Japan donates P7M worth of gymnastics equipment to Philippines
Philippine gymnastics received a shot in the arm on Friday as the Japanese Embassy donated roughly P7 million worth of gymnastics equipment to aid its grassroots program with a new gym......»»
PH not benefiting Taiwan’s southbound policy – Yujuico
The Philippine Chamber of Commerce and Industry (PCCI), the largest business organization in the country, has urged Taiwan to invest more in the Philippines, stressing the country has not benefitted from its “New Southbound Policy”. PCCI President Benedicto V. Yujuico raised this during a recent meeting with Taiwan Ambassador Michael Peiyung Hsu. Yujuico noted that only 3 percent of Taiwan’s outbound investments have been directed to the Philippines as Taiwanese investors prefer locating in Vietnam and Indonesia. Aside from investments, Yujuico also called Taiwan’s attention on the balance of trade between the two countries, which is heavily tilting in favor of Taiwan. As such, the PCCI leader has urged the ambassador to improve the balance of trade between the Philippines and Taiwan. In 2019, Philippines imports from Taiwan reached $4.7 billion while exports were valued at less than half of imports or $2.2 billion only. Philippine exports to Taiwan consist mainly of semiconductor and electronic products, chemicals, machinery and transport equipment and other manufactures. He urged Taiwan to reconsider and allow the entry of Philippine fresh fruits, initially young coconuts and mangoes. “We had the good opportunity to talk to Ambassador Hsu where we elevated our concerns on the current ban of our fruit exports to Taiwan because of sanitary and phytosanitary standards,” Yujuico said. The Philippines exported young coconuts and mangoes to Taiwan 40 years ago. These were banned after some time because of the kadang-kadang infestation on young coconuts and fruit flies on mangoes. However, Roberto Amores, Director for Agriculture of PCCI said, “The necessary measures have been addressed by the Philippine government – kadang-kadang infestation is now confined in a few regions. Young coconuts produced in kadang-kadang free regions are in fact now exported to Japan, South Korea and China, among others.” Earlier this year, the Taipei Economic and Cultural Office (TECO), citing information from Bureau of Animal and Plant Health Inspection and Quarantine (BAPHIQ) Council of Agriculture of Taiwan, wrote PCCI that the ban on Philippine young coconuts and fresh mangoes was apparently due to the failure of Philippine government to submit the pest risk analysis (PRA) results on these two commodities since 2010. The Department of Agriculture’s (DA) Bureau of Plant Industries (BPI) however claimed it had communicated through the Manila Economic and Cultural Office (MECO) the status of mangoes as an export commodity to Taiwan and requested for additional information for the PRA on coconut. Yujuico and Amores said PCCI will continue to pursue this matter with the BPI and MECO to be more proactive in responding to the requirements of the BAPHIQ. Meanwhile, Yujuico welcomed the offer by the Taiwan government for modern technology exchanges for the agriculture sector and scholarship grants for undergraduate and graduate courses......»»
US gov t donates laptops, learning materials to DepEd to support out-of-school youth
"In the coming weeks, USAID will provide more than 400 laptops, computers, printers, projectors, and other related materials worth Php34 million ($700,000) to DepEd’s ALS Task Force," the US Embassy in the Philippines said......»»
Belmonte donates P84 million equipment to QCPD
Quezon City Mayor Joy Belmonte yesterday donated nearly P84 million worth of equipment to the city’s police force to boost its operational capabilities against terrorism and other crimes......»»
