Bill filed to institutionalize UP-DND agreement
Bill filed to institutionalize UP-DND agreement.....»»
Maritime bills aligned with UNCLOS — OSG
The country’s goal to pass a maritime zone law may oblige other countries to fully comply with the United Nations Convention on the Law of the Sea, or UNCLOS. The Office of the Solicitor General and the Philippine Coast Guard emphasized this during Monday’s hearing on the Special Committee on Philippine Maritime and Admiralty Zones. Solicitor General Menardo Guevarra said it could be the country’s “domestic version” of an international agreement. “These are the laws of the coastal state, and therefore all flag states with vessels plying, for example, our maritime waters would also have a duty to comply with the (said) laws,” Guevarra explained. Guevarra said a maritime zone law for the Philippines could “essentially become a reflection” of an international convention where the members comprise practically the entire international community. “There is an expectation of an obligation on the part of these member-states to comply with our own laws since these are, as I said, a reflection essentially of an international convention of which they are members,” he added. Citing the latest collision incident at the Ayungin Shoal, Philippine Coast Guard spokesperson Commodore Jay Tarriela said a maritime zones law would benefit law enforcement institutions “in clearly identifying the Maritime Zones of the Philippines.” “With respect to the incident that happened in the Ayungin Shoal which falls within the exclusive economic zone of our country, I think the passage of a maritime zone law will clearly strengthen our defined zones in our maritime jurisdiction,” he said. Article 76 of UNCLOS mandates all signatory states to respect maritime jurisdictions, which can be up to a distance of 200 nautical miles from the baselines of a country where the breadth of the territorial sea is measured. The Senate is currently tackling eight proposed measures seeking to define and declare the maritime zones of the Philippines. In May, the House of Representatives unanimously approved House Bill 7819, declaring the maritime zones under the jurisdiction of the Philippines. HB 7819, which prompted the Senate to create the Special Committee on Philippine Maritime and Admiralty Zones, provides for a general declaration of the maritime zones under the jurisdiction of the Philippines. The maritime zones include the internal waters, archipelagic waters, territorial sea, contiguous zone, exclusive economic zones, and continental shelf. It aims to define the maximum extent of territorial sea (12 nautical miles), contiguous zone (24 nautical miles), EEZ (200 nautical miles), and continental shelf, allowing the delineation of continental shelves extending beyond 200 nautical miles, in accordance with UNCLOS. The bill also provides for sovereign rights over these maritime zones, thus establishing the Philippines’ exclusive rights to explore and exploit living and nonliving resources found in these zones. The post Maritime bills aligned with UNCLOS — OSG appeared first on Daily Tribune......»»
BoC-NAIA turns 63
Beyond Borders: A New Era for Digitalization and Customs Excellence was the theme chosen by the Bureau of Customs -Ninoy Aquino International Airport to commemorate its 63rd founding anniversary and over 60 years of dedicated public service. District Collector Atty. Yasmin Mapa emphasized the BoC-NAIA’s impressive accomplishments and development while Collector Mapa praised the port’s exceptional revenue collection record, which generated a total of P31.3 billion in revenue from January to September this year. This represented an increase of P1.3 billion over the prior year and outperformed the collection target for the time by P1.1 billion. This success demonstrates BoC-NAIA’s ongoing dedication to assisting the Bureau in achieving its broad objectives. Collector Mapa stated that in August 2023, BoC-NAIA passed its second surveillance audit for ISO quality management system certification, recognizing the value of simplified customs procedures. With 23 enrolled ISO-certified processes and 10 ISO support processes, the port has the most certified processes of any BOC port. With this accreditation, cargo clearance procedures are guaranteed to be recognized internationally, facilitating trade for stakeholders and customers. She added that BoC-NAIA will remain steadfast in its enforcement policies, intercepting narcotics with an estimated street value of P994 million in 2023. Collector Mapa highlighted the port’s role in preventing the entry of illicit goods, seizing a total of P1 billion worth of drugs, jewellery, wildlife, currencies, medicines, and other regulated items. The port received commendations from the Department of Environment and Natural Resources for curbing wildlife smuggling. BoC-NAIA is aggressively advancing digitization initiatives in keeping with the celebration’s theme. The port is organizing consultative discussions for the electronic tracking of air cargo and is currently in the pilot testing phase of the electronic airwaybill filing. In addition, there are plans to categorize goods and work with pertinent organizations to integrate iDeclare into the e-travel system to provide a centralised platform for trip declarations. A memorandum of agreement between the BoC and the Philippine Postal Corporation was ceremonially signed during this celebration in an effort to speed up, secure and enhance the quality of customs clearance for postal commodities. At the ceremony, BoC-NAIA showcased its newly revamped website and E-Airway Bill System, showcasing its dedication to operating more efficiently. The event was capped off with awards for top imports and standout personnel, underscoring their critical contribution to the port’s development and prosperity. Collector Mapa expressed appreciation to Commissioner Bienvenido Y. Rubio, Deputy Commissioners, and Bureau of Customs employees for their assistance and the chance to assist stakeholders. Collector Mapa stressed the port’s commitment, saying, “This is who we are. This is the customary excellence we are honoured to exude. Unfazed by any threat. Straightforward in the application of policies and loyal to the direction of the agency Performing our duties even beyond borders and striving to introduce digitalization programs tailored for the unique operations of the airport.” Rubio, who graced the celebration, commended the BoC-NAIA for their hard work and dedication in forging economic growth and serving as a vital gateway for trade. “Reflecting upon the journey that brought us to this milestone after six eventful decades, we must acknowledge the individuals who have dedicated themselves to the development of the Port of NAIA — from the pioneers who envisioned its potential to the diligent officers who labor tirelessly day in and day out,” he said. The post BoC-NAIA turns 63 appeared first on Daily Tribune......»»
