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Philippine Peso weakens anew

Roy — Thu, 28 Jul 2011 22:05:33 +0000

The Philippine Peso weakened on Thursday as an effect of investors concerns in the local economy. After hitting its strongest thus far in three years early this week, the peso closed at 42.17 against the US dollar on Thursday. Down by 6 centavos from Wednesday’s 42.11.

Traders said it was an effect on the concerns over the debt situation in the United States. With the August 2 deadline drawing near, the US Congress has yet to agree on the debt ceiling of the US government, without which, it will be prevented from borrowing more to raise funds for its maturing obligations.

When the US faults in its debt payment, it sends jitters in the international financial community. Because most emerging Asian markets, the Philippines included, have significant exposure in the US.

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SSS reports payments of benefits for 2010 up by 7%

Roy — Fri, 22 Apr 2011 08:06:03 +0000

The Social Security System (SSS) reported that its benefit payments for 2010 has increased by 7% to P77.17 billion, with the bulk of the payment going to retirement claims and death benefits. SSS president and chief executive officer (CEO) Emilio de Quiros Jr. said in a statement that the state-run agency paid P38.23 million to more than 800,000 retiring members last year while another P27.65 billion went to death benefits of families of about 740,000 members.

De Quiros said, “SSS entitles workers to many types of benefits. Monthly contributions help members save for retirement and give them a safety net during contingencies that disrupt their capacity to earn.” The pension fund provides retirement, sickness, maternity, disability, death and funeral benefits. Membership to pension fund is mandatory for private sector employees and self-employed workers.

The pension fund chief earlier proposed an increase of 0.6% in the contribution rate to 11% and P5,000 increase in the maximum monthly salary credit. De Quiros said that if his proposal is approved, the adjustment would allow the agency to implement a 10% across-the-board pension increase, give pensioners a P500 one-time grant, as well as hike other benefits.

“The average monthly pension is about P3,500 and we want pensions to be nearer the amount of their last salary. Members are being deprived of proper benefits because of limitations in the SSS structure, which we are now trying to adjust gradually,” he said. “The small steps we are taking are also directed toward a perpetual SSS fund life. The proposed reforms would add 7 years to the SSS fund life, extending in from 3029 to 2046,” he added.

De Quiros also noted that the contribute rate being used the pension fund is much lower than that being used by the Government Services Insurance System (GSIS) which is 21%.

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President wants oil firms to open books to public

Roy — Thu, 21 Apr 2011 11:23:46 +0000

President Benigno “Noynoy” Aquino III yesterday said he wants oil companies to open their books to public scrutiny to prove that they were not taking advantage of the public in their series of oil price increases.

“That was my position ever since I have been in public service, isn’t it? If reasonable, why can’t they show it?” the President told reporters in an ambush interview at the Ninoy Aquino International Airport Terminal 3 in Parañaque where he led an inspection of the facility.

The president also asked the Deparment of Energy (DOE) to find way of simplifying the computation of prices for the benefit of the public. “It will show, demonstrate if prices are right or wrong. And again, they repeatedly answer that all sectors are involved in the computation, face to face, nothing is hidden from them as to how pump prices are arrived at,” Aquino said.

He said the secretary would always tell him that every time that they have been demonstrating the formula on how to arrive at prices, they have been very transparent to include even the militant transport group.

DOE’s director for Oil Industry Management Bureau Zenaida Monsada said the recent price hikes were higher than what the energy department’s computation. The DOE sent letters to the oil firms asking them to explain why they have a higher price increase that what official computation should indicate.

Chevron, after receiving the letter from DOE, rolls back it prices of its oil products a day after increasing the same. Petron, for its part, promised to freeze its prices during the Holy Week. “We have no plans of increasing this week,” the company said.

Meanwhile, Unioil Petroleum Philippines Inc. is offering its gasoline products for P50 per liter for a minimum of P1,000 purchases. The company said the promo is in line with its commitment to corporate social responsibility.

Aside from the request to open their books, the government is also planning to issue an executive order that would ban further oil price increases.

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LPG price up on Holy Wednesday

Roy — Thu, 21 Apr 2011 05:42:06 +0000

Another addition to the Lenten sacrifice of Filipinos for the Holy Week: The prices of liquefied petroleum gas (LPG) have gone up by P1/kilo or P11 per 11-kg tank on Holy Wednesday. The price increase was implemented after some fuel firms raised prices of their products.

According to the LPG Marketers’ Association (LPGMA), the increase was due to the $45/metric ton increase in contract prices of the product. That means prices of an 11-kg tank sold by the association’s members will go up from the present P684 to P695, said LPGMA party-list Representative Arnel Ty.

Ty already hinted last April 7 that another round of price hikes may happen in May citing the continued political instability in some oil-producing countries in the Middle East. However, he said there will be no price increase likely to happen in April. He even said that April was usually a month when prices of LPG go down.

Unfortunately, the unexpected price hike on fuel imposed by fuel companies on Tuesday morning prompted the association to increase prices of their products as well. Last Tuesday morning, Shell and Chevron increased their fuel pump prices by 60 centavos per liter on gasoline and 25 centavos per liter on diesel. Petron also imposed a similar price increase on noon of Tuesday.

This prompted militant transport groups led by the Pinagkaisang Samahan ng Tsuper at Opereytor Nationwide (PISTON) to conduct a Holy Week-themed protest on Wednesday.

Meanwhile, the Department of Energy (DOE) questioned the price increases of oil firms and sent them a letter asking them to explain why their price hike was bigger compared to the computation made by the energy department. Chevron, a day after the said price increase, rolls back its fuel prices on noon of Wednesday.

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Splash reported 500-percent growth in 2010 profit

Roy — Wed, 13 Apr 2011 12:36:54 +0000

Splash Corporation reported its profit up to 500 percent to P144 million in 2010 from P23.74 million in 2009. The leading personal care manufacturer reported to the Philippine Stock Exchange that its big financial figures last year can be attributed to its strong performance across all its business segments – domestic, international and direct selling.

Splash president Eric Domagas said, “We posted higher net income due to efficient use of plant assets, tighter control on expenses, (and) launch of our new products.” He added, “We are confident that the company will continue to post double digit growth this year. We believe in the continued growth of our direct selling and international business segments.” Net sales for 2010 were recorded at P2.99 billion, up by 9.8 percent from 2009’s P2.72 billion.

The company’s capital expenditures in 2010 were registered at P69 million, from a previous P21.3 million in 2009. For 2011, the company’s board approved higher capex amounting to P426 million, most of which will be spent for plant capacity expansion, improvement of facilities and enhancement of information systems for international and direct selling operations.

Splash’s skin whitening captured the growth in product sales in 2010, reaching P1.3 billion, followed by skin exfoliants at P1.04 billion and hair products at P542.3 million. International operations recorded net sales of P407.98 million last year, up by 67.5 percent from P243.58 million in 2009.

The company has also set up subsidiaries and offices in the Middle East, Indonesia and Asean region, which helped it gain a foothold in international sales. Meanwhile, direct selling business recorded a big growth in net sales reaching P40.8 million last year from P3 million in 2009.

