Day: June 3, 2023

The Department of Social Welfare and Development in Bicol (DSWD-5) on Saturday distributed PHP4.5 million worth of cash assistance to 1,500 individuals in crisis in Naga City. In an interview, DSWD Bicol regional director Norman Laurio said beneficiaries were from sectors of labor, persons with disabilities, senior citizens, farmers, fisherfolk, solo parents and out-of-school youth. ‘Each beneficiary will receive PHP3,000 cash under the Assistance to Individuals in Crisis Situations (AICS) program of DSWD,’ Laurio said. Lilibeth Aberos Padua, a 39-year-old vendor from Barangay Mabolo, thanked the DSWD for the cash assistance which she will use to buy her daughter’s medicines, without specifying for what illnesses. ‘Dakulang tabang para sa aki ko, xmpre makaka inom na siya bulong buda mapapa iling ko na siya sa doctor (This is a big help for my daughter. She can drink her medicines and we can go and consult a doctor),’ Padua said. In another interview, 72-year-old Estrella de Jesus of Barangay Concepcion Grande said she will spend the assistance to repair their house damaged by typhoons last year. ‘I’m so happy. Finally, our house will be repaired soon with the cash assistance, I can now sleep well,’ she said in the vernacular. Senator Christopher Lawrence Go graced the distribution and gave grocery items, sports equipment, shoes, bicycles and mobile phones. ‘We are together in serving the Filipino people. Rest assured that I am here to help,’ Go said. Go said 18 super health clinics will be established in the Bicol region. ‘The super health clinic is a medium size polyclinic. Smaller than a hospital but bigger than a rural health unit that can be expanded by the local government unit,’ Go said in an interview. Go also attended the oathtaking of the Bicol Press Club and the Bicol Social Media Summit in Naga City.

Source: Philippines News Agency

The Maharlika Investment Fund (MIF) would be invested in profitable infrastructure projects, easing pressure on the government to secure more loans, National Treasurer Rosalia De Leon said Saturday. Once signed, the MIF would enable the government to free up its fiscal space to fund other programs, such as social protection for vulnerable sectors. ‘[T]he national government is operating on a fiscal deficit so ngayon kailangan natin umutang para mapondohan iyong mga infrastructure project natin. Dito po mababawasan pa iyong pressure na pangungutang dahil nga po the Maharlika is equity investments (so now we need to borrow to fund our infrastructure project. With this, there will be less pressure to loan because Maharlika is equity investments),’ De Leon said during the Saturday News Forum in Quezon City. De Leon said MIF could also serves as a vehicle to attract foreign fundings since it would be invested into the administration’s priority programs. The Marcos administration currently has at least 194 flagship infrastructure projects costing PHP9 trillion. The MIF will get an initial PHP50 billion funding from Land Bank of the Philippines (Landbank), PHP25 billion from the Development Bank of the Philippines (DBP), and PHP50 billion from the national government (NG). Another PHP125 billion would come from the national government, its agencies, and government-owned and controlled corporations or government financial institutions, except the Social Security System, Philippine Health Insurance Corporation, Home Mutual Development Fund, Overseas Workers Welfare Administration and Philippine Veterans Affairs Office pension fund. The Bangko Sentral ng Pilipinas (BSP) will contribute 100 percent of its total dividends for the first two years while the Philippine Amusement and Gaming Corporation will give 10 percent of its income for five years. BSP’s contribution to the MIF will not threaten its financial stability, assured Finance Secretary Benjamin Diokno. “The contributions being asked from BSP for the first two years of the MIF, for a maximum of PHP50 billion, are dividends declared in favor of the national government. That’s the net profit of BSP and the NG decides how to use it,” Diokno said in a Viber message to the media on Friday. Allaying concerns, De Leon said Landbank’s share represents only about three percent of its PHP1.3 trillion investible funds, leaving enough resources for loans for agriculture and other sectors. DBP’s contribution, on the other hand, would be about 2.7 percent of its PHP850 billion investible funds, she said. According to De Leon, the concept of a sovereign wealth fund and its use by other countries had evolved over the years. ‘[N]ag-evolve na po through the years dahil ginagamit nga po nila ang ganitong klaseng mga funding mechanism para to attract mga inflow (It evolved over the years because they use these kinds of funding mechanisms to attract inflows), mga private capital to be able to co-invest into the domestic and also into the national government investment funding sources,’ she said. ‘It would really be a very useful vehicle for us to be able to achieve promptly and timely ang ating (our) objectives in terms of our national development.’ Further, De Leon said ample safeguards would be placed to protect the fund and deter any acts of fraud, graft and corruption. In addition, internal and external auditors would be assigned to look into the use of the funds in line with rules and regulations. Department of Budget and Management Undersecretary Joselito Basilio, for his part, said the version of the bill approved by Congress requires that the MIF be run by professionals. ‘[T]hose who are professionals in the financial market are the ones who will make decisions of course guided by the investment and other risk management guidelines that will be formulated by the board, iyong (the) consultation of course with the advisory body,’ he said. The MIF bill, approved by the Senate and the House of Representatives on May 31, is awaiting the signature of President Ferdinand R. Marcos Jr.

