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Grab tests DriveYourCar service
Ride-hailing giant Grab Philippines is testing the viability of a new service that allows customers with vehicles to hire a driver for almost P2,000 for 12 hours......»»
Mystery guy humingi ng ‘sorry’ kay Jayda, idinaan pa sa billboard
SINO kaya ang mystery guy na humihingi ng “sorry” sa singer-actress na si Jayda Avanzado? Agaw-pansin kasi ang giant billboards na nakabandera sa ilang lugar, kabilang na ang nasa EDSA Guadalupe, Galleria Corporate Center sa Ortigas at sa may Marcos Highway sa Cainta, Rizal. Ang mensahe sa billboard, “Sorry Jayda, naduwag ako.” Baka Bet Mo:.....»»
Makati mall to hold Pabasa
The Filipino Lenten tradition of pabasa or chanting the passion, death and resurrection of Jesus Christ will be held at a shopping mall in Makati City......»»
DepEd announces gradual return to old school calendar starting SY 2024-2025
MANILA, Philippines — The Department of Education (DepEd) on Tuesday announced the gradual return of the old school break starting next school year (SY). DepEd made the pronouncement through Department Order No. 003 S. of 2024. Based on the order, the adjusted end date of the current SY 2023 to 2024 shall be on May.....»»
HSBC lowers inflation forecast this year to 3.5 percent
British banking giant HSBC has adjusted its forecast for headline inflation in the Philippines for the year, lowering it to 3.5 percent from the earlier projection of 4.1 percent......»»
Government adds P270 billion to 2023 budget
The government has adjusted the national budget by nearly P270 billion, with the majority directed toward unprogrammed appropriations, resulting in a record-setting total of P5.54 trillion for the current year......»»
DBP now exempted from remitting 2022 net earnings with gov t
Marcos issued Executive Order No. 48 signed through Executive Secretary Lucas Bersamin which adjusted the percentage of net earnings to be declared and remitted by DBP for Calendar Year 2022 from 50% to 0%......»»
Quick takes from around the market
AbaCore Capital said that the board of its subsidiary, Philippine Regional Investment Development Corp. (PRIDC), approved a measure giving the company the ability to sell up to a 40% equity interest in PhilStar Development Bank at a valuation pegged to 1.5 times adjusted book value......»»
Xinhua world economic news summary at 1240 GMT, Nov. 14
BERLIN -- Retailers across Germany expect modest Christmas sales gains this year, the German Retail Federation (HDE) said on Monday. Adjusted for inflation, sales in November and December are predicted to fall 5.5 percent year-on-year. With a 4 percent drop in sales in real terms, online retail is "also unable to provide any major impetus" to Christmas business, which is the strongest sales period of the year fo.....»»
2023 national budget adjusted upward
The government has made adjustments to the national budget by about P261 billion, mainly for unprogrammed appropriations, to reach a record-high P5.53 trillion for this year, according to the Department of Budget and Management......»»
Maynilad resolves yellowish water supply
Maynilad Water Services Inc. has adjusted the chemical dosages in its treatment plants after several customers complained of having yellowish water coming out of their taps......»»
Mattel posts strong Q3 results, boosted by ‘Barbie’ mania
American toy maker Mattel revised its annual earnings forecast after its third-quarter results beat analysts' expectations, riding on the success of the "Barbie" blockbuster. "Consumer demand for our product increased in the quarter, and we continued to outpace the industry," Mattel CEO Ynon Kreiz said in a press release. He added: "Our results benefited from the success of the Barbie movie, which became a global cultural phenomenon, and marked a key milestone for Mattel." In a call with analysts, Kreiz said ticket sales, the movie toy line, and consumer product partnerships contributed to the company's performance. The film has grossed more than $1.44 billion worldwide since it was released in theaters in July. The group posted $1.92 billion in sales from July to September, which was higher than the $1.84 billion forecast by FactSet analysts. It posted a net income of $146,3 million, half the figure for the same period last year, due to a one-time charge of $212 million linked to taxes on foreign assets, the company said. However, its adjusted per-share profit of $1.08 beat analysts' estimate of 86 cents. "Given our year-to-date performance and expectations for a strong holiday season, we are updating our guidance for 2023 to reflect anticipated upside to our margin and bottom-line results," Chief Financial Officer Anthony DiSilvestro said in a statement. The company now expects annual adjusted earnings per share between $1.15 and $1.25, compared with $1.10 to $1.20 estimated previously. Operating profit is expected to be between $925 and $975 million, compared to $900-950 million in previous forecasts. Mattel shares fell 7 percent in extended trade. The post Mattel posts strong Q3 results, boosted by ‘Barbie’ mania appeared first on Daily Tribune......»»
