Palace confirms P18.4 billion Bayanihan 2 funds unobligated
Malacañang yesterday confirmed that more than P18 billion under the Bayanihan to Recover as One Act or Bayanihan 2 remains unobligated but it is unsure whether President Duterte would call for a special session to extend the fund’s validity......»»
BDO funds 28 green projects from P52.7 billion bond proceeds
Around 28 green projects benefitted from the first ASEAN sustainability bond issuance of BDO Unibank Inc. in January 2022, bolstering the bank’s sustainability commitment......»»
Suit charges crypto firms with billion-dollar fraud
New York's attorney general on Thursday filed a lawsuit accusing cryptocurrency firms Gemini and Genesis with fraud that wound up costing investors more than a billion dollars. Gemini Trust Company, created by twin brothers Tyler and Cameron Winklevoss of early Facebook fame, misled investors about the risk of putting money into a program that involved loans that at one point were concentrated in Sam Bankman-Fried’s Alameda research trading firm, according to the suit. "Investors around the country lost more than a billion dollars because they were fed blatant lies that their money would be safe and grow if they invested it in Gemini Earn," New York attorney General Letitia James said in a release. Gemini offered people the chance to lend cryptocurrencies in exchange for high returns via a Gemini Earn program, according to the suit. Those loans included some to digital currency services platform Genesis, which in turn lent cryptocurrency to other players in the industry. But the bankrupcy of Bankman-Fried's Alameda Research and its FTX platform last year triggered panic in the market. Bankman-Fried is currently on trial in New York, facing fraud charges of his own. Unable to honor massive withdrawal requests, Genesis filed for bankruptcy in January. "Gemini hid the risks of investing with Genesis and Genesis lied to the public about its losses," James said. According to documents published at that time, Gemini loans to Genesis tallied some $765 million. Gemini was founded by the Winklevoss twins, who were made famous by the film "The Social Network" about the birth of Facebook. In a post at X, formerly known as Twitter, Gemini contended that the lawsuit confirms that the exchange and its users were "victims of a massive fraud and systematically lied to" by Genesis. "Blaming a victim for being defrauded and lied to makes no sense and we look forward to defending ourselves against this inconsistent position," Gemini said in the post. James accused Gemini of deceiving more than 230,000 investors. Her lawsuit also argues that former Genesis chief executive Soichiro Moro and Genesis parent company DCG with trying to conceal the massive losses. The litigation seeks to have Gemini, Genesis and DCG banned from New York's financial investment industry and pay restitution to investors who lost money. DCG defended itself in a post at X, saying it did nothing illegal. "I am shocked by the baseless allegations in the attorney general's complaint and intend to fight these claims in court," DCG founder and chief executive Barry Silbert said in the post. The post Suit charges crypto firms with billion-dollar fraud appeared first on Daily Tribune......»»
PHAPi: Cyber-attack on PhilHealth to further delay unpaid claims reimbursement
The Private Hospitals Association of the Philippines Inc. on Wednesday said it is expecting further delays in the reimbursement of arrears of the Philippine Health Insurance Corporation to private hospitals due to the cyber-attack on the agency’s online system. According to PHAPi president Dr. Rene de Grano, the cyber-attack on the state-run health insurer’s online system is expected to cause further delay in its promise to settle its outstanding debts to hospitals amounting to P27 billion. “During the past hearing, PhilHealth president [Emmanuel] Mandy Ledesma promised to pay by December the P27 billion-worth of supposed arrears of PhilHealth to different hospitals,” De Grano told reporters in a chance interview. “Of course, we are hoping that it will be pushed through. But then this problem (cyber-attack) came, which made PhilHealth’s entire system down, then of course, we will be expecting more delays,” he added. Over the weekend, PhilHealth confirmed reports that there was an “information security incident” on its online system. The Department of Information and Communications Technology previously stated that the agency’s system was attacked by Medusa ransomware. As defined by Trend Micro, a multinational cyber security software company, ransomware is a type of malware that prevents or limits users from accessing their system, either by locking the system’s screen or by locking the users’ files until a ransom is paid. In the state-run health insurer’s case, the Medusa ransomware group was said to be demanding $300,000 in exchange for access to its system. The group threatened to leak the personal information of PhilHealth members if it did not pay the ransom. Worst case scenario Earlier this month, Ledesma made a commitment before lawmakers in the budget deliberation of the House Committee on Appropriations on the proposed P199 billion budget of the Department of Health for next year that the state-run health insurer would settle “a bulk or majority” of its P27 billion unpaid claims to various hospitals in the country. Of the P27 billion worth of unpaid claims by PhilHealth to various hospitals, P10 to P15 billion are estimated to be from private hospitals. Unlike big private hospitals that have “buffer funds,” De Grano said that further delays in payment would cripple the operations of smaller private hospitals. “Most of the small private hospitals rely on or are very dependent on patients who are NBB, charity patients, or no balance billing,” he said. “If there would be further delay in payments, smaller private hospitals will run out of money to the point that it will affect their cash flow. It will affect their operations.” If the non-payment of PhilHealth continues, he warned that smaller private hospitals would require their patients to pay their bills from their pockets. “The worst that will happen, initially, perhaps smaller private hospitals would no longer accept [PhilHealth] beneficiaries. They would ask patients to pay their bills out of their pockets,” he said. “Because, otherwise, we can no longer provide these services. Private hospitals are paying for their nurses, medicines, and supplies. If PhilHealth won’t pay them, it would empty their funds,” he added. Delayed HEA Meanwhile, De Grano also expressed his support for the complaint filed by a group of private healthcare workers against several DOH regional offices before the Anti-Red Tape Authority over the long overdue distribution of their health emergency allowances or HEA. “They prioritized the government facilities. The private [hospitals] were left,” he said. “They should tell the truth. They must tell if there are no longer funds available.” Earlier this week, the United Private Hospital Unions of the Philippines, whose members are part of at least 26 private hospitals in the country, filed a complaint against DOH regional offices over its failure to distribute P5.8 billion worth of HEA. Under Republic Act No. 11494, also known as the Bayanihan to Recover as One Act, healthcare workers who were at the frontline of the government's fight against COVID-19 are mandated to receive HEA and other benefits. The post PHAPi: Cyber-attack on PhilHealth to further delay unpaid claims reimbursement appeared first on Daily Tribune......»»
