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CAB: Expect no changes in airfares next month
Travelers planning to book a summer trip can expect airfares to remain the same in April, as the government made no changes in the fuel surcharge that airlines can pass on......»»
‘No new taxes likely until 2028’
The stance of Finance Secretary Ralph Recto against new taxes could extend until the end of the administration as the government will try to focus on improving tax collection efficiency first......»»
Women shaping Philippine monetary policy
Women have made significant strides as leaders in the Philippine financial services industry even as challenges continue to persist. At the helm are two distinguished female members of the Monetary Board (MB) – the policy-setting body of the Bangko Sentral ng Pilipinas (BSP) –both of whom are breaking the bias for women in finance......»»
Ralph Recto’s 4Ms: How to survive the Cabinet – and the role of media
Finance Secretary Ralph Recto gets wise advice on how to survive as a member of the Cabinet, and adds a piece of his own.....»»
Hontiveros: Suspension of anchormen ‘not enough’
Hontiveros: Suspension of anchormen ‘not enough’.....»»
Cebu Pacific receives fuel-efficient A321 aircraft
Gokongwei-led Cebu Pacific continues to ramp up its commitment to advance sustainability and strengthen its operational resiliency amid the rising demand in air travel as it received another Airbus A321neo last Thursday......»»
Asialink eyes P2.4 billion in truck loans as e-commerce grows
Asialink Finance Corp. is looking at lending as much as P2.4 billion this year to the fast growing market for brand new and used trucks that are essential to the growth of e-commerce and logistics......»»
Shell Pilipinas profit tumbles to P1.2 billion in 2023
The earnings of Shell Pilipinas Corp. plunged by 70.7 percent to P1.2 billion in 2023 from P4.1 billion in 2022 on the back of declining global fuel prices and elevated interest rates......»»
UAAP finals losses in last year of eligibility fuel UP s Cagulangan
It’s been a couple of months since, but graduating UP guard JD Cagulangan continues to hold near the sting of his most recent UAAP finals loss at the hands of the DLSU Green Archers last December......»»
Philippines, US allot P1.15 billion to fight TB
The Philippines, through the Department of Health (DOH), and the United States government, through the US Agency for International Development (USAID), have teamed up to finance a P1.15-billion campaign against tuberculosis (TB) in the country......»»
Fuel price hike next week
As travel peaks for the Holy Week, hefty fuel prices are expected......»»
Recto sees ‘realistic’ 6-6.5 percent growth for Philippines
Finance Secretary Ralph Recto is looking at a “more realistic” economic growth of at least six to 6.5 percent for this year, with medium-term economic expansion likely to be tempered as well......»»
‘Economic decisions independent from politics’
Finance Secretary Ralph Recto has maintained that his decisions will be separated from his long-standing political background as he pushes for the country’s economic progress......»»
Mike files case vs. Gwen, seeks her suspension
Mike files case vs. Gwen, seeks her suspension.....»»
Rama asks Malacañang to suspend Gwen over CBRT dispute
CEBU CITY, Philippines – Preventive Suspension. Cebu City Mayor Michael Rama is seeking the suspension of Governor Gwen Garcia over issues related to the Cebu Bus Rapid Transit (CBRT). Rama filed an administrative complaint before the Office of President Ferdinand Marcos Jr. against Garcia after the governor issued a cease and desist order to the.....»»
NAIA sale to pay debts
Amid the excitement over the successful privatization of NAIA’s rehab and operation, Finance Secretary Ralph Recto mused about the future of NAIA beyond the 15-year San Miguel concession period......»»
DA chief orders transfer of suspended NFA supervisors’ authority
The transfer of authority of suspended warehouse supervisors of the National Food Authority has been ordered by Agriculture Secretary Francisco Tiu Laurel Jr. yesterday as NFA facilities remain closed amid the suspension order of the Office of the Ombudsman......»»
ADB approves USD 100 mln loan to support small and medium-sized enterprises in Sri Lanka
Manila [Philippines], March 19 (ANI): The Asian Development Bank (ADB) has approved a USD 100 million loan to provide small and medium-sized enterprises (SMEs) in Sri Lanka more access to finance and build their resilience to external shocks, such as the economic crisis and climate change. SMEs play a critical role in Sri Lanka's economy, contributing 52 per cent to the country's gross domestic product and employ 45 per c.....»»
E-notice provision, other amendments to SARFAESI, DRTA in pipeline to streamline debt recovery
By Vishu AdhanaNew Delhi [India], March 19 (ANI): The Ministry of Finance has constituted a committee to determine further amendments to the SARFAESI and DRT Acts, including providing legal cover to e-notice for expeditious debt recovery, sources in the ministry said. The committee held several meetings and discussions are in the "advanced stage," sources told ANI. Last month, the finance ministry held extensive discussio.....»»
