We are sorry, the requested page does not exist
Bong Go urges more sports funding for grassroots dev’t, facilities, and athletes
Senator Christopher "Bong" Go, chairperson of the Senate Committee on Sports, underscored during a budget hearing on Tuesday, 12 September, the critical role of the Philippine Sports Commission (PSC) in promoting sports as a key factor in national development. He emphasized the necessity of adequate funding for both grassroots sports development and the country's participation in international competitions. “Noong nakaraan ay ipinaglaban natin sa deliberasyon ng ating 2023 budget ang karagdagang pondo para sa PSC. Sa katunayan, ang budget lang sana ng PSC ngayong taon ay nasa humigit-kumulang P200 million lamang. Tayo ang nagsulong ng dagdag sa pondo nila kaya nabigyan pa ito ng P1 billion, kasama na ang dagdag pondo sa pagdaraos ng FIBA 2023, budget para sa grassroots sports programs, at suporta sa mga lalahok sa iba pang international competitions,” he cited earlier. Go, in his opening statement, expressed his strong belief that sports can serve as a deterrent for the youth against engaging in illegal drugs and other harmful activities. He also mentioned that sports can be a way to continue the campaign against illegal drugs initiated by former president Rodrigo Duterte. “Sabi ko nga, get into sports, stay away from illegal drugs to keep us healthy and fit. At isa rin po ito sa paraan na ilayo natin ang mga kabataan sa iligal na droga. Isang paraan ito na maipagpatuloy ang kampanya ni dating pangulong Rodrigo Duterte na labanan ang iligal na droga dahil kapag bumalik po ang iligal na droga, babalik po ang kriminalidad, babalik po ang korapsyon sa gobyerno,” Go said. The senator also highlighted the recent achievements of the Philippines in the international sports community, including the successful hosting of the 2023 FIBA World Cup. He praised the event organizers and shared his experience participating in a dry-run before the opening, emphasizing that "’pag nandyan po ang disiplina, kaya natin, gugustuhin natin na maging well-organized po tayo." Go likewise underscored the international attention that the Philippines has garnered through its successful hosting of sports events, particularly the FIBA World Cup. "Malaking tulong po iyon sa pag-promote po ng kagandahan ng ating bansa. For 17 days, nakatutok po sa ating bayan ang buong mundo dahil napakaganda po ng ating bansa," he said. The senator then expressed his pride in Gilas Pilipinas for earning a spot in the Olympic Qualifying Tournament. "Alam ko po na ibinigay ninyo ang lahat, ginawa ninyo po ang lahat para lumaban. Puso po ang ginamit ninyo at 'never say die' ang attitude ng ating Gilas Pilipinas," he said. Go also took the opportunity to commend the country’s performance in the Southeast Asian Games. He then extended his well wishes for the upcoming Asian Games scheduled from 25 September to 8 October. However, the senator also hinted at areas for improvement, suggesting that while the country has had successes, there is still work to be done. "Though mayroon mang dapat ayusin, may panahon pa kayong ayusin ang mga ito," Go added while stressing the importance of supporting both grassroots and elite sports development. "For this year’s budget, with the support of our Chairman of the Committee on Finance, Senator Sonny Angara, we allocated funding for PSC’s grassroots program and the preparation, training, and participation of our national athletes in international sports competitions," he revealed. The PSC proposed a budget of P3.3 billion for 2024, but the DBM only approved P210 million. This is a reduction of more than 93 percent from the agency’s proposal. Go also touched on the need for proper training facilities for athletes. He mentioned the need for repairs at the Philippine Institute of Sports Multi-Purpose Arena (PhilSports Arena) and comfortable barracks for athletes. “Mahalaga na magkaroon ng tama at sapat na training ang ating mga manlalaro. Kaya naman gusto ko ring pagtuunan ng pansin na mayroon tayong sports facilities na maaaring maging training center ng ating mga atleta,” he said. “Ako po'y saksi mismo, napasyalan ko ang inyong matagal ng pasilidad, itong Phil Sports, nakapaglaro na kami doon, medyo tumutulo na rin ang gym. Kailangan na sigurong magkaroon ng repair, at yung mga barracks ng atleta, dapat komportable, dahil iba talaga kapag suportado sila, mula pagkain, yung kanilang tirahan at bago sila sumabak sa competition, dapat kumbaga lahat ng laban naman ay dapat alagang-alaga po ang ating mga atleta,” he shared. Go noticed that the facilities that were presented during the hearing are in bad condition and that they really need to be improved. He urged the government to allocate funds for the construction of comfortable housing for the athletes, instead of spending on flood control projects in areas where there are no people. “Napapansin ko ang mga pasilidad na pinakita kanina. Talagang kailangan po, the more we should invest sa mga sports facilities natin na sira,” he added. “Bigyan naman natin ng maayos at komportable na tirahan ang ating mga atleta. Nananawagan ako sa DPWH, instead of flood control projects sa mga lugar na walang tao, dito na lang sa ating mga atleta na kailangan nila ng komportableng tirahan man lang. Baka pwede ninyo mapaglaanan ng pondo,” said Go. Meanwhile, he also discussed the National Academy of Sports (NAS) at New Clark City in Capas, Tarlac, established under Republic Act No. 11470 that he authored and co-sponsored, which allows students to train while getting quality secondary education. The law provided for the establishment of the NAS System and Main Campus. The NAS also offers a secondary education program with an integrated special curriculum on sports which was developed in close coordination with PSC and the Department of Education. “Pwede silang mag-training, at the same time, mag-aral. Pwede silang mag-aral, at the same time, mag-training. Wala pong masasakripisyo. 