Basilan accepts LSIs despite approved temporary suspension
ISABELA CITY, Basilan, 09 July (PIA) - The Provincial Government of Basilan with its Inter-Agency Task Force is ready to accept Locally Stranded Individuals (LSIs) despite the approved request of G.....»»
House receives P5.7-T proposed nat’l budget
The Department of Budget and Management or DBM on Wednesday submitted to House Speaker Martin Romualdez the P5.768-trillion proposed national budget for next year, which the lawmaker said would provide Congress enough time to evaluate the soundness of the fund allocations. DBM Secretary Amenah Pangandaman delivered the proposal, also called the National Expenditure Program, on the date she promised after it was handed over to President Ferdinand Marcos Jr. last month. “Your submission of the proposed national budget in less than 10 days from the start of the regular session of Congress provides the House ample time to study, discuss, and deliberate on the point of the proposal, and formulate a national budget that is responsive to the development needs of our country,” Romualdez said. Compared to this year’s outlay, the proposed national budget for 2024 is higher by 9.5 percent. Pangandaman had said in June that the national budget should be passed into law swiftly as it had been pre-approved by President Marcos and the government department heads. She said the individual budgets proposed by government agencies totaled P5.90 trillion before the DBM trimmed it down to P5.768 trillion based on the agencies’ fund utilization capacities and the feasibility of their planned projects. The proposed national budget will also undergo Senate deliberations before the consolidated version will be submitted to Marcos for his signature which would make it a law. Pangandaman said priority allocations of the budget include education, infrastructure, and agriculture projects that are aligned with the goals of the administration’s Philippine Development Plan 2023-2028. For agriculture, the allocation was set at P30.87 billion for rice production, P5.28 billion for corn, and P1.94 billion for high-value crops, among others. “Higher investments will also be provided for agricultural support services, such as irrigation and the construction and rehabilitation of fish ports across the country and farm-to-market roads in key production areas,” Pangandaman said. For infrastructure development, the proposed fund amounts to P1.42 trillion or 5.3 percent of the gross domestic product and covers schools, hospitals and health centers, water and power systems, roads, railways and airports. Climate change projects Among other priorities are climate change projects with an allocation of P543.45 billion, its bulk dedicated to water security. Another is social development programs with a proposed fund of P112.8 billion to help 4.4 million families through the cash-transfer program Pantawid Pamilyang Pilipino Program of the Department of Social and Welfare Development. Pangandaman said the pension for indigent senior citizens was doubled to P49.81 billion and would benefit more than 4 million. Meanwhile, the housing allocation was pegged at P9 billion and will be used to shelter 6.5 million families over the next five years. Education received the highest fund proposal as required by the Constitution at P924.7 billion. The Philippines would be “one step closer” to realizing the government’s “transformative vision” for the country once Congress accepts the proposed budget according to President Marcos. In his message, Marcos explained that the proposed budget aims to provide the resources required for government operations and the ongoing pursuit of economic reform. The planned budget is P9.5 trillion more than the P5.268-trillion General Appropriations Act for 2023. “With the Congress’ approval of the proposed (Fiscal Year) 2024 National Budget, we will be one step closer to achieving our transformative vision for the country, the Agenda of Prosperity,” Marcos said. “Our journey has just begun. We will march on — one nation, one people building a better future together,” he added. The President said that the proposed budget for 2024 was a key part of the Philippine Development Plan 2023–2028, which aims to strengthen the country’s capabilities, protect the buying power of Filipinos, and improve output sectors to create more good jobs and products that can compete globally. “In turn, these strategies are to be supported by an enabling environment characterized by macroeconomic stability, infrastructure development, bureaucratic efficiency, strong rule of law, and effective climate action,” Marcos said. The post House receives P5.7-T proposed nat’l budget appeared first on Daily Tribune......»»