Domestic aviation rebounds this year
The local aviation industry, which was badly hit by the global health crisis, is seen to achieve full recovery this year. This was according to the International Air Transport Association in a recent forum organized by the European Chamber of Commerce of the Philippines. During the Aviation Forum last week, Yuli Thompson, area manager for the IATA in Southeast Asia, said the Philippines and the rest of the Asia Pacific region’s aviation market is swiftly recovering and seeing a consistent rise in terms of growth in international and domestic travel. Thompson said passenger traffic trends for international flights in the Philippines were logged at 75 percent of 2019 levels as of June 2023. As for the Asia Pacific passenger forecast, Yuli maintained that domestic travel will fully recover in 2023, while international travel will occur sometime in 2026. Further, Asia Pacific will be seen to lead in traffic growth in the next 20 years. “However, overcoming current challenges riding on the current momentum, and meeting full recovery will require strong interventions from all players in the aviation sector,” he said. Infra investments For his part, Cebu Pacific Air chief executive officer Michael Szucs emphasized the need to invest in infrastructure, citing that “Philippine carriers will need to quadruple in size to cater to growing demand.” In her keynote speech, Secretary Grace Poe urged stakeholders to support necessary infrastructure investments, especially following the air system glitch incident earlier this year. The senator called for the acquisition of a new Communication, Navigation, and Surveillance/Air Traffic Management. Poe also recommended the hiring of a third-party maintenance provider for the CNS/ATM system. “It is my hope that the government, the private sector, and other stakeholders can work together and collaborate on air transport projects which will not only generate economic growth but also provide our people with excellent and affordable public services that can improve the quality of life for all,” she said. Also filed by Poe is Senate Bill 1121 which proposes the creation of a Philippine Transportation Safety Board. Under the directive of the current Marcos administration, Department of Transportation Undersecretary for Aviation and Airports Roberto Lim highlighted the government’s key priorities, including aviation safety and strengthening of learning institutions. Lim further noted the agency’s priority of strengthening the Civil Aviation Training Center and engaging with the private sector as close partners for Air Transport Skills Training and Development. “If we are able to train our air traffic controllers, we would not only meet our own requirements, but the requirements of other countries. We can develop this on an institutional basis,” said Lim. Open up the industry Kurt Edwards, director general of the International Business Aviation Council, also raised the fact that much could be gained “by opening the industry and making it more known to people.” In terms of managing safety risks, Captain Manuel Antonio Tamayo, director general of the Civil Aviation Authority of the Philippines, shared initiatives to advance safety capabilities in the aviation sector through the State Safety Program. The program employs a risk-based approach to regulations, capacity building and integration of a new organizational structure for monitoring and evaluation. Meanwhile, Transportation Secretary Jaime Bautista stressed that the DOTr’s goal to rehabilitate the Ninoy Aquino International Airport through a public-private partnership agreement, which he said, will present a “landmark opportunity for economic growth, improved infrastructure, and a world-class travel experience.” Added Bautista, “We are also developing regional airports, such as the unsolicited proposals for the operations and maintenance of the Bicol International Airport, Bohol-Panglao International Airport and Laguindingan Airport.” The post Domestic aviation rebounds this year appeared first on Daily Tribune......»»
Budgetary leverage
By passing a financing bill at the last minute, the United States Congress avoided a federal government shutdown this week. However, the Biden administration’s top priorities, including defense financing for Ukraine, were left out of the final package. For countries like the Philippines, which has cozied up anew to Uncle Sam, this is cause for concern because America has practically left Ukraine high and dry without the full backing it needs to defend itself against Russia. Okay, so Biden said they “will not walk out of Ukraine.” Still, without funding, that’s just lip service. Having perfected the art of emotional suasion at one end of the pole and brinkmanship on the other, we would not be surprised if Ukraine President Volodymyr Zelensky would tell Biden: “Show us the money.” Sacrificing Ukraine casts doubt on America’s dependability as a coalition partner and ally, even as it stakes a claim to a long tradition of backing democracies in their fight for independence. The Philippines should take note. In the US, it’s clear that whatever the executive branch pledges, the US Congress can always override or, as made apparent again now, starve of funding. That’s the power of holding the purse string that could certainly affect America the mighty’s projection of power. From propping up South Vietnam with billions of dollars in war materiel only to leave Saigon in a huff — with choppers flying off the rooftop of the US Embassy in a hasty, humiliating retreat in 1975 — to giving substantial aid to Israel and Middle Eastern countries, the US has not stopped its posturing as the “policeman of the world.” As in Vietnam and Afghanistan, where in the latter it also abruptly pulled out its forces, thereby allowing the Taliban to retake the country in 2021, the US, for all its fire-and-brimstone statements at the start of the Ukraine-Russia war, may have turned its back on its legal and moral responsibility to aid Kyiv. As an adversarial state under madman Vladimir Putin, Russia has been destabilizing international norms, and Ukraine, by fighting back, has been sending the strong message that autocratic governments cannot make the globe their playground. By not including money for Ukraine’s defense in the 2024 spending bill, the US has lost the chance to demonstrate its dedication to the defense of democracy. But such are the vagaries of the budgeting process in the United States and, of course, the Philippines, with the latter’s form of government and jurisprudence loosely patterned after America’s. In the US, government shutdowns have happened before and will happen again when the legislature and the executive branches are unable to reach an agreement on priorities and lawmakers do not enact a budget in a timely manner. The budget can also be wielded as a political baton with which to make the executive branch more malleable. An example would be the 2013 shutdown in an attempt to defund the Affordable Care Act. Frequent disagreements on spending priorities between the two parties in the US Congress have led to stalemates, with neither side willing to pass the budget unless their demands were met. Budget delays had caused negative effects on the economy and public services. Some may argue that past shutdowns of the US federal government would show the Philippines has a more mature budgetary system in place, as a failure to pass the budget for a new fiscal year only results in a reenacted budget. But the problems associated with a reenacted budget abound. There’s the delayed implementation of new programs and projects. This, as a reenacted budget only allows for the funding of existing programs and projects. A reenacted budget also limits government flexibility to respond to changing needs. For example, if the economy experiences a downturn, the government may need to increase spending on social programs or infrastructure projects. However, this is not possible under a reenacted budget. But probably the biggest risk associated with a reenacted budget would be corruption, as it can give the executive branch more leeway or elbow room to fund projects while reallocating “savings” from projects that had been funded previously. In the shadow of budgetary bludgeoning and political brinkmanship, the recent passage of the US funding bill left Ukraine’s defense hanging by a thread, a stark reminder of the capriciousness of budgeting processes in both the United States and the Philippines, where legislative complexities often take precedence over strategic imperatives. The budget’s power to shape policy and dictate priorities, as seen in the Philippines with past reenacted budgets, illustrates the pitfalls of wielding fiscal levers as political weapons. In both nations, the budgeting process, while designed to reflect the will of the people, is susceptible to political posturing, causing disruptions and imperiling the very ideals of democracy it should be upholding. The post Budgetary leverage appeared first on Daily Tribune......»»
