Advertisements


PSALM to reduce debts this year

State-run Power Sector Assets and Liabilities Management Corp. aims to reduce its maturing obligations by P24.63 billion and prepay its P19-billion obligations to the Bureau of the Treasury this year......»»

Category: financeSource: philstar philstarFeb 24th, 2021

Unpaid consumer loans hit near 10-year peak in September

That amount accounted for 8.51% of the P1.97 trillion consumer debts in the third quarter, bigger than the 5.55% ratio posted in June. It was also the highest level since the ratio hit 8.7% in December 2010......»»

Category: financeSource:  philstarRelated NewsFeb 2nd, 2021

PSALM cuts financial obligations by over P40 billion

State-run Power Sector Assets and Liabilities Management Corp. has trimmed its 2020 financial obligations by P40.1 billion—which is more than its target last year—as it improved its collection efficiency despite the pandemic......»»

Category: financeSource:  philstarRelated NewsJan 20th, 2021

How A Simple Online Time Clock Can Save Your Business Thousands Each Year

For businesses, time is money. This means that accurate record-keeping is essential for a company to function and save money. Online employee time tracking software simplifies a large portion of employee recording, keeping by automating the timekeeping process. This helps businesses better manage hours, keep track of productivity, and reduce overall employment costs through effective […] The post How A Simple Online Time Clock Can Save Your Business Thousands Each Year appeared first on Kagay An......»»

Category: newsSource:  inquirerRelated NewsJan 20th, 2021

Davis Cup Finals lengthened to reduce burden on players

Paris---The Davis Cup Finals will be expanded to an 11-day event starting this year, and could be held across three European cities, the International Tennis Federation (ITF) announced on Monday......»»

Category: sportsSource:  thestandardRelated NewsJan 19th, 2021

E-bikes For Food Delivery To Further Reduce Carbon Footprint

Quick-Service Restaurant KFC has moved to further reduce the company’s carbon footprint with the rollout of its pioneering e-bike (electric bike) fleet for food delivery in Metro Manila and nearby provinces. Several units of the eco-friendly e-bikes have been deployed last year, with 72 more set to be dispatched to service KFC stores in Metro Manila and its peripheries. “This is a trailblazing initiative for KFC and reflects our continuing pursuit for more ways to contribute to the global efforts to reduce carbon emissions and address climate change,” KFC Philippines Chief Operations Officer Jojo Marcelo shared. Electric vehicles have three times less carbon footprint than conventional vehicles in their entire lifecycle, or from production to distribution, use, and disposal, studies have shown. They do not produce direct emissions, thus, helping improve air quality in urban settings. KFC’s e-bikes, supplied by one of the world’s top makers of electric vehicles, also do not contribute to noise pollution like the ordinary motorcycles being used in food delivery today. “The e-bike fleet is part of KFC’s response to the clamor for the private sector to escalate the green movement, which gives primary consideration to the environment in all aspects of the business, from production to consumption. It is also our way of addressing the growing need for sustainable food delivery service in this New Normal when mobility is restricted and people are staying indoors even while working or studying,” Marcelo added. KFC’s e-bikes are also lighter and easier to navigate than conventional motorcycles, without compromising efficiency and on-time delivery of “finger lickin’ good chicken and gravy, well-loved fixins, tasty new pasta, and rice bowl creations”. KFC now prides itself as the first quick-service restaurant in the country to utilize e-bikes for eco-friendly delivery, which can be accessed via its website www.kfc.com.ph, the KFC Philippines mobile app, and delivery service number 02-888-7-8888. It currently has over 300 branches nationwide. KFC also recently opened the business for sub-franchising, allowing entrepreneurs throughout the country to join the fast-growing QSR chain......»»

Category: newsSource:  mb.com.phRelated NewsJan 17th, 2021

PSALM trims debt to P371 billion as of October

State-run Power Sector Assets and Liabilities Management Corp. has managed to continuously trim its debt as it surpassed its collection efficiency target this year despite the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsNov 30th, 2020

IEMOP set to reduce open access threshold

The Independent Electricity Market Operator of the Philippines said Wednesday it started preparations for the lowering of threshold of retail competition and open access next year......»»

