PH, Japan reaffirm close economic cooperation

The Philippines and Japan have reaffirmed their joint commitment to step by step put in force the authorities's flagship infrastructure initiatives and other initiatives to further strengthen economic cooperation between the two countries amid and past the extended coronavirus-caused worldwide crisis.

In a statement over the weekend, the Finance branch said that during the digital assembly of the Philippines-Japan Joint Committee on Infrastructure Development and Economic Cooperation, Japan also dedicated to enhance bilateral ties with the Philippines beneath the management of recent Japanese Prime Minister Yoshihide Suga.


The Philippines, for its part, welcomed the appointment of Suga, and expressed its appreciation of the significant strides made in the direction of the ongoing financial cooperation and friendship between the two international locations below former high minister Shinzo Abe.

"Our dedication to this long-standing partnership has proved beneficial amidst these attempting instances. Our cooperation in accelerating infrastructure improvement may be most critical inside the united states of america's recuperation from the negative consequences of the Covid-19 pandemic," Finance Secretary Carlos Dominguez 3rd said, relating to the coronavirus disorder pandemic 2019.
Dominguez said the 2 facets additionally mentioned packages on accelerating Mindanao's monetary development and peace-constructing projects with a brand new Bangsamoro self reliant government in area and amid the continuing rehabilitation and reconstruction efforts in Marawi City.

Acting Secretary Karl Kendrick Chua of the National Economic and Development Authority (NEDA) co-chaired the Philippine panel, while Hiroto Izumi, the Special Advisor to the Japan Prime Minister, led the Japanese aspect.

Izumi assured that Japan will preserve to extend assistance to the government's Build, Build, Build software and the Mindanao peace process, similarly noting that they may hold to reveal and aid the Philippines' efforts in preventing the pandemic.

So far, Japan has already authorised JPY3.1 billion in technical assistance for the Cebu-Mactan Bridge (4th Bridge) and Coastal Road Construction Project, the Master Plan for Subic Bay, the Parañaque Spillway, and the Cagayan de Oro-Malaybay Section of the Central Mindanao Highway task.


The Philippines and Japan also dedicated to paintings in the direction of the signing of the settlement on the second tranche loan for the Metro Manila Subway Project (Phase 1) within the first zone of 2021.

The Japanese aspect additionally committed to continuously provide technical assistance and technical help-related offers to the Philippines with exceptionally concessional price phrases, possibly under its Special Terms of Economic Partnership for eligible nations, earlier than the Philippines elevates its classification to an Upper-Middle Income Country on or before 2022.

Loan agreements

The  facets additionally mentioned the 5 mortgage agreements signed and three trade of notes this 12 months. These include the Metro Manila Priority Bridges Seismic Improvement Project (II); Davao City Bypass Construction Project (II); Cebu-Mactan Bridge (4th Bridge) and Coastal Road Construction Project; Covid-19 Crisis Response Emergency Support Loan; Post Disaster Stand-by means of Loan (Phase 2); Non-Project Grant Aid for the Economic and Social Development Programme for the Provision of Medical Equipment; Non-Project Grant Aid for the Economic and Social Development Program for the Provision of Agricultural Machineries; and the Project for Human Resource Development Scholarship.

The Department of Finance (DoF) stated each aspects also mentioned the feasible effect of the pandemic on the continued and pipeline infrastructure initiatives, specially on the safety of the employees, the indicative growth in the general undertaking fees, immigration worries, and effects at the original timeline of the respective tasks.

The Philippines dedicated to hold consultations with the affected stakeholders and to formulate a not unusual framework to address these concerns, the DoF said.

Both aspects also welcomed the progress of the railway projects below the Build, Build, Build program, together with the Metro Manila Subway Project, and devoted to preserve consultations on the technical level to deal with the challenges to their rapid implementation.

On the Mindanao peace manner, the Japanese side reaffirmed its dedication to beautify its assistance to the development of Mindanao, including the brand new Bangsamoro independent location and the rehabilitation of Marawi town, upon the Philippines' request.

The  facets also mentioned trends at the Regional Development (Master Plan on High Standard Highway Network Development, Master Plan Surveys of Subic, Cebu and Davao City, amongst others); Information and Communications Technology (National Broadband Plan, Digital Terrestrial Television Broadcasting); Energy (Cooperation within the LNG Sector and Power Sector); Environment (Waste-to-Energy Project in Davao City); Public Safety (Illegal Drug Control Measures, Maritime Safety); and Disaster Risk Reduction and Management (Project for Flood Control in Davao City, Pasig-Marikina River Channel Improvement Project).

PSE eyes short selling, new indices

The Philippine Stock Exchange (PSE) is eyeing the implementation of brief selling and the addition of recent sectors and indices early next yr, PSE President and Chief Executive Officer Ramon Monzon stated.

In a virtual briefing after its annual stockholders' meeting on Monday, Monzon told the newshounds that they are consistently following up with the Securities and Exchange Commission and Bureau of Internal Revenues the ultimate necessities for short promoting.


He introduced they desire to get the approvals of regulators with the aid of yr stop so one can launch short promoting within the first quarter of subsequent 12 months.

Monzon stated the launching of brief promoting is vital, especially for foreign investors, as it'd permit them to hedge their investments.
Monzon brought that they're also seeking to growth the variety of sectors from six to eight with the aid of the first zone of subsequent 12 months.

The PSE index (PSEi) currently has six sectors specifically, financials, industrial, keeping companies, services, mining and oil, and assets.

PSE seems to feature a consumer sector, and a technology, media and telecommunications quarter to the list.

Meanwhile, two new indices are also being taken into consideration, which Monzon stated could probable be a mid-capital index and a dividend paying index.


Monzon referred to that capital raising activities for October reached P85.2 billion, an eight.Four-percentage year-on-year growth from P78.58 billion in the equal period closing yr.

"We have a completely robust capital raising activity even in light of the pandemic," the PSE president and chief said.

The benchmark PSEi climbed 1.19 percentage or 74.61 factors to finish at 6,324 on Friday.
AboitizLand Inc. Said its common monthly income already exceeded pre-pandemic ranges on the again of shifting market needs and its innovative selling techniques.

The real estate arm of listed Aboitiz Equity Ventures Inc. In a assertion on Monday said reservation income for the months following the community quarantine averaged above 80 percentage of authentic objectives despite regulations.

It delivered that it is well on its way to exceed its performance last 12 months.

AboitizLand said the quarantine shifted residential real estate preferences as homes in suburban places became extra appealing to assets seekers, in line with enterprise watchers.

Create to help RE sector

The Corporate Recovery and Tax Incentives for Enterprises (Create), the second one package deal of the authorities's comprehensive tax reform pending in Congress, will help spur investments in renewable electricity (RE), a Cabinet official stated.


"The Philippines seeks to decrease reliance on carbon-primarily based energy thru various coverage actions geared closer to promoting investments in the direction of greener sources of strength. The DoE (Department of Energy) recently imposed a moratorium on new coal-fired strength vegetation," Finance Secretary Carlos Dominguez third instructed newshounds on Monday.

The DoE recently announced that it will now not be given new endorsement programs for the construction of greenfield coal energy vegetation.
Dominguez said this, "along with Create's overall performance-primarily based financial incentives, will steer personal capital closer to new investments in renewable energy."