Source: Philippines News Agency

The gunman in the killing of Oriental Mindoro radio commentator Cresenciano ‘Cris’ Bundoquin has been identified, the Presidential Task Force on Media Security (PTFoMS) said Saturday. The manhunt for Bundoquin’s killer continues, Undersecretary Paul Gutierrez, executive director of the PTFoMS said. He refused to disclose the identity of the suspect. ‘The pace of the investigation is proving to be satisfactory thus far and we are confident that the gunman, already identified, would very soon be apprehended,’ Gutierrez said in a statement. Gutierrez said he met with Police Regional Office in Mimaropa director Brig. Gen. Joel Doria and Oriental Mindoro police director Samuel Delorino on Friday. He relayed Justice Secretary Jesus Crispin Remulla’s instruction to make sure that an ‘airtight case’ backed by ‘solid evidence’ would be filed against the people behind Bundoquin’s killing. He said the prompt action on Bundoquin’s case signifies the government’s strong resolve to crimes against members of the media. ‘What our justice secretary wants to happen in this instance is that all possible motives and angles should be investigated and that, based on solid evidence, all those involved in the attack on Bundoquin should be identified and prosecuted,’ Gutierrez said. ‘The clear message we want to send is that the government gives serious attention to the life, security, and liberty of all members of the press,’ he added. Gutierrez said the ballistics report and the cross-matching of the slugs recovered from the crime scene would be released by June 7. Bundoquin, a radio block timer at dwXR 101.7 Kalahi News FM, was about to open his rented store in Barangay Sta. Isabel, Calapan City around 4:20 a.m. Wednesday when two motorcycle-riding suspects shot him to death. He just turned 50 on May 5. One of the suspects, identified as Narciso Ignacio Guntan, died when he fell from the motorcycle he was driving after being hit by the car of Bundoquin’s son who gave chase. The gunman, believed to be hurt, managed to escape on foot. Gutierrez said the PHP50,000 reward offered by a concerned individual who declined to be named remains for anyone who could help solve the case.

Source: Philippines News Agency

The Philippine government will focus on improving connectivity in rural areas to support the growing number of ICT jobs outside Metro Manila, a Department of Information and Communications Technology (DICT) official said Saturday. With the advances and opportunities brought by the digital revolution, DICT Undersecretary Jocelle Batapa-Sigue said the ratio of digital jobs in provinces is expected to increase to more than half a million by 2028. ‘[N]oon 80 percent ng digital jobs are in Metro Manila and 20 percent pinaghahati-hatian sa probinsiya. Now we’re almost reaching a 50:50 mark (In the past, 80 percent of the digital jobs are in Metro Manila and 20 percent are spread across provinces. Now we’re almost reaching a 50:50 mark),’ she said at the Saturday News Forum. ‘We have a lot of digital jobs in the countryside and ang projection po ng ating industry is by 2028, we will probably have 55 percent of the additional 1.2 million jobs na (ang) madadagdag sa ating current number ay magiging nasa probinsiya na (our projection is that by 2028, at least 55 percent of the additional 1.2 million jobs would be in the province),’ she added. Sigue noted that gaps continue to exist as most investments and infrastructures are concentrated in Metro Manila. These days, the connectivity projects of DICT are focused on marginalized and GIDA (geographically-isolated and disadvantaged areas), Sigue said. The DICT official said the agency has also started a national broadband project with a landing station in Baler, Aurora to cover the whole country. It will take six years to fully cover the whole country, Sigue estimated. The National Fiber Backbone Phase 1 Spectrum light-up at the Baler Cable Landing Station (CLS) will initially provide high-speed internet connectivity in Luzon. The event, held in April, facilitated the initial 100 gigabits per second link-up between Los Angeles, California in the United States and City of San Fernando, La Union CLS. This June, DICT is staging various activities to celebrate National ICT Month, the closing of which would be symbolically held in Sacol Island in Zamboanga City, a recipient of its free internet service program. ‘Doon po magtatapos iyong ating (Our) National ICT Month sa (will end in) Sacol Island and I’m proud to announce that Sacol Island has been named by the International Telecommunications Union as a potential location to be a smart village of the world,’ Sigue said. Sacol Island has a population of about 12,000.