SEA GAMES: The silver that glittered like gold
When the editorial staff of ABS-CBN Sports was tasked to come up with our most memorable coverage, it didn’t take long for this writer to respond. The Philippine men’s volleyball team’s Southeast Asian Games semifinal match was the first thing that came to mind. Pesonally, that game against the highly-fancied Thailand squad topped all the countless volleyball matches that I’ve covered in my career. I’m at a loss for words on how to describe the emotions I felt that chilly night of December 8, 2019. Around 6,700 fans filled the PhilSports Arena in Pasig City not knowing that what they were about to witness was something historic. A magical night that would take away the frustrations they felt the day before when the more popular women’s team finished the preliminary round winless. For us sportswriters covering that assignment, we knew the Filipinos were up for a tough ride. Thailand ruled the last four editions of the event. On the other hand, the Philippines’ last significant outing in the biennial meet was a bronze medal finish back in 1991 – or when the current national team’s oldest member, setter Jessie Lopez was just five-years old. Did we doubt our own team? Let’s just say we prayed to the high heavens to give us something positive to write about. But don’t get us wrong. Those who followed the formation and preparation of the squad knew it would yield results come the SEA Games. After all, in all three batches of the Nationals that participated in the regional sports meet since 2015, this particular team had the longest time to prepare – around eight months to be exact. The team’s composition itself looked really promising. For the first time, two of country’s best hitters in Marck Espejo and Bryan Bagunas, who both have experience playing in the Japan V. League, donned the tricolors together. Espejo returned after skipping the 2017 edition so did his teammates in the 2015 squad Rex Intal and setter Ish Polvorosa. Bagunas was on his second tour of duty along with team captain John Vic De Guzman, Mark Alfafara, RanRan Abdilla and libero Jack Kalingking. Head coach Dante Alinsunurin, who was appointed to handle the team after Oliver Almadro and Sammy Acaylar in 2015 and 2017, respectively, tapped an old hand in Lopez and injected young bloods in playmaker Owa Retamar, Jau Umandal, Kim Malabunga, Ricky Marcos and Francis Saura. As part of their buildup the Nationals joined the Thailand Open Sealect Tuna Championship July last year. The Filipinos achieved a great feat when they won bronze. Fans were able to witness the Nationals’ campaign via YouTube streaming while we volleyball writers, got to file our full stories through the help of De Guzman and Bagunas (God bless their beautiful hearts) who supplied us with game stats and granted postgame interviews. It’s just a shame I never got to cover the team’s training in Japan when the Nationals’ preparation went on full throttle. (Note: A little confusion in the training camp coverage assignments had me flying to Japan with the women’s squad and Lance Agcaoili of Spin.ph joining the men’s team. But it was a great experience, nonetheless, and I’m grateful for Larong Volleyball sa Pilipinas, Inc. for the opportunity.) I was as confused as the other sportswriters present during the draw for the group stage a couple of months before the SEA Games when Alinsunurin chose to join the four-team bracket with Indonesia, Vietnam and Cambodia. Those three teams are considered contenders every SEA Games edition. And earning a semifinal spot would be harder compared to the other group composed of Thailand, Myanmar and Singapore. Fortunately, the gamble was worth it. Espejo and Bagunas were superb offensively, Malabunga and Retamar made their presence felt and the Nationals’ blocking shocked Cambodia and Vietnam as the Filipinos swept them both to secure a semis seat. Then came the steamrolling Indonesians. Honestly, I thought the Nationals would sweep their way to the group’s top seeding. That way the PHI’s would've avoided a semis clash with Thailand. Forced to take on the defending champions, the Filipinos found themselves down in the first set. They got back in the second frame before yielding the third. And when the Thais came to match point, 24-21, in the fourth we all thought it was over. Fans were slowly emptying the bleachers not wanting to see the impending defeat. I was already waiting for the final score. Ready break the result. Then a miracle happened. The Nationals nibbled on the Thais' lead to force a deuce. After another deadlock, the Filipinos stole the set. The fifth frame was classic story of ‘who wants it more will win.’ An extended set made it even more dramatic. I vividly remember that sequence when Bagunas hammered the game-clinching kill off a lob from Lopez. After that all that I can recall was me pumping my fist up in the air and slapping the hardest high-fives I ever did with those inside the press room while howling like a madman. The national team assured itself of a silver after 42 years. A silver after four freaking decades. They did it. Of course, the Indonesians bullied their way to winning the gold medal in a sweep of the inexperienced Filipinos. But who cares, the host team exceeded its podium expectations. That silver that glittered like gold made that coverage truly memorable. But it never crossed my mind that it would be the last important volleyball event that I will get to report. (Note: It would’ve been the UAAP if not for the health crisis that put all sporting events to a halt. Sad.) And that’s why I ended up writing these last few paragraphs. A farewell from this section. From my first article for this website back on December 1, 2014 – a post-mortem of Petron’s breakthrough title in the Philippine Superliga Grand Prix – to my last published story, these were all written with only one thing in mind: in the service of the Filipino sports fan worldwide. Our run may have not been perfect, of course, we had our flaws. We had our fair share of criticisms from fans, athletes, sports personalities and sometimes even from our partner leagues and properties. We accepted our shortcomings. We tried to be better. But we are proud of what we did. We take pride with how we delivered sports stories through various digital executions that showcased sports beyond the confines of competition. On midnight of September 1 while most of you lay sound asleep, deep in slumber, hopefully, having a good dream and hours away from waking up looking forward to a better day, this website will be snapped out of existence. More than half a decade of sharing stories to the Filipino sports fan will be seeing its last presence online on Monday – a holiday to celebrate the nation’s heroes. This website will then hear its final buzzer, its final whistle. Thousands of articles – written with passion, dedication and love – will be taken down as this website goes offline together with majority of ABS-CBN Sports’ social media accounts. But soon, hopefully, it will once again see the light of day. We do hope that you will remember us, for we will remember all of you who made us your Kapamilya. -- 30 -- --- Follow this writer on Twitter, @fromtheriles Mark Escarlote has served as a sub-section editor for ABS-CBN Sports' website since 2014. He is among thousands of ABS-CBN employees who will be retrenched on August 31, 2020. .....»»