According to Dominguez, the DoF's dedication to strong weather action is supported with the aid of the Create provisions together with the generous, performance-primarily based incentives to investments underneath the Strategic Investment Priorities Plan, which is ready to encompass the RE sector.

Dominguez stated the arena's incentives below Republic Act 9513, or "An Act Promoting the Development, Utilization and Commercialization of Renewable Energy Resources," will also be retained.

Aside from this, Dominguez stated Create may also have an more advantageous income tax deduction for research and development.


"Renewable energy corporations stand to gain from this as they increase new technology and improvements. The improved deduction is designed to enhance improvements, consisting of green strength technology and advanced battery technology," stated Dominguez.

According to Dominguez, Create may also have an superior income tax deduction for education, with a purpose to incentivize growing quite professional employees mainly in the course of this transition in the direction of the "Fourth Industrial Revolution," which always consists of green jobs.

In his speech all through the current 7th Asia Pacific Adaptation Network Webinar, Dominguez said the Philippines is aiming to shift investments to smooth power resources and inexperienced technology.

"The Philippines is ranked 9th out of 181 countries within the 2020 World Risk Index of maximum disaster-susceptible international locations inside the international. We are extremely liable to rising sea ranges, excessive climate situations, and other calamities related to the warming of the earth's climate," he stated.

Dominguez also said that because of the threats of world warming, the government put together a National Disaster Risk Reduction and Management Plan; and Disaster Risk Financing and Insurance Strategy.

China’s MOK optimistic on PH operations, market

China Tobacco Hubei's MOK hopes to faucet hundreds of thousands of Filipinos trying to veer away from smoking cigarettes and to replace to "heat no longer burn" devices.

A 12 months after introducing its "warmth no longer burn" devices and the cartridge logo COO — heat sticks that go along with them — within the local market, MOK Philippines Assistant Brand Manager Jozen Bajita stated operations have been "precise" in spite of the coronavirus ailment 2019 pandemic.


"We wish that the growth can be increasing as we invite extra adults to transition to the better opportunity," Bajita added.

Since the release in 2019, MOK has been aggressively boosting its footprint in Metro Manila, opening kiosks in select SM department stores and tapping selling channels like 7/11, Family Mart and Lawson.

It additionally marked its presence within the digital area with reputable stores in e-commerce giants Lazada and Shopee.

MOK Philippines brand head Edward Cruz claimed the organization's electronic devices are "much less harmful" as they handiest heat up tobacco sticks to produce flavorful vapor.


"There has been no actual look at on how much much less dangerous it's miles … due to the fact we aren't burning tobacco, our pollutants are 90- to ninety five-percentage much less as opposed to cigarettes," he stated.
Let me begin this column by honoring the memory of William A. O'Neil, secretary-widespread of the International Maritime Organization (IMO) from 1990 to 2003, who passed away on October 29 on the age of ninety three.

IMO Secretary-General Kitack Lim expressed terrific sadness upon receiving the information and offered his condolences and people of the IMO club and team of workers to the Canadian Government and Mr. O'Neil's family.

"Mr. O'Neil become a top notch pal and mentor who made a large personal contribution to securing globally relevant safety, safety and environmental standards," Mr. Lim stated.

Let us additionally honor the memory of seafarers who died at sea, many of the most latest of whom became Joel Canete Linao, who died when Gulf Livestock 1 sank during a hurricane on September 3, 2020. May angels lead them in, and can they discover peace in God's include.
We Filipinos have just experienced an unusual All Saints' Day. We have been used to remembering our lifeless through going to the cemeteries, bringing now not handiest foods and drinks but even tents, ovens and utensils, tables and chairs, mats and pillows, toys and devices. The festive atmosphere frequently distracts us from the reality that we are there to hope for our dearly departed.

But COVID-19 has changed all that, because it modified a lot of our habits and way of life. To stem the unfold of the virus, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) had ordered the closure of all cemeteries from Oct. 29 to Nov. Four, forcing us to stay home in the course of the long weekend.

Just as we discovered to live with "the better ordinary" which changed the "vintage normal" and even the "new regular," we came to accept the better way of honoring the dead. In his homily on All Saints' Day, Archdiocese of Manila apostolic administrator Auxiliary Bishop Broderick Pabillo stated that even as we are not able to go to our departed cherished ones in cemeteries, nothing should stop us from gazing the event in a meaningful manner. "Our incapacity to go to the cemeteries presently deepens the which means of our subculture for All Saints' Day and All Souls' Day," he said. "This is a time whilst we take into account our lifeless, who preserve to unite us as one circle of relatives, thru our prayers to the Lord, in line with our goal to be saint-like and be together again in heaven."

We are pressured to mirror at the importance of our customs and specific our ideals in different approaches. We can nonetheless percentage a simple repast with circle of relatives as we used to, even as staring at safety protocols, and mild candles for our beloved useless. Not handiest does this give a boost to our belief inside the communion of saints; it also deepens our reference to family.


Lastly, allow us to pray for the souls of Typhoon Rolly's fatalities, and those who had been left homeless and grief-afflicted within the Bicol region; and say a prayer of thanks that regardless of the harm, the typhoon had turned out to be less negative than we feared.

Extreme weather conditions in recent years caused by the weather disaster have made us extra privy to disaster preparedness. Among the reminders we encountered on social media as we monitored the technique of Typhoon Rolly showed greater recognition of each the quick- and lengthy-term effects of the storm:

Because power outages are inevitable, arrangements need to encompass cooking and eating meals stored within the fridge; stocking on canned food and drinking water; having LPGs prepared and refilling spare tanks; putting new batteries in flashlights, and having candles equipped.
To prepare in opposition to strong winds, dismantle all transient systems; make stronger your vegetation; relaxed all unstable gadgets for your open garage and garden; check your roof, and reinforce unsteady roofing with hole blocks or sandbags on pinnacle.

Since verbal exchange is important, update batteries of transistor radio (your high-quality supply of news in the course of brownouts) and maintain spare ones; rate cell phones, strength banks, tablets, laptops, and other devices vital to verbal exchange; reload prepaid credit; reveal the climate from respectable and reliable resources; keep documents to the cloud; deploy apps for disaster preparedness.

A common reminder when a typhoon is coming is "Batten down the hatches!" It's one of these nautical expressions which have found their way into everyday use. It way "prepare for trouble." It is extensive enough to cowl all the precautionary measures we have enumerated above.

This idiom is thought to have come from the exercise of securing a ship's hatches or hatchways to put together for horrific climate. These hatches have been normally left open or protected with a grill to permit sparkling air to circulate. When horrific climate become expected, the team would cover these openings with tarpaulins and attach them in location with timber battens.
And as we're once more bracing ourselves for the onslaught of any other typhoon, this nauticalexpression bears repeating: "Batten down the hatches!"

Minimum wage in Poland

The government has decided to Raise The Minimum Wage In 2019. Next year, it should be 2250 zlotys gross, and the minimum hourly rate is set at 14.7 zlotys gross. What could be the consequences of this decision? Is the minimum wage growing at an appropriate Pace? The increase was announced by Prime Minister Mateusz Morawiecki himself. Although the increase in the minimum wage is not a surprise in itself, the scale of the increase (+150 zlotys gross compared to the current year) is already there. We decided at the Council of Ministers to recommend a higher minimum wage than originally planned .