Category: financeSource:  thestandardRelated NewsNov 25th, 2020

PEZA out to prevent third straight year of investment slump

PEZA out to prevent third straight year of investment slump MANILA, Philippines — The country’s largest economic zone operator is looking to halt a two-year drop in investment pledges this year, a daunting task amid investor aversion to uncertainties brought by pandemic and legislation to reduce tax perks. With only 2 months left into the year, […].....»»

Category: newsSource:  balitaRelated NewsNov 23rd, 2020

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

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

Category: newsSource:  mb.com.phRelated NewsNov 8th, 2020

Lower dairy imports seen

The Philippines is expected to reduce its imports of dairy products this year due to a slowdown in demand amid the coronavirus pandemic, according to the United States Department of Agriculture......»»

Category: financeSource:  philstarRelated NewsOct 22nd, 2020

Electric cooperatives’ sales revenues up 9% to P54.074-B

Despite the continued wreck of the coronavirus pandemic, the higher electricity usage of consumers had jacked up the overall revenues of the country’s electric cooperatives within April-June this year to P54.074 billion, higher by 9.0-percent from P49.672 billion in the first quarter. The energy sales specifically had escalated by 12-percent in the second quarter of this year, according to the National Electrification Administration (NEA), and that was because of the residential end-users who were mostly confined in their homes at the height of the lockdown period which straddled the months of April and May. NEA stated that based on the statistical report of its Information Technology and Communication Services Department (ITCSD), the nationwide aggregate sales of the ECs climbed to 5,988 gigawatts hours (GWh) within April-June stretch versus the leaner 5,337 GWh in the first quarter. “This was due to the 9.0-percent increase in electricity consumption by the residential sector,” NEA Edgardo R. Masongsong has emphasized. In particular, household end-users posted 3,693 GWh power consumption in the second quarter due to the scorching weather during the summer months; while it was at lower 2,806 GWh in the relatively colder periods of January to March. However, the outcome was a reverse in the commercial sector because the health crisis forced many businesses to either close or reduce operations especially within the March-May duration of the enhanced community quarantines (ECQ) in various parts of the country. The electrification agency pointed out “the pandemic restrictions pushed the energy sales in the commercial sector to fall by 6.0-percent from 1,165 GWh to 982 GWh.” Within the industrial segment of end-users, this was likewise down by 3.0percent to 957 GWh from a heftier consumption of 1,000GWh in the initial quarter of the year. Further, the power usage of public buildings and other consumers had been slightly down by 1.0-percent to 356GWh from 366GWh. Masongsong particularly highlighted that “sales and revenues of power cooperatives operating in Aklan, Benguet, Palawan, Bohol and Siargao island, which are highly dependent on tourism, fell sharply in the second quarter as a result of the community quarantines imposed in these areas.” Of all the service areas of the ECs, NEA noted that Aklan Electric Cooperative (AKELCO) logged the biggest downturn in energy sales at 20-percent, which could be equivalent to P149 million in unrealized revenues. Another power utility which registered sizeable two-digit sales decline of 18-percent had been Benguet Electric Cooperative (BENECO), and that redounds to P145 million revenue loss. For Palawan Electric Cooperative (PALECO), its energy sales had been down by 9.0-percent or equivalent P53 million loss; Bohol Electric Cooperative (BOHECO) sales fell 6.0-percent or a resulting loss of P50 million; and Siargao Electric Cooperative Inc. (SIARELCO) had its sales trimmed by 8.0-percent and that was tantamount to revenue loss of P7.0 million......»»