DFA confirms Azurin held by Canadian immigration
Former Philippine National Police chief Gen. Rodolfo Azurin Jr. was intercepted by Canadian immigration personnel upon his arrival at Langley Airport in Canada, the Department of Foreign Affairs confirmed Wednesday. During the budget deliberation on the DFA’s proposed P23 billion for the upcoming fiscal year in the House of Representatives, House Minority Leader Marcelino Libanan inquired about reports of Azurin being held by Canadian immigration authorities. Responding to Libanan’s query, Nueva Ecija Representative Joseph Violago, who sponsored the DFA’s proposed budget before the plenary, positively affirmed the report. “There seems to be a misunderstanding, misinterpretation of what happened. The Canadian government expressed their regrets due to the miscommunication,” Violago said. He noted that Azurin, who resigned from his post in January, voluntarily went back home after being denied from entering Canada. In a separate statement, DFA spokesperson Teresita Daza said that the Philippine government is “in touch” with Canadian authorities regarding Azurin’s case. “The Department is in touch with Canadian authorities and hopes to get a better understanding of the incident soon,” Daza told reporters in a WhatsApp message to reporters. “While our foreign service posts are ready to assist Filipino travelers, including former government officials, these cases have privacy issues surrounding them,” she added. To recall, Azurin resigned from his post in January following Interior and Local Government Secretary Benhur Abalos’ appeal to the high-ranking officials of the PNP to resign from their posts as part of the internal cleansing of the organization. Abalos sought the courtesy resignation of almost 1,000 police colonels and generals to address the alleged return of ninja cops in the PNP. The post DFA confirms Azurin held by Canadian immigration appeared first on Daily Tribune......»»
DSWD chief orders probe of 4Ps cash grants going to ‘Socorro cult’
Department of Social Welfare and Development (DSWD) Secretary Rex Gatchalian on Thursday ordered an investigation on reports that a religious cult is collecting the cash grant of its members who are beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps). The DSWD chief ordered the probe following the privileged speech of Senator Risa Hontiveros on Monday, 18 September, which detailed the activities of the Socorro Bayanihan Services Inc., which the senator alleged to be a religious cult in Surigao del Norte. “We have taken stock of the privilege speech of the good senator, Madame Chair, and we took inventory immediately of how many 4Ps households we have there. But obviously, these are initial numbers because it could not be in just one sitio but in more sitios,” Secretary Gatchalian told senators during the hearing on the DSWD’s proposed P207.37 billion on Wednesday, 20 September. Secretary Gatchalian said that in Sitio Kapihan in the Municipality of Socorro, there are 74 households which are 4Ps beneficiaries. “In that barangay itself, Barangay Siring, we have 503 households,” he said. “We’ve already spoken about getting our city links and our municipal links to pry into the well-being of these 4Ps beneficiaries in that area,” the DSWD chief said as he promised to provide the Senate with an update on the investigation. The 4Ps is a human development measure of the national government that provides conditional cash grants to the poorest of the poor, to improve the health, nutrition, and education of children aged 0 to 18. Gatchalian maintained that as a matter of practice in the DSWD, “What is for the beneficiary is for the beneficiary.” “It’s against the creed of the Department when may tumabas, no matter kung sino man yan (whoever violates, no matter who it is), no government official, no private individual can take what is given directly to the beneficiary,” Gatchalian told senators during the budget hearing. Gatchalian told the senators that the Department will also look into the beneficiaries of Assistance to Individuals in Crisis Situations (AICS) in the Caraga Administrative Region (Region 13), with a focus on those barangays and sitios that are within the area of influence of the religious cult. “Whenever we get allegations of AICS misuse, we take it seriously, and even here in the Central Office, in any of our Field Office,” the DSWD chief said, adding that the Department’s Caraga regional director is already looking into the AICS track distribution in the area. “And then we can do backtracking and our standard investigation tracks also… We will immediately copy furnish the office of the committee as well as the office of the good senator on the findings of the 4Ps as well as the AICS clusters,” Gatchalian said. Senators Hontiveros and Ronald “Bato” Dela Rosa, each filed a resolution calling for a Senate investigation into the activities of the alleged religious cult Socorro Bayanihan Services Inc., which is based in Surigao del Norte. The post DSWD chief orders probe of 4Ps cash grants going to ‘Socorro cult’ appeared first on Daily Tribune......»»