The schedule of wage increases

This is also a symbol of the fact that we want the Polish economy to rely on development not on low wages, but on wage growth, " the Prime Minister explained. Since the economy fell during the quarantine,it is worth noting that online platforms have risen a step higher.Those who are interested in the IT field know that you can raise your income, and thanks to deltamarket.net it is easy and affordable to do so .The minimum monthly wage rate of 2250 zlotys gross means an increase of more than 7% compared to the current lowest wage (2100 zlotys gross). The minimum hourly rate will also increase from 13.7 zlotys to 14.7 zlotys gross.

The unions wanted more

The rationale for raising the minimum wage can be found in the report of the Government Information Center (CIR). we read there: the current economic situation does not allow us to balance the increase in the minimum wage, commensurate with the dynamics of economic growth and productivity growth and a decrease in unemployment. back in june, the government was inclined to set the minimum wage at 2,200 rubles. why the changes?

It is known that trade unions demanded a significant increase. solidarity wanted a minimum of 2,278 rubles, then lowered its expectations slightly (to 2,255 rubles). Much further went OPZZ, which offered 2383 rubles. The final decision of the government was called by the head of Solidarity, Petr Duda,"a compromise that does not suit us, but is acceptable." At the same time, he added that in the end, the minimum wage should be formed at the level of 50% of the average wage (now it is 47.3%).

Consequences of the increase

Quite quickly after the announcement of the increase, there were voices that this could mean problems for some people receiving the 500 plus allowance. In the case of establishing rights to the first child benefit, the income criterion is taken into account. Imagine a situation where a single parent raises one child and earns 2250 zlotys gross, or just over 1600 zlotys net. in this case, the net income per person slightly exceeds 800 zlotys, that is, the threshold for the right to receive benefits for the first child. In theory, parents may face such a problem in 2020, when they will have to demonstrate income for 2019-of course, provided that the government does not raise the mentioned income threshold by then.

The natural consequence of raising the minimum wage is a simultaneous increase in the amount of benefits that are associated with it by law, m.in. sickness benefit or night work allowance. The income limit that entrepreneurs using the so-called small ZUS will be able to reach will also increase by almost 400 zlotys. According to the draft law, individuals engaged in individual business activities, whose monthly income does not exceed 2.5 times the minimum wage, pay lower contributions.

Employers traditionally opposed to

It is not surprising that the announced increase in the minimum wage have met opposition from employers. The government's decision was criticized by Jeremy Mordasewicz of the Confederation of Leviathan. In his opinion, although the current situation will allow employers to cope with the increase, in the event of an economic downturn, they may have problems with increasing the minimum wage at this rate. In addition, there is a fairly obvious argument about the risk of losing their jobs to the least skilled workers.

Moreover, constant increases do not go hand in hand with increased productivity and productivity. as rzeczpospolita recently reported, citing an analysis by the civil development forum foundation, 26% of polish workers earn half of our gdp. this means that only 5.6 million poles work effectively. the result of insufficient wages to labor productivity may be a decrease in the competitiveness of polish products.

Another disadvantage of the predetermined minimum wage is that it operates throughout the country, without taking into account the specifics of the labor market in its individual regions.

Microsoft profits rise 30% in Q3

SILICON VALLEY: Microsoft on Tuesday (Wednesday in Manila) said its profit in the recently ended quarter continued to soar as the pandemic boosted a trend toward business being taken care of in the internet cloud.

The US technology titan's profit rose to $13.9 billion, up 30 percent from the same quarter last year, according to earnings figures. Revenue in the quarter climbed 12 percent to $37.2 billion.

"Demand for our cloud offerings drove a strong start to the fiscal year," said Microsoft chief financial officer Amy Hood. Microsoft took in $15.2 billion in revenue from cloud computing offerings for businesses, up 31 percent from the same period last year, according to Hood.

Demand for software, services, and data storage hosted online at datacenters that had been steadily growing for years has rocketed during the pandemic as shopping, learning, work and more are tended to online due to the pandemic.

Businesses are under pressure to engage customers online or lose them, according to Microsoft. "The next decade of economic performance for every business will be defined by the speed of their digital transformation," said Microsoft chief executive Satya Nadella.

Revenue was also up from the company's Office suite of software; LinkedIn career-centric social network, and the Xbox video game unit.

The Microsoft Surface line of laptop computers also had a "blowout" quarter, with revenue up 37 percent, noted analyst Patrick Moorhead of Moor Insights and Strategy. Microsoft "delivered big time by beating expectations," according to Moorhead.

"Enterprises are transitioning from Covid-19 triage to starting to renew their digital transformation plans with a focus on hybrid work," the analyst said, referring to employees staying connected to offices but not necessarily being there to get jobs done.

"Microsoft is taking advantage of this phenomenon." The shift to the cloud and work-from-home appears to be "here to stay," with Microsoft positioned to benefit with its Azure computing platform and Office 365 online software, according to Wedbush analyst Dan Ives.

While quarterly earnings topped estimates, Microsoft shares slipped more than a percent on word the company expects to bring in less money than analysts expected in the current quarter.

Microsoft forecast revenue this quarter of between $39.5 billion and $40.4 billion. The Redmond, Washington based company also revealed that revenue from search ads dropped during the recently-ended quarter in a potential bad sign for Google.

BSP sees deeper PH GDP fall

The Bangko Sentral ng Pilipinas (BSP) sees a deeper contraction of the Philippine economy this year.


BSP Governor Benjamin Diokno. (Photo from the Bangko Sentral ng Pilipinas)
During the general membership meeting of Bank Marketing Association of the Philippines held on Tuesday, BSP Governor Benjamin Diokno said the country's gross domestic product (GDP) is likely to shrink by 7 to 9 percent this year.

Upon clarification, Diokno told The Manila Times in a message that the figure is "the BSP's unofficial estimate based on first semester's actual performance."

It can be noted that the Philippines plunged into a technical recession after domestic output fell by a record 16.5 percent in the second quarter and 0.7 percent in the first. This brought the contraction in GDP to 9 percent in the first half.

The central bank's latest estimate is worse than the government's adjusted assumption of a 5.5-percent GDP contraction for 2020.

It also surpasses World Bank's -6.9 percent, Sun Life Philippines' -6.5 percent, MUFG Bank Ltd.'s -6.3 percent, HSBC Private Bank's -3.9 percent, International Monetary Fund's -3.6 percent, and ING Bank Manila's -2.9 percent.

But it is better than S&P Global Ratings' -9.5 percent, Fitch Solutions and ANZ Research's -9.1 percent.

Meanwhile, the Bangko Sentral's estimate compares with the International Monetary Fund's -8.3 percent, Fitch Ratings' -8 percent, Capital Economics' -8 percent, Asian Development Bank's -7.3 percent, Moody's Investors Service's -7 percent, and Rizal Rizal Commercial Banking Corp.'s -5 to -7 percent.

Despite this, Diokno said that latest indicators suggested that the Philippine economy already approached what he called its "inflection point" amid the coronavirus disease 2019 (Covid-19) pandemic.

Financial website Investopedia defines an inflection point as "an event that results in a significant change in the progress of a company, industry, sector, economy or geopolitical situation and can be considered a turning point after which a dramatic change, with either positive or negative results, is expected to result."

"At this point, I can report that the worst is over. While we're not out of the woods yet, there has been progress as the economy gradually opens up from the strict lockdown in March to June to less stringent quarantine measures," Diokno added.