Category: lifestyleSource:  abscbnRelated NewsOct 18th, 2020

Christmas 2020 for workers and farmers

HOTSPOT Tonyo Cruz Two things workers are looking forward to at the end of each year are the 13th month pay and the Christmas bonus. And it seems about two million workers may not get any 13th month pay at all, if the Duterte government would have its way. The reason? Because of the pandemic. In reaction, Kilusang Mayo Uno chairperson Elmer Labog  issued his shortest statement yet this year, unable to hide labor’s frustration: “It is the government’s responsibility to bail out MSMEs in times of emergencies.” Indeed, it is the state’s obligation to support and prop up micro, small and medium-scale enterprises especially now in the time of pandemic. By saying MSMEs could dispense with the 13th month pay, the government is practically passing on its responsibility to MSMEs. Workers continue to give their share through the cheap, underpaid and overstressed labor power that makes sure MSMEs continue to function and perform their role as main engines of the economy. The government must do its job: Bail out the MSMEs. It is quite surprising that the Duterte government seems disinterested in bailing out MSMEs, considering the avalanche of news about the borrowings here and there. According to Sonny Africa, executive director of the think-tank Ibon Foundation, the borrowings has reached a historic high: “It took 118 years for the country’s debt to reach P6.1-trillion in 2016. President Duterte is taking just six years to more than than double that to P13.7-trillion in 2022.” Again, the reason for the borrowing has been “because of the pandemic.” Regardless of where the money goes, and whether or not MSMEs and workers received only a drop from it, they would pay the entire debt through more and higher taxes for years to come. Workers are not asking for something they have not earned through hard work. They earned that 13th month pay. It is not an optional thing. It is part of the law. The pandemic should oblige the state to bail out our MSMEs to enable them to fully function, and to give the workers’ their due under the law. Workers have given and lost a lot because of the pandemic. Workers have not asked for free rides to work, but the government fails to provide adequate and safe mass transport. Workers have asked for free mass testing in their companies and communities, but the government has other ideas. Workers and their families would have fared better with unemployment benefits amid the dismal pandemic response of government, but it seems the same government wishes to push them instead to pawnshops and loan sharks. We haven’t even factored in the laid-off, underemployed and unemployed workers, as well as the undetermined number of overseas Filipino healthcare workers stranded in the country since April. They all don’t wish to be “patay-gutom” and “pala-asa”.  They don’t wish to stay unemployed and be dependent on aid. They are ready to work and earn their keep. But since the president made policy decisions affecting their ability to obtain work, it is the government’s obligation to bail them out as well. The situation of our nation’s farmers is no different. For instance, rice farmers continue to produce our national staple. The pandemic made even worse the effects on them of the combined power of policies such as rice tarrification, the stranglehold of Big Landlords, the vast influence of rice cartels, and the continued operation of illegal rice importers. Price monitoring by Bantay Bigas and the Kilusang Magbubukid ng Pilipinas reveals the outrageously low palay prices nationwide, which means ruin to our nation’s rice farmers: Negros Occidental and Bicol region P10; Capiz P10-P11; Caraga P11; Tarlac P11-12; Ilocos Sur and Nueva Ecija P11-13; Camarines Sur P11.50-14; Bulacan and Mindoro P12; Isabela P12-P13.50; Pangasinan P12-P12.30; Antique P12.50; Agusan del Sur P13; Davao de Oro P13.14; Davao del Norte, Surigao del Sur and South Cotabato P13.50; North Cotabato P14; and Lanao del Norte P15. If you look at it, plantitos and plantitas today pay 20 to 50 times more for ornamental plants, compared to the prices traders and the NFA offer to our farmers. According to Bantay Bigas and KMP, the government procures way less than 20 percent of the produce of rice farmers.  And then we hear that the NFA would rather import rice from other countries, at pandemic-affected prices at that. Without any state intervention, by way of NFA buying rice farmers’ produce at P20 per kilo, and providing loans to farmers, there could be worse rural poverty in the coming months and years. Between our workers and farmers, their families have been made to sacrifice a lot since March, with prices of basic goods spiking, with new and higher expenses arising from online classes for the children. There cannot be no aid for them.  Neither should workers and farmers shoulder the burden of the failure or refusal of government to provide funding for bailouts sorely needed by MSMEs, and be forced to accept new national debts to pay for policies such as rice tarrification and importation. The government knows the scale of the problem. The Department of Labor and Employment says 13,127 companies have either laid off workers or permanently closed. The response cannot be “pass the burden to workers”. The answer should be: “the state must do everything to rescue the companies and the workers.” OFWs across the world should be familiar with bailouts and economic protections because of the pandemic. Many countries that host OFWs enacted huge bailouts and stimulus to their economies, partly so that migrant labor could continue to be employed. They enjoy health insurance, and special COVID19 coverage. Governments handed out checks to both citizens and companies. Is it too much to ask that the same be done in our own country? Or do Filipinos have to go abroad to experience such social and economic protections?.....»»

