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New Board Members for UN Voluntary Trust Fund for Victims of Trafficking in Persons Announced
Vienna, 2024: The latest board of trustees of the UN Voluntary Trust Fund for Victims of Trafficking in Persons (UNVTF) has been established. The board is now constituted of:The five anti-human trafficking experts, representing the five UN Regional Groups, were appointed by the UN Secretary General Antonio Guterres to provide strategic guidance to the Trust Fund over th.....»»
Recto joins BSP’s Monetary Board
Newly appointed Finance Secretary Ralph Recto has formally assumed the role of the government’s representative to the seven-member Monetary Board, the highest policy-making body of the Bangko Sentral ng Pilipinas......»»
Diokno’s back, but Bangko Sentral ‘not sure’ if Ralph Recto will sit in its powerful Monetary Board
'There’s an appointed secretary of finance but me personally, I’m not sure if the secretary of finance will sit as a member of the Monetary Board,' says BSP Deputy Governor Eduardo Bobier.....»»
World Bank chief vows to tackle ‘dysfunctionality’ at development lender
World Bank President Ajay Banga said Tuesday that he is working to reform "dysfunctionality" in the boardroom of the development lender, and pledged to refocus its mission to better address the challenges posed by climate change. The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its current twin mandate of poverty alleviation and boosting shared prosperity to include climate change. "I think the twin goals have to change to being elimination of poverty, but on a livable planet, because of the intertwined nature of our crises," he said. He added that he was working to redefine the World Bank's business around what he called five key knowledge "verticals": people, prosperity, planet, infrastructure, and digital. Fixing the plumbing Banga, an Indian-born naturalized US citizen, was nominated to lead the World Bank earlier this year by President Joe Biden and began his new role in June. The bank has historically been led by an American, while the International Monetary Fund (IMF) has been run by a European -- a controversial arrangement that has existed since the two institutions were founded in the aftermath of the Second World War. Banga has already made a number of changes to the bank's management since taking over, setting up a new 15-person private sector advisory board, and pledging deeper cooperation with regional development banks to tackle shared challenges. On Tuesday, Banga vowed to "fix the plumbing" at the bank, which he said suffered from "dysfunctionality" in the boardroom. The World Bank's board is made up of 25 executive directors appointed by its 189 member countries, who must balance the interests of the development lender with those of the states they represent. "I want people to say when I’m gone that I left the bank working much better than when I got it, because then my successor will not have to deal with what I’m dealing with," he said. Climate change Proposals to reform the World Bank's balance sheet from countries including the US and Saudi Arabia could add as much as $125 billion in extra lending capacity if they come to pass, Banga told the audience in New York. This would be a significant increase for the development lender, which mobilized just over $100 billion in financing last year. Banga has previously called on the World Bank to collaborate more closely with the private sector to meet the enormous costs associated with climate change mitigation and adaptation. On Tuesday, Banga said the bank should carefully target where it wants to encourage private investment to help cap carbon emissions in order to have the biggest impact. "We need to focus on 10 countries where the growth of emissions will be so high if we don't change to renewables that all the work we do in the developed world to reduce the use of emission-heavy energy will be lost," he said, without naming them. These middle-income countries are states "where there is some hope for the private sector, both in terms of scalable models and the like, that renewable energy could make money," he added. In order to invite the private sector to participate, the World Bank should offer to manage some of the political risks associated with climate-related investments in these countries, along with the risk of currency fluctuations, Banga said. The World Bank group already has a political risk agency, but the foreign exchange risk is an issue that still needs to be resolved, he told the audience in New York. "That's the way to involve the private sector," he added. The post World Bank chief vows to tackle ‘dysfunctionality’ at development lender appeared first on Daily Tribune......»»
P75-M PAGCOR mess: CIDG launches manhunt vs. suspect
The Philippine National Police - Criminal Investigation and Detection Group (PNP-CIDG) has launched a nationwide manhunt for the primary suspect in the P75-million controversy in the Philippine Amusement and Gaming Corporation (PAGCOR) after he and four others were able to elude arrest during a recent raid in their lair in Loac, Pangasinan. The PNP-CIDG director, Major General Romeo Caramat, identified the primary suspect as Jewel Castro. He and certain Ethan Eleazar, Norbert Escalante, Enrico San Miguel, and Rebecca Ferolina managed to escape even before the operatives swooped down a secluded illegal online sabong operation in Loac. Castro and his cohorts in PAGCOR are the subject of a top-to-bottom investigation ordered by PAGCOR Chairman Alejandro Tengco in connection with the missing P75-million cash performance bond exposed by an investor and officer of a corporation, an erstwhile franchisee of the disbanded e-sabong operation. The raid conducted by CIDG coincided with the lodging of a graft complaint with the Office of the Ombudsman by one Joaquin Sy, against a former and two top officials of PAGCOR and three private individuals headed by Jewel Castro. Sy, who is the treasurer and the chairman of the board of Kamura Highlands Gaming and Holdings Inc., in his complaint said that on 4 April 2022, he personally posted cash for the performance bond at PAGCOR's office in Malate, Manila on behalf of their corporation. He provided two manager’s checks payable to PAGCOR and drawn against his personal bank accounts. In return, PAGCOR issued official receipts and other documents proving the posting of a bond by the corporation. Under PAGCOR’s guidelines, only a corporation can apply to be a franchisee of e-sabong operation. Sy, however, said that when then-president Rodrigo Duterte disbanded the e-sabong on May 2022, he requested PAGCOR in writing of the intention of his corporation to withdraw the cash performance bond but to no avail. He added that later on, he was told by PAGCOR's Assistant Vice President for Finance Lolita Gonzales that a P75-million Land Bank check was already issued to one Jewel Castro sometime in July 2022. Meanwhile, in a press statement, the newly-appointed PAGCOR chair said, “We have launched an internal investigation and we are trying to re-create the sequence of events since the department allegedly involved, the E-Sabong Department, has already been disbanded.” Tengco hinted that the release of a check in the name of an individual not to the corporation that posted it, could not be possible without the connivance of personnel within PAGCOR. “We will bring the perpetrators to justice if indeed there was any anomaly,” he stressed. On the other hand, a confidant of Castro in his clandestine e-sabong operation who refused to be identified said that Castro expressed his intention to cooperate with PAGCOR’s ongoing investigation but fears for his safety, considering the persons and the amount of money involved in the anomaly. Castro is considered the key figure to unlock the mystery of the missing P75-million cash performance bond. The post P75-M PAGCOR mess: CIDG launches manhunt vs. suspect appeared first on Daily Tribune......»»