'Yan po ang National Academy of Sports, batas na po at may sariling pasilidad,” he said. The senator then called on the PSC to maximize the facilities at New Clark City, initially used for the 2019 Southeast Asian Games. He also reiterated his support for the establishment of the Philippine Sports Training Center and asked for updates on its status. Go urged his colleagues to fight for a sufficient budget for PSC’s programs to ensure continuous sports development in the country. “Kaya naman po hinihimok ko ang ating mga kasamahan na suportahan ang budget ng Philippine Sports Commission at GAB para tuluy-tuloy lang po ang sports development sa ating bansa,” concluded Go. The post Bong Go urges more sports funding for grassroots dev’t, facilities, and athletes appeared first on Daily Tribune......»»
DoT chief seeks Rotarians’ support for tourism projects
A partnership with the Rotary Club of Manila, along with other Rotary Clubs in the country can realize the government’s objective of transforming the Philippines into a tourism powerhouse in Asia. [caption id="attachment_179067" align="aligncenter" width="2430"] Department of Tourism Secretary Christina Garcia Frasco, in her speech as guest speaker of the Rotary Club of Manila during the Club's weekly meeting at the Manila Polo Club last 31 August, said it was her ‘sincere hope that with the partnership of the Rotary Club, as well as its members and the captains of industry who contribute in one way or another to the project of nation-building, we can ensure that our country — through tourism — will have a more primary role in Asia as a tourism powerhouse.’[/caption] This was the call made by Tourism Secretary Maria Christina Frasco after presenting the stance of the tourism industry in the country before members and officers of the Rotary Club of Manila during the Club’s membership meeting at the Manila Polo Club last Thursday, 31 August 2023. Frasco reported that the efforts of the DoT, along with the whole-of-government approach ordered by President Ferdinand Marcos Jr. in implementing the department’s projects with an eye to restoring the glory of the tourism industry has resulted as of 30 August 2023 into 3.6 million international arrivals, surpassing the total number of international arrivals last 2022. The figure is already 75.92 percent of the country’s target of 4.8 million tourist arrivals this year. “Philippine tourism contributed 6.2 percent to our gross domestic product in 2022; it is being hailed by our economic managers as the second growth driver in the first six months of this year,” she said. By the end of 2022, Frasco said the tourism industry has contributed over P1.87 trillion to the Philippine economy as a composite of international and domestic spending, representing a 67 percent recovery since 2019. “Tourism also contributed over 5.5 million in tourism employment, an 11 percent share of the national employment, and also represents over 93 percent in recovery from 2019 data,” she added. Frasco also said that the rallying of Philippine tourism after the battering it got from the pandemic stands at 66.3 percent, higher than the 54 percent average recovery of ASEAN nations in 2022. As per tourism receipts, Frasco said the industry has already breached P285.9 billion as of 31 July 2023. Pillars of Tourism The Tourism secretary stressed that to give the Philippines a fighting chance at standing shoulder-to-shoulder with its neighbors in the ASEAN region, her department had crafted the National Tourism Development Plan 2023-2028, which does not only focus on the promotion of tourism alone but also in analyzing and understanding the essential pillars of tourism. Approved by President Marcos Jr. last May 2023, the NTDP provides a framework to guide the development and implementation of programs, projects, and activities towards a sustainable, innovative, inclusive, and globally competitive tourism industry. NTDP’s seven strategic goals include improvement of tourism infrastructure and accessibility; cohesive and comprehensive digitalization and connectivity; enhancement of overall tourist experience; equalization of tourism product development and promotion; diversification of the tourism portfolio through multidimensional tourism; maximization of domestic and international tourism; and strengthening tourism governance through close collaborations with national and local stakeholders. Putting the Plan into concrete action, the DoT hopes to have an accumulated total of 51.9 million tourist arrivals and 34.7 million