For instance, he pointed out that the country's Purchasing Managers' Index moved past the growth threshold of 50 as it settled at 50.1 in September, while foreign direct investment net inflows also sustained its uptrend in July as it recorded a rise of 35.2 percent year-on-year to $797 million.

The BSP chief added the unemployment rate improved from a record high of 17.7 percent in April — which was the height of the lockdown — to 10 percent in July.

Contraction of imports slowed down from 65.3 percent in April to 22.6 percent in August. And the decline in exports eased from 49.9 percent in April to 18.6 percent over the same period, he also said.

"Major indicators suggest that financial markets are responding well to our policy responses," Diokno said, adding that the Philippine Stock Exchange index reached 6,941.19 last October 26.

He also stressed the strength of the Philippine peso, which remains market-driven and supported by sound macroeconomic fundamentals.

On Tuesday the local currency closed at P48.37 to a dollar, gaining 2 centavos from the P48.39:$1 finish the previous day.

"With all these developments as backdrop, we expect an even firmer economic recovery next year," Diokno added.

For 2021, the government sees the economy recovering by 6.5 to 7.5 percent, taking into consideration the availability of Covid-19 vaccines by the middle of next year.

Mining and economic recovery

During the bi-annual meeting of the nine-person Advisory Council (where I serve as a member) of the Asian Development Bank Institute (ADBI) held early October, I raised the concern that the huge stimulus funds created by most countries to stave off economic recession due to the coronavirus disease 2019 (Covid-19) pandemic gave rise to two serious financial challenges: one is the growing indebtedness of developing countries (DCs); and two is the difficulty in raising additional revenues by DCs to pay their future debt obligation and finance their development projects.

ADBI is a key think tank organization of the Asian Development Bank (ADB) located in Tokyo, Japan and is recognized as one of the best publicly-funded think tanks in the world. Its advisory council reviews and recommends future research and training activities for
ADBI.

Applying my concern to the Philippine case, our debt to gross domestic product (GDP) ratio is projected to rise from around 40 percent in 2010 to more than 50 percent of our GDP this year (the highest recorded was in 2004 at 71.6 percent), and that our budget deficit will increase from around 4 percent in 2019 to hover around 9 to 10 percent of our GDP this year. Undeniably, the question I raised in the ADBI meeting is a key macroeconomic issue that will soon confront countries in the Asia-Pacific region. Other eminent members of the council from various countries around the world agreed.

I believe that this is the context by which the Department of Finance (DoF) raised the issue last week that we need to take a second look at our mining industry as a possible source of revenue, given serious revenue shortfalls as a result of the severe contraction of our economy caused by the pandemic.

The Philippines is one of the richest mineral resource-endowed country in the world as it is geologically located at the ring of fire that stretches from the north of Japan down to the south of the Indonesian archipelago. The country is ranked the world's fifth most mineral-rich country. It has the world's third largest gold reserve deposits, and accounts for 6.4 percent of the world's estimated reserves of nickel as of 2018. According to the Board of Investments (BOI) and the Mines and Geosciences Bureau (MGB), the Philippines has the potential to be among the top ten largest mining powers in the world as (in terms of occurrence per unit area) it ranks fourth in copper, fifth in nickel and sixth in chromite resources. Out of its 30 million hectares of land area, 30 percent (or 9 million hectares) has been found to be geologically prospective for metallic minerals, while an additional 17 percent (or 5 million hectares) of its total land area is potentially rich in non-metallic deposits.

The Department of Environment and Natural Resources estimated in 2012 the country's metallic reserves at around 14.5 billion metric tons and the non-metallic reserves at 67.66 billion metric tons with a total value appraised at $1.4 trillion. Gold, nickel and copper contribute roughly about three fourths of the appraised value. Mindanao island has more than 70 percent of the country's gold reserves and 62 percent of copper; while Luzon is rich in nickel (53 percent), zinc (85 percent), and chromite (47 percent). Despite these potentials, only 703,090 hectares have been awarded mining permits and exploration permits as of 2019, corresponding to only 7.8 percent of the 9 million hectares that are potentially geologically mineral endowed.

Opposition to mining development

The doctoral dissertation of Karlo S. Adriano (our eldest son) titled "Mining the Mining Industry" listed a number of economic reasons, besides its adverse environmental impacts, for the strong opposition against the development of the mining industry. Among which are as follows:

a. Contribution to the country's gross value added (GVA) is minimal;

b. Share of mineral exports to total exports is negligible;

c. Limited job creation because of its capital-intensive nature;

d. Mining investments had the smallest contribution to foreign direct investments (FDI);

e. Government revenues from mining are low compared to countries in Africa, Latin America, among others, where a substantial mining industry operates; and

f. Fully developing the sector will result in the so-called "resource curse" phenomenon.

Addressing the criticisms

Each of these concerns was systematically tackled in Karlo's dissertation with the use of time-series data, simulations, and employment of a computable general equilibrium (CGE) model. There is not enough space in this column to discuss in detail his arguments.

But the elephant in the room, which our policy makers and anti-mining groups conveniently forget, is the operation of small-scale mining players. The "People's Small-Scale Mining Act of 1991" (Republic Act 7076) provides the legal framework for the operations of small-scale mines. They contribute around 35 percent of total mineral outputs (which are practically not taxed by the government), cause severe environmental degradation, a major source of corruption (including the 'revolutionary tax' imposed by the communist insurgents), particularly at the local government unit level, and operate with hardly any environmental monitoring done by the government.

'Small is beautiful'

In 1973, a book was written by a Leftist thinker, E.F. Schumacher, titled Small is Beautiful.

The book inspired many idealistic youth (including this author) to romanticize the virtue of being a small producer tending to one's family needs, producing without a tinge of greed that often characterized the operations of big corporations. This model well encapsulated Karl Marx's socialist utopia: "From each according to his ability; to each according to his needs."

The problem with the analysis is that it presupposes that greed is uniquely owned by big corporations and alien to small producers. Adam Smith's proposition that "man is by nature greedy" in his classic book Wealth of Nations proved to be a far realistic assumption about the nature of man than Marx's socialist utopia.

However, advances in welfare economics, which brought about the idea of "corporate social responsibility" (CSR), influenced big corporations to transform themselves to become partners in the country's economic development to gain more consumers' support. Many of the big responsible mining firms have made CSR an important component of their operations.

Along this line, my concrete suggestion, if we allow mining firms to fully develop in the country as a major revenue source, is that they contribute significant funds in the procurement of Covid-19 vaccine, once fully tested and publicly released, for free distribution particularly to the poor Filipinos.

Citi, JP Morgan destroy Amazon – report

The Philippine Center for Postharvest Development and Mechanization (PHilMech) has distributed, as of October 21, 1,512 pieces of farm machinery nationwide that form part of the P5 billion worth of machines that were bidded out and purchased by the agency for 2019.

In a virtual conference on Wednesday, PHilMech Executive Director Baldwin Jallorina said the agency was bidding out the next batch of machines worth at least P3 billion to complete the P10 billion required for 2019 and 2020. Earlier this year, PhilMech bidded out P2 billion worth of these machines.

Jallorina said the agency was stepping up the distribution of the machines under the Rice Competitiveness Enhancement Fund's (RCEF) Mechanization Program, so that rice farmers could cope better with the challenges posed by the coronavirus pandemic and rice imports.

