We are sorry, the requested page does not exist
March inflation may pick up amid high food prices
Inflation likely accelerated for the second straight month in March, mainly driven by high rice prices, prompting the Bangko Sentral ng Pilipinas (BSP) to keep borrowing costs unchanged at its next policy review in April, analysts said......»»
DA chief orders transfer of suspended NFA supervisors’ authority
The transfer of authority of suspended warehouse supervisors of the National Food Authority has been ordered by Agriculture Secretary Francisco Tiu Laurel Jr. yesterday as NFA facilities remain closed amid the suspension order of the Office of the Ombudsman......»»
Chocolate Hills furor prompts Bohol bishop’s call to preserve national treasures
MANILA, Philippines — The public has been urged by the Catholic bishop of Bohol to preserve national treasures amid an outcry over the construction and operation of a resort in the middle of the picturesque Chocolate Hills’ protected area. The need to “recognize and cherish” Bohol’s natural wonders, specifically its Chocolate Hills and beaches was.....»»
Fishers call for adequate support amid the El Niño drought
"Fishers also bear the brunt of the El Niño phenomenon. During drought, fish usually swim deeper than usual to seek cooler temperatures, making fishing more difficult and costly as we have to spend extra time and fuel." The post Fishers call for adequate support amid the El Niño drought appeared first on Bulatlat......»»
China to Philippines: ‘Act with caution’ amid maritime clashes
Beijing, China–China’s top diplomat Wang Yi warned his Philippine counterpart that Manila “must act with caution”, Beijing’s foreign ministry said, following a flurry of tense maritime confrontations in the disputed South China Sea. Wang said on a Wednesday call with Philippine Foreign Minister Enrique Manalo the two countries were “facing serious difficulties”, blaming Manila for changing.....»»
Palestinians Flee Northern Gaza Amid Israeli Offensive
LATEST DEVELOPMENTS: Israeli military says it killed top Hamas weapons maker U.N. says number of people fleeing northern Gaza tripled between Monday and Tuesday Israeli defense minister says his troops are in Gaza City The Hamas-run health ministry in Gaza said the death toll from Israeli attacks has surpassed 10,500. G7 backs Israel's right to self-defense, while call.....»»
Palestinians Flee Northern Gaza Amid Israeli Offensive
LATEST DEVELOPMENTS: Israeli military says it killed top Hamas weapons maker U.N. says number of people fleeing northern Gaza tripled between Monday and Tuesday Israeli defense minister says his troops are in Gaza City The Hamas-run health ministry in Gaza said the death toll from Israeli attacks has surpassed 10,500. G7 backs Israel's right to self-defense, while call.....»»
‘Palestinian children should be killed’
No, that heartless advice did not come from a mentally deranged man or an ordinary man on the street. It came from a top Filipino diplomat who has worn many hats in government. He is in fact a lawyer, journalist, former Secretary of Foreign Affairs, Ambassador to the United Nations, Press Secretary, Congressman, and presently Philippine Ambassador to the Court of St. James’s (United Kingdom) and concurrently Special Envoy to China for special concerns. In my book, those bona fides could easily qualify him as a revered Filipino statesman — but for his indiscretion, uncouth words, and disrespect for the feelings of others. I refer, dear readers, to Teodoro Lopez Locsin Jr. I have to emphasize the descriptive word “Jr.” because, from accounts I have read, he is far different from his namesake, Teodoro Locsin Sr., who fought the Japanese and the dictatorial regime of Ferdinand Marcos Sr., a fearless publisher of the news magazine Philippines Free Press for which he was imprisoned during the Marcos martial law regime. Did the “apple fall far from the tree?” In his Twitter account, Locsin Jr. said: “That’s why Palestinian children should be killed: they might grow up to become as gullible as innocent Palestinians letting Hamas launch rockets at Israel ...They are Muslims...” In the diplomatic community, we call that a faux pas. Perhaps realizing the callousness of his gaffe, he immediately deleted the tweet with the following lame expression of mea culpa: “I immediately deleted my sarcastic response to a tweet as I realized it could be misconstrued ...My apologies to those who did misconstrue my sentiments and did, in fact, get triggered...” That statement did not wash away the disastrous effect of his slip. If one reads between the lines, they were subtle words to camouflage the booboo, not a real entreaty for clemency. His admission of his mistake, though, may work to mitigate the imprudence. Remarkably, the Department of Foreign Affairs, anticipating its far-reaching negative effect, disassociated itself from the statement, saying it was made in Locsin’s “personal capacity.” I wanted to distance this column from the ensuing uproar. But being the de facto medium for Filipino Muslims’ concerns and sentiments on political and social issues, it cannot