Splash direct selling head Glenda Pingol said, “Splash direct sales will be very aggressive in its effort to build its pioneer network for the year 2011.”

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Ampatuan faces plunder raps

Roy — Wed, 13 Apr 2011 00:21:16 +0000

Former governor Zaldy U. Ampatuan of the Autonomous Region in Muslim Mindanao (ARMM) is facing plunder charges. Interior and Local Government Secretary Jesse M. Robredo said charges will be filed against Ampatuan after an audit report revealed that unaccounted amount of P2.5 billion in government funds. Robredo said the charges could be filed by the end of the month.

He added that fourteen other officials from the Office of the Regional Governor will also be charged after a report by the Commission on Audit (CoA) showed that the office had alleged anomalous transactions between 2008 and 2009 that have been traced to the missing fund.

“The CoA report lists the circumstances of the malverisation, along with the people that should be held accountable and the pieces of evidence pertinent to the charges. We will submit these to the DoJ for review within the week,” Robredo said.

Robredo met with Justice Secretary Leila de Lima and Solicitor General Jose Anselmo Cadiz to discuss the CoA report about the unaccounted state funds. De Lima said she will form a special panel of prosecutors which will review the documents and recommend action, whether to file charges with the Department of Justice (DoJ) or the Ombudsman.

She said, “We need to evaluate the documents so that we can come up with an appropriate legal strategy in handling the case, such as whether the cases can be split up depending on related acts and transaction.”

Additional charges could also be filed against the former ARMM governor and the others later as three other audits of the Department of Public Works and Highways in ARMM, the social fund of the region, and in the province of Maguindanao are completed. “However, it’s important to get the case rolling because if we wait for the other audits to finish, we could fail to file any case at all,” De Lima said.

The justice chief also noted that during the term of former president Gloria Macapagal-Arroyo, widely believed to be a political ally of the Ampatuans, the CoA has not outrightly come up with its report on the audit of ARMM funds. “Never before has there been an audit of ARMM funds, even though we had a lot of information about the funds going to the coffers of the Ampatuans,” said De Lima.

“There are supposed to be auditors assigned to areas like that. It’s either the auditors are afraid or complicit. But more often than not, they would be afraid because no one would dare check whether a particular project exists or has been finished,” she added.

The recently released CoA report, based on an audit of the Office of the Regional Governor of ARMM from January 2008 to September 2009, revealed the office had “a total disregard of the general audit rule that payments must be made in check” as most of the dubious transactions were carried out using cash.

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Binay’s wife cleared of graft charges

Roy — Tue, 12 Apr 2011 07:35:21 +0000

The P58-million graft case filed against former Makati City Mayor Elenita Binay, together with five other respondents, has been dismissed by the Sandiganbayan ruling that the evidence was not sufficient to prove alleged overpricing of furniture for the Makati City Hall. The anti-graft court’s second division said there is insufficient basis for the trial of the wife of Vice President Jejomar Binay. The former mayor was implicated in the alleged overpriced purchase of furniture worth over P58 million in 2000 to 2001.

Likewise, Binay’s fellow respondents, former city administrator Nicanor Santiago Jr., general services department head Ernesto Aspillaga and private defendants Li Yee Shing, Jason Li and Vivian Edurise of the private company Office Gallery International Inc. were cleared of the charges.

Sandiganbayan Presiding Justice and second division chair Edilberto Sandoval said the prosecution failed to present enough evidence to eventually prove guilt beyond reasonable doubt. “This court is duty-bound to spare the accused from the unnecessary burden, expense and anxiety of having to defend themselves in public trial,” the 69-page read. “The admission made in open court early on by the prosecution that the information they filed in this case does not conform with evidence on record foretold a bleak conclusion to this case.”

Prosecutor Rodrigo Coquia supposedly confessed that the charge sheet against Binay was unclear about where the accused were charged with causing undue injury to the government of giving unwarranted benefits to a private firm. The Sandiganbayan said the testimony that the alleged overpricing was found only by simply comparing the layout plan with the purchase request and purchase order is not strong enough.

“It is beyond belief that the prosecution came to court with evidence comprising merely a bare comparison of the number of partitions purchased,” the anti-graft court said, adding that there was not even a confirmatory physical count of the partitions that were actually used for the furniture for city hall. The ruling stressed “In the face of the weakness of the prosecution’s case to prove the elements of the offense charged against the accused, there remains no further reason to hold them for trial under the present indictment.”

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Structural changes in SSS to allow for more benefits

Roy — Wed, 06 Apr 2011 16:10:44 +0000

Social Security System (SSS) is set for some structural changes in order to provide for more benefits. SSS president and chief executive Emilio de Quiros Jr. said Filipino workers and pensioners have sought meaningful benefits for the past many years, which is not possible unless the pension structure is updated.

He said, “The SSS operates on the principle of forced savings and cross-subsidy to enable workers to accumulate savings for retirement. But the present system has impediments that hinder the workers from saving more.”

The state-run social security agency has already started consultation meetings with labor representatives, employees’ groups and other stakeholders on upgrading benefits, which would require boosting revenues from contributions.

The current contribution rate for SSS is 10.4 percent of the monthly salary. This is less than half of the rate in the public sector under the Government Service Insurance System (GSIS) which is 21 percent of the monthly salary. The average contribution rate among Asian countries is 23 percent and 35 percent among European countries.

The SSS chief said they plan to raise the contribution rate by 0.6 percent to 11 percent of the monthly salary, which would be equally shared by employers and employees. De Quiros said this move would add seven years to its fund life and provide leeway for benefit enhancements.

He also said that the maximum monthly salary credit will be increased to P20,000 from the present P15,000, to enable workers with bigger salaries to save up for retirement through higher contributions. The maximum salary credit is the ceiling that serves as basis for contribution payments.

De Quiros said that without structural reforms, benefit increases would strain and shorten SSS’s actuarial life, which at present is projected to last until 2039, according to the 2007 actuarial valuation. He added that the increase would allow a P500 one-time grant to pensioners, 10 percent across-the-board increase in pension, and higher computed benefits for active members.

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Big 3 raised diesel price by P0.60 a liter

Roy — Tue, 22 Mar 2011 20:46:00 +0000

As some small players reduced their prices of gasoline by P1 a liter last Monday, the big 3 oil firms in the country raised their diesel. Chevron Philippines, Pilipinas Shell Petroleum Corp., and Petron Corp. raised their by P0.60 per liter their diesel prices as of 6:00 a.m. on Tuesday.

However, just like their small players counterparts, the “Big Three” oil firms also reduced the price of their regular gasoline by P1 per liter too. As of March 15, gasoline was sold at P52.25 to P57.96 per liter, while diesel was sold at P44.65 to P46.65 per liter.

Meanwhile, in a separate report, the Petron Corp. assured the public that it will be investigating the alleged liquefied petroleum gas leak on Monday at one of its AutoLPG dispersing pumps in Sta. Cruz, Manila. In a statement issued on Tuesday, Petron said, “We immediately dispatched our safety and environmental team onsite. Our service stations are equipped with several safety features including an automatic shut off of the pipelines once there are changes in pressure along the line. This safety feature was immediately triggered and shut down the LPG pipeline.”

