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‘Serenade of the Seas’ arrival restarts Subic cruise tourism program
The arrival here of GTS Serenade of the Seas, a 12-decker cruise liner operated by Royal Caribbean International, is expected to resurrect Subic’s cruise tourism program, which had gained momentum before being halted by the COVID-19 pandemic three years ago......»»
Ohtani to address theft allegations against interpreter
Shohei Ohtani's interpreter got fired by the Dodgers amid allegations that he stole from the player to pay off gambling debts.....»»
Why Business Should Start Investing in the Mental Well-Being of Their Employees
The pandemic has triggered waves of anxiety, uncertainty, and financial strain, impacting the mental health of millions of employees. Poor mental health leads to decreased productivity, increased absenteeism, and strained work relationships. With that said, it is crucial to address employees’ mental health issues to have a thriving workspace. Encourage Open Communication and Supportive Culture […].....»»
President Marcos wants Army to bolster cybersecurity capabilities
Amid “emerging threats” to the country’s stability and sovereignty, President Marcos has called on the Philippine Army to bolster its cybersecurity capabilities and keep up with rapid technological advancements......»»
Hong Kong, Philippines work to enhance relations
Filipinos are slowly beginning to travel back to Hong Kong following continued efforts by the Hong Kong Economic and Trade Office to woo tourists from the Philippines, as well as renew and improve trade and economic ties between the two nations following the COVID-19 pandemic......»»
BOC creates body to solve trade woes
The Bureau of Customs has established an advisory council that aims to address trade bottlenecks and enhance trade facilitation among importers and business groups amid a changing global environment......»»
500,000 MT of imported rice to bolster stocks amid El Niño
MANILA, Philippines — To address the impact of the El Niño phenomenon and boost local rice stocks during the dry spell, the Department of Agriculture (DA) announced that nearly 500,000 MT of imported rice will arrive in the Philippines from this month until February next year. As of December 14, the Philippines imported 3.22 million.....»»
China, Philippines Highlight Dialogue Amid South China Sea Tensions
Foreign Affairs Secretary Enrique Manalo of the Philippines said in a statement Thursday that he had a 'frank and candid exchange' with Chinese Foreign Minister Wang Yi and that the two sides have a 'clearer understanding of our respective positions on a number of issues.'Manalo added that China and the Philippines each noted the need to use dialogue to address issues between the two countries amid tensions in t.....»»
China, Philippines Highlight Dialogue Amid South China Sea Tensions
Foreign Affairs Secretary Enrique Manalo of the Philippines said in a statement Thursday that he had a 'frank and candid exchange' with Chinese Foreign Minister Wang Yi and that the two sides have a 'clearer understanding of our respective positions on a number of issues.'Manalo added that China and the Philippines each noted the need to use dialogue to address issues between the two countries amid tensions in t.....»»
Malls to stay open until 11 pm starting 13 November to ease holiday traffic
The Metropolitan Manila Development Authority met with mall operators and other stakeholders on 25 October to discuss traffic management plans in preparation for the approaching holiday season. In a meeting led by MMDA Deputy Chairman Undersecretary Frisco San Juan Jr. and Traffic Discipline Office Director for Enforcement Atty. Victor Nuñez, shopping mall operators agreed to adjust their business hours starting 13 November, Monday, from 11 am to 11 pm, as one of the measures to address the expected traffic problems in the metropolis. "Due to the expected heavier traffic, we have decided to implement contingency measures," San Juan said. “Mall-wide sales will only be allowed during weekends while deliveries will only be permitted from 11 pm to 5 am, with the exception of perishable goods restaurants serving breakfast, and supermarkets.” Mall operators were also asked to submit their respective traffic management plans for their mall sales and promotional events two weeks before the scheduled date of such events. Shopping malls with government satellite offices are also allowed to open as early as 9 a.m. As part of the agency's traffic management plan this Christmas season, the duty of the traffic enforcers will be extended until 12 midnight to maximize their visibility on major roads. "We will deploy traffic enforcers until midnight every day to assist and manage the traffic flow in Metro Manila,” said San Juan Jr. The MMDA will be working with the Department of Transportation to discuss possible extensions of the public transport system's operating hours to accommodate late-night commuters and mall employees. Also, the MMDA and representatives from the Department of Public Works and Highways and other concerned offices including the engineering district offices, local government units, utility companies and contractors, also met to discuss the temporary suspension of excavation activities on all Metro Manila roadways. All excavation works that will cause obstruction or will affect the smooth flow of traffic shall be temporarily suspended effective midnight of 13 November 2023 until midnight of 8 January 2024. Projects that are not covered by the moratorium: Flagship projects of the government DPWH bridge repair/construction flood interceptor catchment projects (box culvert) Asphalt overlay projects without re-blocking works Sidewalk improvement Drainage improvement projects along the sidewalk and not occupying any part of the roadway footbridge projects Emergency leak repair or breakage of water lines by Manila Water Co. and Maynilad Water Service Inc. New water service connection or electrical service connections Road activities without excavation (traffic clearance only) Meralco relocation/emergency works affecting major projects of government All concerned agencies are advised to take appropriate measures and ensure that all affected roads will remain passable, safe and serviceable to all types of vehicles and pedestrians amid the anticipated increase of vehicles on the roads. The post Malls to stay open until 11 pm starting 13 November to ease holiday traffic appeared first on Daily Tribune......»»
