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Agencies pledge P6.3B projects for Lapu-Lapu City at CDC
LAPU-LAPU CITY, Cebu — Lapu-Lapu City residents can expect more projects and programs next year, including road repairs, drainage projects, and health-related programs. During the City Development Council (CDC) full council meeting on Monday, March 4, 2024, the Department of Public Works and Highways (DPWH) pledged P5.385 billion for Lapu-Lapu City in 2025. The amount.....»»
Government raises IPAs project approval threshold to P15 billion
The government has increased the investment capital threshold assigned to investment promotion agencies (IPAs) to P15 billion in a bid to promote the ease of doing business......»»
Foreign investment pledges more than double
Foreign investment pledges approved by investment promotion agencies surged by more than 127 percent to P394.45 billion in the fourth quarter of 2023 from P173.61 billion a year ago amid the country’s strong economic performance, according to the Philippine Statistics Authority......»»
P31 billion drugs seized under President Marcos
Law enforcement agencies have confiscated P31.07 billion worth of illegal drugs under the administration of President Marcos, the Philippine Drug Enforcement Agency reported yesterday......»»
Restore P6 billion slashed from SUC budget, Senate asked
eachers and students of state universities and colleges yesterday called on the Senate to restore the P6 billion slashed from SUCs’ budget for 2024 and instead realign some P9 billion in confidential and intelligence funds of several government agencies to the education sector......»»
EU, Phl eyes creating digital gateway pack
The European Union or EU and the Philippines are crafting a digital development program, set for launch next year to help the boost Internet speed and reach, strengthen cybersecurity, and integrate more women into the digital economy. On Thursday, the Department of Finance said the two partners, along with other countries, are creating the Digital Connectivity Global Gateway Package. “The package has key elements on capacity building, regulatory or policy support, cybersecurity, and enhanced cable connectivity,” a DoF statement said. “The package, which is being considered for launch next year, will also help address the digital gender gap in the country by empowering women in the digital economy,” the DoF added. Connectivity partnership This global partnership on digital connectivity was recently sealed during the first Global Gateway Forum hosted by European Commission President Ursula von der Leyen from 25 to 25 October in Brussels, Belgium. There were 40 government leaders who attended the forum, with Finance Secretary Benjamin Diokno representing the Philippines. Global Gateway is the EU’s largest global investment program, with funding of up to 300 billion euros to be used by partner countries from 2021 to 2027 to improve their digital, energy, and transportation infrastructure, along with health and education systems. During the forum, the EU and the Philippines signed a 60 million euros financing agreement to help the latter realize projects for climate change mitigation and digital transformation. Under its digital program, the European Commission already committed in 2021 to provide all highly populated areas of the EU’s 27 member-states with faster Internet through 5G by 2030. Less than one-third of these areas benefited from that Internet technology two years ago. Expanding use of AI The commission also aims to expand the population of the EU’s small businesses using artificial intelligence and cloud from less than half to 75 percent, and those with basic technology skills from 75 percent to 100 percent over a decade. The Department of Information and Communications Technology, or DICT, on the other hand, is developing 500 to 1,000 digitalization programs. Information and Communications Technology Secretary Mon Gutierrez said the government is doubling its efforts to realize over 10 percent of its total number of digitalization programs through public-private partnerships. Also conducted by the DICT are digital literacy campaigns for government agencies, private firms and the public to spur technological innovations and better digital policies. The post EU, Phl eyes creating digital gateway pack appeared first on Daily Tribune......»»