Source: Philippines News Agency

The Department of Social Welfare and Development (DSWD) on Saturday signed a formal agreement with different service providers to help individuals in crisis situations with their medical, hospital and funeral bills. Secretary Rex Gatchalian strengthened the DSWD’s partnership with 25 hospitals, medical centers and funeral homes during a ceremonial signing of the Memorandum of Agreement (MOA) held at the agency’s central office in Batasan Hills, Quezon City, according to a news release. Under the MOA, the DSWD and its partners will work together in providing services to the beneficiaries of the Assistance to Individuals in Crisis Situations (AICS) program. ‘AICS is becoming a by-word, but AICS won’t be as helpful if it weren’t for all of you. Thank you for all the services you provide to our clients here in DSWD,’ Gatchalian told their partners. Under the MOA, the service providers commit to recognize the duly approved and authenticated guarantee letters (GLs) from the DSWD to cover the cost of hospitalizations, medicines, assistive devices, as well as burial and funeral expenses, requested by the AICS clients. The DSWD ensured that it has funds available for the services that will be granted or rendered by the service providers to the AICS beneficiaries. DSWD Operations Group Undersecretary Monina Josefina Romualdez said the agency provided financial assistance amounting to more than PHP651 million in the form of GLs in 2022. The MOA also gives assurance that all individuals or families in crisis situations, whether private or service patients, will be provided with all services covered by the amount and other procedures stated in the GLs issued by the DSWD. ‘Sa pamamagitan ng pagbibigay ng guarantee letter, tatanggapin ninyo at aasikasuhin ninyo ang aming mga constituent, lalong lalo na ang mga galing sa mahirap na pamilya (Through the guarantee letter, you will accept and take care of our constituents, especially those from poor and marginalized families),’ said Quezon City Mayor Joy Belmonte, who also attended the MOA signing. Medical service providers covered by the MOA are Globo Asiatico Enterprises Inc., Chinese General Hospital, Cardinal Santos Medical Center, Far Eastern University – Dr. Nicanor Reyes Medical Foundation Medical Center, Total Ortho Medical Supplies Solution Inc., Ossium Medical Supplies Solution Inc., Mediclive Surgical Instruments Inc., DBK Medical Supplies Ltd. Co, SGG Orthocare and Medical Enterprise, and Camarin Doctors Hospital. Representatives from MJ Funeral Homes, Nieto Funeral Homes, Quezon City General Hospital, Providence Hospital, Interpharma Solutions Philippines Inc., BVL Funeral Homes, Al Buenavista Enterprises Inc., Victoriano Luna Medical Center, Metro North Medical Center Hospital, Rosario Maclang Bautista General Hospital, Ace Medical Center-Pateros, Diliman Doctors Hospital, Novaliches District Hospital, Nugen Hearing Devices Inc., Partners Choice Inc., and 1Life Inc. also sent representatives to the MOA signing. (Zaldy De Layola

Source: Philippines News Agency

The Ayala-led Bank of the Philippine Islands (BPI) is on track to retire coal financing in support of the country’s sustainability efforts. In a briefing Friday night, chief finance officer and chief sustainability officer Eric Luchangco said BPI has not financed energy projects that utilize coal since 2018 or when the bank formalized its Sustainable Energy Finance (SEF). ‘We don’t look necessarily at the percentage of our loan book, but if you look at where we are right now, over 50 percent of our energy portfolio is in renewable energy. That will continue to grow overtime,’ Luchangco said. He clarified that ‘the pace that we have is highly dependent on what the clients want to do’ but stressed that they expect to be a leader in the market. Among the energy projects the BPI is currently financing is for AC Energy (ACEN), another Ayala Group firm that is listed in the local bourse. President Ferdinand Marcos Jr. graced the inauguration of ACEN’s 160-megawatt wind farm in Pagudpud, Ilocos Norte on May 19, located in the villages of Balaoi and Caunayan. ‘We’re looking at all these new technologies. We continue to work on all of the sources of renewable… As I mentioned solar briefly, we are looking at improving the geothermal, our dams, maybe we can expand the hydrothermal power we get there,’ the President said in his speech. Luchangco said the bank led the first energy transition financing through AC Energy, which invested the fund that the bank extended to a renewable energy project and has committed to retire its coal-powered project 15 years early than its allowable period. ‘That will take that capacity out of the market. And so it actually helps to reduce coal capacity. And that is a focus for us,’ he said. Luchangco said they could extend financing to corporates so they can transition to the use of LED lights and inverter air-conditioning units, among others. He said they are also looking at financing energy projects that focus on the use of solar, wind, and biogas. ‘We continue to forge in new boundaries and continue to look for activities that we can educate our clients. We’re doing these kinds of things and we’ll support you if you’re looking at doing something similar that’s why we do the sustainability fair today,’ he added, referring to the bank’s sustainability fair that will run until Sunday at Glorietta Activity Center in Makati City. BPI was the first to introduce SEF in the Philippine banking industry in 2008 to help finance green projects of the private sector, with focus on small and medium enterprises. The green financing program expanded in 2019 to include sustainable agriculture alongside renewable energy, energy efficiency, and climate resilience under the rebranded Sustainable Development Finance program, which is also aimed at sustaining BPI’s commitment to the United Nations Sustainable Development Goals.

Source: Philippines News Agency