CA confirms Brawner, 29 military officers
The Commission on Appointments, led by Senator Juan Miguel Zubiri, confirmed Wednesday the ad interim appointment of Gen. Romeo Brawner Jr. as chief of staff of the Armed Forces of the Philippines with the rank of four-star general and the nomination of other 29 generals, flag officers, and senior military officers. Zubiri lauded the soldiers for their loyalty to the Philippine flag and their willingness to make sacrifices for the country. “Once again, you are the vanguards of democracy in our country. We cannot have hearings today, we cannot have these institutions in place without the brave men and women of the Armed Forces,” Zubiri said. During the bicameral CA deliberation of his appointment, Brawner vowed the AFP military officials are ready to defend and protect the country and Filipino people against any security threats. Senator Risa Hontiveros started the deliberation by asking Brawner about his primary objectives intended to be accomplished through the AFP's revolving door policy and Republic Act 11939. Brawner responded by enumerating his priority thrusts for the armed forces embodied in an acronym U.N.I.T.Y, which stands for unification, normalization, territorial defense, internal security operations and youth programs. Brawner said the AFP will focus on the the normalization of the Bangsamoro region, particularly the decommissioning, disarmament and reintegration of the former combatants of the Moro Islamic Liberation Front. “Now that we believe that we are winding down with our internal security operations, we will have to sustain the gains that we had,” he added. Brawner also noted that the AFP will have to recalibrate its doctrines, training and the entire organization in order to be able to cope with the demands of defending the country’s territory. The AFP, he added, will focus on developing the Filipino youth through programs such as the revival of the mandatory Reserve Officers' Training Corps. Brawner said the AFP will make sure that those who will handle the ROTC activities “are prepared and are professional” to prevent a repeat of abuses, including grades for sale, hazing and maltreatment of students. “We are anticipating the passing of that bill for the mandatory ROTC. Naghahanda na po ang inyong armed forces and we want to make sure that we will not repeat the mistakes that we had, the abuses that happened during the past when we had the ROTC program,” he said. On sending military officers to China Meanwhile, Senator Francis Tolentino scrutinized the AFP’s engagements with China, particularly the sending of senior officials and cadets to Chinese military schools. Brawner explained that the Philippines’ military-to-military relationship with China is covered by a memorandum of agreement on Defense Cooperation that was forged in 2004. “That is why we are allowed to send officers to China to study and vice versa, they are sent here because we find value in sending our officers abroad not just to China but in fact to so many countries in order for them to train and to bring back the knowledge that they gain so that we can learn from them and probably apply the best practices that they are applying in other countries,” he said. However, Brawner noted that the AFP is currently studying the revisitation of the memorandum following the blocking and water cannon actions by Chinese vessels against Philippine ships last 5 August in Ayungin Shoal in the West Philippine Sea. “I ordered the temporary stop to sending officers to China. Just last week there was a communication, an invitation from China for us to send cadets to China to join a conference of cadets from all over the world,” he said. Tolentino urged Brawner to provide updates on the results of the study. Senator Imee Marcos also pushed for the local production and procurement of firearms and equipment for the AFP to lessen the country's dependence on foreign suppliers for its national defense. Brawner said the AFP is eyeing the revival of the country’s Self-Reliant Defense Posture program. Meanwhile, the number of military personnel filing for early retirement has increased due to the bill on the reform of the pension system for military and uniformed personnel. "Tumaas po 'yung nagfa-file ng early retirement dahil nga po they are anticipating na kapag lumabas yung batas, 'yung unang version po, they are basing it on the early versions (The number of personnel filing for early retirement increased because they are anticipating the law on the reform of the MUP pension system. They are basing it on the early version),” the AFP chief. "Gusto nila na mapaloob pa sila sa lumang sistema (They want to be covered by the old system). They want to avail of the old system wherein they will receive one-rank higher pay when they retire and indexation,” he added. However, Brawner said there is no cause for concern as many Filipinos are willing to join and apply for the AFP service. "The alarming situation would be 'yung mawawala po 'yung ating senior non-commissioned officers. So kung puro bata naman yung ating Armed Forces, it will not be a healthy organization (The alarming situation would be when our senior non-commissioned officers leave the AFP. So we will be left with mostly young personnel, it will not be a healthy organization),” Brawner said, noting that the military organization also needs the leadership of its non-commissioned officers. According to Brawner, he already advised AFP personnel “to just wait for the final version of the law before making a decision on their retirement.” He added that soldiers are always willing to sacrifice a portion of their pay for the country's benefit. Brawner stressed the Department of National Defense has developed a plan that would enable the AFP to generate pension funds, including utilizing available real estate assets. The post CA confirms Brawner, 29 military officers appeared first on Daily Tribune......»»
DSWD-7 urges ‘Lifeline’ database creation
The Department of Social Welfare and Development in Central Visayas on Wednesday appealed to the region’s local government units to share data or information for potential beneficiaries of the Lifeline Rate Act. This comes as the agency has entered into an agreement with local government units recently. DSWD-7 Listahan Regional Program coordinator Lester Laborte stressed that the agreement will fast-track the implementation of Republic Act 11552 or “An Act Extending and Enhancing the implementation of the Lifeline Rate.” The Lifeline Rate is a law that provides subsidies or discounted rates to low-income, marginalized electric consumers, such as the beneficiaries of 4Ps and Listahan-identified poor households. Laborte disclosed that not a single LGU in Central Visayas were provided with the Listahan database since an agreement with DSWD-7 was still needed. “Hopefully we can fast-track this so that this Lifeline Rate will be enjoyed by the beneficiaries especially those who are not 4Ps,” said Laborte. Under the law, 4Ps beneficiaries would only need to present their 4Ps IDs or other government-issued ID upon applying for the program to their respective power distribution utilities. And they need to present their recent electricity bill and application form. For Listahan-identified poor households, they need to get a certification that they were included in the Listahanan from their local social welfare and development officers. DSWD-7 Regional Director Shalaine Marie Lucero told Daily Tribune that Listahan data-sharing with LGUs can be useful for identification of beneficiaries for social welfare services and can be useful for the Lifeline subsidy programs. Region 7 has 13 power distribution utilities that the program will be implemented where consumers may enjoy subsidy of 20-100 percent. Visayan Electric Engr. Rodolfo Quibuyen Jr. revealed that there are 45 4Ps households that have already applied for the program. “Every month, we will check their consumption. If it is lesser than 100 kilowatt hour, they will be given subsidy. So it’s not automatic that those who apply for the program can get the subsidy,” Quibuyen said. Those who can avail of the program are those who consume less than 100 kilowatt-hour. The post DSWD-7 urges ‘Lifeline’ database creation appeared first on Daily Tribune......»»