Former SC Associate Justice Callejo Sr. passes away
The Supreme Court yesterday announced the passing on Tuesday, 19 September, of retired Associate Justice and Chairperson of the Judicial Integrity Board Romeo J. Callejo Sr., 86. Chief Justice Alexander G. Gesmundo said Justice Callejo Sr. will always be remembered as one of the members of the Court who, for close to four decades, ‘tirelessly and selflessly devoted his life in the service of the Judiciary.” Justice Callejo Sr.’s remains lie in state at Loyola Memorial Chapels along Commonwealth Avenue in Quezon City. Public viewing started at 3 p.m. on 20 September and will be held until noon of 23 September. A necrological service will be held at Loyola Memorial Chapels on Friday, 22 September starting at 4 p.m. Justice Callejo Sr. served as judge of the Manila City regional trial court starting in 1986. As RTC judge, he was awarded twice as Outstanding Judge of Manila in 1991 and 1994. In 1992, he was awarded the Cayetano Arellano Award for Judicial Excellence. In 1994, he was promoted associate justice of the Court of Appeals. In 2002, he was elevated as SC associate justice, a post he held until his mandatory retirement in 2007. Justice Callejo Sr. was part of the Philippine Judicial Academy Corps of Professor, and was appointed as PhilJA Vice Chancellor in 2015. In 2020, he was appointed the first JIB chairperson. He is survived by his wife Filipinas V. Callejo; children Michel and Geraldine Geday, and Romeo and Ivy Callejo; and grandchildren Jacqueline Callejo-Geday and Amelie Callejo. The post Former SC Associate Justice Callejo Sr. passes away appeared first on Daily Tribune......»»
PBBM approves appointments within DOTr, DMW
President Ferdinand Marcos Jr. has approved a number of recent appointments within the Department of Transportation and the Department of Migrant Workers, Malacañang said on Friday. In a Facebook post, the Presidential Communications Office said that Marcos assigned Arrey A. Perez as the President and Chief Executive Officer of the Clark International Airport Corporation. CIAC is responsible for overseeing the development of Clark International Airport under the jurisdiction of the DOTr. Perez will also serve on the CIAC's Board of Directors. Perez previously served as the Bases Conversion and Development Authority's Senior Vice President for the Corporate Services Group. Marcos also appointed Victor Manuel Jr. as one of CIAC's Board of Directors. Samsudin Lingtongan was named Director III and Victor Del Rosario was named Executive Director III under the Department of Migrant Workers. The post PBBM approves appointments within DOTr, DMW appeared first on Daily Tribune......»»
BP chief Bernard Looney resigns ‘with immediate effect’
British energy giant BP said Tuesday that its chief executive Bernard Looney has resigned "with immediate effect", after admitting that he had not been "fully transparent" about historical relationships with colleagues. "Bernard Looney has notified the company that he has resigned as chief executive officer with immediate effect," the company said in a statement, adding that finance chief Murray Auchincloss would act as interim CEO. Looney, 53, is leaving the energy firm after less than four years in the role. BP said that in May last year, its board received and reviewed allegations from an anonymous source relating to Looney's conduct "in respect of personal relationships with company colleagues". Looney disclosed "a small number of historical relationships with colleagues prior to becoming CEO" during the review, it added while noting that no breach of the company's code of conduct was found. However, the board was given his assurances over his disclosures of past personal relationships, as well as his future behavior, according to BP. "Further allegations of a similar nature were received recently, and the company immediately began investigating with the support of external legal counsel," it said, adding that the process was continuing. "Mr Looney has today informed the company that he now accepts that he was not fully transparent in his previous disclosures," BP added. "He did not provide details of all relationships and accepts he was obligated to make more complete disclosure." BP said the board expects all staff to behave in accordance with the company's values. "All leaders in particular are expected to act as role models and to exercise good judgment in a way that earns the trust of others," the company said. Looney has been at BP since joining the British energy behemoth in 1991 and was appointed chief executive in 2020. The company said no decisions had yet been made regarding any remuneration payments. Looney had vowed to reposition BP as a leader in clean energy technologies, and gradually cut oil and gas production to reduce carbon emissions, but environmentalists have criticized the firm for inaction in that regard during his tenure. Like many of its rivals, BP earlier this year unveiled record annual profits for 2022, thanks to soaring oil and gas prices following Russia's invasion of Ukraine. However, earnings have fallen somewhat from those heights so far this year, as energy prices retreated for much of 2023. Nonetheless, BP said in August it was hiking its dividend and returning $1.5 billion to shareholders by repurchasing stock. The post BP chief Bernard Looney resigns ‘with immediate effect’ appeared first on Daily Tribune......»»