‘Time to explore ODAs from other countries’ Poe says after Chinese ODA withdrawal
Senator Grace Poe on Thursday expressed her belief that it is high time for the Philippines to look for alternative sources of funding from other countries for the proposed Mindanao Railway Project. According to Poe, who chairs the Senate Committee on Public Services, the country may pursue official development assistance from other countries following the Department of Transportation's move to drop China as a funding source for the P83-billion railway project in the southern Philippines. “It’s time to explore ODAs from other countries and seek available funding options from multilateral institutions and international assistance agencies that can deliver the goods,” she said in a statement. Poe noted that the withdrawal of the ODA from China for a railway project “should not derail the implementation of our infrastructure programs,” “In the past years, Chinese banks have also kept us in suspended animation with delays in our loan applications putting in limbo a number of government projects,” she said. “While appearing attractive, the loans are not exactly that benevolent as they come with hefty interest rates and other strings that could be detrimental to the country in the long term,” she added. She also suggested to the government to tap the private sector which she said “holds the potential of accelerating infrastructure development and bringing innovative and efficient services.” She issued the statement after Transportation Secretary Jaime Bautista confirmed that the Philippines is no longer loan financing from China for the first phase of the Mindanao Railway Project. The first phase of the railway project aims to reduce travel time between Tagum in Davao del Norte and Digos in Davao del Sur by one hour from the current 3.5 hours. Quoting Bautista, Senate President Juan Miguel “Migz” Zubiri said in August that the Philippine government would no longer engage Chinese state-owned companies for major infrastructure projects in the country. “I talked to Secretary Jimmy Bautista, he was at the Senate recently. We talked one-on-one. I told him: ‘Secretary, you are seeing what they are doing to your Coast Guard, right?’” he said “I told him not to give Chinese state-owned companies projects here in the Philippines such as trains. We have the North to South Railways…. Let us not give it to them. Let us give it to South Morea or Japan instead,” he added. He continued: “I was glad because Secretary Bautista said they would no longer Chinese state-owned companies for their trains, airports, and big-ticket items.” The construction of the Tagum-Davao-Digos segment of the Mindanao Railway Project was supposed to start in January 2019. The post ‘Time to explore ODAs from other countries’ Poe says after Chinese ODA withdrawal appeared first on Daily Tribune......»»
Budget shortfall eases to P984 billion in 9 months
The country’s budget gap narrowed to P984 billion from January to September as revenue collections exceeded targets and as the government fell short in meeting its expenditure goal, with state agencies needing to further ramp up spending......»»
Phl, Saudi ink $4.26-B investment agreements
RIYADH, Saudi Arabia — Malacañang on Friday said that business delegations from the Philippines and Saudi business leaders inked investment agreements worth $4.26 billion. In a statement, Marcos was said to be present at the agreements' signing earlier this week, which took place on the fringes of a conference of Gulf and Southeast Asian countries in Saudi Arabia. Malacañang said that EEI Corp. of the Philippines and Samsung Engineering of Saudi Arabia have reached a deal for the export of construction services valued at $120 million. Al-Jeer Human Resources Company (ARCO) also inked a $3.7 billion human resource services contract with the Association of Philippine Licensed Agencies for the Kingdom of Saudi Arabia, the Palace added. A $191 million agreement for human resource services was also inked by Maharah Human Resources Co. of Saudi Arabia, Staffhouse International Resources of the Philippines, and E-GMP International Corp. of the Philippines. President Marcos acknowledged the valuable contributions of the companies that took part in the effort to strengthen the bilateral ties between the Philippines and Saudi Arabia, which served as home to over one million Filipino migrant workers. “To our current and future business partners, I hope that this meeting has served as an excellent platform for building greater and closer partnerships between the Philippines and the Kingdom of Saudi Arabia,” President Marcos said. President Marcos also assured the business community that the Philippines will remain steadfast in its commitment to continuously support current and prospective Saudi investors as he emphasized that the Philippine government has amended existing laws to further open its economy to foreign investments. The post Phl, Saudi ink $4.26-B investment agreements appeared first on Daily Tribune......»»
SUC faculty, students seek restoration of P6 billion budget
In a unity statement, faculty members and student leaders of state universities and colleges yesterday reiterated their calls on Congress to restore the P6.155-billion budget cut on 30 SUCs and abolish the “excessive and unnecessary” confidential and intelligence funds of several government agencies......»»
