We are sorry, the requested page does not exist
SC allows UN expert to act as friend of the court in Maria Ressa s cyber libel plea
Irene Khan, United Nations (UN) Special Rapporteur for freedom of expression and opinion, has been allowed by the Supreme Court (SC) to sit as an "amicus curiae" to the court in the appeal for the cyber libel case of Rappler.com chief executive officer Maria Ressa and former researcher Reynaldo Santos......»»
SC affirms ruling granting bail to ex-Masbate lawmaker, Napoles
The Supreme Court (SC) has affirmed a ruling of the Sandiganbayan that allowed businesswoman Janet Lim-Napoles and former Masbate congresswoman Rizalina Seachone-Laneta to post bail in the plunder charges filed against them in connection with the Priority Development Assistance Fund (PDAF) or pork scam......»»
SC upholds decision granting Napoles bail in one PDAF case
Pork barrel scam mastermind Janet Lim-Napoles and former Masbate Rep. Rizalina Seachon-Lanete have been allowed to post bail after the Supreme Court dismissed a case related to the Priority Development Assistance Fund......»»
SC: LGU lawyers cannot represent local execs
Legal officers of local government units cannot represent LGU officials in cases filed before the Office of the Ombudsman, according to the Supreme Court......»»
Session Road transforms to ‘Little Chinatown’
BAGUIO CITY — The Association of Baguio Chinese-Filipino Youth Inc. and the local government here is set to treat the residents and the visitors of the Summer Capital of the Philippines with a Chinese touch at the famous Session Road on 7 to 8 October 2023. This is part of the celebration of the Chinese 2023 Mid-Autumn Festival and the public will witness the “Little Chinatown Crawl” and mini Dice Game at Session Road. Baguio City Mayor Benjamin Magalong in his Executive Order 138, series of 2023 allowed the closure of Session Road for two days to vehicular traffic for the staging of the Little Chinatown. Also known as the Mooncake Festival or Lantern Festival, the Mid-Autumn Festival is a traditional East Asian festival held on the 15th day of the eighth lunar month, which usually falls in September or early October. “The Festival is a traditional and culturally significant celebration observed by Chinese communities around the world, including a sizable population of Filipino-Chinese in the City of Baguio,” said the mayor’s EO. The Baguio City Police Office is directed then to come up and implement a security and traffic management plan to reduce the road closure impact to the public as Session Road is a major route in the city. Meantime, the Baguio City Engineering Office is also asked to provide the manpower, equipment and devices for the closure of roads and rerouting of traffic. The post Session Road transforms to ‘Little Chinatown’ appeared first on Daily Tribune......»»
DFA confirms Azurin’s awry Canada issues
The Department of Foreign Affairs shed light on reports that retired Philippine National Police chief Rodolfo Azurin Jr. had encountered issues with Canadian immigration. During the House 2024 budget deliberations Wednesday, House Minority Leader Rep. Marcelino Libanan asked Nueva Ecija Rep. Joseph Violago, DFA budget sponsor, if the reports were accurate. Violago confirmed that Azurin encountered issues but added that the Canadian government regretted the “misunderstanding and miscommunication.” Azurin voluntarily returned to the country after traveling to Canada. The DFA was unable to assist him since it was a personal trip. Due to confidentiality issues, the Canadian government has yet to submit an official report to the Philippine government on the incident. “This incident happened a few days ago. General Azurin voluntarily went to Canada and he suddenly returned to the country,” Violago said during the budget debates. Azurin denied he was deported and blamed his former colleague, PNP Deputy Chief for Administration, P/Lt. Gen. Rhodel Sermonia for spreading disinformation. In a statement Tuesday, he said Sermonia was the source of the disinformation. “Sermonia had been spreading lies about my alleged deportation. Maybe he knows something that everyone in our country does not know. Maybe it was him who tipped off Canadian Immigration by concocting half-truths and many lies and was hoping that I would be deported. He had been sending messages about my deportation,” Azurin said. He said the truth will come out in due time. He urged current PNP chief, Gen. Benjamin Acorda, to investigate Sermonia’s alleged participation in the defamation campaign. Sermonia’s denial Meanwhile, Sermonia denied Azurin’s claim. In a press briefing at Camp Crame Wednesday, Sermonia said he had no idea why his name was being dragged into the controversy regarding the supposed deportation of Azurin. “Former Chief PNP Azurin may have been fed false stories again to drag my name into the unverified reports of his alleged deportation. There is no reason for me to do what I am being accused of,” said Sermonia, whose wife is the sister of Azurin’s wife. He added: “I’d rather not dignify the accusations with a reply that may be construed negatively. My advice is to directly ask the Canadian Embassy what the reason for the questioning was, which made Azurin decide to return to the country as he stated, and not deported.” He said Canada has its own rules and regulations on border control. “So, it is best to secure the report from them. The truth will speak for me,” he added. Sermonia said he plans to discuss the issue with their entire family. Azurin and Sermonia are members of Philippine Military Academy Class 1989. The post DFA confirms Azurin’s awry Canada issues appeared first on Daily Tribune......»»