UBS’s Credit Suisse takeover, ‘deal of the century’?
Did banking giant UBS make "the deal of the century" when it bought one of the world's biggest banks for a pittance as it teetered on the edge of the abyss? Switzerland's largest bank was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under. At the time, investors gasped at the risks UBS was taking on with the purchase. But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts. That must mean that Credit Suisse's situation was "much better than described in March", Thomas Aeschi, a member of parliament with the populist rightwing Swiss People's Party (SVP), wrote on X, formerly Twitter. UBS seemed to prove him right when it unveiled its second-quarter results on August 31. The bank posted a towering net profit of $29.2 billion for the three-month period, thanks to an exceptional gain due to the gulf between the amount paid for Credit Suisse and its book value. 'Godsend' "UBS has pulled off the deal of the century," Switzerland's Socialist Party said, maintaining the "rescue" was more of a "godsend", allowing it to snatch up a bank at a dramatically reduced rate. "If we had chosen another path, (like) a temporary or partial nationalization," said Samuel Bendahan, a Socialist MP and economics professor at the University of Lausanne, the Swiss state "would have taken on the risk, but those $29 billion would have gone to the population". Instead, the takeover has created "a monopolistic situation", he told AFP, warning that while this might strengthen UBS, it puts Switzerland in an extremely risky position if the new mega-bank were to one day face a crisis. Politicians are not the only ones taking issue with the takeover. Gisele Vlietstra, founder of the Swiss Investor Protection Association, told public broadcaster RTS that UBS's towering quarterly profit confirms that the "intrinsic value" of Credit Suisse was "far higher" than the purchase price. She said she hoped that the lawsuits brought by her association and others on behalf of thousands of Credit Suisse shareholders will help determine "the correct value" that they should be compensated. 'Nickel and dime' "UBS paid a nickel and dime" and "got rid of its main competitor" in one fell swoop, Carlo Lombardini, a lawyer and banking law professor at Lausanne University, told AFP. The coming restructuring will clearly carry risks, "but having paid just three billion, it can't go wrong", he said, slamming the option chosen by the Swiss authorities. Like UBS, Credit Suisse was listed among 30 international banks deemed too big to fail because of their importance in the global banking architecture. But the collapse of three US regional lenders in March left the firm looking like the next weakest link in the chain. The Swiss government feared Credit Suisse would have quickly defaulted and triggered a global crisis, shredding Switzerland's reputation for sound banking. But its chosen option for dealing with the issue was certainly a boon to UBS, which will now swell to manage $5 trillion of invested assets. Confidence 'evaporated' UBS chief Sergio Ermotti acknowledged in a recent interview with the SonntagsZeitung weekly that the bank had been "worried" about its competitor since 2016, and had among other things looked into the possibilities of buying it, for fear a foreign lender might snap it up. He acknowledged that Credit Suisse may have survived for a time if the central bank had injected more cash, "but it would not have been enough, since confidence had evaporated". Since the takeover announcement in March, UBS has seen its share price soar 31 percent. But the bank still faces significant challenges, Vontobel analyst Andreas Venditti told AFP. The $29 billion "is a huge one-off gain, but this is just accounting", he said, stressing that "the losses and costs will come later". The analyst, who a few months ago wondered in a note whether UBS had secured "the deal of the decade or a decade of headaches", stressed that "it's going to be a huge task". He said it would only become clear "whether it was worth it" after most of the restructuring is done three years down the line. Parts of the business are continuing to "produce huge losses", he said, warning "many things can still go wrong". Swissquote analyst Ipek Ozkardeskaya agreed, recalling that "UBS was forced" into the merger. Now it is up to the bank to "transform an 'obligation' to its advantage". The post UBS’s Credit Suisse takeover, ‘deal of the century’? appeared first on Daily Tribune......»»