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

COA flags Muntinlupa’s P2.931-B real property tax delinquency

Real property tax delinquencies in Muntinlupa City reaching P2.931 billion have alarmed the Commission on Audit (COA), prompting it to call for the immediate implementation of remedial measures to address the problem. While COA cited the city government for realizing P5.70 billion or 94 percent of its estimated income of P6.01 billion in 2019, the audit agency also expressed misgivings over the low collection of “non-tax revenues.”  COA disclosed that the shortfall for non-tax revenues has reached P371.37 million or 28.22 percent of the target “because measures and strategies to improve collection efficiency were not adopted.” The city government under Mayor Jaime Fresnedi also won praises from COA in its 2019 annual audit report that may have neutralized several adverse audit observations. “The city is continuously exercising good fiscal management by paying its various loans ahead of its maturity date while sustaining the needs of its constituency,” auditors said. COA also gave Muntinlupa City good reviews for social waste management, property insurance, implementation of the Special Education Fund and handling of the Local Disaster Risk Reduction and Management Fund. However, the state audit agency lamented the failure of the city government to reduce the realty  tax delinquency total of P2.931 billion. “The city could have generated additional income from Real Property Tax (RPT) had the realty tax delinquency of P2.931 billion been collected by implementing the remedies provided for under RA No. 7160,” COA said.          During the year in audit, the city government collected P1.106 billion in realty tax, the second biggest contributor to the total collection in 2019.             “However, the balance of receivables for RPT at the beginning of the year amounting to P1,155,467,846.06  plus the recorded receivables during the year of P1,382,286,828.08 or a total of P2,537,754,674.14 showed that the actual collection of P1,106,916,432.63 is only 43.62 percent of the total receivables,” the audit report revealed. During the year, a total P2,931,628,770.95, including penalties, was reported as tax delinquency for the nine barangays in Muntinupa. The highest amount of tax delinquency was registered in Alabang at P1.035 billion. The unpaid RPT includes the joint venture lots that are part of the joint venture agreement between government as owner and Filinvest Development Corporation as beneficiary for the development of the property. To reduce delinquency among property owners, COA asked the city government to apply sanctions provided under Republic Act No. 7160 “to deter delayed payment or non-payment of taxes.” Auditors said the non-tax revenue shortfall of P371.37 million can be substantially reduced if “measures and strategies to improve collection efficiency” were observed......»»

Category: sportsSource:  abscbnRelated NewsSep 15th, 2020

Jilin prepares for worse

CHANGCHUN, China (Xinhua) — Typhoon “Haishen,” the 10th typhoon this year, is expected to approach northeast China’s Jilin Province Tuesday. This comes as local authorities have strengthened preparations to reduce losses. The province is facing a relatively high risk of flooding, mountain torrents and waterlogging, as the soil is already saturated due to rain brought […] The post Jilin prepares for worse appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsSep 8th, 2020

190,000 workers lost jobs this year — DOLE

Over 190,000 workers nationwide lost their jobs as more establishments folded up or were forced to reduce their workforce, the Department of Labor and Employment said yesterday......»»

Category: newsSource:  philstarRelated NewsSep 7th, 2020

Garments exporters likely to reduce over 20,000 jobs

More than 20,000 Filipino workers may lose jobs in the garments and apparel industry this year, as exports continued to fall dramatically in the wake of the coronavirus pandemic, an industry group said Monday......»»

Category: financeSource:  thestandardRelated NewsSep 7th, 2020

NPL provisions reduce banks’ profits by 29%

Earnings of Philippine banks slumped by 29 percent to P86.05 billion in the first semester from P110.97 billion in the same period last year as the industry’s provision for non-performing loans breached the P100-billion mark due to the impact of the coronavirus pandemic, according to the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  philstarRelated NewsAug 12th, 2020