He added that the initial success of PHilMech in distributing farm machines under RCEF and the positive feedback the agency received from farmer-recipients show that the Rice Tariffication Law (RTL) is beneficial to the rice sector.


"If there was no RTL, there would be no machines distributed to qualified farmers cooperatives and associations (FCAs) worth P5 billion every year from 2019 to 2024," Jallorina said.

The farm machines delivered as of last Wednesday were 213 four-wheel tractors; 220 hand tractors; 376 floating tillers; 52 precision seeders; 106 walk behind transplanters; 118 riding type transplanters; 103 reapers; 310 combine harvesters; and 14 mobile rice mills.

The top brands for the four-wheel tractors that are current supplying PHilMech include Yanmar, Kubota and Massey-Ferguson.

Jallorina said that, with the easing of lockdowns and ongoing quarantines, PHilMech can step up its distribution of farm machines nationwide. He added that the agency could also intensify its training of FCAs that were qualified to receive the machines under the mechanization program at no cost.

"PHilMech has been very active in training the members of FCAs who will receive the farm machines at no cost under the RCEF-Mechanization component, and the agency can step up the trainings with the easing of lockdowns and quarantines," he added.

The PhilMech director also said his agency would continue to be transparent in the bidding and acquisition of farm machines.

"We will continue to exercising transparency in the bidding process, with the proceedings are aired live over the official PHilMech Facebook page. Even the actual opening of the bids and the awarding are aired live," Jallorina said.

Under RTL, 50 percent of the annual P10-billion RCEF would go to PhilMech for the delivery of farm machineries and postharvest facilities to farmers through their FCAs.

PHilMech ups farm machine distribution

The Philippine Center for Postharvest Development and Mechanization (PHilMech) has distributed, as of October 21, 1,512 pieces of farm machinery nationwide that form part of the P5 billion worth of machines that were bidded out and purchased by the agency for 2019.

In a virtual conference on Wednesday, PHilMech Executive Director Baldwin Jallorina said the agency was bidding out the next batch of machines worth at least P3 billion to complete the P10 billion required for 2019 and 2020. Earlier this year, PhilMech bidded out P2 billion worth of these machines.

Jallorina said the agency was stepping up the distribution of the machines under the Rice Competitiveness Enhancement Fund's (RCEF) Mechanization Program, so that rice farmers could cope better with the challenges posed by the coronavirus pandemic and rice imports.

He added that the initial success of PHilMech in distributing farm machines under RCEF and the positive feedback the agency received from farmer-recipients show that the Rice Tariffication Law (RTL) is beneficial to the rice sector.


"If there was no RTL, there would be no machines distributed to qualified farmers cooperatives and associations (FCAs) worth P5 billion every year from 2019 to 2024," Jallorina said.

The farm machines delivered as of last Wednesday were 213 four-wheel tractors; 220 hand tractors; 376 floating tillers; 52 precision seeders; 106 walk behind transplanters; 118 riding type transplanters; 103 reapers; 310 combine harvesters; and 14 mobile rice mills.

The top brands for the four-wheel tractors that are current supplying PHilMech include Yanmar, Kubota and Massey-Ferguson.

Jallorina said that, with the easing of lockdowns and ongoing quarantines, PHilMech can step up its distribution of farm machines nationwide. He added that the agency could also intensify its training of FCAs that were qualified to receive the machines under the mechanization program at no cost.

"PHilMech has been very active in training the members of FCAs who will receive the farm machines at no cost under the RCEF-Mechanization component, and the agency can step up the trainings with the easing of lockdowns and quarantines," he added.

The PhilMech director also said his agency would continue to be transparent in the bidding and acquisition of farm machines.

"We will continue to exercising transparency in the bidding process, with the proceedings are aired live over the official PHilMech Facebook page. Even the actual opening of the bids and the awarding are aired live," Jallorina said.

Under RTL, 50 percent of the annual P10-billion RCEF would go to PhilMech for the delivery of farm machineries and postharvest facilities to farmers through their FCAs.

Citi, JP Morgan destroy Amazon – report

SEATTLE: Major US monetary corporations are helping fund environmental destruction and indigenous rights abuses inside the full-size Amazon rainforests with billions of dollars in investments in questionable companies, in step with a file published Tuesday (Wednesday in Manila).

Six pinnacle firms — BlackRock, Citigroup, JPMorgan Chase, Vanguard, Bank of America and Dimensional Fund Advisors — have invested greater than $18 billion over the past three years in mining, agribusiness and electricity companies involved in a "collection of abuses" in the international's largest rainforest, discovered the report by using the environmental institution Amazon Watch and the Association of Brazil's Indigenous Peoples (APIB).

"Major financiers… are the usage of their customers' cash to allow the deltamarket reviews   wanton behavior of corporations related to indigenous rights violations and the devastation of the Amazon rainforest," said Amazon Watch application director Christian Poirier.

"This monetary complicity in destruction contradicts the weather and human rights pledges touted by some of those companies, exposes their investors to big threat and contributes dramatically to the world's growing biodiversity and climate crises," he said in a announcement.

The report investigates the corporations' investments in nine Brazilian and multi-country wide agencies accused of abuses in the Amazon, consisting of mining corporations Vale and Anglo American, agribusiness businesses Cargill and JBS, and power company Eletronorte.

It accuses those groups of dangerous practices which include land seizures, violence in opposition to indigenous agencies, unlawful deforestation and the use of harmful insecticides.

It says for instance that JBS, the arena's biggest meat processing agency, sourced cattle from ranches that encroached on Brazil's Uru-Eu-Wau-Wau and Kayabi indigenous reserves.

Mining giant Vale meanwhile faces accusations of contaminating water and failing to comply with its agreements to mitigate the impact of its activities on indigenous lands, says the report.

Such conflicts round land are fueling a surge in violence towards indigenous peoples within the Amazon, which include an annual increase of 135 percent remaining 12 months in the quantity of land invasions and the homicide of seven indigenous leaders, it says.

Many of the organizations denied the accusations. Firms which includes Vale, Anglo American, Cargill and JBS presented evidence they stated contradicted the file's findings of abuses.
Financial corporations making an investment in them additionally denied wrongdoing.

may be required to maintain additional loss-absorbency of

The BSP stated banks targeted as D-SIBs may be required to maintain additional loss-absorbency of 1.5 percentage or 2.5 percentage of threat-weighted belongings depending on a variety of of factors, including length, marketplace reliance and complexity.

The capital requirement ought to paid in  years beginning January 2017 and must be fully in region via January 2019. By then, D-SIBs ought to have a minimum not unusual fairness tier 1 (CET1) ratios of 10 percent to eleven percentage.

BDO said the additional capital will permit it to sustain momentum and take gain of the us of a’s boom opportunities.

Over the past five years, the financial institution said its purchaser loan portfolio grew at 19-percentage compounded annual increase price (CAGR), outpacing the industry’s 17percent CAGR.

As of June 2016, BDO’s consolidated CET1 ratio and capital adequacy ratio (CAR) of 11.Three percent and 13.1 percent, respectively, had been above the modern regulatory minimum degrees.

SM Investments Corp. (SMIC), its controlling and majority shareholder, has expressed its full guide for the bank’s expansion plans and rights provide.

SMIC has devoted to join its proportionate percentage and is willing to underwrite any stocks now not taken up by way of minority shareholders.

