Editor’s Pick

Gov’t to borrow P200 billion from domestic market

THE GOVERNMENT plans to borrow P200 billion from the domestic market in January, according to the Treasury bureau, after raising less than half of its planned local borrowing this month amid increasing rates. In an advisory posted on its website on Thursday, the bureau said it would borrow P60 billion …

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UnionBank to buy Citi’s retail unit

UNIONBANK of the Philippines, Inc. will buy the local consumer unit of Citigroup, Inc. for P55 billion, in a deal that could boost the local lender’s retail banking segment. The transaction would include Citi’s credit card, personal loans, wealth management and retail deposit businesses in the country, UnionBank said in …

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Senator tells gov’t to use P1.44-T funds flagged by CoA for typhoon recovery

PHILIPPINE COAST GUARD FUNDS for P1.44 trillion worth of idle projects flagged by the Commission on Audit (CoA) should be realigned for the recovery of areas devastated by typhoon Odette, a senator said on Thursday. The CoA has called out 17 government agencies over delayed, abandoned and idle infrastructure projects “which may result in waste of government funds or delayed enjoyment …

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DoF orders 24/7 processing for relief goods’ tax exemption

US EMBASSY THE FINANCE department has directed the revenue office to speed up the processing of tax exemptions for imported relief goods intended for areas devastated by typhoon Rai, locally named Odette. Finance Secretary Carlos G. Dominguez III ordered the Bureau of Internal Revenue to work in shifts to process …

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PHL OK’s use of molnupiravir, Pfizer shot for kids

COVID-19 treatment pill MOLNARZ® of biopharmaceutical firm MSD THE PHILIPPINE Food and Drug Administration (FDA) has approved the use of the antiviral pill molnupiravir for at-risk adult coronavirus patients, and inoculating children aged 5 to 11 with the Pfizer vaccine. FDA Director General Rolando Enrique D. Domingo said in a …

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Indonesian pay hikes expected to normalize

REUTERS SALARY increases in Indonesia are on track to rebound to pre-pandemic levels next year as the economy recovers and employers beef up their workforce, a new survey showed. Median pay hikes in Southeast Asia’s largest economy are forecast to hit 6.5% in 2022, well above the 5.3% registered this …

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China meat ambitions to require foreign grain suppliers to step up

REUTERS CHINA’S reaffirmation of a long-term goal to be almost entirely self-sufficient in pork production means it will keep scooping up global grain supplies to feed the world’s largest pig herd. The country, which consumes half of the world’s pork, will maintain a target to produce 95% of the protein …

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DAR, BJMP tie up to supply food to Tarlac detainees

PHILSTAR THE DEPARTMENT of Agrarian Reform (DAR) and the Bureau of Jail Management and Penology (BJMP) said they have agreed to jointly sponsor a program to supply food to detainees in Tarlac. The program, known as the Enhanced Partnership Against Hunger and Poverty (EPAHP), will work with four agrarian reform …

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NIA transfers 60% stake in P33.75-B irrigation/power project to PSALM

PSALM THE NATIONAL Irrigation Administration (NIA) said it transferred 60% of a P33.75 billion irrigation and power project to the Power Sector Assets and Liabilities Management Corp. (PSALM). The Casecnan Multipurpose Irrigation and Power Project (CMIPP) will be a trans-basin tunnel across the Caraballo Mountain range with a capacity of …

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Power co-ops report P1.12 billion worth of damage from ‘Odette’

DAMAGE sustained by electric cooperatives from typhoon Odette (international name: Rai) is now estimated at P1.12 billion, about triple the previous estimate, the National Electrification Administration (NEA) said Thursday. The initial estimate was P373.12 million. The NEA said the latest estimate covers 11 cooperatives as of late Wednesday. The agency …

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