July 2016 – Page 7

Alvarez elected as next Speaker in 17th Congress

Jul 252016

Newly-elected Senate President Aquilino “Koko” Pimentel III administers the oath of office of Senate Majority Floor Leader Senator Vicente Sotto III (center) during the opening of the Senate session under the 17th Congress on Monday (July 25, 2016). Beside Senator Sotto is his wife, actress Helen Gamboa. (MNS photo) MANILA, July 25 (Mabuhay) — As expected, Davao Del Norte Rep. Pantaleon “Bebot” Alvarez on Monday was elected as the next Speaker of the House of Representatives in a landslide vote of 251 lawmakers. The gavels were banged around 10 a.m. signaling the opening of the 17th Congress under the administration of President Rodrigo Duterte. A nominal voting of members ensued which propelled Alvarez to lead the 17th Congress. Duterte is set to deliver his first State of the Nation Address this afternoon. Former Speaker Feliciano Belmonte, Liberal Party vice chair, initially wanted to run for reelection but conceded to Alvarez amid an exodus of Liberals jumping ship to Duterte’s Partido Demokratikong Pilipino-Lakas ng Bayan (PDP-Laban). Belmonte then vied for the minority post, but withdrew from the race Saturday after the decision was made for the LP to join the majority coalition. A small contingent of Liberal Party stalwarts refused to join the majority and opted to be part of the independent bloc in Congress, led by Ifugao Rep. Teddy Baguilat who joined the Speakership race but lost. Baguilat got eight votes, followed by Quezon Rep. Danny Suarez who got seven. It was Baguilat who filed a resolution seeking a congressional Read More …

SONA optimism boosts share prices

Economy

Jul 252016

The Philippine Stock Exchange index (PSEi) gained 0.30 percent or 23.78 points to close 8,049.13, while the broader All Shares index inched up 0.27 percent or 12.95 points to settle 4,806.98. Philstar.com/File Photo MANILA, Philippines – Local share prices climbed yesterday on optimism on President Duterte’s first State of the Nation Address (SONA) which came later in the day. The Philippine Stock Exchange index (PSEi) gained 0.30 percent or 23.78 points to close 8,049.13, while the broader All Shares index inched up 0.27 percent or 12.95 points to settle 4,806.98. Analysts said all eyes were on the SONA yesterday, and investors were “positively” looking forward to what the President has to say. “The trading week begins with President Duterte’s first SONA, coming half an hour after the market closes. Markets should be hearing for the first time the new government’s comprehensive plan – a chance to gauge whether it is putting money where its mouth is, so to speak,” A&A Securities research head Justino Calaycay Jr. said. With optimism running high, all local counters except for the mining and oil finished in the positive territory. Financial companies were the biggest winners, gaining 0.83 percent or 15.08 points. Mining and oil firms, however, lost 0.60 percent or 67.56 points. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Market breadth was positive as advancers pummeled decliners, 115 to 85, while 45 stocks were unchanged. Value turnover was robust at P10.18 billion. “As the index trades at all-time high amid continued net Read More …

Meralco profit drops on lack of one-time gains

Economy

Jul 252016

Meralco profit drops on lack of one-time gains

Company officials maintained that full-year income would be similar to last year’s figure. STAR/File photo MANILA, Philippines – Power utility giant Manila Electric Co. (Meralco) reported lower earnings in the first half of 2016 due the absence of one-off recovery gains and lower distribution tariff. Company officials maintained that full-year income would be similar to last year’s figure. In a briefing yesterday, Meralco SVP and CFO Betty Siy-Yap said first half net income reached P10.4 billion, down 11 percent from P11.8 billion. Reported net income likewise slipped eight percent to P10.8 billion. “Last year, we had a regulatory approval of the GRAM, which provided an income. There was a one-off item in 2015 which wasn’t seen this year. We had the generation rate adjustment mechanism (GRAM),” she said. The GRAM amounted to around P800 million, a recovery from the 2003 to 2004 period which was only recovered in the first half of last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Another factor that pulled the company’s income is lower distribution rate which began July 1, 2015, Meralco president Oscar Reyes said. “Meralco took initiative of reducing its distribution tariff from P1.58 per kilowatt-hour to P1.38 per kwh in July 2015, following the completion of the third regulatory period. So second half 2015 to second half 2016, the tariff is at the same level already,” he said. Total energy sales for the first semester grew 11 percent year-on-year to 19,717 gigawatt-hours (gwh), with the highest single month consolidated Read More …