default from its moral responsibility. I was afraid that repeating the obnoxious remark might gain traction — and psychologists warn about the “repetition-induced truth effect.” I did not want to dignify it. After all, he had shown remorse and apologized for the impropriety of his words, and, as a sage says, “There is no need to beat a dead horse.” But the storm of controversy has spread like wildfire in Morolandia that I have to add my voice of indignation. Silence amid the din of protest is a sin. I have not seen in a long time such a display of revulsion and rage from the Moros, reminiscent of the time foreign invaders came to their shores and, for 300 years, the Moros dug in, resisted, and repelled the hegemonistic colonization campaign. Muslim netizens promptly denounced the statement as xenophobic, insensitive, and unbecoming of a diplomat. Their protest and outcry reverberated from the halls of the Houses of Congress, the Regional Parliament of the Bangsamoro Autonomous Region in Muslim Mindanao to the cramped temporary shanties of the Marawi war evacuees and the shores of the Sulu seas. For a single moment in their lives, the tribes of Morolandia set aside their tribal identities. They spoke in one thunderous voice, calling for a sanction for what they perceived was the misconduct of a diplomat who, to preserve his honor, must perform a Japanese seppuku or self-sacrifice by resigning from his post. Articulating the collective position of the Deputies of the BARMM interim Regional Parliament, Speaker Pangalian Balindong issued a public statement rich in a poignant message condemning the “insensitive and irresponsible social media post ...for its Islamophobic, racist, and anti-Semitic undertones.” (To be continued) amb_mac_lanto@yahoo.com The post ‘Palestinian children should be killed’ appeared first on Daily Tribune......»»
Bankman-Fried to testify at his US crypto trial
Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, plans to make another high-stakes gamble and testify in his defense on Thursday at his criminal fraud trial. Bankman-Fried's decision to take the stand comes after three weeks of devastating testimony for the 31-year-old known as SBF, who has been accused of stealing billions of dollars from clients. His lawyer, Mark Cohen, told Judge Lewis Kaplan he expected Bankman-Fried's testimony to last for four or five hours. He is expected to begin around 2:00 p.m. (1800 GMT). Prosecutors were wrapping up their case on Thursday and handing it over to the defense, which said it plans to call four witnesses, including Bankman-Fried. Bankman-Fried, once one of the most respected figures in crypto, has been charged with seven counts of fraud, embezzlement, and criminal conspiracy. If convicted, he could face a de facto life sentence of more than 100 years in prison. The Massachusetts Institute of Technology graduate had, in just a few years, turned his FTX platform into the world's second-biggest crypto exchange -- making him a tech-world billionaire wunderkind. But his empire began to crumble last November when a news report pointed to unhealthy ties between FTX and Alameda Research, Bankman-Fried's personally owned trading company. Amid growing revelations, major investors pulled their money out of FTX, sinking it swiftly into bankruptcy. Some $8.7 billion was still unaccounted for after the dust settled, according to the receiver appointed to manage the liquidation. Bankman-Fried has denied taking other people's money, blaming former colleagues for the situation. But key witnesses in recent weeks, all former FTX or Alameda employees, refuted his account. Supported by internal documents compiled by the prosecution, they said he was behind the breaches and did not lose sight of the financial situation of FTX and Alameda. Ex-girlfriend offers evidence Among those taking the stand was Caroline Ellison, Bankman-Fried's former business partner and girlfriend. She offered conclusive evidence against him and delivered details on his management, saying he was involved in all major decisions. Ellison, a Stanford University mathematics graduate, was appointed by Bankman-Fried in 2021 to head Alameda, whose activities were largely financed by money from customers of FTX without their knowledge. She has pleaded guilty to fraud charges and agreed to cooperate with the prosecution, as have two other close associates of Bankman-Fried. Bankman-Fried's decision to testify in his defense is unusual in a country where criminal defendants generally decline to do so because they have to face cross-examination and run the risk of incriminating themselves. Hollywood producer Harvey Weinstein, comedian Bill Cosby, singer R. Kelly, and drug trafficker Joaquin "El Chapo" Guzman were among high-profile defendants who declined to testify at their recent trials. A Cornell University study of hundreds of trials published in 2009 found that 77 percent of defendants who chose to testify were convicted while 72 percent of those who declined to take the stand were found guilty. The post Bankman-Fried to testify at his US crypto trial appeared first on Daily Tribune......»»