PEZA chief understands investors’ dilemma
The director general of the Philippine Economic Zone Authority said he understands the clamor of investors with regard to tax perks and incentives, which is why it’s only right that the government has finally decided to amend the implementing rules and regulations of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. During discussions at the Rotary Club of Manila membership meeting last 5 October 2023, a member of the Club who is an investor in various sectors locally said the current policies of the government in terms of tax perks were unpredictable because of the “tug of war” between the investment promotion agencies, that is, PEZA and the Board of Investments, which are both under the watch of the Department of Trade and Industry, and the Fiscal Incentives Review Board, chaired by Finance Secretary Benjamin Diokno. Last among five countries He said that explains why the Philippines is the last among five countries considered by investors as investment destinations in Southeast Asia, with investments now being dominated by Vietnam, followed by Singapore, Malaysia and Cambodia. The Rotarian said in terms of exports, the Philippines is also a laggard compared to the performance of the country’s Southeast Asian counterparts. Total Philippine exports dropped to $6.1 billion in July 2023, from $6.7 billion in the previous month. In comparison, Vietnam in August 2023 enjoyed $32.8 billion in exports. Most attractive destination Vietnam is now considered Southeast Asia’s most attractive destination for foreign investors because of its favorable business environment, steady economic growth, improved infrastructure and pro-foreign investment policy changes. According to Standard Chartered Bank, Vietnam’s advantages to being the top tourist destination are in terms of labor, global trade integration, supply chains, political stability, and potential resources, with the government committed to promoting trade and sustainable growth. Unclear policies Another issue that was being questioned by some investors, according to the Rotarian, is the realization of the Fourth Industrial Revolution which also doesn’t have clear policies for renewable energy, data centers, information technology and artificial intelligence. “We have yet to see concrete policy formulation and a roadmap to that effect, compared to the recent pronouncement of US President Joe Biden that Vietnam is positioned as the future chipmaker. The United States is currently legislating measures to dispense funds for that purpose. There seems to be a disconnect,” the investor said. Regarding this, PEZA’s Panga admitted that there were indeed ‘differences’ in terms of policies among government agencies, particularly the DTI and the FIRB. Still, Panga sought the support of the oldest and first Rotary Club in Asia where it concerns PEZA’s job to further attract foreign direct investments into the country. Panga emphasized that a whole government, industry, and society approach is needed to improve and lessen the cost of doing business. Eco-zoning push “Through our collaborations and strategic alliances, PEZA, together with the Rotary Club of Manila, other ecozone industries, and stakeholders, will continue to push for eco-zoning the Philippines towards inclusive and sustainable development,” he added. Last August 2023, Finance Secretary Diokno and Trade and Industry Secretary Pascual approved the amendment to the IRR of the CREATE Act that will resolve the value-added tax issues raised by transitory registered business enterprises. The post PEZA chief understands investors’ dilemma appeared first on Daily Tribune......»»
PEZA chief understands Rotarian investors’ dilemma
The director general of the Philippine Economic Zone Authority said he understands the clamor of investors with regard to tax perks and incentives, which is why it’s only right that the government has finally decided to amend the implementing rules and regulations of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act. During discussions at the Rotary Club of Manila Membership Meeting on Thursday, a Rotarian who has invested in the country said the current policies of the government in terms of tax perks remain unpredictable because of the ‘tug of war’ between the investment promotion agencies, namely PEZA and the Board of Investments, which are all under the watch of the Department of Trade and Industry, with the Fiscal Incentives Review Board, chaired by Finance Secretary Benjamin Diokno. He said that the reason why the Philippines is the last among the top five countries considered as top investment countries in Southeast Asia, which is now being dominated by Vietnam, followed by Singapore, Malaysia, and Cambodia. He said in terms of exports, the Philippines is also a laggard compared to the performance of Southeast Asian counterparts. The Philippines' total exports plummeted to $6.1 billion in July 2023, compared with $6.7 billion