However, despite the political turmoil, some things remained the same in this town of about 47,000 inhabitants: Illegal fishing persists and seems as entrenched as ever. Incidentally, the recent (2015) amendments to the Philippine Fisheries Code increased penalties for illegal fishing and strengthened the provisions on law enforcement. He promised to do something about the illegal fishing in Albuera. The unabated illegal fishing perpetrated by a few powerful individuals in the next town must be a thorn in the eye of the congresswoman and the mayor. Hopefully, they can push, if not inspire, the people and local government officials of Albuera to finally do the right thing and put an end to illegal fishing.
The most recent decision to send observers to the de Lima trial should be rejected by the Philippine government with appropriate disdain. When President Benigno Aquino 3rd placed former President Gloria Macapagal Arroryo in detention, and let her fester under hospital arrest without trial for nearly four years, the IPU said nothing. Significantly, all these acts of injustice took place when Senator de Lima was serving as the Justice secretary under the Aquino government. It is fair, therefore to ask, where was the IPU when all these travesties against our Constitution were taking place? We want to see the trial of Senator de Lima take place so she will have her day in court and thereby get her just deserts.
IT turns out that the fakest “fake news” ever reported in recent memory is a photo. Siaron, the newspaper claimed,* was executed by the police in the course of President Duterte’s war against illegal drugs. The photo went viral on the internet, with Western newspapers publishing it on their own front pages. Its impact was such on the public mind that to paraphrase that newspaper adage, a single fake photo is worth a thousand black propaganda articles. The Inquirer actually tag-teamed with the news website Rappler in this conspiracy to stop the war vs illegal drugs.
AdvertisementsDespite suggestions the cases may have been fabricated or fueled by hysteria, the consequences have been all too real. Groups armed with iron rods and knives patrol the Jammu and Kashmir capital of Srinagar and other towns after dark looking for suspects. Five people were wounded Wednesday when Indian soldiers opened fire on a stone-throwing crowd who thought troops were protecting a braid-chopper. In Muslim-majority Kashmir most women have long hair kept under a scarf when in public. “We have so much human intelligence that I don’t need any psy-ops,” Kashmir’s inspector general of police, Munir Ahmed Khan, told AFP.
October 22, 2017 16:52 UTC
The Court of Appeals (CA) has affirmed the legality of Globe Telecom and PLDT’s purchase of San Miguel’s telecommunication assets, dealing blow to an anti-trust body’s bid to review the multi-billion peso deal. The PCC has since elevated its bid to review the deal to a higher court, in April of this year asking the Supreme Court to step in and allow the review. In the latest decision, the CA division ruled that “premises considered, the petitions filed by petitioners Philippine Long Distance Company (PLDT) and Globe Telecoms, Inc. are hereby granted,” it ruled. Concerns over the deal center on Globe and PLDT’s continuing dominance amid complaints over the state of telecommunications services in the Philippines. San Miguel was looking to challenge the duopoly but was forced to drop out after partnership talks with Australia’s Telstra fell through.
October 22, 2017 16:52 UTC
The National Privacy Commission (NPC) expects online stock broker COL Financial Group, Inc. to submit a detailed report on a data breach that may have compromised client accounts. Advertisements“The commission shall be expecting to receive from COL Financial a full report on the incident within five days. COL Financial on Friday said it had detected a “possible breach involving some personal client information” that was still being verified. Liboro confirmed this, saying it was notified by COL at around 3:30 in the afternoon of October 20. The NPC is continuing to monitor the incident and will issue additional information as soon as these become available, he said.
ECONOMISTS expect inflation to settle at 3.1 percent this year, slightly lower than the Bangko Sentral ng Pilipinas’ (BSP) full-year estimate of 3.2 percent. “On the other hand, a key downside risk to inflation was seen to emanate from global economic recovery,” it added. Estimated Dubai crude futures as of end-September showed a higher path for 2017 to 2020 compared to the previous quarter, the report noted. The peso, meanwhile, had depreciated against the US dollar by 2.2 percent on September 29, 2017, closing at P50.82:$1. The BSP report noted that a recovery in global growth appeared to have broadened, with economic activity in the United States, eurozone and having expanded faster and gross domestic product growth in China growing stronger than expected.
