COVID-19 assistance loans to MSMEs reach P3.8 billion
A total of P3.8 billion in loans have been approved under a facility to assist micro, small and medium enterprises facing challenges due to the COVID-19 pandemic, the Department of Trade and Industry said......»»
UnionDigital Bank revenue grows to over P5 billion
UnionDigital Bank, the digital banking arm of Aboitiz-led Union Bank of the Philippines, saw its revenue grow to over P5 billion in 2023 mainly driven by higher deposits and loans......»»
Philippines accuses Chinese coastguard of firing water cannons at supply boats
Manila [Philippines], March 23 (ANI): The Philippines has accused China's coastguard of firing water cannons at one of its supply boats in South China Sea, Al Jazeera reported. The Armed Forces of the Philippines said that BRP Cabra managed to manoeuvre and reach Unaizah May 4 to provide assistance to the Philippine supply boat, which had sustained "significant damage."According to the Philippine military, the confrontati.....»»
‘P7 billion senior high vouchers went to non-poor’
Aside from around 19,000 “ghosts” or undocumented students receiving government assistance, more than P7 billion was spent on non-poor beneficiaries of the senior high school voucher program (SHS-VP), according to Sen. Sherwin Gatchalian......»»
Philippines accuses Chinese coastguard of firing water cannons at supply boats
Manila [Philippines], March 23 (ANI): The Philippines has accused China's coastguard of firing water cannons at one of its supply boats in South China Sea, Al Jazeera reported. The Armed Forces of the Philippines said that BRP Cabra managed to manoeuvre and reach Unaizah May 4 to provide assistance to the Philippine supply boat, which had sustained "significant damage."According to the Philippine military, the confrontati.....»»
Asialink eyes P2.4 billion in truck loans as e-commerce grows
Asialink Finance Corp. is looking at lending as much as P2.4 billion this year to the fast growing market for brand new and used trucks that are essential to the growth of e-commerce and logistics......»»
Losses to Philippine agriculture due to El Nino reach 31 mln USD
MANILA, March 20 (Xinhua) -- The El Nino dry spell and ensuring drought have caused over 1.75 billion pesos (roughly 31 million U.S. dollars) in damage to Philippine agriculture, a senior government official said Wednesday. This year's losses due to El Nino are still low compared to 2009 when the damage to agriculture reached 17 billion pesos (302 million dollars), Presidential Communications Office Assistant Se.....»»
P12 billion cash aid to rice farmers fully distributed by June – Department of Agriculture
The Department of Agriculture (DA) targets to complete the distribution of P12.09 billion cash assistance to nearly 2.4 million rice farmers by the end of the first half after the program was hindered by last year’s election ban......»»
Davao gets investment pledges worth P3B
DAVAO CITY (MindaNews / 06 March) – The Davao City Investment Promotions Center (DCIPC) has recorded investment pledges worth P3 billion from different potential investors for this year, an official said. Christian D. Cambaya, head of DCIPC’s Investor Assistance & Servicing Unit, said during “Wednesdays Media Forum at Habi at Kape” that Davao is off […].....»»
No love lost
The embassy of Canada in Manila announced last week the release of some P1.1 billion in official development assistance for the Philippines......»»
Senators question P26.7 billion ‘ayuda’ fund
About P26.7 billion worth of financial assistance under the Department of Social Welfare and Development was questioned by senators yesterday during the continuation of a public hearing on the people’s initiative or PI......»»
Fund for indigent cancer patients reaches P1.25 billion
Senators and congressmen have approved a substantial increase in this year’s budget allocation for indigent cancer patients, or the Cancer Assistance Fund (CAF), in the hope of helping more Filipinos to be healed from the killer disease......»»
Canada gives Philippines P1.1 billion aid for climate, healthcare efforts
Canada has announced some P1.1 billion in development assistance for the Philippines to support the latter’s efforts in climate adaptation, resilience against natural disasters and improved health care services......»»