SEA GAMES: The silver that glittered like gold
When the editorial staff of ABS-CBN Sports was tasked to come up with our most memorable coverage, it didn’t take long for this writer to respond. The Philippine men’s volleyball team’s Southeast Asian Games semifinal match was the first thing that came to mind. Pesonally, that game against the highly-fancied Thailand squad topped all the countless volleyball matches that I’ve covered in my career. I’m at a loss for words on how to describe the emotions I felt that chilly night of December 8, 2019. Around 6,700 fans filled the PhilSports Arena in Pasig City not knowing that what they were about to witness was something historic. A magical night that would take away the frustrations they felt the day before when the more popular women’s team finished the preliminary round winless. For us sportswriters covering that assignment, we knew the Filipinos were up for a tough ride. Thailand ruled the last four editions of the event. On the other hand, the Philippines’ last significant outing in the biennial meet was a bronze medal finish back in 1991 – or when the current national team’s oldest member, setter Jessie Lopez was just five-years old. Did we doubt our own team? Let’s just say we prayed to the high heavens to give us something positive to write about. But don’t get us wrong. Those who followed the formation and preparation of the squad knew it would yield results come the SEA Games. After all, in all three batches of the Nationals that participated in the regional sports meet since 2015, this particular team had the longest time to prepare – around eight months to be exact. The team’s composition itself looked really promising. For the first time, two of country’s best hitters in Marck Espejo and Bryan Bagunas, who both have experience playing in the Japan V. League, donned the tricolors together. Espejo returned after skipping the 2017 edition so did his teammates in the 2015 squad Rex Intal and setter Ish Polvorosa. Bagunas was on his second tour of duty along with team captain John Vic De Guzman, Mark Alfafara, RanRan Abdilla and libero Jack Kalingking. Head coach Dante Alinsunurin, who was appointed to handle the team after Oliver Almadro and Sammy Acaylar in 2015 and 2017, respectively, tapped an old hand in Lopez and injected young bloods in playmaker Owa Retamar, Jau Umandal, Kim Malabunga, Ricky Marcos and Francis Saura. As part of their buildup the Nationals joined the Thailand Open Sealect Tuna Championship July last year. The Filipinos achieved a great feat when they won bronze. Fans were able to witness the Nationals’ campaign via YouTube streaming while we volleyball writers, got to file our full stories through the help of De Guzman and Bagunas (God bless their beautiful hearts) who supplied us with game stats and granted postgame interviews. It’s just a shame I never got to cover the team’s training in Japan when the Nationals’ preparation went on full throttle. (Note: A little confusion in the training camp coverage assignments had me flying to Japan with the women’s squad and Lance Agcaoili of Spin.ph joining the men’s team. But it was a great experience, nonetheless, and I’m grateful for Larong Volleyball sa Pilipinas, Inc. for the opportunity.) I was as confused as the other sportswriters present during the draw for the group stage a couple of months before the SEA Games when Alinsunurin chose to join the four-team bracket with Indonesia, Vietnam and Cambodia. Those three teams are considered contenders every SEA Games edition. And earning a semifinal spot would be harder compared to the other group composed of Thailand, Myanmar and Singapore. Fortunately, the gamble was worth it. Espejo and Bagunas were superb offensively, Malabunga and Retamar made their presence felt and the Nationals’ blocking shocked Cambodia and Vietnam as the Filipinos swept them both to secure a semis seat. Then came the steamrolling Indonesians. Honestly, I thought the Nationals would sweep their way to the group’s top seeding. That way the PHI’s would've avoided a semis clash with Thailand. Forced to take on the defending champions, the Filipinos found themselves down in the first set. They got back in the second frame before yielding the third. And when the Thais came to match point, 24-21, in the fourth we all thought it was over. Fans were slowly emptying the bleachers not wanting to see the impending defeat. I was already waiting for the final score. Ready break the result. Then a miracle happened. The Nationals nibbled on the Thais' lead to force a deuce. After another deadlock, the Filipinos stole the set. The fifth frame was classic story of ‘who wants it more will win.’ An extended set made it even more dramatic. I vividly remember that sequence when Bagunas hammered the game-clinching kill off a lob from Lopez. After that all that I can recall was me pumping my fist up in the air and slapping the hardest high-fives I ever did with those inside the press room while howling like a madman. The national team assured itself of a silver after 42 years. A silver after four freaking decades. They did it. Of course, the Indonesians bullied their way to winning the gold medal in a sweep of the inexperienced Filipinos. But who cares, the host team exceeded its podium expectations. That silver that glittered like gold made that coverage truly memorable. But it never crossed my mind that it would be the last important volleyball event that I will get to report. (Note: It would’ve been the UAAP if not for the health crisis that put all sporting events to a halt. Sad.) And that’s why I ended up writing