in the previous month. Its tough competitor, Vietnam, this August 2023 is enjoying $32.8 billion in exports. Vietnam is now considered Southeast Asia’s most attractive destination for foreign investors because of its favorable business environment, steady economic growth, improved infrastructure, and policy changes. According to Standard Chartered, Vietnam’s advantages to being the top tourist destination are in terms of labor, global trade integration, supply chains, political stability, and potential resources, with the government committed to promoting trade and sustainable growth. Unclear policies Another issue that was being questioned by some investors, according to the Rotarian, is the realization of the Fourth Industrial Revolution which doesn’t have clear policies for renewable energy, data centers, information technology, and artificial intelligence. “We have yet to see concrete policy formulation and roadmap to that effect. Compared to the recent pronouncement of US President Joe Biden Vietnam will be positioned as the future chipmaker, and the US is now legislating measures to dispense funds for that purpose. There seems to be a disconnect,” the investor said. With this, PEZA’s Panga admitted that there are indeed ‘differences’ with government agencies, particularly the DTI and the FIRB, but also sought the support of the club in PEZA’s job to further attract foreign direct investments into the country. Panga further emphasized that a whole government, industry, and society approach is needed to improve the ease and lessen the cost of doing business. "Through our collaborations and strategic alliances, PEZA, together with the Rotary Club of Manila, other ecozone industries, and stakeholders, will continue to push for eco-zoning the Philippines towards inclusive and sustainable development," he added. Last August, Finance Secretary Diokno and Trade and Industry Secretary Pascual approved the amendment to the IRR of the Act that will resolve the value-added tax issues raised by transitory registered business enterprises. The post PEZA chief understands Rotarian investors’ dilemma appeared first on Daily Tribune......»»
Bong Go shows full support to Filipino athletes in 19th Asian Games
Senator Christopher "Bong" Go, chairperson of the Senate Committee on Sports, articulated his deep sense of pride for Filipino athletes participating in the 19th Asian Games being held in Hangzhou City, China, from 23 September to 8 October. The senator personally traveled to China to show his full support for the Philippine delegation early this week. He also attended live competitions, including the recent match between Gilas Pilipinas and Iran at Zijingang Gymnasium, Zhejiang University on 3 October. “Nakapanood din tayo ng ilang live competitions, gaya na lang ng nakaraang laban ng Gilas Pilipinas kontra sa Iran," he said. “Masarap talaga ang pakiramdam bilang isang Pilipino dahil muling nagwagi ang pambato natin sa basketball na Gilas Pilipinas,” he shared. Go, chairperson of the Senate Committee on Sports, expressed his appreciation and heartfelt gratitude to the athletes, coaches, national sports associations and staff, as well as the Philippine Olympic Committee, Philippine Sports Commission and other agencies who worked hard to support the Philippine delegation. "Bilang chair ng Senate Committee on Sports, taus-puso kong pinupuri at pinasasalamatan ang mga manlalaro nating ibinibigay ang lahat para itaas ang bandera ng Pilipinas sa ginaganap na kumpetisyon," he said. Meanwhile, Go also congratulated Gilas Pilipinas for their historic win over China in the semifinals on October 4, which secured their spot in the gold medal match against Jordan. He praised Justin Brownlee for his clutch performance that led the team to a stunning comeback from a 20-point deficit. The senator also expressed his excitement for the upcoming gold medal match between Gilas Pilipinas and Jordan. He said he will be cheering for the team as they aim to win the country’s first-ever Asian Games gold in basketball. The match is scheduled for 6 October. Go then lauded jiu-jitsu fighter Margarita "Meggie" Ochoa for winning the second gold medal for the Philippines on 5 October. Ochoa defeated Balqees Abdulla of the United Arab Emirates in the final match of the women's –48 kg division. She joined pole vaulter Ernest John Obiena as the country's gold medalists in this edition of the Asian Games. “Samantala, ang boxer na si Eumir Marcial ay pasok na rin sa Asian Games finals matapos niyang ma-knockout ang Syrian boxer na si Ahmad Ghousoon sa men's 80kg weight class nitong October 4. Dahil dito, haharapin ni Eumir sa finals si Tanglatihan Tuohetaerbieke ng China para sa gold medal. Pasok na rin si Eumir sa 2024 Paris Olympics,” Go also mentioned. As vice chairperson of the Senate Committee on Finance, Go has also been a strong advocate for increased funding for sports programs. He revealed that last year's proposed budget for