Meralco bills rise in April as power demand spikes on warm weather
For a typical household consuming 200 kWh, the increase would mean P17 in additional charges in monthly bills......»»
Marcos admin eyes building 20 new dams by 2028
To meet the country’s growing demand for water and power, the government is eyeing to build 20 medium and three to five large dams by 2028, the end of President Marcos’ term, according to National Irrigation Administration head Eduardo Guillen......»»
Aboitiz Power Corporation: Notice of Annual Meeting of Stockholders
Notice is hereby given that the Annual Meeting of the Stockholders of ABOITIZ POWER CORPORATION (the "Company") will be held on April 22, 2024, Monday at 9:30 a.m. (the "2024 ASM")......»»
Hot, humid weather expected during Holy Week
Easterlies, or warm winds from the Pacific Ocean, will be the prevailing weather system affecting the country from March 25 to 31, according to PAGASA. .....»»
DOE monitoring power situation amid El Niño
Following the Philippine Atmospheric, Geophysical and Astronomical Services Administration’s recent declaration that the warm and dry season has begun, the Department of Energy (DOE) said the country’s power situation is currently being monitored to ensure energy security......»»
Wheat imports seen to rise on higher bread demand
It’s a quarter before seven in the morning. A queue starts to form in front of RJS bakery in Barangay Barangka Drive in Mandaluyong City......»»
3 araw magdidilim ang mundo fake news, pero may solar eclipse –PAGASA
HINDI totoong makakaranas ng “three days of darkness” ang mundo. Ito ang nilinaw mismo ng Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) matapos kumalat ang naturang fake news dahil umano sa pagdaan ng tinatawag na “Photon Belts” simula April 8. Ayon sa weather bureau, walang scientific evidence ang magpapatunay sa balitang ito. “The news.....»»
Pagasa debunks ‘three days of darkness’ hoax
MANILA, Philippines — The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) dismissed claims that the Earth will experience three days of darkness due to passing the “Photon Belts” starting April 8 as false. The state weather and astronomy bureau said Friday there is no scientific evidence to support the claim. “DOST-PAGASA would like to.....»»
Bong Go recognizes barangay health workers’ role in community development
Following his visit to Babak District the previous day, Senator Christopher “Bong” Go, chairperson of the Senate Committee on Health and a staunch advocate of community development, attended another Provincial Health Information Management System Orientation in the Island Garden City of Samal, Davao del Norte on Wednesday, 25 October. The said program aims to enhance healthcare delivery, streamline information flow, and ensure that citizens across the region have access to quality health services. Go personally accorded recognition to Barangay Health Workers (BHWs) for their efforts to promote the health and well-being of their constituents. He also noted that BHWs are the backbone of healthcare in the country, acting as the first line of defense in ensuring the welfare of their respective communities. "Bilang isang senador gusto kong pasalamatan ang ating mga barangay health workers. Hindi natin mararating ito ngayon kung hindi dahil sa inyong sakripisyo na magserbisyo. Dapat kayo ang pasalamatan ngayong araw. Palakpakan natin ang ating mga barangay health workers,” expressed Go. “Sa totoo lang sa panahon ng pandemya nahirapan talaga tayo. Pero (dahil) sa inyong pagtutulungan at pagserbisyo sa mamamayan, nalampasan natin ito. Hindi tayo makapag-gather ngayon o makapagtipon kung hindi dahil sa inyo. Ganito man ang inyong trabaho, nakita ko ang importansya at kung anong serbisyo para sa ating mga kababayan lalo na sa barangay level ang iniaambag ninyo,” he continued. During the event, Go was also joined by Councilor Sonny Lanorias, BHW City Coordinator Christine Enriquez Lara, BHW District Federation President Alicia Sastrillas, and District Coordinator Arlene Pacquaio, among others. The senator also extended assistance to around 200 BHWs present, such as gift packs, masks, vitamins, shirts, meals, and balls for basketball and volleyball. He also gave away bicycles, mobile phones, shoes, and watches to select recipients. He also extended similar assistance to the 201 BHWs who attended the previous day. On October 23, around 250 BHWs were also given similar assistance by his staff. Continuing his message, Go pledged his commitment to working with the local government to ensure that BHWs receive proper training, resources, and compensation. The lawmaker outlined his legislative initiatives, specifically on two key bills: Senate Bill No. (SBN) 197 or the proposed Magna Carta for Barangays, and SBN 427, or the Barangay Health Workers Compensation Bill. The proposed Magna Carta for Barangays aims to bolster support for barangays, enabling them to effectively carry out their responsibilities. This measure proposes that barangay officials, including the Punong Barangay, members of the Sangguniang Barangay, the Sangguniang Kabataan chairperson, the barangay secretary, and the barangay treasurer, be accorded treatment similar