Uncertainty looms over Davao-Samal Bridge project amid RoW hurdles
The construction of the Samal Island-Davao City Connector (SIDC), also known as the Davao-Samal Bridge project, has faced numerous setbacks due to right-of-way (ROW) acquisition challenges. The project was halted on January 3, 2024, due to issues with landowners near a pier in Lanang at Davao City, leading to delays in the project's implementation. While there have been conflicting statements regarding the project's status, the National Economic and Development Authority-Davao Region (Neda-Davao) aims to complete the detailed engineering plans for the substructure of the west land via dock once the Deed of Transfer Possession in Davao City is released. However, ROW issues continue to persist. Despite these challenges, the project is still considered a priority and is included in the Davao Region Development Plan (DRDP) for 2023–2028. The project is funded through China’s Official Development Assistance with an estimated budget of P23.04 billion, and negotiations with the Philippine government are ongoing with a target completion date in 2027. The uncertainty surrounding the project's timeline remains as ROW hurdles persist, impacting the much-anticipated toll-free four-lane concrete exodus bridge spanning a 3.98-kilometer distance......»»
2024 budget to include P450 billion aid to poor families
At least P450 billion in financial assistance for poor and low-income families is included in the P5.768-trillion national budget for 2024, according to Speaker Martin Romualdez......»»
US announces $150 mn in new military aid for Ukraine
The United States on Thursday announced a new $150 million military assistance package for Ukraine that includes artillery and small-arms ammunition as well as anti-tank weapons. Washington is by far Kyiv's biggest donor of security aid, committing $43.9 billion since Russian forces invaded in February 2022. But opposition from hardline Republican lawmakers has put future assistance for Kyiv in doubt, and the US government is now relying on previously approved aid in the absence of new funding from Congress. The latest package "utilizes assistance previously authorized for Ukraine during prior fiscal years," the Pentagon said in a statement. "The Biden administration calls on Congress to meet its commitment to the people of Ukraine by passing additional funding to ensure Ukraine continues to have what it needs to defend itself against Russia's brutal war of choice," the statement said. The package also includes air defense missiles, night vision devices, demolition munitions, and cold weather gear. US officials have spearheaded the push for international support for Ukraine, quickly forging a coalition to back Kyiv after Russia invaded and coordinating aid from dozens of countries. The post US announces $150 mn in new military aid for Ukraine appeared first on Daily Tribune......»»
DMW has spent P414M on distressed OFWs
The Department of Migrant Workers said on Thursday that they have spent about P414 million of its P1.2 billion action fund this year to assist distressed Overseas Filipino Workers. According to DMW Officer-in-Charge Hans Leo Cacdac, the agency still has a balance of P780 million. “We still have a balance of around P780 million. We have a catchup plan that we are doing for the last two months of the year, most of these funds will be rolled over to the year 2024 anyway,” Cacdac said in a hearing of the House Committee on Overseas Workers Affairs. Cacdac added that the action fund is for legal, medical, or humanitarian assistance. “That three-fold assistance model was assigned by no less than our dear secretary, Secretary Toots Ople because what is stated in the law is legal or other forms of assistance. But Secretary Toots pointed out the other forms of assistance are legal, medical, or humanitarian,” Cacdac added. Cacdac stated that the action fund has benefitted 5,325 Filipinos this year, including those affected by various challenges in Turkey and the Middle East. “This includes the earthquake in Turkey, those affected by the conflict in Sudan, the case of a large fire and building collapse in the UAE, Dubai, and Qatar, and recently, of course, what our OFWs are suffering from the conflict in Israel and Lebanon is also included here,” he added. The OIC added that Filipinos living in war-torn areas tend to get more out of the fund. He said that about 700 OFWs families in Israel have availed of helpline assistance. “At first, we provided P20,000 in financial assistance upon return, but Secretary Toots increased it to P30,000… There is a special case for those who were caught in a conflict or war situation like Sudan. But here in Israel, we handed P50,000,” he said. The post DMW has spent P414M on distressed OFWs appeared first on Daily Tribune......»»