Fuel subsidy easing eyed
An immediate release of government assistance to public utility vehicles will be achieved by shortening the trigger period from three months to one and simplifying the requirements, the Department of Energy said yesterday. The proposal, nonetheless, may need the amendment of the law for releasing fuel subsidies to the transport sector. In a press briefing, Energy Secretary Raphael Lotilla said this was one of President Ferdinand “Bongbong” Marcos Jr.’s proposed solutions to the oil price shock that is expected to worsen amid the spreading Middle East conflict. $80 per barrel long breached Under the current law, fuel subsidies are released to the transport sector whenever the Dubai crude oil price exceeds $80 per barrel for three consecutive months. Lotilla said shortening the trigger period will allow the government to release the subsidies faster to the transport sector, one of the sectors most affected by rising fuel prices. “With this simplification or shortening of the period, we will be able to release the subsidies in a shorter period,” Lotilla said. “Since Congress is now considering the General Appropriations Act, it will be included in that process. The amendment will take effect in 2024 immediately upon Congress’s approval of the GAA,” he added. The DoE chief also said the government will simplify the requirements for the release of the fuel subsidies. The release of the subsidies requires the approval of the DoE, the Department of Transportation, and the Department of Budget and Management. Lotilla said that under the new proposal, the release of the subsidies will only require the approval of the DBM, DoTr and the DoE. He said the DoTr will finalize the list of beneficiaries for those with franchises, the Department of the Interior and Local Government for tricycle drivers, and the Department of Trade and Industry for delivery service drivers. Even though there’s an effort to expedite assistance, Lotilla said the fuel subsidy in the 2024 national budget was decreased to P2.5 billion from P3 billion this year. The energy chief, however, believes that even with the reduced budget, the required funding will be met. “That’s based on the experience of the previous year. We don’t know what will be the final amount,” the official said. Other measures on table Lotilla added the government will implement a voluntary 20-percent ethanol blend for gasoline, which is targeted for approval by the end of 2023. He said the ethanol blend will help mitigate the rising fuel prices, as ethanol is cheaper than gasoline. Lotilla said the President also instructed him to continue the transport sector’s electrification, particularly for mass transport and light cargo vehicles. He said the government will put in place charging stations and ensure that the benefits to the transport sector, particularly the drivers, will be there. Lotilla said the President also emphasized the need to prepare the economy for the eventual manufacture of electric vehicles and to link this with the local mining sector that will produce the minerals needed to manufacture batteries and other components of electric vehicles. Rules out soon The DoE is also releasing the guidelines for the implementation of the long-delayed higher biofuels blend before the year ends. Lotilla said the current 10-percent ethanol blend, also known as E10, in gasoline would be increased to 20 percent or E20, although it would be a voluntary option for motorists. Lotilla added that the current two percent or B2 coco methyl ester or CME blend on diesel will be adjusted to three percent or B3. Based on the DoE calculation, implementing the E20 blend could slash gasoline prices by around P1.28 to P1.50 per liter. While ethanol is generally cheaper than gasoline, Lotilla noted that local ethanol at P79.49 a liter is still more expensive than the imported supply at P41.84 per liter. Lotilla said DoE will bank on the coconut industry, whose production reaches up to 15 billion nuts annually, to complement the B3 shift. “An additional 1 percent blend only needs 2.6 billion nuts. The increase in the blend can also drive down the cost of CME because there will be a bigger market for it. Right now, we expect pure diesel to be at parity with the per liter price of CME,” Lotilla explained. With Maria Romero The post Fuel subsidy easing eyed appeared first on Daily Tribune......»»