to that of regular government employees. If this bill becomes law, it will entitle them to salaries, benefits, allowances, and other related perks. On the other hand, SBN 427 proposed granting BHWs a monthly honorarium, coupled with other benefits encompassing allowances, job security, consistent training, and opportunities for skill development. Furthermore, the bill extends these benefits to encompass support from institutions like the Government Service Insurance System (GSIS), the Philippine Health Insurance Corporation (PhilHealth), and the Pag-IBIG Fund. “Na-hearing na po ito sa sub-committee on Health sa pangunguna ni Senator JV (Ejercito) at mayroon pang mga susunod na committee hearings at papakinggan po ang mga LGUs syempre, unang-una rito ‘yung kakayahan po nilang magbigay ng kompensasyon,” shared Go in an interview after his visit to Kapalong on October 24. “Ito pong bill na ito kung saan po ay magkakaroon sila ng mga karagdagang benepisyo… Kung sakaling maisabatas magkakaroon po sila ng monthly honorarium. Kasama na diyan ang job security, regular trainings, skill development opportunities, along with a potential to acquire civil service eligibility,” he continued. Furthermore, Go also referenced SBN 2399, a proposal aimed at declaring April 7 as Barangay Health and Nutrition Workers (BHNW) Day. This initiative acknowledges the pivotal role played by BHNWs in the delivery of primary healthcare services within communities. Go has reaffirmed his dedication to enhancing healthcare accessibility and quality. This commitment is manifested through his backing of the continued operations of Malasakit Centers, the construction of Super Health Centers, and the establishment of Regional Specialty Centers across the nation. A brainchild of Go, the Malasakit Centers program is designed to help ensure that particularly poor and indigent patients have convenient access to the medical assistance programs offered by partnered agencies. This was institutionalized in 2019 through the passage of RA 11463, which was principally authored and sponsored by Go. Currently, 159 operational Malasakit centers have assisted more than seven million Filipinos nationwide, according to the Department of Health (DOH). The senator was likewise instrumental in pushing for adequate funding to ensure that more Super Health Centers are established across the country. Some 307 Super Health Centers were funded in 2022 and 322 more in 2023, through the initiative of Go, DOH, local government units (LGUs), and fellow lawmakers. The Super Health Centers will offer a range of healthcare services, including database management, out-patient, birthing, isolation, diagnostic (laboratory: x-ray, ultrasound), pharmacy, and ambulatory surgical unit. Other available services are eye, ear, nose, and throat (EENT) service, oncology centers, physical therapy and rehabilitation centers, and telemedicine, through which remote diagnosis and treatment of patients are made possible. Moreover, the senator is the principal sponsor and one of the authors of Republic Act 11959 or the Regional Specialty Centers Act. The said law mandates the establishment of Regional Specialty Centers within existing DOH regional hospitals. During the previous day, Go also visited Davao del Norte to participate in the blessing and turnover of a multipurpose building in the Municipality of Kapalong. This project was funded with Go's support as vice chairperson of the Senate Committee on Finance. He also inspected Balay ni Maria, a facility completed in 2020, and another project he supported the funding of. This infrastructure served as an isolation center during the height of the COVID-19 pandemic. The post Bong Go recognizes barangay health workers’ role in community development appeared first on Daily Tribune......»»
Hamlin returns to NFL play seven months after cardiac arrest
Buffalo Bills safety Damar Hamlin returned to NFL competition in a pre-season game on Saturday, seven months after suffering a cardiac arrest after being hit during a game. The 25-year-old defensive back took part in his first on-field game action since being carted off the field in an ambulance in January, playing in the first quarter at home against Indianapolis. Hamlin helped make a tackle on a fourth down in a short-yardage situation. It was the completion of a comeback from an incident that took place last 2 January at Cincinnati when Hamlin tackled Bengals receiver Tee Higgins and seconds later collapsed on the field. Emergency medical workers restored his heartbeat on the field and he was taken to a nearby hospital, the game halted and never completed. Hamlin eventually recovered and was diagnosed as having been struck in the chest between heartbeats in a rare incident that stopped his heart. In April, the Bills announced that medical officials had given their approval for Hamlin to return to the NFL, something Hamlin said was his goal. He returned to the team for pre-season workouts and took part in Buffalo's first preseason contest against the Colts in hopes of making the team again for the upcoming campaign. The post Hamlin returns to NFL play seven months after cardiac arrest appeared first on Daily Tribune......»»