these last few paragraphs. A farewell from this section. From my first article for this website back on December 1, 2014 – a post-mortem of Petron’s breakthrough title in the Philippine Superliga Grand Prix – to my last published story, these were all written with only one thing in mind: in the service of the Filipino sports fan worldwide. Our run may have not been perfect, of course, we had our flaws. We had our fair share of criticisms from fans, athletes, sports personalities and sometimes even from our partner leagues and properties. We accepted our shortcomings. We tried to be better. But we are proud of what we did. We take pride with how we delivered sports stories through various digital executions that showcased sports beyond the confines of competition. On midnight of September 1 while most of you lay sound asleep, deep in slumber, hopefully, having a good dream and hours away from waking up looking forward to a better day, this website will be snapped out of existence. More than half a decade of sharing stories to the Filipino sports fan will be seeing its last presence online on Monday – a holiday to celebrate the nation’s heroes. This website will then hear its final buzzer, its final whistle. Thousands of articles – written with passion, dedication and love – will be taken down as this website goes offline together with majority of ABS-CBN Sports’ social media accounts. But soon, hopefully, it will once again see the light of day. We do hope that you will remember us, for we will remember all of you who made us your Kapamilya. -- 30 -- --- Follow this writer on Twitter, @fromtheriles Mark Escarlote has served as a sub-section editor for ABS-CBN Sports' website since 2014. He is among thousands of ABS-CBN employees who will be retrenched on August 31, 2020. .....»»
Chinese embassy donates cash, PPEs to Philippine medical frontliners
MANILA, Aug. 14 (Xinhua) -- The Chinese embassy in the Philippines on Friday donated 1 million pesos (20,519 U.S. dollars) in cash and some personal protective equipment (PPEs) to the Philippine me.....»»
Japan donates Avigan, anti-flu drug, for trial on PH Covid patients
THE Japanese Embassy announced that the Philippines has been supplied with its anti-flu drug Avigan for use in the clinical trial of 100 Coronavirus disease 2019 (Covid-19) patients in the country. In a statement, the embassy said that it has given the tablets to the Department of Health as part of its emergency grant aid […].....»»
Yulo gets additional P800K Olympic bid funding
Filipino gymnast Caloy Yulo preparation for the Tokyo Olympics got an additional boost after the MVP Sports Foundation (MVPSF) extended a much-needed financial help on Wednesday. MVPSF president Al Panlilio announced that they have granted an extra P800,000 funding for Yulo to cover his training expenses in Japan as he prepares for the Tokyo Olympics scheduled July 23 to August 8 next year. "The MVPSF wants to make sure that our athletes still get the best training possible, even as we face the current COVID-19 pandemic," Panlilio said. The financial donation was coursed through the Gymnastics Association of the Philippines. "Aside from the financial relief from the additional finding, we're hopeful that this also puts Caloy's mind at ease, because we want to show him that we're behind him all the way," said Panlilio. "His sole focus should be on his quest to win an Olympic medal, and we'll do our best to take care of the rest." The 20-year old gymnast is one of four Filipinos who have qualified for the Games, which was delayed for a year due to the coronavirus (COVID-19) pandemic, along with pole vaulter EJ Obiena and boxers Eumir Felix Marcial and Irish Magno. Yulo earned his ticket to the Games after advancing to the final round of the men's all-around in the 2019 World Championships in Stuttgart, Germany. He also won the gold in the men's floor exercise in the same tournament. The Manila pride also won two gold medals and five silvers in the 2019 Southeast Asian Games hosted by the Philippines. With the financial help, Yulo got all-important shot in the arm as he vies for the elusive Olympics gold. .....»»
US donates P14.8 million PPEs to PGH
The United States has donated P14.8 million worth of personal protective equipment to the Philippine General Hospital and other medical facilities nationwide......»»
AFPMBAI donates new vehicles for AFP s mobility, logistic operations
CALOOCAN CITY, June 23 (PIA)--The Armed Forces and Police Mutual Benefit Association, Inc. (AFPMBAI) has donated P14.1 Million worth of vehicles to the Armed Forces of the Philippines for its mobil.....»»
PH, Japan sign P75.5-b loans for infra projects
The Philippines and Japan signed on Tuesday two loan agreements worth a combined P75.5 billion (about 154 billion yen) for two big-ticket projects in Visayas and Mindanao under the “Build, Build, Build” infrastructure program as the Duterte administration ramps up infrastructure investments to help the country recover quickly from the coronavirus-induced global economic crisis......»»
Cebu City sends heavy equipment to landslide-prone areas for super typhoon Betty
CEBU CITY, Philippines — The Cebu City Disaster Risk Reduction and Management Office (CCDRRMO) has prepositioned heavy equipment for landslide-prone areas in the city as part of its preparations for the effects of Super Typhoon Betty. CCDRRMO head Harold Alcontin told CDN Digital that they have raised Blue Alert since Wednesday, May 24, 2023, which […] The post Cebu City sends heavy equipment to landslide-prone areas for super typhoon Betty appeared first on Cebu Daily News......»»