Higher biofuels blend to mitigate spiking fuel prices
The Department of Energy will release the guidelines before the year ends to govern the implementation of the long-delayed higher biofuels blend—a measure that would help offset increasing fuel prices. Energy Secretary Raphael Perpetuo Lotilla announced at a press conference hosted by the Presidential Communications Office on Tuesday that the current 10 percent ethanol blend, also known as E10, in gasoline will be voluntarily increased to 20 percent or E20. Likewise, Lotilla added that the current two percent or B2 coco methyl ester or CME blend on diesel will be adjusted to three percent or B3. Based on the DoE calculation, implementing the E20 blend could significantly cut gasoline prices by around P1.28 to P1.50. While ethanol is generally cheaper than gasoline, Lotilla, however, noted that local ethanol at P79.49 a liter is still more expensive than the imported supply at P41.84 per liter. Relatedly, Lotilla said the DoE will bank on the coconut industry, whose production reaches up to 15 billion nuts annually, to complement the B3 shift. “An additional 1 percent blend only needs 2.6 billion nuts. The increase in the blend can also drive down the cost of CME because there will be a bigger market for it. Right now, we expect pure diesel to be at parity with the per liter price of CME,” Lotilla explained. Under Republic Act 9367 or the “Biofuels Act of 2006,” a one percent CME blend was added to local diesel; it was last increased to 2 percent in 2007. It also mandates that only locally sourced biofuel components should be used in the biodiesel blend. The Biofuels Act intends to create a sustainable future by decreasing the importation of refined fuel, such as diesel and gasoline, while also boosting farmers' incomes. Responding to the development, Dean Lao Jr., president of Chemrez Technologies Inc., the country’s biggest producer of premium CME, said the move will significantly benefit the consumers. “The feedstock is available and the capacities for making CME are ready to support the increase in mandate. We expect many benefits to come with a B3 mandate: mileage improvement; lower pollution; import substitution and value-adding of coconut oil," Lao said in a separate statement. "These benefits will come with no practical cost to the government, yet have extensive benefits to the country,” he added......»»
NEDA, DHSUD adjust dated price ceilings
The Department of Human Settlements and Urban Development, or DHSUD, and the National Economic and Development Authority, or NEDA, adjusted the price ceiling for socialized subdivision and condominium projects. Under the adjusted ceiling, socialized subdivision projects now cost no more than P850,000 from the current P580,000 for units with a minimum floor area of 28 square meters, or sqm, with a loft of at least 50 percent of the base structure or 32 sqm. Socialized condominium projects are now set at P933,320 for 22 sqm, P1.06 million for 25 sqm, and P1.145 million for 27 sqm for a four-story building. For projects composed of five to nine storys, the pricing is P1 million for 22 sqm; P1,136,364 for 25 sqm and P1,227,273 for 27 sqm, and for 10 floors above projects, 22 sqm units cost P1,320,000; 25 sqm at P1,500,000 and 27 sqm at P1,620,000. With the inclusion of land development cost, socialized condominium projects’ price ceiling is set at maximum P1.8 million. Not reflective of current pricing DHSUD noted the current pricing no longer responds to prevailing economic conditions. DHSUD Secretary Jose Rizalino Acuzar and Socioeconomic Planning Secretary Arsenio Balisacan signed Joint Memorandum Circular 2023-003 on Friday adjusting the current price ceiling which has been in effect since 2018 pursuant to Resolutions Nos. 1 and 2 series of 2018 issued by the Housing and Urban Development Coordinating Council, or HUDCC. The adjustment came following months of thorough review and lengthy discussions between DHSUD and NEDA teams, who considered inputs from the housing and real estate sectors. The DHSUD and NEDA also agreed on the huge economic pump-priming potentials of the housing and real estate sector. The move is touted as a huge boost to the ongoing implementation of President Ferdinand R. Marcos Jr.’s flagship Pambansang Pabahay para sa Pilipino, or 4PH, Program as it could prompt active participation of and the much-needed investments from private contractors and developers. The post NEDA, DHSUD adjust dated price ceilings appeared first on Daily Tribune......»»