tourism-related jobs in the country by 2028. Frasco said in terms of infrastructure, the DoT has partnered with the Department of Public Works and Highways to improve accessibility in the regions with tourism sites. “This is by constructing, rehabilitating and adding tourism roads leading to tourist destinations. This year, over 158 kilometers of tourism roads have already been constructed,” she said. Aside from this, Frasco said the DoT has also coordinated with the Department of Transportation in improving connectivity, primarily in the country’s gateways for the improvement of flights and tourist journeys. With this, Frasco said the country is starting to see robust recovery of connectivity in the country, including a 100 percent increase in flights in Clark International Airport; a 614 percent increase in flights in Kalibo International Airport; and over a 300 percent increase in flights in Mactan-Cebu International Airport, among other airports in the country. Moreover, she said they also partnered with the Department of Information and Communications Technology for the purpose of improving internet connectivity across 94 tourist destinations in the country. Connectivity in 47 of these destinations have already improved, according to Frasco. e-VISA Furthermore, Frasco said the DoT has engaged with other government agencies, namely the Department of Foreign Affairs, the Department of Justice, the DICT, and the Bureau of Immigration for the streamlining of the visa application process, aiming to enhance convenience and accessibility for all international travelers, starting with Chinese visitors. Last 24 August, the DFA implemented the Philippine e-Visa system in Philippine Foreign Service Posts in China. The Philippine e-Visa will allow foreign nationals entering the country for tourism or business to apply for temporary visitor visas remotely through their personal computers, laptops and mobile devices. Other initiatives conceptualized by the DoT to improve the tourism experience include the “Hop in Hop Off” project; being part of the “Love the Philippines” tourism slogan; the “Philippine Experience”; facilitating a cultural tourism circuit development focused on heritage, culture, and arts to enhance current tour and domestic circuit offerings, which include Food and Gastronomy, Pilgrimage and Wellness, Living Cultures and Heritage, and an Arts caravan. In order to equip Filipino tourism workers, the DoT is set on training 100,000 of these workers and capitalize on the world-renowned Filipino hospitality. “We have already managed to train over 71,000 Filipino workers,” Frasco said. Optimistic “Frasco said the Marcos administration remains optimistic about tourism recovery and the resurgence of the nation. “Our numbers will indicate that tourism will continue to be a top economic driver that will provide massive employment and livelihood opportunities to Filipinos and our MSMEs,” she said. With the launch of the enhanced “Love the Philippines” branding, Frasco maintained that it would give the country a better opportunity to be reintroduced to the world. The post DoT chief seeks Rotarians’ support for tourism projects appeared first on Daily Tribune......»»
China keeps ban on group tours to Canada
China’s Covid-era ban on group tours to a dozen countries was lifted last week but travel agents cannot arrange such visits to Canada. The Chinese embassy in Ottawa said Wednesday the exclusion of Canada was due to its anti-Beijing rattling. “The Canadian side has repeatedly hyped up the so-called ‘Chinese interference,’” according to a statement from the embassy. “Rampant and discriminatory anti-Asian acts and words are rising significantly in Canada” and “the Chinese government attaches great importance to protecting the safety and legitimate rights of overseas Chinese citizens and wishes they can travel in a safe and friendly environment,” the embassy added. China-Canada relations hit a new low this year amid accusations of Chinese meddling in Canadian elections and the attempted intimidation of lawmakers that led to the expulsion of a Chinese diplomat in May. Beijing responded by sending home a Canadian diplomat from Canada’s consulate in Shanghai. Janice Thomson, the head of tourism at Niagara Falls — the top tourism destination in Canada — said China’s decision to leave Canada off its approved destinations list was “disappointing” but expects the country to be added to the list in the future. In 2019, Chinese tourists spent a collective US$255 billion on international travel. In 2018, nearly 700,000 Chinese visitors came to Canada, spending an average of Can$2,600 (US$1,922) per visitor, or a total of Can$2 billion — out of Can$22 billion spent collectively by all foreign travelers, according to a report by the Canada China Business Council. That same year, tit-for-tat arrests of a top Huawei executive in Vancouver on a United States warrant and two Canadians living in China, accused of espionage, dealt a serious blow to bilateral relations. Ottawa accused Beijing of engaging in “hostage diplomacy,” before a deal was eventually reached with US prosecutors that saw all three people released in 2021. WITH AFP The post China keeps ban on group tours to Canada appeared first on Daily Tribune......»»