Catapang’s problems awe lawmakers
Accepting to head the Bureau of Corrections, or BuCor, at a time when it was embroiled in so many controversies is a challenge that Director General Gregorio Pio Catapang Jr. said he could not turn down. Catapang said so in answering a question by Rep. Bienvenido Abante on what convinced him to accept the BuCor post under the Department of Justice headed by Secretary Jesus Crispin Remulla. The BuCor chief appeared in a recent hearing of the House Committee on Public Order and Safety that tackled, among other issues, the entry of contraband into the BuCor’s main penitentiary, the New Bilibid Prison. “I’m not one to turn my back on a challenge,” the former Armed Forces of the Philippines chief said. “I think I’m still good for the service of the country. Give me your trust and confidence, and I will do it.” Abante moved during the hearing for the committee to conduct an ocular inspection of the NBP along with representatives of the Department of Budget and Management. Chaired by Rep. Dan Fernandez, looked into the proposed budget of BuCor, which manages several other penal facilities across the country and which plans to build a super-prison. Rep. Arnie Fuentebella told the committee that the problems at the NBP are not for Bucor or Catapang to solve alone, but for the government as a whole. Among the problems that need drastic solutions, according to Fuentebella, is the congestion at the NBP, for which a moratorium on the acceptance of new detainees was ordered by Remulla. Asked who foots the bill every time a prisoner gets sick, Catapang told the committee that persons deprived of liberty are each allotted P15 for medicine and P70 for food each day. “We shoulder the expenses (for medical care) and get the budget from our maintenance and operating expenses,” Catapang explained. Hearing that, Fuentebella proposed to Catapang for the BuCor to forge a memorandum of agreement with the Department of Health for the latter to help defray the PDLs’ medical expenses. Likewise, BuCor can enter into an agreement with the Department of Social Welfare and Development to help the NBP and other prison facilities in providing livelihood programs for PDLs. “I don’t envy you,” Rep. Romeo Acop told Catapang. “Had you consulted me before accepting the job, I would have advised you not to accept it. Your people are your problem, and so are the people they are guarding.” The post Catapang’s problems awe lawmakers appeared first on Daily Tribune......»»
BuCor problem is a gov’t problem — lawmaker
Representative Arnie Fuentebella acknowledged that the problem at the New Bilibid Prison is not a problem of the Bureau of Corrections nor of BuCor Director General Gregorio Pio P. Catapang Jr. alone but of the government as a whole. Fuentebella made the statement during the recent hearing at House Committee on Public Order and Safety chaired by Rep. Dan Fernandez. The many problems besetting the BuCor like congestion due to lack of facilities and inadequate budget are problems ever since. “It is like a broken car that whoever the driver is can do nothing unless we fix the problem and it is up to the government,” Fuentebella said Fuentebella explained that the motu proprio inquiry being undertaken at House is not to find faults at the BuCor but also to give a solution to further understand what the BuCor is going through and because of this inquiry we were able to see how deep the problem is not only at the BuCor but also in other local jails nationwide. “We have to review everything,” Fuentebella added. When asked who pays the bill every time a PDL gets sick, Catapang told the committee that they were allotted P15 for medicine and meal budget of P70 per day per PDL, but if they get sick it is the bureau that shoulder the payment for their medical expenses. “Sinasalo na lang namin and get the budget from our maintenance and operating expense,” he added. This prompted Fuentebella to propose to Gen. Catapang to forge a memorandum of agreement with the Department of Health to help them defray the cost of the medical expenses so as not to deplete their meager resources. The gentleman from the 4th District of Camarines Sur also suggested that it would be a big help for the PDL especially the less fortunate if the bureau will enter into an agreement with the Department of Social Welfare and Development for livelihood programs. Rep. Romeo Acop meanwhile told Catapang “I don’t envy you, had you consulted me before accepting the job, I will advise you not to accept it “problema mo na yung mga tao mo tapos problema mo pa yung binabantayan ng tao mo.” For his part, Rep. Bienvenido Abante asked Catapang why he accepted the job at BuCor to wit the General replied that when he was called by Justice Secretary Crispin Remulla to take the helm of BuCor, he takes it as a challenge and “ hindi tayo umaatras, I think I’m still good for the service of the country. Kayang kaya natin ito pagtulungan natin with your help. Give me your trust and confidence and I will do it.” Abante also filed a motion to have an ocular inspection of the national penitentiary together with the Department of Budget and Management representative in time for the deliberation of the budget to find out what is happening there and to see for themselves the extent of the problem on the ground. The post BuCor problem is a gov’t problem — lawmaker appeared first on Daily Tribune......»»
Escudero to TESDA: Offer ‘tailor-fit’ training to former drug dependents
The Technical Education and Skills Development Authority should offer training and livelihood programs ‘solely’ for former drug dependents who have undergone rehabilitation, said Senator Francis Escudero on Tuesday. Escudero made the recommendation after a meeting with the members of the Senate Committee on Higher, Technical, and Vocational Education and TESDA officials earlier the day. In a public hearing, the Senate panel discussed Senate Bill 2115 and its counterpart House Bill 7721—both proposed measures seeking to institutionalize technical-vocational education and training or TVET and livelihood programs for former drug dependents— an anti-drug campaign that reintegrates them into the mainstream society. The senator said that he was surprised to learn that TESDA does not have any exclusive livelihood and training program for rehabilitated drug users. "If we will institutionalize TESDA's training and livelihood programs for rehabilitated drug dependents, we might as well design something that will specifically cater to them,” Escudero said. During the discussion, TESDA representative Joyce Balong confirmed that the government only prioritizes former drug users in their existing livelihood and training programs. Hence, Escudero ordered the consolidation of the two bills and referred them to a technical working group or TWG so they can better specify the training or livelihood programs that fit exclusively for rehabilitated or former drug dependents. Escudero also instructed the TWG to consider the existing Memorandum of Understanding or Memorandum of Agreement of the Dangerous Drug Board in formulating the new ‘tailored-fit’ programs for the rehabilitated drug dependents, partnering with various government bodies including the Department of Labor and Employment, the Commission on Higher Education and TESDA. Escudero is also rallying for possible additional functions for CHED in the institutionalization of such programs in support of Republic Act 9165 or the Comprehensive Dangerous Drugs Act of 2002. He said there’s a need to create sustainable programs for the treatment and rehabilitation of individuals who have fallen victim to drug abuse or dangerous drug dependence. The TESDA records showed almost 9,000 former drug dependents were awarded scholarships in 2021, with more than 8,000 of them successfully completing various courses initiated by the TVET program. Escudero agreed with Senator Christopher “Bong” Go, the author of Senate Bill 2115, to include the crafting of exclusive training and livelihood modules for the former drug dependents in the proposed measure. SB 2115 seeks the institutionalization of TESDA's programs as a vital component of the recovery journey of the former drug dependent. “This will allow them to find meaningful employment and rebuild their lives,” said Escudero. The post Escudero to TESDA: Offer ‘tailor-fit’ training to former drug dependents appeared first on Daily Tribune......»»