Galaxies’ bubble dwarfs Milky Way
Astronomers have discovered the first “bubble of galaxies,” a nearly unimaginably massive cosmic structure thought to be a fossilized remnant from just after the Big Bang sitting in our galaxy’s backyard. The bubble is a billion light years across, which makes it 10,000 times wider than the Milky Way galaxy. However, this massive bubble, which cannot be seen with the naked eye, is only 820 million light years away from our home galaxy, in what astronomers refer to as the nearby universe. According to Daniel Pomarede, an astrophysicist at France’s Atomic Energy Commission, the bubble can be thought of as “a spherical shell with a heart.” Inside that heart is the Bootes supercluster of galaxies, which is surrounded by a vast void sometimes called “the Great Nothing.” The shell contains several other galaxy superclusters already known to science, including the massive structure known as the Sloan Great Wall. Pomarede said the discovery of the bubble, which is described in research he co-authored that was published in The Astrophysical Journal this week, was “part of a very long scientific process.” It confirms a phenomenon first described in 1970 by US cosmologist — and future physics Nobel winner — Jim Peebles. He theorized that in the primordial universe — then a stew of hot plasma — the churning of gravity and radiation created sound waves called baryon acoustic oscillations.’ Frozen bubbles As the sound waves rippled through the plasma, they created bubbles. Around 380,000 years after the Big Bang the process stopped as the universe cooled down, freezing the shape of the bubbles. The bubbles then grew larger as the universe expanded, similar to other fossilized remnants from the time after the Big Bang. Astronomers previously detected signals of BAOs in 2005 when looking at data from nearby galaxies. But the newly discovered bubble is the first known single baryon acoustic oscillation, according to the researchers. The astronomers called their bubble Ho’oleilana — “sent murmurs of awakening” — taking the name from a Hawaiian creation chant. The name came from the study’s lead author Brent Tully, an astronomer at the University of Hawaii. The bubble was discovered by chance, as part of Tully’s work searching through new catalogs of galaxies. “It was something unexpected,” Pomarede said. 3D view Tully said in a statement that the bubble is “so huge that it spills to the edges of the sector of the sky that we were analyzing.” The pair enlisted the help of Australian cosmologist and BAO expert Cullan Howlett, who “mathematically determined the spherical structure which best corresponded to the data provided,” Pomarede said. This allowed the trio to visualize the three-dimensional shape of Ho’oleilana — and the position of the archipelagos of galaxies inside it. It may be the first, but more bubbles could soon be spotted across the universe. Europe’s Euclid space telescope, which launched into July, takes in a wide view of the universe, potentially enabling it to snare some more bubbles. Massive radio telescopes called the Square Kilometre Array, being built in South Africa and Australia, could also offer a new image of galaxies from the viewpoint of the Southern Hemisphere, Pomarede said. The post Galaxies’ bubble dwarfs Milky Way appeared first on Daily Tribune......»»
Billion-light-year-wide ‘bubble of galaxies’ discovered
Astronomers have discovered the first "bubble of galaxies," an almost unimaginably huge cosmic structure thought to be a fossilized remnant from just after the Big Bang sitting in our galactic backyard. The bubble spans a billion light years, making it 10,000 times wider than the Milky Way galaxy. Yet this giant bubble, which cannot be seen by the naked eye, is a relatively close 820 million light years away from our home galaxy, in what astronomers call the nearby universe. The bubble can be thought of as "a spherical shell with a heart," Daniel Pomarede, an astrophysicist at France's Atomic Energy Commission, told AFP. Inside that heart is the Bootes supercluster of galaxies, which is surrounded by a vast void sometimes called "the Great Nothing". The shell contains several other galaxy superclusters already known to science, including the massive structure known as the Sloan Great Wall. Pomarede said the discovery of the bubble, which is described in research he co-authored that was published in The Astrophysical Journal this week, was "part of a very long scientific process". It confirms a phenomenon first described in 1970 by US cosmologist -- and future physics Nobel winner -- Jim Peebles. He theorized that in the primordial universe -- then a stew of hot plasma -- the churning of gravity and radiation created sound waves called baryon acoustic oscillations (BAOs). As the sound waves rippled through the plasma, they created bubbles. Around 380,000 years after the Big Bang the process stopped as the universe cooled down, freezing the shape of the bubbles. The bubbles then grew larger as the universe expanded, similar to other fossilized remnants from the time after the Big Bang. Astronomers previously detected signals of BAOs in 2005 when looking at data from nearby galaxies. However, the newly discovered bubble is the first known single baryon acoustic oscillation, according to the researchers. Unexpected The astronomers called their bubble Ho'oleilana -- "sent murmurs of awakening" -- taking the name from a Hawaiian creation chant. The name came from the study's lead author Brent Tully, an astronomer at the University of Hawaii. The bubble was discovered by chance, as part of Tully's work searching through new catalogs of galaxies. "It was something unexpected," Pomarede said. Tully said in a statement that the bubble is "so huge that it spills to the edges of the sector of the sky that we were analyzing". The pair enlisted the help of Australian cosmologist and BAO expert Cullan Howlett, who "mathematically determined the spherical structure which best corresponded to the data provided," Pomarede said. This allowed the trio to visualize the three-dimensional shape of Ho'oleilana -- and the position of the archipelagos of galaxies inside it. It may be the first, but more bubbles could soon be spotted across the universe. Europe's Euclid space telescope, which launched in July, takes in a wide view of the universe, potentially enabling it to snare some more bubbles. Massive radio telescopes called the Square Kilometre Array, being built in South Africa and Australia, could also offer a new image of galaxies from the viewpoint of the Southern Hemisphere, Pomarede said. The post Billion-light-year-wide ‘bubble of galaxies’ discovered appeared first on Daily Tribune......»»