‘Time to explore ODAs from other countries’ Poe says after Chinese ODA withdrawal
Senator Grace Poe on Thursday expressed her belief that it is high time for the Philippines to look for alternative sources of funding from other countries for the proposed Mindanao Railway Project. According to Poe, who chairs the Senate Committee on Public Services, the country may pursue official development assistance from other countries following the Department of Transportation's move to drop China as a funding source for the P83-billion railway project in the southern Philippines. “It’s time to explore ODAs from other countries and seek available funding options from multilateral institutions and international assistance agencies that can deliver the goods,” she said in a statement. Poe noted that the withdrawal of the ODA from China for a railway project “should not derail the implementation of our infrastructure programs,” “In the past years, Chinese banks have also kept us in suspended animation with delays in our loan applications putting in limbo a number of government projects,” she said. “While appearing attractive, the loans are not exactly that benevolent as they come with hefty interest rates and other strings that could be detrimental to the country in the long term,” she added. She also suggested to the government to tap the private sector which she said “holds the potential of accelerating infrastructure development and bringing innovative and efficient services.” She issued the statement after Transportation Secretary Jaime Bautista confirmed that the Philippines is no longer loan financing from China for the first phase of the Mindanao Railway Project. The first phase of the railway project aims to reduce travel time between Tagum in Davao del Norte and Digos in Davao del Sur by one hour from the current 3.5 hours. Quoting Bautista, Senate President Juan Miguel “Migz” Zubiri said in August that the Philippine government would no longer engage Chinese state-owned companies for major infrastructure projects in the country. “I talked to Secretary Jimmy Bautista, he was at the Senate recently. We talked one-on-one. I told him: ‘Secretary, you are seeing what they are doing to your Coast Guard, right?’” he said “I told him not to give Chinese state-owned companies projects here in the Philippines such as trains. We have the North to South Railways…. Let us not give it to them. Let us give it to South Morea or Japan instead,” he added. He continued: “I was glad because Secretary Bautista said they would no longer Chinese state-owned companies for their trains, airports, and big-ticket items.” The construction of the Tagum-Davao-Digos segment of the Mindanao Railway Project was supposed to start in January 2019. The post ‘Time to explore ODAs from other countries’ Poe says after Chinese ODA withdrawal appeared first on Daily Tribune......»»
Rice farmers happy with PBBM’s support
Filipino rice farmers expressed their gratitude Thursday for the assistance they got from President Ferdinand Marcos Jr. who also headed the Department of Agriculture. In a statement, Fernando Salvador, who represents rice farmers of San Jose City, Nueva Ecija, said they are not only enjoying better prices from their recent harvests but are also happy about it. He thanked President Marcos for his support to them through the DA seedlings and fertilizers assistance program, especially during this wet season. Salvador said President Marcos' assurance that he will make agricultural productivity a “top priority” is a sign that the country is not any more focused on importing the basic Filipino staple. He said over a hundred sacks of rice were harvested in every hectare of rice farmland compared to previous years. The Department of Agriculture, on the other hand, reported that around 532,980 metric tons of palay were harvested this October in Nueva Ecija alone, and an expected 153,000 more metric tons for the November harvest. Salvador added that they were also grateful when President Marcos announced that he had allocated P4.73 billion for the agricultural sector's mechanization and modernization during the 70th Founding Anniversary of the Federation of Free Farmers (FFF). This was aside from the President's promise that the government would work to strengthen farmers' organizations and cooperatives for additional opportunities for their members. Marcos also encouraged small farmers to be members of these organizations and cooperatives as it served as a fundamental tool of agricultural development to attain food security. He said farmers as members of cooperatives have high participation in supporting cooperatives to make products or business activities. Marcos also said in the FFF event that he would initiate social reform and rural development which were the priority of his late father, former president Ferdinand E. Marcos Sr. The post Rice farmers happy with PBBM’s support appeared first on Daily Tribune......»»
DMW to follow up on unpaid salaries of Saudi OFWs
Department of Migrant Workers Officer-in-Charge Hans Leo Cacdac said on Wednesday that they will continue following up on the settlement of the unpaid salaries of more than 10,000 overseas Filipino Workers in Saudi Arabia. In an interview, Cacdac said that the Ministry of Finance is on board to work on the financial concerns of the OFWs in Saudi Arabia. “From our talks with our own counterparts there…we were also informed that the Ministry of Finance is on board to take care of the financial matters because this would involve disbursement of funds,” Cacdac said. “It’s just hard to pin down a timeline at this point because the Saudi processes still continue. In principle, we respect the Saudi processes, and at the same time we’ll continue to persist in terms of coordination and follow-ups with the Saudi government,” he added. In November 2022, Saudi Crown Prince Mohammed bin Salman pledged to allocate about 2 billion riyals for the unpaid wages of 10,000 overseas Filipino workers employed by construction companies that filed for bankruptcy in 2015 and 2016. The DMW pledged in March to provide each worker with P10,000 in assistance while waiting for the Saudi Government to fulfill its promise. The DMW and the Department of Social Welfare and Development each contributed financial assistance for the OFWs. The post DMW to follow up on unpaid salaries of Saudi OFWs appeared first on Daily Tribune......»»
