Garcia: We will look for other sources of funds aside from SRP

CEBU CITY, Philippines — The Cebu City proposed 2021 annual budget has been heavily scrutinized by the opposition councilors during the ongoing budget hearings done with the committee as a whole since November 24, 2020. Councilor Raymond Alvin Garcia, the chairperson of the committee on budget and finance, said that the budget hearings have been […] The post Garcia: We will look for other sources of funds aside from SRP appeared first on Cebu Daily News......»»

Category: newsSource: inquirer inquirerNov 26th, 2020

Labella orders review of Cebu City’s 2020 budget to identify ‘unused’ money

CEBU CITY, Philippines — On the instructions of Mayor Edgardo Labella, Cebu City’s local finance committee has asked the heads of the different offices at City Hall to go over their allocation for 2020 and identify unused funds. Councilor Ramond Alvin Garcia, the committee head, said they wanted to identify possible sources of funds that […] The post Labella orders review of Cebu City’s 2020 budget to identify ‘unused’ money appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsAug 5th, 2020

Cebu City’s P10.4 B budget for 2020 sources funds from SRP sales

CEBU CITY, Philippines — The Cebu City Council has passed the P10.4 billion budget for the city for 2020 in a regular session on December 18, 2019, through a division of the house. Nine Barug-PDP Laban approved the budget including the Councilors Raymond Alvin Garcia, Renato Osmeña, Jr., Joel Garganera, Antonio Cuenco, Jerry Guardo, Donaldo […] The post Cebu City’s P10.4 B budget for 2020 sources funds from SRP sales appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsDec 18th, 2019


Because of the immense funding needed for the coronavirus pandemic response, with revenue sources massively reduced amid the economic contraction, the government has had to obtain funds from foreign sources.....»»

Category: newsSource:  philstarRelated NewsNov 13th, 2020

COVID-19’s impact on banks manageable – BSP report

The banking system remains on “solid footing” in terms of assets, loans, deposits, profitability, capital and liquidity buffers despite the COVID-19 health crisis, a report from the Bangko Sentral ng Pilipinas (BSP) said.  “The impact of the pandemic on the overall condition and performance of the banking system, which remains the core of the domestic financial system, has been manageable,” according to the BSP’s second semester report on the Philippine financial system. The total assets of the banking system account for 81.9 percent of the financial system’s total resources. MB file photo. The banks remained resilient during the worst of the lockdown period because of the “timely, time-bound and crucial” regulatory relief measures that BSP granted to them during the most severe quarantine months of March until June. These relief measures “helped address the adverse repercussions of the pandemic.” One of these reprieves was the suspension of the submission of some bank reports while most of the country was on enhanced community quarantine (ECQ) restrictions. Banks have had to adjust operations and deal with the slowdown in economic activities that affected their borrowers’ capacity to pay. Based on a set of financial soundness indicators (FSI) to assess banks’ health and soundness, it noted that the banking system is “stable and resilient despite global uncertainties related to the extent and path of COVID-19 menace.”  But, the BSP said that the FSI analysis also implies that “consequent risks from lending should be monitored especially in the event of excessive uncertainties that could place additional pressures on the banking system in the short and medium run.” As of the report timeline, banks surveyed have yet to determine the total impact of the grace periods under the Bayanihan law but generally, based on the BSP’s comprehensive baseline survey conducted in April, banks have proactive control measures that will ensure the continued delivery of financial services to the general public and also to protect their personnel, said the BSP. Banks’ business continuity plans, and previous efforts at digitalization, also helped them to respond quickly to conditions brought about by the ECQ. Despite the economy in recession due to the pandemic, the banking system’s total assets reached P18.6 trillion as of end-June, 98.8 percent of the GDP. The end-June tally was 7.9 percent higher year-on-year but was slower than the 9.8 percent growth recorded in June 2019 and the 8.4 percent growth as of end-December 2019. Assets continue to grow because of the expansion of funds that went to lending activities while funding came from deposits, bond issuances and capital infusion. In the meantime, the report said banks’ profitability or net income fell by 22.5 percent to P86.5 billion as of end-June 2020 because of higher provisioning requirements. This was a reversal of the 27.7 percent growth in earnings same time in 2019.  “Provisions on credit losses for loans and financial assets significantly increased, weighing heavily on bank profitability. Other income sources are expected to slow down due to lower volume of transactions, waiver of inter-branch and interbank fees as well as the temporary grace period moratorium on the imposition of bank fees, penalties and charges under the Bayanihan Act,” said the BSP. Based on the BSP survey, banks have measures to cushion the adverse impact of the pandemic on profitability such as banks’ plans to impose cost-cutting measures that includes deferred capital spending and freeze hiring of non-critical positions. The BSP said banks have also intensified loan collection activities and its loan monitoring. They have also become more prudent in loan releases, reduced the cost of funds and at the same time boosted marketing campaigns for new loans and deposits.  “Across banking groups, (the big banks) also intend to reduce their exposures to vulnerable sectors and to increase ancillary or fee-based business while thrift banks and rural/cooperative banks plan to fast track digitization initiatives to reduce operating expenses,” said the BSP......»»