China snubs Canada as restrictions on tourism travel lifted
China — a major source of outbound tourists — has left Canada off a list of countries now approved for travel by tour groups, its embassy in Ottawa said Wednesday, due to anti-Beijing rattling by Ottawa. Last week Beijing lifted a Covid-era ban on group tours to dozens of countries including the United States, Germany, Japan, and Australia, but not Canada. Travel agents turn to the list of approved destinations when promoting and arranging foreign vacations for Chinese nationals. There are currently 138 countries on the list. The Chinese Embassy in Ottawa said in a statement that the reason behind the snub was "the Canadian side has repeatedly hyped up the so-called 'Chinese interference.'" It said "rampant and discriminatory anti-Asian acts and words are rising significantly in Canada" and "the Chinese government attaches great importance to protecting the safety and legitimate rights of overseas Chinese citizens and wishes they can travel in a safe and friendly environment." The United Nations tourism agency (UNWTO) says China grew to be the biggest tourism source market in the world prior to the pandemic. In 2019, Chinese tourists spent a collective US$255 billion on international travel. Group tours from China to Canada were first approved in 2010. In 2018, nearly 700,000 Chinese visitors came to Canada, spending an average of Can$2,600 (US$1,922) per visitor, or a total of Can$2 billion -- out of Can$22 billion spent collectively by all foreign travelers, according to a report by the Canada China Business Council. That same year, tit-for-tat arrests of a top Huawei executive in Vancouver on a US warrant and two Canadians living in China, accused of espionage, dealt a serious blow to bilateral relations. Ottawa accused Beijing of engaging in "hostage diplomacy," before a deal was eventually reached with US prosecutors that saw all three people released in 2021. China-Canada relations hit a new low this year amid accusations of Chinese meddling in Canadian elections and the attempted intimidation of MPs that led to the expulsion of a Chinese diplomat in May. Beijing responded by sending home a Canadian diplomat from Canada's consulate in Shanghai. Canadian government officials did not immediately reply to a request for comment. Janice Thomson, the head of tourism at Niagara Falls -- the top tourism destination in Canada -- said China's decision to leave Canada off its approved destinations list was "disappointing." She expressed hope that Canada would make it onto the list in a future round of country additions. The post China snubs Canada as restrictions on tourism travel lifted appeared first on Daily Tribune......»»