Lifeline rate discounts for marginalized households
The Manila Electric Company has ramped up the conduct of barangay caravans in different cities and provinces within its franchise area to encourage more beneficiaries of the Pantawid Pamilyang Pilipino Program and other qualified marginalized households to apply for the lifeline rate program so that they can get discounts on their electricity bills. Starting September 2023, only customers with approved applications will continue to enjoy the discount in accordance with the implementing rules and regulations of Republic Act 11552 or the law extending and enhancing the implementation of the lifeline rate. Beyond information campaigns that started as early as April, Meralco has also been conducting on-site applications for qualified customers so that they can immediately benefit from the program. Meralco vice president and head of corporate communications Joe R. Zaldarriaga said the power distributor is looking for ways to encourage more customers to apply for the lifeline rate program. “While we have already engaged all local social welfare development offices or SWDOs in our franchise area, we will continue to reach out to more customers and we hope that the onsite applications will lead to the increase in the number of program beneficiaries,” he said. For this month, Meralco has lined up onsite applications and caravans in the cities of Caloocan, Las Piñas, Manila, Parañaque, Quezon and Valenzuela. Outside of Metro Manila, Meralco will also do the same in San Rafael and Meycauayan in Bulacan, San Pablo City in Laguna, General Mariano Alvarez and General Trias in Cavite, Taytay and Rodriguez in Rizal and Mauban and Sariaya in Quezon. Under the lifeline rate program, qualified customers should have a monthly electricity consumption of 100 kilowatt hours or below to avail of the discount ranging from 20 percent to 100 percent in their Meralco electricity bills depending on their actual consumption. Eligible customers can still apply by visiting the nearest Meralco Business Center, together with their completed application form, latest electricity bill and 4Ps ID. Non-4Ps beneficiaries may present a local SWDO certification and government ID. Applicants can also take advantage of the dedicated lanes for the lifeline rate program applications. “We are calling on all our qualified customers to take advantage of our caravans and apply for the program so that they can continue to benefit from the discount. Rest assured that Meralco will immediately process the applications and continue our information and education campaigns to bring in more customers to the program,” said Zaldarriaga. Visit www.meralco.com.ph and official social media channels on Facebook (www.facebook.com/meralco) and Twitter (@meralco) for more information. The post Lifeline rate discounts for marginalized households appeared first on Daily Tribune......»»
Global labor becoming ‘cash strapped’ — PwC
“Great resignation” remains an issue among workers worldwide, wherein in the Philippines, 29 percent of workers wanted to change employers due to various factors, including the work-life balance, the latest survey from PwC Philippines said. The inclination may have been influenced by a labor force that is increasingly short of cash. The PwC survey noted that the proportion of the global workforce who said they have money left over at the end of the month has fallen to 38 percent, down from 47 percent last year. In a press briefing in Makati City on Thursday, PwC Philippines consulting managing principal Veronica Bartolome said, quoting the result of the 2023 Hopes and Fears Global Workforce Survey, workers are likely to change jobs in the next 12 months, up from 19 percent last year. Scanning for better jobs Employees who said they are most likely to change employers include those who feel overworked (44 percent), struggle to pay the bills every month (38 percent), and Gen Z (35 percent). “In the Philippines, 29 percent (vs. 30 percent for Asia Pacific) say they are likely to change employers in the next 12 months, and they are more likely to be in the Engineering; Construction (35 percent) and Hospitality; Leisure (31 percent) industries,” she said. The survey results showed with the high inflation rates experienced in early 2023, Filipino employees are also much more likely to ask for a pay raise (70 percent) and promotion (59 percent). As of April 2023, the Philippine Statistics Authority reported that the employment rate in the country was posted at 95.5 percent, higher than the estimates in April 2022 (94.3 percent) and January 2023 (95.2 percent). No money to spend According to the survey, which details the attitudes and behaviors of nearly 54,000 workers in 46 countries and territories, revealed the cooling economy is creating a cash-strapped workforce. It also found that one in five workers (21 percent) now work multiple jobs, with 69 percent doing so because they need additional income. The share of workers with multiple jobs is higher for Gen Z (30 percent) and ethnic minorities (28 percent). “The global workforce is divided into two — those with valuable skills who are well set to keep learning, and those without. We found that often, those without the skills are less financially secure and less able to access training in the skills of the future,” Bob Moritz, PwC Global chairperson, said. Transform to succeed In a world where CEOs know they need to transform their businesses to succeed, they need to combine the benefits of technology with a plan to unlock the talents of all workers. It is in no one’s interest for businesses to chase the same group of skilled workers while the rest of society gets left behind,” Moritz added. Moreover, the survey said that workers struggling financially are also less able to meet the challenges of the future including the need to develop new skills and adapt to the rise of artificial intelligence. Compared to workers who can pay their bills comfortably, those who struggle or cannot pay their bills are 12 percentage points less likely to say they are actively seeking out opportunities to develop new skills (62 percent vs. 50 percent). Similarly, those workers who are more financially secure are more likely to seek feedback at work and use it to improve their performance (57 percent) than those who are struggling financially (45 percent). The post Global labor becoming ‘cash strapped’ — PwC appeared first on Daily Tribune......»»