Suspending excise tax on petroleum only benefits the rich — Diokno
Finance Secretary Benjamin Diokno said that the proposals on suspending the collection of excise taxes on petroleum products would only benefit the rich and would cause "huge damage" to the economy. Diokno warned against the politicians' call to oil firms to lower oil prices amid skyrocketing fuel cost, where House Speaker Martin Romualdez asked President Ferdinand Marcos Jr. to suspend the collecting of the fuel excise tax. The House of Representatives met with oil industry players to discuss the country's energy crisis and look into possible remedies, such as suspending excise taxes for three months. In a Viber message to reporters, Diokno said that the 10 percent of households with the highest incomes, who consume close to 50 percent of all fuel, are the primary beneficiaries of the suspension of fuel taxes. On the other hand, he said the lower half of homes only use approximately 10 percent of the gasoline. Diokno added that suspending the excise tax will not help combat inflation in the long run. "Any of the proposals will adversely affect our economic and fiscal recovery, our international credit ratings, and our overall debt management strategy," Diokno said. In a separate television interview, Diokno said the government would lose billions in revenue if the government suspended the VAT and excise tax on fuel. "First of all, when you continue with that, what will be lost in the government is P72.6 billion for the fourth quarter only. That's the last quarter of 2023," Diokno said. "In total, for the whole year of 2024, it will reach P280.5 billion that will be lost from the government," he added. Diokno said the foregone revenues will lead to a higher budget deficit – from 5.1 percent to 6.2 percent of GDP, and higher debt-to-GDP ratio in 2024 from a projected 60.2 percent to 61.3 percent. The solution, Diokno said, is to give targeted subsidies to those who will be most negatively affected by increased fuel prices, such as jeepney drivers, farmers, and fishermen. Additionally, Diokno said that eliminating fuel taxes requires time-consuming legislative action. “Once the elevated oil prices subside, it may not be easy to restore taxes on oil product. It is politically unpopular. That’s the political economy of tax legislation,” Diokno said. “This has serious implications on fiscal sustainability,” he added. The post Suspending excise tax on petroleum only benefits the rich — Diokno appeared first on Daily Tribune......»»
Rice price cap stays — Farmers want Diokno out over tariff proposal
The Department of Trade and Industry on Monday said Executive Order 39 which put a cap on the prices of regular and well-milled rice will stay as its possible lifting was still being discussed. DTI’s statement came as the Department of Agriculture, concurrently headed by President Ferdinand Marcos Jr., announced that 1.4-million metric tons will be added this month to the country’s rice supply. The bulk of the 1.4-million metric tons will come from local farmers, who have started harvesting their crop, and not from imports, the DA said. “Our supply remains stable. Farmers are expected to produce 1.3-million metric tons this October,” said Bureau of Plant Industry Director Gerald Glenn Panganiban in a radio interview. DTI Secretary Alfredo Pascual earlier said they will continue to monitor compliance with EO 39 — which capped the price of regular-milled rice at P41 per kilo and well-milled rice at P45 per kilo — until it is lifted by the President. Tillers seek Diokno ouster Also on Monday, Finance Secretary Benjamin Diokno said the government was presently discussing his proposal to lower rice import tariffs as part of a comprehensive strategy to stabilize the staple grain’s retail prices. Diokno’s statement came as farmers from different provinces protested in front of the Department of Finance to denounce his proposal and seek his ouster from the DoF. Diokno told reporters the review was also to prepare for a potential rice shortage due to the impact of the extended dry season caused by the El Niño weather phenomenon. “As discussions are underway, the DoF maintains its support for an appropriate policy response that promotes the greatest good for the greatest number of Filipinos,” Diokno said. Palay pricing Meanwhile, the National Food Authority Council said on Monday it has set a new selling price range for palay to increase the income of farmers while stabilizing supply. “I called for a meeting of the NFA Council to discuss how we can adjust the purchasing price of rice, both wet and dry, because we need to reevaluate the situation,” President Marcos said following a meeting by the NFA Council which he chairs. “That’s exactly what we discussed, and we decided that the buying price of the NFA from now on will be P19 to P23 (per kilo) for dry and P16 to P19 for wet palay. That was the decision of the NFA Council,” he said. The President said the palay selling price range and the retail rice price cap would stabilize the end-users’ costs for the commodity. The originally proposed P25 and P20 per kilo, respectively, for palay buying prices were too high and would spike retail prices, according to the NFA. It said the new price range would balance the profit of farmers and the rice affordability of the public. The agency said that if the buying price of dry palay was set at P23, the procurement fund needed would be P15 billion at the maximum, while if it is pegged at P25, P16 billion would be needed for palay procurement. The DA said it would support the NFA proposal, but at P23 a kilo as P25 would be too high. Cash assistance turnout Asked by the President how the NFA’s buying price would influence the market, National Economic and Development Authority Secretary Arsenio Balisacan said that at the farmgate level, the NFA procurement will be concentrated in areas where there is excess supply relative to local demand. “In that case, it can help elevate the farmgate price,” Balisacan said. Meanwhile, DTI Region IV said the first round of cash assistance distribution under the Department of Social Welfare and Development’s Sustainable Livelihood Program on 13-14 September generated a 100-percent turnout. More local government units in the province of Iloilo will have their respective payouts in the coming weeks. @tribunephl_raf @tribunephl_tiz The post Rice price cap stays — Farmers want Diokno out over tariff proposal appeared first on Daily Tribune......»»