Time for the Philippines to go nuclear
With the scorching heat of the sun still going on and the looming dry spell as a result of the El Niño phenomenon, more Filipinos are using electricity to beat the soaring temperature. Unfortunately, the supply of power cannot cope with the demand, so power outages have also become common. [caption id="attachment_167841" align="aligncenter" width="2560"] Many Filipinos are increasingly unable to afford power costs, with the cost of electricity in the country among the highest in Southeast Asia. | Photographs Courtesy Of The Philippine Nuclear Research Institute.[/caption] Many Filipinos are also increasingly unable to afford power costs. The cost of electricity in the country is among the highest in Southeast Asia, according to a paper penned for the Ateneo Center for Economic Research and Development. In the Philippines, the kilowatt per hour is $0.16. Compare that to Thailand and Indonesia ($0.10/kWh) and Malaysia ($0.05/kWh). At $0.18/kWh, only Singapore surpasses the country’s Philippines rates. About 50 percent of the country’s power generation comes from coal, with natural gas and renewables accounting for just over 20 percent and the rest coming from oil-fired boilers. The country’s electricity consumption is expected to triple by 2040 — from the 90.2 TWh (Terawatt-hour) in 2018 — due to the rapidly growing economy. It’s time for the Philippines to transition away from its reliance on coal. The adoption of nuclear power is the fastest option and would make electricity costs more affordable, according to the Philippine Nuclear Research Institute. PNRI Director Carlo A. Arcilla said including nuclear power in the country’s energy mix would be beneficial to consumers as it would bring down expensive electricity rates and provide a stable source of power. Gayle Certeza, convenor of Alpas Pinas, a group that educates and advocates for nuclear energy, agrees. “We believe that nuclear energy will positively impact the lives of Filipinos because it will mean lower electricity rates that will better allow for more savings,” she said in a Daily Tribune feature. During the presidency of Rodrigo R. Duterte, Executive Order 164 was signed to include nuclear power in the country’s energy mix. Under the policy, the country “shall ensure the peaceful use of nuclear technology anchored on critical tenets of public safety, national security, energy self-sufficiency, and environmental sustainability.” Energy security The Department of Science and Technology supported EO 164, saying: “Nuclear power is envisioned to bring down the cost of electricity and to contribute to energy security considering the various limitations now being encountered in the other sources which includes natural gas, geothermal, hydro and coal.” The DoST is a member of the Nuclear Energy Program Interagency Committee, tasked to study the adoption of a national position on nuclear power. Nuclear power is one of two major alternatives to fossil fuels; the other is renewable energy (solar power, wind power, hydroelectric, geothermal energy and biomass energy). “Renewables and nuclear can complement each other,” said Arcilla in an interview. “Wind and solar depend on the status of the weather, and they only a 30-percent capacity factor unless you have an expensive battery.” Solar energy also requires one hectare of land to produce one megawatt. “This will become more challenging since the Philippines is an archipelagic country,” Arcilla said. Nuclear, on the other hand, “is more of a baseload energy, meaning it is more reliable due to its continuous production of energy. It could provide backup for wind and solar.” Threats and risks Groups such as the World Nuclear Association, the International Atomic Energy Agency and Environmentalists for Nuclear Energy contend that nuclear power is a sustainable energy source that reduces carbon emissions. But opponents, such as Greenpeace International and Nuclear Information and Resource Service, warn that nuclear power poses many threats to people and the environment, including the problems of processing, transport and storage of radioactive nuclear waste, the risk of nuclear weapons proliferation and terrorism, as well as health risks and environmental damage from uranium mining. Because of these risks, Dr. Art Romero, a geoscientist at Lawrence Berkeley National Laboratory Berkeley, California, emphasizes the need to conduct due diligence, technical hazard studies and engineering and safety reviews. If the Philippines went nuclear, where would it put nuclear waste? “It is very challenging to manage nuclear waste as it will last up to 10,000 years,” acknowledged Arcilla. “We need to isolate them from the human environment.” Arcilla suggests deep borehole disposal. “In the Philippines, we have the capability to drill up to three kilometers. So what we can do is to go to an isolated island, drill up to one kilometer, then we plug in bentonite.” It’s not the first time the Philippines will go nuclear. The Bataan Nuclear Power Plant was built by Westinghouse during the time of Ferdinand Marcos at a cost of $2.2 billion, but it was mothballed in 1986 due to safety concerns and allegations of corruption, even before it could begin operations. During the administration of Gloria Macapagal-Arroyo, proponents wanted the BNPP rehabilitated. But the project was projected to cost a hefty $1 billion. In 2019, a public perception survey indicated that 79 percent of Filipinos supported the rehabilitation of the shelved BNPP. In addition, 65 percent approved the building of new nuclear power plants. Nuclear power is the second largest source of low-carbon electricity today. With almost 500 operating reactors globally, it provides 10 percent of global electricity supply. It’s time for a rapidly developing country like the Philippines to take a second look at this critical power supply option. The post Time for the Philippines to go nuclear appeared first on Daily Tribune......»»