Rice sufficiency a pipe dream?
An Indian agricultural economist advised the government to secure investments in rice farmland abroad as it believes the Philippines’ goal of rice self-sufficiency through domestic production is impossible. Dr. Samarendu Mohanty, former principal scientist at the International Rice Research Institute in the Philippines, said the country has smaller arable land to grow enough rice to satisfy consumer demand for the commodity amid its expanding population. “In other countries, they have arable land. The Philippines doesn’t have it because the country is an island nation,” he said during the recent 6th International Rice Congress in Pasay City. “You can take all the measures to expand productivity here, like having certified seeds and fertilizer, but I don’t think you’ll be self-sufficient with the population you have,” Mohanty added. The agricultural economist said the solution is to invest in farmland abroad under a backward linkage method. This distributes inputs from the farm sector to the non-farm sector, which includes agrochemicals, processing, and trading. “You need to find a country where this can be done legally and where there is land and water. Many African countries — Cambodia, Vietnam, and Myanmar — have bigger land the Philippines can invest in and get back the supply to the country,” Mohanty explained. “There’s an Indian company producing rice in Africa and exporting it somewhere else. The Philippines cannot invest in land in India because of land restrictions,” he added. ‘Out of luck’ According to the World Economic Forum, India is the world’s second-top rice producer after China. However, India and other countries recently announced they would limit their rice exports as consumer demand and commodity prices have risen in their local markets. “If you have to address it through imports and the exporting countries have food restrictions, then you’re out of luck. But if you have backward linkages, you can be assured that your rice was produced in Vietnam or another country. Nobody can take that away because that’s your investment,” Mohanty said. He said the government must create policies and conduct discussions with its foreign counterpart and business community abroad to negotiate investments in external rice production. “The government has to facilitate that. The private sector will enter if there’s assurance from the government that they can bring back rice to the country,” Mohanty explained. He said India will resume rice exportations in May next year, with the country’s total production of at least 135 million tons. A portion amounting to 25 million tons is usually left as surplus. The Indian embassy in Manila said on 18 October that India allocated 295,000 metric tons of rice to the Philippines, the biggest share of its non-basmati white rice export, following its bilateral talks with the Marcos administration in August. Department of Agriculture Undersecretary Mercedita Sombilla said the two governments and the private sector will still discuss the rice imports’ price terms. She, however, was optimistic that the rice imports would help stabilize the prices of the commodity in the domestic market. Mohanty said India will likely export more rice in the future. “There’s a green revolution happening in the eastern part now. I expect India to have more than 30 million tons of surplus,” he said. The post Rice sufficiency a pipe dream? appeared first on Daily Tribune......»»
How Philippines creative sector can flourish amid the Korean wave
Experts in the creative industries have pinpointed the primary challenges plaguing the local sector and offered insights on how to better address these issues......»»
Macrons Address to the Nation Amidst Rising Antisemitic Acts in France
Title: President Macron Urges Unity Amid Rising Antisemitism in France President Emmanuel Macron is set to deliver a televised address tonight at 8pm (1800 GMT),.....»»
