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Maynilad, MWC shelve rate adjustments for 2021

Maynilad Water Services, Inc. (Maynilad) and Manila Water Company, Inc. are forgoing some water rate increases they are qualified to implement in the coming year, including the next tranche of the rate rebasing adjustment as well as the mandated Consumer Price Index (CPI) adjustment.  This was announced separately by both companies on Tuesday. In a text message, Metropolitan Waterworks and Sewerage System (MWSS) Chief Regulator Patrick Ty said the MWSS-Regulatory Office (MWSS-RO) has been discussing this matter with both Maynilad and Manila Water since the start of this year. “We just received the proposals of the two Concessionaires and we are currently evaluating them,” Ty said.  In a statement, Maynilad said that with this deferral, the company “hopes to alleviate the day-to-day struggles of its customers as they and the whole country strive to recover from adversity and rise stronger than before, ready to start anew”. “During these difficult times when no one is spared the economic impact of the COVID-19 pandemic, Maynilad is one with the government in finding ways to help our countrymen make the situation more manageable,” it also said. Manila Water, on the other hand, said “in the spirit of Bayanihan and to alleviate the plight of our customers due to the pandemic, Manila Water will not be implementing the rate adjustment in 2021 under the approved 2018 Rate Rebasing.” Done every five years, rate rebasing is review of water utilities’ past performance and the projection on their future cash flows.  It is supposed to set the water rates at a level that would allow both Maynilad and Manila Water to recover their expenditures and earn a rate of return. For 2020, Maynilad and Manila Water also volunteered to defer the implementation of the next tranche of annual rate hike approved under the current rate rebasing period, which started in 2018.  Their decision came as both companies were being scrutinized by no less than President Rodrigo Duterte for their allegedly onerous contracts with MWSS. To be implemented in tranches from 2018 to 2022, the approved increase in Maynilad’s rates under the fifth rate rebasing period would be P5.73 per cubic meter (/cu. m.). For this year, it was supposed to increase its rates by P1.95/cu.m, then another P1.95/cu.m in 2021.    As for Manila Water, the increase in its rates under rate rebasing would play around P6.22 to P6.55/cu.m.  This year, it was supposed to increase its rates by P2/cu.m, and another P2/cu.m by 2021.  By 2022, depending on the medium-term water sources project that the company will be allowed to pursue, the Ayala-led firm could charge its customers an increase of P0.76/cu.m up to P1.04/cu.m. The CPI adjustment, on the other hand, is the annual inflation adjustment and takes place every January. Maynilad is the largest private water concessionaire in the Philippines in terms of customer base.  It is the agent and contractor of the Metropolitan Waterworks and Sewerage System (MWSS) for the West Zone of the Greater Manila Area, which is composed of the cities of Manila (certain portions), Quezon City (certain portions), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon all in Metro Manila; the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite Province.  Meanwhile, Manila Water caters to the East Zone concession area covering the Cities of Makati, Mandaluyong, Pasig, Pateros, San Juan, Taguig and Marikina. It is also in charge of the southeastern parts of Quezon City, and Sta. Ana and San Andres in Manila. In the Province of Rizal, MWCI services the City of Antipolo and Municipalities of San Mateo, Rodriguez, Cainta, Taytay, Teresa, Angono, Baras, Binangonan, and Jala-jala......»»

Category: newsSource: mb.com.ph mb.com.phNov 3rd, 2020

Maynilad postpones 2021 water rate hike

Households and businesses in areas serviced by Maynilad Water Services Inc. will see steady water rates next year......»»

Category: newsSource:  philstarRelated NewsNov 3rd, 2020

Pump prices on slight rollback next week

            Just in time for the start of the Christmas traffic build-up, motorists can enjoy a slight relief in their pockets next week as pump prices will be on rollback of P0.10 to P0.20 per liter for gasoline; and P0.25 to P0.35 per liter for diesel. MB file photo. (Mark Balmores)             Kerosene prices will also be reduced by P0.15 to P0.25 per liter, based on the calculation of the oil companies as hinged on the Mean of Platts Singapore (MOPS).             Next week’s adjustments will break the cycle of mixed up-and-down movements in pump prices which featured prominently in the domestic oil market in recent weeks.             In a monitoring report of the Department of Energy (DOE), it indicated that the year-to-date adjustments in oil prices hover at a net decrease of P4.67 per liter for gasoline; P10.01 per liter for diesel; and P13.44 per liter for kerosene.             Pump prices in the Philippines are influenced by two major factors: the swing in oil prices in the world market; and the fluctuations in the peso-dollar exchange rate.             According to the energy department, the demand recovery for oil in Asia will continue to track “bumpy roads” across products, with longer pace of rebound anticipated for the aviation sector.             It added that refinery runs in the region may scale up by the fourth quarter of this year, but price lifts may take longer to be concretized – and the assumption is for it happening through 2021.             Primarily for gasoline, it was noted that demand may still weaken because of the resurgence of Covid-19 infections, which may then lower winter driving activities especially in Europe......»»