CA to PCC: Explain probe of P70-B telco deal

Economy

Jul 252016

CA to PCC: Explain probe of P70-B telco deal

In separate resolutions released yesterday, the 12th and 6th divisions of the appellate court directed the PCC to answer the respective petitions filed by PLDT and Globe both questioning its comprehensive review of the P70-billion acquisition deal. MANILA, Philippines – The Court of Appeals (CA) has ordered the Philippine Competition Commission (PCC) to justify its decision to investigate the buyout of the telecommunication assets of San Miguel Corp. (SMC) by industry giants PLDT Inc. and Globe Telecom Inc. In separate resolutions released yesterday, the 12th and 6th divisions of the appellate court directed the PCC to answer the respective petitions filed by PLDT and Globe both questioning its comprehensive review of the P70-billion acquisition deal. “Without necessarily giving due course to the instant petition…Philippine Competition Commission is directed to file a comment (not a motion to dismiss) within a non-extendible period of 10 days from notice and show cause why the petition with prayer for a temporary restraining order and/or preliminary injuction should not be granted,” the CA’s 12th division said in a resolution written by Associate Justice Ramon Bato Jr. on PLDT’s petition. After submission of PCC’s comment, the PLDT was also ordered by the court to submit its reply after five days before the justices decide on whether to hold hearings or submit the case for decision. The CA’s 6th division also gave the same order to PCC in the case of Globe. But it denied petitioner’s request for issuance of a temporary restraining order against PCC’s investigation. Read More …

DPWH set to award NLEX-SLEX connector road to MPIC unit

Economy

Jul 252016

DPWH set to award NLEX-SLEX connector road to MPIC unit

The connector road project which has an estimated construction cost of P15.74 billion and right-of-way cost of P7.46 billion, involves an elevated four-lane, eight-kilometer tolled expressway starting at NLEX Segment 10 at C-3 or Fifth Avenue, Caloocan City and connecting to the SLEX, through Stage 3 of the Metro Manila Skyway System Project in Manila. STAR/File photo MANILA, Philippines – The Department of Public Works and Highways (DPWH) is set to award to a unit of Metro Pacific Investments Corp. (MPIC) the contract for the North Luzon Expressway – South Luzon Expressway (NLEX-SLEX) connector road after no comparative proposals were submitted yesterday. “As of today, because there is no other proponent, no challenger…so we have to prepare resolution of award recommending Metro Pacific and it will be submitted to the Secretary,” Public Works assistant secretary Eugenio Pipo Jr., who is also the Special Bids and Awards Committee chairman for civil works, told reporters. He said the project would be awarded to the original proponent Metro Pacific Tollways Development Corp. (MPTDC) within the week. The contract is expected to be signed by November. A Swiss challenge was conducted for the project as it is an unsolicited proposal received by the government from MPTDC in April 2010. Among the firms which expressed interest in the project by purchasing bid documents are San Miguel Holdings Corp., Obrascon Huarte Lain SA, Hunan Road and Bridge Corp. and four law firms. The connector road project which has an estimated construction cost of P15.74 billion and Read More …

‘Bilibid’ or not: NBP no longer a business center

Economy

Jul 252016

‘Bilibid’ or not: NBP no longer a business center

Ever since the deployment of a battalion of the Philippine National Police’s Special Action Force to man the high security compound of the NBP, drug lords operating inside have gone out of business. The elite troops – who took a crash course on prison management before taking on their new assignment – are conducting “cleaning up” operations in critical areas inside the NBP compound following the seizure of half a million pesos in cash, telephones, smart gadgets, signal boosters, cigarettes, weapons and other prohibited items when PNP chief Director General Ronald “Bato” dela Rosa conducted a surprise inspection early last week. Some of these drug lords even have the audacity to complain about the “very strict” SAF troops – so much so that the chaplain was almost barred entry because he forgot his ID – but everyone definitely approves of these strict measures. The high-security prison compound has become a lucrative business center where convicted drug lords run their illegal drugs and moneymaking operations – mainly because these “VIP” inmates have the money to pay off prison guards and Bilibid officials. It’s an open secret that certain areas of the prison facility have been turned into luxury dens-cum-offices complete with air con, computers, money counters and weapons arsenal in several instances. SAF intelligence certainly know how to conduct a thorough sweep, because some cellphones hidden under a hollow spot on the floor and covered by slippers were confiscated. Past administrations were simply too naive and out-of-touch with reality. The fact Read More …

Asean urges self-restraint in South China Sea activities

News

Jul 252016

Asean urges self-restraint in South China Sea activities

Chinese Foreign Minister Wang Yi, left, Singapore’s Foreign Minister Vivian Balakrishnan, center, and Philippine Foreign Secretary Perfecto Yasay Jr., pose for a photo during the Association of Southeast Asian Nations (ASEAN) – China Foreign Ministers’ Meeting in Vientiane, Laos, Monday, July 25, 2016. AP VIENTIANE, Laos — Asean foreign ministers on Monday reaffirmed the freedom of navigation in the South China Sea and the importance of non-militarization and self-restraint in the conduct of all activities, but made no mention of a recent ruling by an arbitration tribunal on the disputed waters. READ: ASEAN split on how to deal with China in South China Sea row “We…took note of the concerns expressed by some Ministers on the land reclamations and escalation of activities in the area, which have eroded trust and confidence, increased tensions and may undermine peace, security and stability in the region,’’ the foreign ministers said in a joint communique issued after their discussions in Vientiane. “We reaffirmed the importance of maintaining and promoting peace, security, stability, safety and freedom of navigation in and over – flight above the South China Sea. We further reaffirmed the need to enhance mutual trust and confidence, exercise self-restraint in the conduct of activities and avoid actions that may further complicate the situation, and pursue peaceful resolution of disputes in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS),” the ministers said. They also stressed “the importance of non-militarization and self-restraint in the conduct of all activities, including land reclamation that could further Read More …