DICT confirms ‘registered SIM for sale’ modus
After the National Privacy Commission recently revealed the “registered SIM for sale” modus operandi of shadowy syndicates, the Department of Information and Communications Technology confirmed such crime, stating that six individuals have already been collared by authorities for selling 25,000 pieces of registered SIM cards in Pasay City. In a radio interview on Saturday, DICT secretary Ivan Uy confirmed that there are syndicates selling SIM cards in bulk, coming from citizens who already registered them under their names. Uy said each SIM is worth at least P500. "Each of these sellers register 10 SIM cards under their names. What they don’t know is that kapag naghabla tayo dahil ginamit ang mga SIM cards sa panloloko, kasama sila sa habla ng criminal case" according to Uy. (What they don’t know is that when a case is filed against those using the SIM cards intending to con people, they will also be involved in the criminal case). Syndicates apprehended He said currently, the Philippine National Police is already able to apprehend "many" syndicates involved in this type of fraud, the latest of which involved six individuals operating on 25,000 pre-registered SIMs in Pasay City. “About P1 billion worth of registered SIM cards were already seized by authorities,” Uy said, warning the public from participating in selling their registered SIMs. The National Telecommunications Commission earlier said they have already logged over 118 million subscribers. Pursuant to the provisions of the SIM Registration Act, severe penalties shall be imposed upon those involved in the sale or transfer of a registered SIM without complying with required registration or without properly informing the telco concerned, particularly Section 11 (g) of the SIM Registration Act, wherein individuals found guilty of selling or transferring a registered SIM card without complying with the required registration under Section 6 of the same law may be subject to imprisonment ranging from six months to six years, or a fine of P100,000 to P300,000, or both. Alert raised On Thursday, the National Privacy Commission raised an alert on the modus operandi of registered SIMs being sold, prompting the agency to caution the public on the serious ramifications it can affect Filipino mobile users. The NPC maintained that “the practice is not only prohibited under the SIM Registration Act (RA 11934) but also places data subjects in a vulnerable position, exposing them to potential legal repercussions, risks, and harm if a SIM card, registered in their name, is misused for illicit activities.” The post DICT confirms ‘registered SIM for sale’ modus appeared first on Daily Tribune......»»
San Miguel confirms 62% increase in SLEx capex
San Miguel confirmed reports that it has raised its projected capex spending on the South Luzon Expressway by an additional P4.6 billion, to a total projected capex spend of P12 billion......»»
Clip OWWA’s wings
As the pandemic is over, the Commission on Audit should go into a more detailed scrutiny of the huge amount that the government allotted to the Overseas Workers Welfare Administration totaling P17.36 billion in the Emergency Repatriation Fund or ERF. State auditors did not question the use of the ERF and even commended OWWA for the use of the fund in response to the coronavirus plague. As a result of the urgency of the situation and the provisions of the Bayanihan laws exempting purchases from the Government Procurement Reform Act, the CoA did not have the full accounting arsenal to look into the purchases. The huge amount involved and the previous experiences with the OWWA should require a double-check. According to the CoA 2022 report, of the P17,367,559,655.88 OWWA received for the ERF, P17,367,559,406.09 or 99.9999986 percent was utilized for accommodations, transportation, financial assistance, and other Covid-19 incidental expenses of repatriated overseas Filipino workers or OFWs. In several instances, OWWA even exceeded its budgeted ERF and had to draw from the succeeding year’s budget. CoA indicated that P2.3 billion was used to pay for expenses incurred in 2020 that were not covered by that year’s budget. The overshoot increased to P5.035 billion for 2021 since CoA said the expenses were not obligated and were paid through the 2022 budget. CoA, initially in the 2020 report that looked into 2019 transactions not covered by the Bayanihan law’s procurement law exemptions, questioned the purchase of hygiene kits and sanitary napkins totaling P822,420 from a construction store in Pasay City “which cannot be found in the address stated.” Upon further probe by the CoA, it was found that the supposed hardware store was fictitious and the address was that of a private residence. Then OWWA Administrator Hans Cacdac had a hard time explaining the purchase of the feminine kits from a hardware store, more so that it couldn’t be found at the address. CoA also found that the procured hygiene kits, which were not itemized, were outrageously priced at P160 each, while the sanitary napkins were priced at up to P35 per pad. Cacdac promised an internal investigation which was something that was lost in the swirl of the global emergency that erupted in early 2020. That was when the ERF was bolstered with allocations from the national budget and Bayanihan laws 1 and 2. The ERF was extensively used previously to repatriate OFWs from war zones. According to the CoA 2022 report, of the P17.37 billion ERF, P13.3 billion was used for hotel accommodations, P449 million for food, P3.6 billion for travel expenses, P9.7 million for subsidies, P5.5 million for supplies, P2.4 million for hospitalization, drugs and medicine, P15.1 million for cremation services, and P90,200 for other expenses. OWWA, in a long-winded acknowledgment of the initial CoA clearance of the use of the funds, was quick to give credit to its suppliers who, it said, “were a huge help to us in the government in extending help to all Filipinos.” It then concluded, without CoA’s express acknowledgment, that the ”payables in 2020 are legal.” Several of the items in the ERF, however, would have to be checked as returning workers during the pandemic did not benefit from the program as they had to pay through their noses the hotel bills and other myriad health processes during the quarantine period as the pandemic raged. No one could recall travel expenses being paid for by OWWA to bring those in distress home. Even the pernicious nasal tests had to come out of the pockets of the migrant workers, at an overprice, as some had to shell out P10,000 for a single test. Also, overspending the ERF budget for a year should be checked since OWWA collects billions of pesos yearly with its membership fee of $25 paid every two years by each OFW. The catch in the OWWA collections is that you’ll never know the privileges and benefits due a member unless you spend time researching it which the busy migrant workers don’t have. OWWA membership is mandatory as the fee is a required item on the departure slip of an OFW. Most overseas workers will attest that they never interacted with CoA unless it involved the payment of fees and, of course, making them go through the expensive quarantine process during the health emergency. There was a plan to abolish the OWWA since its functions overlap with agencies such as the Philippine Overseas Employment Agency and the Department of Labor and Employment. It is time to hold an earnest review of the abolition proposal. The post Clip OWWA’s wings appeared first on Daily Tribune......»»
