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(PhilStar) MANILA, Philippines — The Philippine beach volleyball teams set in motion their bid for Tokyo Olympic berths in the semifinals of the Asian Volleyball Confederation Continental Cup today in Nakhom Pathom, Thailand.

Bannered by Sisi Rondina and Bernadeth Pons, the women’s team will have its hands full against powerhouse Japan and New Zealand, with the men facing the same daunting task against Australia, Japan, Kazakhstan and Lebanon.

The other women’s pair of Dij Rodriguez and Babylove Barbon as well as the men’s tandems of Jaron Requinton and James Buytrago and Jude Garcia and Anthony Arbasto complete the Philippine cast vying in the Thai event… Read More

(BusinessWorld) THE SENATE urban planning, housing, and resettlement panel has approved the bill granting rental subsidy to informal settlers affected by the coronavirus pandemic and other calamities.

Senator Francis N. Tolentino, chair of the panel, said in a statement on Thursday the committee approved the separate bills filed by Senators Leila M. de Lima, Ramon B. Revilla, Jr., and Christopher Lawrence T. Go as well as the counterpart House Bill No. 8736 or the Rental Housing Subsidy Program Act.

The House measure was approved last March and was transmitted to the Senate in April.

The committee will form a technical working group to consolidate the measures, he said.

Mr. Tolentino said the subsidy program should go beyond the pandemic as rental and other monthly fees are constant challenges for informal settlers in the capital region Metro Manila and other urban areas.

He also noted that institutionalizing the rental subsidy program “will support short-term housing relief efforts and affordable housing programs for low-income families.”

The proposed law aims to provide a monthly housing subsidy to informal settler families whose scheduled relocation were delayed because of calamities.

The subsidy will be in effect until the affected families are transferred to a formal housing settlement or after five years, whichever comes first.

He noted in the statement that the National Housing Authority is already providing a one-time rental subsidy for qualified informal settler families in Metro Manila who will be relocated to a government housing project in Rizal, Batangas and Laguna… Read More

(BusinessWorld) THE PESO sank further versus the greenback on Thursday after the US Federal Reserve signaled it could hike rates earlier than previously hinted.

The local unit closed at P48.38 per dollar yesterday, losing 29 centavos from its P48.09 finish on Wednesday, data from the Bankers Association of the Philippines showed.

The peso opened Thursday’s session at P48.30 per dollar. Its weakest showing was at P48.455, while its intraday best was at P48.28 against the greenback.

Dollars exchanged climbed to $1.79 billion from the $1.15 billion seen on Wednesday.

A trader attributed the peso’s weakness to safe-haven demand after the latest policy statement of the Fed.

“These remarks were a drastic shift from the previous policy guidance by the US central bank wherein inflation was viewed as “transitory” and that US policy rates will remain unchanged at least until 2024,” the trader said in an email.

US central bank officials on Wednesday moved their first projected rate increases from 2024 into 2023, with 13 of 18 policymakers foreseeing a “liftoff” in borrowing costs that year and 11 seeing two quarter-percentage-point rate increases, Reuters reported.

Seven of the officials see rates moving higher next year, opening the possibility of even more aggressive action.

Fed Chair Jerome Powell, who spoke to reporters after the release of the central bank’s latest policy statement and economic projections, said there had also been initial discussions about when to pull back on the Fed’s $120 billion in monthly bond purchases, a conversation that would be completed in coming months as the economy continues to heal.

Losses at the local stock market on Thursday also affected the peso, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

The Philippine Stock Exchange index shed 85.43 points or 1.23% to close at 6,887.92 on Thursday.

For Friday, the trader gave a forecast range of P48.30 to P48.50 per dollar, while Mr. Ricafort expects the local unit to move within P48.25 to P48.45… Read More

(GMA News) Only P1 billion of the P5.5 billion budget for public utility drivers and operators displaced by the COVID-19 pandemic have been distributed, the Land Transportation, Franchising and Regulatory Board (LTFRB) said Thursday.