Bong Go to DTI: More livelihood opportunities for poor
Senator Christopher “Bong” Go expressed his support for the proposed budget for the Department of Trade and Industry (DTI) and its attached agencies during the Senate Finance sub-committee hearing on Tuesday, 3 October. He however appealed to the concerned agencies of government, particularly DTI, to address rising prices of commodities, mitigate the impact of inflation, and provide more livelihood opportunities for the poor to help them recover from the pandemic and other recent crises. “Bigyan po ninyo ng mas maraming oportunidad na makabangon ang mga mahihirap. Ang maayos na kabuhayan ang isa sa mga magiging susi sa pagginhawa ng pamumuhay ng bawat pamilyang Pilipino,” he explained. “Trabaho po ng DTI na bantayan rin ang mga presyo ng bilihin lalo na ngayon na lumalala ang inflation. Bagamat hindi natin kontrolado ang global factors na nagdudulot nito, sikapin dapat ng gobyerno na pagaanin ang hirap na dinadala ng ating mga kababayang pinakanangangailangan,” he appealed. Go’s stance comes in the wake of the recent Pulse Asia survey, conducted from 10 to 14 September, which showed that poverty and inflation were identified as two of the most pressing concerns. It is for this reason that the senator has urged the government to prioritize the creation of better job opportunities as a crucial step towards alleviating the suffering of the people and stabilizing the country's economy. “Nais kong iparating ang aking suporta para sa proposed budget at mga programa ng DTI. Ang DTI ay may malaking papel sa pagpapalago ng ating ekonomiya at pagpapabuti ng kalagayan ng ating mga negosyante at manggagawa,” said Go. Through Senator Mark Villar who presided over the budget hearing, Go manifested his support for DTI as it plays a pivotal role in shaping the economic landscape of the country, considering that it is responsible for crafting and implementing policies, programs, and projects that promote a competitive and innovative business environment. “Sa pagtugon sa mga hamon ng kasalukuyang panahon, napakahalaga na maglaan tayo ng sapat na pondo para sa DTI upang maipagpatuloy nila ang kanilang mahalagang mga proyekto at programa. Sa tulong ng mga programa ng DTI, mas mapapaunlad natin ang sektor ng negosyo sa bansa at mas magkakaroon tayo ng mas maraming pagkakataon para sa trabaho at kabuhayan,” he added. Moreover, Go said that the department is entrusted with the vital task of supporting micro, small, and medium enterprises (MSMEs) that constitute the backbone of the Philippine economy. These businesses are crucial in generating employment and driving economic growth. Go highlighted Republic Act No. 11960, or the One Town, One Product (OTOP) Philippines Act. Authored and co-sponsored by Go, the OTOP Philippines Program is a government-led initiative that allows each town or city in the country to capitalize on a unique product or service that embodies its identity, culture, and traditions. “Sa tulong ng batas na ito, ating pinapalakas ang mga lokal na negosyo sa bawat bayan at siyudad sa bansa. Ipinapaabot natin sa kanila ang suporta na kinakailangan nila upang mapanatili ang kanilang operasyon at maabot ang mas malawak na merkado,” Go said, adding that by leveraging local resources, the program not only invigorates economic activities but also fosters cultural preservation. Meanwhile, Go also co-sponsored Senate Bill No. (SBN) 2021, which aims to institutionalize the Shared Service Facilities (SSF) project under DTI. The proposed measure seeks to amend RA 6977 or the Magna Carta for Small Enterprises as amended by RA 9501, also known as the Magna Carta for MSMEs. If enacted, the SSF program would offer more cost-effective solutions to MSMEs by providing access to shared facilities and services that will help them improve the quality and productivity of their products, including equipment, tools, and machinery that they can use to upgrade their production processes that are typically expensive for individual MSMEs. During the previous administration, Go advocated for the Pangkabuhayan sa Pagbangon at Ginhawa (PPG) program which seeks to aid micro, small, and medium enterprises in crises and provide livelihood opportunities to more Filipinos. “Sa programang ito, tuturuan ang mga benepisyaryo na magnegosyo at bibigyan ng suporta para palaguin ito. Masarap sa pakiramdam kapag pinaghirapan at pinagpawisan ang iyong negosyo, napalago ito, at naiuwi sa pamilya ang kinita mula dito,” he said. He continues to support the implementation of the program to help more Filipinos in need of government support amid trying times. Last year, Go successfully appealed for the budget allocation for the PPG program during the deliberations on the 2023 budget of the DTI. “Marami pong nawalan ng trabaho, maraming nagsara na negosyo dahil po sa pandemya kaya naman napakahalagang maipagpatuloy ang programang ito,” he said. “Isa itong paraan upang maipakita natin ang ating malasakit sa mga Pilipinong apektado ng iba't ibang krisis, mula sa nakaraang pandemya hanggang sa mga kasalukuyang kalamidad, at mabigyan sila ng bagong pag-asa na magkaroon ng maayos na kabuhayan,” he added. Furthermore, Senator Go filed SBN 420, which aims to establish the Rural Employment Assistance Program (REAP) that will be operated under the purview of the Department of Labor and Employment (DOLE). The primary objective of this proposed program is to offer temporary employment opportunities to individuals experiencing economic hardships, poverty, displacement, or seasonal unemployment. By creating such opportunities, REAP can assist those affected in achieving financial stability during challenging periods. The post Bong Go to DTI: More livelihood opportunities for poor appeared first on Daily Tribune......»»