RSBS revisited
All it required, inherent vulnerabilities notwithstanding, to “screw up” the Armed Forces of the Philippines-Retirement and Separation Benefits System, was a meeting of minds between the Chief of Staff of the AFP and the Secretary of National Defense. In short, it was a classic case of “partners in crime” — what one administered, the other approved. Under Presidential Decree 361, the CSAFP administered the RSBS through a board organized by himself, subject to the SND’s approval. There was a nine-man Board of Trustees that the CSAFP appointed, from its president down. PD 361 stipulated that the retirement benefits of retiring AFP personnel would be paid out of annual congressional appropriations for the AFP. Per the proviso, when the payment of retirees’ pensions exceeded P100 million in any year, the excess would be paid out of the RSBS funds. After the initial seed capital of P200 million had been given to RSBS, no further sums were appropriated/paid into RSBS. No Congress — across the terms of Presidents Corazon Aquino, Fidel Ramos and Joseph Estrada — initiated appropriations for the RSBS pension system. Since then, the retirement benefits for retiring AFP personnel were included in the regular annual appropriation for the AFP in the General Appropriations Act. Under PD 1656 dated 21 December 1979, 5 percent of the monthly base pay of AFP personnel was to be deducted as their compulsory contribution to their retirement fund. RSBS thus became an investment company mandated to “provide perpetually the cash requirement for the retirement benefits of military personnel on a self-sustaining basis.” However, the yearly cash requirement for the retirement benefits shall come from the annual general appropriation for the AFP until “perpetual self-sufficiency of the funds is attained as determined by actuarial evaluation.” The truth, however, was that the national government continued to fund the annual pension requirement for retired and retiring military members to which the RSBS contributed nothing or ever took up the burden. Apparently, the only “statutory obligation of the RSBS was to return the compulsory contributions of members of the AFP upon retirement.” What was quite strange was that RSBS was allowed to use the contributions of AFP personnel to generate investment revenues that were tax-exempt, without paying compensation for its use. It was a good thing that on 25 February 1992, a standard operating procedure provided for a “grant” of 4 percent interest per annum on members’ contributions compounded yearly effective January 1992 and it was tax-exempt. Again, effective in January 1996, the tax-exemption granted to members’ contributions was increased to 6 percent per annum compounded annually. These compulsory contributions constituted a continuing significant source of investible funds. For example, the aggregate total of members’ contributions returnable upon members’ compulsory retirement at year-end 2002 stood at P3.5 billion. However, the yearly inflow of members’ contributions in the last five years (1998 to 2002 inclusive) was around P2.5 billion. Apparently, RSBS aggressively went into real estate investment and portfolio loans to new companies. It also plunged into heavy short-term borrowing to expand these two-fold pursuits. The 1997 Asian Financial Crisis that precipitated a drop in real estate values in the country affected RSBS, resulting in losses over the years 1998 to 2001, not to mention the interest expense over the same period due to short-term borrowings which may well have run to P1.8 billion (1997 to 1999). The Senate Committees on Accountability of Public Officers and Blue Ribbon did a joint inquiry on alleged anomalies at RSBS where it was found that “very extensive real estate acquisitions by RSBS were attended by massive overpricing.” The initial report came out on 21 December 1998 and the final one on 20 May 1999. Verily, the Senate committee reports, together with the principal findings and recommendations of the fact-finding commission on the RSBS problem, were well documented and instructive to policymakers. Ideally, an AFP Service and Insurance System must be insulated from the reach of both the CSAFP and the SND, lest the vicious cycle recur. (Note. The RSBS was dissolved by Executive Order 590 on 31 December 2006.) The post RSBS revisited appeared first on Daily Tribune......»»
Alibaba announces surprise departure of ex-CEO
Chinese e-commerce giant Alibaba has announced the surprise departure of former CEO Daniel Zhang, who had been set Monday to take charge of a key subsidiary as the firm undergoes a major restructuring. Hangzhou-based Alibaba is one of China's most prominent technology firms, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence. After years of turbulence in the Chinese tech sector, Alibaba in March announced the biggest restructuring in its history, dividing itself into six entities, with the goal of listing them on the stock exchange separately. CEO Daniel Zhang was due to take charge of the firm's new cloud computing branch, now a separate entity, on Monday. But two months after announcing his appointment, Alibaba said its ex-boss was no longer with the company. "The board of our Company expresses its deepest appreciation to Mr. Zhang for his contributions to Alibaba Group over the past 16 years," the company said in a statement to the Hong Kong Stock Exchange, where it is listed, late on Sunday. It gave no reason for his departure. Plans for a spin-off cloud computing firm would go ahead, Alibaba said, "under a separate management team to be appointed". The company announced in June that Zhang would be replaced by Joseph Tsai as chairman and Eddie Wu as CEO. The executive played a vital role in the company's success in the past decade, spearheading the now hugely popular Singles' Day shopping festival since its first edition in 2009. Shares in the firm sank nearly 3.5 percent Monday -- the first working day of its new reorganization into six distinct branches. In addition to e-commerce and cloud computing, Alibaba's reach stretches into everything from logistics to media, entertainment and artificial intelligence. But its vast size brought it into the crosshairs of Chinese regulators as Beijing sought to crack down on the tech sector. In 2020, Alibaba became the country's first tech giant to bear the brunt of increased oversight, when authorities called off what would have become one of the most valuable public listings in history -- valued at $34 billion -- for its former subsidiary Ant Group. Ant Group is the owner of Alipay, a mobile payment application widely used in China. One month after officials hit the brakes on its IPO, Alibaba was investigated for alleged anti-competitive practices, then issued a $2.8 billion fine. And in July authorities fined Ant Group nearly $1 billion for breaching banking regulations. The post Alibaba announces surprise departure of ex-CEO appeared first on Daily Tribune......»»
Maguindanao del Norte: Caused by wrong legal advice (3)
These government lawyers who rendered the legal opinion that Section 50 of Republic Act 11550 is not applicable to Acting Governor Sinsuat and Acting Vice-Governor Mastura, who assumed their respective offices in obedience to the aforementioned law, have forgotten that if there is vagueness in a particular law, they must look for the intent of the lawmakers who crafted and passed it, to make it operative and effect the very purpose it intended to serve. They must take heed of the recent decision promulgated on 26 June 2023 in G.R. No. 265373 by the Supreme Court in granting the petition for mandamus and making permanent the writ of preliminary mandatory injunction filed by Acting Governor Sinsuat against the Bureau of Local Government Finance or BLGF Regional Office XII, for refusing to process the designation of Badorie M. Alonzo as Provincial Treasurer of Maguindanao del Norte in a concurrent capacity as Provincial Treasurer of the Mother Province of Maguindanao, in accordance with Section 51, of Republic Act 11550. This case is intertwined with the present impasse on the acting governorship of Maguindanao del Norte and their legal opinion and advice that triggered the current controversy. In the said case, the highest tribunal of the land, among others, clearly stated: “Albeit the plebiscite was conducted only after the May 2022 National and Local Elections, this does not invalidate Section 50. As one of the transitory provisions, Section 50 is intended to operate upon the effectivity of the law. Indeed, it would be in keeping with the spirit and intention of the law to give life to its transitory provisions for we cannot simply allow the already existing Provinces of Maguindanao del Norte and Maguindanao del Sur to be without a set of officials or without