2023 FIBA World Cup full support urged
In three months, the Philippines will be hosting the 2023 FIBA World Cup, the biggest and most prestigious basketball tournament in the world. The joint bid of the Philippines, Indonesia and Japan bested other European countries and won hosting rights, with a promise to deliver a “world-class” tournament. This marks the second time for the country to host the World Cup — the first was in 1978. According to FIBA Archive, the PH line-up included Ramon Cruz, Bernardo Carpio, Alexander Clarino, Steve Watson, Edward Merced, Federico Israel, Federico Lauchengco, Nathaniel Castillo, Gregorio Gozum, Leopoldo Herrera, Cesar Yabut and Cesar Teodoro. The team was coached by Nicanor Jorge. During the assembly meeting, FIBA Secretary General Andreas Zagklis highlighted the crucial role that the Philippines will play in hosting the World Cup. “We play this year our biggest event, the FIBA Basketball World Cup in 3 Asian countries — and this will be the first time in three countries combining together almost 500 million people. It will be an unprecedented event in terms of quality for the players and the fans,” he said. For this year, our very own Gilas Pilipinas is set to compete with 31 other teams. As the lead host, the Philippines will organize all the quarter-finals, semi-finals, and final games featuring the top 8 teams, while Japan and Indonesia will co-host the competition of eight teams each. Preparations are in full swing, according to Samahang Basketbol ng Pilipinas president Alfredo Panlilio, who also was recently elected as the Second Vice President in the FIBA Asia board for 2023-2027. Commenting on his election, Panlilio was quoted as saying: “It is an honor to be elected in the board of members of FIBA Asia to help the federation continue promoting the game of basketball and camaraderie in the region and the world,” acknowledging the huge responsibility to push for the development of new projects in Asia that would elevate the level of basketball competitions in the region. In recent years, FIBA has embraced a comprehensive approach to basketball development, encompassing various formats such as 5x5, 3x3, women’s tournaments, and youth competitions. This progressive strategy aims to nurture talent at all levels, providing opportunities for players of diverse backgrounds and promoting inclusivity within the sport. By embracing these multifaceted endeavors, FIBA is actively shaping the future of basketball, ensuring its continuous growth and global appeal. As a passionate basketball enthusiast, I am filled with immense excitement for this opportunity to host the prestigious FIBA World Cup. This historic event not only signifies our nation’s love for the sport but also holds the promise of remarkable growth and advancement in basketball programs under the visionary leadership of Panlilio and other esteemed members of the FIBA board. The future of basketball in our country looks brighter than ever before. Moreover, the Philippines stands poised not just to relish the rewards of the World Cup in the realm of sports, but to make an indelible mark on the country’s revenue generation through travel and tourism. The tournament’s influx of visitors from around the globe will serve as a significant catalyst, bolstering the local economy and showcasing the Philippines as a premier destination for international travelers. Case in point – a FIBA study showed that when the World Cup was hosted by Spain in 2019 before the emergence of Covid-19, it raked in $396 million or P22.6 billion in revenues while only setting an operational budget of $38.6 million or P2.2 billion. The upcoming international sports competition holds tremendous promise for uplifting the Philippines on multiple fronts – as a host, in the realm of basketball, and within the tourism industry, which has been significantly impacted by the pandemic. Regardless of our personal fanhood, I urge everyone to stand united in wholeheartedly supporting our team – Gilas Pilipinas. Our unwavering backing will serve as a powerful catalyst in boosting their confidence, enabling them to represent our country with pride and strive for victory. Together, we can make a resounding impact and proudly wave our flag on the global stage while bringing forward the kind of relationship we Filipinos have with the sport, profoundly anchored on one word – PUSO. The post 2023 FIBA World Cup full support urged appeared first on Daily Tribune......»»
G in NGCP: Grid or Greed?
