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Sy family invests P5 billion in Megawide affiliate
The Sy family is once again playing a big brother role to a company led by businessman Edgar Saavedra, this time investing in Megawide’s affiliate renewable energy real estate investment trust......»»
Trending tickers: Trump Media, Tesla, Bitcoin and DS Smith
Former US president Donald Trump’s media firm, Trump Media & Technology Group, had a successful stock market debut in New York, with shares soaring past.....»»
Drug killings 95 percent lower than in previous admin
The number of deaths recorded under the Marcos administration’s war on drugs has decreased by over 95 percent, in contrast to the bloody anti-drug campaign of his predecessor, Rodrigo Duterte......»»
Schneider Electric switching to solar power
French energy management and automation firm Schneider Electric is transitioning its operations in the Philippines to clean energy with the installation of solar panels in its manufacturing plant in Rosario, Cavite......»»
PSALM expects P100 billion from CBK privatization
The Power Sector Assets and Liabilities Management Corp. (PSALM) is expected to generate as much as P100 billon from the privatization of the 796.46-megawatt (MW) Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex in Laguna, bolstering the cash position of the cash-strapped state firm......»»
CLI allots higher capex, partners with Japan firm
Cebu Landmasters Inc. is hiking its capital spending to P14.5 billion this year as it gears up for growth and expansion following a strong financial performance in 2023......»»
NEA wants Primelectric deal to aid consumers
The National Electrification Administration or NEA has asked Primelectric Holdings, Inc., a unit of MORE Electric and Power Corp., to ensure that its joint venture agreement or JVA with Central Negros Electric Cooperative, Inc. or CENECO will uphold consumers' interest. "I hope we can address the concerns of the opposition. We must also consider them. Regarding the participation of the Member-Consumer-Owners, it has been concluded during the plebiscite so we will put this into motion with all the required legal objectivity,” NEA Administrator Antonio Almeda said on Monday. Last week, Almeda met with Primelectric and CENECO officials to address the opposition concerns to improve the JVA of the involved parties. Primelectric and CENECO presented their joint venture to the NEA board to discuss service improvements for consumers. “This venture seeks to magnify the electric industry in Central Negros by not just streamlining the internal and external operations of concerned parties but also rehabilitating and modernizing the distribution system, which is deemed crucial in providing quality service to our consumers,” Primelectric President Roel Castro said during the hearing. For his part, CENECO acting general manager Atty. Arnel Lapore also supported the critical role the JVA plays in the area, adding that it “strongly” supports the NEA’s objective to achieve efficient service for all consumers. “I’m one with NEA in facilitating the service for the benefit of our consumers. That’s why I strongly support and cooperate through this JVA to ensure we deliver quality operations internally and externally. Rest assured that we duly consider all the suggestions raised by Admin Almeda during the hearing,” Lapore said. Primelectric has already conveyed that it is ready to pour in investments to modernize the system of CENECO. Castro highlighted that the target P2.1 billion initial investment in the capex of its operations will bankroll cutting-edge and top-of-the-line systems for a better consumer experience. Castro also emphasized that the JVA will help achieve the 100 percent total electrification target in the franchise area by 2028 “in alignment” with the present administration’s agenda of achieving sustainable and inclusive economic growth. “We need to rehabilitate the system because if you don’t put in the additional P2 billion investment or even bigger, you will be inheriting a distribution system that is just the same as now that is inefficient. That’s why we have to put (the investment) in P2.1 billion to start rehabilitating and improving the system,” he said. Primelectric and CENECO signed the JVA last 3 June purposely to improve the electricity services in Central Negros. The proposal received support from local leaders, the business sector, and consumer groups. No less than Bacolod City Mayor Albee Benitez described the partnership as “a White Knight that would save our consumers from the looming disaster.” The post NEA wants Primelectric deal to aid consumers appeared first on Daily Tribune......»»