MORE Power eyes refund completion by year-end
MORE Electric and Power Corp. — Iloilo City’s exclusive electricity provider owned by the group of businessman Enrique K. Razon, Jr. — is targeting to complete an industry-leading bill deposit refund to more than 700 additional customers by the end of the year. MORE Power, on Tuesday, reiterated that it aims to provide refunds to customers who have consistently paid their bills on time for three years, without experiencing any payment disruptions, consistent with the Magna Carta. ”By the end of this year, MORE Power anticipates returning bill deposits that will benefit around 777 customers,” it said in a statement. Just last week, 7 July, the company completed the second round of refunds, which provided much-needed financial relief for customers. By the end of the month, MORE Power estimated that additional 65 customers will be eligible for the bill deposit refund. MORE Power started the refund last May with just three eligible customers who received a total of P9,000 in bill deposits. In June, the numbers grew to 20 eligible customers with a refund total of P65,500 in bill deposits. “It is important to note that the bill deposit refunds are not considered rewards but rather the consumers' rights based on the Magna Carta for Residential Consumers,” MORE Power president and CEO Roel Castro said. ”We have implemented this program in strict compliance with the law. The bill deposit does not belong to us; it rightfully belongs to our consumers,” he added. For Energy Regulatory Commission chair lawyer Monalisa Dimalanta, the company’s program should be followed by more distribution utilities to uphold transparency and consumer welfare. MORE Power serves Iloilo City. Its subsidiary Primelectric Holdings, Inc. recently signed a joint venture agreement to expand its Visayan market coverage with Central Negros Electric Cooperative. The tie-up aims to help CENECO, which serves over 200,000 customers, improve its power supply and distribution services. The post MORE Power eyes refund completion by year-end appeared first on Daily Tribune......»»
GSIS seals auto insurance deal
State pension fund Government Service Insurance System or GSIS has signed an agreement with the Autohub Group to secure an open credit line and exclusive discounts for automotive services for GSIS-insured vehicles. The signing took place last 3 July 2023 at the GSIS Head Office in Pasay City. Under the partnership, GSIS-insured vehicles will receive a 10 percent discount on parts and a 15 percent discount on labor and materials at Autohub service centers. The Autohub Group, accredited by the Department of Trade and Industry, operates as a consortium of service centers and 31 automotive dealerships nationwide with 2,000 personnel employed in 20 companies. “The Autohub group has a proven track record in delivering excellent service which is aligned with our thrust to give our members and pensioners the ultimate client experience,“ GSIS president and general manager Wick Veloso said. No more hassle “With the open credit line arrangement, Autohub will no longer require a ‘check-upon-release’ scheme. After the repairs, clients who have Autoshield insurance can immediately get their vehicles and Autohub will just bill GSIS,” Veloso explained. GSIS members, pensioners and immediate family members may apply for Comprehensive Auto Insurance and Third Party Liability Insurance from GSIS at very competitive rate. The post GSIS seals auto insurance deal appeared first on Daily Tribune......»»
BSP junking LIBOR as rates benchmark
The Bangko Sentral ng Pilipinas and market stakeholders have agreed on a new overnight rate that will replace the London Interbank Offered Rate or LIBOR this month, central bank governor Felipe Medalla said on Wednesday. Medalla said the new overnight or ON rate will be generated by translating the 28-day BSP bill rate to its ON equivalent. This new ON reference will be effective on or before 30 June 2023. Medalla added that the market’s agreement on the new ON rate is a “major milestone” in the transition away from LIBOR. “The new ON rate will provide a reliable and transparent benchmark for pricing short-term financial instruments,” Medalla said. “This will help to ensure the smooth functioning of the financial markets,” he added. Credible curve In addition to the new ON rate, the BSP and market stakeholders also discussed the need for a credible yield curve. A yield curve is a graph that shows the relationship between interest rates and maturities. It is used by investors to assess the risk of different investments. Medalla said that a credible yield curve is essential for the efficient functioning of the financial markets. “Since macro-financial decisions are based on these benchmark risk prices, having a credible yield curve is in everyone’s best interest,” Medalla said. He also pointed out the necessity of having a yield curve based on “active trading of marketable securities.” “This will ensure that the yields are accurate and reflective of the true risk of the underlying assets,” he added. The central bank chief said the BSP and market stakeholders agreed that the start of January 2024 would be the “fighting target” for having a credible yield curve in place. Another central bank official said that Philippine banks still have transactions worth billions of pesos tied to LIBOR. “Global markets need alternative means to price. This is the tentative solution,” Bangko Sentral ng Pilipinas assistant governor Johnny Noe Ravalo said in the same briefing The LIBOR rate, which had a global linkage of $265 trillion at the start of 2021, has served as a benchmark rate for a wide range of financial instruments, such as credit cards, corporate loans, mortgages, and derivatives. The post BSP junking LIBOR as rates benchmark appeared first on Daily Tribune......»»
BSP to replace LIBOR with new ON rate
The Bangko Sentral ng Pilipinas and market stakeholders have agreed on a new overnight rate that will replace the London Interbank Offered Rate (LIBOR) this month, central bank governor Felipe Medalla said on Wednesday. In a media briefing, Medalla said the new ON rate will be generated by translating the 28-day BSP bill rate to its ON equivalent. This new ON reference will be effective on or before 30 June 2023. Medalla added that the market's agreement on the new ON rate is a "major milestone" in the transition away from LIBOR. "The new ON rate will provide a reliable and transparent benchmark for pricing short-term financial instruments," Medalla said. "This will help to ensure the smooth functioning of the financial markets," he added. In addition to the new ON rate, the BSP and market stakeholders also discussed the need for a credible yield curve. A yield curve is a graph that shows the relationship between interest rates and maturities. It is used by investors to assess the risk of different investments. Medalla said that a credible yield curve is essential for the efficient functioning of the financial markets. "Since macro-financial decisions are based on these benchmark risk prices, having a credible yield curve is in everyone's best interest," Medalla said. He also pointed out the necessity of having a yield curve based on "active trading of marketable securities." "This will ensure that the yields are accurate and reflective of the true risk of the underlying assets," he added. The central bank chief said the BSP and market stakeholders agreed that the start of January 2024 would be the "fighting target" for having a credible yield curve in place. Another central bank official said that Philippine banks still have transactions worth billions of pesos tied to LIBOR. “Global markets need alternative means to price. This is the tentative solution,” BSP assistant governor Johnny Noe Ravalo said in the same media briefing The LIBOR rate, which had a global linkage of $265 trillion at the start of 2021, has served as a benchmark rate for a wide range of financial instruments, such as credit cards, corporate loans, mortgages, and derivatives. The post BSP to replace LIBOR with new ON rate appeared first on Daily Tribune......»»