Category: newsSource:  mb.com.phRelated NewsOct 24th, 2020

SSS sees P41-B loss in contributions if rate hike delayed

MANILA, Philippines — The state-run pension fund Social Security System stands to lose over P41 million worth of contributions if the scheduled increase in contribution rate is shelved, an official said Thursday. SSS president and chief executive officer Aurora Ignacio has projected a loss of P41.37 billion in contributions in 2021, as well as a […] The post SSS sees P41-B loss in contributions if rate hike delayed appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJan 21st, 2021

ATP tweaks 2021 calendar as Covid-19 still in play

Los Angeles—The ATP men’s tennis tour announced adjustments to its 2021 calendar on Wednesday, axing one US event and adding tournaments in Singapore and Marbella......»»

Category: sportsSource:  thestandardRelated NewsJan 21st, 2021

BHB: 24-hour PayDay Sale

Boracay Island, Philippines – It’s never too early to start planning your 2021 staycations! Get as much as 72% off our best available rate when you avail of our vouchers for as low as Php 3,478 per room per night.   Inclusions are as follows: Room accommodation with breakfast for two (2) Complimentary shuttle service […] The post BHB: 24-hour PayDay Sale appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsJan 15th, 2021

Gordon wants review of SSS contribution hike

Senator Richard Gordon on Thursday said the increase in Social Security System (SSS) contribution rate next year should be reviewed and the state insurance agency should explain how it can be suspended without shortening the fund’s life. “Although the law requires and stipulates that the SSS shall make an additional contribution in 2021, we can […] The post Gordon wants review of SSS contribution hike appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsDec 31st, 2020

PhilHealth rate increase pushing through in 2021

The Philippine Health Insurance Corp. (PhilHealth) is implementing the scheduled increase in premium contribution rates and adjustment in income ceiling for 2021 to ensure sufficient funding for the health care benefits of its 110 million members, as mandated by Republic Act No. 11223 or the Universal Health Care (UHC) Law......»»

Category: newsSource:  thestandardRelated NewsDec 30th, 2020

SSS to enforce 13% contribution rate

State-run pension fund Social Security System said Tuesday it will enforce a new contribution schedule in January 2021 pursuant to Republic Act No. 11199, or the Social Security Act of 2018......»»

Category: financeSource:  thestandardRelated NewsDec 29th, 2020

SSS to Implement New Contribution Rates, Workers’ Investment and Savings Program

In pursuant to Republic Act No. 11199 or the Social Security Act of 2018, the Social Security System (SSS) will implement starting January 2021 its new contribution schedule, and Workers’ Investment and Saving Program (WISP). SSS President and CEO Aurora C. Ignacio said that the SSS’ contribution rate would be set at 13 percent from […].....»»

Category: sportsSource:  abscbnRelated NewsDec 29th, 2020

SSS to hike rate to 13% in January

The Social Security System on Wednesday announced an increase in the monthly contributions of its members from 12 percent to 13 percent in January 2021......»»

Category: newsSource:  thestandardRelated NewsDec 23rd, 2020

Colliers sees office vacancy rate to rise to 11.6% next year

Property advisory firm Colliers International Philippines said Wednesday it expects office vacancy rate to rise to 11.6 percent in 2021......»»

Category: financeSource:  thestandardRelated NewsDec 23rd, 2020

DBCC opts to keep inflation target at 2% to 4% until 2024

Inflation rate, or the movement in consumer prices, is expected to remain stable over the next four years as the interagency Development Budget Coordinating Committee and the Bangko Sentral ng Pilipinas decided to retain the inflation target range of 2 percent to 4 percent for 2021 to 2024......»»

Category: sportsSource:  abscbnRelated NewsDec 21st, 2020

Transco sees lower FIT-All rate next year

State-run National Transmission Corp. applied for a lower feed-in-tariff allowance rate for 2021......»»

Category: financeSource:  thestandardRelated NewsDec 1st, 2020

‘No more BSP rate adjustments this year’

The Bangko Sentral ng Pilipinas may hold off any interest rate adjustments until next year as previous aggressive cuts to soften the impact of the pandemic have yet to be absorbed by the economy, economists said......»»