Since his passing on October 7, 2017, we have seen an outpouring of affection toward Washington SyCip akin to that of the passing of a head of state. Hence, the Washington SyCip Memorial Fund is born. The philanthropist behind the fund wants to honor Mr SyCip’s advocacy of using education as a means to rise out of poverty. We expect nothing less of any student who bears our founder’s name through the Washington SyCip Memorial Fund. Mr. SyCip was also an active supporter of initiatives that sought to reverse brain drain and bring to the Philippines the world’s top minds honed overseas.
PROFIT-taking is likely to persist this week as investors await developments that could stoke buying sentiment in the stock market, analysts said. Advertisements“I think the market will still continue to profit-take and consolidate … It’s better for the market to take a rest before any major run up,” First Grade Finance, Inc. The optimism still there so I guess we’ll find—perhaps towards the end of the week we may see some bounce again,” he added. This is warranted, to allow the PSEi (Philippine Stock Exchange index) to establish firmer ascending channels,” it added. 2TradeAsia said market players were likely to give more weight to how the last quarter would fare and prospects for 2018.
BSP Deputy Governor Chuchi Fonacier issued Memorandum 2017-033 reminding banks of their responsibility to generate and make timely submissions of required reports to the central bank. Violations include the non-submission of the required reports, the submission of erroneous reports, and the delayed submission of the required reports. For each violation, the BSP imposes a fine of P3,000 for primary reports on universal and commercial banks or big banks; P1,500 for thrift banks; and P450 for rural and cooperative banks per error or per day of delay of the submission. The BSP has also adopted the demerit system to identify banks that repeatedly incur reporting violations. When a bank is considered habitual in incurring reporting violations, the BSP would require the bank to undertake measures to address the root causes of the problem.
October 22, 2017 16:18 UTC
MANILA, Philippines — The local stock market barometer is expected to pause for more pullbacks this week after last week’s performance, said Chris Mangun, head of research at Eagle Equities. Last week, the PSEi closed at 8,420.95, down 0.32 percent for the week. I am expecting the market to show some more pullbacks in the following weeks,” he said. 2TradeAsia agreed that the market may pause for a breather this week. “After breaching to as much as 8,586 during the week, it is normal to see our gauge pause for breathers to sustain an ascent.
October 22, 2017 16:18 UTC
MANILA, Philippines — Senators yesterday pressed the government to pursue incumbent and former local officials in Marawi City and other localities in Mindanao who helped the Maute group lay siege to the city. He said the protection of some local officials and political clans was among the reasons the militants were able to survive the five-month offensive of government forces. Duterte lamented the local officials were unaware that extremists had already planned the attack. He blamed some local officials in the region who were supposedly “in cahoots” with the extremists. Poe proposed to source the P5-billion “Bangon Marawi Fund” from the 2018 budget, which is being deliberated in Congress.
The Armed Forces of the Philippines counts at least 919 terrorists killed in five months of fighting in Marawi City. Those who harbor terrorists and engage in terrorist financing are as dangerous as the ones who pull the trigger or set off bombs. These supporters are accomplices to terrorism and mass murder, and they can also be liable for money laundering. Hunting down these supporters must be conducted with the same zeal that has been applied in sweeping Marawi of armed Maute and Abu Sayyaf gunmen. The threat that terrorist supporters pose also deserves to be neutralized.
The Warriors, who had won three of their last four games, moved one victory behind the fifth-running Maroons and National U, which earlier drubbed University of Santo Tomas, 91-83, and two adrift idle No. Desiderio struggled for eight markers while Manzo had seven points and Ouattara finished with two before fouling out. “We did a great job defensively, containing Desiderio, Manzo and Ouattara,” said UE coach Derrick Pumaren. Juan Gomez de Liano took scoring cudgels with 22 for UP, which lost five of its last six games. Earlier, Issa Gaye and Matt Salem spearheaded an explosive second half charge as the Bulldogs posted an eight-point victory over the winless Tigers, 91-83.
MANILA, Philippines — Energy Secretary Alfonso Cusi is open to a proposal to allow the Philippine Stock Exchange (PSE) operate the country’s trading floor for electricity. Cusi said the Department of Energy (DOE) is conducting a study on the PSE’s proposal to operate the wholesale electricity spot market (WESM). Business ( Article MRec ), pagematch: 1, sectionmatch: 1In July, Cusi ordered the creation of a transition committee for the interim management of PEMC and WESM. Cusi said the transition committee would foster transparency in the electricity spot market. The transition committee will also determine whether it is time to transfer the operations of WESM to an IMO.