the Philippine Sports Commission was approximately P200 million. However, he pushed for an additional P1 billion, thereby significantly enhancing the financial support for athletes in international competitions. "Dahil dito, nakapagbigay tayo ng pinansyal na suporta para sa mga atletang lumahok sa mga international competitions," he added. This move paved the way for the provision of financial support for athletes participating in international competitions, including the recent 2023 Southeast Asian Games in Cambodia and the ongoing Asian Games in China. Go also emphasized the importance of grassroots sports development, saying, “Tinututukan din natin ang grassroots sports development upang mahubog ang mga kabataan nasaan man sila sa bansa na nagnanais na sumabak sa mga pambansa at pandaigdigang palaro.” In line with this, he highlighted his role as the author and co-sponsor of RA 11470, which established the National Academy of Sports in New Clark City, Tarlac. "Ang NAS ay nagbibigay ng de-kalidad na edukasyon at sports training sa mga batang may potensyal na maging world-class athletes," he added. Additionally, Go filed SBN 423, or the Philippine National Games (PNG) Act, to institutionalize a national platform for athletes, especially the youth, to showcase their talents. "Sa pamamagitan ng PNG, mas maraming talento ang mabibigyan ng pagkakataon na makilala at mapabilang sa ating mga national team," he said. The senator also continues to support the implementation of sports clinics, community leagues, and the provision of sports equipment in rural areas. "Sabi ko nga palagi, ‘get into sports and stay away from drugs!’" he advised. Go called on all Filipinos to continue supporting and praying for all athletes competing in the Asian Games and other competitions. "Ang kanilang tagumpay ay tagumpay ng buong sambayanang Pilipino! Laban, Pilipinas! Ipakita natin ang puso ng Pilipino na lumalaban hanggang dulo!" he exclaimed. "Go, go, go for the gold!" he cheered. As of 5 October, the Philippines has two golds, one silver, and nine bronze medals in the ongoing Asian Games. The post Bong Go shows full support to Filipino athletes in 19th Asian Games appeared first on Daily Tribune......»»
BoI grants towers green lane access
Deals involving 6,400 shared passive telecommunications towers nationwide by 2030, which will require an investment that will provide thousands of jobs to Filipinos in the telecom industry, will be fast-tracked following the approval of its green lane application by the Board of Investment. On Wednesday, the BoI provided the green lane endorsement to the Common Passive Telecommunications Tower Infrastructure Project of EdgePoint Tower Inc. BoI Governor Marjorie Ramos-Samaniego awarded the certificate of endorsement to EdgePoint Tower representatives headed by its chief financial officer Vicente Francisco Araña at the BoI Main Office in Makati City last 18 September 2023. EdgePoint Tower Inc. is eyeing to build and lease towers for telecommunications and digital services providers in the Philippines, a P50-billion telco infrastructure project that is expected to generate around 9,700 jobs. Aligned with the Philippine Development Plan 2023-2023’s goal of expanding and upgrading infrastructure, the project shall support the government’s initiative to enhance telecommunications services nationwide and increase connectivity, mobile network access, and Internet penetration in unserved and underserved regions of the country. The BoI added the project will provide access to the essential telecommunications infrastructure to enhance mobile telecommunications services and create a level playing field among new and existing Mobile Network Operators. Telecom infra levels up “Through continuous innovation and the use of the latest technology, the project aims to elevate the methods by which telecommunication infrastructure is developed, operated, and maintained in the Philippines. It will optimize tower design to use fewer materials and will begin using indigenous materials to replace steel elements. To lower its carbon impact, the project will promote the use of renewable energy to power telecommunications infrastructure installations,” the BoI statement said. The BoI One-Stop Action Center for Strategic Investments will monitor the actions taken by concerned government agencies on Edgepoint’s applications for permits and licenses and will submit a report to the Office of the President accordingly. Telco infrastructure is one of the priority sectors of the BoI alongside EVs, smart/high-tech lighting manufacturing, outsourced semiconductor assembly and test, green metals, high-tech agriculture, renewable energy, and data centers. Aside from generating more jobs for Filipinos, the project will strengthen the country’s telecommunications landscape and provide high-speed Internet connectivity to various areas. The post BoI grants towers green lane access appeared first on Daily Tribune......»»