Senate greenlights OVP’s P2.3-B budget
The Senate Committee on Finance on Monday approved the proposed P2.385-billion budget of the Office of the Vice President, including P500 million in confidential and intelligence funds. Vice President Sara Duterte was physically present at the budget deliberation that lasted about 90 minutes, longer than the 20 minutes the House Committee on Appropriations earlier took to approve the proposed budget. Senator Imee Marcos, vice chair of the Senate panel on finance, asked about the lack of internal guidelines for “handling, monitoring, and the reporting of in-kind donations” that the Commission on Audit had raised to the OVP. Rosalynne Sanchez, the OVP’s director for administrative and financial services, replied that they had prepared draft guidelines and expect to release them “within this quarter.” Meanwhile, OVP Assistant Chief of Staff Lemuel Ortonio confirmed the deployment of 433 personnel to the newly created Vice Presidential Security and Protection Group, or VPSPG. “The creation of the VPSPG is really for the protection of current and future vice presidents,” Ortonio said, pointing out that the number of personnel was determined by both the Armed Forces and the Philippine National Police. “VPSPG personnel consist of admin personnel holding offices at the Vice President’s headquarters, while the rest are doing security and surveillance work in different satellite offices of the OVP,” he explained. Albay Rep. Edcel Lagman on Monday deemed “inordinate and excessive” the 433 security personnel of the OVP, saying that there should be a “rational limit.” “I have been in Congress since 1987. I have not availed of security escorts,” he said. Over the weekend, the OVP said the VPSPG was formed independently of the Presidential Security Group in 2022 and that it did not make sense to compare its personnel count to those of other VPs. Duterte justified the number of escorts by saying that she also heads the Department of Education and serves as co-vice chair of the National Task Force to End Local Communist Armed Conflict. According to Lagman, the salaries of the 433 personnel should not be sourced from the confidential funds of the OVP in accordance with the rules. “That is a completely different budget. Because the confidential funds cannot be used for the payment of salaries and emoluments of those who are involved in the confidential funds,” the seasoned lawmaker said. With Neil Alcober The post Senate greenlights OVP’s P2.3-B budget appeared first on Daily Tribune......»»
DAR fast-tracks land distribution in first year of PBBM admin
Agrarian Reform Secretary Conrado Estrella III on Sunday reported that the DAR had already distributed a total of 71,360 titles covering 85,853 hectares to 68,427 farmer-beneficiaries. Of these, Estrella said some 49, 484 titles covering 43, 623 hectares were distributed to 43, 623 farmer-beneficiaries from January to July 2023. From January to December 2022, under the previous DAR administration, only 2,343 titles covering 2,159 hectares were distributed to 3,393 farmers. Under the present administration, within a comparable period, from July to December 2022, the numbers soared to 6,736 titles covering 8,991 hectares distributed to 6,945 beneficiaries. The DAR secretary specifically cited the record-breaking performance on the distribution of e-titles under the project Support to Parcelization of Lands for Individual Titling (SPLIT) which parcelized lands under collective certificates of land ownership awards (CCLOAs) to have specific areas titled to individual farmers. A whopping 1,6275 percent increase was noted from January to July 2023 with a total of 33,654 e-titles covering 46, 241 hectares given to 29,320 ARBs compared to only 2,343 titles covering 3, 393 hectares distributed to 2, 159 beneficiaries from March 2021 to June 2022 under the previous administration. Estrella said that the SPLIT land distribution performance for the first 7 months of 2023 is outstanding compared to the cumulative 22 months of overall land distribution accomplishments from March 2021 to December 2022. “The DAR is bent on distributing the remaining target of at least 30,000 titles more for this year to complete its target for 2023 to distribute a total of at least 80,000 titles to our ARBs nationwide,” Estrella said. At the House Committee on Appropriations budget hearing on 17 August 2022, Estrella also cited his same report that lawmakers lauded the performance of the DAR and expressed support for the move to increase the 2024 budget of the DAR which only amounted to P9.392-billion from P16 billion in 2023. The solons noted that the proposed 2024 budget is insufficient to finance its three major program thrusts in 2024 namely accelerated land distribution, swifter agrarian justice delivery, and strategic provision of broader support services to farmers. The DAR’s P9.392.29-billion proposed budget is 40.74 percent or P6.457.241-billion lower than its 2023 appropriation of P15.850.2-billion. Estrella also cited the major performance milestones of the DAR in the first year of this administration which include the signing of Republic Act No. 11953 or the New Agrarian Reform Emancipation Act which condones all the unpaid amortizations of the agrarian debt, including interest and surcharges, if any. Under the said law, the government also assumes the obligation of 10,201 ARBs tilling 11, 531.24 hectares of land to pay the remaining balance of the direct compensation due the concerned landowners under the Voluntary Land Transfer (VLT) or the Direct Payment Scheme (DPS) amounting to P 206,247,776.41 million. The post DAR fast-tracks land distribution in first year of PBBM admin appeared first on Daily Tribune......»»