Category: newsSource: NewsNov 8th, 2020

As tax base shrinks during pandemic, proposed law seeks to cut revenue sources

By Robert JA Basilio Jr. Philippine Center for Investigative Journalism  The Duterte government is pushing for a bill cutting the corporate income tax in exchange for strict limits to tax perks enjoyed by investors. Economists however warn against eroding the revenue base at a time of a pandemic, when funds are needed the most. What […].....»»

Category: newsSource:  mindanewsRelated NewsOct 31st, 2020

2021 Cebu City budget needs to source funds from SRP — Garcia

CEBU CITY, Philippines — Cebu City’s P10.8 proposed 2021 budget may be partly sourced from the proceeds of the sales from the 2015 sale of the lots in the South Road Properties  or the SRP. Councilor Raymond Garcia, chairperson of the City Council’s committee on budget and finance, said in a press conference on October […] The post 2021 Cebu City budget needs to source funds from SRP — Garcia appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsOct 23rd, 2020

DOF Exec Cites Factors for Eco Managers’ Support for Bayanihan 2

A ranking Department of Finance (DOF) official on Friday said the agency is supporting the PHP140-billion Bayanihan 2 over the other proposed stimulus packages, noting the “amount is something that the government can execute.” “The PHP140 billion already took into account, looking for sources of funds that could be put together and that could actually […].....»»

Category: sportsSource:  abscbnRelated NewsAug 29th, 2020

POGOs a potential source of Bayanihan 2 funds, Drilon says

Lawmakers have set their sights on online casino centers as one of the possible sources of funds for the administration-backed stimulus bill that seeks to salvage the economy from a coronavirus-induced slump......»»

Category: financeSource:  philstarRelated NewsAug 21st, 2020

Cebu governor says no projects will be sacrificed for COVID-19 response

CEBU CITY, Philippines —  Despite unplanned expenses for the coronavirus disease (COVID-19) response, Cebu Governor Gwendolyn Garcia assures the public that the Capitol has enough funds to pursue its planned projects for 2020. Garcia assured that none of the programs, particularly the infrastructure projects, that were allocated for in the province’s P12 billion budget for […] The post Cebu governor says no projects will be sacrificed for COVID-19 response appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJun 16th, 2020

Government looking for other sources of SAP funds

The Department of Social Welfare and Development is looking for more funds in a bid to expand the number of beneficiaries of the Social Amelioration Program to cover “left-out” low-income families excluded from the list of those eligible to get cash aid amid the coronavirus disease 2019 pandemic......»»

Category: newsSource:  philstarRelated NewsApr 30th, 2020

PH has funds to fight pandemic – Dominguez

Finance Secretary Carlos Dominguez 3rd on Wednesday gave assurances that the government has many sources to fund the country’s battle against the effects of the coronavirus disease. In a television interview with CNBC, Dominguez said the country’s strong fiscal performance last year gave the national government “a lot of room to maneuver.” He explained that […].....»»