Investors’ confidence to Phl intact — Pascual
Trade Secretary Alfredo Pascual on Monday belied news reports that the investors' confidence in the Philippines has gone down, emphasizing that it remains solid as evidenced by high reinvested earnings and rising foreign investment approvals even if there was a slight decline in the foreign direct investment inflows in the first semester of 2023. Pascual issued the statement in response to a news report saying FDI declined by 20 percent to $3.9 billion in the first half of 2023 compared to the same period last year based on Bangko Sentral ng Pilipinas data. “In summary, although FDI in the Philippines declined in the first semester of 2023, there remains solid foreign investor confidence in the country, as demonstrated by the high reinvested earnings and the rising foreign investment approval by BOI and other IPAs (Investment Promotion Agencies),” Pascual said. The Trade chief noted that it is essential to recognize that FDI numbers reflect decisions investors made well before the actual funds’ inflow recorded by BSP. Further, he said global financial conditions, especially the high inflation and interest rates during the first half of 2023, contributed to the FDI decline but such decline is not a phenomenon unique to the Philippines. Other ASEAN countries also experienced drops in their FDI, he said. “Factors such as inflation rates and investment rates substantially influence FDI decisions. Stable inflation and competitive interest rates generally attract FDI, whereas high inflation and unfavorable rates can repel foreign investors,” Pascual noted. “Under the Marcos Jr. administration, a representative metric of investment performance is the foreign investment approvals by the DTI’s IPAs.” He emphasized that there are also foreign investments in the Philippines that are not registered with the IPAs and they happen without going for incentives. Pascual pointed out that since 2022, there has been a consistent increase in these approvals by the DTI-Board of Investments and other investment promotion agencies. Data from the DTI said from January to June 2022, total IPA approvals were at $1.06 billion; from July to December 2022, US$3.28 billion; and, from January to June 2023, US$8.45 billion. He said FDI in a particular year does not solely arise from recent investment leads. FDI inflows could be based on decisions made years prior and might be realized in stages over time. The gestation period, or the time from initiation to realization, varies considerably depending on factors like the project’s nature, the involved sector, and the host country’s regulatory environment. "However, it is crucial to understand the realization of timelines of these investments. FDI in a particular year does not solely arise from recent investment leads. FDI inflows could be based on decisions made years prior and might be realized in stages over considerably depending on actors like the project’s nature, the involved sector, and the host’s country regulatory environment," he said. Pascual said for instance BPO centers, if expanding or within established spaces, might only take months. Yet, if constructing a new facility, the timeline extends. Manufacturing projects, especially if new, can take 4 to 5 years. Renewable energy projects have varying timelines, with large-scale projects needing several years. “The future looks promising, given the rising trend in foreign investment approvals by BOI and our other IPAs and the continued efforts to promote the Philippines as an attractive investment destination,” Pascual added. The post Investors’ confidence to Phl intact — Pascual appeared first on Daily Tribune......»»