Declare MIF unconstitutional, group asks SC
Several lawmakers petitioned the Supreme Court yesterday to declare unconstitutional the Maharlika Investment Fund Act of 2023 under Republic Act No. 11954 signed into law by President Marcos last 18 July to be managed by the Maharlika Investment Corporation which has a seed capital of P150 billion. The petition was filed by Sen. Aquilino “Koko” Pimentel III, former congressman and Bayan Muna Chairman Neri Javier Colmenares, and former Bayan Muna congressmen Carlos Isagani Zarate and Ferdinand Gaite. The group in their petition also asked the high bench to issue a temporary restraining order or preliminary injunction or status quo ante order (SQAO) to stop immediately the implementation of RA 11954, and to conduct oral arguments. Named respondents in the petition were Executive Secretary Lucas P. Bersamin, Finance Secretary Benjamin E. Diokno, the House of Representatives, and the Senate. Three “serious grounds” were cited in the petition in seeking the unconstitutionality of Maharlika Investment Fund Act, namely: “RA 11954 is void because it was passed in violation of Section 26 (2), Article VI, of the 1987 Constitution; the test of economic viability as mandated under Section 16, Article XII of the Constitution was not complied with prior to the creation of the Maharlika Investment Corporation; and RA 11954 violates the independence of the Bangko Sentral ng Pilipinas as provided for under Section 20, Article XII of the Constitution.” The petition claimed on alleged violation of Section 26 (2), Article VI of the Constitution, that “the Presidential certification of the Maharlika Bill in the House of Representatives and Senate did not comply with the constitutional requirement” and since the bill was not enacted in accordance with the Constitution, it “therefore did not become a law.” The petition pointed out “the Maharlika Investment Fund Act of 2023 therefore requires intense congressional scrutiny, genuine consultation with stakeholders, and a careful study by independent economic experts.” It said that “both Houses of Congress, however, went on the opposite direction and rushed the Maharlika bills and short-circuited the constitutionally mandated legislative processes, through an unnecessary and constitutionally infirm Presidential certification of urgency.” The post Declare MIF unconstitutional, group asks SC appeared first on Daily Tribune......»»
Malacañang reviewing proposed rice tariff reduction
The Executive Department is currently discussing the proposal to reduce import tariffs on rice as part of a comprehensive strategy to decrease prices and mitigate a potential shortage of the staple, Finance Secretary Benjamin Diokno said on Monday. This is after several farmers from different provinces protested in front of the Department of Finance (DOF) to denounce Diokno's proposal to cut import tariffs on rice and demand the removal of the Finance secretary from his post. In a Viber message to reporters, Diokno said the review is part of a comprehensive strategy to reduce prices for consumers and mitigate a potential shortage of the staple due to the impact of the ongoing El Niño phenomenon. "As discussions are underway, the DOF maintains its support for an appropriate policy response that promotes the greatest good for the greatest number of Filipinos," Diokno said. "Rest assured that the DOF, in coordination with other relevant government agencies and stakeholders, shall pursue programs and support measures to balance the interests of domestic rice farmers while keeping rice affordable for consumers — especially the poorest households," he added. In a separate statement, the National Food Authority (NFA) Council, chaired by President Ferdinand Marcos Jr., set a new price range for palay buying price on Monday in response to the changing production and market conditions to improve farmers' income and ensure sufficient supply of the staple. "I called for a meeting of the NFA Council to discuss how we can adjust the purchasing price of NFA for rice, both wet and dry because we need to reevaluate the situation," Marcos said following a meeting by the NFA Council. "That's exactly what we discussed, and we decided that the buying price of NFA from now on will be 19 to 23 for dry and 16 to 19 for wet. That was the decision of the NFA Council," he added. The council came up with the new palay buying price range to provide Filipino farmers with a better income, the President said, considering today's reasonable palay production cost. "So, they will now have a profitable venture. And aside from that, we have the price cap in place to stabilize the rice prices," Marcos said. The originally proposed P20 and P25 per kilo buying prices are just too high and will spike retail prices, according to the NFA, noting that the new decided price range balances the profit of farmers and will not affect the retail prices as much. The agency said that if the new buying price of dry palay is at P23, the procurement fund needed will be P15 billion at the maximum; while if it is pegged at P25, P16 billion will be needed for palay procurement. For its part, the Department of Agriculture (DA) said it would support the NFA proposal but at a level of P23 a kilo. The agency added that at P22 or P23, farmers are satisfied with it since they are now being paid P16 to P19. DA noted that P25 is just too high. Asked by the President on the influence of NFA’s buying price as well as the public reaction, National Economic and Development Authority (NEDA) chief Secretary Arsenio Balisacan said that at the farm gate level, NFA procurement will be concentrated in areas where there is excess supply relative to local demand. “In that case, it can help elevate farm gate price,” Balisacan said. The post Malacañang reviewing proposed rice tariff reduction appeared first on Daily Tribune......»»