Category: financeSource:  philstarRelated NewsNov 6th, 2020

Rice farmers seek bigger financial aid

The one-time financial assistance that the Senate directed the Department of Agriculture (DA) to provide to rice farmers amid the declining prices of palay would not be enough, a group of rice farmers said. (MB file, Keith Bacongco) Federation of Free Farmers (FFF) National Manager Raul Montemayor said rice farmers have lost an average of P10,000 per hectare in the ongoing cropping season due to severely depressed palay prices.   This was his response to the joint resolution recently passed by the Senate Committees on Agriculture and Agrarian Reform, which ordered the DA to appropriate some P3 billion in tariffs from rice imports through the 2021 national budget for cash aid to rice farmers. Under the Rice Tariffication Law (RTL), which allowed unlimited rice importation in the Philippines, tariff collections in excess of P10 billion per year can be used for additional support to farmers, including cash transfers. FFF, however, noted that the proposed appropriation would only provide P5,000 per farmer if distributed to some 600,000 farmers tilling one hectare or less.   If the actual number of qualified farmers is raised to 1.1 million, the subsidy would only amount to about P2,700 per farmer. Either proposal will be unfair to equally affected rice farmers tilling larger areas, the farmers’ group said.   Instead, Montemayor said the government could keep palay prices stable by temporarily imposing safeguard duties or additional tariffs on imported rice. “The government allowed unlimited rice imports, resulting in low palay prices.  Now, it will spend P3 billion to partially offset farmers’ losses. If it had instead imposed additional duties on imports, palay prices would not have dropped too much, there would have been no need for cash aid to farmers, and the government might have even earned extra revenues from the safeguard duties,” said Montemayor. Under the Section 10 of RTL or Republic Act (RA) 11203, in order to protect the Philippine rice industry from sudden or extreme price fluctuations, a special safeguard duty on rice shall be imposed in accordance with Safeguard Measures Act.   R.A. 8800 or the Safeguard Measures Act, on the other hand, allows additional safeguard duties on top of regular tariffs in case an import surge is shown to be harmful to local farmers.   “Safeguard duties will not be inflationary as claimed by the DA, because they will be applied only when there is already a proven oversupply in the market.  They can be removed once the situation stabilizes,” said Montemayor. Agriculture Secretary William Dar is not keen on slapping additional tariff on rice imports, and has repeatedly appealed for public understanding about the “short-term” effects of RTL to palay prices. However, he promised to look for other solutions to the plea of the farmers like asking the National Food Authority (NFA), which buys palay at P19 per kilogram (/kg) to boost the government’s buffer stock, to intensify its palay procurement.   Instead of cash aid, the FFF proposed that existing funds from the Rice Competitiveness Enhancement Fund (RCEF) and extra tariff collections be re-focused to address current problems of farmers.   It noted that half of farmers receiving free seeds under the RCEF had already been using certified seeds in the past, and that many were seeking other types of support that were not available under RCEF.   Numerous farmers have also questioned the DA’s promotion of seed varieties like NSIC Rc222, which is of poor quality and are being shunned by traders. “Also, the P5 billion annual fund for mechanization is not moving well, and it might be more practical at this time to preserve job opportunities for farm laborers instead of displacing them with machines,” Montemayor said.   “Moreover, the P1 billion budget for extension and training could be realigned, considering that farmers cannot attend training activities due to COVID-related restrictions. The P1 billion for credit could be better used for interest rate subsidies or loan guarantee programs, instead of direct loans which will benefit only 20,000 farmers,” he added......»»

Category: lifestyleSource:  abscbnRelated NewsOct 19th, 2020

DOF seeks swift passage of 2021 budget, economic measures

The Department of Finance (DOF) has sought the swift enactment by Congress of the proposed national budget for next year along with the economic priority measures to rebuild the economy and decisively defeat coronavirus. Finance Secretary Carlos G. Dominguez III ( MB FILE, Albert Garcia) During a briefing for the Senate finance committee, Finance Secretary Carlos G. Dominguez III said the timely enactment of the P4.506 trillion 2021 national budget is a key component of the government’s comprehensive program under its economic bounce-back plan. On top of the budget, Dominguez also said that a “timely and decisive” passage of several economic priority measures are needed to accelerate economic recovery. The priority measures, now pending in Congress, include the Financial Institutions’ Strategic Transfer (FIST) Act, and the Government Financial Institutions’  Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill. FIST allows banks to dispose of bad loans and non-performing assets through asset management companies, while GUIDE seeks to allow state-run banks to form a special holding company that will infuse equity, with strict conditions, into strategically important companies facing insolvency.  Likewise, the finance chief urged the Senate to pass the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which will  immediately lower the corporate income tax (CIT) rate from 30 percent to 25 percent. “The swift enactment of CREATE, FIST, GUIDE and the 2021 budget will serve to accelerate our economic recovery. We should not delay providing urgent and necessary relief to our people,” Dominguez said during the Development Budget Coordination Committee (DBCC) briefing. The DBCC is composed of the heads of the Department of Budget and Management (DBM), DOF, National Economic and Development Authority (NEDA), Bangko Sentral ng Pilipinas (BSP); and a senior representative from the Office of the President (OP). “We are committed to working closely with you on the recovery measures so that these can be enacted in a timely, decisive, and responsible manner,” Dominguez told members of the panel chaired by Senator Juan Edgardo Angara. He said the Duterte administration will continue to work with the legislature in passing the remaining packages of the comprehensive tax reform program (CTRP) that will, among others, institute reforms in property valuation and in the taxation of the financial sector. Dominguez said economic recovery also rests on sustaining President Duterte’s signature program “Build, Build, Build,” as sound infrastructure investments provide the largest multiplier effect on the economy in the form of more jobs creation,  increased consumption, and the generation of additional productive activities......»»