S. Korean migrant’s tale to open Asia’s biggest film festival
The world premiere of Jang Kun-jae's "Because I Hate Korea" will open Asia's largest film festival Wednesday night as it looks to rally from a year marked by scandal and budget cutbacks. The South Korean director's tale of a disillusioned young woman who relocates to New Zealand is among 209 official entries from 69 countries set to unspool at the Busan International Film Festival, which runs until 13 October. Eighty will be making their world premieres in the southern port city. This year's edition comes as organizers grapple with the fallout from former festival director Huh Moon-yung's resignation in May amid accusations of sexual misconduct. The scandal saw BIFF's 2023 budget reduced by about 10 percent as sponsors withdrew in the wake of the allegations, according to organizers. Kang Seung-ah, now serving as acting deputy director, acknowledged they had endured a "difficult phase" before assembling a lineup she said was "more substantial than ever before". Opening night director Jang, who noted he'd attended BIFF far more as an audience member than a filmmaker, told a late afternoon news conference he had sought to address serious questions with his film. "I believe it's necessary to pay attention to the fact that many young people are finding it difficult to navigate through Korean society. I started questioning whether our society is providing a fair and equitable foundation for young people to pursue their dreams," he told reporters after a preview screening. Based on the best-selling Chang Kang-myoung novel, "Because I Hate Korea" received support from BIFF's Asia Project Market back in 2016. South Korea has transformed itself into a cultural powerhouse since then thanks to the explosive success of the Oscar-winning "Parasite" and the Netflix series "Squid Game". "Many people are now showing great interest in Korean content such as K-pop, K-movies, and K-dramas. Living in such an era, they might develop a certain fantasy about South Korea, I think," Nam Dong-chul, the festival's acting interim director, told reporters. But "I thought it might be good to consider these views from the perspective of people living in Korea and especially the youth in South Korea", he said of the opening night choice. "They might have different thoughts and experiences." Frequent Bong Joon-ho collaborator Go Ah-sung, who delivered a memorable performance as the protagonist of "Because I Hate Korea", was unable to attend the festival due to a back injury. 'Dear Jinri' Despite Go's absence, the festival will still feature serious star power, with acclaimed Hong Kong actor Chow Yun Fat scheduled to receive the Asian Filmmaker of the Year award. Three of Chow's films -- "A Better Tomorrow" (1986), "Crouching Tiger, Hidden Dragon" (2000) and 2023's "One More Chance" -- will be screened in his honour. Other highly anticipated screenings include "Dear Jinri", a documentary that features late K-pop star Sulli's last and incomplete project. Sulli, born Choi Jin-ri, took her own life in 2019 after a long struggle with online bullying. The film includes her final media interview, which has not been disclosed previously. Korea's filmmaking diaspora will also be showcased with a special series of screenings that includes "Searching" (2018), starring John Cho, and director Celine Song's Sundance favorite "Past Lives". Netflix's highly anticipated "Yellow Door: 90s Lo-fi Film Club" will also have its world premiere at BIFF. The documentary spotlights South Korea's renowned cinephile generation of the 1990s, acclaimed "Parasite" director Bong among them. "The Movie Emperor", director Ning Hao's satirical take on the Chinese film industry starring Hong Kong actor Andy Lau, is set to close the festival. Ning's comedy "deftly captures the fine line between the film industries in Hong Kong and mainland China", as well as the "delicate relationship between Western film festivals and Asian filmmakers", according to the program notes. The post S. Korean migrant’s tale to open Asia’s biggest film festival appeared first on Daily Tribune......»»