Escudero to BOC: File charges vs. rice smugglers, hoarders
Senator Francis Escudero challenged the Bureau of Customs to immediately file charges against traders susceptibly involved in smuggling and hoarding rice. Escudero said such illegal activities have caused an artificial shortage of food staples and rice price spikes in recent months. The senator then slammed the BOC for its failure to disclose to the public the “names of traders and operators whose warehouses were raided by government authorities for tons of suspected smuggled rice.” “Ang dami nang raids na ginawa nitong mga nakaraang linggo, bakit hanggang ngayon, wala pang kasong isinasampa sa mga taong sangkot? (You have done so many raid activities this past weeks, why is it until now you haven’t filed cases to anyone involved?),” he said. Escudero stressed the need to file charges and ‘bring these economic saboteurs to court” so it could “serve as a warning” that the Marcos administration is indeed serious in its campaign against smugglers and hoarders. He said the authorities should not stop by just conducting a series of raids, instead, the efforts should showcase strong results. The Republic Act 10845 or the Anti-Agricultural Smuggling Act of 2016 considers large-scale smuggling of agricultural products as economic sabotage, with "at least P1 million worth of sugar, corn, pork, poultry, garlic, onion, carrots, fish, and cruciferous vegetables, in their raw state, or which have undergone the simple processes of preparation and preservation for the market, or a minimum of P10 million worth of rice, as valued by Bureau of Customs." “Why haven't I heard anyone sued for economic sabotage or something? Who owns these warehouses? Who are the people involved?" Escudero asked, citing that the BoC-Port of Zamboanga seized some 42,180 sacks of rice worth P42 million in Barangay San Jose Gusu on 15 September. The local bureau inspected the warehouse on 19 May after receiving information that smuggled rice was being stored in the area. Two weeks prior, the BOC inspected three warehouses in Bulacan and found these stocked with suspected smuggled imported rice worth P505 million. It temporarily sealed and guarded these warehouses located inside the Intercity Industrial Complex in Balagtas, Bulacan. Aside from filing charges, Escudero said the government should also update the public on the development of these cases “in the spirit of transparency.” "Ito ang mga dapat nilang masagot ngayon (this what they should answer now): who oversees the disposition and how will it be disposed? Ano ang gagawin nila sa mga bigas na nakumpiska? (What will happen to confiscated rice?),“ Escudero said. In a news forum last Saturday, BOC Port of Zamboanga chief, Benito Lontok, said the agency is planning to donate the smuggled rice for the implementation of the Department of Agriculture’s Kadiwa Program and the Department of Social Welfare and Development’s assistance programs. However, Lontok said the plan is still “subject to approval” of BoC Commissioner Bienvenido Rubio and Finance Secretary Benjamin Diokno. 'DA should step up' Meanwhile, Senator Alan Peter Cayetano urged DA to take more proactive measures to address the price hike in rice. Cayetano lamented the prices of rice remain high despite the government’s implementation of a price cap on the product. President Ferdinand Marcos Jr. earlier blamed smugglers and hoarders for causing the increasing prices of rice in the country. Hence, issuing the executive Order No. 39 on 31 August, mandated price ceilings for regular-milled rice at P41 per kilogram and well-milled rice at P45 per kilogram. The EO 39 will be implemented nationwide beginning 5 September. Marcos vowed the government would continue going after the rice smugglers and hoarders, including the imposition of penalties for those found guilty of violating the mandated price cap for rice. Cayetano lauded Marcos for this effort and for being a “sincere Agriculture Secretary” with a primary intent on the country’s food situation. However, he stressed that other DA officials should not rely on the Chief Executive for solutions. “The DA to seek long-term solutions to stabilize food prices, emphasizing that temporary measures may not address the root causes of the problem,” he said. The post Escudero to BOC: File charges vs. rice smugglers, hoarders appeared first on Daily Tribune......»»