Marcos admin adamant to improve Phl transportation
President Ferdinand R. Marcos Jr. on Saturday said that his administration is adamant to improve the country’s public transportation systems. Speaking at the ceremonial loan agreement signing for the Davao Public Transport Modernization Project in Davao City, Marcos said his administration is committed to addressing the pressing issues hounding the country’s transportation sector saying that they “will remain relentless in providing solutions to the pressing challenges that hinder our path towards prosperity and progress.” “I assure my fellow Filipinos that your government is working hard to improve the country’s transportation systems, operations, and management for the benefit of present and future generations,” Marcos said in a speech delivered at Acacia Hotel in Agdao, Davao City. Marcos expressed confidence that the government’s vision to effectively functional transportation system is possible and achievable. “As long as we are guided by the core of the whole-of-nation and whole-of-society approach, I am confident that our vision of a seamless, efficient, accessible, and highly connected transportation system will be well within reach,” he said. Marcos pressed the need to pursue the much-needed modernization of the country’s transport system “whether through better roads, highways, and even railways.” During the event, Marcos witnessed the Philippine government and the Asian Development Bank sign the loan agreement for the DPTMP, which aims to support the expanding economic activities of Davao City. Finance Secretary Benjamin Diokno and ADB country director Pavit Ramachandran inked the US$1 billion loan granting the establishment of a city-wide public transport project—the first project in the country to deploy electric bus fleets. This project serves in support of the Philippines’ efforts to reduce greenhouse gases and promote climate action. “It’s not only good for the economy, but also, ultimately, for the health and general well-being of the public,” the President said. Marcos said the event marks another milestone “that heralds a very large leap towards realizing our goal to modernize our country’s public transportation system.” “As it (DPTMP) opens its doors to visitors and investors, the city will be rewarded with increased business opportunities. Increased commercial activities necessarily bring more people which means more vehicles on the streets, busier roads, and hence, heavier traffic,” he said. Marcos said the DPTMP, envisioned as early as 2010, will have an integrated network of 29 routes that will connect major commercial centers in Davao City. It is expected to attract various socio-economic opportunities for Davaoeños. He thanked the ADB officials for their unwavering support of various government projects and initiatives. “As we further our partnership, I am optimistic that we will come up and forge even more projects in the years ahead, especially those that aim to improve the lives and lessen the burden to the Filipino public,” Marcos told ADB officials. Complete within timeline Meanwhile, Marcos ordered the Department of Transportation to work hard for the completion of the DPTMP within the set timeline. He also directed DoTr to promptly address various concerns such as funding requirements, traffic management issues, and the affected households. Despite acknowledging the positive developments that the DPTMP will bring to Davao City, Marcos stressed the need to provide assistance to those who will be affected by the implementation of the project. “Lest we forget, coupled with this grand vision of building an efficient mode of transportation are the unavoidable issues that also need our immediate attention, such as the families who will be displaced by the implementation of the program,” he said. However, Marcos assured that the project will social development interventions, such as financial and non-financial assistance for those who are displaced. “It will also ensure that the families affected by the construction are properly compensated and if need be, relocated,” he added. The DPTMP—covering 672 kilometers with nine routes that connect key areas in Davao City to Panabo City, Davao Del Norte.— is one of the big infrastructure projects under the “Build, Better, More” infrastructure program of the Marcos administration. A total of 1,105 buses are expected to operate along the routes. DPTMP is projected to start initial operations by 2024 and can serve around 800,000 passengers daily. The post Marcos admin adamant to improve Phl transportation appeared first on Daily Tribune......»»
