe Pia Alonzo-Wurtzbach receives a token of appreciation from Department of Tourism (DOT) Secretary Wanda Corazon Teo during the former’s visit at the new DOT Headquarters along Sen. Gil Puyat Ave. in Makati City on Monday (July 18, 2016). In a press conference after their meeting, Secretary Teo said she is grateful for the full support the reigning Miss Universe is giving to DOT’s efforts to host the upcoming Miss Universe contest in the country. “We are really hopeful that President Rodrigo R. Duterte will grant our request, especially now that this undertaking would practically entail no expense on the part of government. More importantly, it would give a big boost to businesses and livelihood of millions of people, in line with our ‘shared tourism’ program,” the DOT Chief said. (PNA photo by Jess M. Escaros Jr.) MANILA, July 28 (PNA) – The Department of Tourism (DOT) on Thursday said that according to the Miss Universe Organization (MUO), the Philippines has always been the top choice for hosting the Miss Universe pageant. DOT Undersecretary for Media Affairs Kat De Castro said that hosting the pageant was offered to other countries, however, MOU President Paula Shugart made it known since day one of the negotiations that “Philippines is top preference” because of several reasons — reigning Miss Universe Pia Wurtzbach — being one of them. ”Paula Shugart has always had her heart set in the Read More …

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