any funds for their operations. In Lecaroz v Sandiganbayan, we reiterated the strong presumption against a legislative intent to create a vacuum in public offices, xxxx, viz.: “Indeed, the law abhors a vacuum in public offices, and courts generally indulge in the strong presumption against a legislative intent to create, by statute, a condition which may result in an executive or administrative office becoming. for any period of time, wholly vacant or unoccupied to one lawfully authorized to exercise its functions. (talons) This is on obvious considerations of public policy, for the principle of holdover is specifically intended to prevent the public from suffering because of a vacancy and to avoid a hiatus in the performance of public functions. “The rule of holdover applies where there is express or implied legislative intent to the contrary. But it cannot be applied if there is such a legislative intent. “Here, the intent of Congress is made clear in Section 50 of Republic Act 11550. it did not intend in the interim for a vacuum to exist in the public offices of the newly created Provinces of Maguindanao del Norte and Maguindanao del Sur, Indeed, it will absurd, nay (italics) contrary to the intent of Congress and and the will of the sovereign constituents of these new provinces, to interpret the law in a manner which unduly and unreasonably delays its operation and corporate existence.” The government barristers should realize by now that their legal theory and advice, which was the basis of the appointment of the acting OIC Macacua, has been repudiated. It behooves them therefore to recommend the recall of the said appointment so that the rule of law shall prevail in Maguindanao del Norte. They cannot invoke legal technicality to derail or delay the enforcement of the grant of the writ of mandamus. There is a newly created Maguindanao del Norte, and the people have expressed their sovereign will as to who will govern them in the interim Thus the Supreme Court in the mandamus case ruled: “The Court, nonetheless, must render judgment despite the silence, obscurity, or insufficiency of the law. Here, an indubitable fact: The Provinces of Maguindanao del Norte and Maguindanao del Sur have already ipso facto been created and defeated upon the approval of majority of the voters during the plebiscite. It is this very operative act that created the provinces. The people had clearly pronounced their will.” When the people of the undivided Mindanao went to vote in the plebiscite to ratify the division of their provinces into two, they were well aware that under Section 50, RA 11550, they would be voting for the transitional provincial officials of Maguindanao del Norte, meaning whoever won as Vice-Governor and the board member getting the highest number of votes would serve as Acting Governor and Acting Vice-Governor, respectively, until their successors have been elected and qualified in the next local elections. That particular provision doesn’t say that the two acting provincial officials shall serve until their successors are appointed. It distinctly and expressly says “until their successors are elected and qualified xxx.” It therefore follows that the appointment of Macacua contravenes the said provision. (To be continued) The post Maguindanao del Norte: Caused by wrong legal advice (3) appeared first on Daily Tribune......»»
Serve with dedication, integrity, gov’t workers told
Supreme Court Chief Justice Alexander G. Gesmundo strongly reminded those in government that “public service is demanding but it is rewarding when done with utmost dedication and integrity.” “It is only through this that we will realize that all the long hours we put in, all the sacrifices that we and our family have endured, have all been for a higher meaning and purpose,” Gesmundo said. “No matter what our position, when we do our work well, we do something good for the public,” he added. Gesmundo and the other justices of the SC lauded CA Presiding Justice Remedios Salazar-Fernando for exemplary work during her 70th birthday on 1 September, her retirement age. Gesmundo hailed Salazar-Fernando for her exemplary work in the various institutions she had served in her long and storied career in government. Joining Gesmundo on the occasion are Supreme Court Associate Justices Ramon Paul L. Hernando, Amy C. Lazaro-Javier, Henri Jean Paul B. Inting, Samuel H. Gaerlan, Jhosep Y. Lopez, Japar B. Dimaampao, Jose Midas P. Marquez and Antonio T. Kho Jr. PJ Salazar-Fernando, or “PJ Mids” as she is fondly called, began her 50-year service to the public as a law clerk in the Supreme Court. She went on to serve as a supervising presidential staff in the Presidential Management Staff of the Office of the President. She then returned to the Judiciary with her appointment as Municipal Trial Court Judge of Sta. Rita, Pampanga in 1983 and served as Acting MTC Judge of Lubao the following year. President Corazon C. Aquino appointed her Chairperson of the Land Transportation Franchising and Regulatory Board in 1987 and served as an Assistant Secretary of the Land Transportation Office in a concurrent capacity in 1991. PJ Mids was appointed Commissioner of the Commission on Elections in 1992. She returned to the Judiciary again with her appointment as an Associate Justice of the CA on 25 May 1999. On 25 November 2020, she was appointed Presiding Justice by President Rodrigo R. Duterte. The post Serve with dedication, integrity, gov’t workers told appeared first on Daily Tribune......»»
Maguindanao del Norte: Caused by wrong legal advice (2)
The Maguindanao del Norte impasse, with the spectacle of having two acting governors holding office simultaneously, is obviously caused by wrong legal advice of the government lawyers of the Office of the Solicitor General, Department of the Interior and Local Government, and of the Bangsamoro Autonomous Region in Muslim Mindanao. Acting Governor Bai Fatima Ainee Sinsuat, who assumed office pursuant to Section 30, Republic Act 11560, holds office at Datu Odin Sinsuat municipality, which is the seat of the Provincial Capitol of Maguindanao del Norte. Acting OIC Abdulraof Abdul Macacua, appointed by the President, presumably upon the advice of government lawyers, pursuing the theory that there was a vacancy in the position of Acting Governor in the newly created Province of Maguindanao del Norte, is holding fort in Cotabato City, curiously not a part of Maguindanao del Norte. The Acting Vice-Governor Sharapudin Tucao Mastura and the members of the Sangguniang Panlalawigan of Maguindanao del Norte, hold their sessions at the old Capitol Building in Sultan Kudarat, Maguindanao del Norte. The government lawyers foisted the legal opinion that Section 50 of Republic Act 11550 which created the new provinces of Maguindanao del Sur and Maguindanao del Norte is not applicable to Acting Governor Bai Fatima Ainee Sinsuat and Acting Vice-Governor Sharafudin Tucson Mastura, in so far as the law makes them the transitional highest provincial officials that will govern Maguindanao del Norte until their successors have been elected and qualified in the elections of 2022. They opined that since the plebiscite ratifying the law creating the new provinces occurred after the 2022 national and local elections, and not prior to the elections, as contemplated in the said legal provision, the assumption of the elected Vice-Governor and the highest-ranking board member elected in the 2022 local elections in the then undivided Maguindanao Province, cannot take place. To their legal minds, by reason of such circumstance, a vacancy was created in the positions of Acting Governor, Acting Vice-Governor, and members of the Sangguniang Panlalawigan. This wrong legal opinion, which apparently became the basis of their legal advice to the appointing power, paved the way for the appointment of Abdulraof Abdul Macacua as Acting OIC of the Province of Maguindanao del Norte. That wrong legal opinion and advice created the legal fix Maguindanao del Norte is presently in. It is the proximate cause of why the efficient and effective delivery of basic services to the people of Maguindanao del Norte has been stalled, if not completely stopped. So too is the failure of the employees of the province Maguindanao del Norte to draw their salaries on time, if they receive it at all. These lawyers have forgotten a basic tenet in legislation. A law cannot create a vacuum. It cannot allow a situation where there will be a hiatus in governance relative to who will assume such a task. Nor will it tolerate a circumstance that there will be either a stoppage of work or a failure or a delay in the delivery of basic services to the people. (To be continued) The post Maguindanao del Norte: Caused by wrong legal advice (2) appeared first on Daily Tribune......»»
