THE National Bureau of Investigation (NBI) filed a plunder complaint against former government officials on Wednesday over a P255-million right-of-way scam. Former Department of Public Works and Highways (DPWH) Secretary Rogelio Singson and 33 other former and current DPWH officials face the plunder complaint, on top of a graft complaint. The plunder complaint is part of an alleged P8.7-billion scam that involved fake compensation claims on lands used for government projects. The NBI said they were initially looking at 50 titles but as of now, only nine titles have been found to be spurious or fake. In March 2015, all nine claims were fully paid,” the NBI said.
Listed Asia United Bank (AUB) expects its core lending business to continue expanding in 2018 after it posted -digit growth last year. “We are confident that AUB will show accelerated growth in our core lending business as we cater to the needs of corporates and small and medium enterprises,” new AUB President Manuel Gomez said in a statement on Wednesday. According to him, AUB has been making progress in the consumer market, particularly in credit cards, salary and pension loans. Total loans increased by 34 percent to P131.1 billion last year, AUB said, enabling it to book a net interest income of P6.5 billion, a 15-percent increase from 2016’s figure. This is consistent with the 21-percent growth in total assets to nearly P200 billion and the 23-percent growth of total deposits to P159 billion, the lender said.
However, the other legislation that everyone is still waiting for is the estate tax amnesty. So what happened to the estate tax amnesty bill, which was endorsed to the Senate even months ahead of the TRAIN Law? Since the above general tax amnesty bills cover all “internal revenue taxes,” they include estate tax. Under HB 4814, the estate tax amnesty requires the filing of a single tax amnesty application by the estate, which is regarded as a separate taxpayer. It will thus be simpler and easier to pass a separate estate tax amnesty program.
PRESIDENT Rodrigo Duterte on Tuesday night called Canada “very stupid” in connection with a canceled $233-million helicopter deal. Look at how stupid the Canadians are, very stupid. ‘You cannot use these against your own citizens.’ My God, you Canadians how stupid can you get? Duterte said Canada has also treated the Philippines “like garbage.”“The entire community of the world should know that there is a Republic of the Philippines which you [Canada] cannot just f***** s***. “[Canada] said they will sell [the helicopters]but only for evacuation and emergency.
Regulators have completed preliminary proceedings regarding a local insurer’s complaint against a United Kingdom-based reinsurer, with a hearing on the presentation of evidence expected to be held in June this year. Marsh UK and its local unit have been accused of breaking Philippine laws by local insurer Prudential Guarantee and Assurance Inc. (PGA). “We gave PGA 10 days to file their comment.”The commission also set a tentative June 14 meeting for the presentation of witnesses and evidence by both parties. Cebu Air, the operator of low cost airline Cebu Pacific, ultimately decided not to renew its contract with Prudential Guarantee. “With the developments that we have, lets see if we could finish all of this within the previously set timeline of one year,” Sibuyan said.
A policy rate adjustment will likely be announced today with monetary authorities finally deciding to address rising inflation, Japan’s Nomura said. It believes a near-term policy rate hike is likely as central bank’s gauge of inflation expectations shows a sustained pick-up in the last two months. “The reasons we have laid out to support our views on monetary policy remain intact, particularly on the inflation outlook,” Nomura said. During its last meeting on February 8, the Monetary Board raised its 2018 inflation forecast to 4.3 percent from 3.4 percent in 2018. “We therefore maintain our forecast that BSP will hike its policy rate by a cumulative 100bp this year, starting with an out-of-consensus 25bp hike on 22 March,” it added.
THE Department of Labor and Employment (DoLE) has taken the lead in ensuring protection for over two million domestic helpers in the country through the Kasambahay Law. The TWG shall coordinate with other stakeholders in promoting compliance initiatives by employers with RA 10361 and other related policies. It shall draft or recommend policies to harmonize implementation of the provisions of the law at the Labor department’s field, provincial and regional offices. RA 10361 was enacted into law in 2013 to make domestic work decent and formal and to ensure domestic workers of their rights, freedoms and privileges as domestic workers. But the implementation of the Kasambahay Law is still fraught with challenges.
