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Monthly Archives: July 2017

Meralco, power units’ sweetheart deals bared

The Manila Electric Co. building. ELMER DOMINGO (CC BY-SA 3.0)

By Luis Leoncio  Giant electricity distributor Manila Electric Co. (Meralco) has “sweetheart” deals with seven power plant affiliates for the supply of some 90 percent of its power supply requirements in violation of anti-trust provisions of the Electric Power Industrty Reform Act (EPIRA). 

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Exports group urges reset of BOC cases

Philexport

Trade group Philippine Exporters Confederation (Philexport) had sought a reset of tariff cases with the Bureau of Customs (BOC) through an amnesty program since these pending cases are now sources of graft. 

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DOF wants GRT an option not a rule on tax payments

Senator Juan Edgardo Angara (left photo), chair of the committee on ways and means, stresses a point on the “Tax Reform For Acceleration And Inclusion” focused on
Amending the Estate Tax and Donor’s Tax and the Imposition of eight percent gross receipts tax on self-employed and professionals during the Senate public hearing last July 6. With him are Minority Leader Franklin Drilon (left) and Senator Sherwin Gatchalian. At right is Finance Undersecretary Dr. Karl Kendrick Chua. PNA

The Department of Finance (DOF) wanted the eight percent gross receipts tax (GRT) on self-employed and professionals as an option and not a mandated scheme for income tax payments as stated in the House of Representatives’ version of the tax reform program.

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Trillanes says no ‘silver lining’ under Duterte

Plaridel board member Ariel Ayala (right) talks to Sen. Antonio Trillanes IV (left) during the Kapihan sa Manila Hotel forum last July 3. ALLEN CID

By Gia Catimbang  The status of the economy during the first year of President Duterte lacks a ‘silver lining’ in ‘every viewable angle’, Sen. Antonio Trillanes IV said at the recent Kapihan sa Manila Hotel forum last July 3. 

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Peso weakness no cause for worry, says BSP chief

The governorship of the Bangko Sentral ng Pilipinas is passed
on from Amando M. Tetangco Jr. to Nestor A. Espenilla Jr. on July
3. Espenilla joined the BSP in 1981 and steadily rose through the ranks until he was appointed
Deputy Governor in 2005.
Espenilla succeeds Tetangco as fourth governor of the BSP since
its establishment in 1993.

There is no worry in the peso value despite its nearly 11-year low close to a greenback last Thursday when it finished at 50.67 per $1 from 50.60 a day ago and already near its 50.73 record close on Sept.1, 2006, Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. said.

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Government infra buildup bid secures key financing

ADB President Takehiko Nakao while delivering a speech 50th Annual Meeting in Yokohama, Japan.

By Riza Lozada  The Asian Development Bank (ADB) is ready to assist the government to deliver on its ambitious Build, Build, Build infrastructure program, including a $100 million loan to fast track priority projects in transport and water system management, ADB President Takehiko Nakao said. 

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Pagcor distributes relief goods for Marawi evacuees

PAGCOR Chairman and CEO Andrea Domingo addressing the evacuees at Maria Cristina Gym in Iligan City during the agency’s relief operations for the families displaced by the ongoing armed conflict in Marawi City with her are PAGCOR President and Chief Operating Officer Alfred Lim (right) and Director Gabriel Claudio (left).

Iligan City – Some of 5,000 families displaced by the ongoing armed conflict in Marawi City received much-needed provisions from state gaming firm Philippine Amusement and Gaming Corp. (PAGCOR). 

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Biazon urges government to quantify smuggling

Former Customs Commissioner Ruffy Biazon.

By Gia Catimbang  The government must take into account off-the-radar information such as the value of smuggled goods in its statistics to have a full picture of the economic situation, former Customs Commissioner Ruffy Biazon said in the recent Kapihan Sa Manila Hotel forum. 

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SMFI active in wings to back Marawi heroes

SMFI Executive Director Debbie Sy speaks to a wounded soldier as she hands him a bag of personal hygiene products and radio.

Soldiers—many of them in their 20s to early 30s– are rushed daily to V. Luna Medical Center from Marawi, wounded from shrapnel, snipers, mortars, IEDs and even land mines but their spirits are high and they are determined to even the score with the enemies. 

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Government execs meet to firm up Bangon Marawi plan

Member agencies of Task Force “Bangon Marawi” met last Friday to discuss the various recovery plans for the war-torn city. 

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