Meta quarterly profit jumps but it sees volatility in ad market
Meta on Wednesday reported that its quarterly profit more than doubled from last year's figure as it looks ahead at a volatile ad market and lawsuits accusing it of profiting from "children's pain." "Meta earnings looked pretty good," said independent tech analyst Rob Enderle. "They have clearly cut back on the bleeding surrounding their metaverse efforts and the company appears to be on a more even keel right now." The tech giant said it made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier. "We had a good quarter for our community and business," said Meta chief executive Mark Zuckerberg. The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users of Meta's "family" of apps was 3.96 billion a 7 percent increase from the same quarter in 2022, the company reported. Meta said it had trimmed costs, with layoffs and other belt-tightening measures started last year providing "greater efficiency." Meta had suffered a rough 2022 amid a souring economic climate and Apple's data privacy changes, which allowed users to block ad targeting, the pillar of Meta's business. Meta's vow of austerity on spending brought an unprecedented round of cost-cutting that saw the company lay off tens of thousands of workers since last November. Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50. Chief financial officer Susan Li said during an earnings call that Meta is seeing "volatility" in an ad market that started to soften when the conflict between Israel and Hamas began. "It's hard for us to attribute demand softness directly to any specific geopolitical event," Li said. "We have seen broader demand softness follow other regional conflicts in the past, such as in the Ukraine war, so this is something that we're continuing to monitor." Lawsuit peril Analyst Enderle maintained that Meta is at risk from lawsuits poised to damage its image and its wallet. Dozens of US states this week accused Meta of profiting "from children's pain," damaging their mental health and misleading people about the safety of its platforms. "In seeking to maximize its financial gains, Meta has repeatedly misled the public about the substantial dangers of its Social Media Platforms," argued a joint lawsuit filed in federal court in California. The states accused Meta of exploiting young users by creating a business model designed to maximize time they spend on the platform despite harm to their health. In total more than 40 states are suing Meta, though some opted to file in local courts rather than join in the federal case. Meta said the states were singling it out unfairly instead of working with social media companies to develop universal standards for the whole industry. "This landmark lawsuit could herald a seismic shift in how social media platforms approach product features and user engagement," said Insider Intelligence principal analyst Jeremy Goldman. "That said, even as tech stocks face uncertainty, Meta's consistent performance cements its leadership in the digital realm." Meanwhile, the European Union is seeking details on measures Meta has taken to stop the spread of "illegal content and disinformation" in light of the conflict between Israel and Hamas. The AI race The tech giant is putting artificial intelligence into digital assistants and smart glasses as it seeks to gain lost ground in the AI race. "I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio," Zuckerberg said in the earnings release. The second-generation Meta Ray-Ban smart glasses made in a partnership with EssilorLuxottica have a starting price of $299. "Smart glasses are the ideal form factor for you to let AI assistants see what you're seeing and hear what you're hearing," Zuckerberg said. Meta has taken a more cautious approach than its rivals Microsoft, OpenAI, and Google to push out AI products, prioritizing small steps and making its in-house models available to developers and researchers. "The majority of the world's population will have their first experience of generative artificial intelligence with us," Meta chief technology officer Andrew "Boz" Bosworth told AFP in a recent interview. Meta recently unveiled AI-infused chatbots with personalities, along with tools for creating images or written content using spoken prompts. The post Meta quarterly profit jumps but it sees volatility in ad market appeared first on Daily Tribune......»»