Phl cinema in the first year of BBM
Here, we look back at the state of the Philippine film industry since he took the seat of power 13 months ago. When President Marcos Jr. became the 17th leader of the nation, the country was on the brink of the “new normal.” The campaign elections even saw multitudes of crowds in the streets, the Filipinos’ political passion overpowering the fear of a Covid-19 infection. Covid-pandemic viewing By May 2022, the month of the presidential campaigns, the Department of Health said the country was at “minimal-risk case classification” with an average of only 159 cases per day. By June 2022, when the President took his oath, 69.4 million Filipinos had been fully vaccinated. Along with the country, the Philippine film industry started healing. On the same month, the country went under Covid-19 Alert Level 2, with 50-percent allowed capacity in indoor cinemas. Live film festivals The Marcos administration saw the return of Filipino film festivals in theaters. On Marcos’ fifth month as president, the QCinema International Film Festival, with the theme “in10City,” held hybdrid screenings — in-person and online. The Metro Manila Film Festival in December 2022, six months into the new presidency, went full force in cinemas for the second time during the pandemic. Earlier, in 2020, during the Duterte administration, the festival was held online for the first time, and the following year, in December 2021, after level alert measures in the Philippines were relaxed, the MMFF finally went back to the cinemas. However, only around 300 cinemas (down from the usual 900) were allowed to screen the MMFF entries. Meanwhile, the 18th edition of the Cinemalaya Philippine Independent Film Festival was held from 5 August to 31 October 2022 at the Cultural Center of the Philippines, in select mall cinemas and online. But what made a mark during the Marcos administration’s first year was the inaugural edition of the 2023 Summer Metro Manila Film Festival. The SMMFF was held in Metro Manila and throughout the Philippines. Organized by the Metropolitan Manila Development Authority in partnership with the Cinema Exhibitors Association of the Philippines, the first MMFF was supposed to be held in 2020, but was canceled due to the Covid-19 pandemic. In 2023, held from 8 to 18 April 2023 with the theme “Tuloy-tuloy ang Saya,” the summer festival featured eight entries and, like its December counterpart, even held a Parade of Stars. About Us But Not About Us by Jun Lana, produced by The IdeaFirst Company, Octobertrain Films and Quantum Films, emerged as the first Best Picture of the summer festival. [caption id="attachment_161372" align="aligncenter" width="1200"] About Us But Not About Us by Jun Lana[/caption] The Film Development Council of the Philippines’ sixth edition of its own mini-film festival, held during the Marcos administration’s third month, headed back to cinemas, offering free access to award-winning classic films of the new National Artists for Film and Broadcast Arts at TriNoma Cinema in Quezon City and in all Cinematheque centers nationwide (Manila, Iloilo, Negros, Davao and Nabunturan). CCP closes for renovations On 1 September 2022, CCP president Margarita Moran-Floirendo announced during a hearing of the Senate committee on cultural communities, that The Cultural Center of the Philippines — home to the Cinemalaya festival — will close its doors starting January 2023 for renovation and structural retrofitting works, and will reopen in March 2025. This marks the first time that Cinemalaya, on its 19th year, which has the theme “ilumiNasyon,” will be held at various venues inside the adjacent Philippine International Convention Center, from 4 to 13 August 2023. The rise of political films With the country deeply driven by polarized political views, the Marcos administration saw a war between political commercial films. [caption id="attachment_161370" align="aligncenter" width="1800"] ‘MAID in Malacanang’ stars Cristine Reyes, Diego Loyzaga and Ella Cruz. | Photograph courtesy of viva[/caption] On 29 July 2022, Darryl Yap’s period drama Maid in Malacañang, touted as “the most controversial film of the year,” was released to packed cinemas. The movie, about the Marcos family’s last three days in Malacañang Palace before they were forced into exile, premiered at SM North EDSA and was released nationwide on 3 August 2022. Yap, who passionately campaigned for Marcos, became a controversial filmmaker with the release of his Marcos film. Leni Robredo supporters tried to boycott the film, with some Filipino movie critics exposing themselves as heavily political and non-neutral with their reviews, accusing the film of propaganda and historical revisionism. The attempt to quash the movie’s release failed and it became a box-office hit, with producer Viva Films releasing a statement that it earned a whopping P21 million on its opening day and P63 million three days after its release. It was the first time in Philippine cinema history that local theaters nationwide saw a deluge of moviegoers lining up to watch a movie on the big screen, mostly driven by political affiliation. Another unsuccessful political attempt to diminish the film’s release was Vince Tañada’s re-release of his Martial Law film Katips to counter Maid in Malacañang. Tañada’s film eventually won Best Picture at the Famas Awards. MIM actress Ella Cruz’s remark during a press conference, that “history is like tsismis,” further fanned the flames of political debate online. Eight months later, in March 