Marcos admin earmarks P138B for higher education — DBM
CEBU – The Marcos administration has allocated a total of P138.77 billion for Higher Education programs and initiatives under the 2023 General Appropriations Act to put a premium on the education of Filipino children. Budget and Management Secretary Amenah Pangandaman said on Tuesday that it reflects the Marcos administration’s commitment to empowering the youth. “President (Ferdinand) Marcos (Jr.) himself said that education is the only legacy we can leave our children that will never go to waste. Indeed, education is our best investment for the nation,” Pangandaman said. "This is likewise in consonance with the promise of Vice President and Education Secretary Sara Duterte to help the sector produce graduates that are employable," Pangandaman added. The P138.77 billion budget for Higher Education will go to State Universities and Colleges or SUCs (P107.04 billion) and the Commission on Higher Education or CHED (P31.73 billion). Part of the budget will be used to fund the Universal Access to Quality Tertiary Education Program (UAQTE) with P45.8 billion. Other educational programs are likewise allotted with necessary funding for 2023. These include Student Financial Assistance Programs (P1.52 billion) which aim to provide scholarships and grant-in-aid programs to 21,053 student beneficiaries. A total of P500 million was likewise allocated for Medical Scholarship and Return Service Program to assist deserving medical students to pursue education and training, in exchange for services rendered in public health offices or hospitals. Meanwhile, the amount of P167 million will subsidize the tuition fees of medical students in SUCs. The post Marcos admin earmarks P138B for higher education — DBM appeared first on Daily Tribune......»»
Marcos admin posts first budget surplus
The Marcos administration recorded its first budget surplus at P45.7 billion in January as revenue collections picked up, but the government is urged to finally pursue fiscal consolidation if it wants to sustain such fiscal turnout......»»
Duterte admin allots P21.4 billion for ICT in proposed 2021 budget
In his budget message, President Duterte said digital connectivity and access supported by a secure and reliable information and communications technology (ICT) infrastructure system is "paramount" to lay the groundwork for the country's digital transformation......»»
China urges ROK to stay prudent on South China Sea issue: Chinese FM
BEIJING, March 28 (Xinhua) -- China urges the Republic of Korea (ROK) to stay prudent when it comes to the South China Sea issue, Chinese foreign ministry spokesperson Lin Jian said on Thursday. Lin made the remarks at a regular press briefing when responding to a media query about ROK Foreign Ministry Spokesperson's biased and unfactual comments on the South China Sea issue over the past few days. "China.....»»
NBA: James triple-double pulls Lakers past Grizzlies
LeBron James returned from a one-game absence to post a 23-point triple-double on Wednesday and lead the Los Angeles Lakers to a 136-124 NBA victory over the Memphis Grizzlies. James sat out the Lakers’ come-from-behind double-overtime victory over the Milwaukee Bucks on Tuesday with a sore left ankle. READ: NBA: Giannis tows Bucks over Thunder .....»»
Akbayan to Sara: You don’t have to be president to speak vs China
MANILA, Philippines — Party-list group Akbayan said on Thursday that Vice President Sara Duterte does not have to be a president of the country for her to call out China’s intrusive actions over the West Philippine Sea (WPS). Empathy and a moral backbone is just what it takes to stand up with fisherfolk and frontline.....»»
Church visits are allowed only until 10 p.m. – Police chief
CEBU CITY, Philippines – Church visits on Maundy Thursday will only be allowed until 10 p.m. the chief of the Cebu City police announced on Thursday, March 28. Police Colonel Ireneo B. Dalogdog, City Director of the Cebu City Police Office (CCPO) said that the public is not allowed inside religious places past 10:00 p.m......»»
Roque bares Duterte, China agreement to respect status quo in WPS
Roque bares Duterte, China agreement to respect status quo in WPS.....»»
Money lending firm collector killed in Zamboanga del Sur ambush
Gunmen killed a collector of a local money lending firm in a daytime ambush in Barangay Lutlutan in Dimataling town, Zamboanga del Sur on Wednesday......»»
7 nanlaban drug suspects dead after Baste Duterte declares drug war
Less than a week after Davao City Mayor Sebastian Duterte declared a "war on drugs" in the city, at least seven drug suspects were killed during a buy-bust operation in the city — violence that highlights the seriousness of the mayor's recent threat of outright killing persons caught using illegal drugs......»»