“Details on the proposed pricing, rights ratio and timetable could be disclosed once these are finalized,” BDO stated.

Other outside factors

Other outside factors are promising for rising markets. China’s recent reports have been favorable and boosts expectations of a tender landing,” Cuyegkeng stated.

Also, the peso’s underperformance against other Asian rising marketplace currencies has to do with local factors that consist of expectancies of a lower present day account surplus.

“Some analysts assume the present day account might publish a deficit this year or inside the coming years. If this materializes, then we might be back to a twin deficit environment that plagued the economy early final decade,” Cuyegkeng stated.

Nevertheless, he believes that different components of structural inflows could offset a bigger trade deficit. “We are extra fantastic and count on a current account surplus however at a extra modest level.

“In addition, unlike inside the early final decade, the financial deficit now and the programmed deficit might probably continue to be below the economic deficit that changed into visible early ultimate decade,” he stated.

In sum, financial basics stay favorable but there are emerging stresses at the financial system that might be exacerbated by using non-economic factors, he stated.

“Investors have priced in a whole lot of positives approximately the economic system and at the moment are in search of risks that would disappoint expectancies,” he added.

Weakened largely by using outside, domestic element

Weakened largely by using outside, domestic elements

THE peso fell to the P48 in line with dollar territory on Monday, weakened with the aid of a mixture of international and home elements to hit a seven-12 months low.

Monday’s buying and selling noticed the peso losing 26 centavos to settle at P48.25 to a dollar from P47.Ninety nine on Friday, its weakest when you consider that September 15, 2009.

It closed at P48.25, the weakest stage given that September 15, 2009 whilst a dollar bought P48.33.

The nearby foreign money opened at P48.07:$1 on the Philippine Dealing System (PDS) before buying and selling among P48.05 and P48.26. Total extent reached $758.5 million from $590.Five million Friday.

“The peso movement meditated the continuing uncertainty about the United States Fed’s subsequent policy movement, just like the opposite local currencies, plus robust forex demand for solving and corporate requirement,” Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. Stated in a text message.

ING Bank Manila senior economist Joey Cuyegkeng cited the peso persevered to underperform, explaining that the relative underperformance takes into consideration commonplace elements among the vicinity’s currencies and specializes in factors that in large part have an effect on a specific currency.

External factors that have additionally affected other currencies include traits in G3 economies like the current selections of European Central Bank, america Federal Reserve and the Bank of Japan, in addition to marketplace expectancies of a probable Fed charge hike in December.

BDO Unibank Inc. (BDO)

BDO Unibank Inc. (BDO) on Monday said it'll improve P60 billion in clean capital thru a inventory rights provide to preserve boom and offer a capital buffer as a regulatory requirement of the valuable bank.

In a assertion released through the Philippine Stock Exchange, the Sy-led financial institution stated elevating its extra core capital was accredited with the aid of its board of administrators.

“The clean capital will assist the Bank’s medium-term growth targets amid the united states’s favorable macroeconomic prospects, and offer a comfortable buffer over better capital necessities with the drawing close imposition of the Domestic Systemically Important Bank (DSIB) surcharge,” it stated.

At the worldwide stage, an authentic listing of systemically crucial banks (G-SIBs) categorizes such institutions because their failure or distress could effect on the worldwide financial system.

Such banks are also stated through nearby regulators as home systemically essential banks (D-SIBs) – also known as countrywide SIFIs in Europe – because of their structural function and effect on the domestic economy.

CONCERNS approximately home

CONCERNS approximately home and outside developments persevered to hound Philippine stocks on Monday, pulling the bellwether PSEi again to the 7,600 territory.

The PSEi lost 1.18 percent or 91.14 points to 7,632.46, at the same time as the All Shares additionally fell through 1.09 percentage or 50.11 factors to 4,536.60.

Harry Liu, president of Summit Securities Inc., cited “there is nevertheless a great deal situation” amongst investors in terms of each nearby and foreign developments.

“There remains an awful lot challenge, and buyers are searching at traits here and abroad. On the worldwide side, traders are looking at the US elections as it is able to result in a variety of possible coverage modifications,” Liu stated.

On the local scene, buyers are worried about President Rodrigo Duterte’s cause to increase stronger exchange and monetary relations with China and Russia.

“Our management is showing a exclusive approach on the political and economic aspect. The President is establishing doorways to Russia and China in phrases of economic system and exchange,” Liu mentioned.

“But as of now, there may be no drastic trade in coverage. Investors are simply on a cautious stance… I suppose within the lengthy-term, I’m still very high quality approximately the market,” he introduced.

President Duterte on Monday said he became thinking about touring China to open up all avenues of alternate with the world’s 2d biggest economic system after the USA. The Philippines has an extended-status maritime dispute with China.

Liu claimed the feasible interest

Liu claimed the feasible interest price hike inside the US later this 12 months isn’t likely to douse the intense potentialities for the Philippine marketplace, announcing the stays shielded with the aid of robust economic fundamentals towards global hiccups.
Also, markets assume the Fed to raise interest fees at the barest minimum.

Some 1.29 billion shares were traded, valued at P7.22 billion. Decliners outnumbered advancers, 123 to sixty two, while 45 issues were unchanged.

PSE President Hans Sicat, for his part, stated that the marketplace is experiencing internet foreign selling.

“We were experiencing net foreign selling in the marketplace within the beyond weeks, however the numbers show that this has bogged down following the current meeting of america Federal Reserve.

“Perhaps it is also an indication of fund managers locking in gains, as the PSEi has added double-digit returns since the start of the 12 months,” Sicat stated.

“Our economic basics continue to be sturdy and this need to preserve to assist company performance transferring forward,” he added.

On Friday, the PSEi broke a 4-day prevailing streak. It declined by 0.50 percentage or 38.75 factors to 7,723.60. The All Shares decreased by using zero.36 percentage or sixteen.34 factors to four,586.71.

By outsourcing collections

By outsourcing collections via permitted series organizations, Pag-IBIG guided debtors at the set off charge of their home loans and accelerated its performing loans portfolio, main to more budget for domestic finance,” the Fund stated.

Other Pag-IBIG Projects which includes the Pag-IBIG Overseas Filipino Worker (OFW) Center have been identified under the Customer Service class, even as the I Do, I Do! Araw ng Pag-IBIG and Alam mo ba? Series changed into diagnosed underneath the Strategic Communication class.

Also, its OFW Dagdag-Ipon Raffle Promo was lauded under the Financial Literacy category.

The abovementioned programs are a part of Pag-IBIG’s member services operations that promote membership and financial savings.

The ASSA Recognition Awards had been formed closing yr with the aid of The Employees Provident Fund, a member of the ASSA from Malaysia.

“The Awards intention to recognize outstanding tasks and spur innovation among member-companies for them to preserve doing greater for his or her respective customers,” Pag-IBIG said.

Ng Chee Peng, ASSA Chairman and Chief Executive Officer of the Central Provident Fund Board in Singapore supplied the awards to Pag-IBIG Senior Vice President for Financial Services Sector Florentino Espana, Jr. On the recently held 33rd ASSA Board Meeting and Conference at Sofitel Hotel, Manila.

Apart from Pag-IBIG, two other tasks from the Philippines had been additionally recognized, one every from PhilHealth and the Government Service Insurance System.

