Banks expect to continue lending to coal-fired power projects as the Philippines shifts to cleaner and renewable energy sources by 2040, pending developments in an Asian Development Bank (ADB) program funding the energy transition, a senior banker said. “There’s a current initiative from the (ADB) for the energy transition. That’s something that the banks haven’t […]
Category: Hot News
CoA tallies over 900,000 employers not compliant with SSS remittance rules
GOVERNMENT AUDITORS said that 926,899 employers were not compliant with the rules for remitting their employees’ premium contributions to the Social Security System (SSS), depriving the agency of funds to deliver its services. In its 2020 annual report, the Commission on Audit (CoA) found that P321.53 billion has yet to be paid by these employers […]
GSIS deemed stable despite AFP pension risk
The Government Service Insurance System (GSIS) remains stable despite risks posed by military pension liabilities, Finance Secretary Carlos G. Dominguez, III said. “The GSIS is not in any danger of not floating,” Mr. Dominguez said in a Viber message to reporters. “As chief financial officer of the government, it is my duty to clearly define […]
Japan invited to invest in EVs, other sustainable sectors
THE Department of Trade and Industry (DTI) said it is inviting Japanese companies to invest in the Philippine electric vehicle (EV) industry and sustainable industries. Trade Secretary Ramon M. Lopez said the Philippines is positioning itself as a regional manufacturing hub for EVs and EV parts in the Association of Southeast Asian Nations (ASEAN). […]
GOCC subsidies decline 17.5% in Oct.
GOVERNMENT corporations took in less budgetary support in October compared to a year earlier, with the biggest allocations granted to the National Irrigation Administration (NIA), the National Housing Authority (NHA), and the Philippine Fisheries Development Authority (PFDA), according to the Bureau of the Treasury (BTr). Preliminary data from the BTr indicate that subsidies to government-owned […]
Why insurers must adapt to meet the changing Philippine landscape under COVID-19
First of two parts While the coronavirus disease 2019 (COVID-19) pandemic has financially impacted some parts of business and society in the Philippines more than others, consumers were also affected on psychological, emotional and economic levels. As a result, consumer insurance behaviors and preferences are evolving. This presents insurers with a unique opportunity to adapt […]
Senate expects quick bicameral budget approval
By Alyssa Nicole O. Tan SENATORS expect a swift approval of the reconciled version of the 2022 budget bill, according to its finance committee chairman, ruling out a reenacted measure that could threaten the government’s coronavirus pandemic response. Lawmakers are likely to ratify the P5.024-trillion budget next week before they go on a holiday break, […]
DoH logs 603 more coronavirus cases, 156 more deaths
THE PHILIPPINES reported 603 coronavirus infections on Sunday, bringing the total to 2.83 million. The death toll hit 49,386 after 156 more patients died, while recoveries increased by 1,047 to 2.77 million, it the Department of Health (DoH) said in a bulletin. There were 13,853 active cases, 1,270 of which did not show symptoms, 5,532 […]
Gatchalian seeks to institutionalize OTOP program to boost MSME growth, local economies
A SENATOR is seeking to institutionalize a promotional program for Philippine products that are mainly developed and made by small businesses using materials from their hometown. Senator Sherwin T. Gatchalian said Bill 2366 or the One Town, One Product (OTOP) Philippines Act will help micro, small and medium enterprises (MSMEs) recover from the impact of the coronavirus pandemic as well […]
Bulk water supply project for Marawi central area breaks ground; other major infra projects on track
THE LOCAL Water Utilities Administration broke ground last week for the construction of a bulk water facility that will cover Marawi’s central area, the rehabilitation task force managing the war-torn city’s rehabilitation announced over the weekend. The Task Force Bangon Marawi (TFBM) said the project will supply five million liters of potable water within the area most devastated during the five-month heavy gun battle between government forces and […]
Election spending ban poses fiscal risk
A state spending ban before the 2022 Philippine elections is expected to disrupt government infrastructure projects and delay reforms, according to an inter-agency body that sets macroeconomic goals. A new government next year could also affect development priorities, which could affect reforms in the budgeting system, the Development Budget Coordination Committee (DBCC) said in a […]
Globe empowers employees and customers to create a #GlobeOfGood this Int’l Volunteer Day
Volunteerism has been a key part of Globe’s corporate culture through its various employee engagement programs. In contributing to nation-building, the company is encouraging its employees and customers to actively support community engagement programs this International Volunteer Day (IVD). IVD, as mandated by the United Nations General Assembly, is an annual celebration marked every December […]
Election season seen as fiscal risk: DBCC
A state spending ban before the 2022 Philippine elections is expected to disrupt government infrastructure projects and delay reforms, according to an inter-agency body that sets macroeconomic goals. A new government next year could also affect development priorities, which could affect reforms in the budgeting system, the Development Budget Coordination Committee (DBCC) said in a […]
Tax rules for offshore gaming operators out
The Bureau of Internal Revenue (BIR) has released the rules that will enforce a measure increasing the taxes on offshore gaming operators in the Philippines. Under the rules, offshore gaming licensees — mostly Chinese-operated — that have failed to register or paid or even underpaid taxes will be penalized. Under the law enacted in September, […]
BSP raises P100 billion at auction
The Philippine central bank on Friday raised P100 billion from its auction of 28-day bills, with rates rising after hawkish signals from the US Federal Reserve. The Bangko Sentral ng Pilipinas (BSP) fully awarded the short-term bills, with demand reaching P102.042 billion, lower than in the previous auction. Banks sought yields of 1.76% to 2.09% […]
Food manufacturers call for SRP adjustments as demand rises
THE Department of Trade Industry (DTI) needs to set new suggested retail prices (SRPs) for basic necessities to reflect increased consumer demand, food manufacturers said. In a statement Friday, the Philippine Chamber of Food Manufacturers Inc. (PCFMI) said: “The last release of the SRP bulletin happened in September 2019. As a result, food manufacturers are […]
DTI bills RCEP as recovery driver in Senate testimony
THE PHILIPPINE participation in the Regional Comprehensive Economic Partnership (RCEP) trade deal will help revive the slumping economy after the pandemic, the Department of Trade and Industry said in Senate testimony. “RCEP is expected to promote economic efficiency of member states, linking their strengths in manufacturing, technology, agriculture, and natural resources, and it will reinforce […]
World Bank recommends farm consolidation to achieve scale
FARM consolidation in order to achieve efficiencies through scale is required to transform agriculture in the Philippines, where farmers tending small plots have become the norm, the World Bank said. “To succeed, efforts at clustering and consolidation need to be voluntary, built on trust and confidence, and collaborative relationships among stakeholders whether they are farmers, […]
Mango farmers seen needing tech infusion to better meet export demand
The Department of Science and Technology (DoST) said mango farmers need to upgrade their planting and cultivation know-how if they are to meet the export market’s requirements for supply and quality. At a virtual conference Thursday conducted by the DoST’s Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development (PCAARRD), participants said mango […]
Palace orders dissolution of GOCC Northern Foods Corp.
Malacañang has ordered the dissolution of Northern Foods Corp. (NFC) calling it no longer cost-effective and at odds with the government’s development policy. Executive Secretary Salvador C. Medialdea, on the President’s authority, signed Memorandum Order No. 58 which would dissolve the NFC, which has incurred net losses since its founding except in 1989, 1995, and […]