ARTA backpedals, nixes TOP-CRMS
The Anti-Red Tape Authority, or ARTA, made a surprising move in backtracking on an earlier approval of a port digitalization plan, apparently bowing to pressures from several powerful groups. ARTA’s about-face effectively shot down what could be the Marcos administration’s most potent anti-smuggling weapon. ARTA issued a memorandum last 25 July signed by ARTA director general, Secretary Ernesto Perez, in which it said its reevaluation of the Trusted Operator Program-Container Registry and Monitoring System or TOP-CRMS regulatory impact statement, or RIS, convinced it that reducing the cost of container deposits from the scheme was not accurate based on the benefit-cost analysis. Perez said the decision is “final” and denied bowing to outside pressures. “That’s our final recommendation unless either party will submit to us additional relevant documents,” Perez indicated. Part of the ARTA report reads: “Port congestion may not be used by PPA or Philippine Port Authority as a justification for government intervention,” with the proposed TOP-CRMS. It added that the PPA “cannot use congestion as a justification or basis to establish the proposed... TOP-CRMS.” The PPA which is the main beneficiary of the digitalization scheme indicated that it is studying its options. “We’ll study our options. As far as we are concerned, ARTA already issued a Good Practice RIS with a 36/40 rating for the TOP-CRMS program. I don’t think they have retracted that or recalled the rating which they previously issued,” PPA general manager Jay Santiago said. “So I don’t know what was the purpose of that ARTA memo nor its value or its effect on the previously issued Good Practice RIS rating. We submitted all required documents to ARTA sometimes twice even and they even consulted all stakeholders including oppositors before they issued the Good Practice RIS. The situation has not changed so we don’t understand what happened,” Santiago added. Complete reversal The latest ARTA memorandum is a complete turnaround from its 2 February evaluation which greenlighted the TOP-CRMS implementation and allowed the PPA to resume its suspended modernization plan. ARTA gave the program a rating of 36, meaning a “Good Practice RIS.” ARTA said in a February statement after it assessed the program, “PPA has provided concise and satisfactory evidence on all RIA sections. Hence, the RIS was assessed as Good Practice.” ARTA stressed there should be more regulations to address the current issue, which is also the leading cause of the problem. The PPA’s TOP-CRMS also meets ARTA’s criteria for cost-saving mechanisms, including the fee on container deposits and port access roads, and has reduced the dwell time of empty container returns to less than 72 hours. Under Section 6 of Presidential Decree 857, PPA must supervise, control, regulate, construct, maintain, operate, and provide facilities or services belonging to the Authority. Thus, under this mandate, TOP-CRMS will provide efficient port services to the public. Santiago said then, “With the approval by ARTA, I believe the concern on ease of doing business has been sufficiently addressed.” “PPA will continue to fine-tune the program, and the implementation of PPA AO No. 04-2021 and its IOG will be constantly monitored, and the necessary adjustments to the IOG will be made as necessary. TOP-CRMS seeks to remove the payment of container deposits and efficiently manage the return of empty containers. There have been a series of public consultations, and we have adjusted based on the need of the stakeholders,” Santiago added. Anti-smuggling initiative Ironically, ARTA reversed its TOP-CRMS recommendation a day after President Ferdinand Marcos Jr. warned in his State of the Nation Address that the days of smugglers and hoarders of agricultural products are numbered as he identified the proposed Amendment of the Anti-Agricultural Smuggling Act as a priority legislation. The Chief Executive said in Filipino, “One of the reasons behind the higher prices is that smugglers and hoarders manipulate the prices of agricultural products. We will run after them, and we will file charges against them. We will not let these practices continue. The days of the smugglers and hoarders are numbered.” The President is also the secretary of agriculture. The PPA’s TOP-CRMS is a government-owned container monitoring system providing a whole-of-government approach to tracking container movement and management by giving relevant government agencies access to information and even automating and streamlining their processes. The anti-smuggling feature of the TOP-CRMS preempts cargo diversion or diverting shipments to another warehouse with real-time container tracking. Law enforcers could quickly identify where the shipments are located, which port stakeholders said would eliminate “for hire consignees,” as all foreign-owned shipping containers, both laden and empty, are monitored. Similar to the tracking system now in use among private port operators, the technology makes it easy for investigators to identify and prosecute suspected smugglers. Pressure from smugglers Industry insiders suspect that a powerful group of smugglers is pressuring concerned government agencies and regulators to stop the implementation of the TOP-CRMS because it would have a profound negative impact on their illegal activities. More importantly, the TOP-CRMS can detect illegal contraband and prevent entry into the country’s ports. It can eliminate smuggled drugs from entering any country’s entry points, including illegal arms shipments and, God forbid, nuclear materials. The data collected by the system can be shared with concerned agencies in charge of tax collection, law enforcement, import permit authorization, trade department, anti-smuggling units, intelligence units, etc. The wealth of data from the system will provide the PNP, AFP, BOC, BIR, DTI, DA, DSWD, Intelligence Community, and other relevant agencies an efficient tool to deter all forms of smuggling activities. The post ARTA backpedals, nixes TOP-CRMS appeared first on Daily Tribune......»»