PBBM names Rosalia de Leon as Monetary Board member
Malacañang on Saturday announced that President Ferdinand Marcos Jr. has appointed National Treasurer Rosalia de Leon as a member of the Monetary Board of the Bangko Sentral ng Pilipinas. Marcos cited de Leon’s expertise and dedication to serving the finance sector in the country. De Leon, who has served three presidents as national treasurer, played a “critical role” in developing effective borrowing strategies and implementing credit enhancements to ensure access to the most cost-effective financing options. Marcos believes de Leon’s expertise in shaping monetary policies and managing foreign reserves can contribute to the stability of the country’s banking system. "I am profoundly honored to be entrusted with this prestigious role as a Monetary Board member of the Bangko Sentral ng Pilipinas,” De Leon said. "I recognize the significant impact my decisions in this role can have on the lives of our fellow Filipinos. I am committed to working towards financial stability, fostering growth, and contributing to the overall well-being of our nation,” she added. De Leon, meanwhile, has expressed unwavering commitment to helping the country’s growth and diversification of the domestic capital market. The Palace cited de Leon’s distinguished career at the Department of Finance where she has served in various roles including director and undersecretary for the International Finance Group, as well as chief-of-staff. “As the Undersecretary for the IFG, she successfully oversaw various significant transactions, including the issuance of Global Peso Notes and several Liability Management Exercises,” the Palace said in its statement. “These exercises effectively reduced the Philippine government’s funding costs, extended maturity profiles, and converted foreign exchange liabilities into local currency,” it added. De Leon also held the role of alternate executive director at the World Bank Group in Washington DC, representing Brazil, Colombia, the Dominican Republic, Ecuador, Haiti, Panama, the Philippines, Suriname, and Trinidad and Tobago. She was also a former advisor to the executive director of the Asian Development Bank. De Leon obtained her Master of Arts in Development Economics from Williams College in Massachusetts, United States of America. The post PBBM names Rosalia de Leon as Monetary Board member appeared first on Daily Tribune......»»
MIF rules demand full disclosure
All documents related to the Maharlika Investment Fund, or MIF, should be open to public scrutiny under the rules of the National Archives of the Philippines, a portion of the MIF’s implementing rules and regulations showed. This is after Malacañang confirmed on Wednesday that the Bureau of Treasury issued the IRR of the Republic Act 11954, also known as the Maharlika Investment Fund Act of 2023 last week. The Palace uploaded the IRR to the Official Gazette’s website on 30 August after Finance Secretary Benjamin Diokno told reporters on Tuesday that the MIF’s IRR had been “issued” last 28 August. Section 58 of the IRR said the Maharlika Investment Corporation’s, or MIC. records about its investment operations must be kept safe and up to date in accordance with the rules of the National Archives of the Philippines. Transparency via website “All reports of the MIC pursuant to the disclosure rules under existing laws shall be published on its website that shall be immediately updated and made easily accessible to the public,” the IRR read. “The relevant disclosure rules under Republic Act 8799 or the ‘Securities Regulation Code,’ Republic Act 11232, or the ‘Revised Corporation Code of the Philippines,’ and other laws, rules and regulations shall apply to the MIC,” it added. On the other hand, section 57 of the IRR said that all documents of the MIF and the MIC shall be open, available, and accessible to the public, as may be allowed by law, in both English and Filipino. It includes the following but not limited to (1) all investments thereof, by the MIC and on the portfolio of the MIF; (2) the Statement of Assets, Liabilities and Net Worth of the members and officials of the Board of Directors, Risk Management Committee, and Advisory Body; (3) The SALNs of those who appointed and designated the said members and officials; (4) Audit documents from the CoA; and (5) Similar documents and information. However, Section 59 of the IRR said that the information security culture should be established to protect and maintain the confidentiality, integrity, and availability of information from its creation, access, processing, transmission, retention, and disposal, in accordance with Republic No. 10173 or the “Data Privacy Act” and other relevant laws, rules, and regulations. “(The) IRR will be effective on 12 September 2023, fifteen days after publication,” Diokno told reporters in a Viber message. The MIF was made to help with social and economic growth. This will be done by making smart, profitable investments in key areas to protect and grow the value of the fund over time. The post MIF rules demand full disclosure appeared first on Daily Tribune......»»
All Maharlika Fund documents mandated to be open to the public
All documents related to the Maharlika Investment Fund should be open to the public under the rules of the National Archives of the Philippines, a portion of the MIF's implementing rules and regulations showed. Malacañang only confirmed on Wednesday that the Bureau of Treasury issued the IRR of the Republic Act No. 11954, also known as the Maharlika Investment Fund Act of 2023 last week. The Palace only uploaded the IRR to the Official Gazette's website on 30 August after Finance Secretary Benjamin Diokno told the Finance reporters on Tuesday that the MIF's IRR had been "issued" last 28 August. Section 58 of the IRR says that the Maharlika Investment Corporation's records about its investment operations must be kept safe and up to date in accordance with the rules of the National Archives of the Philippines. "All reports of the MIC pursuant to the disclosure rules under existing laws shall be published on its website that shall be immediately updated and made easily accessible to the public," the IRR read. "The relevant disclosure rules under Republic Act No. 8799 or the 'Securities Regulation Code,' Republic Act No. 11232, or the 'Revised Corporation Code of the Philippines,' and other laws, rules and regulations shall apply to the MIC," it added. On the other hand, Section 57 of the IRR said that all documents of the MIF and the MIC shall be open, available and accessible to the public, as may be allowed by law, in both English and Filipino. It includes the following but not limited to (1) all investments thereof, by the MIC and on the portfolio of the MIF; (2) the Statement of Assets, Liabilities, and Net Worth of the members and officials of the Board of Directors, Risk Management Committee, and Advisory Body; (3) The SALNs of those who appointed and designated the said members and officials; (4) Audit documents from the COA; and (5) Similar documents and information. However, Section 59 of the IRR said that information security should be established to protect and maintain the confidentiality, integrity and availability of information from its creation, access, processing, transmission, retention and disposal, in accordance with Republic No. 10173 or the "Data Privacy Act" and other relevant laws, rules, and regulations. "(The) IRR will be effective on 12 September 2023, fifteen days after publication," Diokno told Finance reporters in a Viber message. The post All Maharlika Fund documents mandated to be open to the public appeared first on Daily Tribune......»»