UNICEF: Lowering criminal liability age harms kids’ well-being

News

Jul 252016

UNICEF: Lowering criminal liability age harms kids’ well-being

The United Nations Children’s Emergency Fund (UNICEF) has warned against efforts to lower the minimum age of criminal liability from the current 15 years old to nine years old, saying it will have detrimental effects on minors. UNICEF said reducing the age of criminal liability, which was the second house bill filed in the 17th Congress under the new administration, “goes against the best interests of the child and threatens the well-being of the most vulnerable children.” READ: Alvarez files bill lowering age of criminal liability “An effective juvenile justice system puts the rights and welfare of the child at its heart. It seeks to understand how a child develops and tackles the underlying reasons why they commit crimes. It recognizes the detrimental effects of incarceration on children,” UNICEF said in a statement on Monday. Citing studies in neurobiology, UNICEF noted that the brain function of adolescents reach maturity only at around 16 years old, adding that children exposed to violence and those from dysfunctional families “experience toxic stress which damages the brain’s architecture.” “Putting children in jail has long-lasting damaging effects on their cognitive, psychosocial and neurological health; harming their overall development. It further stigmatizes them as criminals and creates an environment that triggers repeat offense, often extending to adulthood,” the statement read. “Children, especially the most marginalized and at risk, must be treated with a sense of dignity and self-worth. It is a treatment that takes into account the child’s age and promotes the child’s reintegration, including his Read More …

Asean makes no mention of Hague ruling in Vientiane meet

News

Jul 252016

Asean makes no mention of Hague ruling in Vientiane meet

Chinese Foreign Minister Wang Yi, left, Singapore’s Foreign Minister Vivian Balakrishnan, center, and Philippine Foreign Secretary Perfecto Yasay Jr., pose for a photo during the Association of Southeast Asian Nations (ASEAN) – China Foreign Ministers’ Meeting in Vientiane, Laos, Monday, July 25, 2016. AP Asean foreign ministers on Monday (July 25) stressed the importance of non-militarization and self-restraint in the conduct of all activities in the disputed South China Sea, but made no mention of a recent ruling by an international tribunal. READ: Philippines wins arbitration case vs. China over South China Sea “We…took note of the concerns expressed by some ministers on the land reclamations and escalation of activities in the area, which have eroded trust and confidence, increased tensions and may undermine peace, security and stability in the region,’’ the foreign ministers said in a joint communique issued after their discussions in Vientiane. They reaffirmed the importance of maintaining and promoting peace, security and freedom of navigation in the South China Sea, and reiterated the need to “enhance mutual trust and confidence, exercise self-restraint in the conduct of activities and avoid actions that may further complicate the situation.” The statement, however, did not mention the ruling on July 12 by an arbitration tribunal that rejected China’s vast claims in the South China Sea in a case filed by the Philippines at the Permanent Court of Arbitration (PCA) at The Hague. China – which claims almost all of the South China Sea – has rejected the ruling and pressured its Read More …

China scores diplomatic victory, avoids criticism from ASEAN

News

Jul 252016

China scores diplomatic victory, avoids criticism from ASEAN

Laotian Prime Minister Thongloun Sisoulith, sixth from left, and Laotian Foreign Minister Saleumxay Kommasith, sixth from right, stand with with Southeast Asian foreign ministers, from left, an unidentified delegate from Malaysia, Aung San Suu Kyi of Myanmar, Vivian Balakrishnan of Singapore, Don Pramudwinai of Thailand, Pham Binh Minh of Vietnam, Thongloun Sisoulith, Saleumxay Kommasith, Perfecto Yasay Jr. of the Philippines, Brunei’s Trade Minister Jock Seng Pehin Lim, Sakhonn Prak of Cambodia, Retno Marsudi of Indonesia and ASEAN Secretary General Le Luong Minh, as they pose for a group photo during the opening ceremony of the 49th Association of Southeast Asian Nations (ASEAN) Foreign Ministers’ Meeting in Vientiane, Laos, Sunday, July 24, 2016. AP VIENTIANE, Laos — China scored a diplomatic victory Monday, avoiding criticism by Southeast Asia’s main grouping over its territorial expansion in the South China Sea even though some of the bloc’s members are victims of Beijing’s actions. After hectic negotiations, the 10 members of the Association of Southeast Asian Nations issued a watered-down rebuke that amounted to less than a slap on the wrist, and exposed the deep divisions in a regional bloc that prides itself on unity. In a joint communique released after their talks, the foreign ministers of ASEAN said only that they “remain seriously concerned over recent and ongoing developments” in the South China Sea. The statement did not mention China by name in referring to the developments. READ: China divide and rule splits Asean Most significantly, it failed to mention a recent ruling Read More …

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