BFP, volunteer groups discuss better coordination
The Bureau of Fire Protection on Thursday said its Pasig City command conducted a city-wide dialogue with volunteer groups and different organizations where they discussed the importance of partnership and coordination during emergency responses. BFP - National Capital Region Director, Chief Supt. Nahum Tarroza, and his command group entertained questions, ideas, apprehensions, and even worries from among the attendees composed of some officials of the local government unit, along with representatives of 28 non-government organizations and 16 barangay brigades. Two village leaders Irma Gomez of Brgy. Sumilang and Joel Dela Cruz of Brg. Malinao also skipped other chores to attend the meeting, dubbed “Fostering Partnership between BFP and Pasig City Barangay Brigades and Fire Volunteer Groups”, held at the Power Tech Building inside the Meralco compound in Ortigas Center, Pasig City on Tuesday afternoon. The question-and-answer portion made the event lively with participants airing and opening up their respective shares of opinion and concerns touching on several issues surrounding the firefighting task towards the main goal which is to save lives and properties. Pasig City Fire Marshal Supt. Elaine Baylon Evangelista said that the dialogue was aimed at making every volunteer understand that the national office of the BFP has a policy and implementing guidelines for them to follow. She did not elaborate further. She also reminded the participants that the city fire department on orders of the national headquarters will always be strict in issuing accreditation certificates to volunteers and applicants citing how risky the job is. Recently, Interior Secretary Benjamin “Benhur” Abalos Jr. ordered BFP chief, Director Louie Puracan, to implement stricter rules in requiring qualification standards among the fire brigades and its members in the wake of the death of a 62-year-old woman and the injury of eight others who were accidentally hit by a volunteer firetruck while responding a fire incident in Tondo, Manila. During the dialogue, Tarroza said he was amazed at the activeness of the Pasig volunteers and other fire and barangay brigades gauging the way they showed their passion to learn more and their vows to serve and do the risky firefighting jobs to save lives and properties. When asked by this reporter what they have achieved in the event, the BFP-NCR head quickly said; “Marami, nalaman natin na very active pala talaga ang mga volunteers sa Pasig, at nalaman natin na kumpleto, meron din Brgy. volunteers, merong NGO supported by different organizations like Chinese volunteers, tapos meron pa ditong company volunteers, like Meralco, sila ay open sa lahat ng pagbabago at willing sila mag-cooperate talaga sa BFP para sa ikabubuti ng ating mamamayan.” Tarroza also took the occasion as an opportunity to announce that Secretary Abalos is also looking forward to meeting all fire volunteers in Metro Manila to personally thank and congratulate them for giving their time to serve even in a very risky way. He said that this event is expected to gather around 8,000 to 10,000 fire volunteers and groups. “Isipin mo, walang allowance ang mga ito, walang insurance at walang support from the government and yet nagsasakripisyo sila para sa iisa nating adhikain. . . . ang magsilbi sa bayan,” Tarroza stressed. The post BFP, volunteer groups discuss better coordination appeared first on Daily Tribune......»»
Irony of corruption
Corruption has become so pervasive and brazen. Masusuka ka na (you would puke),” moaned the mayor of Dumaguete City, Felipe Remollo, at the convening Thursday of a coalition of over a hundred chiefs of local government units calling for good governance and an end to corruption at all levels of government starting within their own turfs. The coalition was sparked by Baguio City Mayor Benjamin Magalong, a former Philippine National Police official who, in a virtual speech delivered during a PNP flag-raising ceremony last July, said he was “shocked” by the gargantuan increase in the country’s national debt to nearly P14 trillion. Said Magalong: “When President Duterte started his administration, our national debt was at P5.7 trillion, accumulated over the past decades. In just seven years, our national debt increased by 142 percent; we’re now at P13.86 trillion (actually P14.10 trillion, as reported by the Bureau of the Treasury in May 2023).” He quoted then-NEDA Secretary Karl Chua as saying that the country’s ability to pay the national debt is dependent on “‘our ability to manage financial leakages.’ And so I ask, ano ba yung financial leakages (what are financial leakages)? And Sec. Chua replied, ‘ang financial leakage na sinasabi ko (that I’m telling you), a big chunk of that is attributed to corruption.’” Beyond shock, he said he was also alarmed that none of the members of Congress then and now seemed to be concerned enough to “raise hell” about the country’s tremendously rising national debt. Interviewed over local television, he said he had spoken with contractors whom he asked, “Assuming I take cuts from infrastructure projects, how much will my take be? Their answer? From 10 percent to as much as 20, 25 percent — it’s up to the mayors and lawmakers to decide how much.” Bids and awards committee members, among others, also receive commissions, thus only about 45-50 percent is left for the contractor to do the project, he learned. If the project is worth, say P100, they’ll settle for from P42.50 to P55, including their profit, so they’ll have no choice but to make sub-standard projects. Having spent 38 years of exemplary service in the Philippine National Police, retired in 2016 as Deputy Chief of Operations with a total of 166 medals to his name, including the Distinguished Conduct Star, Distinguished Service Star, and PNP Gold Cross for combat and law enforcement achievements, he said: “We in the uniformed service are willing to give up a reasonable percentage of our pension to help the national government address this huge deficit, to address this big national debt; but we have yet to hear from our legislators that they too are willing to give up their pork barrel. Let’s wait and see what our brave legislators have to say.” In the interest of objectivity, it should be said here that Baguio, in two instances, was the subject of a Commission on Audit flag-down. One instance involved Magalong’s admission that rules were eased by City Hall in the purchase of food for city residents and disinfectant at the height of the Luzon lockdown during the Covid-19 pandemic in 2021. He said, however, that all the lockdown expenses were properly accounted for. CoA likewise flagged the city government on allegations that it had diversified funds to complete an infrastructure project. City Administrator Bonifacio Dela Peña maintained that the local government used the DPWH fund for its intended purpose, explaining that city hall only had a P341-million budget for a Convergence Center and it needed P50 million more to complete the project. “The word ‘misuse’ is not true. The fund was well-audited and it went to where it was allotted,” said Dela Peña. It is heartening to see that a cry in the wilderness sparks action among mayors. Theirs is a cause worthy of support by all sectors, including business and the citizenry, and we wish them all the luck in what is certain to be “an uphill climb” of sincerity and political will. The post Irony of corruption appeared first on Daily Tribune......»»