2022, Viva released Yap’s second installment in his Marcos trilogy, Martyr or Murderer, which now focused on Ferdinand Marcos and the assassination of Ninoy Aquino. Two anti-Marcos movies rose to combat the film — Joel Lamangan’s Oras de Peligro, released on the same day, and Tañada’s movie adaptation of his musical play Ako Si Ninoy, released one week earlier. Movie buffs, political analysts, film critics, the press and social media influencers dove into feverish commentaries on the three films, and Philippine cinemas were ignited and, for a while, became alive with social discourse. New FDCP head On 21 July 2022, Tirso S. Cruz III officially assumed his position as the head of the country’s national film agency, the Film Development Council of the Philippines. He replaced Liza Diño, who was appointed by President Rodrigo Duterte as FDCP chairperson on 12 August 2016. [caption id="attachment_161368" align="aligncenter" width="736"] FDCP chair Tirso Cruz III. | PHOTOGRAPH COURTESY OF FDCP[/caption] Cruz, a veteran actor, said that the target of the FDCP under the Marcos administration was to support local films, not just in Metro Manila, but also from regional filmmakers. He also professed support for film students and highlighted archiving as part of the FDCP’s agenda, with 42,000 materials in its archives to be salvaged. MTRCB In September 2022, the Movie and Television Review and Classification Board released a statement addressing the controversy about its proposal to expand its jurisdiction to online streaming services like Netflix, Vivamax, Amazon Prime and other streaming platforms. The MTRCB said it was responding to multitudes of complaints from parents and other concerned groups demanding that the agency regulate movie and TV online platforms to protect children from harmful viewing. The Marcos administration has seen a continuous boom in streamers, which began during the pandemic, with Vivamax becoming one of the leading local streamers due to the popularity of Filipino sexploitation films. On 23 February 2023, MTRCB chairperson Lala Sotto-Antonio expressed her gratitude to Senators Francis “Tol” Tolentino, Grace Poe and Sherwin Gatchalian for the separate bills they filed that would amend and expand the board’s mandate. “We welcome the move to amend the charter of the MTRCB as it will allow the agency to adequately adapt to changes in technology and the ever-evolving needs of the viewing public and our other stakeholders,” Sotto-Antonio said before the Senate Committee on Public Information and Mass Media chaired by Senator Robinhood C. Padilla. Eddie Garcia Act In January 2023, the chamber passed through voice voting House Bill 1270, or the proposed Eddie Garcia Act, at the House plenary session. [caption id="attachment_161367" align="aligncenter" width="1000"] HOUSE Bill 1270 has been proposed in honor of the late actor Eddie Garcia. | Photograph courtesy of gma-7[/caption] Camarines Sur Rep. Luis Raymund Villafuerte authored the bill, which aims to provide workers in the movie, television and radio entertainment industry opportunities for well-paid employment and protect them from economic exploitation, abuse and harassment, as well as hazardous working conditions. The bill was named after the late veteran actor Eddie Garcia, who died in 2019 after suffering a neck injury while shooting the television series Rosang Agimat, produced by GMA Network. According to Villafuerte, productions would go from 16 to 24 continuous work hours per set and would rush productions to save costs. The proposed law mandates that normal work hours of the worker or talent shall be eight hours a day; overtime work should not exceed more than 12 hours in a 24-hour period; and the total number of work hours shall not exceed 60 hours in a week. Paul Soriano Relatively unknown to most Pinoy moviegoers, filmmaker Paul Soriano was put on the limelight as the man behind the President’s advertisements — way back from campaigns since Marcos started out as vice governor, and then, governor of Ilocos Norte, up until his senatorial campaign, and eventually his campaign for the vice presidency and presidency. [caption id="attachment_161371" align="aligncenter" width="781"] PRESIDENTIAL Adviser on Creative Communications Paul Soriano. | PHOTOGRAPH COURTESY OF ig/PAUL SORIANO[/caption] Of course, the opposition in the film industry predictably canceled Soriano, the blood nephew of First Lady Liza Cacho Araneta-Marcos. Dolly de Leon It was also during the BBM era that Filipina actress Dolly de Leon gained international fame for her performance in the 2022 Cannes Palme d’Or winner Triangle of Sadness. [caption id="attachment_161366" align="aligncenter" width="705"] Dolly de Leon gained international fame for her performance in the 2022 Cannes Palme d’Or winner ‘Triangle of Sadness.’ | Photograph courtesy ofig/dolly de leon[/caption] The 54-year old film, television and theater actress made history by becoming the first Filipino actor to be nominated at the British Academy Film Awards and Golden Globe Awards. Filipino movie fans and critics, having been exposed to global content since the rise of the streamers, plus the proliferation of self-published movie reviews, are generally still disappointed with the output and system of the Philippine film industry, but filled with hope that, with full support from the government, Philippine cinema will finally become truly internationally competitive, sustainable and recognized. The post Phl cinema in the first year of BBM appeared first on Daily Tribune......»»