Fuel subsidy easing eyed
An immediate release of government assistance to public utility vehicles will be achieved by shortening the trigger period from three months to one and simplifying the requirements, the Department of Energy said yesterday. The proposal, nonetheless, may need the amendment of the law for releasing fuel subsidies to the transport sector. In a press briefing, Energy Secretary Raphael Lotilla said this was one of President Ferdinand “Bongbong” Marcos Jr.’s proposed solutions to the oil price shock that is expected to worsen amid the spreading Middle East conflict. $80 per barrel long breached Under the current law, fuel subsidies are released to the transport sector whenever the Dubai crude oil price exceeds $80 per barrel for three consecutive months. Lotilla said shortening the trigger period will allow the government to release the subsidies faster to the transport sector, one of the sectors most affected by rising fuel prices. “With this simplification or shortening of the period, we will be able to release the subsidies in a shorter period,” Lotilla said. “Since Congress is now considering the General Appropriations Act, it will be included in that process. The amendment will take effect in 2024 immediately upon Congress’s approval of the GAA,” he added. The DoE chief also said the government will simplify the requirements for the release of the fuel subsidies. The release of the subsidies requires the approval of the DoE, the Department of Transportation, and the Department of Budget and Management. Lotilla said that under the new proposal, the release of the subsidies will only require the approval of the DBM, DoTr and the DoE. He said the DoTr will finalize the list of beneficiaries for those with franchises, the Department of the Interior and Local Government for tricycle drivers, and the Department of Trade and Industry for delivery service drivers. Even though there’s an effort to expedite assistance, Lotilla said the fuel subsidy in the 2024 national budget was decreased to P2.5 billion from P3 billion this year. The energy chief, however, believes that even with the reduced budget, the required funding will be met. “That’s based on the experience of the previous year. We don’t know what will be the final amount,” the official said. Other measures on table Lotilla added the government will implement a voluntary 20-percent ethanol blend for gasoline, which is targeted for approval by the end of 2023. He said the ethanol blend will help mitigate the rising fuel prices, as ethanol is cheaper than gasoline. Lotilla said the President also instructed him to continue the transport sector’s electrification, particularly for mass transport and light cargo vehicles. He said the government will put in place charging stations and ensure that the benefits to the transport sector, particularly the drivers, will be there. Lotilla said the President also emphasized the need to prepare the economy for the eventual manufacture of electric vehicles and to link this with the local mining sector that will produce the minerals needed to manufacture batteries and other components of electric vehicles. Rules out soon The DoE is also releasing the guidelines for the implementation of the long-delayed higher biofuels blend before the year ends. Lotilla said the current 10-percent ethanol blend, also known as E10, in gasoline would be increased to 20 percent or E20, although it would be a voluntary option for motorists. Lotilla added that the current two percent or B2 coco methyl ester or CME blend on diesel will be adjusted to three percent or B3. Based on the DoE calculation, implementing the E20 blend could slash gasoline prices by around P1.28 to P1.50 per liter. While ethanol is generally cheaper than gasoline, Lotilla noted that local ethanol at P79.49 a liter is still more expensive than the imported supply at P41.84 per liter. Lotilla said DoE will bank on the coconut industry, whose production reaches up to 15 billion nuts annually, to complement the B3 shift. “An additional 1 percent blend only needs 2.6 billion nuts. The increase in the blend can also drive down the cost of CME because there will be a bigger market for it. Right now, we expect pure diesel to be at parity with the per liter price of CME,” Lotilla explained. With Maria Romero The post Fuel subsidy easing eyed appeared first on Daily Tribune......»»