THE estimate for ”leakage” arising from value-added tax (VAT) exemptions extended to senior citizens is as much as P9.6 billion, according to the Department of Finance (DoF), citing a World Bank study.
Oct 132016
Oct 132016
Let us hope that President Duterte is not running into the arms of China simply because he is pissed with Obama and the EU’s kibitzing in his war on drugs. He must be careful. Rebound romances after a tumultuous break-up are often problematic. I want to assume that by this time, the President is preparing for his China trip by talking to experts on the geopolitical implications of his pivot to China. We are part of a drama over control of the South China Sea but not a principal actor. Someone once observed that when elephants fight, it is the ants that get trampled upon. I find it worrisome that recent statements from the President telegraphed his intention to seek a lot of Chinese assistance. That puts him in a compromised begging position when he gets to Beijing because he cannot go home empty handed. Luckily for Duterte, China seems to be in a giving mood. It found common cause with the new Philippine President in their desire to show the US who is boss in this part of the world. After six cold years with the Aquino government, China would be stupid to let this golden opportunity to get the sunshine back with Duterte. Winning back the Philippines would help solidify China’s capture of ASEAN’s major members. Thailand and Malaysia are already in China’s orbit and it will only be Indonesia and Singapore among the original five that need to be convinced about a Chinese-led Southeast Asian Co-Prosperity Sphere. China needs Duterte. They almost made it with then president Arroyo who attempted a similar pivot Read More …
Oct 132016
MANILA, Philippines – More airlines and charter operators have signified their interest to fly Chinese visitors to the Philippines, the Department of Tourism (DOT) said yesterday. Erwin Balane, head of the DOT route development team, told The STAR some airlines and charter operators from China were planning to mount more flights to the Philippines, while some were looking at entering market. “Because there is a really big volume of leisure travelers from China, it’s easier to invite airlines to fly here,” he said over the phone. According to the United Nations World Tourism Organization (UNWTO), China was the top source of the global tourism market in 2015. It was also the world’s top tourism spender last year, recording a total of $292 billion in tourism receipts, up 25 percent from 2014. Chinese arrivals to the Philippines, meanwhile, reached 490,841 in 2015, 24.28 percent higher than the 394,951 arrivals reported a year earlier. From January to July 2016, a total of 422,801 Chinese tourists went to the Philippines. The DOT expects a new set of Chinese tourists from Xiamen who will be traveling to Davao via Xiamen Airlines this Chinese New Year. The airline earlier conducted two trial flights last Sept. 20 and Oct. 7 to test the reception of the market in Xiamen. Balane said he considered it a good sign that the travelers did not cancel their trip despite the recent bombing incident in Davao. “So far the market is okay, so maybe they are already preparing for another Read More …
Oct 132016
NANNING CITY – Construction and manufacturing equipment whir non-stop in Guangxi, China as the autonomous region speeds up projects in line with the implementation of the One Belt, One Road OBOR is an initiative of Chinese President Xi Jinping aimed at building massive infrastructure – the land-based economic belt and the 21st century maritime Silk Road – that will connect China to the Eurasian region and increase global trade exchange, economic cooperation and cultural ties. A majority of Guangxi’s initiatives for OBOR are located in this capital city, being an important junction of the Silk Road and a gateway of cooperation between China and the ASEAN (Association of Southeast Asian Nations). At present, Nanning has developed into a transfer station and production base for the ASEAN import and export sector. The Nanning-Zhonguancun Double Demonstration Base, launched in July this year, created an innovation ecosystem that is powered by information technology and advanced industrial equipment. Twelve leading enterprises, including Google, iResearch Capital and HIT Robot Group, are among the first investors at the innovation base. Investors enjoy tax exemptions and free lease for the first six months of operation. The Nanning Creative Industries (NCI) and the Nanning New and High-tech Industrial Development Zone (NNHITECH) are open not only to China’s aspiring entrepreneurs, but also to innovators from ASEAN member-states. Among the innovations featured at the NNHITECH are robots that can be used in crime investigation, defuse bomb and fight fire; an irrigation system that mixes water and fertilizer and an unmanned Read More …