IOU appetite remains high
The Bureau of the Treasury, or BTR, on Monday fully awarded bids for the government’s key Treasury bills. The 91-, 182-, and 364-day T-bills fetched average rates of 5.884 percent, 6.095 percent and 6.226 percent, all lower than previous auction results. Last week, the average rates for the 91-,182-, and 364-day T-bills settled at 5.973 percent, 6.266 percent, and 6.339 percent, respectively. The auction was nearly three times oversubscribed with total bids reaching P44.4 billion. The BTr raised the full program of P15.0 billion for the auction. In a comment, Rizal Commercial Banking Corporation chief economist Michael Ricafort said Treasury bill auction yields corrected lower week-on-week. Yields on downtrend “This is similar to the week-on-week downward correction in PHP Bloomberg Valuation Service yields after US Treasury yields also corrected lower after better US inflation data at a new 2-year low of 3 percent in June 2023, from 4 percent in the previous month and nearing the Fed’s target of 2 percent,” Ricafort said. “The lower T-bill auction yields could have also been supported by the strongest peso exchange rate versus the US dollar in more than three months recently, thereby could reduce import prices and overall inflation that could still ease further due to higher base effects,” he added. On 13 July, the peso closed at 54.51 to a US dollar, its best performance since 5 April. The post IOU appetite remains high appeared first on Daily Tribune......»»
5-month debts breach P1T
Gross financing of the national government had reached the P1-trillion threshold in the first five months of the year due to higher domestic borrowings, data from the Bureau of the Treasury showed over the weekend. From January to May 2022, actual gross financing hit P1.17 trillion as gross domestic borrowings amounted to P912.577 billion, while external debts reached P343.874 billion. Retail Treasury bonds worth P283.763 billion and fixed-rate bonds worth P561.150 billion were both issued to raise funds from domestic sources. Project loans totaling P37.872 billion, program loans of P142.395 billion, and global bonds comprising P163.607 billion made up the entire amount of external funding. Meanwhile, the Marcos administration’s actual gross financing for May 2023 increased month-on-month by 13.13 percent to higher domestic borrowings. Higher May borrowings The same data from BTr revealed that the government’s gross borrowings in May reached P141.671 billion from April’s P125.230 billion. Local borrowings in May rose 37.10 percent month-on-month to P131.792 billion with the issuance of treasury bills worth P31.792 billion and fixed-rate treasury bonds worth P100.000 billion. Gross loans from the international donor community reached P14.991 billion, or 55.62 percent lower than P33.779 billion last month. The gross external financing is composed of project loans worth P5.893 billion and program loans worth P9.098 billion. The post 5-month debts breach P1T appeared first on Daily Tribune......»»
Gov’t financing surpasses P1-trillion mark from Jan-May
National government financing has already reached the P1-trillion threshold in the first five months of the year due to higher domestic borrowings, data from the Bureau of the Treasury showed. From January to May 2022, actual net financing hit P1.168 trillion, with net domestic borrowings amounting to P880.315 billion and net external financing reaching P287.364 billion. Retail Treasury bonds worth P283.763 billion and fixed-rate bonds worth P561.150 billion were both issued to raise funds from domestic sources. Project loans totaling P37.872 billion, program loans of P142.395 billion, and global bonds comprising P163.607 billion made up the entire amount of external funding. Meanwhile, the Marcos administration's actual financing for May 2023 increased month-on-month by 13.13 percent to higher domestic borrowings. The same data from BTr revealed that government borrowings in May reached P141.671 billion from April's P125.230 billion. Local borrowings in May rose 37.10 percent month-on-month to P131.792 billion with the issuance of treasury bills worth P31.792 billion and fixed-rate treasury bonds worth P100 billion. Gross loans from the international donor community reached P14.991 billion, or 55.62 percent lower than P33.779 billion last month. The gross external financing is composed of project loans worth P5.893 billion and program loans worth P9.098 billion. The post Gov’t financing surpasses P1-trillion mark from Jan-May appeared first on Daily Tribune......»»
Water conservation directive now includes Metro residents and nearby provinces
The Water Resources Management Office (WRMO) of the Department of Environment and Natural Resources (DENR) on Sunday said it has expanded the coverage of its water conservation directive to residents of the National Capital Region (NCR) and adjacent provinces. In its Bulletin No. 2, the WRMO instructed all barangay officials and condominium and subdivision managers to advise residents to conserve water through the reduction of activities that consume a large amount of water, such as watering the lawn and washing vehicles. This is to avert massive water interruptions in the coming months, the WRMO said in its release. The WRMO added that residents should likewise be encouraged to promote rainwater collection for non-potable use of water and to reuse laundry and dishwashing wastewater for watering plants. The WRMO also directed all local government units in NCR to fast-track the approval of pipe repairs of water concessionaires Manila Water and Maynilad. “As we prepare for even drier conditions due to El Niño, it is, more than ever, important to conserve water in order to prevent massive water interruptions later this year,” the WRMO said. Earlier, the WRMO issued its first-ever bulletin containing the guidelines for effective implementation of water conservation measures by all government offices, through their building administrators. WRMO’s Bulletin No. 1 was issued pursuant to Memorandum Circular (MC) No. 22 in which President Ferdinand R. Marcos Jr. mandated all government agencies and instrumentalities to strictly implement water conservation measures as part of efforts to prevent a water crisis amid a looming El Niño phenomenon. In its second bulletin, the WRMO said its team shall conduct spot inspections of office buildings for unwarranted use of water, leaks, and faulty bathroom fixtures. The team will ensure that WRMO Bulletin Nos. 1 and 