Galvez returns as presidential peace adviser
President Ferdinand Marcos Jr. reappointed former AFP chief Carlito Galvez Jr. as presidential peace adviser after being renamed senior undersecretary of the Department of National Defense. In a statement Saturday, Galvez said Marcos reinstated him as the secretary of the Office of the Presidential Adviser on Peace, Reconciliation, and Unity to help in pushing forward the Bangsamoro peace process because “this is where his heart is.” Galvez was previously appointed as OPAPRU secretary by former President Rodrigo Duterte in December 2018. In January this year, Marcos swore in Galvez as the DND officer-in-charge and later led several activities related to the defense sector. Galvez said he is determined to help the administration “unleash the full economic potential” of the Bangsamoro Autonomous Region in Muslim Mindanao. Earlier this weekend, Galvez joined Special Assistant to the President, Secretary Antonio Ernesto Lagdameo Jr. in visiting the BARMM office in Cotabato City to assess the progress and development of peace initiatives in the region. Lagdameo and Galvez also met separately with BARMM Interim Chief Minister Ahod Balawag Embrahim, Minister of Basic, Higher and Technical Education Mohagher Iqbal, and other BARMM officials, to discuss possible areas of cooperation between the national and Bangsamoro government, particularly on initiatives that aim to boost the region’s standing as a commercial and trading center in Mindanao as well as maintaining peace and security situation in the region. Lagdameo is currently the co-chairperson of the Inter-Cabinet Cluster Mechanism on Normalization, the body mandated to coordinate and mobilize national government agencies in the implementation of the Normalization Program for Moro Islamic Liberation Front combatants, their families, and communities. Galvez said there’s remarkable economic progress taking place in the BARMM region. Hence, he recommended the revival of what he described as “sea-lane of commerce” in the South. The president’s peace adviser was referring to the development of a coastal area that stretches from Malabang to the Polloc Port, and further down south to the island provinces of Sulu, Basilan and Tawi-Tawi. Galvez cited BARMM as the biggest contributor to the country’s fish industry, followed by the Zamboanga Peninsula (Region 9) and Soccsksargen (Region 12), respectively. The economic activities within the Maguindanao del Norte and BARMM’s Island provinces are expected to increase after the BARMM’s Ministry of Transportation approved Roll On/Roll Off operations in April this year. The post Galvez returns as presidential peace adviser appeared first on Daily Tribune......»»
MIF now or never
The chief obstructionist in the Senate, who was not even present when the voting took place after a marathon session that resulted in the approval of the Maharlika Investment Fund bill, is hysterically suggesting that President Ferdinand “Bongbong” Marcos Jr. veto the measure. Senate Minority Leader Aquilino “Koko” Pimentel III claimed the bill, after going through deliberations in the chamber, was full of contradicting provisions. The position he has taken exposes his dense nature as a nitpicker who should not be in the Senate. He had the chance to work for the improvement of the bill but his priority as a member of the legislature, instead, was to block its passage. Now, Pimentel is throwing dirt on the bill which his colleagues had to stay up late for, until dawn, before the congressional break, to approve. The bill was sent to Malacañang for Marcos’s signature — which will be soon considering that the President has been adamantly pushing the creation of the fund — after both chambers of Congress approved the proposal Wednesday. The Chief Executive knows that the creation of the MIF is overdue as the economy’s toughest challenge is to generate investments. Yearly, the Philippines lags behind its neighbors in Asia in terms of enticing foreign capital. The MIF will be a magnet for serious investors who look at the long-term prospects of the economy. An economist said that for serious investors, the time to invest is now when most of the global market is bad. When activity picks up, the returns will be higher, the economist explained, to debunk the warning of its detractors that the MIF will be prone to bankruptcy. The wealth fund will primarily tap government income from resources such as the Malampaya royalties that were earlier reported as having been misused. Finance Secretary Benjamin Diokno said that income from resources can also be generated from the radio frequency bandwidth that should be auctioned off instead of being awarded by the government. “Why does the government just give it away to the telcos?” Diokno asked. Another possible resource is the reclamation projects which should also be auctioned off to generate income for the government, he said. The President’s economic managers dismissed contentions that the high debt level which became bloated during the pandemic would deter interest in the MIF. “The way to look at public debt is about the economy’s size. Like a household’s income, if a family earns P20,000 and you borrow P3,000, it is manageable, but if you’re not earning anything and you have a lot of debts then you’re in trouble,” Diokno said. The debt to GDP ratio is about 60 percent, which is fairly manageable based on the current standards compared to other countries which have a 200 percent to 300 percent ratio mainly as a result of spending for programs to address the effects of the pandemic. Many of the debts are long-term, some of which stretch to a maximum term of 40 years,” Diokno said. Now the International Monetary Fund accepts as reasonable a 70-percent debt level in comparison to the economic output. In the Association of Southeast Asian Nations or ASEAN region, Singapore, Malaysia, Indonesia, Vietnam and East Timor have their equivalent of a sovereign wealth fund and these are heavily contributing to their efforts to pull in the capital. Pimentel had blown up opportunities in the past to effectively lead the chamber due to his lack of political will in spearheading changes, which had led to his colleagues withdrawing their confidence in him. Now he is trying to project that lack of inner courage onto the President who has made the MIF his crusade, by calling on him to veto the bill and return it to the House of Representatives. Politics has been blamed for the nation’s failure to realize its full potential, which is best mirrored in Pimentel’s obstructionism. The Senate has put up enough safeguards for the MIF to be shielded from the threats of corruption. Moreover, the overwhelming support of the legislature for the sovereign wealth fund indicated the acknowledgment of elected officials of the need for the fund. Several foreign financing groups have indicated their interest in the MIF, which in themselves are opportunities that will be lost, perhaps with rival economies grabbing them, the longer that the approval of the MIF is delayed. The post MIF now or never appeared first on Daily Tribune......»»