Opportunity to reform market economy

The crisis brought about by the COVID-19 pandemic provides a singular opportunity to significantly reform the so-called free market economy that has been embraced by countries of different political shades and persuasions, from socialist China to capitalist America.  Although it cannot be denied that the experiment with market-oriented economic policies by China has resulted in the liberation from dehumanizing poverty of hundreds of millions of people over the last 20  to 30 years, there continues to be scandalous disparity of income and wealth among those who have benefited from these reforms and those who have been left behind.  The massive unemployment that has been caused by the lockdowns of  economies all over the world has worsened the inequity in the distribution of income even in the most developed countries of Europe and elsewhere. The human sufferings that we are witnessing during the worst global economic crisis in 150 year  should bring world leaders to finally come to their senses and listen to what Pope Francis has been saying about   the limitations of the free market economy in respecting the dignity of each human person and in pursuing the common good of society. In The Joy of the Gospel, Pope Francis clearly states that “the dignity of each human person and the pursuit of the common good are concerns which ought to shape all economic policies. At times, however, they seem to be a mere addendum imported from without in order to fill out a political discourse lacking in perspectives or plans for true and integral development.”  The Holy Father points out that  growth in social justice “requires more than economic growth, while presupposing such growth.”  it requires decisions, programs, mechanisms, and processes especially geared to a better distribution of income, the creation of sources of employment, and an integral promotion of the poor which goes beyond a simple welfare mentality.”  In the publication “This Economy Kills,” authors Andrea Tornielli and Giacomo Galeazzi, inspired by the teachings of Pope Francis, enumerate the types of leaders who are needed for authentic human development in both developed and emerging markets.  According to them, we need “men and women who look to the future, who are committed to pursue the common  good and whose goal is not just the next election campaign.  It requires men and women who not only look at the spread and stock market indices as indicators of the health of a country but inquire whether the younger generations have a job, a future, and hope; whether children have kindergartens and schools that can educate them by introducing them to reality; whether couples have the opportunity to buy a house; whether there are effective welfare programs available for the elderly; and whether those who still bet on the future by putting children into the world are justly taxed, rather than penalized.  It requires men and women who are engaged in politics and work in institutions without corrupting themselves or letting others corrupt them, even managing perhaps to revive a minimum of esteem (which has never been so in decline) for that ‘highest form of charity’—that is, politics—in as much as it is exclusively committed to the common good and to the real lives of people, with special attention   and dedication to those in difficulty, those left behind, those  who are excluded and should be included.” We have in the above quote a program that should permeate the so-called new normal post-pandemic.  What I have read so far about prognostications concerning the “new normal” are mostly about means, not ends. There is a lot of talk about the digital transformation that all economic sectors shall have undergone as a response to the changes in consumer lifestyle and business practices brought about by COVID-19. It asserted that digitalization will be a universal practice. Online purchases of practically all types of consumer goods and services; modes of payments; delivery of formal education and all types  of skills training; banking practices; religious services; sports events; forms of entertainment; etc.  These transformations, however,  could occur without addressing the fundamental problem of great disparities in the distribution of income and wealth and may even exacerbate the problem of the poor if, for example, their children are further left behind because they lack the resources to participate in online learning.  Although the means are also important, there should be greater emphasis in the transformation of the ends or objectives of the economic system.  Our leaders should ask themselves how to make the structural changes necessary to reduce mass poverty (which has worsened during the many lockdowns made necessary by the pandemic).  In more concrete terms, the economic system should be geared to providing more nutritious food to the poorest of the poor; better quality education and health care to the bottom 20 percent of the population; free health services to those who cannot afford them;  socialized housing for the homeless; and well paying jobs for the unemployed and underemployed. The new normal should give the highest priority to providing the small farmers with what they need to eke out a decent living by providing them with the necessary infrastructures such as farm-to-market roads, irrigation systems, post-harvest facilities, access to credit and other farm support services that have long been denied the Filipino farmers.  I have always maintained that the first cause of dehumanizing poverty in the Philippines is the long-term neglect of rural and agricultural development.  It is not a coincidence that 75 percent of those who fall below the poverty line are in the rural areas. Many of them are the beneficiaries of agrarian reform who, after being provided with one or two hectares of land, were completely abandoned to their own resources.  They are the landless farm workers, the “kaingeros” (slush-and-burn farmers), and the subsistence fisherfolk. Hopefully, the shortage of food during  the pandemic has made it crystal clear that food security should be on top of our economic objectives.  Food security now and in the future can be made possible only by a significant increase in the productivity with which we use our agricultural resources.  To be continued For comments, my email address is bernardo.villegas@uap.asia.....»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

PSALM sees P900 million savings from RPT cut

State-run Power Sector Assets and Liabilities Management Corp. is using nearly P900 million in savings to pay off debts following the signing by President Duterte of an executive order covering real property tax breaks......»»

Category: financeSource:  philstarRelated NewsJul 31st, 2020

DTI grants automatic PS license renewal

The Department of Trade and Industry will automatically renew the Philippine Standard licenses of manufacturers expiring this year to help alleviate the impact and reduce the risk of the coronavirus disease 2019 or COVID-19 transmission......»»

Category: financeSource:  philstarRelated NewsJul 18th, 2020