House body OK’s Cha-cha through hybrid con-con

A HOUSE of Representatives body on Monday passed a measure detailing the procedures for Charter change (Cha-cha) through a hybrid constitutional convention (con-con). Under a substitute bill approved by the committee on constitutional amendments, convention members who will propose changes to the 1987 Constitution will both be elected and appointed and will be paid P10,000 […]

Transport chief calls for dialogue before planned strike next week

TRANSPORTATION Secretary Jaime J. Bautista on Monday appealed for a dialogue with transport groups before their planned strike starting March 6 to protest the government’s public utility vehicle (PUV) modernization program.   “I think we should think hard first before stopping operations. We should have a dialogue first,” Mr. Bautista said in Filipino in a video […]

Manila rep wants MMDA abolished

A MANILA City representative wants to abolish the Metro Manila Development Authority (MMDA), citing that its functions could just be carried out by national agencies and local governments. During the House’s plenary session on Monday, Manila Rep. Joel R. Chua lambasted the MMDA and called it “disruptive.” “This is proven by the often demolitions, sidewalk […]

PCC sees onion ‘cartel’ probe done in 2-3 months

AN ongoing investigation into a possible onion cartel could be completed within two or three months, according to the new chairman of the Philippine Competition Commission (PCC). “If it leads to nowhere, then there’s no use prolonging it. But if the evidence is there, and I believe they (will be) able to find evidence, then […]

Senate raises questions over Maharlika foreign board membership

OBJECTIONS were registered in the Senate on Monday to foreign board representation in the proposed Maharlika Investment Fund (MIF), though a Treasury official said foreign representation on the board is unlikely. Senator Maria Lourdes Nancy S. Binay told the banking committee, which is assessing a bill that will establish up the fund, that legislation should be […]

EU carbon emissions-based tariffs seen encouraging greener practices

AN upcoming European Union (EU) tariff scheme that rewards low-carbon practices could encourage exporters to shift to greener technology, Sustainable Fitch said. “We believe APAC (Asia-Pacific) exporters will be incentivized to develop clean production technologies that meet the more stringent EU emission standard. Regulators could also be more inclined to set up domestic carbon-pricing mechanisms […]

LNG seen as medium-term solution at best for power supply problem

LIQUEFIED natural gas (LNG) import terminals are only a short to medium-term solution for fueling the power industry, undertaken because the Philippines had “no choice” due to the depletion of the Malampaya gas field, a senior Senator said. In a statement on Monday, Senator Sherwin T. Gatchalian, vice-chairman of the Senate’s energy committee, added: “LNG […]

BCDA targets P5-B dividend to Treasury in 2023

THE Bases Conversion and Development Authority (BCDA) said it expects to remit around P5 billion in dividends to the National Government in 2023. “(We are eyeing) almost P5 billion. It depends on our net income. It is a sure estimate,” BCDA President Aileen R. Zosa told reporters during a media briefing in Taguig City on […]

BIR transfer pricing audits — the next wave?

The Bureau of Internal Revenue (BIR) and the Department of Finance (DoF) have expressed a shared goal to increase taxes collected as a percentage of GDP from 14.6% in 2022 to 17.1% by 2028. They confidently expect to meet this goal as it will be driven primarily by economic growth and by offering taxpayers convenience […]

Ochoa tops 48-kg in Asian Jiu-Jitsu Championship

MEGGIE Ochoa added another gold medal to her massive collection after she spearheaded the Philippines’ golden romp in the just concluded Asian Jiu-Jitsu Championships in Bangkok, Thailand. The 30-year-old Ms. Ochoa smashed Singapore’s May Yong to submission, 15-0, to rule the women’s adult -48-kilogram division that highlighted the country’s sterling effort in the Bangkok tilt […]

Yulo snatches bronze at World Cup Series in Germany

CALOY Yulo’s bronze medal in the recently concluded FIG’s Artistic Gymnastics World Cup Series kickoff leg in Cottbus, Germany isn’t that bad for someone who has little time to prepare. But expect the 23-year-old force of nature to bounce back strong in the ensuing editions including in Doha, Qatar unfurling today up to Saturday. “We […]

Bangsamoro Sports Commission lays out 12-point agenda to PSC

A DELEGATION of the Bangsamoro Sports Commission (BSC) met with the Philippine Sports Commission (PSC) board on Monday, Feb. 27 seeking to work hand-in-hand with the national sports agency in terms of strengthening its grassroots program in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). The BSC, headed by Chairperson Arsalan Dimaoden, presented a 12-point […]

Shares may decline on rate concerns, rebalancing

PHILIPPINE STOCKS are expected to drop this week on monetary policy concerns and ahead of the MSCI rebalancing. The Philippine Stock Exchange index (PSEi) declined by 13.33 points or 0.19% to close at 6,685.90 on Thursday, while the broader all shares index dropped by 7.16 points or 0.2% to end at 3,572.20. Philippine financial markets […]

Peso to move sideways amid rate worries

THE PESO is expected to move sideways against the dollar this week as strong US consumer spending data fueled expectations of more rate hikes from the US Federal Reserve. The local currency closed at P54.87 versus the greenback on Thursday, appreciating by 31 centavos from Wednesday’s P55.18 finish, Bankers Association of the Philippines data showed. […]