Shake up targets PAL growth path
PAL Holdings Inc., or PHI, operator of the flag carrier Philippine Airlines or PAL, has appointed new key executives to its management team to further strengthen its corporate structure — a move seen to sustain the company’s growth momentum. The company informed the stock exchange on Tuesday that it appointed Eric David Anderson as the new PAL chief commercial officer or COO. “The Board approved the reinstatement of the position of chief commercial officer and confirmed the appointment of Mr. Eric David Anderson to the said position with the rank of senior vice president,” the PHI report read. Anderson previously served as PAL’s vice president for Revenue Management and Strategy. Before joining PAL, he was the director for Revenue Management and Planning at Amerijet International Airlines in the United States. He was also the finance manager for Customer Service Ops for Amazon Japan, and director for Global Cargo Strategy, Alliances, and Product for US mega-carrier Delta Air Lines. Relatedly, PHI also disclosed that the company’s Board likewise approved the reinstatement of the position of executive vice president who will report to the president and COO. Sustainability key PAL noted that the move will ensure that its operations are sustainably carried out under the company’s business plan. PAL also recently appointed Anna Isabel Villanueva-Bengzon as chief financial Officer last July. Bengzon was a former deputy CFO for Global Business Power Corporation of Meralco PowerGen until July 2023. She has also worked as CFO for MediaQuest Holdings Inc., TV5 Network Inc., and Metropac Movers Inc., as well as VP/head of Investor Relations at PLDT. The post Shake up targets PAL growth path appeared first on Daily Tribune......»»
Grumbling mounts
There continues to be discontent among certain sectors regarding the proposed policy on military pensions, and now there is another idea floated to scrap the free college education. Just like a low rumbling sound of thunder, affected sectors are grumbling over Finance Secretary Benjamin E. Diokno’s statement that the free access to state university education is “unsustainable” — which is indicative of a potential effort to repeal a landmark legislation enacted during the administration of President Rodrigo R. Duterte, who appointed Diokno as Budget and Management secretary and then Bangko Sentral ng Pilipinas governor. For six years as a member of Duterte’s economic team, we were oblivious to Secretary Diokno’s opposition to Republic Act 10931, or the Universal Access to Quality Tertiary Education Act of 2017. Straight from the horse’s mouth during a forum organized by the University of the Philippines School of Economics on 19 August, he said the law is anti-poor since “there are more poor people who do not attend college.” To say that subsidizing college education really “consumes a lot of funds” is irresponsible, anti-Filipino and anti-development. RA 10931 was embraced by Filipinos during a period when the financial situation of the government appeared stable. The blame for becoming indebted to finance the efforts to control the pandemic falls neither on the people nor on the national government. Fast forward to post-pandemic, there is no convenient excuse for sacrificing human investment through debt for education to support lavish government expenditures in the wake of the national government pronouncements that the gross national product increased to P5.643 billion in the second quarter of 2023 from P5.592 billion in the first quarter of 2023. Truth be told, 2.46 million students were beneficiaries of a free college education during the academic year 2021-2022. It is not only they who are reaping the rewards of one of the “most long-lasting” legacies of former president Duterte’s administration, but their families, communities, and the country. Jade Baguna, a Tertiary Education Subsidy or TES program graduate in Social Work, cannot help but share the positive impact of the policy on his life and his family. Despite facing challenges like long walks to and from school and a meager weekly allowance during high school, the program enabled him to complete his degree, achieve the eighth position in the board examination, and become a Social Work instructor. The Finance Secretary may have lost his train of thought that investing in free college education has long-term economic benefits. A well-educated workforce is crucial to driving innovation, technological advancements, and economic growth. By providing access to higher education, the country can nurture a pool of skilled professionals who will contribute to various industries, drive entrepreneurship and attract investments. At a time when the need to rejuvenate an economy is paramount, scrapping free college education may limit the availability of qualified workers, hinder economic development and reduce global competitiveness. One of the most compelling arguments for a free college education is that it promotes equal opportunity and social mobility. By removing financial barriers, individuals from all socioeconomic backgrounds can pursue higher education based on merit and potential rather than financial means. This ensures that talented and motivated students, regardless of their background, have a fair chance to improve their lives and contribute to society. Sec. Diokno’s sustainability concerns sparked a debate. Commission on Higher Education Chairperson Prospero de Vera said there is nothing better than for a country to invest in its young people and produce highly skilled manpower. “It’s the best anti-poverty strategy. You educate an individual, you make him employable, and you make sure the poverty stops with him or with her,” he said. For Cagayan de Oro 2nd District Representative Rufus Rodriguez, taking out the scholarship program is synonymous with seeing a decay of education in our country. “Education is the great emancipator of people from the bondage of poverty. With education you are able to move forward with your family,” he said. Senator Francis Tolentino has this to say: “Perhaps the lack of money of the national government should not be the reason why they cannot be given the opportunity to study. Education is a basic human right. We need to provide our youth with the necessary basic tertiary education.” Higher education provides a holistic learning experience and fosters personal growth and critical thinking. It promotes civic engagement, social responsibility, and the development of well-rounded citizens. By scrapping free college education, we risk limiting these benefits and creating a society that is less educated, less informed, and less equipped to tackle complex societal challenges. Time and again, it pays to revisit Article 26 of the Universal Declaration of Human Rights. Access to education should not be seen as a privilege but as a fundamental right. In other words, recognizing education as a human right implies that every individual is entitled to receive an education, without any form of discrimination, as it is legally protected. The post Grumbling mounts appeared first on Daily Tribune......»»