Prioritize OFW repatriation, reintegration — Go
Senator Christopher “Bong” Go has reiterated the urgency of providing repatriation support and eventually, reintegration plans for overseas Filipino workers returning from Israel and Lebanon, in the light of escalating tensions in the region. Go, vice chairperson of the Senate Committee on Migrant Workers, said a comprehensive repatriation and reintegration program should be in place to cater to the varying needs of returning OFWs. “It’s about empowering our OFWs to restart their lives here with dignity and hope,” Go remarked. Once the OFWs return home, Go called on the government to ensure that reintegration programs are made readily available for them to overcome the trauma they experienced and be able to recover. “Our kababayans are coming home under distressing circumstances. It is the government’s responsibility to extend all possible support to these modern-day heroes,” Go said. “Aside from possible employment opportunities, the government must be ready to provide assistance for their physical and psychological well-being, temporary housing if needed, and the welfare of their families as well,” he added. The Philippine government has approved voluntary repatriation for Filipinos in Lebanon amid brewing tension in the region while the situation in Israel is particularly concerning, with Israel intensifying its bombings in Gaza. With this, Go emphasized the need for both the government and OFWs to take proactive steps to ensure their safety. The senator urged the Department of Foreign Affairs, the Department of Migrant Workers and other relevant agencies to closely monitor the situation and provide timely updates to OFWs and their families. In another development, Go has urged various government agencies to amplify and accelerate their interventions for the most affected sectors of society as the country grapples with the economic challenges posed by high inflation rates. This call to action comes in the wake of a recent and concerning study conducted by the Bangko Sentral ng Pilipinas indicating that high inflation is expected to persist until 2025. Meanwhile, Go expressed his strong support and commendation for the 150 scholars currently enrolled in the Technical Education and Skills Development Authority program in Daet, Camarines Norte. The educational venture was initiated in collaboration with the Philippine Academy of Technical Studies Inc. The post Prioritize OFW repatriation, reintegration — Go appeared first on Daily Tribune......»»
Phl monitors many CMM ships in WPS, slams China’s maligned info ops
The Philippines has monitored "a large number of Chinese maritime militia vessels” swarming in the features of the West Philippine Sea, National Security Council spokesperson, Undersecretary Jonathan Malaya, said Tuesday. In a television interview, Malaya said these vessels were spotted “not only in the vicinity of Ayungin Shoal and Bajo de Masinloc but also in other features, including (Scarborough Shoal) and Sabina (Escoda) Shoal.” "We are alarmed by the environmental degradation our Coast Guard ships were able to monitor in these areas,” he told the ANC. Malaya noted that environmental degradation or coral destruction would have a direct impact on the livelihood of the fishermen in the WPS areas. “Sometimes we forget the reasons why we are pushing our rights in the WPS, some critics are saying this is just posturing on the part of the Philippines or a tug-of-war between China and the Philippines. No this is not,” he stressed. “This is a battle for the resources of our country, particularly those for our fishermen so when we monitor coral destruction in other parts of the WPS, it alarms the Philippine government because it directly impacts the livelihood of our fishermen in WPS upon their livelihood relies,” he added. Hence, the Philippines has increased its maritime patrols and freedom of navigation missions in the WPS amid “limited capacity.” On the other hand, Malaya slammed China’s “maligned information operation” and sharing of “false narratives” on its sweeping claims on the WPS—as shared with the public. “Definitely, there’s a maligned information operation going on nowadays that is shared to the public and we are just happy it is not just the Philippine government that is sharing our side here—we have allies—if we may call them witnesses from the media,” he said. “We have witnesses from the media who were there on the spot, who had access to the deck and who had access to the control center of the Philippine Coast Guard vessels, who listened to the radio challenges, who saw what was really happening, who were witnesses themselves to the overwhelming number of Chinese vessels acting in concert,” he added. Malaya asked the public should see the facts for themselves and not be urged by the information coming from Beijing. Philippine officials have repeatedly called out China for its “propaganda” on its expansive claims in the South China Sea, which overlaps the country’s exclusive economic zone in the WPS......»»