Yuletide mall hours adjusted
The Metro Manila Council, the governing body of the Metropolitan Manila Development Authority, has agreed to adjust the operating hours of malls in the metropolis as a measure to ease the expected increase in traffic volume due to the incoming Christmas rush. MMC made the announcement late Thursday, saying that the new mall hours will be from 11 a.m. to 11 p.m., starting on 15 November 2023 until 6 January 2024. The council said that the new mall hours will help spread out the traffic and reduce congestion during rush hour. It also called for a moratorium on road works in the National Capital Region during the period. “We expect a lot of people to be out this holiday season because this has been our tradition as Filipinos where during the Christmas season, we go to the mall to buy gifts and eat together as a family,” it said. The post Yuletide mall hours adjusted appeared first on Daily Tribune......»»
Stevie’s specialties
For Steve “Stevie” Villacin, it took only one specialty dish — Hainanese chicken — to get him started on his home-based food business in 2009. He had just graduated from the International School for Culinary Arts and Hotel Management, and his cousin Claudette Vitug was responsible for “pushing him to start a home-based food business by accident.” Knowing that Stevie cooked a mean Hainanese chicken at home, she requested him to make her a set to gift their friend Ingrid Chua, the BagHag, for Christmas. Steve obliged, whipping up a whole Hainanese chicken and packaging this with its traditional sauces (ginger sauce, sweet soy sauce, and chili sauce) and matching Hainanese chicken rice. Claudette sent this to Ingrid, who loved it so much that she blogged about it the following day. Other bloggers and influencers as well as journalists picked up from there and wrote about Stevie’s special Hainanese chicken. Word got around, orders doubled, tripled, and, lo and behold, before he knew it, he had a home-based food business to run. The business happened by accident, yes, but the orders did not come by accident. They were conscious choices because Stevie’s product was—and continues to be—really good. His signature dish, Hainanese Chicken Set, is a whole chicken, about 1.5 to 1.7 kilograms by weight, comes with five cups of chicken rice (with option to order additional rice at P65 per cup), and a complete set of sauces (topping sauce, ginger sauce, sweet soy sauce, and chili sauce), for a reasonable P1,500 per set. Stevie has also developed a variation of rice called Olive Rice. It is basically traditional Hainanese chicken rice sautéed in extra virgin olive oil with chopped black olives. Should customers prefer Olive Rice over traditional chicken rice for their Hainanese Chicken Set, the price is adjusted by only P100. The set thus costs P1,600, with extra cups of Olive Rice priced at P75 per cup. [caption id="attachment_192637" align="aligncenter" width="525"] Hainanese chicken.[/caption] Through the years, Stevie has also developed other platter offerings. A number of these have become top-sellers as well, such as Fried Shrimp Lumpia with Bacon and Served with Sweet Chili Sauce (shrimp with bacon rolled around it, then wrapped in lumpia wrapper and fried); Asian Beef Tenderloin Salpicao (Australian or New Zealand beef tenderloin marinated with Asian seasonings then seared and topped with fried garlic, served with buttered vegetables and mashed potato); and Garlic Barbeque Pork Ribs (two slabs of tender pork ribs with garlic barbecue sauce). Stevie’s menu has become so wide that it covers all categories now — salads, appetizers, entrées and pasta. Salad choices are Chicken Oriental Salad with Hoisin Dressing Black Pepper Crusted Tuna Salad with Asian Dressing, and Grilled Pork Belly Salad with Tamarind Dressing. As for the appetizers, there’s Fresh Vietnamese Spring Rolls with Peanut Sauce; Seafood, Chorizo and Chicken Paella, Callos, Osso Bucco Served with Pasta, and Baked Iberian Chicken. For pasta, which is a one-dish meal often ordered on its own by customers, Stevie has four choices — Baked Rigatoni with Italian Sausage and Eggplant, Tuyo Pasta, Baked Chicken a la King Pasta, and Garlic Noodles. The latter (spaghetti sautéed in garlic butter and extra virgin olive oil with Asian seasonings and topped with Parmesan cheese, browned garlic and chopped scallions) has also become a signature dish often ordered to go with Baked Prawns. So, it could stand on its own, Stevie recently added a variation of garlic noodles to the menu. It is called Garlic Crab Noodles, and has lots of crabmeat on top of the garlic noodles. More recent additions to the menu include chicken relleno and chicken asparagus sandwich. Orders may be placed via 8896-8940 or 0906-5084155. Pick-up is the only option, as payment the day before is needed. The post Stevie’s specialties appeared first on Daily Tribune......»»
