by magnolia_eic | Aug 18, 2010 | Headlines, National News
The Aquino Administration approved on Monday its FY2011 borrowing program in the amount of P307.8 billion.
Presidential Communications Development and Strategic Planning Secretary Ricky Carandang announced in a press briefing at Malacanang on Tuesday that the decision was reached after President Benigno S. Aquino III met on Monday with Finance Secretary Cesar Purisima and Budget Secretary Florencio Butch Abad.
“The foreign mix will be 70%-30%, in favor of domestic borrowing,” Carandang said.
He explained that of the P307.8 billion net borrowing expected, P45.1 billion will be external or foreign borrowing, and P262.7 billion will be the domestic borrowing.
At the same time, Carandang said the Aquino administration will also issue peso denominated global bonds aimed at raising funds to plug the country’s swelling budget deficit.
Programmed budget deficit next year was pegged at P285 billion.
Carandang noted that this will be the first securities float of the peso instruments in the global market as the Philippines usually floats global bonds denominated in dollars and even in Japanese yen.
The move is part of the Aquino Administration’s liability management efforts. (PIA/PCOO)
by magnolia_eic | Aug 18, 2010 | Headlines, National News
Malacanang is standing by its directive of prohibiting officials from placing their names and images in government project billboards and reminded those who are opposing it, that it is the people’s money being used in those projects.
“I think the message of the President is very clear; This is not the money of this administration, it’s not the money of the members of Congress, it is the money of tax payers,” according to Secretary Ricky Carandang of Presidential Communications Development And Strategic Planning office.
Last Monday, minority congressmen in the House of Representatives met with Department Of Public Works and Highways (DPWH) Secretary Rogelio Singson to voice out their opposition to President Benigno S. Aquino’s directive not to place their names and pictures on project billboards.
Last week in accordance with the President’s instructions, DPWH issued Department Order 37, banning the placement of names and pictures of officials on government projects.
The Department of Interior and Local Government (DILG) followed suit by banning the names and pictures of politicians from project billboards and government patrol vehicles.
Carandang stressed that it is within the departments’ authority to issue memos pertaining to the banning of names and images on government projects.
He said the congressmen can question the memos but until proven otherwise, Carandang added, the order will stand. (PIA/PCOO)
by magnolia_eic | Aug 18, 2010 | Headlines, National News
PRESIDENT Benigno S. Aquino III on Monday has suspended imposing additional taxes on toll fees pending further discussions on the issue.
The Chief Executive pointed out that the discussions centered on two important points namely: the Philippine National Construction Corporation (PNCC) franchise and the possible effect of the actual imposition of VAT on toll which, he said, “might deter economic activity.”
According to the President, the issue on the PNCC franchise, whose extension beyond its expiration 2007 is being questioned in court, has to be addressed as the revenue generated from this entity can be used to recoup the investment of those who built the South and North Luzon Expressways.
He said the imposition of VAT on toll fees and the subsequent reconfiguring of toll fee amounts may have implications on future investments in the country.
“There is a study on-going on the implications as far as SLEX is concerned: the increase in toll rates, the increase in transportation, and of course VAT is another cost that might deter economic activity,” the President said.
“There is an ongoing study on the effect of all these increases in toll rates and transportation, and of course Vat is another cost that might deter economic growth,” he said. (PIA-Bohol)
by magnolia_eic | Aug 18, 2010 | Headlines, National News
PRESIDENT Benigno S. Aquino III plans to establish an e-center in every barangay nationwide to ensure that even citizens in the remotest barangays will have access to his website and be able to share their views and concerns with him.
Presidential Communications Operations Office (PCOO) Secretary Herminio “Sonny” Coloma said the Aquino Administration will bring the government closer to the people through the use of traditional, new media and social networking sites.
Coloma said the President intends to reach out to the 42,000 barangays all over the country through his website www.president.gov.ph and through the use of social networking sites such as Facebook, Twitter, Friendster and Multiply among others.
“This is an effective means by which the President can get the sentiments of the people and have them as partners in good governance,” Coloma stressed.
He said this will be realized with “no extravagant expenditure” as Netopia, an internet cafe network operating in the country, has “formally signified making available all their sites nationwide to provide access to our people.”
According to Coloma the local government units (LGUs) will also be encouraged to set-up barangay e-centers.
“We will also evoke civil spiritedness so that concerned citizens may donate computers and connectivity,” Coloma said. (PIA-Bohol)
by magnolia_eic | Aug 17, 2010 | Headlines, National News
Manila, Philippines – Farmer beneficiaries belonging to the Alyansa ng mga Manggagawang Bukid sa Hacienda Luisita (AMBALA) has asked the Supreme Court yesterday to nullify the compromise agreement signed by the HLI with a faction of the farmers ealier this month.
The AMBALA said they were misrepresented in the signing of the deal last Aug. 6.
In a 30-page petition, AMABALA urged the Supreme Court to proceed with the oral arguments set for tomorrow and resolve the case based on the issues presented. The group pointed out the resolution of the Department of Agrarian Reform (DAR) in 2005 that revoked the stock distribution option scheme since it was found to be in violation of the CARP Law.
The so-called majority who chose such scheme does not cure the illegality and invalidity of the SDO.
by magnolia_eic | Aug 17, 2010 | Headlines, National News
PRESIDENT Benigno S. Aquino III confirmed on Monday that he will be embarking on a United States “road trip” next month to invite potential investors to the country.
In an interview, President Aquino said he will be meeting with Finance Secretary Cesar Purisima “who just came back from setting the ground work for the US trip” to discuss the particulars on how “to make the country even more attractive to all of these investors in the hopes of generating all of those jobs.”
The President said that he was informed by US Ambassador to the Philippines Harry Thomas upon their first meeting that “there is a serious interest on the part of investors to know what’s in store for them if they invest in the Philippines.”
The President said that aside from pushing for the Philippines as an investment haven, his other itinerary for the US trip will include his attendance to the United Nations General Assembly, witnessing the signing of the Millennium Challenge Corporation compact granting $434-million to the country and meeting with the Philippine Development Foundation (PDF).
He said his meeting with the PDF was to discuss ways of “growing our information technology base of people, engineers and scientists.”
“Because there are Filipinos and Americans of Filipino descent who are into venture-capital industries and they are movers and shakers of that industry. They find it difficult to invest in the Philippines primarily because we lack the human resources to meet the needs of industries in that category,” the President said.
When asked if he would hold talks with US President Barack Obama, President Aquino said that the details were “still being finalized.” (PIA-Bohol)