BSP, MARKET agree to replace LIBOR with ON
The Bangko Sentral ng Pilipinas (BSP) and market stakeholders have agreed on a new overnight (ON) rate that will replace the London Interbank Offered Rate (LIBOR) this month, central bank governor Felipe Medalla said on Wednesday. In a media briefing, Medalla said the new ON rate will be generated by translating the 28-day BSP bill rate to its ON equivalent. This new ON reference will be effective on or before 30 June 2023. Medalla added that the market's agreement on the new ON rate is a "major milestone" in the transition away from LIBOR. "The new ON rate will provide a reliable and transparent benchmark for pricing short-term financial instruments," Medalla said. "This will help to ensure the smooth functioning of the financial markets," he added. In addition to the new ON rate, the BSP and market stakeholders also discussed the need for a credible yield curve. A yield curve is a graph that shows the relationship between interest rates and maturities. It is used by investors to assess the risk of different investments. Medalla said that a credible yield curve is essential for the efficient functioning of the financial markets. "Since macro-financial decisions are based on these benchmark risk prices, having a credible yield curve is in everyone's best interest," Medalla said. He also pointed out the necessity of having a yield curve based on "active trading of marketable securities." "This will ensure that the yields are accurate and reflective of the true risk of the underlying assets," he added. The central bank chief said the BSP and market stakeholders agreed that the start of January 2024 would be the "fighting target" for having a credible yield curve in place. Another central bank official said that Philippine banks still have transactions worth billions of pesos tied to LIBOR. “Global markets need alternative means to price. This is the tentative solution,” Bangko Sentral ng Pilipinas assistant governor Johnny Noe Ravalo said in the same media briefing The LIBOR rate, which had a global linkage of $265 trillion at the start of 2021, has served as a benchmark rate for a wide range of financial instruments, such as credit cards, corporate loans, mortgages, and derivatives. The post BSP, MARKET agree to replace LIBOR with ON appeared first on Daily Tribune......»»
BOC issues guidelines to qualify for tariff rates under RCEP
The Bureau of Customs has issued guidelines for businesses that want to import or export goods under the Regional Comprehensive Economic Partnership agreement. The guidelines, which were issued in Customs Memorandum Order No. 12-2023, outline the conditions for obtaining preferential tariff treatment under the RCEP. In a statement over the weekend, BOC said the CMO 12-2023, signed by Customs Commissioner Bienvenido Y. Rubio, took effect last 2 June. The memorandum outlined specific procedures that must be followed for the issuance and acceptance of the so-called “certificate of origin.” To qualify for the RCEP tariff rates, importers must obtain this certification along with a declaration of origin from exporters who have been authorized by the Philippines, as specified by the BOC. The BOC has tasked its Export Coordination Division to scrutinize all submitted certificates of origin and applications for Approved Exporter status. “ECD shall carry out verifications of the originating status of the goods upon request of the RCEP importing party or based on risk analysis criteria. Verification can be made based on documents requested from the exporter or producer or by inspections at the exporter’s or producer's premises,” the CMO read. The bureau, however, clarified that the final determination on the rate of duty shall be based on the assessment of the submitted documents from the importers. On the other hand, exporters are required to submit an application with the ECD for the issuance of a certification of origin for RCEP. The application should include the necessary supporting documents, such as an export declaration, commercial invoice, bill of landing/airway bill, and other relevant permits. “In cases where the RCEP preferential tariff rate is higher than the applied rate at the time of importation, the importer shall be allowed to apply for a refund of any excess duties and taxes paid for originating goods,” BOC said. The RCEP agreement has been implemented among all its member nations, consisting of China, Japan, South Korea, New Zealand, Australia, and 10 Association of Southeast Asian Nations (ASEAN) countries, which include the Philippines. The post BOC issues guidelines to qualify for tariff rates under RCEP appeared first on Daily Tribune......»»
Razon’s MORE Power allots P5-M bill deposit refund
MORE Electric and Power Corp. — an electric distribution utility controlled by the group of businessman Enrique K. Razon, Jr. — has readied P5 million this year to refund Iloilo City customers paying their respective bill deposits on time. MORE Power President and CEO, over the weekend, said some customers started to receive a refund of their respective bill deposits. “Even if the customer does not ask for it, we go out of our way to inform the customers that this is due you and we will return it,” Castro said. “Since we don’t have any intention to use the money, we do not have the intention to keep the money; we do not have the intention of using it for our operation; why keep it when it is already due for return, for the refund to customers?” The Bill Deposit is a payment by the consumer by the time they apply for their own electric service. The refund of the bill deposit is mandated by the ERC to all distribution utilities, may it be private or electric cooperatives. This was stated in Article 7 of the Magna Carta for residential electric consumers, promulgated by the Energy Regulatory Commission, where they should refund the bill deposit after three years or 36 months of paying on time and with no record of disconnection. According to ERC Commissioner Alexis Lumbatan, MORE Power’s move is a significant development that benefits the customers. “Not all distribution utilities instantly return the bill. I am so happy that I’m taking part in this great milestone. For five years, I have been with the commission and I'm the oversight commissioner for consumer affairs. That’s why this milestone is very close to me,” Lumbatan said. MORE Power is the DU serving Iloilo City. Its subsidiary Primelectric Holdings, Inc. recently proposed to expand its Visayan market coverage through a joint venture agreement with Central Negros Electric Cooperative. The tie-up aims to help CENECO, which serves over 200,000 customers, improve its power supply and distribution services. The post Razon’s MORE Power allots P5-M bill deposit refund appeared first on Daily Tribune......»»