Application for MIF directors now open
Applications for director positions at the Maharlika Investment Corp. (MIC) have started coming in, including applications from people living outside of the country, Finance Secretary Benjamin Diokno said on Tuesday. In a television interview, Diokno said that both Filipinos and people from other countries can apply for the three independent director jobs. He also said that being a Filipino citizen is optional for people who want to be chosen from the business sector as independent directors for MIC. While foreigners can be independent directors, Diokno said that the president and chief executive officer of the MIC, who is an essential part of running and using the Maharlika Investor Fund, must be Filipino citizen. “We’re collecting recommendations. They don’t have to be Filipino citizens, but they have to have the right potential,” Diokno responded when asked whether the Marcos administration has initiated the search for potential directors. “We have already talked with some people from abroad who are interested,” he added. Under the MIF Act, the MIC’s board of directors will be made up of nine individuals. The Secretary of the Department of Finance will be the chairman by default, and the president and CEO will be the vice-chairman. The presidents and CEOs of both the Land Bank of the Philippines and the Development Bank of the Philippines will also be on the board. At the same time, it will be up to an advisory group to suggest both regular and independent members for the MIC. The two regulatory directors must be Filipino citizens and at least 35 years old. They must also have a good image and moral character. These people should also have a lot of experience and knowledge in overseeing and operating businesses and dealing with investments in both the local and global markets. Lastly, the independent directors chosen from the private sector must have a good reputation and a lot of knowledge in areas like finance, economics, investments, business management, or law. The post Application for MIF directors now open appeared first on Daily Tribune......»»
Search on for Maharlika independent directors, expats welcome
Applications for director positions at the Maharlika Investment Corp. have started coming in, including applications from people living outside of the country, Finance Secretary Benjamin Diokno said on Tuesday. In a television interview, Diokno said that both Filipinos and people from other countries can apply for the three independent director jobs. He also said that being a Filipino citizen is optional for people who want to be chosen from the business sector as independent directors for MIC. While foreigners can be independent directors, Diokno said that the president and chief executive officer of the MIC, who is an essential part of running and using the Maharlika Investment Fund, must be a Filipino citizen. “We're collecting recommendations. They don't have to be Filipino citizens, but they have to have the right potential,” Diokno responded when asked whether the Marcos administration has initiated the search for potential directors. “We have already talked with some people from abroad who are interested,” he added. Under the MIF Act, the MIC's board of directors will be made up of nine individuals. The Secretary of the Department of Finance will be the chairman by default, and the president and CEO will be the vice chairman. The presidents and CEOs of both the Landbank of the Philippines and the Development Bank of the Philippines will also be on the board. At the same time, it will be up to an advisory group to suggest both regular and independent members for the MIC. The two regulatory directors must be Filipino citizens and at least 35 years old, with good moral character and significant experience and knowledge in overseeing and operating businesses and dealing with investments in both the local and global markets. Lastly, the independent directors chosen from the private sector must have a good reputation and significant knowledge in areas like finance, economics, investments, business management or law. The post Search on for Maharlika independent directors, expats welcome appeared first on Daily Tribune......»»