Petron Corp. followed a standard operating procedure (SOP) by cordoning off the area where the leak was reported. It also shut down all possible sources of ignition, like the electrical light. The company’s personnel have already coordinated with Bureau of Fire Protection and Philippine National Police regarding the matter.

“The leak was contained immediately. Our engineers have detected the source of the leak and is in the process of replacing the defective pump. There is no longer any danger to people and property. We wish to assure the public that we will fully investigate the incident,” Petron said

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Government will ask malls to shut down to save electricity

Roy — Fri, 09 Apr 2010 23:45:15 +0000

Because of the electricity shortage brought on by a long drought, the government will ask malls to shut down to help alleviate the effect of the shortage. The government said it will be asking shopping mall, as well as some factories to consider shutting down operations for several days in order to ensure the uninterrupted supply of power during the elections on May 2010.

For the first time in Philippine elections history, the Commission on Elections (Comelec) will be using optical scanning machines to count the votes and transmit the results electronically. However, there are some sectors who have expressed fear of a failure on elections should there be power interruptions. This, even if the consortium that won the bid to provide 80,000 machines has promised to supply back-up batteries during the elections.

Speaking in behalf of the government, energy secretary Jose Ibazeta said they will ask malls and factories in the southern region of Mindanao to shut down or scale down operations for three days from May 9 to 11 to save energy. The said region is one of the most affected by the shortage in electricity, experiencing daily rotating blackouts lasting several hours.

The El Niño phenomena has caused water levels in hydroelectric dams to go below the critical levels as blackouts spread to Manila and other parts of the northern and central Philippines. “What we want to make sure is that all the election precincts will have power to conduct the elections peacefully and properly,” Ibazeta said.

Elections in the country have always been marred by allegations of cheating and political violence. The poll automation could have minimized, if not prevented, the occurrence of cheating. Unfortunately, this has been now causing fear to many because of the shortage in electricity.

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VAT on toll fees opposed by Senator Enrile

Roy — Sun, 04 Apr 2010 09:41:06 +0000

The move against the imposition of the 12 percent value added tax (VAT) on toll found an ally in the person of Senate President Juan Ponce Enrile.

Enrile opposed the imposition of 12 percent VAT on toll, saying that the tax would only bring additional burden for motorists who also pay the road users’ tax. The said 12 percent was to be implemented starting this month.

According to the Bureau of Internal Revenue (BIR), the additional 12 percent VAT would be first imposed on private vehicles.

The toll rates, said the senate president, are already taxes by nature. “As early as August of last year, I have already stated that I am not in favor of any additional taxes, as our people are already over-burdened with their financial obligations. In the case of owners of private vehicles, they already pay their dues to the government under the road users’ tax to recover the fees expended by the government for the construction and maintenance of these roads,” he said.

Enrile added that the new VAT on toll fees would also have an effect on government cost because even government-owned vehicles will have to pay the 12 percent tax too when they pass through the tollways. He also said that the VAT on toll will also cause increase in the public’s transportation and food cost.

“It seems the BIR did not study this plan well. Ultimately, it will be our consumers and the poor people of this country who will suffer and be made to shoulder the cost of this 12 percent VAT on toll fees,” the senator , who is seeking reelection under the Puwersa ng Masang Pilipino party, said.

The Toll Regulatory Board, for its part, said that the imposition of VAT on toll fees would be a violation of the build-operate-transfer contract between the government and toll operators because VAT on toll was never a part of the toll operation agreements between the two parties.

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BIR fielding out personnel to check on companies’ year-end inventories

Roy — Mon, 28 Dec 2009 17:47:49 +0000

The last week of the year will see the field personnel of the Bureau of Internal Revenue (BIR) going out and visiting businesses and their warehouses. The revenue agency will be deploying its personnel to check out and monitor taxpayers’ year-end inventory.

BIR Commissioner Joel Tan-Torres issued Revenue Memorandum Order No. 40-2009, which seeks to validate the correctness of inventory lists for taxable year 2009.

Tan-Torres said, “We can expect our people to celebrate the New Year in warehouses to check inventories of taxpayers. The best way to ensure that the inventories are properly reported by the taxpayers is for our revenue officers to be present during the conduct of the annual inventory taking.”

In line with the RMO No. 40-2009, the BIR Commissioner ordered revenue offices in a separate memorandum, to augment the pool of assessment offices.

The takeoff point of the inventory, according to the order, will be the financial statements and inventory lists for taxable year 2008, which were submitted to the revenue district office.

Revenue district offices will be preparing a list of taxpayers whose peso value of ending inventory is 50 percent more than its declared sales for the year. With the exception of car dealers, excise taxpayers, drugstores, supermarkets, groceries, and other taxpayers who maintain fast-moving goods.

The agency has authorized its regional tax officials last week to move their personnel to new assignments as part of its strategy to improve collection efficiency and tax administration.

The BIR missed its P810-billion target last year. It was only able to collect P778 billion then. This year, the tax bureau is required to collect P798.5 billion and P875.1 billion next year.

Officials of the agency said that this year’s goal would be missed because of various tax cuts and a slower economy. The government has also lowered the bureau’s goal next year.

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PR Gaz Haus aims for 500 outlets in the next 5 years

Roy — Thu, 15 Oct 2009 04:14:35 +0000

The only liquefied petroleum gas (LPG) franchiser in the country, PR Gaz Haus, is embarking on an ambitious 500-store expansion binge. This it hopes to accomplish in the next five years, according to company chief operating officer for franchising Siu Ping C. Par.

The company official said that in Metro Manila alone, PR Gaz Haus is targeting to put up at least five outlets per month starting 2010. She said the company is now ready to challenge the major players for a bigger market share in Metro Manila after the company acquired the former LPG refilling plant of Caltex in barangay Bagong Ilog in Pasig.

The said refilling plant is very much capable of supporting up to 300 stores and its production capacity is said to be eight times higher that the companyâ€™s existing plants in Cavite, Pangasinan and Zambales.

PR Gaz Haus sells its own brand of LPG in 2.7-, 5-, 11-, 22-, and 50-kilogram cylinders. It currently has 93 stores in the Luzon area, 13 of which are located in Metro Manila and the rest are in Pangasinan, Zambales, Bataan, Pampanga, Laguna and Cavite.

The company owns the 61 of the store outlets, and the rest are franchised.

PR Gaz Hausâ€™s franchise fee is P150,000 for a five-year contract, while the whole franchise package cost aboutÂ P1.2 million which covers the inventory for three days, software, renovation, signages, two tricycles for delivery and training of personnel.

Par said, â€œWe expect our sales to continue picking up with our customers, particularly those in the provinces, relying more on LPG instead of firewood and coal because of the rainy days were having.â€ She said the companyâ€™s sales I currently growing by 20% over last year, exceeding its 2009 target of 18% growth.