Seven projects of the Home Development Mutual Fund or Pag-IBIG

Seven projects of the Home Development Mutual Fund or Pag-IBIG were identified by means of an ASEAN business enterprise for his or her revolutionary trends, the company said on Monday.

In a announcement, Pag-IBIG said it received the most Excellence Awards amongst 13 member-businesses of the Asean Social Security Association (ASSA) at the ASSA Recognition Awards 2016.

The Fund’s initiatives obtained awards under categories such as Innovation, Transformation, Customer Service, Communication, and Financial Literacy.

The GHLP and Outsourced Collections of Delinquent Accounts are beneath Pag-IBIG’s home lending operations that make the acquisition of houses easier for prospective homeowners.

Among the Pag-IBIG initiatives that were recognized had been the Pag-IBIG Loyalty Card and Group Housing Loan Program (GHLP) underneath the Innovation category, and the Outsourcing of Collections of Delinquent Accounts via Collection Agencies below Transformation category.

“Through the GHLP, Pag-IBIG partners with LGUs, employers, and associations to make domestic finance greater on hand to their respective ingredients or beneficiaries,” Pag-IBIG stated.

Pag-IBIG cited that the GHLP and Outsourced Collections of Delinquent Accounts are below Pag-IBIG’s domestic lending operations.

“Win-win solution, there may be continuity in the electricity generation for authorities. We received’t should put out 3,four hundred MW. Right now, if they convert fuel, their 2,000 KW is convertible to gasoline oil but the price will go up,” he delivered.

Liata stated that PNOC became invited through First Gen to visit their location and the entire crew went there to Batangas.

“They showed us their plans and I said, if they're certainly keen on placing it up, then I gained’t positioned up my own anymore, then they stated so let us partner,” he explained. Also read https://broker-review.top/onlinemarketshare-broker-reviews-can-tell-this, it is best broker review I even met.

“The greater LNG electricity storage centers, there can be extra LNG energy flowers, which we adore because you aren't going to put up a garage facility in case you aren't going to put up a power plant because simplest PNOC and First Gen–up to 2023—[are] authorized to put up a pipeline,” the PNOC reputable said.

After 2023, PNOC is the simplest one this is legal to put up a pipeline, Lista added. WASHINGTON, D.C.: The Trump administration Wednesday (Thursday in Manila) unveiled plans to dramatically reduce taxes for US agencies and people, slashing the company fee to 15 percentage, but the once-in-a-technology overhaul is headed for a hard combat in Congress.

As Donald Trump’s presidency nears the symbolic a hundred-day mark, the Republican is seeking to observe via on a flagship promise to reform the tax code to reinforce the economic system, groups and families, consisting of center-elegance and running-class Americans.

“Under the Trump plan, we will have a big tax cut for agencies and large tax reform and simplification,” US Treasury Secretary Steven Mnuchin introduced from the White House.

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Slashing taxes on income and commercial enterprise became a key part of Trump’s election platform.

The plan’s signature reform might be a dramatic discount of the company tax price, from the current 35 percentage to 15 percentage.

Tax brackets for people would be compressed from seven to just three —10 percent, 25 percentage and 35 percentage, lower than the modern-day top charge of 39.6 percentage.

“It’s a wonderful plan,” Trump stated at the White House on Wednesday. “It’s going to place people returned to paintings.”

Killing off the ‘dying tax’

The inspiration also gets rid of the estate tax—stated with the aid of a few combatants because the “demise tax”—a levy on property consisting of coins and actual property transferred from deceased individuals to their heirs.

But with the tax plan proscribing most deductions, it could disclose extra of a mean American household’s income to taxes.

Gary Cohn, the president’s leader financial guide who unveiled the plan in conjunction with Mnuchin, dubbed it “the most sizeable tax reform regulation on account that 1986, and one in every of the largest tax cuts in American history.”

The purpose, the White House stated, is for the reforms to propel the USA economy to a few percentage annual growth.

But the long-predicted overhaul —information of which remained unclear beyond a handful of headline measures—may want to face stiff opposition in Congress, such as from a few Republicans, with lawmakers sharply divided over the chance of fueling already-growing deficits.

“This isn’t going to be easy. Doing huge matters by no means is,” Cohn admitted.

“We might be attacked from the left and we are able to be attacked from the right. But one thing is sure: I would in no way ever bet towards this president.”

Taxing overseas earnings

Mnuchin declined to set a cut-off date for the reform passing Congress, however he said the administration changed into aiming to “get this completed this yr.”

He and Cohn said there has been essential settlement on the center standards of the plan, despite the fact that particulars were nevertheless being labored out with lawmakers.

A key detail is a one-time tax on distant places income, which Mnuchin stated will “deliver again trillions of bucks that are offshore to be invested here inside the United States.”

That charge has but to be finalized.

Also unclear is how current tax breaks for toddler care could be restructured.

The tax plan’s effect on the deficit and debt may be key to triumphing backing on Capitol Hill.

House Speaker Paul Ryan hailed the reform as “development,” despite the fact that Mnuchin signalled it might no longer consist of a tax on imports, some thing Ryan lobbied for amongst fellow Republicans.

“It’s basically alongside precisely the same strains that we need to move,” Ryan said.

‘Explode the deficit’

Democrats sounded a right away warning to the White House.

“If the president’s plan is to provide a large tax break to the very rich in this united states, a plan so as to commonly benefit humans and businesses like President Trump’s, that won’t skip muster with we Democrats,” Senate Minority Leader Chuck Schumer said.

LOPEZ-LED First Gen Corp. (First Gen) is eager to accomplice with kingdom-run Philippine National Oil Co. (PNOC) in growing a liquefied natural gas (LNG) facility at its belongings in Mabini, Batangas.

First Gen confirmed on Thursday that their executives have had meetings with PNOC senior control at the opportunity of operating together to expand an LNG infrastructure.

Currently, PNOC is in talks with foreign companions for feasible authorities-to-government (G2G) partnership to position up an LNG facility in the location, so one can include a 2 hundred-megawatt (MW) electricity plant and a floating garage and regasification unit (FSRU).


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According to the electricity organization, LNG represents the gas of the future as it is competitive, smooth and bendy and complements renewables and storage technology

“We welcome government’s participation, through PNOC, in enabling LNG and to in addition grow the gas enterprise inside the usa and we look ahead to in addition talks with PNOC. An LNG infrastructure is essential to our us of a’s electricity safety and we're committed to take part in building international-class facilities which might be constant with the administration’s thrust to increase the u . S .’s infrastructure,” First Gen said.

“First Gen believes LNG infrastructure may be advanced no longer handiest in Luzon but also in Visayas and Mindanao to be able to allow get right of entry to to gasoline inside the island grids,” the agency introduced.

“First Gen has been developing an LNG terminal for the beyond five years to ensure that its 2,000 MW of working gasoline vegetation could have LNG to replace Malampaya fuel whilst it runs out. This will pave the manner for the continued use of gasoline and the building of greater LNG infrastructure,” First Gen introduced.

“First Gen acceded to be a minority accomplice [for the LNG project], that I can inform you, however now not the information. They were attending our negotiations, they recognize that they want us extra,” PNOC president Reuben Lista stated in an in advance interview on Tuesday.

He defined that if First Gen will build the LNG facility, they may should spend $1.Four billion and they'll still must purchase gas.

“The enterprise initiated measures to enhance metallic recovery, by way of enhancing the flotation technique, to offset the lower milling tonnage,” it stated in a disclosure to the Philippine Stock Exchange (PSE).