DBP unloads P1-B LGUs debt support
State-owned Development Bank of the Philippines or DBP has completed the disbursement of funds under the P1-billion interest rate subsidy program covering local government units or LGUs in the implementation of response and recovery interventions during the pandemic, a top official said. DBP president and chief executive officer Michael de Jesus said a total of 264 LGUs, of which, 69 percent belong to the 2nd to 6th income class, benefited from DBP ASENSO-Bayanihan Interest Subsidy Fund or ISF program, which was part of the menu of financial assistance of the national government under Republic Act 11494 or the “Bayanihan to Heal as One Act.” “DBP is honored to be a responsive partner of our LGUs as they continue to build back more from the ill effects of the pandemic,” De Jesus said. “The bank remains steadfast in our commitment to advance the programs of the national government that seeks to strengthen and fortify the resiliency of our LGUs against future challenges,” according to the official. Support to 4 sectors DBP is the eighth largest lender in the country in terms of assets and provides credit support to four strategic sectors which are infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development. RA 11494 mandates government financial institutions to provide subsidies to LGUs for new and existing loans availed for the implementation of their respective Covid-19 response and recovery interventions such as permanent working capital and acquisition of agricultural equipment and construction. De Jesus said that through the DBP ASENSO-Bayanihan ISF program, LGUs were able to conserve financial resources for interest payments, which were channeled to other essential developmental projects that helped create opportunities amidst the slowdown in the national economy. He said most of the projects supported by the program covered infrastructure development such as the construction of roads and bridges, multipurpose buildings, acquisition of heavy equipment units, and Covid-related infrastructure. “As the disbursement phase of the ISF concludes, DBP remains determined to sustain its support for the nation’s economic recovery efforts and explore avenues that will contribute to our country’s overall progress,” De Jesus said. The post DBP unloads P1-B LGUs debt support appeared first on Daily Tribune......»»
Suppress TB, AIDS cases — BBM
President Ferdinand Marcos Jr. on Monday said a holistic approach is needed to halt the rising cases of tuberculosis and human immunodeficiency virus or HIV in the country. In his annual State of the Nation Address, Marcos put forward his concern about the alarming cases of TB and HIV/AIDS in the country. “The whole of society must exert effort to suppress the alarming rise of tuberculosis and HIV/AIDS,” he said in his 2nd SoNA. “To stem the tide, the strategic plan is to ensure early diagnosis and treatment and ample testing sites and medications.” Based on the 2022 Global TB Report, the Philippines is one of the eight countries that account for two-thirds of the estimated global TB cases. The Philippines is also one of the countries that contribute to most of the estimated increase in tuberculosis deaths, next to India, Indonesia and Myanmar. Meanwhile, more Filipinos are getting infected with HIV, which could turn into AIDS or acquired immunodeficiency syndrome if it remains untreated. In May alone, the Department of Health breached the country’s 2,000 mark on HIV cases. Food stamp program Marcos also mentioned the newly launched Food Stamp Program, which aims to address hunger and nutrition-related issues like stunting and wasting. “The FSP shall complement our nutrition continuity programs, such as the First 1,000 Days program which ensures nourishment for the first three years of a child’s life,” he said. “The Supplemental Feeding Program is for our children attending daycare centers. The K-to-6 Program will feed Kindergarten to Grade 6 public school students, who are suffering from wasting and severe malnutrition,” he added. The President also mentioned the government’s efforts to catch up with the routine vaccinations of Filipino children who missed their immunization vaccines due to Covid-19 restrictions. “As of this year, more than 80 percent of our eligible children have been vaccinated against measles, rubella and polio,” he said. Structural changes Marcos said the country’s healthcare system is “undergoing structural changes.” He noted that public health facilities are being increased, both in number and capability. “Last year, more than 3,400 projects were completed. To improve capacity for specialized medical treatment, specialty centers in various fields are being established and integrated into our government hospitals,” he said. “Last year, an additional 60 specialty centers were opened to the public,” he added. The President also boasted of the government’s success in its effort to lower the cost of basic medicines. “The prices of most important and basic medicines dropped by almost 90 percent,” he said. Meanwhile, he vowed the long-overdue Covid-19 benefits of healthcare workers would be released. “To reward the sacrifices of our health workers from private and public hospitals last pandemic, we are distributing their Covid Health Emergency Allowance and other pending benefits,” he said. Last week, he lifted the Covid-19 emergency in the country through Proclamation No. 297. Health Secretary Ted Herbosa said the emergency allowance intended for medical frontliners and the emergency use authorization for Covid-19 vaccines will be extended an additional year. According to a United Private Hospital Unions of the Philippines report, the still-unpaid benefits of 20,304 healthcare workers stood at P1.84 billion, which is comprised of the One Covid Allowance amounting to P985.6 million, P737.5 million in health emergency allowance, special risk allowance amounting to 16.8 million, and meals, accommodation and transportation benefits totaling P6.7 million. Last October, then Health officer-in-charge Maria Rosario Vergeire said the DoH would need a total of P103 billion to pay for the combined benefits of more than 800,000 healthcare workers involved in the Covid-19 healthcare response. Vergeire said the agency still needs to pay at least P64 billion worth of health emergency allowances intended for health workers under Republic Act 11494, also known as the Bayanihan to Recover as One Act. The post Suppress TB, AIDS cases — BBM appeared first on Daily Tribune......»»