Ukraine left out in cold by US shutdown deal
The future of US aid for Ukraine hangs in the balance after a last-gasp deal to avoid a government shutdown, despite President Joe Biden's attempts to reassure Kyiv it will get what it needs to fight Russia. Barely a week after President Volodymyr Zelensky was in Washington appealing for more funds, the compromise struck in Congress late Sunday dropped new funding for Ukraine amid opposition from hardline Republicans. Biden and his Democratic party say America has a duty to help Ukraine stand up to Russian President Vladimir Putin's brutal invasion, warning that a failure to do so could embolden other autocrats in the future. But the issue has become so politicized in Washington that the fate of vital military aid is now in jeopardy, just as Kyiv tries to make progress in its sluggish counteroffensive before winter sets in. Biden urged Republican House Speaker Kevin McCarthy on Sunday to "stop the games" and said he "fully expects" him to secure passage of a separate bill for Ukraine funding soon. "I want to assure our American allies, the American people, and the people in Ukraine that you can count on our support. We will not walk away," Biden said in an address from the White House. Ukraine played down the blow, saying Sunday it was "actively working with its American partners" to ensure new wartime aid. Josep Borrell, the top diplomat for the European Union -- a major US partner in delivering aid to Ukraine -- said the bloc was "surprised" by the last-minute deal and "regret (the US decision) deeply, thoroughly." "I have a hope that this will not be a definitive decision and Ukraine will continue having the support of the US," he said. The post Ukraine left out in cold by US shutdown deal appeared first on Daily Tribune......»»
Garbage caused Saturday floods, says MMDA
The Metropolitan Manila Development Authority on Sunday reported that a significant amount of improperly disposed garbage caused flooding in several areas in the National Capital Region amid the heavy rains on Saturday. MMDA general manager Procopio Lipana disclosed that MMDA personnel recovered garbage — such as plastics and even a plywood plank — that blocked a drain near EDSA-Camp Aguinaldo. “We obtained a huge amount of garbage despite the continuous cleaning of storm gutters,” said Lipana in a radio interview. “Aside from the large amount of garbage blocking the drainage, the heavy rain came down suddenly, and our drainage system has become inadequate,” he added. The MMDA chief reiterated that the agency planned to create a 50-year drainage master plan for Metro Manila to address perennial flooding during the rainy season, adding that drainage systems in the region’s cities need to be aligned and enlarged to accommodate the larger volume of water. Pending this master plan, the MMDA appealed to the public to properly dispose of their garbage to mitigate the flooding in Metro Manila. The post Garbage caused Saturday floods, says MMDA appeared first on Daily Tribune......»»