Oct 132016
Data released by the Bangko Sentral ng Pilipinas (BSP) showed total outflows reached $2.08 billion in September, 23 percent higher than the $1.69 billion withdrawn in the same month last year. File photo MANILA, Philippines – More than $2 billion worth of foreign portfolio investments or “hot money” were pulled out from the Philippines in September amid the uncertainties brought about by the impending interest rate hike in the US and the increasingly worrisome presidential pronouncements that add to investor jitters. Data released by the Bangko Sentral ng Pilipinas (BSP) showed total outflows reached $2.08 billion in September, 23 percent higher than the $1.69 billion withdrawn in the same month last year. This was the highest monthly withdrawal since June last year when $2.21 billion worth of foreign portfolio investments were pulled out by investors from the economy. Inflows declined 7.3 percent to $1.27 billion in September from $1.37 billion in the same month last year due to negative investor sentiment, lingering uncertainty on the timing of the next interest rate hike in the US, the bombing in Davao, and the decision of the European Central Bank to discontinue its bond-buying program. This translated to a net outflow of $807.15 billion last September, 150 percent higher than the $323.98 million net outflow booked in the same month last year. This was the highest since the Philippines booked a net outflow of $1.84 billion in January 2014. The BSP traced the outflows in September to profit taking. Foreign portfolio investments or Read More …
Oct 132016
MANILA, Philippines – Oil refiner giant Petron Corp. has rolled out Blaze 100 Euro 5 to the Philippine motoring market, the first Euro 5 standard fuel in the country. The announcement comes barely a year after government directed oil companies to produce and market Euro 4-compliant fuels at the start of 2016. Petron announced yesterday Blaze 100 Euro 5 is now available nationwide, which contains significantly less sulfur with 10 parts per million (ppm) compared to other Euro 4 fuels with 50 ppm. It also has less than one percent of benzene – a known carcinogen – in terms of volume compared to the Philippine standard of up to two percent by volume in gasoline. With significantly low sulfur content and advanced additives technology, the high-performance Blaze 100 Euro 5 delivers optimal power and acceleration, exceptional engine cleanliness, better fuel economy and lower emissions. The new product is tagged by Petron president and CEO Ramon Ang as “another revolutionary fuel specially formulated for Philippine driving conditions.” “With the highest octane rating but the lowest sulfur content, Petron Blaze 100 Euro 5 is the best gasoline in the market by far in terms of power, efficiency, and reduced emissions,” he said. The Blaze 100 Euro 5 was “road-tested” recently as the official fuel of the Philippine Leg of the 2016 Formula 4 South East Asia (F4/SEA) Championship at the Clark International Speedway in Pampanga. Petron said Blaze 100 Euro 5 is recommended for high-end, high-performance vehicles but other vehicles will get Read More …
Oct 132016
Socioeconomic Planning Secretary Ernesto Pernia speaks to the audience while Budget Secretary Benjamin Diokno (center) and Socioeconomic Planning Secretary Ernesto Pernia (right) listen during the “Coffee Meet and Greet with US business community” held at the Philippine Embassy Chancery Annex on last October 5. WASHINGTON, D.C. – The Philippine Secretaries of Finance, Budget and Management, and Socioeconomic Planning discussed the Duterte Administration’s plan of action to reduce poverty and inequality during engagements with the business and Filipino-American communities on 05 October 2016. In a special edition of the Talakayan sa Pasuguan, Socioeconomic Planning Secretary and National Economic and Development Authority Director-General Ernesto Pernia expressed the need for innovative statistics that will accurately track how economic growth is distributed across geographic regions and income classes. “Poverty- and inequality-reducing economic growth requires a rebalancing of the economy,” said Secretary Pernia in reference to programs aimed at expanding development from the National Capital Region to rural areas in other parts of the country. “Our policies and our plans are certainly aimed at reducing the differentials between the growths in the regions,” added Finance Secretary Carlos Dominguez. Finance Secretary Carlos G. Dominguez III delivers the Keynote Address entitled “Inclusive Growth under the Rule of Law,” in the forum Economic Outlook for the Philippines: A Discussion with the Philippine Economic Team, held at the International Finance Corporation in Washington DC on 6 October 2016. Secretary Dominguez noted how the concentration of investments and infrastructure in Metro Manila has resulted in two-thirds of gross domestic product being produced in Read More …