DoF: ESG bond deals hit $3.55B
The government has funded green and social projects through the issuance of bonds amounting to $3.55 billion or P195.64 billion from March 2022 to January this year, resulting in bigger areas of replanted forestland and more flood-safe communities and benefiting agricultural entrepreneurs and students with tertiary education. The Sustainability Bond Allocation and Impact Report released Monday by the Department of Finance shows the total fund consisted of four bond transactions dedicated to environment, social and governance or ESG projects. For last year’s bond issuances, the government raised $1 billion in March, 70.1 billion Japanese yen in April, and $750 million in October. In January this year, it raised $1.25 billion. Proceeds from the bonds were used to either fully or partially finance and refinance four groups of projects by various government agencies from 2020 to 2022. DENR’s planting, marine program First, the planting and marine program by the Department of Environment and Natural Resources expanded greenery in forestland spanning 45,947.44 hectares and preserved plants in 191,081 hectares last year. Meanwhile, 244 areas covering 7.73 million hectares of terrestrial, marine, coastal, caves, and wetlands have been protected against biodiversity destruction. The P10.1-billion program provided jobs to 1,868 Filipinos this year from 1,808 in 2020 and financial aid to 68 groups from 25. Moving forward, the Marcos administration aims to boost production of bamboo and indigenous tree species on 3,565 hectares of land. Second, the flood management projects of the Department of Public Works and Highways along the country’s major rivers and river basins increased to 2,088 projects last year from 2,037 in 2020. These included floodways, dikes, water impounding structures and dredging works. The bond proceeds allocation to this program was P80.7 billion or 27 percent of the total project cost. Third, the bond proceeds enabled the Department of Labor and Employment, or DoLE, to provide business training, working capital, tools, and microinsurance to 9,112 members of the marginalized communities and displaced workers. These benefits were given under DOLE Integrated Livelihood Program, and Tulong Panghanapbuhay sa Ating Disadvantaged/ Displaced Workers or the Emergency Employment Program. Lastly, the Commission on Higher Education and the Technical Education and Skills Development Authority were able to distribute funds for free tertiary education and subsidies to Filipino youth. Beneficiaries of free education in CHED-accredited local universities and colleges increased to 349,208 last year from 253,302 in 2020. The post DoF: ESG bond deals hit $3.55B appeared first on Daily Tribune......»»
Phl disaster preparedness gets P450-M assistance
The United States government is providing more than P450 million ($8 million) in additional funding to strengthen disaster preparedness and response in vulnerable communities in the Philippines. The new funding will primarily enhance typhoon preparedness and develop resilient livelihood strategies in the regions of Bicol, Caraga and Eastern Visayas. It will be facilitated through the US Agency for International Development, or USAID. Likewise, it will also fund partnerships with the private sector to help ensure the continuity of businesses and other critical services, such as energy and water, after disasters. The USAID assistance will also go to training personnel of the Office of Civil Defense, Department of Information and Communications Technology, Department of Social Welfare and Development, and other relevant government agencies in setting up post-disaster logistics, emergency shelters and emergency telecommunications. Additionally, USAID said it will also work with local government units in Eastern Samar and the Bangsamoro Autonomous Region in Muslim Mindanao to set up referral systems for children’s welfare and protection during disasters. “Strong typhoons came earlier than expected this year, and we’re reminded of how vulnerable many Philippine communities are to the impacts of natural disasters,” said USAID Philippines Mission Director Ryan Washburn. “We are proud of our partnership with the Philippine government to help the Filipino people prepare for and respond to disasters,” he added. Since 2010, USAID has provided approximately P17 billion ($372 million) in disaster relief and recovery aid and boosted the disaster risk reduction capacity of over 100 cities and municipalities in the Philippines. The post Phl disaster preparedness gets P450-M assistance appeared first on Daily Tribune......»»
‘Intel fund requests being abused’
A lawmaker said Monday the grant of confidential and intelligence funds under the national budget has become a trend that several government agencies have abused. Iloilo Rep. Janette Garin on Monday said there has been a noticeable increase in the allocation of confidential and intelligence funds in recent years granted to various agencies unrelated to national security or surveillance. “There are many who have joined the trend and abused it,” Garin said. “If you look at the historical data, the jump started in 2017, when the total confidential fund in 2016 was P720 million. In 2017, it jumped to P2.07 billion and by 2020, it more than doubled to P4.57 billion,” she said. The marathon deliberations on the proposed P5.768-trillion national budget for 2024 had led to intense debates in the House, particularly on the grant of multi-million-peso confidential funds to numerous civilian agencies, including the Office of the Vice President and the Department of Education. Last week, Marikina Rep. Stella Quimbo, the senior vice chair of the House appropriations panel, said that about 10 government agencies, including the OVP and DepEd, which Vice President Sara Duterte both heads, are expected to be affected by the House’s plan to realign the confidential funds to national security agencies. The realignment is being mulled amid China’s persistent assertiveness inside Philippine territory in the West Philippine Sea. Duterte sought P2.395 billion and P758.6 billion for the OVP and DepEd, respectively, in the proposed 2024 budget, including P500 million and P150 million, respectively, in confidential funds. The post ‘Intel fund requests being abused’ appeared first on Daily Tribune......»»