Marcos sees early palay harvest to reduce rice prices
President Ferdinand Marcos Jr. expressed optimism that the early harvest of palay (unhusked rice) would help bring down the prices of rice in the markets. In a chance media interview, Marcos expressed hope that Filipinos will once again reap the effects of “more improved production” in the agriculture sector. He also reiterated his decision to order the temporary imposition of the mandated price ceilings on rice because of the sudden spike in the prices of the staple grain. “We're already harvesting. When that comes in, I think we will see the prices go down. It would be determined by market forces. Maybe if the market itself lowers the price, we could reduce it),” Marcos said on the sidelines of rice distribution to about 2,000 qualified beneficiaries in Iriga City, Camarines Sur on Saturday. In August, the Department of Agriculture reported an estimated 900,000 metric tons of the palay harvest output. Marcos said the palay harvest, which is expected to peak in late September to October, will contribute largely to the country's production from July to December. By this time, the DA estimated that the palay harvest to peak at 11.5 million metric tons. Data from the Philippine Statistics Authority showed that the national palay output from January to June 2023 rose to 9.02 million MT, 3.4 percent more than the 8.7 million MT production for the same period in 2022 and 2021. Moreover, Marcos said the government is currently dealing with hoarding of rice supply to manipulate the price of the staple grain. Amid the hoarders delaying the release of rice, Marcos stressed “There’s no need not worry about the supply.” He said the country has sufficient stock of the staple. “Nandito po kami upang magbigay naman ng tulong sa mga nangangailangan dahil alam po nating nagtaas ang presyo ng bigas (We are here to help those in need because we know that the price of rice has increased),” he added. Marcos said the rice price was so high prompting the government to impose a price cap. Under Executive Order 39, which took effect on 5 September, Marcos ordered the implementation of a price ceiling of P41 per kilogram for regular milled rice and P45 per kg for well-milled rice. Marcos stressed that one of the government's thrusts is to address the gaps and challenges in the agricultural sector, particularly “rice distribution that affects supply and prices.” “Marami naman tayong bigas hindi lang nailalabas nang tama. Kaya’t hindi problema ang supply sa atin dito sa Pilipinas (We have lost of rice but it is not being correctly distributed. That’s why we have no problem with the rice supply here in the Philippines),” he said. Marcos said the DA is exhausting all efforts to boost the supply and reduce the cost of rice in the country. In the meantime, he said the government has to implement measures such as the imposition of a price cap, provision of cash aid to rice retailers, as well as setting new palay buying price range for the National Food Authority to help farmers and secure inventory. The post Marcos sees early palay harvest to reduce rice prices appeared first on Daily Tribune......»»
Manufacturers temporarily forgo price increases — DTI
The Department of Trade and Industry has announced that several manufacturers have temporarily forgone their requests for price increases after Trade Secretary Alfredo Pascual requested them to be mindful of the consumer’s plight amid the skyrocketing prices that they have to endure these days, as a result of their meeting last Thursday afternoon. On 21 September 2023, the DTI convened a meeting with manufacturers of basic necessities and prime commodities, where a total of 29 manufacturers and two associations of canned sardines, coffee, processed milk, bread, salt, detergent, candles, condiments, bottled water, canned meat, toilet soap and batteries participated in the said dialogue. According to DTI Undersecretary Communications and Legislative Affairs Kim Lokin, Secretary Pascual’s meeting with manufacturers went well, as these firms are willing to hold off on a price increase for now. “Although of course, they raised concerns that on the production level, there is indeed an increase in cost. Sec Pascual is very appreciative of the gesture,” she said. Manufacturers assured On the other hand, the Trade chief assured manufacturers that he would also consider their plight, and the need to sustain their businesses and provide jobs. Lokin said the DTI will hold another round of consultations, especially for those who have serious or urgent concerns, which will be on a case-to-case basis. Further, the DTI undersecretary stressed that this does not mean that forgoing the price increase is definite until Christmas. “For now, we can say the manufacturers are willing to hold off any increase for as long as they can. It is difficult to say when they will adjust prices because the cost of raw materials and ingredients used are also subject to market forces. Sec Pascual would have to consider all stakeholders, although of course in his mind, consumers’ needs are paramount,” Lokin stressed. Concerns During the dialogue, manufacturers expressed their concerns about various issues, including the imposition of pass-through fees; lack of local supply of raw materials; the compliance requirements of other government agencies, and other regulatory concerns. As of 19 September 2023, 14 manufacturers of 46 Stock Keeping Units covering 10 categories of BNPCs requested retail price adjustments due to the high cost of major raw materials, packaging materials, fuel costs, wages, and other costs that affect the production of essential goods. In their statement, the Philippine Association of Meat Processors Inc. said that manufacturers of Noche Buena products decided to absorb the bulk of rising costs. “In our commitment to observing the Christmas spirit and ensuring everyone can enjoy the festival season,” PAMPI said. “We are working diligently to manage rising costs. Production costs have risen by an estimated 10-15 percent, most of these products will only see a modest price increase of 0-4 percent”, PAMPI added. Meanwhile, Pascual said he is also committed to closely working with the salt and canned sardine manufacturers to address their specific concerns. The DTI secretary ensured that all concerns raised were taken into consideration and vowed to support the manufacturing sector, urging them to go into value addition. The post Manufacturers temporarily forgo price increases — DTI appeared first on Daily Tribune......»»