PR Gaz Haus, Par added, has already built a customer base of about 160,000 since it started retailing in 2003 mainly through its aggressive â€œpresalesâ€ program, in which the companyâ€™s technicians are giving free stove check-up and cleaning even to noncustomers.

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Shell won’t raise prices of LPG, lubricants this month

Roy — Sat, 03 Oct 2009 11:13:15 +0000

In spite of the increase of prices in the world market, Pilipinas Shell Petroleum Corp. said it will not increase prices of its lubricant products and its Shellane cooking gas for the month. Shell country chairman Edgar Chua said this is a part of the companyâ€™s effort to provide temporary relief for the victims of the flooding caused by typhoon Ondoy.

Chua said that while there is an increase of $3 per metric ton in the LPG international contract price this month, it will still freeze its prices to help the plight of the victims of Ondoy.

For his part, Energy Secretary Angelo T. Reyes stressed that the â€œincrease in the price of imported LPG is very minimal and therefore I see no reason why there should be any increase in the price of local LPG.â€

Reyes however, welcomed the gesture of the Shell to hold prices of lubricants as well because â€œthe public would be consuming a lot of lubricants because a lot of vehicles were damaged. So this should be easy on the pocket of the people.â€

Meanwhile, in its effort to provide more assistance to the delivery of relief goods to the affected Filipinos, Shellâ€™s retail stations in Metro Manila are accepting donations of food, clothing and other goods for the flood victims.

Aside from that, Chua said Shellâ€™s Malampaya groups has given P2.5 million in donations while the Shell Companies in the Philippines had donated P25 million to help victims of the flooding in Metro Manila.

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SONA 2009 Text Transcript Video (Full HD)

Roy — Tue, 28 Jul 2009 20:52:09 +0000

SONA 2009 PGMA (FULL HD) 1/7

Here’s a complete text transcript of the State of the Nation Address (SONA) delivered by President Gloria Macapagal-Arroyo last Monday, July 27, 2009.

GMA’s SONA transcript

Thank you, Speaker Nograles, Senate President Enrile, Senators, Representatives, Vice President de Castro, President Ramos, Chief Justice Puno, Ambassadors, friends:

The past twelve months have been a year for the history books. Financial meltdown in the West spread throughout the world.

Tens of millions lost their jobs; billions across the globe have been hurtâ€”the poor always harder than the rich. No one was spared..

It has affected us already. But the story of the Philippines in 2008 is that the country weathered a succession of global crises in fuel, in food, then in finance and finally the economy in a global recession, never losing focus and with economic fundamentals intact.

A few days ago, Moodyâ€™s has just announced the upgrade of our credit rating, citing the resilience of our economy. The state of our nation is a strong economy. Good news for our people, bad news for our critics.

I did not become President to be popular. To work, to lead, to protect and preserve our country, our people, that is why I became President. When my father left the Presidency, we were second to Japan. I want our Republic to be ready for the first world in 20 years.

Towards that vision, we made key reforms. Our economic plan centers on putting people first. Higit sa lahat ang layunin ng ating mga patakaran ay tulungan ang masipag na karaniwang Pilipino. New tax revenues were put in place to help pay for better healthcare, more roads, a strong education system. Housing policies were designed to lift up our poorest citizens so they can live and raise a family with dignity. Ang ating mga puhunan sa agrikultura ay naglalayong kilalanin ang ating mga magsasaka bilang backbone ng ating bansa, at bigyan sila ng mga modernong kagamitan to feed our nation and feed their own family..

Had we listened to the critics of those policies, had we not braced ourselves for the crisis that came, had we taken the easy road much preferred by politicians eyeing elections, this country would be flat on its back. It would take twice the effort just to get it back again on its feetâ€”to where we are now because we took the responsibility and paid the political price of doing the right thing. For standing with me and doing the right thing, thank you, Congress.

The strong, bitter and unpopular revenue measures of the past few years have spared our country the worst of the global financial shocks.

SONA 2009 PGMA (FULL HD) 2/7

They gave us the resources to stimulate the economy. Nabigyan nila ang pinakamalaking pagtaas ng IRA ng mga LGU na P40 billion itong taon, imparting strength throughout the country and at every level of government.

Compared to the past, we have built more and better infrastructure, including those started by others but left unfinished. The Subic-Clark-Tarlac Expressway is a prime example of building better roads. It creates wealth as the flagship of the Subic-Clark corridor.

We have built airports of international standard, upgraded domestic airports, built seaports and the RORO system. I ask Congress for a Philippine Transport Security Authority Law..

Some say that after this SONA, it will be all politics. Sorry, but thereâ€™s more work..

Sa telecommunications naman, inatasan ko ang Telecommunications Commission na kumilos na tungkol sa mga sumbong na dropped calls at mga nawawalang load sa cellphone. We need to amend the Commonwealth-era Public Service Law. And we need to do it now..

Kung noong nakaraan, lumakas ang electronics, today we are creating wealth by developing the BPO and tourism sectors as additional engines of growth. Electronics and other manufactured exports rise and fall in accordance with the state of the world economy. But BPO remains resilient. With earnings of $6 billion and employment of 600,000, the BPO phenomenon speaks eloquently of our competitiveness and productivity. Let us have a Department of ICT..

In the last four years tourism almost doubled. It is now a $5 billion industry.

Our reforms gave us the resources to protect our people, our financial system and our economy from the worst of shocks that the best in the west failed to anticipate..

They gave us the resources to do reforms para palawakin ang suportang panlipunan and enhance spending power. For helping me raise salaries through joint resolution, thank you Congress.

Cash handouts give the most immediate relief and produce the widest stimulating effect. Nakikinabang ang 700,000 na pinakamahihirap na pamilya sa programang Pantawid Pamilya.

Our preference is to invest in projects with the same stimulus effects but also with long-term contributions to national progress..

Sa pagpapamahagi ng milyun-milyong ektaryang lupa, 700,000 na katutubo at mahigit isang milyong benepisyaryo ng CARP ay taas-noong may-ari na ng sariling lupa. Hinihiling ko sa Kongreso na ipasa agad ang pagpapalawig ng CARP, at dapat ma-condone ang P42 billion na land reform liabilities dahil 18% lamang ang nabayaran mula 1972. Napapanahon dahil it will unfreeze the rural property market. Ang mahal kong ama ang nag-emancipate ng mga magsasaka. Ii-mancipate naman natin ngayon ang titulo..

Nakinabang ang pitong milyong entrepreneurs sa P165 billion na microfinance. Nakinabang ang 1,000 sa economic resiliency plan. Kasama natin ngayon ang isa sa kanila, si Gigi Gabiola. Dating household service worker sa Dubai, ngayon siya ay nagtatrabaho sa DOLE. Good luck, Gigi.

Nakinabang ang isang milyong pamilya sa programang pabahay at palupa, mula sa PAG-IBIG, NHA, community mortgage program, certificates of lot awards, at saka yung inyong Loan Condonation and Restructuring Act..

Our average inflation is the lowest since 1966. Last June, it dropped to 1.5%. Paano nakamit ito? Proper policies lowered interest rates, which lowered costs to business and consumers.