NDCP alumni officials call for unity amid growing tensions in WPS
Filipinos should unite behind the nation and its government as Philippine sailors continue to experience harassment from the Chinese Coast Guard while on peaceful missions in the West Philippine Sea. This was the call of alumni officials of the National Defense College of the Philippines or NDCP, stressing that the public should remain vigilant and well-informed amid growing tensions inside the country’s territorial waters. Capt. Aldrin Cuña, the Secretary General of the NDCP Alumni Association Inc. (NDCPAAI), released the group’s statement stressing that “not only is it our right but our duty to protect it when parties launch aggressive acts to challenge our sovereignty and curb our activities over what is legally ours.” “The West Philippine Sea is of great importance to our nation, future and children - their inheritance we should not lose during our watch,” the NDCPAAI statement read. The statement was released after two Chinese Coast Guard ships rammed a Philippine Coast Guard ship and a military-run supply boat within Philippine territorial waters on Sunday, 22 October. The Chinese Coast Guard claimed that it was the Philippine ships who were the “aggressors,” but Defense Secretary Gilbert Teodoro fired back, saying “the Chinese government is deliberately obfuscating the truth.” The NDCPAAI seconded Secretary Teodoro, saying that “not only are our ships being rammed, the truth that is on our side is being pummeled too.” “The best defense against falsehood are facts which we can learn by educating ourselves about what our country’s rights are over West Philippine Sea and the legitimacy of our actions there,” the association said. However, the NDCPAAI emphasized that “diplomacy in search for principled peaceful solution is of equal importance,” but this can only be achieved if “a united citizenry is behind the government.” “We thus call on our fellow Filipinos, regardless of political affiliations, to put aside our differences and rally around our country's cause. As we maintain a credible defense posture, we must engage in constructive dialogue and nurture cordial and conflict-free peaceful solutions, guided by international law and our commitment to upholding justice and fairness,” the association said. “By pursuing these multiple tracks, we project a stance that is strong at home and supported by the people and respected abroad and recognized by the community of nations as just and right,” it stressed......»»
‘Stop, stop!’ Pope Francis urges over Hamas-Israel conflict
Pope Francis pleaded Sunday for an end to the Hamas-Israeli conflict amid fears it could widen, and called for more humanitarian aid to be allowed into to the Gaza Strip. "War is always a defeat, it is a destruction of human fraternity. Brothers, stop! Stop!" Francis said after his traditional Angelus prayer in Rome's Saint Peter's Square. "I renew my call for spaces to be opened, for humanitarian aid to continue to arrive and for hostages to be freed," the 86-year-old pontiff said. Hamas militants stormed into Israel from the Gaza Strip on October 7, killing at least 1,400 people. Israel's retaliatory bombing campaign has killed more than 4,300 Palestinians, mainly civilians, according to the Hamas-run health ministry, and reduced swathes of densely populated Gaza to smoldering ruins. Alarm has grown about a humanitarian crisis in Gaza, where Israel has cut off water, food and power. A first trickle of aid entered the besieged Strip on Saturday, but UN officials said the 20 trucks permitted to cross were not enough given the "catastrophic" humanitarian situation for 2.4 million people. Two US hostages were released Friday but over 200 people abducted by the militants are still being held. ide/js © Agence France-Presse The post ‘Stop, stop!’ Pope Francis urges over Hamas-Israel conflict appeared first on Daily Tribune......»»