Category: newsSource:  manilatimes_netRelated NewsApr 9th, 2020

Cebu City Council approves P1 billion budget to fight Coronavirus

CEBU CITY, Philippines — The Cebu City Council approved the P1 billion budget for the mitigating measures against the Coronavirus Disease 2019 (Coronavirus). Councilor Raymond Garcia, the majority floor leader of the council, said that the budget will be allotted as a quick response fund under the disaster funds. The money, he said, will primarily […] The post Cebu City Council approves P1 billion budget to fight Coronavirus appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsMar 20th, 2020

P60-B war chest for 3 years

Asian giant San Miguel Corp. plans to implement several key projects and diversify sources of funds through its proposed P60 billion borrowing within three years, a pospectus of the debt exercise indicated. A document that SMC provided to the Securities and Exchange Commission (SEC) showed the first tranche will total P15 billion with the full […] The post P60-B war chest for 3 years appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsFeb 9th, 2020

Capitol to shell out funds for protection of towns, cities against nCoV

CEBU CITY, Philippines — The Cebu Provincial Capitol will be giving P500,000 to each of its 44 towns and 7 cities for preparation against the 2019-novel coronavirus (2019-nCoV). The funding, according to Cebu Governor Gwen Garcia, shall be used exclusively for the purchase of personal protective equipment such as gloves and masks, sanitizers, and disinfectants, […] The post Capitol to shell out funds for protection of towns, cities against nCoV appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsFeb 6th, 2020

Philippines to raise borrowings from WB, ADB and AIIB

The Philippines is ramping up borrowings from multilateral lenders led by the World Bank and Asian Development Bank as the government continues to tap cheaper sources of funds to bankroll key infrastructure projects......»»

Category: financeSource:  philstarRelated NewsDec 19th, 2019

Gwen mulls early bidding for hospital equipment

CEBU CITY, Philippines  — Cebu Governor Gwendolyn Garcia may not wait until 2020 before she starts the bidding process for the equipment needed in the upgrade of provincial and district hospitals that Capitol operates. In 2020, the Capitol is expecting funds from the Philippine Health Insurance Corp. (Philhealth) to be downloaded to the province’s coffers […] The post Gwen mulls early bidding for hospital equipment appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsNov 10th, 2019

Garcia, Salimbangon ink P6 million funding for Fourth District government hospitals

BANTAYAN, Cebu — The office of Representative Janice Salimbangon of Cebu’s Fourth District has allocated P6 million funds as medical assistance for indigent patients in the district. The medical assistance program covers the district hospitals in Bantayan, Daanbantayan, and the provincial hospital in Bogo City which are managed by the Cebu provincial government. On Monday, […] The post Garcia, Salimbangon ink P6 million funding for Fourth District government hospitals appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsSep 30th, 2019