US averts first-ever default with 11th-hour debt deal
US senators voted to suspend the federal debt limit Thursday, capping weeks of fraught negotiations to eliminate the threat of a disastrous credit default just four days ahead of the deadline set by the Treasury. Economists had warned the country could run out of money to pay its bills by Monday -- leaving almost no room for delays in enacting the Fiscal Responsibility Act, which extends the government's borrowing authority through 2024 while trimming federal spending. Hammered out between Democratic President Joe Biden and the Republicans, the measure passed the Senate with a comfortable majority of 63 votes to 36 a day after it had sailed through the House of Representatives. "No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a big win for our economy and the American people," Biden said in a statement posted to social media. He said he would sign the bill "as soon as possible" and address the nation Friday. Democratic Senate Majority Leader Chuck Schumer added that the nation could "breathe a sigh of relief" after avoiding a "catastrophic" economic collapse. "But, for all the ups and downs and twists and turns it took to get here, it is so good for this country that both parties have come together at last to avoid default," he said. The bill -- which now heads to Biden's desk to be signed into law -- ended a day of intense back-and-forth between party leaders and rank-and-file members who had threatened the bill's quick passage with last-minute gripes about the details. Democratic leaders had spent months underlining the havoc that a first default in history would have wrought, including the loss of millions of jobs and $15 trillion in household wealth, as well as increased costs for mortgages and other borrowings. 'Behind the eight ball' The late evening drama came after a series of failed ballots on amendments sought mainly by Republicans who were threatening at one point to hold up the process, dragging it deep into the weekend. Senators elected to offer 11 tweaks to the 99-page text, many objecting to funding levels for their pet projects -- from border control and Chinese trade to taxation and the environment -- and each requiring a vote. Defense hawks upset at Pentagon spending being capped at Biden's budget request of $886 billion threatened at one point to derail the bill's passage entirely. In the end, they fell in line after being offered a commitment to a separate bill providing cash for Ukraine's defense against the Russian invasion, and promoting US national security interests in the Middle East and in the face of Chinese aggression against Taiwan. "As currently written, this bill puts our military behind the eight ball... The first and most important dollars we allocate each year in the budget are those to protect and defend the United States and our interests," said South Carolina Republican Lindsey Graham. America spends more money than it collects through taxation, so it borrows money via the issuing of government bonds, seen as among the world's most reliable investments. Around 80 years ago, lawmakers introduced a limit on how much federal debt could be accrued. Politically toxic The ceiling has been raised more than 100 times since to allow the government to meet its spending commitments -- usually without drama and with the support of Democrats and Republicans -- and stands at around $31.5 trillion. Both parties see raising the debt limit as politically toxic, although they acknowledge that failure to do so would plunge the US economy into a depression and roil world markets as the government missed debt repayments. Republicans hoped to weaponize the extension to campaign against what they see as Democratic overspending ahead of the 2024 presidential election, although hikes in the debt ceiling only cover commitments already made by both parties. Kevin McCarthy, the top lawmaker in the Republican-led House, had touted the bill he spent weeks negotiating as a big victory for conservatives, although he faced a backlash from hardliners on the right who said he made too many concessions on spending cuts. He fell one short of the 150 votes -- two-thirds of his caucus -- he had promised to deliver in the lower chamber as he fought to quell a right-wing rebellion, and needed Democratic help to advance the bill to the Senate. On the other end of Pennsylvania Avenue, the vote was being touted as a major victory for Biden, who managed to protect almost all of his domestic priorities from deep cuts threatened by Republicans. "This legislation protects the full faith and credit of the United States and preserves our financial leadership, which is critical to our economic growth and stability," said US Treasury Secretary Janet Yellen. The post US averts first-ever default with 11th-hour debt deal appeared first on Daily Tribune......»»
Bourses weaken amid persistent debt fears
Asian markets sank Wednesday on worries that hardline Republicans could vote down a crucial bill to hike the US borrowing limit and risk a catastrophic default that could hammer an already fragile global economy. Further signs that China’s post-pandemic recovery was fading added to the downbeat mood on trading floors, as did worries that the US Federal Reserve is likely to increase interest rates again next month. Local shares slid on heavy turnover as funds were tracking the latest Morgan Stanley Capital International or MSCI rebalancing results and with the end-of-month window dressing at hand, according to Regina Capital Development Corp. managing director Luis Limlingan. Wall St. was still a mixed bag to open the week, with the Dow Jones Industrial Average down 50 points and the S&P 500 up by 0.9 percent, he added. Buoyant mood dissipates The buoyant mood that started the week, after US President Joe Biden and House Speaker Kevin McCarthy finalized a debt deal, was giving way to a fear that the far-right Freedom Caucus could torpedo it. The Treasury has warned that if the borrowing ceiling is not lifted by June 5, the government will run out of cash to service its debt obligations. Members on both sides of the political spectrum have raised concerns about the agreement, with Republicans saying it does not have enough spending cuts and the left wing of the Democratic Party unhappy that Biden agreed to any limits at all. The Treasury has warned that if the borrowing ceiling is not lifted by June 5, the government will run out of cash to service its debt obligations. While McCarthy has described the deal as “transformational” and expressed confidence the bill will pass, leading Freedom Caucus member Chip Roy called it a “turd sandwich.” “Not one Republican should vote for this deal. It is a bad deal. No one sent us here to borrow an additional $4 trillion to get absolutely nothing in return,” Roy said at a Freedom Caucus news conference. He later warned McCarthy would face a “reckoning.” That came as another GOP Representative, Dan Bishop, called party members to vote McCarthy out as speaker. And CMC Markets analyst Michael Hewson said ratings agencies were “already sharpening their pencils on downgrades for the US credit rating.” Still, House Democratic leader Hakeem Jeffries remained confident, telling Bloomberg Television: “We will be able to get this bill over the finish line tomorrow.” Meanwhile, the Nasdaq Composite outperformed the other two indices primarily on the excitement around artificial intelligence, which briefly pushed Nvidia’s market cap above $1 trillion on Thursday. The post Bourses weaken amid persistent debt fears appeared first on Daily Tribune......»»