CoA calls out Bucor on delayed projects
The Commission on Audit has called out the Bureau of Corrections for failing to closely monitor the implementation of its prison facility projects worth P984.953 million. According to audit findings, the unfinished infrastructure projects were extra jail facilities at all operating prison and penal farms aimed at decongesting the national prisons by providing additional dormitories to accommodate the growing inmate population. The projects, forged in 2019, aimed to provide segregated facilities to reduce jail violence. The projects included building regional prison facilities at the Leyte Regional Prison, and the Iwahig and Davao Prison and Penal Farm. Renovations were also planned at the Correctional Institution for Women, while at the San Ramon Prison and Penal Farm a one-story building was to be constructed. The projects all had a target deadline. On 25 November 2019, the BuCor received a P1-billion Special Allotment Release Order to construct and rehabilitate the prison facilities. However, an audit revealed that as of 31 December, four of the projects remained incomplete, notwithstanding that they had exceeded the extension of completion date. Primary concern Moreover, CoA noted that despite the non-completion of the projects within the agreed period of completion, liquidated damages equal to at least 1/10 of one percent of the cost of the unperformed portion of works for each day of delay were not imposed or deducted from the claims of the contractors, contrary to the Revised Implementing Rules and Regulations of the Government Procurement Reform Act (RA 9184). State auditors pointed out that failure to effectively oversee the infrastructure projects not only resulted in the delay in their completion but also a delay in providing relief for the congestion at BuCor’s prison facilities for persons deprived of liberty. In response, BuCor explained that the chief of the General Services Division constituted the Inspectorate Team for the Design and Build Project of the BuCor Facility — the team responsible for ensuring efficient and effective project monitoring and site assessment validation through ocular site inspections at the corresponding project sites. Now, the officers concerned, including ex-BuCor director general Gerald Bantag, will be held accountable for the variance in the actual site conditions and the approved project documents. The BuCor said a case has been filed with the Ombudsman for plunder, malversation of public funds and corresponding administrative charges against officials under the previous administration. The post CoA calls out Bucor on delayed projects appeared first on Daily Tribune......»»
P130B mandatory investment needed for NAIA rehab
The Department of Transportation said the winning bidder for the rehabilitation of the Ninoy Aquino International Airport needs to prepare at least a P130 billion mandatory investment to deliver the much-needed upgrade for the country’s main air hub within three to five years. “There is a commitment to spend a certain amount of money for infrastructure. We are looking at something called mandatory infrastructure that should be implemented within the next five years,” Transportation Secretary Jaime J. Bautista told reporters on the sidelines of the Philippine Economic Briefing in Pasay City. “We’re looking at something that may reach almost a hundred, 130 billion pesos in investment in the next three years or five years,” Bautista said. The DoTr will publish the Terms of Reference for the solicited bidding to rehabilitate the Ninoy Aquino International Airport by next month so that contract will be awarded as early as December. The National Economic and Development Authority or NEDA, chaired by President Ferdinand R. Marcos Jr., approved the solicited bid to privatize the operations of NAIA. NEDA Secretary Arsenio Balisacan said the P170.6-billion project will help address the long-standing issues at the country’s main air hub such as congestion and limited aircraft movements that usually cause inconvenience to passengers. Last month, the DoTr and the Manila International Airport Authority submitted a joint proposal to the NEDA Board to privatize the operations and management of NAIA within 15 years. The government’s plan was shorter than the 25-year deal offered by Manila International Airport Consortium or MIAC who vied to take over NAIA. MIAC’s P267 billion proposal includes P211 billion of capital investments, P57 billion of which will be rolled out over the first five years. The remaining P154 billion, on the other hand, will be invested over the remainder of the proposed 25-year concession period. Under the NAIA Masterplan, there are three key phases of development, which will feature capacity and reliability increase, and overall improvements in passenger experience. Before the pandemic, NAIA had already breached this ceiling when it registered a peak of 47.9 million passengers in 2019. MIAC is composed of Aboitiz InfraCapital, Inc., AC Infrastructure Holdings Corporation, Asia's Emerging Dragon Corporation, Alliance Global – Infracorp Development, Inc., Filinvest Development Corporation, and JG Summit Infrastructure Holdings Corporation along with Global Infrastructure Partners. Massive railways projects slated In the same forum, Bautista also bared that the DoTr will take on railway projects with a total length of more than 1,000 kilometers. The project, which was also mentioned during Monday’s SONA, includes the following: PNR North Long Haul, 853 kilometers; Panay Railway, 100 kilometers; North Mindanao Railway, 54 kilometers; and San Mateo Railway, 17 kilometers. According to Bautista, all of these projects have secured funding to initiate feasibility studies. He said procurement is now ongoing for consultancy firms to create the feasibility studies for the rail projects lined up by the administration. The post P130B mandatory investment needed for NAIA rehab appeared first on Daily Tribune......»»