2 are posted in offices accordingly. The WRMO said that together with the Metropolitan Water and Sewerage System (MWSS), it will review the monthly water bills of all government facilities in accordance with MC 22. Notices on excessive use of water shall be issued, it added. The office also advised the public to report leaks along streets to the MWSS (8929-5691, 8922-2969, 0967-3197144, or cch@mwss.gov.ph), or to the water service providers Manila Water (1627) or Maynilad (1626). Leaks within compounds which may need major repairs may be reported to the DENR-WRMO through wrmo@denr.gov.ph. WMRO’s Bulletin No. 2 was issued as the water level in Angat Dam, which supplies potable water to NCR and nearby provinces, continues to drop amid an impending El Niño dry spell. As of 8 July 2023, the water level in Angat Dam was at 179.99 meters, which is below the 180-meter minimum operating level. When below operating levels, the allocation for irrigation will be reduced and supply for NCR and the provinces of Rizal, Cavite and Bulacan will be at the minimum volume. As such, residents could expect lower water pressures mainly during the night and possible interruptions in certain areas serviced by MWSS. Under MC 22, President Marcos directed the WRMO to monitor the progress of all agencies towards conserving water through the analysis of their monthly water bills, with the aim of reducing their consumption by 10 percent. Created last April by virtue of Executive Order No. 22, WRMO is mandated to ensure the availability and sustainable management of water resources in the country. The post Water conservation directive now includes Metro residents and nearby provinces appeared first on Daily Tribune......»»
Shell says cutting output could worsen living standards
Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because it could further lift energy bills and worsen the cost-of-living crisis. Wael Sawan was asked about recent comments from UN head Antonio Guterres, who had declared it was "moral and economic madness" to invest in new fossil fuel infrastructure. Guterres made the remarks in April when he also accused governments and businesses of lying about their efforts to stem climate change. "I disagree with him, respectfully," Sawan told the BBC in an interview aired on Thursday. "I think what would be dangerous and irresponsible is actually cutting out the oil and gas production so that the cost of living -- as we saw just last year -- starts to shoot up again." He warned that strengthening demand from China and cold winter weather in Europe could send energy prices and bills surging. Domestic electricity and gas bills sky-rocketed after key energy producer Russia invaded neighboring Ukraine early last year. In turn, that sent inflation surging and squeezed living standards worldwide. Shell had meanwhile announced plans last month to keep its oil output steady until 2030, triggering an outcry from green campaigners. "The reality is (that) the energy system of today continues to desperately need oil and gas," Sawan added on Thursday. "And before we are able to let go of that, we need to make sure we have developed the new energy systems of the future. "And we are not yet collectively moving at the pace that requires that to happen." Shell insists that its overall goal to achieve net zero carbon emissions by 2050 remains intact. The post Shell says cutting output could worsen living standards appeared first on Daily Tribune......»»
BMI-Fitch expects GDP share to narrow to 4.0 percent from 4.7
The Philippines' external sector is likely to stabilize in 2023, but it will remain far from its usual health due to weak demand for exports, a research firm said on Wednesday. In a commentary, BMI, a unit of Fitch Solutions, expects the Philippine current account deficit as a share of gross domestic product (GDP) to narrow to 4.0 percent of GDP in 2023 from 4.7 percent previously after final numbers from the Bangko Sentral ng Pilipinas (BSP) recorded a shortfall of 4.4 percent in 2022. "Our forecast is broadly in line with the BSP's projections. However, this would still leave the deficit much wider compared to historical standards," BMi wrote. BMI also noted that the current account shortfall averaged 0.4 percent in the five years preceding the pandemic, or from 2015 to 2019. It added that the Central Bank already showed the current account deficit narrowing slightly from 4.4 percent of GDP to 4.3 percent in the first quarter of 2023. BMI believes this trend will likely continue for the remainder of the year. "Lower import bills on the back of softening energy prices, coupled with resilient remittance inflows, will support the current account," BMI wrote. "However, lackluster global growth will constrain Philippine exports, which will keep the current account shortfall elevated relative to historical standards," BMI added. BMI expects the country's exports as a share of GDP to fall from 24.3 percent in 2022 to 23.4 percent in 2023 based on the critical assumption that global growth will be lukewarm throughout the year. The Fitch Solutions unit's global team expects the global economy to expand by a paltry 2.2 percent in 2023 from 3.1 percent in 2022. "More specifically, we expect the US, which is the Philippines' largest trade partner, to enter a mild recession in late-2023," BMI said. "Mainland China's reopening has also failed to yield the much-anticipated boost to Philippine trade, especially as the economic recovery has started to show signs of stalling there," BMI added. The latest BMI data showed that export growth contracted by 20.2 percent in May, deepening from a 9.1 percent drop in April. This marks the fifth month of falling shipments and the steepest decline since May 2020. BMI also expects the country's imports as a share of GDP to slow slightly to 35.9 percent in 2023 from 37.7 percent. But it will still be higher than the 2013-2019 average of 32.0 percent of GDP. "We also expect remittance inflows to remain resilient in 2023, which will support the current account," BMI added. The Fitch Solutions unit pointed out that remittances have always contributed to the Philippines economy, accounting for an average of nearly 10.0 percent of GDP per annum in the last decade. Despite the global economic downturn, BMI expects current transfer growth to remain stable at 3.0 percent year-on-year as remittance inflows tend to be countercyclical. The post BMI-Fitch expects GDP share to narrow to 4.0 percent from 4.7 appeared first on Daily Tribune......»»