JPE: Merger can’t happen
The proposed merger of the Land Bank of the Philippines and the Development Bank of the Philippines can’t be done because of legal infirmities — LandBank still holds the private shares it obtained after it absorbed the United Coconut Planters Bank or UCPB. “The problem there is how would they merge the two banks when UCPB, which was taken over by LandBank, had private shareholders, who were mostly coconut farmers,” according to Presidential Legal Counsel Juan Ponce Enrile. “Who are they to confiscate the properties of Filipinos? The Constitution says: ‘No person shall be deprived of life, liberty, and property without due process,’” he pointed out. “If President Ferdinand ‘Bongbong’ Marcos will ask my opinion on the merger, I will probably express a negative position,” Enrile said on his weekly program, Bayan ni Juan. Enrile blamed the Presidential Commission on Good Government or PCGG for mismanaging UCPB, which led to its bankruptcy, the reason for its consolidation with LandBank. “Who should be accountable for the millions of pesos lost in UCPB?” he asked. Enrile accused PCGG agents and nominees of squandering the money of the bank. Class suit appropriate “UCPB stockholders should file a class suit against the PCGG. It was not the fault of the share owners what happened to the bank, it was the fault of the government and the PCGG.” “They failed to manage the bank well considering that 72.5 percent of the bank’s shareholders were private individuals,” he said. “PCGG’s first chairman was former senator Jovito Salonga; he was then followed by a lineup of crocodiles who were responsible for the dissipation of the funds in UCPB,” according to Enrile. “UCPB, before it was taken over by the government, was a very lucrative and liquid bank. When the pilferers took over, we do not know what happened to the contributions of the coconut farmers,” he said. “Should we forget what happened, without anybody answering for it?” Enrile asked the Bureau of Internal Revenue, for instance, to run after the PCGG officials and employees who enriched themselves with the stolen money. “There were many who became rich at the expense of UCPB,” he said. “(The administration of the late President Cory Aquino) made it appear that UCPB was funded using ill-gotten money; they just did not understand the objective in creating the bank,” the former Senate President said. After the EDSA Revolt on 25 February 1986, among the first moves of the then “revolutionary government” of Aquino was to create the PCGG to investigate and recover the ill-gotten wealth. On 31 July 1987, the PCGG sequestered shares of stock in UCPB registered in the names of one million coconut farmers under the so-called Coconut Industry Investment Fund companies and those owned by tycoon Eduardo Cojuangco Jr. The sequestered UCPB shares were then worth an estimated P10 billion but have grown lately to around P70 billion, including the San Miguel Corp. shares bought with coconut levy funds. On 28 February 2001, the Sandiganbayan First Division ordered the PCGG to allow the CIIF companies and Cojuangco to vote on the sequestered UCPB shares. On 14 December 2001, the Supreme Court reversed Sandiganbayan’s decision, ruling that the PCGG had the right to vote on the sequestered UCPB shares. First universal bank UCPB, founded in 1938, was the first universal bank in the country. The PCGG argued that the sequestered UCPB shares were acquired with coconut levy funds, which were public in character. The CIIF companies and Cojuangco countered that they were the rightful owners of the sequestered UCPB shares. “The government takeover of UCPB was an injustice to the coconut farmers. Nothing has happened since to address the injustice,” Enrile said. After the funds of the bank were depleted, it borrowed money from LandBank. Enrile said the merger of LandBank with DBP will have the effect of removing the PCGG’s responsibility for the injustice done to the small farmers. “They want to erase the wrong done to the poor,” he said. “Those favoring the merger should be aware of the need to repeal the law that created the DBP to allow the transfer of its assets to LandBank. Both are chartered government enterprises,” Enrile noted. He added, “I respect the position of Finance Secretary Benjamin Diokno (in advocating the merger) but he is not a lawyer.” On 25 June 2021, former President Rodrigo Duterte signed Executive Order 142, approving the merger of LandBank and UCPB. On 14 December 2021, UCPB shareholders approved the merger plan. On 1 March 2022, the merger took effect. LandBank became the surviving entity and UCPB was dissolved. In July 2022, UCPB branches throughout the country started being converted to LandBank branches. On 1 March 2023, the merger was fully completed resulting in a combined asset base of P2.8 trillion, making LandBank the second-largest bank in the Philippines. The post JPE: Merger can’t happen appeared first on Daily Tribune......»»
Simplified mining tax will make Phl competitive — DoF chief
The Marcos administration will simplify the mining tax regime to make the Philippines competitive with other countries, Department of Finance Secretary Benjamin Diokno said on Monday. When asked why it is taking so long for the government to prop up mining operations despite the industry’s good revenue-generating potential, Diokno said in a television interview that there is a proposal in Congress seeking improvements to the country’s mining tax system. “In fact, that’s one of the priority measures for this Congress and we expect it to be approved soon,” Diokno said, adding that the goal is to unify the policy in areas where mining is authorized and those outside. “We will just have one tax. We will simplify the tax system and some royalty tax also. But we will try to make the tax system of the Philippines on mining competitive with other countries. That’s the gist of that proposal,” he added. During a recent roadshow in Canada, Diokno said that many foreign investors indicated interest in the Philippine mining sector. Since taking office last year, the Marcos administration has moved to speed up the growth of the mining industry and other key sectors as part of plans to grow the economy. Aside from mining, the government has been focused on agriculture and tourism to help the country get back on its feet after the pandemic. The post Simplified mining tax will make Phl competitive — DoF chief appeared first on Daily Tribune......»»