Dahil sa ating mga reporma, nakaya nating ibenta ang bigas NFA sa P18.25 per kilo kahit tumaas ang presyo sa labas mula P17.50 hanggang P30 dahil sa kakulangan ng supply sa mundo. Habang, sa unang pagkakataon, naitaas ang pamimili ng palay sa mga magsasaka, P17 mula sa P11.

Dahil sa ating mga reporma, nakaya nating mamuhunan sa pagkainâ€”anticipating an unexpected global food crisis. Nakagawa tayo ng libu-libong kilometro ng farm-to-market roads at kasama ng pribadong sector, natubigan ang dalawang milyong ektarya. Mga Badjao gaya ni Tarnati Dannawi ay tinuruan ng modernong mariculture. Umabot na sa P180,000 ang kinita niya mula noong nakaraang taon. Congratulations, Tarnati. We will help more fisherfolk shift to fish farming with a budget of P1 billion.

Dahi dumarami na naman daw ang pamilyang nagugutom, mamumuhunan tayo ng bago sa Hunger Mitgation program na nakitang mabisa. Tulungan nito ako dito Kongreso.

Mula noong 2001, Nanawagan tayo ng mas murang gamot. Nagbebenta na tayo ng mga gamot na kalahating presyo sa libu-libong Botika ng Bayan at Botika ng Barangay sa maraming dako ng bansa. Our efforts prodded the pharmaceutical companies to come up with low-cost generics and brands like RiteMed. I supported the tough version of the House of the Cheaper Medicine Law. I supported it over the weak version of my critics. The result: the drug companies volunteered to bring down drug prices, slashing by half the prices of 16 drugs. Thank you, Congressman Cua, Alvarez, Biron and Locsin..

Pursuant to law, I am placing other drugs under a maximum retail price. To those who want to be President, this advice: If you want something done, do it hard, do it well. Donâ€™t pussyfoot. Just do it. Donâ€™t say bad words in public.

Sa health insurance, sakop na ang 86% ng ating populasyon.

Sa Rent Control Law ng 2005 hanggang 2008, hanggang sampung porsyento lang maaaring itaas taon-taon ang upa. Iyong kakapirma nating batas naglagay ng isang taong moratorium, tapos pitong porsyento lang ang maaaring itaas. Salamat, Kongreso..

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Noong isang taon, nabiyayaan ng tig-P500 ang mahigit pitong milyong tahanan bilang Katas ng Pantawid Koryente para sa mga small electricity users..
Iyong power rates, ang EPIRA natin ang pangmatagalang sagot. EPIRA dismantled monopoly. But minana natin iyong power purchase agreements under preceding administrations, so hindi pa natin makuha iyong buong intended effect. Pero happy na rin tayo, dahil isang taon na lamang iyan. The next generation will benefit from low prices from our EPIRA. Thank you.

Samantala, umabot na sa halos lahat ng barangay ang elektrisidad. We increased indigenous energy from 48% to 58%. Nakatipid tayo sa dollars tapos malaki pa ang na-reduce pa iyong oil consumption. The huge reduction in fossil fuel is the biggest proof of energy independence and environmental responsibility. Further reduction will come with the implementation of the Renewable Energy Act.and the Biofuels Act..again, thank you.

The next generation will also benefit from our lower public debt to GDP ratio. It declined from 78% in 2000 to 55% in 2008. We cut in half the debt of government corporations from 15% to 7. Likewise foreign debt from 73% to 32%. Kung meron man tayong malaking kaaway na tinalo, walang iba kundi ang utang, iyong foreign debt. Past administrations conjured the demon of foreign debt. We exorcised it..

The market grows economies. A free market, not a free-for-all.

To that end, we improved our banking system to complement its inherent conservatism. The Bangko Sentral has been prudent. Thank you, Governor Tetangco, for being so effective. The BSP will be even more effective if Congress will amend its Charter..

We worked on the Special Purpose Vehicle Act, reducing non-performing loans from 18% to 4% and improving loan-deposit ratios..

Our new Securitization Law did not encourage the recklessness that brought down giant banks and insurance companies elsewhere and laid their economies to waste. In fact, it monitors and regulates the new-fangled financial schemes. Thank you, Congress..

We will work to increase tax effort through improved collections and new sin taxes to further our capacity to reduce poverty and pursue growth. Revenue enhancement must come from the Department of Finance plugging leaks and catching tax and customs cheats. I call on tax-paying citizens and tax-paying businesses: help the BIR and Customs spot those cheatsâ€¦

Taxes should come from alcohol and tobacco and not from books. Tax hazards to lungs and livers, do not tax minds. Ang kita mula sa buwis sa alak at sigarilyo ay dapat pumunta sa kalusugan at edukasyon. Sa kalusugan, pondohan ang Philhealth premiums ng pinakamahihirap. Ponhodhan ang mas maraming classroom at computersâ€¦

Pardon my partiality for the teaching profession. I was a teacher..

Kaya namuhunan tayo ng malaki sa edukasyon at skills training..

Ang magandang edukasyon ay susi sa mas mabuting buhay, the great equalizer that allows every young Filipino a chance to realize their dreams.

Nagtayo tayo ng 95,000 na silid-aralan, nagdagdag ng 60,000 na guro, naglaan ng P1.5 billion para sa teacher training, especially for 100,000 English teachers. Isa sa pinakamahirap na Millennium Development Goals ay iyong Edukasyon para sa Lahat pagdating ng 2015, na nangunguhulugang lahat ng nasa edad ay nasa grade school. Halos walang bansang nakakatupad nito. Ngunit nagsisikap tayo. Binaba natin ang gastos ng pagpasok. Nagtayo tayo ng mga eskwela sa higit isang libong barangay na dati walang eskwelahan, upang makatipid ng gastos ng pasahe ang mga bata. Tinanggal natin ang miscellaneous fees para sa primary school.

Hindi na kailangan ang uniporme sa mga estudyante sa public schools.

We assist financially half of all students in private high schools..

We have provided 600,000 college and post-graduate scholarships. One of them Mylene Amerol-Macumbal, finished Accounting at MSU-IIT, went to law school, and placed second in the last bar examsâ€“the first Muslim woman bar topnotcher. Congratulations.

In technical education and skills training, we have invested three times that of three previous administrations combined. Narito si Jennifer Silbor, isa sa sampung milyong trainee. Natuto siya ng medical transcription. Now, as an independent contractor and lecturer for transcriptions in Davao, kumikita siya ng P18,000 bawat buwan. Good job.

The Presidential Task Force on Education headed by Jesuit educator Father Bienvenido Nebres has come out with the Main Education Highway towards a Knowledge-Based Economy. It envisions seamless education from basic to vocational school or college..

It seeks to mainstream early childhood development in basic education. Our children are our most cherished possession. In their early years we must make sure they get a healthy start in life. They must receive the right food for a healthy body, the right education for a bright and inquiring mindâ€”and the equal opportunity for a meaningful job..