M3, bank lending growths reflect
Bank lending of universal and commercial banks or U/KBs and domestic liquidity posted higher expansion in May, data from Bangko Sentral ng Pilipinas revealed over the weekend. Data recently released by BSP showed that U/KBs’ outstanding loans, net of reverse repurchase or RRP placements with the BSP, posted higher annual expansion in May at 9.4 percent from 9.7 percent in April. On a month-on-month seasonally -adjusted basis, outstanding universal and commercial bank loans, net of RRPs, increased by 0.7 percent. Outstanding loans to residents, net of RRPs, went up 9.3 percent in May from 9.6 percent in April. Similarly, outstanding loans for production activities rose 7.9 percent in May after growing 8.3 percent in the previous month. The central bank attributed the growth to the continued increase in loans to significant industries, specifically electricity, gas, steam, and airconditioning supply (14.1 percent); real estate activities (5.5 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (8.6 percent); information and communication (15.9 percent); and financial and insurance activities (7.3 percent). Consumer loans to residents grew slightly faster rate of 22.7 percent in May from 22.3 percent in April due to the increase in credit card, motor vehicle and salary loans. Outstanding loans to non-residents also went up by 13.2 percent in May from 12.2 percent in the previous month. “The moderation in bank lending activity reflects the impact of the BSP’s cumulative policy rate adjustments,” BSP said. “Looking ahead, the BSP will continue to ensure that domestic liquidity and credit dynamics align with its price and financial stability mandates,” it added. P16.3 trillion circulating Meanwhile, BSP said M3 grew 6.6 percent year-on-year to about P16.3 trillion in May 2023. On a month-on-month seasonally-adjusted basis, M3 increased by about 0.3 percent. Domestic claims rose 11.4 percent year-on-year in May from 11.9 percent in the previous month. Claims on the private sector grew by 9.3 percent in May from 9.8 percent (revised) in April, driven by the sustained expansion in bank lending to non-financial private corporations and households. Net claims on the central government also expanded by 18.3 percent in May from 20.2 percent (revised) in April, owing mainly to the borrowings by the National Government. Net foreign assets in peso terms grew by 2.7 percent year-on-year in May following the 0.2-percent contraction in April. The BSP’s NFA position expanded by 4.2 percent in May after increasing by 2.5 percent in the previous month. Meanwhile, the NFA of banks declined on account of higher bills payable. “Looking ahead, the BSP will continue to ensure that domestic liquidity conditions remain consistent with the BSP’s price and financial stability objectives,” BSP said. The post M3, bank lending growths reflect appeared first on Daily Tribune......»»
BTr: April debt outlay soars 376%
Government debt service increased in April from a year ago due to higher amortization and interest rate payments, the Bureau of the Treasury reported over the weekend. Data from the BTr showed the April 2023 debt bill increased by 376.47 percent to P204.763 billion from P42.975 billion. Month-on-month, debt service payments increased by 44.03 percent from P142.171 billion in March. Of the total in April, 77.41 percent of payments went to amortization, while the remaining 22.58 percent went to interest payments. Higher amortization Amortization, also known as principal payments, for April soared year-on-year to P158.510 billion from just P5.672 billion a year ago. It also increased month-on-month from P81.273 billion in March. The BTr settled P153.959 billion with domestic lenders and P4.551 billion with foreign creditors. Meanwhile, interest payments rose by 23.99 percent to P46.253 billion in April from P37.303 billion in the same month in 2022. Broken down, interest paid on domestic debt slipped by 7.05 percent to P27.750 billion from P29.856 billion last year. Domestic debt consisted of P3.575 billion in retail Treasury bonds, P22.815 billion in fixed-rate Treasury bonds, and P901 million in Treasury bills. Interest on foreign debt increased by 148.46 percent to P18.503 billion from P7.447 billion a year ago. For the first four months, debt service payments skyrocketed by 116.05 percent to P770.479 billion from P356.625 billion a year ago. Principal repayments made up 75.56 percent of the debt service bill in the January-to-April period. Amortization payments soared by 242.5 percent to P423.739 billion in the four months from P169.993 billion last year. Total interest payments slightly increased by 0.85 percent to P188.230 billion in the first four months from P186.632 billion in the same period last year. The post BTr: April debt outlay soars 376% appeared first on Daily Tribune......»»