Shun mass protests in Egypt
Filipinos in Egypt have been advised to avoid joining any protests following the mass demonstrations, denouncing the bombing of a hospital in the Gaza Strip that reportedly killed at least 500 civilians. In an advisory, the Philippine Embassy in Egypt cautioned Filipinos against joining the random demonstrations and planned mass actions. “The Philippine Embassy in Cairo advises everyone to exercise caution, keep away from mass congregations, and stay home unless necessary,” it said. According to the Department of Foreign Affairs, there are 1,990 Filipinos in Egypt. Egyptians took to the streets to express their anger over the bombing of the Al-Ahli Baptist Hospital in Gaza, which left hundreds of Palestinians dead. In one of the demonstrations, a Palestinian flag was raised while an Israeli flag was burned. The demonstrations came after Egypt’s President Abdel-Fattah el-Sissi called on Egyptians to express solidarity with the Palestinians amid the Israel-Hamas war. This developed as top diplomats of the Association of Southeast Asian Nations on Friday denounced the ongoing war in the Middle East. End bloodshed In a statement, the foreign ministers of the 10-member regional bloc called for an immediate end to the bloodshed. “We strongly condemn the acts of violence which have led to the deaths and injuries of civilians, including ASEAN nationals,” the foreign ministers said. “We urge the immediate end of violence to avoid further human casualties and call for the full respect of international humanitarian law,” it added. Israel and the Palestinian militant group Hamas are engaged in armed conflict following the surprise attack launched by the terror group on Israel last 7 October. The attack by Hamas has left more than 1,400 dead, most of them massacred on the first day of the assault. Meanwhile, the widespread airstrikes on the Gaza Strip have reportedly left at least 3,478 dead. ASEAN also called on “all parties to create safe, rapid and unimpeded passages of human corridors.” Last week, Israel imposed a 24-hour deadline for 1.1 million civilians to evacuate northern Gaza ahead of its ground offensive in the Palestinian territory. Since then, millions of civilians, including foreign nationals, have scrambled to move from northern Gaza to southern Gaza in hopes of exiting the war-torn territory. The bulk of civilians are swarming to the Rafah border in an attempt to enter Egypt despite the border remaining closed and the restricted availability of food, water and electricity. Two-state solution Meanwhile, ASEAN reaffirmed its support for a “negotiated two-state solution that allows Israelis and Palestinians to live side-by-side in peace and security consistent with relevant United Nations Security Council resolutions.” “This will be the only viable path to resolving the root cause of the conflict,” it said. The regional bloc also called on the “international community to support the peace process in order to ensure long-lasting peace and stability in the region.” “We have issued our respective national statements on the escalation of armed conflicts in the Middle East,” it said. On Wednesday, the Philippines, one of the founding members of ASEAN, expressed its “profound sadness” over the bombing of a hospital in the Gaza Strip, which reportedly killed at least 500 civilians. Israel and Hamas denied being behind the attack and blamed each other for the bombing. The Philippines said all parties should “do their utmost to protect civilians in times of war and armed conflict.” “We support efforts of the United Nations to provide humanitarian relief in the conflict areas,” it said. According to the Department of Foreign Affairs, there are 135 Filipinos in the Hamas-controlled Gaza. Deep concern In Riyadh, Saudi Arabia, where President Ferdinand Marcos Jr. is attending the ASEAN-Gulf Cooperation Council Summit, the Chief Executive expressed deep concern over the rising number of victims and the safety of those affected by the conflict. In his intervention during the 1st ASEAN-GCC Summit here on Friday, Marcos said, “All parties (should) exert their utmost efforts to de-escalate the situation, stop all violence, and engage in dialogue and diplomacy.” He called on the members of the GCC and ASEAN to work together to promote peace, security, and stability in the South China Sea and the Arabian Sea. Marcos also underscored the importance of cooperation between member countries of the two regional groups to ensure their continued prosperity. “As the two regional organizations located astride the major sea gates and vital corridors of the world’s commerce and communications, it is imperative that we work together to promote peace, security, and stability in both our regions, the South China Sea and the Arabian Sea, grounded on the rules-based international order to ensure the stability and prosperity of our countries and the rest of the world,” Marcos said. “Peace and stability are indispensable to ensuring continued prosperity in our respective regions and the world,” he added. The six GCC member countries are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, while the 10 ASEAN member countries are Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. President Marcos attended the ASEAN-GCC Summit, where he discussed business opportunities in the Philippines and urged investors to invest in the Maharlika Investment Fund, among other significant opportunities in the Philippines. The post Shun mass protests in Egypt appeared first on Daily Tribune......»»