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For college admission, the Task Force recommends mandatory Scholastic Aptitude Tests. It also recommends that private higher education institutions and state universities and colleges should be harmonized. It also recommends that CHED will oversee of local universities and colleges. For professions seeking international recognitionâ€”engineering, architecture, accountancy, pharmacy and physical therapyâ€”it recommends radical reform: 10 years of basic education, two years of pre-university, three years of university.

Our educational system should make the Filipino fit not just for whatever jobs happen to be on offer today, but also for whatever economic challenge life will throw in their way..

Sa hirap at ginhawa, ang ating overseas Filipinos ay pinapatatag ang ating bansa. Iyong padala nilang $16 billion noong isang taon ay record. Itong taon, mas mataas pa..

I know that this is not a sacrifice joyfully borne. This is work where it can be foundâ€”in faraway places, among strangers with different cultures. It is lonely work, it is very hard work..

Kaya nagsisikap tayong lumikha ng mga trabahong maganda ang bayad dito sa atin so that overseas work will just be a career choice, not the only option for a hardworking Filipino in search of a better life.

Meanwhile, we should make their sacrifices worthwhile. Dapat gumawa tayo ng mga mas malakas na paraan upang proteksyonan at palawak ang halaga ng kanilang pinagsikapang sweldo. That means stronger consumer protection for OFWs investing in property and products back home. Para sa kanila, pinapakilos natin ang Investors Protection Task Force.

Hindi ako nag-aatubiling bisitahin ang ating taong bayan at ang kanilang mga hosts sa buong mundo â€“ mula Hapon.hanggang Brazil, mula Europa at Middle East hanggang sa American Midwest, nakikinig sa kanilang mga problema at pangangailangan, inaalam kung paano matulungan sila n gating pamahalaanâ€”-by working out better policies on migrant labor, or by saving lives and restoring liberty.

Pagpunta ko sa Saudi, pinatawad ni Haring Abdullah ang pitong daang OFW na nasa preso. Pinuno nila ang isang buong eroplano at umuwi kasama ko.

Mula sa ating State Visit to Spain, it has become our biggest European donor. At si Haring Juan Carlos ay nakikipag-usap sa ibang mga bansa para sa ating mga namomoblemang OFW. Ganoon di si Sheikh Khalifa, ang Prime Minister ng Bahrain.

Pagpunta ko sa Kuwait, Emir al-Sabah commuted death sentences.

We thank all the world leaders who have shown compassion to our OFWs, Maraming salamat po.

Our vigorous international engagement has helped bring in foreign investment. Net foreign direct investments multiplied 15 times during our administration.

Our vigorous international engagement has helped bring in foreign investment. Net foreign direct investments multiplied 15 times during our administration. Kasama ng ating mga OFWs, they more than doubled our foreign exchange reserves. Pinalakas ang ating piso at naiwasan ang lubhang pagtaas ng presyo. They upgraded our credit because while the reserves of our peers shrunk our reserves grew by $3 billion.

Our international engagement has also corrected historical injustice. The day we visited Washington, Senator Daniel Inouye successfully sponsored benefits for our veterans as part of Americaâ€™s fiscal stimulus package.

I have accepted the invitation of President Obama to be the first Southeast Asian leader to meet him at the White House, this week.

That he sought us the Philippines testifies to our strong and deep ties.

High on our agenda will be peace and security issues. Terrorism: how to meet it, how to end it, how to address its roots in injustice and prejudiceâ€”and most and always how to protect lives.

We will also discuss nuclear non-proliferation. The Philippines will chair the review of the nuclear weapons non-proliferation Treaty in New York in May 2010. The success of the talks will be a major diplomatic achievement for us.

There is a range of other issues we will discuss, including the global challenge of climate change, especially the threat to countries with long coastlines. And there is the global recession, its worse impact on poor people, and the options that can spare them from the worst.

In 2008 up to the first quarter of 2009 we stood among only a few economies in Asia-Pacific that did not shrink. Compare this in 2001, when some of my current critics were driven out by people power, Asia was then surging but our country was on the brink of bankruptcy.

Since then, our economy has posted uninterrupted growth for 33 quarters; more than doubled its size from $76 billion to $186 billion. The average GDP growth from 2001 to the first quarter of 2009 is the highest in 43 years.

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Bumaba ang bilang ng nagsasabing mahihirap sila, mula 59% sa 47%. Kahit na lumaki ang ating populasyon, nabawasan ng dalawang milyon ang bilang ng mahihirap. GNP per capita rose from a Third World $967 to $2,051. Lumikha tayo ng walong milyong trabaho, an average of a million per year, much, much more than at any other time.

In sum:

1. We have a strong economy in a strong fiscal position to withstand political shocks.
2. We built new modern infrastructure and completed unfinished ones.
3. The economy is more fair to the poor than ever before.
4. We are building a sound base for the next generation.
5. International authorities have taken notice that we are safer from environmental degradation and man-made disasters.

As a country in the path of typhoons and in the Pacific Rim of Fire, we must be as prepared as the latest technology permits to anticipate natural calamities when that is possible; to extend immediate and effective relief when it is notâ€¦.The mapping of flood- and landslide-prone areas is almost complete. Early warning, forecasting and monitoring systems have been improved, with weather tracking facilities in Subic, Tagaytay, Mactan, Mindanao, Pampanga.

We have worked on flood control infrastructure like those for Pinatubo, Agno, Laoag, and Abucay, which will pump the run off waters from Quezon City and Tondo flooding Sampaloc. This will help relieve hundreds of hectares in this old city of its age-old woe.

Patuloy naman iyong sa Camanava, dagdag sa Pinatubo, Iloilo, Pasig-Marikina, Bicol River Basin, at mga river basin ng Mindanao.

The victims of typhoon Frank in Panay should receive their long-overdue assistance package. I ask Congress to pass the SNITS Law.

Namana natin ang pinakamatagal ng rebelyon ng Komunista sa buong mundo.

Si Leah de la Cruz isa sa labindalawang libong rebel returnee. Sixteen pa lang siya nang sumali sa NPA. Naging kasapi sa regional White Area Committee, napromote sa Leyte Party Committee Secretary. Nahuli noong 2006. She is now involved in an LGU-supported handicraft livelihood training of former rebels. We love you, Leah!

There is now a good prospect for peace talks both with both the Communist Party of the Philippines and the MILF, with whom we are now on ceasefire.

We inherited an age-old conflict in Mindanao, exacerbated by a politically popular but near-sighted policy of massive retaliation. This only provoked the other side to continue the war.

In these two internal conflicts, ang tanong ay hindi, â€œSino ang mananalo?â€ kundi, bakit ba kailangang mag-away ang kapwa Pilipino tungkol sa mga isyu na alam ng dalawang panig over issues na malulutas naman sa paraang demokratiko.

There is nothing more that I would wish for than peace in Mindanao. It will be a blessing for all its people, Muslim, Christian and lumads. It will show other religiously divided communities that there can be common ground on which to live together in peace, harmony and cooperation that respects each otherâ€™s religious beliefs.

At sa lahat ng dako ng bansa, kailangan nating protektahan an gating mamamayan kontra sa krimen â€” in their homes, in their neighborhoods, in their communities. How shall crime be fought? Through the five pillars of justice. We call on Congress to fund more policemen on the streets.