Oil tax freeze clash looms
Senate Minority Leader Aquilino Pimentel III yesterday supported — while Finance Secretary Benjamin Diokno strongly opposed — a proposal to suspend the excise tax on imported oil products amid the skyrocketing fuel prices at the pump. “Every week, our fellow Filipinos face the challenge of ever-increasing fuel prices. They need a lifeline now. I hope the government understands the gravity of the situation and the urgency of intervention to alleviate their hardship,” Pimentel said. “The suspension of the excise tax would offer a temporary respite and serve as an effective lifeboat for Filipinos struggling to cope with the sky-high fuel prices,” he stressed. House Deputy Majority Leader and ACT-CIS Partylist Representative Erwin Tulfo on Monday proposed a three-month suspension of the excise tax on imported oil and bio-ethanol to address the continuing surge in oil prices. Tulfo’s proposal to temporarily suspend the excise tax until December came after Speaker Martin Romualdez held a meeting with representatives of the oil industry players on the same day. In a media briefing, Tulfo gave the impression that the House leadership would be inclined to recommend to President Ferdinand Marcos Jr. the suspension of the fuel excise tax. For Pimentel, suspending the excise tax would “unburden” many Filipinos from the expected increase in the prices of basic commodities. “The rising cost of crude oil will ultimately be borne by every Filipino because it leads to increased prices of goods, electricity, and more,” he said. Earlier, oil companies raised gasoline and kerosene prices by P2 per liter, with a more significant increase of P2.50 per liter for diesel. Diesel and kerosene prices in the last 11 consecutive weeks rose by a cumulative P17.30 and P15.95 per liter, respectively, while gasoline prices in the last 10 weeks climbed by P11.85 per liter. The global price of crude oil from the United States has risen to $92 per barrel, while European crude has increased to $95 per barrel since November last year. ‘Only rich will benefit’ But Diokno quickly put a damper on Tulfo’s proposal, saying that suspending the excise tax on petroleum products would benefit only the rich and severely damage the economy. “We recognize the public sentiment to address the elevated fuel prices. However, as the government, it is our responsibility to be cautious in implementing policies that could negatively impact the macro-fiscal stability and sustainability of the country,” he told reporters. Suspending the excise tax would be “regressive,” Diokno said, as it would delay infrastructure and social development projects for long-term economic growth under the Marcos administration, which aims to make the country a predominantly upper middle-income society by 2025. He pointed out that only the top 10 percent of households with the highest incomes would benefit from a suspension as they consume nearly 50 percent of all fuels. He noted that the lower half of households use up only 10 percent of all oil-based fuels. “When you formulate policy, you always think of what’s the greatest good for the greatest number,” Diokno said. Likewise, suspending the excise tax on fuel would not help stave off inflation in the long run, he added. “Any of the proposals will adversely affect our economic and fiscal recovery, our international credit rating, and our overall debt management strategy,” he said. He explained that the government would lose billions in revenue if it suspended the excise tax on fuel and its associated value-added tax. For the fourth quarter of 2023 alone, Diokno said, the losses in government revenue from foregone VAT and fuel excise taxes would reach P31.2 billion and P72.6 billion, respectively. Doom and gloom “In total, for the whole year of 2024, the government will lose P280.5 billion,” he said. Diokno averred that the lost revenue would lead to a higher budget deficit — from 5.1 percent to 6.2 percent of gross domestic product — and a higher debt-to-GDP ratio in 2024 of 60.2 percent to 61.3 percent. With a restricted revenue collection, Diokno added, the government will be forced to borrow more to support its projects and to repurpose some of its future revenues to debt payments. “Higher borrowings will further increase our interest payments and budget deficit in the future,” he said. The solution, Diokno said, is to give targeted subsidies to those who will be most negatively affected by the higher fuel prices, such as jeepney drivers, farmers and fishermen. He also said that eliminating the fuel tax would require time-consuming legislative action. “Once the elevated oil prices subside, it may not be easy to restore the taxes on oil products. It is politically unpopular. That’s the political economy of tax legislation. This has serious implications for fiscal sustainability,” he warned. The post Oil tax freeze clash looms appeared first on Daily Tribune......»»