Go reiterates call for increased health fund
Senator Christopher “Bong” Go, chairperson of the Senate Committee on Health, emphasized in an interview on Tuesday, 26 September, the urgent need to bolster the Department of Health’s budget as the country movestowards pandemic recovery even amid several existing and emerging public health concerns. He recalled the budget deliberations in December 2019 when there were attempts to cut the budget of the Research Institute for Tropical Medicine for year 2020. “In the 2019 budget deliberations, I defended the RITM budget which was on the brink of being slashed. We even added more funds,” he narrated. This decision turned out to be crucial then, as RITM later played a vital role in Covid-19 testing when the pandemic started in 2020. Go noted that the restoration of RITM’s budget underscored the importance of adequately funding healthcare institutions, especially in unpredictable times. Go’s recollection came at a critical time when DoH is facing a P10-billion budget cut for 2024. The proposed budget cut would bring DoH’s overall budget down to P199.45 billion from P209.62 billion under the General Appropriations Act of 2023. With this, Go argued that the healthcare system needs more, not less, financial support. He then underscored the urgency for increased investment in the public healthcare system. Meanwhile, Go continued to push for the Department of Disaster Resilience and Mandatory Evacuation Center bills. Go’s office, in coordination with Mayor Clark Ngaya, distributed grocery packs to 500 typhoon “Egay” victims at the municipal hall in Barlig, Mountain Province last Monday, 25 September. The post Go reiterates call for increased health fund appeared first on Daily Tribune......»»
Phl economy seen to grow 5.5% in 2023
The Philippine economy is expected to grow slower by 5.5 percent in 2023 from 7.6 percent in 2023 due to a global slowdown, First Metro Investment Corporation and the University of Asia and the Pacific Capital Markets Research said on Wednesday. In their September 2023 market call, the two firms said that elevated government spending in the third quarter of 2023, along with a strong rebound in employment and consumer spending starting September, should stimulate the economy. The industry sector expansion is seen to be broad-based, with manufacturing taking the lead. The services sector is also expected to see growth, driven by domestic and foreign tourism in trade, transportation, storage, and accommodations and food services starting in September. "We still see sufficient strength in the economy to get a 5.0 to 5.2 percent year-on-year third quarter GDP growth, while the acceleration of the above sectors plus consumer spending should bring back fourth-quarter growth above 6 percent," the market call said. The market call also noted that market uneasiness returned in August amid higher US Treasuries on the back of inflation woes, a hawkish Fed, and a stronger-than-expected US economy. Locally, the trepidation resulted in a decline in volume in both primary and secondary markets rather than in yields in August. Furthermore, local products initially jumped in September following the faster August inflation print at 5.3 percent. "We see the recent crude oil and rice price gains as transitory with inflation likely heading back to within target in Q4. Given the inflation outlook and pause in monetary tightening from the BSP and Fed, we expect sideways movements, with a slight northward bias, in the local 10-year yields, which should last until the end of 2023," the market call said. Equities Outlook The Philippine Stock Exchange index is seen to move sideways in September between 6,000 and 6,350, as investors scrounge for some excellent news. While price-to-earnings ratios reached lows last seen during the World Financial Crisis, local investors seem hindered by higher interest rates and margin calls. However, the market call kept a constructive outlook, especially concerning oversold issues and high dividend plays. "We believe that the market is now trading at a compelling valuation and that investors should start to nibble at oversold issues and high dividend plays. We expect the market to grind higher in the fourth quarter, with the PSEi breaching its 2022 high of 6,800 by year-end," the market call said. The post Phl economy seen to grow 5.5% in 2023 appeared first on Daily Tribune......»»