Ligue 1 2019-20: PSG set to dominate once again

By Samuel Petrequin, Associated Press PARIS (AP) — After winning its sixth French championship in seven years last season, Paris Saint-Germain is expected to continue its dominance in what at times can look like a one-team league. For the Qatari-backed PSG, the minimum requirement remains the same: win the French league. PSG's ultimate goal is also unchanged: win the Champions League after years of repeated failures. With its 500-million euro budget — more than five times that of last season runner-up Lille — huge sponsorship deals and top-class players, PSG simply has no rival in a league lacking strength in depth. On paper, Thomas Tuchel's team looks even stronger than last season, when it was crowned champion with five games to spare despite a late dip of form. Amid persistent rumors that Neymar will leave the club and return to Barcelona, PSG remains a formidable attacking force with the likes of Kylian Mbappe, Edinson Cavani and Angel Di Maria. It also strengthened its backline this summer with the addition of Dortmund defender and France Under-21 international Abdou Diallo, while recruits Idrissa Gueye, Ander Herrera and Pablo Sarabia will provide midfield stability and experience. Sarabia, Herrera and Diallo were included in Tuchel's starting XI last weekend as PSG sealed a seventh consecutive Trophee des Champions — the French equivalent of the Charity Shield — with a 2-1 win over Rennes. PSG took pride in the win, insisting on the importance of the trophy, the 40th since the club's inception back in 1970. But in reality, the only title that really matters in the French capital is the Champions League. Success in Europe's top competition has so far proved elusive for PSG, which has never been beyond the quarterfinals since Qatari backers QSI started funding the club with huge investment eight years ago. In the past three seasons PSG has gone out in the Round of 16, twice wasting strong first-leg leads. The last time it was against Manchester United in March, when PSG became the first team to be eliminated from the competition after winning the away leg 2-0. "We need to carry on in the league, we need to extend our domination," Mbappe said. "We lost two national Cups (last season), we will try to recover them. And there is the Champions League. We have come to a halt in recent years, it's up to us to find a solution and reach a new milestone." More than the offseason recruits, Leonardo's return as sporting director could be the decisive ingredient that was missing in PSG's quest for European glory. Leonardo, who became PSG's sporting director for the first time in July 2011 and held his role until May 2013, has been given full powers by club president Nasser Al-Khelaifi. At a club where star individuals often appear more important than the team itself, Leonardo's return will mark a change of style in the players' management. A disciplinarian, Leonardo has warned Neymar that he would not let him go unless a juicy offer arrived and has reportedly criticized the Brazil star in front of his teammates after he reported late for PSG's pre-season training. "I don't have the key that is going to open the door to the Champions League," Leonardo said in an interview with Le Parisien newspaper. "Who has it? Not me. I just want to be clear about our goal: the club is THE great institution at the heart of the entire project." PSG starts the defense of its title on Sunday at the Parc des Princes against Nimes. Lille hosts Nantes, Marseille plays Reims at home and Lyon travels to Monaco on Friday night in the season's opening game. NO MONEY, BIG GOALS After a calamitous season, Marseille's main goal is to return to the Champions League under new coach Andre Villas-Boas. Three years after American billionaire Frank McCourt pledged to revive the 1993 Champions League winners, Marseille failed in its bid to qualify for Europe's top competition and did not even get a spot in the Europa League. Villas-Boas subsequently replaced Rudi Garcia and, despite very limited funds to spend on new players, has promised to deliver quickly in his bid to restore Marseille's past luster. "I don't want to lose time with excuses," he said. "I'm hoping for a podium finish." Villas-Boas has lured 29-year-old forward Dario Benedetto from Boca Juniors and hopes he will be able to keep Valere Germain, Florian Thauvin, Dimitri Payet and Luis Gustavo at the southern club. "We don't have money, it's a shame but it's a reality," Villas-Boas said. "We have some problems related to Financial Fair Play regulations. Now I'm waiting anxiously for the end of the English transfer market because that could change everything for the other teams." STARS' EXILE Nicolas Pepe and Nabil Fekir have become the latest big names to depart the French league as the talent exodus to foreign clubs continues. After scoring 22 league goals for Lille, Pepe left for Arsenal while World Cup winner Nabil Fekir joined Real Betis from Lyon. Lyon's new coaching setup of sporting director Juninho and coach Sylvinho have yet to find a replacement for Fekir, who left in the wake of other top players including Tanguy Ndombele and Ferland Mendy......»»

Category: sportsSource:  abscbnRelated NewsAug 7th, 2019

Capitol to investigate complaints of foul smell allegedly coming from provincial, city jails

CEBU CITY, Philippines — Are the Cebu Provincial Detention and Rehabilitation Center (CPDRC) and the Bagong Buhay Rehabilitation Center (BBRC) really the sources of stench that is bothering residents in Barangay Kalunasan, including the Langub Shrine in Barangay Guadalupe? This will be the subject of the investigation that Governor Gwendolyn Garcia will be asking the Provincial […] The post Capitol to investigate complaints of foul smell allegedly coming from provincial, city jails appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJul 18th, 2019

Garcia spends P4.5 million in May polls

CEBU CITY, Philippines — Governor-elect Gwendolyn Garcia has spent over P4.5 million for her gubernatorial bid in the May 13 polls. In her Statement of Contributions and Expenditures filed at 5:30 p.m. today, June 13, Garcia declared to have spent P4, 518, 926.56 out of personal funds for the 45-day campaign period. The biggest bulk […] The post Garcia spends P4.5 million in May polls appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJun 13th, 2019