There’s a news article that came out in a national broadsheet entitled “Why, the NGCP executive wonders, did making money become so ‘demonized’? It was quoting the ‘sentiment’ of National Grid Corporation of the Philippines assistant vice president Cynthia Alabanza after her appearance in the Senate Committee on Energy chaired by Senator Raffy Tulfo.” Apparently, Senator Tulfo pounded the NGCP executives on its huge profits for its investors (State Grid of China, Henry Sy Jr., and Robert Coyuito, Jr.) and giving a very high percentage of its net income as dividends (return on equity of about 36 percent and a dividend payout of about 90 percent) leaving little for reinvestments. Do the senators have the basis to “demonized” the way NGCP makes money? Consider the following facts: In the Year 2015, the cash dividends declared and paid to NGCP shareholders amounts to P21 billion while the total electricity consumption for the same year is at 82.413 billion kilowatt hours. With that as a benchmark, it shows that NGCP shareholders directly pocket about P0.25 per kwh consumed by the public or 25 percent of the whole transmission charge collected (for P1.00 transmission charge per kilowatt hour). Despite these multi-billion pesos yearly cash dividend payout among the three owners, Filipino consumers still suffer from blackouts and delays in more than a dozen of projects, including the Visayas Mindanao Interconnection Project. The senators found out too that NGCP has been allowed to collect transmission charges from projects that have not been completed yet when ERC during the time of Chairman Agnes Devanadera authorized NGCP to increase its income ceiling from P43 billion in 2019 to P47.1 billion in 2020. While other corporations in the energy sector are subjected to the usual tax and are facing competition, Republic Act 9511 or the NGCP Franchise Law granted NGCP exemption from income tax and any and all taxes, duties, fees, and charges of any kind, in lieu of the 3 percent franchise tax. What that meant in practical terms is that the national government is foregoing about P7 billion to P10 billion in annual tax revenues. Consider the following matrix: In the years 2007 and 2008 when TransCo was operating the transmission grid, it paid the national government a total amount of taxes worth almost P19 billion. In the years 2010 and 2011 when NGCP took over TransCo in the operations of the transmission business, it paid the total amount of taxes in the amount of only P4.45 billion. A difference of about P14.55 billion in 2 years! Moreover, the NGCP franchise law had the effect of exempting NGCP from taxes that had nothing to do with the operations, maintenance, and development of the transmission grid. (Per BIR Ruling No. 019-2009 dated 14 October 2009) These include the following: The 20 percent Final Withholding Tax or FWT on interest income is derived from Philippine currency bank deposits and yields from deposit substitutes, trust funds, and similar arrangements derived from sources within the Philippines; The 7 ½ percent FWT on interest income, and yield from deposit substitutes, trust funds, similar arrangements, and other transactions with Offshore Banking Units and depository banks under the expanded foreign currency deposit system; and The documentary stamp tax imposed under Sections 179 and 180 of the Tax Reform Act of 1997, on those deposits, deposit substitutes, trust funds, and similar instruments. While TransCo, a government-owned and controlled corporation, is subjected to ALL taxes imposed by the national government up to this date, NGCP was granted exemption from ALL taxes (save for the 3 percent franchise tax) including interest income on all kinds of deposits and yields on such deposits. All of these are taken together in the context of the national government granting a private entity the monopoly of the national transmission business which is now earning a gross income of more than P44 billion annually, and that has declared and paid a total cash dividend to its shareholders of about P230.8 billion from 2009 to 2021, these exemptions are truly excessive and unconscionable. The post G in NGCP: Grid or Greed? appeared first on Daily Tribune......»»
Revolutionize your lenses and embark on a journey
Japanese optical chain Owndays is introducing its state-of-the-art progressive lenses, offering support for both near and distant sight. The collection showcases a range of choices - Silver, Gold, Diamond, and the newly launched Diamond+. Setting new standards, Owndays' Diamond+ Progressive lenses present seven personalized lens design options that seamlessly sync with your lifestyle needs. Incorporating a double aspheric design and an advanced comfort zone design, these lenses deliver a realistic visual experience and an extended field of vision and require the shortest adjustment period. Are you ready to experience our most advanced progressive lenses? Visit your local Owndays store, where not only can you experience cutting-edge eyewear technology, but you also have the chance to win an enchanting trip to Japan. Our "Owndays Win a Trip for Two to Japan!" promotion, available until the end of June, is an opportunity you won't want to miss. You are automatically entered into our grand raffle draw by purchasing our progressive lenses - Silver, Gold, Diamond, or Diamond+ in a single receipt. Depending on your chosen lens, you could earn between one and six entries, increasing your chances of winning. As part of this exclusive promotion, winners will be whisked away on a luxurious Business Class round trip for two to Tokyo or Osaka, coupled with a comfortable three-day, two-night stay in a hotel they choose. Five lucky winners will secure this dream trip-for-two package, each receiving an all-expense-paid travel and accommodation experience worth a whopping Php200,000. Take advantage of this chance to revolutionize your vision with Owndays' progressive lenses and potentially embark on an unforgettable Japanese adventure. Joining this outstanding giveaway is as straightforward as these five steps: Step 1: Procure Silver, Gold, Diamond, or Diamond+ Progressive Lenses from an Owndays outlet before June 30, 2023. Step 2: Fill out the raffle ticket with the requisite information. Step 3: Authenticate and submit your raffle stub at the participating Owndayas station while retaining your part of the stub for claiming the prize if you emerge as the lucky winner. Step 4: Ensure your passport remains current and be prepared to apply for a Japan visa as the raffle draw unravels on July 14, 2023. Step 5: Stay connected with Owndays via our Facebook page (owndays.ph) or Instagram handle, owndaysph, for the grand announcement of winners after 16 July 2023. This promotion is open to all Filipino residents aged 18 and over at the start of the promo period. The winner must obtain their Japan visa and valid passport six months before their travel date. So, brace yourself, upgrade your vision with progressive lenses from OWNDAYS, and seize this once-in-a-lifetime opportunity to explore Japan. This promotion is sanctioned under DTI Fair Trade Permit No. FTEB 163704 Series of 2023. To stay updated on this extraordinary giveaway from OWNDAYS, check our Instagram, Facebook, or our website (www.owndays.ph) The post Revolutionize your lenses and embark on a journey appeared first on Daily Tribune......»»