Bong Go renews call for increased health budget
Senator Christopher "Bong" Go, the chairperson of the Senate Committee on Health, emphasized in an interview on Tuesday, 26 September, the urgent need to bolster the Department of Health's budget as the country navigates toward pandemic recovery even amid several existing and emerging public health concerns. "Gaya ng sinabi ko noon, full support ako sa DOH kung ano ang makakatulong sa ating healthcare system," said Go. He recalled the budget deliberations in December 2019 when there were attempts to cut the budget of the Research Institute for Tropical Medicine (RITM) for the year 2020. "Nag-budget hearing noong December 2019, tinapyasan ang proposed budget sa RITM at DOH, di po ako pumayag noon. Dinagdagan pa natin at ibinalik natin ang pondo," he narrated. This decision turned out to be crucial then, as RITM later played a vital role in COVID-19 testing when the pandemic started in 2020. Go noted that the restoration of RITM's budget underscored the importance of adequately funding healthcare institutions, especially in unpredictable times. Go's recollection came at a critical time when the DOH was facing a P10-billion budget cut for 2024. The proposed budget cut would bring DOH's overall budget down to P199.45 billion from P209.62 billion under the General Appropriations Act of 2023. With this, Go argued that the healthcare system needs more, not less, financial support. He then underscored the urgency for increased investment in the public healthcare system. "The more we should invest sa ating healthcare system, dagdagan ang pondo," Go reiterated. "Para sa akin po, dapat suportahan natin na dagdagan ang pondo ng DOH. 'Wag pong bawasan, dagdagan pa po," he stated further. He emphasized that the funds should be used wisely to benefit patients particularly the less fortunate. "Makinabang dapat ang mga pasyente, makinabang po ang mahihirap nating kababayan na walang ibang matakbuhan kundi tayo pong nasa gobyerno," he said. Go said that those who are wealthy have the option to seek medical care in private hospitals, while the less fortunate are left with no other choice but to rely on public healthcare facilities that rely on government funding. "Ito pong mga helpless, mga hopeless nating kababayan, sila ang unahin natin. 'Yung mayayaman naman po, di pupunta sa public hospitals 'yan," he said. During the Commission on Appointments hearing on the ad interim appointment of Health Secretary Teodoro Herbosa which Go presided on early that day, the senator also appealed to DOH to ensure that poor and indigent patients are given utmost attention in public hospitals. Go cited a recent department memorandum signed by Herbosa instructing medical center chiefs to ensure that all patients must be accorded with the available services in Malasakit Centers. The Malasakit Center serves as a one-stop shop aimed at helping particularly poor and indigent patients minimize their medical expenses to the lowest amount possible by collaborating with various agencies offering medical assistance programs. This initiative was institutionalized under Republic Act No. 11463, a law principally authored and sponsored by Go in the Senate. Presently, there are 159 Malasakit Centers spread across the country, and they have collectively provided support to more than seven million Filipinos, as reported by DOH. Moreover, echoing President Ferdinand “Bongbong” Marcos, Jr.’s priority of bringing specialized medical services closer to other parts of the country, Go highlighted that he has principally sponsored and is one of the authors of the Regional Specialty Centers Act which was recently enacted into law. The law mandates the establishment of regional specialty centers within existing DOH regional hospitals. Given this, Go reminded the DOH that sufficient funding must be allocated in the coming years for the proper implementation of the law. Moreover, Go also emphasized the need to continue bringing basic health services closer to the grassroots through the establishment of more Super Health Centers nationwide which he had advocated for since the time of former president Rodrigo Duterte. “Ipagpatuloy natin na ilapit ang serbisyong medikal mula gobyerno sa ating mga kababayang mahihirap na walang ibang matakbuhan. The more we should support their health needs, the more na mag-invest po tayo sa ating healthcare system,” Go said. “Huwag po natin silang pahirapan. Marami po sa mga kababayan natin sa iba’t ibang sulok ng Pilipinas na wala silang sariling health facility. Kaya importante na mailapit natin ang serbisyong medikal mula gobyerno sa mga taong nangangailangan nito,” he stressed. The post Bong Go renews call for increased health budget 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......»»
Transport group appeals subsidy
A transport group on Sunday appealed to the national government that all transport workers will receive the fuel subsidies announced by the government amid the consecutive oil price hikes. Alliance of Transport Operators and Drivers Association of the Philippines president Boy Vargas said that in the past, many drivers and operators were not able to receive fuel subsidies. “We hope that this time, everyone will be able to receive the fuel subsidy. We don’t want anyone to be left behind,” he said in a radio interview. To recall, the Department of Budget and Management on Friday approved the release of P3 billion for the Fuel Subsidy Program that would support approximately 1.36 million public utility vehicle drivers and operators. The subsidy will be given in the form of call cards that could be used in select gasoline stations in exchange for fuel. Vargas also called on the operators to give the PUV drivers the fuel subsidy. “We hope that the operators will be able to give the fuel subsidy to their drivers. This will help them a lot, especially with the rising oil prices,” he said. The post Transport group appeals subsidy appeared first on Daily Tribune......»»