Govt debt soars to nearly P8T in May
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THURSDAY, JULY 4, 2019
Charter framers did not study Unclos and its EEZ provision First word HE U N Convention on the Law of the Sea (Unclos) was signed in Jamaica on Dec. 10, 1982. The treaty, once ratified by a sufficient number of states, would fix a12-mile territorial sea limit and establish an economic zone of 200 miles from a country’s baselines.
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PH to probe missile tests in West PH Sea OUCH! A boy cries as he gets vaccinated during the launch of the school-based immunization
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program on Wednesday at the Signal Village Elementary School in Taguig City. Health Secretary Francisco Duque 3rd urged parents to have their children inoculated for free against measles, rubella, tetanus and diphtheria.
So, you want to take on China? Get ready to bleed
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REPUBLIC SERVICE RICARDO SALUDO
H AT i f President Rodrigo Duterte goes along with Vice President Leni Robredo, Senior Associate Justice Antonio Carpio, Senators Panfilo Lacson, Kiko Pangilinan, Risa Hontiveros, former
The Office of the Ombudsman, then and now
HE IN MY LINE O f OF SIGHT fice of the Ombudsman under Justice Samuel Martires — he replaced the publicity-seeker Conchita Carpio Morales — is working earnestly to
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RAMON T. TULFO
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What’s inside DUQUE: VACCINE ACCEPTANCE GROWING
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WHEN CONSTITUTIONS COLLIDE WITH INTERNATIONAL LAW
Protect dwindling marine resources – scientists SCIENTISTS from the University of the Philippines’ Marine Science Institute (UP MSI) said the government should protect the country’s dwindling marine resources by declaring the exclusive economic zone (EEZ) in the West Philippine Sea (WPS or
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PACQUIAO’S 57 WAYS TO BEAT THURMAN – ROACH SportsC1
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HE Philippines will investigate t he r e p o r t e d testing of anti-ship ballistic missiles by China in the West Philippine (South China) Sea, Defense Secretary Delfin Lorenzana said on Wednesday. “We will conduct our own inquiry and will decide later what to do if [the reports are] proven correct,” Lorenzana told reporters in a text message. He admitted that Manila had no “first-hand knowledge” of the situation in the contested waters. Two United States officials claimed that China conducted a “series of anti-ship ballistic missiles tests” over the weekend at the South China Sea.
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BY DEMPSEY REYES
HOW TO DO ‘UPSIDE DOWN DINING’ LifestyleD1
This time, Duterte trains guns on poverty
South China Sea) an exclusive area. According to the UP MSI, the EEZ or the area surrounding up to 200 nautical miles or 370 kilometers from the Philippine shore from Batanes to the south of Balabac, Southern
LIFTING Filipinos out of poverty is the top priority of President Rodrigo Duterte in the remaining three years of his presidency, a Palace official said on Wednesday amid preparations for Duterte’s fourth State of the Nation Address (SONA) in July. Cabinet Secretary Karlo Alexei
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President rejects Piñol quit bid, accepts Aranas’ resignation REACH US AT: E-mail: newsdesk@ manilatimes.net Tel. Nos.: 524-5664 to 67 Address: 2/F Sitio Grande, 409 A. Soriano Avenue, Intramuros, Manila 1002
PRESIDENT Rodrigo Duterte is yet to accept the resignation of Agriculture Secretary Emmanuel Piñol, but has accepted that of Government Service Insurance System (GSIS) President and General Manager Jesus
Clint Aranas, Executive Secretary Salvador Medialdea said on Wednesday. Medialdea’s announcement was cited by Cabinet Secretary Karlo Nograles on the
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Hugpong endorses Ungab for speaker REGIONAL party Hugpong ng Pagbabago (HnP), headed by Davao City Mayor Sara Duterte-Carpio, has endorsed Rep. Isidro Ungab as its nominee for speaker of the
House of Representatives. The announcement came after Davao City First District Rep. Paolo Duterte said he
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Govt debt soars to nearly P8T in May BY MAYVELIN U. CARABALLO
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HE national government’s outstanding debt surged to a record P7.915 trillion in May due to the net issuances of both domestic and foreign loans and foreignexchange fluctuations, the Bureau of the Treasury (BTr) reported on Wednesday.
In a statement, the Treasury bureau said the amount was a 1.7-percent or P128.717-billion increase from April’s P7.786 trillion. “Of the total stock, 33.6 percent were sourced from external markets, while 66.4 percent were borrowed domestically,” it added. Domestic borrowings totaling P5.526 trillion — up 1 percent from the April figure — accounted for the bulk of outstanding
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THURSDAY JULY 4, 2019
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debt, while external debt rose by 3 percent to P2.659 trillion. Outstanding debt the year before stood at P6.832 trillion, with domestic and foreign obligations at P4.424 trillion and P2.408 trillion, respectively. The higher domestic debt level in May “was caused by [the] net issuance of government securities amounting to P50.95 billion, which
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Another object ‘July-Sept Diokno: 6% GDP growth seen for Q2 lesson in institutional inflation responsibility could go T ROUGH below 2%’ TRADE
THE Philippines’ inflation rate could ease to below 2 percent in the third quarter, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno. “If you just look at the base effects, [the] third quarter (inflation rate) can really be around 2 percent or even lower,” Diokno said in an interview on Wednesday. The projected figure is higher than the shock 6.2 percent posted in July to September 2018, which was attributed to increased food and energy prices. According to the latest data, headline
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THE Philippine economy likely grew to “at least 6 percent” in the second quarter, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Wednesday, echoing forecasts offered in the past few days.
In an interview, Diokno said he projected “at least 6 percent” growth for April to June. The figure is higher than the 5.6-percent gross domestic product (GDP) growth posted in the first quarter, and matches that re-
corded in the same period last year. Diokno’s projection confirms newly retired Bangko Sentral Deputy Governor Diwa Guinigundo’s comment on Monday that monetary authorities are seeing a GDP
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Alien workers’ database in the works AN interagency database of foreigners working in the country is being developed to effectively monitor and ensure that they pay the correct amount of taxes to the government, the Department of Finance (DoF) announced on Wednesday. In a statement, the Finance department said the database was
being developed by the Bureau of Internal Revenue (BIR) and the Department of Labor and Employment (DoLE). It quoted BIR Commissioner Caesar Dulay as saying in a report to Finance Secretary Carlos Dominguez 3rd that the database was part of revisions in a draft joint memoran-
dum circular being crafted with the Labor department on the issuance of work permits to foreigners. “Revisions were made to develop an interagency database to be administered by the DoLE,” Dulay said. “To effectively pursue our mandate
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HE odd case of Unionbank vs. Philand Property Corp., in which the latter is trying to hold the bank responsible for allowing Philand’s former finance manager to fraudulently open a checking account in the company’s name, is something that could have and should have been resolved long ago. It was not, for reasons that do not become any clearer the longer they are analyzed, and so supplies a dubious kind of added value to our understanding of management perspectives in this country.
BEN KRITZ To quickly recap the case, in July 2009 the former finance manager of Philand and her partner opened a checking account in the company’s name at Unionbank. Several normal verification protocols were bypassed by the bank in opening the account,
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