Category: newsSource:  mb.com.phRelated NewsSep 9th, 2020

Trump& rsquo;s America

The latest gaffe from The Donald who happens to be POTUS until 20 January 2021 by the grace of white Americans is a strange interview from his supportive Fox News, where POTUS claimed that the United States has the lowest mortality rate from COVID-19 anywhere in the world......»»

Category: newsSource:  thestandardRelated NewsJul 21st, 2020

Sustainability advantages among top business ink benefits

With sustainability becoming the ever-increasing objective of today’s companies, it is no wonder that business inkjet products are garnering growing interest. In fact, Keypoint Intelligence forecasts a 3.2% compound annual growth rate for these products in the Asia Pacific through 2021, driven by “green” features as well as their simpler design and lower cost per page compared to laser technology......»»

Category: techSource:  thestandardRelated NewsJun 14th, 2020

Rockwell seeks bondholders’ consent on amendment

High-end property developer Rockwell Land Corp. announces that it will conduct a consent solicitation exercise for its seven-year and one-quarter P5 billion fixed rate bonds due on Feb.15, 2021......»»

Category: financeSource:  philstarRelated NewsJun 2nd, 2020

NCAA ManComm recommends extension for senior student-athletes

The NCAA Management Committee will propose to the Policy Board the extension of playing eligibility for senior student-athletes. Taking into consideration the unexpected cancellation of Season 95 because of the coronavirus (COVID-19) pandemic and the possible delay of Season 96 opening to 2021, the committee is looking to make some adjustments for affected senior athletes. The ManComm is recommending to raise the age limit for seniors in Season 96 and allowing those affected by the scrapping of Season 95 to take a second course to be eligible to play for another year.    “We are also proposing that we adjust our eligibility for the athletes whose tournaments were postponed or yung hindi natapos. Ni-rerequest namin sa Policy Board to give them another year of eligibility,” said Season 95 ManComm head Peter Cayco of Arellano University. Cayco cleared that the proposal is only for those seniors whose sporting events were cut short or cancelled entirely. Affected second semester sports because of the cancellation were volleyball, football, beach volleyball, athletics, lawn and soft tennis and cheerleading. Completed events for Season 95 were first sem sporting events basketball, chess, swimming, table tennis, taekwondo and demo sport 3x3 basketball. “Ang adjustments nu’ng sa academics papayagan lang natin ‘yan doon sa mga atleta na ‘yung di natapos ang tournament o ‘di talagang nagawa ang tournament,” said Cayco. Under the current NCAA rule, student-athletes who have finished their studies are not allowed to take graduate course or a second degree to extend their playing year. “Sa academics, di natin pinapayagan sa NCAA ang second course. Let’s say naka-graduate siya, for this season alone, ang rekomendasyon namin is payagan nating mag-enroll ng second course para lang makalaro,” said Cayco. With the ManComm pushing the opening of Season 96, which will be hosted by Letran, to May or June next year, Cayco said that they are looking to raise the age limit for seniors to 26. “Ang papasok naman sa kanila ay yung age factor,” he said. “Let’s say last playing year mo na because of age ngayong taon na ito eh naurong. Ang suggestion namin ay bigyan natin ng one more playing year.” “Gawin nating 26 sila just for the next season,” Cayco added. “Di siya precedent, gagawin lang natin kasi di naman kasalanan ni atleta na aa-cancel ang season nila.” This proposal, according to Cayco, will just be an adjustment for Season 96. But when the situation ‘normalizes’, they will revert back to the league’s old rules.       --- Follow this writer on Twitter, @fromtheriles.....»»

Category: sportsSource:  abscbnRelated NewsMay 12th, 2020