Real government is about looking beyond the vested to the national interest, setting up the necessary conditions to enable the next, more enabled and more empowered generation to achieve a country as prosperous, a people as content, as ours deserve to be.

The noisiest critics of constitutional reform tirelessly and shamelessly attempted Cha-Cha when they thought they could take advantage of a shift in the form of government. Now that they feel they cannot benefit from it, they oppose it.

As the process of fundamental political reform begins, let us address the highest exercise of democracy.voting!

In 2001, I said we would finance fully automated elections. We got it, thanks to Congress.

At the end of this speech I shall step down from this stage, but not from the Presidency. My term does not end until next year. Until then, I will fight for the ordinary Filipino. The nation comes first. There is much to do as head of stateâ€”to the very last day.

A year is a long time. Patuloy ang pamumuhunan sa tinatawag na three Eâ€™s ng ekonomiya, environment at edukasyon. There are many perils that we must still guard against.

A man-made calamity is already upon us, global in scale. As I said earlier, so far we have been spared its worst effects but we cannot be complacent. We only know that we have generated more resources on which to draw, and thereby created options we could take. Thank God we did not let our critics stop us.

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As the campaign unfolds and the candidates take to the airwaves, I ask them to talk more about how they will build up the nation rather than tear down their opponents. Our candidates must understand the complexities of our government and what it takes to move the country forward. Give the electorate real choices and not just sweet talk.

Meanwhile, I will keep a steady hand on the tiller, keeping the ship of state away from the shallows some prefer, and steering it straight on the course I set in 2001.

Ang ating taong bayan ay masipag at maka-Diyos. These qualities are epitomized in someone like Manny Pacquiao.Manny trained tirelessly, by the book, with iron discipline, with the certain knowledge that he had to fight himself, his weaknesses first, before he could beat his opponent. That was the way to clinch his victories and his ultimate title: ang pinakadakilang boksingero sa kasaysayan.Mabuhay ka, Manny!

However much a President wishes it, a national problem cannot be knocked out with a single punch. A president must work with the problem as much as against it, and turn it into a solution if I can.

There isnâ€™t a day I do not work at my job or a waking moment when I do not think through a work-related problem. Even my critics cannot begrudge the long hours I put in. Our people deserve-a-government that works just as hard as they do.

A President must be on the job 24/7, ready for any contingency, any crisis, anywhere, anytime.

Everything right can be undone by even a single wrong. Every step forward must be taken in the teeth of political pressures and economic constraints that could push you two steps back-if-you flinch and falter. I have not flinched, I have not faltered. Hindi ako umaatras sa hamon.

And I have never done any of the things that have scared my worst critics so much. They are frightened by their own shadows.

In the face of attempted coups, I issued emergency proclamations just in case. But I was able to resolve these military crises with the ordinary powers of my office. My critics call it dictatorship. I call it determination. We know it as strong government.

But I never declared martial law, though they are running scared as if I did. In truth, what they are really afraid of is their weakness in the face of this self-imagined threat.

I say to them: do not tell us what we all know, that democracy can be threatened. Tell us what you will do when it is attacked.

I know what to do.

I know what to do, as I have shown, I will defend democracy with arms when it is threatened by violence; with firmness when it is weakened by division; with law and order where it is subverted by anarchy; and always, I will try to sustain it by wise policies of economic progress, so that a democracy means not just an empty liberty but a full life for all.

I never expressed the desire to extend myself beyond my term. Many of those who accuse me of it tried to cling like nails to their posts.

I am accused of misgovernance. Many of those who accuse me of it left me the problem of their misgovernance to solve. And we did it.

I am falsely accused, without proof, of using my office for personal profit. Many of those who accuse me of it have lifestyles and spending habits that make them walking proofs of that crime.

We can read their frustrations. They had the chance to serve this good country and they blew it by serving themselves.

Those who live in glass houses should cast no stones. Those who should be in jail should not threaten it, especially if they have been there.

Our administration, with the highest average rate of growth, recording multiple increases in investments, with the largest job creation in history, and which gets a credit upgrade at the height of a world recession, must be doing something right, even if some of those cocooned in corporate privilege refuse to recognize it.

Governance, however, is not about looking back and getting even. It is about looking forward and giving moreâ€”to the people who gave us the greatest, hardest gift of all: the care of a country.

From Bonifacio at Balintawak to Cory Aquino at EDSA and up to today, we have struggled to bring power to the people, and this country to the eminence it deserves.

Today the Philippines is weathering well the storm that is raging around the world. It is growing stronger with the challenge. When the weather clears, as it will, there is no telling how much farther forward it can go. Believe in it. I believe.

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We can and we must-march-forward-with-hope, optimism and determination.

We must come together, work together and walk together toward the future.

Bagamat malaking hamon ang nasa ating harapan, nasa kamay natin ang malaking kakayahan. Halinaâ€™t pagtulungan nating tiyakin ang karapat-dapat na kinabukasan ng ating Inang Bayan.

And to the people of our good country, for allowing me to serve as your President, maraming salamat.

Mabuhay ang Pilipinas.

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Goodyear to end operation of Philippine tire plant

Roy — Sat, 18 Jul 2009 02:53:13 +0000

The Goodyear Tire & Rubber Co. will be closing its manufacturing operations in the Philippines. The announcement was made on Friday by its Philippine subsidiary, Goodyear Philippines Inc. Said closure, which will be effective on September 30 this year, will displace 500 workers, or about 83% of its employees in the country. The decision was made as the company continues to find ways to cut its losses amidst the weak demand and high costs at the facility.

The tire plant that will be closed is located in barangay Almanza in Las PiÃ±as City.

The company wasnâ€™t spared from the effects of the global economic recession as it has slashed sales by almost 30% as consumers and auto makers skipped purchases or cut orders.

Pierre Cohade, president of the companyâ€™s Asia-Pacific region said, â€œDue to high costs compared to other plants in the regions, tires produced in the Las PiÃ±as plant are not competitive in the marketplace.â€

Meanwhile, David Morin, president and managing director of Goodyear Philippines said that their business model wherein 45 to 50 percent of their production is export and 50 percent for the domestic market has been doing well until the global financial crisis took its toll on their export business.

â€œIn the fourth quarter last year, our export was severely and swiftly impacted by the global financial crisis that in December last year we retrenched 46 people,â€ he said.

The closure of the plant will result in the reduction of about 2 million units of annual capacity, part of Goodyearâ€™s plan to cut 15 million to 25 million units in the next two years. Its production would be moved to lower-cost plants in the Asia-Pacific region.

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SEC revokes dealer’s license of Prudentialife

Roy — Wed, 22 Apr 2009 09:39:27 +0000

Prudentialife Plans Inc. is no longer allowed to sell new preneed plans effective April 16, 2009, that is because the Securities and Exchange Commission (SEC) has revoked its dealerâ€™s license for its failure to meet the requirements of a multiyear funding scheme.