Bong Go honors late DMW Secretary Ople
Senator Christopher “Bong” Go expressed profound sympathy and sincere condolences on the untimely demise of Department of Migrant Workers (DMW) Secretary Susan 'Toots' Ople, who championed the rights and welfare of migrant workers. In his co-sponsorship speech on Wednesday, 23 August, Go echoed the collective sentiment of the Senate and the Filipino people. The senator honored the memory and legacy of Ople, whose dedication to the betterment of the lives of overseas Filipino workers (OFWs) left an indelible mark on the nation. “We grieve the passing of an extraordinary leader and commemorate the life of a woman who devoted herself to our nation's service and the well-being of our OFWs. Kapag narinig niyo po ang pangalan ni Secretary Toots Ople ay talagang nako-connect po iyan sa ating mga OFWs, ang ating modern-day heroes,” said Go. “Secretary Toots Ople, the inaugural Secretary of the DMV, stood as a symbol of hope and a genuine patriot,” he highlighted. As the visionary founder and esteemed leader of the Blas Ople Policy Center, Ople dedicated herself to aiding distressed OFWs on a global scale. Through her influential radio programs "Bantay OFW" and "Global Pinoy," she provided a lifeline of support, guidance, and a resounding voice to those whose struggles often went unnoticed. Her unwavering commitment gained international recognition. In 2020, the Secretary-General of the United Nations appointed her as one of five experts to serve a distinguished three-year tenure on the Board of Trustees for the UN Trust Fund for Victims of Human Trafficking. In 2013, she was bestowed the prestigious Trafficking in Persons Hero award by none other than the former US Secretary of State, John Kerry. The senator recounted the various achievements and initiatives spearheaded by Ople during her tenure, adding that she had tirelessly worked to provide a better life for those who had to leave their families behind to seek greener pastures. The senator also highlighted how Ople had bridged gaps between government agencies related to overseas employment and migration to create a unified effort in addressing the concerns of OFWs. He acknowledged that her work had gone far beyond the confines of her office, leaving an impact that would be felt for generations to come. “Chosen by President Ferdinand "Bongbong" Marcos, Jr. as the inaugural secretary of the newly formed DMV, Ople's fervor for social justice and steadfast dedication to the rights of migrant workers have etched a permanent mark on our society,” Go continued. “Lubos po akong nalulungkot at nakikiramay sa pamilya ng ating butihing kalihim ng DMW na si Ma’am Susan “Toots” Ople. Siya po ay isang tunay na kaibigan at kakampi pagdating sa pagtataguyod ng karapatan at kapakanan ng ating mga OFWs. Maraming salamat po sa iyong pagmamahal sa mga OFWs, ang iyong inisyatibo na maging maayos ang OFW Hospital at sa pagsulong mo na magkaroon ng Malasakit Center doon sa naturang ospital. Malaki po ang naitulong niya sa mga OFWs,” he stressed further. As he concluded his co-sponsorship speech, Go expressed his deepest condolences to Ople's family, friends, and colleagues, saying, “Her memory will stand as a lasting testament to the power of one individual to transform the world. Her legacy will continue to echo in our hearts and minds.” “As we say goodbye to this remarkable woman, we should not dwell on sorrow but honor her memory, we must carry on her relentless fight for justice, equality, and the welfare of our people, especially our OFWs,” he added. The post Bong Go honors late DMW Secretary Ople appeared first on Daily Tribune......»»
Michael Ted Macapagal: Making tracks in public service
If life were a train, then Michael Ted Macapagal’s has been quite a ride. Raised by a labor leader and human rights lawyer father who served the people of Olongapo, including the workers of the US American Base in Subic, Michael Ted Macapagal had always wanted to become a public servant. It took Ted, though, a long journey to reach his goal, first achieving success in the insurance field in the United States where he lived for 20 years starting in 1991. Today, he is the chairman of the Philippine National Railways, a position “that allows me to make a difference in the lives of my countrymen,” he shared during his recent visit to the Daily Tribune office in Makati. Ted, good-looking and affable, proudly spoke of a father, his namesake, Atty. Teddy C. Macapagal who, early on, exposed his son to a firsthand view of a gentleman who looked beyond himself and his personal interests, and instead dedicated his career to protecting the common man and bettering their lot. The elder Ted served as a city councilor for 10 years. In 1984, he ran for the Batasang Pambansa, and in the late 1980s, for city mayor. “In all these electoral processes, I was involved and saw for myself how my father related to the people. He was a sincere man who helped them in the best way he could. He provided free legal services to those in need,” Ted recounted. Ted grew up in Olongapo, his place of birth. It was in the neighboring province of Pampanga, though, at the Don Bosco Institute in Bacolor town, where he first studied, but he eventually returned home to Olongapo, where he finished high school at the St. Columban. Aiming to become a lawyer, he enrolled at the University of the Philippines in Diliman, where he majored in History, which he intended as his pre-law course. Not unexpectedly, he joined the Upsilon Sigma Phi, his father’s fraternity. He also joined rallies where he stood with those who wanted the retention of US bases in the Philippines, in keeping with the sentiments of his townsmen. “It was the one concern where the whole of Olongapo was united,” he recalled, “because the people’s livelihood was connected to the base and the American presence in the community.” As a lawyer who specialized in labor, his father himself handled cases for the base employees. In 1988, his father lost his mayoralty bid in Olongapo. He fought against his fraternity brother, Richard Gordon. Actually, the two had been fighting it out for decades. “Olongapo became too small for them,” shared Ted. “A vivid memory to me to this day was the night I cried after my father lost. I was heartbroken because, for the most part of my life, I saw him give his all to the people. Throughout all those years, I just loved assisting my father. I followed him whenever he visited his constituents. I was a witness to everything that happened to him, his conflict with his political adversary and the loyalty of the people who believed in him and saw in him the man who would change the face of politics in our city.” The elder Macapagal became OIC-Mayor in 1986, but only two months after he received his appointment from the new president because the incumbent mayor did not easily give up his post which he was required to vacate under the new revolutionary government. “The next local election was the most expensive political exercise that our family ever waged,” Ted recounted. “It was then that my father decided that I pursue a new life in the United States, away from politics back home. “All the while, my heart never left the Philippines. Even before I left, I promised myself I would return to continue what my father started.” First non-white president Ted stayed in San Francisco for 20 long years. He had a tough time at the beginning of his new life. “I started off doing odd jobs. I worked as a security guard, janitor and waiter in a pizza parlor. “I also guarded the heavy equipment in a construction site in San Francisco. Thievery was a problem in that kind of situation. We would sleep in a trailer. “I transferred to a