Oct 132016
By Azer N. Parrocha Senate turns 100: Senate President Aquilino Pimentel III (4th from right) is joined by (from left) Senate Minority Leader Ralph Recto, Senators Loren Legarda, Nancy Binay, Joel Villanueva, Juan Edgardo Angara, JV Ejercito, and Juan Miguel Zubiri during the Senate Centennial Dinner and Reunion on Wednesday (October 5, 2016). Pimente said the current Senate is proud to continue its role as the vibrant repository of the country’s democratic ideals. (PNA photo courtesy of Senate PRIB) MANILA (PNA) –To ensure transparency and efficiency, a senator on Monday pushed for the creation of a web-based monitoring of the implementation of infrastructure projects at the provincial level. This web-based monitoring system is part of a measure authored by Senator Panfilo “Ping” Lacson that seeks to ensure that resources from the national government are downloaded to the local government units (LGUs). Under Senate Bill 40, Lacson said that he wanted web-based monitoring systems set up to monitor and evaluate programs funded by the local development funds. Lacson said such a system could take a cue from that being implemented in the Autonomous Region in Muslim Mindanao (ARMM), which uses apps like Google Maps. “I would suggest (that this be implemented at the) provincial level. Provincial governments should replicate the ARMM’s map-based solution,” Lacson said. Lacson noted that by giving the LGUs the chance to be active participants in the development of the country, this could end the culture of mendicancy and political patronage that thrive in the current system. He Read More …
Oct 132016
Members of the women’s group GABRIELA hold a protest outside the DSWD headquarters in Quezon City on Friday, to mark the 2nd year commemoration of Typhoon Yolanda. The group pushed for the immediate release of the Emergency Shelter Assistance to help victims with their recovery.(MNS photo) TACLOBAN CITY (PNA) – Librarians in Eastern Visayas have been collecting untold stories of super typhoon Yolanda survivors to come up with a book. The 100-member Philippine Librarians Association Incorporated and the Eastern Visayas Regional Librarians Council (EVRLC) plan to build public libraries in the region from the net proceeds of sales of books with compilation Yolanda survivors’ stories. Aside from the construction of libraries, they will also archive stories not just in print, but in web-based form for easy access. “This is good because people not just in our country will know of our experiences during super typhoon Yolanda. We can also inspire them, that despite of the disaster in our lives, we still manage to move on,” said Roxane Cobilla, a typhoon survivor from Anibong district, this city. Roxane, despite of the ordeal brought by the monster typhoon, managed to gave birth to a healthy baby, two weeks after the catastrophe. Ma. Chona Rama, who initiated the compilation of survivors’ tale three months after the typhoon on Nov. 8, 2013, said the first library to be constructed in the region will be at the Kapuso Village in San Jose, Palo town. Another outlet will rise in Palo town center as a provincial Read More …
Oct 132016
By Allen Sam V. Estabillo Workers haul their catch of clams and mussels in the late afternoon at the Navotas fish port in Manila on Tuesday. President Duterte is set to discuss rights and access of Filipino fishermen to the disputed West Philippine Sea during his visit to China on October 19-21.(MNS photo) GENERAL SANTOS CITY (PNA) – Around 9,000 kilograms of tilapia were destroyed as another major fish kill hit Lake Sebu in South Cotabato. Rudy Muyco, lake warden of Lake Sebu town, said Tuesday the ongoing fish kill started in parts of the lake last week as its dissolved oxygen dropped anew to the critical level due to the onset of the rains in the area. Citing their monitoring, he said the decline in dissolved oxygen levels affected about 50 percent of the 354-hectare lake. “At least 9,070 kilos of tilapia were so far destroyed because of the fish kill,” Muyco said in a radio interview. The Bureau of Fisheries and Aquatic Resources in Region 12 earlier reported that 19 fish cages owned by nine operators in Barangay Poblacion were affected by the fish kill. Muyco said other fish cage operators at the lake were forced to conduct emergency harvests to avoid further losses. As a result, the price of tilapia from Lake Sebu in the local markets dropped to as low as PHP50 per kilo. Lake Sebu Mayor Antonio Fungan clarified that the tilapia from the emergency harvests that are being sold in the markets are safe Read More …