The funds are provided under the P165-billion Bayanihan 2 law, whose validity will expire on June 30.

LTFRB Chairperson Martin Delgra III said that the budget not only funds the compensation for displaced drivers but also the government’s service contracting program, which provides free rides to the public via the EDSA Bus Carousel.

“The principal beneficiaries of this are drivers and operators of the public transport under the service contracting program, but the passengers also benefit from this because of the free ride. Yesterday, we already distributed P1 billion under this program and distribution is still ongoing,” Delgra said during the Laging Handa briefing.

Delgra said that the free rides through the EDSA Bus Carousel will continue even with the increasing ridership, as viral photos and videos show passengers crowding the Carousel stations during rush hour.

Delgra said the number of EDSA Bus Carousel passengers went from 41,000 per day in March to as much as 182,000 per day as of last week.

“Bayanihan 2 law funding [for this EDSA Bus Carousel service contracting project] will end June 30. Congress can extend it until December 31, but whatever happens, there is P3 billion under the General Appropriations Act [for this year] for the service contracting program so the free rides in EDSA Bus Carousel will continue,“ Delgra said.

However, he added that there is a need to deploy more buses to prevent crowding of passengers.

While the LTFRB has issued special permits for 428 bus units for the EDSA Carousel, Delgra said there are fewer than 400 buses plying the road on a daily basis.

“We have to address that [crowding]. We need to deploy more units, and we are coordinating with the two consortiums so that additional 15 to 20 units of buses can be deployed,” Delgra said.

“Secondly, we need to increase the efficiency of the use of these units. If 428 units will run along the 58 kilometers of EDSA on both directions, ideally these should be running with a 30 second interval so they can be spread out along EDSA. The problem is, there are instances when a number of buses spend more time in the same station, so we are trying to address that,” Delgra added… Read More

(CNNPhilippines) Metro Manila— While running for vice president in next year’s elections may be a “good idea,” President Rodrigo Duterte on Wednesday said he will not contend for the second highest post in the country if House Majority Leader Martin Romualdez does the same.

In a speech in Malacañang, Duterte said gunning for the vice presidency “would be good,” citing the drug problem in the country, as well as other unfinished business during his term.

However, he bared that he had promised to support Romualdez should the latter run for the coveted post.

“There are a lot of people pushing me to run for Vice President. It’s a good idea I think, particularly if we talk about the drug problem,” Duterte said during an event in the Palace.

“The problem was there was a serious contender also for the speakership, si Congressman Romualdez. Kaya ang deal ko sa kaniya ganito — huwag ka na lang maghabol diyan (My deal for him was this — don’t vie for the speakership) and next election, which is just around the corner, if you run for vice president, I will support you,” Duterte revealed.

“And I will hold on [to] that commitment. ‘Pag tumakbo si Romualdez, wala ako (If Romualdez runs, I won’t run).”

Duterte’s pronouncement runs counter to his earlier statement that he is “resisting” the call of his party PDP-Laban, which has been urging him to run for vice president in 2022. Asked about the possible bid in a television interview last week, Duterte maintained he’s “ready for retirement.”.. Read More

(CNNPhilippines) Metro Manila — Quezon City and Valenzuela City workers may now be inoculated in the evenings.

In a statement Wednesday, Quezon City Mayor Joy Belmonte announced the local government’s nighttime vaccination program dubbed, “QC Bakuna Nights (QC Vaccine Nights).” It will open starting at 6 p.m., after usual working hours, to accommodate those who have no time to visit vaccination centers during the day.

“Ngayon, hindi na nila kailangang mamili kung arawang kita ba muna or bakuna,” Belmonte said.

[Translation: Now, they no longer have to choose between day job first or getting the vaccine.]

The government added that it will inoculate some 2,000 frontline personnel for the first time at the Quezon City hall.