Marcos wants all-out efforts vs TB, HIV/AIDS
President Ferdinand Marcos Jr. on Monday said a holistic approach is needed to halt the rising cases of tuberculosis and human immunodeficiency virus or HIV in the country. In his annual State of the Nation Address, Marcos put forward his concern about the alarming cases of TB and HIV/AIDS in the country. “The whole of society must exert effort to suppress the alarming rise of tuberculosis and HIV/AIDS,” Marcos said. “To stem the tide, the strategic plan is to ensure early diagnosis and treatment and ample testing sites and medications.” Based on the 2022 Global TB Report, the Philippines is one of the eight countries that account for two-thirds of the estimated global TB cases. The Philippines is also one of the countries that contribute to most of the estimated increase in tuberculosis deaths, next to India, Indonesia and Myanmar. Meanwhile, more Filipinos are getting infected with HIV, which could turn into AIDS or acquired immunodeficiency syndrome if untreated. In May alone, the Department of Health breached the country’s 2,000 mark on HIV cases. Food Stamp Program Marcos also mentioned the newly launched Food Stamp Program, which aims to address hunger and nutrition-related issues like stunting and wasting. “The FSP shall complement our nutrition continuity programs, such as the First 1,000 Days program which ensures nourishment for the first three years of a child’s life,” he said. “The Supplemental Feeding Program is for our children attending daycare centers. The K-to-6 Program will feed Kindergarten to Grade 6 public school students, who are suffering from wasting and severe malnutrition,” he added. The President also mentioned the government’s efforts to catch up with the routine vaccinations of Filipino children, who missed their immunization vaccines due to Covid-19 restrictions. “As of this year, more than 80 percent of our eligible children have been vaccinated against measles, rubella and polio,” he said. Structural changes Marcos said the country’s healthcare system is “undergoing structural changes.” He noted that public health facilities are being increased, both in number and capability. “Last year, more than 3,400 projects were completed. To improve capacity for specialized medical treatment, specialty centers in various fields are being established and integrated into our government hospitals,” he said. “In the last year, additional 60 specialty centers have been opened to the public,” he added. The President also noted the government's success in efforts to lower the costs of basic medicines in the country. “The prices of most important and basic medicines dropped from almost 90 percent,” he said. ‘Health Emergency Allowance’ Meanwhile, Marcos also vowed the release of long-overdue Covid-19 benefits for healthcare workers “To reward the sacrifices of our health workers from private and public hospitals last pandemic, we are distributing their Covid Health Emergency Allowance and other pending benefits,” he said. Last week, he lifted the Covid-19 emergency in the Philippines through Proclamation No. 297. Health Secretary Ted Herbosa said emergency allowance intended for medical frontliners, as well as emergency use authorization for Covid-19 vaccines, will be extended for an additional year. According to a United Private Hospital Unions of the Philippines report, the still-unpaid benefits of 20,304 healthcare workers stood at P1.84 billion, comprising the One COVID Allowance amounting to P985.6 million, P737.5 million in health emergency allowance, special risk allowance amounting to 16.8 million, and meals, accommodation and transportation benefits totaling P6.7 million. Last October, then Health officer-in-charge Maria Rosario Vergeire said that the DoH would need a total of P103 billion to pay for the combined benefits of more than 800,000 healthcare workers involved in the Covid-19 healthcare response. Vergeire said the agency still needs to pay at least P64 billion worth of health emergency allowance intended for health workers under the Republic Act No. 11494, also known as the Bayanihan to Recover as One Act. The post Marcos wants all-out efforts vs TB, HIV/AIDS appeared first on Daily Tribune......»»
First German offshore wind farm auction raises billions
Germany on Wednesday auctioned off rights to build offshore wind power plants for the first time, raising billions of euros earmarked to help slash consumer electricity bills. Three sites on the North Sea and one on the Baltic brought in proceeds of 12.6 billion euros ($14.0 billion), the Federal Network Agency, a government regulatory body, said. The winning offers came from energy giants BP and TotalEnergies among eight bidders for each of the sites. "The outcome confirms the attractiveness of investments in offshore wind energy in Germany," said Federal Network Agency president Klaus Mueller in a statement. "Competition for offshore wind energy has never been higher." Ninety percent of the windfall is to be used to offset a spike in household electricity costs largely with grid expansion, the agency said, with the remaining funds going toward marine conservation and sustainable fishing measures. It was the first time the agency used an auction to determine which companies could build wind farms, which are set to open by 2030. The North Sea sites are due to have a capacity of 2,000 megawatts each while the Baltic facility will produce up to 1,000 megawatts. Chancellor Olaf Scholz's center-left-led coalition government has pledged to produce 80 percent of electricity from renewable sources by 2030, with an ambitious timetable for boosting offshore wind capacity. The post First German offshore wind farm auction raises billions appeared first on Daily Tribune......»»