PBBM eyes expanded Phl-Singapore trade, defense ties
President Ferdinand "Bongbong" Marcos Jr. is eyeing an expansion of the Philippines’ trade and investment relations with Singapore. This came after Marcos received the credentials of Singaporean Ambassador-designate to the Philippines, Constance See Sin Yuan in Malacañang Palace on Thursday. The President said the country shares a “deep-rooted history of collaboration and cooperation” with Singapore in various areas of mutual interest. “Our bilateral relations have flourished over the past five decades, encompassing trade and investment, defense and security, education, and cultural exchanges,” he said. [caption id="attachment_142200" align="aligncenter" width="525"] President Ferdinand "Bongbong" Marcos Jr. welcomes the new Singapore Ambassador to the Philippines Constance See Sin Yuan during her presentation of credentials at Malacañang Palace on Thursday.[/caption] As co-founders of the Association of Southeast Asian Nations, Marcos said the Philippines and Singapore have become partners in advancing key issues in regional and international fora, cognizant of the importance of maintaining ASEAN centrality amidst the shifting winds of geopolitics and great power rivalries. The active bilateral ties between both countries were also strengthened following the State Visit of Singaporean President Halimah Yacob to the Philippines in 2019, where both countries celebrated their golden jubilee of diplomatic ties. While Marcos visited Singapore last year. “Such high-level visits of our government officials attest to our flourishing ties and our high regard for Singapore as a bilateral and regional partner,” Marcos said. Marcos noted that the Philippines and Singapore's economic relations remain "robust" as the countries’ total bilateral trade has increased to USD 13 billion in 2022. Apart from this, Singapore remains the country’s largest source of approved investments amounting to USD 2.4 billion in the same year. Marcos also recognized the two countries' effective cooperation on defense and security—resulting in the successful combating of terrorism and national crimes for the past years. He recalled the signing of two Arrangements concerning the Regional Counter-Terrorism Information Facility as well as humanitarian assistance and disaster relief. “Our increasing people-to-people ties continue to strengthen our bridges of understanding and friendship through cultural exchanges and capacity-building programs,” he added. See Sin Yuan, for her part, said the state visits hugely contributed to the boosting of Philippines-Singapore cooperation, in terms of financial technology, sustainability, and energy. “So, we’re keen to move forward on all these. You might also know that we are enhancing our defense cooperation,” she added. The post PBBM eyes expanded Phl-Singapore trade, defense ties appeared first on Daily Tribune......»»
Fried in own lard
While the National Transmission Corp. or TransCo concessionaire National Grid Corp. of the Philippines has been awash with cash as reflected in its billions of pesos of early dividends, it has not paid the government P3 billion plus interest on transmission fees before 2009 when the private firm took over operations of the power grid. The amount represents collections from power plants to which TransCo is entitled but remains unremitted. Under a privatization program, former President Gloria Macapagal-Arroyo approved a plan to privatize TransCo through a 25-year Operation and Management Concession Agreement. The bidding for the license to run the Philippine power grid was won by the NGCP in 2007, while Congress approved the bicameral resolution granting its franchise in 2008, and PGMA signed RA8511 into law, granting NGCP its franchise. On 15 January 2009, TransCo turned over the management of the country’s power grid to NGCP. TransCo, owner of the electricity network, and energy assets holding firm Power Sector and Liabilities Management Corp. have been demanding the payment of the amount. An energy official said the government can use the money to reduce power rates by deducting this from the monthly bills under the item universal charges. Universal charges include the so-called stranded costs or payables to Independent Power Producers that PSALM assumed from state firm National Power Corp. Instead, the energy official suspects NGCP used the withheld payments for its benefit to consistently pay fat dividends to its shareholders. In the recent Senate inquiry on the power industry, NGCP said of its P20.3 billion net income in 2019, P15 billion, or around 74 percent, went to dividends. In 2017, around 90 percent of its P20.6 billion net income went to dividends. For 2015, the NGCP distributed around 93 percent of its P22.5 billion profit as payouts to shareholders. The company particularly made its investors happy in 2014, when it said dividends exceeded its net income or P24 billion handed to stockholders against P22 billion in profit. Counting the potential interest, an energy source said the receivables from NGCP have now ballooned to more than P6 billion. NGCP’s rampant violation of the provisions of the concession agreement had resulted in a serious financial drain on the government. The provisions of the 2009 deal, which included the settling of all arrears such as the TransCo collectibles, also provided separate audited accounts for each related business and the need for NGCP to hold an initial public offering that it skirted through the back door listing of a holding company. TransCo’s financial claim from NGCP was upheld by an opinion on 18 April 2012 by the Office of the Government Corporate Counsel. “TransCo has already acquired immutable vested rights over the contested revenues,” the OGCC decision indicated. “Public policy considerations and the public nature of the receivables impose upon TransCo the obligation to recover the disputed amount for its benefit,” it added. NGCP holds a renewable 25-year concession contract and a 50-year franchise to operate the power transmission network in the country. Since the agreement was signed in 2009, the contract will run until 2034 and from then, the government has the option to renew it for another 25 years. An audit that has long been blocked by NGCP should happen and from there, the government should muster the will to take the necessary steps if abuse is found in the performance of the provisions of the concession agreement. The post Fried in own lard appeared first on Daily Tribune......»»