Meanwhile, Valenzuela City also announced the launching of its night-shift vaccination. The site at Pasolo Elementary School is open for industry workers and economic frontliners from 6 p.m. to 10

As of Wednesday, Quezon City has 1,861 active COVID-19 cases, 96,465 who have recovered from the virus, and 1,159 fatalities. Valenzuela City, on the other hand, has 360 active cases, 21,369 recoveries, and 504 deaths… Read More

(BusinessWorld) GOVERNMENT economic managers backed a proposal to reform the pension system for the military and police to prevent its collapse and ease fiscal burden.

In a statement, the Development Budget Coordination Committee (DBCC) said reforms would ensure a better framework for the pension system that could ease the pressure on state funds amid a coronavirus pandemic.

“Without funding sources to support this growing expenditure, the military and uniformed personnel pension system, as well as the fiscal stability of the National Government, is at serious risk,” it said.

“The ability of the government to compensate active personnel and invest resources to keep [them] in fighting shape is also in jeopardy,” it added.

The interagency body composed of the Department of Finance, Department of Budget and Management, Bangko Sentral ng Pilipinas and the National Economic and Development Authority said keeping the so-called automatic indexation of pensions to salaries of uniformed personnel is unsustainable.

Indexation aligns a retiree’s benefits to wage increases for active workers.

The DBCC said salaries of the military and police increased at an average of 19.63% from 2008 to 2019. The government has suspended the indexation pending are review by lawmakers and the Executive branch.

Despite the increase, soldiers and policemen are not subject to the mandatory contributions deducted from the monthly salaries of government employees. Their pensions are provided for in the national budget.

A study by the Government Service Insurance System showed that the government needs to allot P9.6 trillion to keep the pension system afloat without reforms.

“We urge Congress to pass a fiscally sustainable version of the military and uniformed personnel pension reform when the session resumes,” the DBCC said.

House Bill 9271 authored by Albay Rep. Jose Maria Clemente S. Salceda seeks to reform the system by creating a more sustainable framework for separation, retirement and pension for retired soldiers and policemen. The bill has been pending at a House of Representatives committee level.

“Sourcing the funds for a noncontributory pension system from the budget means curtailment of other equally pressing demands of public welfare including those for food, medicine, infrastructure and even digital transformation,” former central bank Deputy Governor Diwa C. Guinigundo said a BusinessWorld column in May… Read More

(GMA News) Senator Aquilino “Koko” Pimentel III on Wednesday asked his partymates in the ruling PDP-Laban not to pressure President Rodrigo Duterte to run for vice president in Eleksyon 2022.

Pimentel, the former president of the PDP-Laban, recalled interactions with Duterte where the latter repeatedly said that he would retire from politics after his term.

“Ako, nu’ng time na maraming pa kaming interactions lalo na nung Senate President pa ako ang naririnig ko is, ‘Pagtapos ng term ko, wala na akong political ambition,” Pimentel told GMA News Online.

“Narating ko na ‘yung pinakamataas na political office in the Republic of the Philippines.’ Hindi na raw s’ya mamumulitika,” he added.

[When I had several interactions with him, especially when I was still the Senate President, I always hear him say ‘After my term, I have no political ambition. I have reached the highest political office in the Republic of the Philippines.’ He said he no longer wants to be involved in politics.]

“Siguro naman naniniwala ako sa paulit-ulit kong narinig. If they want also to give in to the desire of the person and follow the wishes of the person, ‘di na dapat siya pine-pressure nang ganyan,” Pimentel said.

[I believe on what he repeatedly said. If they want also to give in to the desire of the person and follow the wishes of the person, then they should not pressure the person to pursue what some of our partymates want.]

A resolution by the ruling PDP-Laban party circulated in March urging Duterte to run for vice president, but House Deputy Speaker Eric Martinez, a party stalwart, said that it was not final… Read More