NIA relies on ‘hand tag bayanihan’ in El Niño worst-case scenario
The National Irrigation Administration over the weekend said it will have to rely on "hand tag bayanihan" if the effect of the El Niño phenomenon worsens. "It's the 'convergence approach' from President Ferdinand Marcos Jr. We call it in NIA as 'hand tag bayanihan' in a worst-case scenario (El Niño effect)," Engineer Eduardo Guillen, acting NIA administrator said. The approach, according to Guillen, is the convergence of other government agencies to help NIA mitigate the effect of El Niño not only on irrigation but most especially on the lives of farmers and farm workers. "Let's say they (farmers) will be hampered planting their crops, the Department of Labor and Employment will come in, we will take advantage of the situation to desilt, clear the canals and waterways. TUPAD funds will be used for this. Same with DSWD, which will offer cash for work and food for work program. Mitigating the problem by helping each other through national government efforts. DPWH included," Guillen explained in mixed Filipino and English. Areas that they will focus on include the Ilocos Region, and Visayas Region, where calendar cropping planning will have to be carried out. "May plano po kami bago mag-release ng tubig or six months prior to iyong pagsasaka, mayroon na po kaming calendar planning diyan na naka-coordinate ngayon po sa DA para sa proper farm inputs( We planned to release irrigating waters six months before planting. We have the calendar planning coordinated with DA (Department of Agriculture) for porper farm inputs)," he added. Guillen added that they will also be using the 'alternate wetting and drying system' that can reduce 30 percent of irrigation waters. "So ang forecast, halimbawa, ng weather bureau ay makita namin na around 20 percent ang maaapektuhan, at least covered pa rin po (So, if the forecast of the weather bureau is 20 percent (farmland) will be affected, at least it is still covered)," the NIA official explained. He said if it worsens, particularly those at the end of the irrigation path, they will ask the DA for high-value crop input that does not need much watering like corn and mongo. Water pumps and solar pumps will also be distributed. Priority irrigation projects Guillen said also in the pipeline are three irrigation projects under a Public-Private-Partnership set-up. The development of the Tumauini River valued at around P8 billion can irrigate approximately 8,200 hectares. The Upper Banawan Projects cost P6 billion and can benefit Ilocos Sur, and the much-awaited Ilocos Norte-Ilocos-Sur-Abra Irrigation Projects or INISAI, are estimated to need P20 billion in funding. The post NIA relies on ‘hand tag bayanihan’ in El Niño worst-case scenario appeared first on Daily Tribune......»»
Processing of unpaid OFW wages near completion
The Department of Migrant Workers on Friday announced the near resolution of the years-long waiting game for the unpaid claims of overseas Filipino workers by bankrupted Saudi Arabia construction firms with the scheduled talks between them and their KSA counterparts on 24 May. In a press conference, DMW Secretary Susan Ople said that the KSA Ministry of Human Resources and Social Development has requested a list of all OFW claimants that will be subsequently approved by a certain special “claims committee” created by the Saudi government. Ople said that they aim to submit the list of all the claimants from concerned Saudi construction firms on the first week of May, weeks before their scheduled talks, with the goal of fast-tracking the process of granting unpaid claims to OFWs. “They want to discuss the succeeding processes by the time I’ll be going there upon invitation from the Saudi government,” she said. However, she urged all claimants and family members of deceased claimants to submit a letter that confirms and validate their identity as claimants, together with their employment history with the Saudi construction companies concerned, for them to be included in the list. This includes claimants who have already been listed in other accredited list of claimants, including former Saudi Oger Ltd. OFWs who have logged in their records to a database provided by the Royal Embassy of Saudi Arabia last January. Ople instructed the claimants and their families to submit the letter through email at saudiclaims@dmw.gov.ph, or through local migrant workers offices. “This is a shoutout to all claimants, as long as their companies have been bankrupted in 2015 to 2016. If you have not submitted your records to the Saudi Oger platform, please send it through email,” she said. DMW Undersecretary Bernard Olalia said that the list of claimants will be turned over to the ad hoc committee consists of the DMW and the Department of Foreign Affairs on the Philippine side, and theIR counterparts from the Saudi MHRSD. November last year, Saudi Crown Prince Mohammad bin Salman agreed to release around two billion riyals worth of unpaid salaries to more than 10,000 OFWs who were formerly employed by Saudi construction firms such as Saudi Oger Ltd., Mohammad Al-Mojil Group and Saudi Bin Ladin group. The post Processing of unpaid OFW wages near completion appeared first on Daily Tribune......»»
DTI financing arm slightly exceeds P8.1 billion lending provision for MSMEs
The financing arm of the Department of Trade and Industry has provided over P8 billion worth of loans to pandemic-affected micro, small and medium enterprises, exceeding the funds allocated by the Department of Budget and Management under the Bayanihan 2 Act......»»
DILG scrambles to find P5-7 billion to hire contact tracers
The Department of the Interior and Local Government is trying to find P5 billion to P7 billion to rehire and hire more contact tracers following the expiration of the Bayanihan to Recover as One Act or Bayanihan 2......»»
Unspent P6-B Bayanihan 2 fund no longer for SAP — DBM
The government can no longer use the P6 billion in unspent funds from Bayanihan 2 for a new round of social amelioration program, according to the Department of Budget and Management......»»