‘PNP to handle SONA protesters with empathy’
With four days left before President Marcos delivers his second State of the Nation Address on July 24, Philippine National Police chief Gen. Benjamin Acorda Jr. yesterday asked PNP personnel to deal with anti-government protesters with empathy and understanding......»»
CoA flags Baguio fund ‘misuse’
BY ALDWIN QUITASOL AND EDJEN OLIQUINO The Commission on Audit or CoA has called out the Baguio City government headed by Mayor Benjamin Magalong for using funds intended for a national project. An audit revealed the city government used P50 million in Department of Public Works and Highways funds to pay for the progress billing of its ongoing Youth Convergence Center and Sports Complex project instead of using it for the construction of the Multi-Purpose Building at the Athletic Bowl Oval at Burnham Park in Baguio City. State auditors said this was in violation of the memorandum of agreement between the city government and the DPWH, which stipulated that the P50-million fund was to be used solely for the construction of the multi-purpose building. CoA said the city government’s actions “did not achieve the purpose of the project MoA.” Daily Tribune sought but had yet to receive a response from Magalong at press time. Worse, the initial P25-million fund transfer released by the DPWH was disbursed to the contractor of a city government project as a loan, CoA added. The Baguio City government responded to the audit findings by saying that executing an amended MoA with the DPWH may have required complicated procedures. The LGU asked whether a certification from the bids and awards committee and the head of the procuring entity stating that the DPWH project had been “clustered” with the city government would be sufficient to resolve the audit issue. CoA responded that “another legal document may be executed as long as it contains the explicit approval of the DPWH as the funding agency on the ‘clustering’ of the two subject projects.” The post CoA flags Baguio fund ‘misuse’ appeared first on Daily Tribune......»»
Edict writes off farmers’ debts
President Ferdinand Marcos Jr. on Friday signed into law Republic Act 11953 relieving thousands of farmers of their long-standing debts associated with the Comprehensive Agrarian Reform Program. During the signing ceremonies in Malacañang, Marcos explained that RA 11953, or the New Agrarian Emancipation Act or NAEA, condones all unpaid amortizations, including interest and surcharges, for awarded lands. The signing came ahead of the President’s second State of the Nation Address on 24 July. “Let us continue agrarian reform not only through land distribution and providing land to farmers who still do not have any but also to completely free them from debt that hinders their full ownership of the land given to them by the government,” Marcos said in his speech. “Free land distribution must go hand in hand with broadening the provision of credit facilities and support services in the form of farm inputs, equipment, and facilities for our farmers, as well as the construction of more farm-to-market roads,” he said. Marcos thanked Congress for swiftly passing the bill. He also acknowledged his sister, Senator Imee Marcos, for her efforts in getting the bill passed in the Senate. “We had waited for several administrations, and yet we had not accomplished this. It is a great honor for me to stand before you and announce that we will now make this into law, granting and liberating our farmers and agrarian reform beneficiaries from their burdensome debts,” the President said. Loan obligations The law applies to farmers and farm workers who were granted land under Presidential Decree No. 27 but still had outstanding loan obligations to both the Land Bank of the Philippines and private landowners. The measure forgives the total principal loan amount of P14.5 billion, which includes accrued interest, penalties and surcharges, for 263,622 beneficiaries whose names were submitted to Congress by the Land Bank of the Philippines. Under the agrarian reform law, beneficiaries were obligated to make annual installment payments for the land they received, at 6 percent interest, over a maximum of 30 years. The total unpaid debt that rose to P57.56 billion will be absolved, ultimately benefiting 610,054 agrarian reform beneficiaries who cultivate approximately 1.173 million hectares of land. ‘Not unfair’ Agrarian Reform Secretary Conrado Estrella III said the New Agrarian Emancipation Law is “not unfair” to the farmers who had repaid their agrarian debts before the enactment of the law, considering the changes that had occurred over time. Estrella, who was present at the signing, said, “In the past, it was easier for our farmers to pay because they were earning. Now, there have been numerous developments here in our country and around the world.” “The prices of farm machinery, equipment, and other inputs have increased — this is happening worldwide — which has made the lives of our farmers more difficult. Additionally, we experienced a pandemic,” he said. Estrella said RA No.11953 was a priority legislation that the President asked Congress to pass in his first State of the Nation Address on 25 July 2022. Broader services “By freeing farmers from the agrarian debt, and ensuring broader support services and credit facilities, the Marcos administration has given more resources to our farmers to increase the productivity of their farms and uplift the quality of their lives,” Estrella said. Finance Secretary Benjamin Diokno, who was also at the signing ceremony, assured the public the loan condonation program would not affect government revenues. Diokno said the program is separate from the government’s fiscal plans for the next five years. The program is a form of social justice and will benefit many agrarian reform beneficiaries, he added. “When running a government, we consider not only efficiency but also social justice, so this falls under social justice,” Diokno said. He said the government will only collect paid loans from the beneficiaries, adding that the program will be implemented over time. The post Edict writes off farmers’ debts appeared first on Daily Tribune......»»