US provides P450-M to boost disaster preparedness of vulnerable communities
The United States government, through the US Agency for International Development (USAID), is providing more than P450 million ($8 million) in additional funding to strengthen disaster preparedness and response in vulnerable communities in the Philippines. The new funding will primarily enhance typhoon preparedness and develop resilient livelihood strategies in the regions of Bicol, CARAGA, and Eastern Visayas. It will also fund partnerships with the private sector to help ensure the continuity of businesses and other critical services, such as energy and water, after disasters. Additionally, USAID’s assistance will train personnel from the Office of Civil Defense, the Department of Information and Communications Technology, the Department of Social Welfare and Development, and other relevant government agencies in setting up post-disaster logistics, emergency shelters, and emergency telecommunications. USAID will also work with local government units in Eastern Samar and the Bangsamoro Autonomous Region in Muslim Mindanao to set up referral systems for children’s welfare and protection during disasters. “Strong typhoons came earlier than expected this year, and we’re reminded of how vulnerable many Philippine communities are to the impacts of natural disasters,” said USAID Philippines Mission Director Ryan Washburn. “We are proud of our partnership with the Philippine government to help the Filipino people prepare for and respond to disasters,” The United States is a key partner of the Philippine government in preparing for and responding to disasters, as well as delivering life-saving humanitarian assistance. Since 2010, USAID has provided approximately P17 billion ($372 million) in disaster relief and recovery aid and boosted the disaster risk reduction capacity of over 100 cities and municipalities in the Philippines. The post US provides P450-M to boost disaster preparedness of vulnerable communities appeared first on Daily Tribune......»»
SBMA officials in hot water
Subic Bay Freeport — Subic Bay Metropolitan Authority chairperson and administrator Jonathan Tan on Friday ordered the suspension of Seaport department manager Jerome Martinez and consultant Rico Reyes after various brokers said that they were allegedly extorted for their shipments in Subic Bay Freeport. In a meeting with port users at the Boardroom of the Administration Building, Tan assured that the SBMA will conduct a thorough investigation on the matter and would ensure a swift decision on the two officials. He added that he does not tolerate illicit activities such as extortion, citing that the agency will weed out any unscrupulous officials and consultants. Zambales Representative Jay Khonghun backed the decision of Tan, urging other port users to come forward and reveal their experiences regarding extortion inside the Freeport. “These brokers complained that they were being extorted for money, that alone is a clear indication of the actions being done against them. They only want to work and earn their money,” Khonghun said. Regarding the P3.6-billion drugs that were intercepted in Pampanga, Tan said that it was a controlled release in coordination with the SBMA, Philippine Drug Enforcement Agency, National Bureau of Investigation and the Bureau of Customs Port of Subic. The SBMA chief added that the controlled release is to apprehend those involved in the said shipment. “We are working with various agencies regarding the controlled release of the said drugs. The SBMA relinquishes the authority on the drugs and let the proper authorities handle the controlled release,” Tan said. The P3.6 billion worth of shabu was seized at a warehouse in Mexico on Wednesday and was intercepted by operatives from the BoC Port of Subic, NBI, the PDEA and the Department of Justice. Tan said that the 530 kilos of shabu is placed in mixed red tea bags and golden tea bags inside brown boxes. He added that the boxes also contained chicharon or dried fish. The post SBMA officials in hot water appeared first on Daily Tribune......»»