Washington sweats over high-stakes vote to stave off default
Congressional leaders were racing to secure backing for a cross-party deal to raise the US debt limit and avert a first-ever default as they faced a growing backlash from conservatives ahead of a crucial Wednesday evening vote. Congress has just five days to green-light an agreement between Republicans and Democrats to allow more borrowing and ensure the country doesn't miss loan repayments -- sending the economy into a potentially ruinous nose dive. The "Fiscal Responsibility Act" -- hammered out between Republican Speaker Kevin McCarthy and Democratic President Joe Biden over the weekend -- needs a simple majority to clear the 435-member House and head to the Senate. But multiple Republicans have already announced their opposition -- angry that proposed spending cuts accompanying a two-year suspension of the debt ceiling fall far short of what they agreed in a bill passed by the House last month. While McCarthy has described the deal as "transformational," Chip Roy, a leading figure in the hard-right Freedom Caucus, called it a "turd sandwich." "Not one Republican should vote for this deal. It is a bad deal. No one sent us here to borrow an additional $4 trillion to get absolutely nothing in return," Roy said at a Freedom Caucus news conference Tuesday. Avoiding another crisis The floor vote is planned for around 8:30 pm (0030 GMT Thursday), according to a provisional House schedule. The agreement would hold spending flat for 2024 while boosting cash for defense and veterans and clawing back $28 billion in unspent Covid aid money. Crucially, it will then cap increases at one percent until the year after the presidential election, a win for Biden who would not have to go through a repeat of the crisis at the height of his reelection campaign. It would increase work requirements on federal food stamp recipients and welfare safety net programs, but does not make the sweeping reforms to government health insurance that Republicans had pushed for. Party strategists were bullish that the grousing from the right did not represent a consensus within the broader party. "Members from all across the conference shared their support for this important bill" during a party meeting late Tuesday, Republican Conference Chair Elise Stefanik told reporters after a key panel, the House Rules Committee, advanced the bill to a floor vote. "This is a win for the American people and future generations," she said, calling it "a historic step to restoring fiscal sanity and holding Washington accountable." But a bloc of at least 20 conservative Republicans have announced they will oppose the compromise, accusing McCarthy of caving to the White House and ensuring he will need to rely on Democratic votes to get the deal over the line. Freedom Caucus chair Scott Perry told reporters the bill "fails completely", while fellow House Republican Nancy Mace said she was voting no because "playing the DC game isn't worth selling out our kids and grandkids." 'Keep moving forward' Congressman Dan Bishop told reporters he had "zero" confidence in McCarthy and threatened to push for his ouster, accusing the party leader of "lying" over the contents of the deal. Any single lawmaker can introduce a "motion to vacate the chair" -- a concession McCarthy offered the Republican hard right in return for their support for his speakership election in January. Assuming it gets to the House floor, the bill needs 218 votes, with Republican leadership bracing for somewhere between 40 and 60 of their 222 members defecting. On the left, lawmakers have voiced frustration over the new work requirements that would kick into federal aid programs while corporations and the rich are being asked to pay no more in taxes. The left-leaning Center on Budget and Policy Priorities said in a statement the agreement was a "significant improvement" over the House-passed bill but complained it would leave older, low-income Americans hungry and "should be rejected." Democrats appear to have enough support however to bail out McCarthy if he faces a sizable rebellion. Among the conservative advocacy groups, the Heritage Foundation urged House Republicans to "go back to the negotiating table" while the Club for Growth suggested it would single out Republicans supporting the bill for poor marks in its "congressional scorecard." Biden, who has tried to counter progressive angst over the deal by emphasizing that "not everyone gets what they want," urged Congress Tuesday to "keep moving forward on meeting our obligations and building the strongest economy in the history of the world." The post Washington sweats over high-stakes vote to stave off default appeared first on Daily Tribune......»»
Race against time for US debt crisis bill in Congress
The bill hammered out by US leaders to prevent the country from a catastrophic default on its debts will face one last hurdle this week: Passing Congress. Top Republicans and Democrats scrambled Monday to secure congressional support for the measure, with President Joe Biden feeling "very good" about its prospects despite having just days left before the government starts running out of money. The deal, finalized Sunday by Biden and House Speaker Kevin McCarthy after weeks of frantic negotiations, faces opposition from the progressive and hard-right wings of their respective parties. Ultra-conservative Republicans feel McCarthy should have secured far deeper spending cuts in exchange for raising the debt ceiling and allowing the government to keep borrowing money. The left wing of the Democratic Party is equally unhappy that Biden agreed to any spending limits at all. The House Rules Committee will meet Tuesday to set the parameters for the upcoming vote, now scheduled for Wednesday. Delay tactics Biden and McCarthy both say they believe the bill will pass the House and then move swiftly to the Senate. "I never say I'm confident what the Congress is going to do. But I feel very good about it," Biden said Monday, adding that he had spoken to lawmakers. But organized dissent could force some nerve-shredding delays. The key deadline is June 5 -- when, according to Treasury estimates, the government will no longer have the funds required to pay all its debts and bills. If that scenario morphs into a full-fledged default, the repercussions would be disastrous for the US and the wider global economy. The basic framework of the deal lifts the federal debt ceiling, which is currently $31.4 trillion, for two years — enough to get past the next presidential election in 2024. In return, the Republicans secured some limits on federal spending over the same period. As they finalized the text Sunday, Biden and McCarthy both went into hard-sell mode to shore up support in their parties. Biden's message to dissident Democrats, he said Monday: "Talk to me." Win, win Both Biden and McCarthy were backed by vocal spin operations insisting the agreement clearly represented a victory for their side. "You want to try to make it look like I made some compromise on the debt ceiling -- I didn't," Biden told reporters. McCarthy, for his part, touted the agreement as a "historic series of wins." But like Biden, McCarthy will have to quell members of his own party who aren't keen on the bill. "I want to raise the debt ceiling. It'd be irresponsible not to do it," Senator Lindsey Graham told Fox News Sunday. "But what I will not do is adopt the Biden defense budget and call it a success," Graham said, calling for bigger increases to the Pentagon's budget than currently agreed. "I will not be intimidated by June 5." In reality, the agreement represents a mutual climb down of sorts from Democratic and Republican negotiators. Biden had initially refused to negotiate over spending issues as a condition for raising the debt ceiling, accusing the Republicans of taking the economy, hostage. And the big cuts that Republicans wanted are not there, although non-defense spending will remain effectively flat next year, and only rise nominally in 2025. McCarthy's wafer-thin majority in the House will require significant Democratic backing to balance out Republican dissent. One Republican tweeted out a vomit emoji in response to the deal, with another calling it "an insult to the American people." At the same time, a member of the House Progressive Caucus, Ro Khanna, said a large number of fellow Democrats were still "in flux as to where they're going to be on this." Democrats hold the majority in the Senate, but individual senators could try and hold up the bill with amendment votes that would bring the process perilously close to the June 5 deadline. One element likely to rile Democratic environmental hawks was the surprise inclusion of a measure to accelerate the completion of an oil pipeline project that has been stalled by green concerns. Both the House and Senate are expected to return on Tuesday, after a long holiday weekend. The post Race against time for US debt crisis bill in Congress appeared first on Daily Tribune......»»