Katipunan zipper lane exits adjusted
A zipper lane dry run, intended to reduce traffic along Katipunan Avenue in Quezon City during the morning rush hour, was adjusted following the first day of its implementation on Monday......»»
P1 provisional fare increase approved
The Land Transportation Franchising and Regulatory Board on Tuesday approved a P1 provisional fare increase for public utility jeepneys which will take effect beginning Sunday, 8 October. The LTFRB board said this will make the minimum jeepney fare will be adjusted from P12 to P13. Provisional increase means the additional fare is temporary until the main petition for an increase is resolved. The LTFRB acted on the petition of Pasang Masda, the Association of Concerned Transport Organizations, and the Alliance of Transport Operators and Drivers Association of the Philippines because of the continuing fuel hike. However, the Board stalled the transport group’s main petition for a P5 fare hike (and P1 per kilometer thereafter) and they are still subject of a review. LTFRB chairman Teofilo Guadiz another hearing is set on 7 November 2023 for that petition. Pasang Masda leader, Obet Martin, ALTODAP president Boy Vargas and ACTO president Liberty de Luna thanked the LTFRB Board for heeding to their call to lessen the impact of oil price hikes to their members. The post P1 provisional fare increase approved appeared first on Daily Tribune......»»
BSP maintains policy rate at 6.25%
The Bangko Sentral ng Pilipinas maintained its policy rate at 6.25 percent on Thursday to control the rise in inflation due to the looming higher food and transportation costs. Consequently, BSP retained interest rates on the overnight deposit and lending facilities at 5.75 percent and 6.75 percent, respectively. BSP said overall inflation might accelerate to 5.8 percent this year, up from its previous estimate of 5.6 percent and official level of 5.3 percent in August. The central bank also adjusted its inflation forecast upward to 3.5 percent from 3.3 percent for next year, while it kept initial projection of 3.4 percent for 2025. “The upward adjustments in the 2023 and 2024 projections reflect the spillovers from weather disturbances, rising global crude oil prices, and the recent depreciation of the peso” BSP Governor Eli Remolona Jr. said. He said drought from El Niño might reduce agricultural supply which would force businesses to increase food prices to sustain their operations and fulfill customer orders. The weather bureau said El Niño might persist until the first quarter next year. Food as a major inflation growth driver comprises over 30 percent of all the items in the consumer price index. Rice prices recently rose to P60 per kilo, forcing the government to impose price caps for regular and well-milled rice. “No fireworks were seen from the BSP with the central bank simply maintaining its current policy stance. The BSP opted for another “hawkish hold” by keeping policy rates at 6.25 percent while maintaining readiness to hike should data conditions warrant further tightening,” according to Nicholas Mapa, ING senior economist for the Philippines. High global oil prices Remolona added transportation fares and electricity charges will also likely increase as the commodities’ providers aim to recoup losses from higher global oil prices. These have increased by 15 percent over 11 weeks and amid the persisting war between oil exporting countries Russia and Ukraine. With its previous rate hikes of up to 425 basis points post-pandemic, BSP said consumption of certain goods and services has tempered, resulting in lower inflation rates in recent months from a peak of 8.7 percent in January. “At the same time, the BSP Monetary Board noted that recent indicators of domestic economic activity pointed to waning pent-up demand, even as the impact of prior monetary policy tightening continues to weigh on credit,” Remolona said. BSP said inflation would decelerate to government target of 2 percent to 4 percent in the last quarter of this year as long as supply issues do not surface. However, Remolona said the central bank’s Monetary Board is ready to increase its policy rate when supply shocks occur, especially of rice. To prevent rice supply issues, Remolona said the board supports the reduction of 35 percent tariff on rice imported from the members of the Association of Southeast Asian Nations. The Department of Finance suggests lowering the tariff to 0 percent to 10 percent depending on local rice production data. “The Monetary Board also reiterated the need for non-monetary interventions, including the temporary reduction of import tariffs with calibrated volumes and timely arrival of import commodities,” he said. The post BSP maintains policy rate at 6.25% appeared first on Daily Tribune......»»