Chelsea Logistics Holding Corp. may enter the race to become the country’s third major telecommunications player after its top official admitted to entertaining the idea on Wednesday. In an e-mail to The Manila Times, Chelsea Logistics President and CEO Chryss Alfonsos Damuy said the Dennis Uy-led company was not closing its doors on the race. “We are open to any possible opportunity that will add value to the company or [our]shareholders, and is aligned [with]our business,” it added. As the company is thinking of entering the telco sector, it also seeks to explore opportunities in power and other utilities, Damuy said. “[W]e are studying as to what segment of these utilities are aligned [with]our business and would [offer]better synergy,” he added.
The Social Action Center of Apostolic Vicariate of Taytay, Palawan, has urged the local government to strengthen its laws to protect the island of Coron from environmental degradation. Father Ed Pariño, Social Action Director of the diocese, said local officials of Coron and other areas in Palawan should be very cautious on what is happening in Boracay. The Catholic priest also encouraged the public to start promoting proper waste segregation and disposal. He also called on the local government to pass an ordinance that would impose proper waste segregation and recycling in municipalities. “That’s why in my homily, I said patience and sacrifice, segregation should really be comprehensive.
The Department of Energy (DoE) is thinking of using funds from the Malampaya gas facility to buy research vessels to explore possible oil resources in Philippine waters, an official said on Wednesday. “The Malampaya funds [are]being considered right now, as…marine scientific research is a hot” topic, he added. Earlier this month, President Rodrigo Duterte expressed willingness to use taxpayers’ money on maritime survey vessels. [The plan to buy ships is] now very solid,” he added. According to him, the government may not even use the Malampaya funds to buy the vessels.
Filinvest Land Inc.’s net profit increased by 9 percent to P5.83 billion in 2017 from P5.35 billion the year before. In a disclosure, the Gotianun-led property developer said its revenues rose 4 percent to P20.27 billion from P19.5 billion in 2016. Rental income jumped 30 percent to P4.42 billion from P3.36 billion two years ago on account of increased revenue from new office and retail buildings. The company launched P14.6 billion worth of residential projects last year, surpassing the P11.9 billion posted in 2016. “We also expect rental revenues to remain stable,” she added.
The rehabilitation of Boracay Island, an internationally famous tourist destination, is in order given the many long outstanding ecological and sanitation problems, as well as building violations. Closing down Boracay Island to tourism, even if temporarily, needs careful planning. Knee-jerk decisions to clamp down on the tourism business in Boracay over a one-year period is estimated at P56 billion, which would be about 20 percent of total tourism revenues of the country in a year. Master planThe idea of executing an approved master plan for Boracay will need time, starting with an agreement on what will be the new face of the island, leading with how the master plan will be financed. Tourists love Boracay not just because of the clear seas, white sands, and plentiful sunshine, but also its relatively affordable cost.
March 21, 2018 16:03 UTC
MANILA, Philippines — The stock market went into a tailspin yesterday, continuing Tuesday’s free fall as it remains on a major correction mode. The sectoral indexes closed mostly in the red as well except for the mining and oil and services counters. Yesterday’s index level was the lowest since August last year, said Lexter Azurin, senior equity analyst at AB Capital. Ramon Kabigting, head of research at Papa Securities, said the PSEi fell under all the weight of foreign selling, breaking below the 8,000 level. Stocks in Taiwan and other Southeast Asia bourses were mostly higher, while Japan was closed for a holiday.
MANILA, Philippines — Interest rates on term deposits were mixed yesterday as banks opted for short-term positions pending the results of the rate-setting meetings of the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve. The yield on the seven-day term deposits slipped to 3.1768 percent yesterday from last week’s 3.1893 percent due to strong demand. The accepted yields for the short-term term deposits ranged from 3.125 to 3.2 percent. On the other hand, both the 14- and 28-day term deposits fetched higher rates at the term deposit auction facility. Bids for the seven-day term deposits amounted to P72.29 billion and the BSP auction committee made a full award of P50 billion.
MANILA, Philippines — The country’s first Panda bond issuance has opened the doors for private companies to tap the Chinese market, British banking giant Standard Chartered Bank said. The Philippines’ maiden issue of Panda bonds affirms the country’s improving bilateral relations with China and the increasing relevance of the renminbi. Bids reached 9.22 billion renminbi compared with the Philippine government’s debt offering of 1.46 billion renminbi. The Philippines emerged as the first ASEAN sovereign to issue Panda bonds, and was able to diversify its investor base with participation originating from both onshore and offshore investors. With the bond connect scheme, offshore investors comprised 87.7 percent of allocation, representing the highest offshore mix for any Panda issuer.