Escudero: MIF bill a ‘leap of faith into great unknown’
Senator Francis Escudero is still contemplating the uncertainties in the return of equity threshold compulsory to the two state-owned banks as envisioned through the ‘Maharlika’ Investment Fund or MIF. Escudero has called on for more “earning guarantees” in the MIF bill, which the Senate intends to approve before the legislative break comes next week, saying that the seed money put by the Land Bank of the Philippines and the Development Bank of Philippines Maharlika Investment Corporation or MIC, must earn more than its current average investment yield of 6 percent. The senator warned that “without benchmark in yields”, the LBP and DBP will be earning less than 6 percent of their income threshold. “The idea is that the Land Bank and DBP should grow the money and not go bankrupt. Remember, the bill makes their equity compulsory. So in exchange, will there be guarantees as to their returns as well?,” said Escudero, who used to chair the Senate committee on banks, financial institutions, and currencies committee. Escudero said the bill, as presently worded, "is a leap of faith to the great unknown.” He added he has yet to hear a full explanation of how much the two banking giants will earn from their Maharlika investments. "Landbank and DBP, during the hearings, said they were earning on average 6 to 8 percent. So, let us average it up at 7 percent. You have to give Landbank and DBP a return of at least 7 percent per annum on what they invested in MIC. On top of that is the 2 percent administrative fee cap the MIC may use,” he pointed out. Senate Bill 2020 or MIF states that the total authorized P500 billion in capital stocks of the MIC, the initial P125 billion worth of MIC common stocks to be subscribed by the national government amounting to P75 billion shall be fully paid respectively—LBP for P50 billion and DBP for P25 billion. "Then we have to factor in inflation. So easily, the yield will be in the two-digit zone. In any investment pitch, the income output is the most important bottom line. An investment is made because one is convinced that it will make money. Not behest. Not something coerced through legislation,” Escudero pointed out. While the proposed measure allows the two banks to seek regulatory relief from the Central Bank if their position falls below standards, Escudero stressed: "This should not happen." “And to dangle this as the standard reply to issues validly raised is not the comforting answer we want to hear. Once a regulatory relief is sought "that means the banks already lost a lot of money," he said. The post Escudero: MIF bill a ‘leap of faith into great unknown’ appeared first on Daily Tribune......»»
Security Bank named anew as best Philippines bank for high net-worth clients
Security Bank was recognized as the Philippines’ Best for High Net Worth Clients for the third straight year at the 2022 Asiamoney Asia Private Banking Awards......»»
Australia’s Phl stakes up
It’s due season for the Philippines, an increasingly lucrative investment destination that embodies a shift in the center of gravity in the regional economy. The country’s bullish business prospects post-pandemic are propped up by the recent increase in direct investments, which continue to inspire business confidence in the Philippines. Among the flurry of such inflows is Australian, what with the country’s AUD89.9 million (P3.32 billion) worth of official development assistance (2023 to 2024) to the Philippines. This came at the heels of a productive meeting between Australian Foreign Minister Penny Wong and DFA Sec. Enrique Manalo last week, a fund that will be channeled mostly to programs on inclusive economic growth, education, training and scholarships, disaster and climate resilience, and peace and stability in the Bangsamoro. Ongoing cooperation in the areas of science and innovation, people-to-people exchanges, law and justice is also uppermost, as well as defense, maritime, and counter-terrorism. Wong said Australia considers providing drones and other technology as a part of maritime cooperation package to buttress the Philippines’ position in waters adjacent to many sovereign interests. Manila and Canberra are a long-standing “important security partner” in the region according to Wong, who added that Australia also thinks trilateral partnerships with the Philippines on joint patrols in the West Philippine Sea is also possible. The fund is on top of Canberra’s AUD10.95-million (P405 million) pledge for the establishment of a new immunization information and strengthened laboratory network and surveillance systems in the Philippines for health emergencies like the recent pandemic. The Philippines had received approximately P3.1-billion ODA last year. The bulk of it was pivotal in the realization of the peace process in the Bangsamoro. The two countries are exploring investment cooperation on critical minerals and the improvement of two-way tourism. “Work and holiday visa arrangement” are also high on the negotiation table. Wong’s high-level visit to Manila earlier this month may serve as a precedent to a possible in-person meeting between President Marcos Jr. and Australian Prime Minister Anthony Albanese come the Asean-Australia Summit in March 2024, or a bilateral visit soon. The post Australia’s Phl stakes up appeared first on Daily Tribune......»»