Loans for COVID-19 hit small businesses hit over P1.3 billion
Loan applications approved under a program to help micro and small enterprises weather the coronavirus disease 2019 pandemic have reached over P1.3 billion, the Department of Trade and Industry said......»»
Duterte OKs additional P5B for OFWs’ repatriation, aid package – DOLE chief
MANILA, Philippines — President Rodrigo Duterte has approved the release of an additional P5 billion for the repatriation and assistance of overseas Filipino workers (OFWs) displaced by the impact of the coronavirus disease 2019 (COVID-19) pandemic, Labor Secretary Silvestre Bello III announced Sunday. In a statement, Bello said a huge chunk of the fresh funds […] The post Duterte OKs additional P5B for OFWs’ repatriation, aid package – DOLE chief appeared first on Cebu Daily News......»»
Philippines FDI ‘bound to improve’ in coming years – HSBC
The Philippines would be able to attract more foreign direct investments (FDI) in the coming years amid reforms that improved the country’s business climate, HSBC Global Research said......»»
Boulevard Holdings sells 1.5-B shares to ownership group
Boulevard Holdings advised that its stockholders approved a measure to increase BHI’s authorized capital stock from 17 billion shares to 18.5 billion shares, and to sell the 1.5 billion shares to a company called Puerto Azul Landn Inc., which is also owned and controlled by the Panlilio family......»»
OceanaGold PH IPO approved by SEC
OceanaGold received SEC approval for its proposed P7.88 billion IPO......»»
SEC clears OceanaGold IPO
The Securities and Exchange Commission has approved the P7.88 billion initial public offering of OceanaGold (Philippines) Inc......»»
India orders BrahMos cruise missiles worth $2.3bn
The government has approved the purchase of 200 of the supersonic weapons, which were co-developed with RussiaNew Delhi's Cabinet Committee on Security cleared the acquisition of 200 BrahMos extended-range supersonic cruise missiles on Wednesday. The new weapons, developed jointly by India and Russia, are to be purchased for around 190 billion rupees ($2.3 billion). They will be mounted on warsh.....»»
India orders BrahMos cruise missiles worth $2.3bn
The government has approved the purchase of 200 of the supersonic weapons, which were co-developed with RussiaNew Delhi's Cabinet Committee on Security cleared the acquisition of 200 BrahMos extended-range supersonic cruise missiles on Wednesday. The new weapons, developed jointly by India and Russia, are to be purchased for around 190 billion rupees ($2.3 billion). They will be mounted on warsh.....»»
Comelec grants P18-billion election contract to Korean-led consortium
MANILA, Philippines — The Commission on Elections (Comelec) has approved a nearly P18 billion contract to lease an automated election system for the 2025 midterm polls to a joint venture led by the controversial South Korean company Miru Systems Co. Ltd. Comelec Chair George Garcia announced the decision on Thursday, stating that the poll body unanimously.....»»
8990 Holdings expands buyback limit to P7-B of stock
8990 Holdings disclosed that its board of directors voted to “expand” a P2 billion stock buyback program that was originally established back in 2019, which was then suspended during the pandemic to conserve cash......»»
Marcos approves release of P9.7 billion unprogrammed funds for DPWH projects
President Marcos has approved the release of P9.7 billion from the unprogrammed funds for public works and road repair whose original budget was slashed and included in the P60 billion in last-minute insertions in the 2024 national budget by some members of the House of Representatives......»»