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In specific, it said the steel healing price for copper elevated to 84 percentage whilst the healing price for gold rose to eighty three percent. As a result, first sector tonnage yielded 7.752 million kilos of copper and 22,451 oz. Of gold, Philex said.

Consolidated revenues amounted to P2.Fifty four billion, up from P2.39 billion a yr in the past because of improved metal fees and favorable exchange charges.

Average realized copper prices reached $2.77 in line with pound from $2.25 according to pound inside the equal duration closing yr, at the same time as average realized gold prices rose to $1,264 consistent with ounce from $1,239 in line with ounce final year.

Revenue from copper rose to P1.09 billion from P946 million a yr in advance, whilst revenue from gold was flat at P1.426 billion. Revenues from silver rose to P21.Nine million from P16.8 million formerly, because the average found out rate went as much as $18 in step with ounce from $15 in line with ounce closing yr.

Philex stated consolidated charges and costs rose barely to P1.668 billion from P1.641 billion a yr in advance, while earnings from operations for the period rose 24 percent to P668 million.

But it incurred internet different charges of P55 million, basically because of the effect of the peso depreciation at the corporation’s dollar-denominated loans, as compared with a internet different income of P89 million a yr in advance.

It stated internet profits improved three percentage to P432 million from P420 million within the equal period ultimate 12 months, whilst its internet profits resulting from the discern organization, which changed into identical as internet profits after the deconsolidation of PXP Energy Corp. Closing yr, progressed one percent from the formerly recorded P426 million.

“The employer additionally sustained its debt repayment approach and retired $4 million out of its fantastic quick-time period bank debt during the period. This decreased the determine organisation’s general brief-time period debt to $58.Zero million as of quit-March this yr,” Philex stated.

CONSTRUCTION solutions issuer Holcim Philippines stated on Thursday its net profits for the primary three months of 2017 dropped 37.Four percent to P939.Four million from the primary area of 2016 because of tighter industry opposition, decrease public infrastructure spending and better manufacturing charges.

The comparative yr-in advance internet profits changed into P1.5 billion.

In a disclosure to the Philippine Stock Exchange (PSE), Holcim said net sales in the first region fell 12 percentage to P8.Eight billion “because of the tough enterprise environment.”


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It stated operating earnings earlier than interest, tax, depreciation and amortization (Ebitda) fell to P1.7 billion inside the first region from P2.5 billion in the same period final 12 months because of higher costs from rising gasoline costs and a weaker peso.

“Holcim Philippines estimates that cement call for in the country barely declined from that of the identical period closing 12 months, whilst pre-election spending on infrastructure was increased. However, the enterprise is tremendous about the outlook for the relaxation of the 12 months,” it said.

“Infrastructure and innovation are mentioned as pillars for the u . S .’s 2017 productivity increase forecast at 6.Four percent Gross Domestic Product (GDP). These pillars are strengths of Holcim Philippines that we accept as true with will buoy the employer and make a big difference for clients. This place has been displaying robust growth, giving us the optimism to retain to transform and serve our clients even higher,” Holcim Philippines leader working officer Sapna Sood said.

Holcim Philippines is the nearby arm of LafargeHolcim Group, generating and presenting cement and aggregates (overwhelmed stone, gravel and sand). It has four factories in the Philippines positioned in La Union, Bulacan, Misamis Oriental and Davao. LISTED gold manufacturer Philex Mining Corp. Stated Thursday its middle internet profits within the first area rose 18 percent from a yr in advance to P458 million, driven mainly with the aid of higher metallic costs although partly offset through lower metal output.

Philex said its Padcal mine milled 1.998 million metric heaps of ore for 88 days at some stage in the first region towards the two.325 million MT milled in 2016. It said the decrease tonnage changed into due to fewer operating days and system availability problems.

Survey consequences determined the maximum feasible path starting in Cebu in the Visayas and terminating in Dipolog City in Zamboanga del Norte in Mindanao.

Subsequent preparations have been made to include the conceptual design, particular price estimate and replace of the system simulation examine using the Cebu-Dipolog direction inside the ERC software, at the same time as inland and course surveys for sub-stations and overhead transmission lines had been simultaneously being performed.

“NGCP submitted to the ERC its application for the implementation of the VMIP. This comes after years of research and careful making plans. Finding the most secure and maximum feasible course for the task turned into an extended and tedious process, given the various challenges that confronted us, like unexploded ordinances, fault traces and submarine volcanic pastime. We needed to be cautious and sure, as that is going to be the largest challenge inside the records of the Philippine energy enterprise,” NGCP stated.

The grid operator delivered, “And we are excited to start. As quickly as ERC grants us the provisional authority, NGCP will without delay placed into motion plans to be able to result in the eventual unification of the u . S . A .’s three main grids. Barring any delays, we hope to get this finished by means of 2020.”

The 2020 target date is based totally on a compressed agenda, and assumes no delays, it said.

The NGCP hopes to acquire the ERC approval inside six months or in advance.

Earlier research at the challenge, which targeted at the eastern route from Leyte to Surigao, found out numerous barriers including live ordinance (torpedoes and excessive explosive shells) from the Battle of Surigao in 1944, an underwater volcano, fault traces and seismic dangers which includes risky rock slabs.

Results of preceding feasibility studies earlier than the grid operator took over transmission operations prompted it to search for alternative routes.

“NGCP is aware that this is a enormous, an luxurious challenge that now not all can entire, or even start, on their personal. After years of handiest feasibility studies to preserve the project alive, NGCP, with its able team of technical experts and a wide pool of resources, is taking that needed next step. What the others can't do, we are doing now,” the agency stated.

It is looking for the assist of the general public and its stakeholders, particularly communities so as to be traversed via the assignment.

“NGCP underscores the value and potential effect of this challenge, no longer handiest to Mindanao, however to the country’s power balance. We want this completed on time, making sure that fine of energy transmission traces, centers and services is not compromised. NGCP wishes the total guide of the authorities, ERC, DoE, DENR and the specific local authorities gadgets to make sure its well timed and fine implementation,” NGCP said.

DoE is the Department of Energy and DENR, the Department of Environment and Natural Resources.

State-run National Transmission Corp. (TransCo) earlier stated the authorities is considering the choice of building the Visayas-Mindanao grid interconnection assignment, in place of letting NGCP convey it out, in line with TransCo president and chief executive officer Melvin Matibag.

The assignment is a part of the concession agreement of the NGCP but TransCo remains the owner of transmission property.

“It is good that they [NGCP] are adjusting the target to 2020 [to finish the interconnection], however I want to look for a manner that the price of the connection should now not be exceeded on to clients,” Matibag said.

He explained that below the concession agreement with NGCP, there's a provision that states that improvement and improvement of the transmission grid is one-of-a-kind to the concessionaire.

“I need to outline distinct, the cause being that I want to discover if the government can… do the connection
due to the fact reputedly, the ballpark discern is round P52 billion, so to be able to be an additional price to the consumers.

Because while the time comes, when the concession is finished and the P52 billion cost isn't always yet paid, the customers will shoulder the load,” Matibbag stated.

The TransCo president introduced that they're making a few representations in Congress if the fee of the undertaking can be blanketed within the General Appropriations Act.

TransCo turned into created beneath Republic Act 9136 or the Electric Power Industry Reform Act.