Basilan gov t imposes 15-day suspension of residents return to province
The National Task Force Against Covid-19 has approved a 15-day moratorium on return to Basilan of residents stranded in Metro Manila due to the nationwide anti-coronavirus quarantine......»»
Mt. Apo as geological monument hurdles City Council 2nd reading
THE 20th City Council approved on second reading the declaration of Mount Apo as a geological monument during its session on Tuesday, March 26, 2024, held at the Sangguniang Panlungsod......»»
House leaves Quiboloy’s fate to Senate
The House of Representatives will no longer pursue and implement the warrant of arrest it issued against pastor Apollo Quiboloy after it approved on final reading the bill revoking the franchise of the evangelist’s alleged TV network......»»
Boulevard Holdings sells 1.5-B shares to ownership group
Boulevard Holdings advised that its stockholders approved a measure to increase BHI’s authorized capital stock from 17 billion shares to 18.5 billion shares, and to sell the 1.5 billion shares to a company called Puerto Azul Landn Inc., which is also owned and controlled by the Panlilio family......»»
Bohol Circumferential Road, Urdaneta Bypass Road, Tambacan Bridge renamed
Aside from renaming the roads and bridge, President Ferdinand Marcos Jr. also approved a law naming a national highway in Camarines Sur.....»»
Hontiveros: Suspension of anchormen ‘not enough’
Hontiveros: Suspension of anchormen ‘not enough’.....»»
BSP issues guidelines for payment systems
The Bangko Sentral ng Pilipinas (BSP) has released its first Manual of Regulations for Payment Systems (MORPS), a formal compilation of all payment system regulations approved by the Monetary Board as of end-December 2023......»»
Calorie counts on menus required for Quezon City restaurants
Quezon City Mayor Joy Belmonte has approved an ordinance that will require restaurants, fastfood chains and other food establishments to publish the calorie count of food items on their menus......»»
Mike files case vs. Gwen, seeks her suspension
Mike files case vs. Gwen, seeks her suspension.....»»
Rama asks Malacañang to suspend Gwen over CBRT dispute
CEBU CITY, Philippines – Preventive Suspension. Cebu City Mayor Michael Rama is seeking the suspension of Governor Gwen Garcia over issues related to the Cebu Bus Rapid Transit (CBRT). Rama filed an administrative complaint before the Office of President Ferdinand Marcos Jr. against Garcia after the governor issued a cease and desist order to the.....»»
Gealon: Probe companies with colorum vehicles
CEBU CITY, Philippines – A citywide crackdown is being implemented against colorum vehicles or illegally operating public utility vehicles (PUVs). This after Cebu City Councilor Rey Gealon’s proposed a resolution was approved during the council’s regular session on March 20, requesting the Land Transportation Office (LTO) to conduct operations against colorum trucks operating in the.....»»
BPI to sell its entire 15% GoTyme Bank stake back to the Gokongweis
Zobel Family banking unit BPI disclosed that its board of directors has approved the sale of BPI’s stake in GoTyme Bank to a subsidiary of JG Summit and a company called Giga Investment Holdings Pte. Ltd. at a price of P1.20/share......»»
PSE approves listing of GSIS-owned Alternergy preferred shares
Alternergy disclosed that the PSE has approved its application to list the 100 million preferred shares that it sold to the Government Service Insurance System at a price of P14.50/share......»»
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......»»
Senate concurrence needed to revoke SMNI franchise’
The revocation of the legislative franchise of Sonshine Media Network Inc. by the House of Representatives would have to be approved by the Senate first before it can take effect – in accordance with the usual legislative route, lawmakers said yesterday......»»
ADB approves USD 100 mln loan to support small and medium-sized enterprises in Sri Lanka
Manila [Philippines], March 19 (ANI): The Asian Development Bank (ADB) has approved a USD 100 million loan to provide small and medium-sized enterprises (SMEs) in Sri Lanka more access to finance and build their resilience to external shocks, such as the economic crisis and climate change. SMEs play a critical role in Sri Lanka's economy, contributing 52 per cent to the country's gross domestic product and employ 45 per c.....»»
House revokes SMNI franchise on final reading
Voting 284-4-4, the House of Representatives yesterday approved on third and final reading a bill that seeks to revoke the franchise granted to Swara Sug Media Corp., which operates the Sonshine Media Network International,.....»»