construction firm because I found out it offered a bigger salary. But I didn’t know the technical aspects of construction. Once, I made a portable ladder, but it fell apart, for which I was scolded by the owner of the company. I was fired on my third day on the job. Too bad because it paid high.” Ted then decided to pursue another degree, one that would be more useful in the United States. He took up Human Resource Management, a four-year course at the University of California in Berkeley. When he finally entered the corporate world, his first job was as a clerk. It wasn’t long before he became Division President of Stewart Title Company, one of the largest underwriters in the world, with offices across the United States, and in some 80 countries around the globe. He was based in the San Francisco Bay Area. “I may have been the first non-white president,” he said. “And I was a division president for the whole of North America. I was the first Filipino to reach that level.” Of his trailblazing accomplishments, he shared, “I was able to bring cultural diversity to the company, which enhanced its value. I got the top post because I asked for a meeting with the president. I told him we were not diverse enough to appeal to the non-white clients, and there were many of them who were first-time home buyers. Then, I told him to make the rounds. He would see that none of the home buyers was white. They were of different ethnic groups. I told him that if he appointed me as vice president, I would give him multi-cultural buyers because I would appeal to them and they would be our first-time buyers. So, he appointed me, and one month later, he made me president.” As an adjunct, he lectured on the topic of title insurance and escrow procedures in several community colleges in and around the San Franciso Bay Area. Through it all, he chose to keep his Filipino citizenship. The ‘Railway President’ For all the successes he was enjoying, the Philippines beckoned. He felt he still had a mission to accomplish. “My father was surprised. He asked me why I would still want to go home when I was doing well in the States. I insisted, so I came back and I plunged into political life. I worked on difficult campaigns, like the one for Rodrigo Duterte.” Back to his first love and passion, the political arena, he was in his element and served as president of PDP LABAN in Olongapo City from 2016 to 2021. In 2022, he joined LAKAS-CMD as its local chairman. This engagement led to his original target, as his father had achieved in his lifetime — serving the people. This time, he would be appointed to key posts in the government. He became director of the Clark Board and Gulf Oil Philippines. He took his oath of office as chairman of the Philippine National Railways on 28 April 2023. It is a job in a government agency where he is confident “I could make a difference because I can see that President Bongbong Marcos is really intent on improving the railway system of the country. “On my part, I want to make a difference. I want to be able to contribute whatever I can to help the president to achieve that objective. I call him now the ‘Railway President’ because I consider him the father of the railway system in our country.” Of course, he noted that many plans have been formulated during the time of President Rodrigo Duterte. Moreover, he recognized that President Gloria Arroyo “navigated our country through the global crisis. I was in the United States when the global economic crisis happened, and the Philippines was one of the countries spared, and I give credit to her. The economic fundamentals were very strong during her time. Being an economist, she was there at the right time when the country needed her the most.” With President BBM at the helm, he is confident “we will be able to push through with our development plan and finish the projects we have started, like the North-South Commuter Railway, which is a 147-kilometer stretch from Clark to Laguna. We hope to have the dry run in 2026 and it will be fully operational in 2027.” He also looks forward to the completion of the Bicol South Long Haul project. He is equally hopeful for the North Long Haul, the Subic-Clark and the Mindanao railways. He clarified that “we are now talking with the proponents, while some negotiations are being undertaken.” Working boots and a hard hat It would seem that this successful insurance executive was out of place in the railway sector. He pointed out, though, that “coming from the outside, I have the technical advantage of being able to look outside the box. So, I’m looking at it from outside the box, looking in. I am able to see the problems that need to be fixed. Stoppage is one of the problems so we have a bus augmentation program. We will also deploy UV Express units. We are closely coordinating with the LTFRB to provide emergency alternative transportation.” On the other hand, his exposure to people of all backgrounds from his youth, being his father’s son, has given him the advantage of “knowing how it is to be one of the boys. Something that I also experienced in the United States. “When people ask me what my management style is, I tell them straight I like to go down to the ground. I like hands-on supervision. I want my hands to be dirty. If you open the trunk of my car, you will find my working boots and my hard hat. I enjoy going to the construction sites and seeing for myself the progress, the problems, whatever it is that needs to be attended to. “Finally I want those working in the field doing the most difficult tasks to be satisfied and never to be hungry. Gusto ko, busog sila lagi. I am not happy when I get invited by the constructors and I am honored with a feast-like lunch or dinner, and not knowing what the workers are eating. I am on a diet anyway, so I make sure that my hosts bring the food to where the workers are eating. I can only eat so much and I would rather that the workers and the staff are full and happy. I am vocal about my displeasure when the construction workers are not eating the same food that is served to me. I may not be able to invite them to where I am eating but I can have the food brought to them.” Smiling from heaven Without a doubt, the old man Atty. Teddy C. Macapagal is smiling happily from his heavenly perch. He had served his fellowmen well, but he had done right as well by raising a son who took after his heart, to whom service to the people and compassion for the less fortunate matter more than any personal gain. His father, according to Ted, “died a broken man at the young age of 63. But whatever he lacked in longevity and riches, he made up for it with his compassion for others, for the free legal services that he gave to the people of Olongapo. “If you didn’t have money, you went to him because he was generous with his time and expertise. He would even give you some cash to use for your transportation fare to go home. That was my father. “The people whom he helped in turn would come to our home and bring him gifts like eggs, fruits, fish, vegetables and native chickens that they raised in their backyards. My father accepted them all. When I came home and saw all this, I teased him and said that he should probably open a sari-sari store so he could resell them. “Of course, we had a good laugh. But beyond the laughter, we both knew in our hearts that doing good to one’s fellowmen is its own reward and nothing in this world can take the place of personal fulfillment for having put a smile on people’s faces because you somehow made their lives better. “I am grateful that I have been raised by such a great father.” The post Michael Ted Macapagal: Making tracks in public service appeared first on Daily Tribune......»»