The terms and conditions contained in the Multiyear Capital and Trust Fund Buildup allows funding of the trust fund deficiency by real estate, unlisted shares of stock and plan holder loans, provided that that they meet certain requirements. Real estate presented must be income-generating while investments in unlisted shares of stocks must be in companies that are financially stable and in sound condition.

SEC chairman Fe Barin said that the real-estate assets presented by Prudentialife were unqualified and that they donâ€™t assure the funding of its trust fund deficiency. Barin explained that the assets were ineligible, based on rules, because they are non income-generating.

Prudentialife president Albert Alba said â€œthe assets we offered are real-estate properties that have good values but are not yet income generating. Aside from this, we offered unlisted shares of profitable companies but are affiliates of our preneed company. The SEC did not accept these assets for contribution to our trust fund and capital.â€

Although they are no longer allowed to sell new preneed plans, Alba said the company â€œwill continue to operate as a servicing preneed company and pay plan benefits of our plan holders as warranted.â€ He also added that the Prudentialife Market Resource Corp. will continue to operate and market other services that include health plans, mutual funds, and insurance products, among others.

Alba is also optimistic that â€œthese developments will be temporary owing to the prevailing economic environment and government efforts to institute much needed regulatory reforms. We are confident we could pursue new opportunities and build the business of Prudentialife beyond the preneed industry.â€

Prudentialife is blaming the global economic crisis for the troubles hounding the preneed industry. The ongoing investigation on the Legacy controversy has also caused the erosion of public trust on preneed companies.

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OFWs in CNMI urged to renew their OWWA membership

Roy — Fri, 10 Apr 2009 18:46:21 +0000

There is an ongoing online public service campaign for all Filipino workers in the CNMI (Commonwealth of the Northern Mariana Islands) to renew their membership to the Overseas Workers Welfare Administration (OWWA). This campaign is initiated by Paul Madriaga, the internal vice president of the United Filipino Organizations in the CNMI.

The campaign was prompted by the death of two Filipino workers in the past two weeks in Saipan, who were found not to have renewed their membership with the OWWA. Because of this, their families were not able to receive any benefits from the agency.

OWWA provides overseas Filipino workers (OFWs) insurance for their families, just in case something happens to them, Madriaga said as he took note of the recent deaths of two OFWs. Unfortunately, many OFWs in the CNMI neglect to renew their OWWA membership. They only do so when they are about to go on vacation in the Philippines. If they donâ€™t go on vacation, they wouldnâ€™t renew their membership.

Renewing OWWA membership is simple, the OFWs can download the application from the agencies website at www.owwa.gov.ph and fill it up, or they can go to the OWWA office on the ground floor of the Marianas Business Plaza (formerly Nauru Building) in Susupe and request for the form. As of 2008, only 3,325 of the estimated 8,000 to 10,000 OFWs in the CNMI renewed their OWWA membership.

OWWA membership requires an annual payment of $25 representing their membership contribution, a small amount that goes a long way in helping their families after theyâ€™re gone. The benefit included in this membership is life insurance coverage for the duration of this employment contract, which includes P100,000 for natural death and P200,000 for accidental death.

Aside from the life insurance, there are also other benefits of being an OWWA member, Madriaga stressed.

Friends of the two Filipinos workers who died, are now asking for monetary donations and raising money to help the families back home for funeral expenses and other needs.

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Ayala group invest P49 billion, eyes global market

Roy — Sun, 05 Apr 2009 07:48:08 +0000

Ayala Corporation, one of the countryâ€™s oldest and biggest conglomerate with the most diversified investment and interest is planning to plow P49 billion into the domestic economy this year. Jaime Augusto Zobel de Ayala, chairman and chief executive officer (CEO) the company said, â€œWe continue expanding in a down cycle and that comes back many times over when things turn better. Our job at the holding company is to keep a wide lens on the horizon.â€

The 175-year old company plans to expand its real estate, telecommunications and water distribution business, as it seeks more investments in the region, and preparing to be a global player in the years ahead.

The P49 billion investment, which is actually smaller than the P55.46 billion outlay made last year, is programmed for the following expenditures â€“ P17.4 billion for Ayala Land Inc., P16.5 billion for Globe Telecom, Inc. and P11.4 billion for Manila Water Co. Inc.

Zobel de Ayala cited the company being prudent when asked about the reduced outlay, â€œclearly, there is a global crisis right now, and as we look at our budget we measure it carefully in relation to what the market can take. But if you look at our capital expenditure for the year, this is not an insignificant amount. We donâ€™t know of any other group that is spending that kind of money in a down cycle,â€ he added.

For its plan of becoming a global player in the years ahead, the Ayala group has already started expanding overseas in real estate, electronics manufacturing and business process outsourcing. At present though, the companyâ€™s total offshore exposure so far accounts for only five percent of the conglomerateâ€™s P220 billion in assets.

The Bank of the Philippine Islands (BPI) completes the Ayalaâ€™s four publicly listed units and biggest moneymakers. BPI has the biggest capitalization and yields the highest profit among banks operating in the Philippines.

The Ayala group is creating the countryâ€™s first mobile microfinance bank via partnership among the parent conglomerate , Globe Telecom and BPI. â€œThis venture builds on BPIâ€™s extensive delivery and infrastructure network and Globeâ€™s tested G-Cash micro-payment platform,â€ Zobel de Ayala said.

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World Bank to grant $1 billion loan to the Philippines

Roy — Sun, 22 Mar 2009 13:05:58 +0000

Fresh funds ranging from $700 million to $1 billion has been pledged by the World Bank (WB) as it completed its discussions with the Philippine government on a country assistance strategy.

The three-year lending program for the Philippines, according to the bank, â€œputs greater emphasis on poverty alleviation and good governance.â€ In other words, World Bank wants to Philippine government to install governance and anti-corruption safeguards, particularly in procurement, as well as reforming management of public finances.

It could be recalled that the World Bank cancelled a 33-million dollar road improvement project and blacklisted several Chinese, Philippine and South Korean firms amidst corruption scandals which sparked calls by senators for the Philippine Ombudsman to resign for failing to prosecute officials allegedly in league with the public works cartel.

Aside for the anti-corruption safeguards, the program will be also used to support various development projects that would help alleviate the poverty in the country, as well as social security and disaster management for the next three years.

â€œIn time of uncertainties like the current global financial crisis, inclusive growth calls for greater social protection for the poorest of the poor to help them cope with economic shocks as well as the impacts of disaster and calamities induced by climate change,â€ World Bank Country Director Bert Hofman said.

Rolando Tungpalan, Deputy Director-General of the National Economic and Development Authority (NEDA) who led the government team at the CAS program meeting said, â€œThe fact that the World Bank is coming up with a three-year strategy for the Philippines consistent with our MTPDP (Medium-Term Philippine Development Plan) is an affirmation of its continued support for the countryâ€™s development agenda.â€

CAS is a joint assistance strategy of the World Bank, International Finance Corp. (IFC) and the Multilateral Investment Guarantee Agency (MIGA).Â The IFC is the WBâ€™s private sector financing unit. The MIGA, which is also part of the WB, provides guarantees to foreign investors against losses resulting from non-commercial risks.