Legal gun owners keep criminals at bay — Bato
Senator Ronald “Bato” de la Rosa said Thursday that members of his family all know how to use guns as a necessary tool or instrument for peace — only to be used to defend people against criminals. “I am ready. I am always ready,” De la Rosa said in Filipino during the opening of the 29th AFAD Defense and Sporting Arms Show running until Monday at the SMX Convention Center in Pasay City. As a lawmaker who has to blow the whistle on criminals during Senate investigations, De la Rosa said he considers himself to be constantly in the crosshairs of syndicates and other dregs of society. He cited the assassination of Negros Oriental Roel Degamo and the pilferage of portions of a P1.6 billion worth of shabu in Manila last October as examples of controversies he is investigating. De la Rosa, the first chief of the Philippine National Police under the Duterte administration, chairs the Senate Committee on Public Order. Interviewed by Daily Tribune, Alaric Topacio, president of the Association of Firearms and Ammunitions Dealers of the Philippines, said over 98 percent of firearms sold in the Philippines are for self-defense. He stressed that AFAD has been pushing responsible gun ownership and that most of those who legally purchase guns do so only to protect themselves as a last recourse, or to engage in sports shooting. Criminals, both Topacio and De la Rosa agreed, mostly use unlicensed firearms. Topacio pointed out that criminals do not leave their guns behind just because there’s a gun ban. On the other hand, licensed gun owners, as law-abiding citizens, leave their guns at home during gun bans at the risk of being at the mercy of criminals, he added. “Criminals rejoice when they’re the only ones, aside from the police, who have guns. It’s party time for them because they can always evade the cops while having easy pickings on the streets, victimizing civilians,” Joel, a gunsmith tending one of the stalls, said. For the Sangguniang Kabataan and Barangay Elections, the Commission on Elections set the gun ban period from 28 August 2023 to 29 November. Government data placed at about 1.5 million licensed gun owners in the Philippines. Estimates put the number of unlicensed firearms circulating at four times the number of licensed guns. Legal gun owners need to regularly pass drug and neuro-psychiatric exams and to be without criminal records to keep their guns. De la Rosa said the firearms and ammunition industry in the Philippines contributes to the economy in terms of jobs created and taxes paid. The post Legal gun owners keep criminals at bay — Bato appeared first on Daily Tribune......»»
Phl Navy @ 125: Activates 2 FAIC-M platforms
The Philippine Navy on Friday commissioned into service its two brand new Israeli-made fast attack interdiction craft missile (FAIC-M) platforms as it celebrates its 125th anniversary at the Commodore Divino Pier in Manila. President Ferdinand R. Marcos Jr. graced the formal activation of the country’s new capable boats—the third and fourth addition to the existing components of Acero-class Patrol Gunboats (PG) of the Fleet's Littoral Combat Force. Marcos sees the commissioning of the vessels as a significant naval aspect of the country’s military operations. “This endeavor will pave the way for the holistic transformation of our AFP into a stronger, modern, and formidable organization. By then, the AFP will be more effective in its military aims and more responsive to our national goals,” Marcos said. Earlier this month, the Philippine Navy christened these two ships—the BRP Gener Tinangag (PG903) and BRP Domingo Deluana (PG905), named after the Philippine Marine Corps heroes and Medal for Valor awardees for bravery and sacrifice beyond the call of duty, late Cpl. Gener Tinangag and late Sgt. Domingo Deluana. PN spokesperson, Capt. Benjo Negranza said the vessels will be deployed to the vital choke points, major sea lines of communication, and littoral domains of the country. “These 32-meter long gunboats will provide added muscles to the Navy's capability to secure the seas with their quick intercept ability, remote stabilized weapons, and short-range missiles,” Negranza added. Meanwhile, Navy Chief, Vice Adm. Toribio Adaci Jr., said the two newly-commissioned vessels “symbolize the promising future of our maritime defense and efforts toward enhanced capabilities, increased resilience, and stronger presence in the maritime domain.” The newly commissioned vessels are part of the Philippine Navy’s FAIC-M acquisition projects, along with the procurement of nine Israel-made Shaldag Mark V missile boats worth P10-billion. This project is under the Horizon 3 of the modernization program of the Armed Forces of the Philippines. The post Phl Navy @ 125: Activates 2 FAIC-M platforms appeared first on Daily Tribune......»»