PH borrowings up to P126.08B in May ÂťStory on B1 ++
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•• 6 SECTIONS PAGES • VOL. 120 NO. 267 36
MONDAY, JULY 8, 2019
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Thank God, PDI fake news flops
I
SWEAR, o n e of these d ays, i f it doesn’t drop its anti-China, anti-Duterte thinking, the Philippine Daily Inquirer will publish INlAMMATORY BUT FAKE NEWS THAT WILL rouse Filipinos to go to war.
RIG RRIGOBERTO IGG DD. TIGLAO
ÂłTiglaoA9
The problem with truth
H
AD I titled this piece “ T h e problem of truth,� I would have landed myself right within the thicket of classic theory of knowledge, esoterically called “epistemology.� That is partly my concern here, but what I really would like to draw attention to is the problematic character of claims to “truth.� And this is more than a leisurely stroll in philosophy.
FR. RANHILIO CALLANGAN AQUINO
ÂłAquinoA10
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Wipe out IS, Duterte orders military, police BY RALPH U. VILLANUEVA
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RESIDENT Rodrigo Duterte has ordered the Armed Forces of the Philippines (AFP) and the Philippine National Police to get rid of the Islamic State in Iraq and Syria (ISIS or IS) here, including the Abu Sayyaf 'ROUP !3' ITS AFkLIATE in the Philippines. “My orders to my military and police [are] to just simply wipe [the IS] out from the face
ÂłISA2
‘Filipino suicide bombers could strike again’
Manila short of P3.6B to settle dues in 2018 – CoA
OPENING DAY HOSTILITIES
THE City of Manila’s available cash in the amount of P5.36 bilLION gWAS APPARENTLY INSUFkCIENT to back up� payables/trust liabilities of P9,047,662,389.88, the Commission on Audit (CoA) said in an audit report for 2018. Based on the audit report, the city’s financial records and reports as of Dec. 31, 2018 showed the balances of the Cash in Bank (CiB) account, consisting of Local Curerncy, Current Account and L o c a l Currency, Time Deposit amounting to P3.98 billion and P1.378 billion, respectively, or the total amount of P5,360,869,280.81. “Based on the foregoing table, the city’s available cash in the amount of P5,360,869,280.81 was apparENTLY INSUFkCIENT TO BACK UP THE existing payables/trust liabilities of P9,047,661,389.88 or short by P3,686,792,109.07. The said amounts included the Other Deferred Credits account amounting to P2,877,736,352.22,which represents income received in advance, like the collections from Real Property Tax for CY (Calendar Year) 2019 and beyond, among others, where the said income was not yet earned during the year under review,� the CoA said.
Larry Muyang of Letran (No. 1) attempts to score against Lyceum’s Reymar Caduyac during the opening day of Season 95 NCAA senior basketball tournament on Sunday at the Mall of Asia Arena in Pasay City. PHOTO BY J.GERARD SEGUIA
ÂťSee story on D1
FILIPINOS may again be capable of carrying out suicide attacks through bombings since there had been a history of such acts being committed in the Philippines, according to $EFENSE 3ECRETARY $ELkN ,ORENZANA ,ORENZANA S STATEMENT CAME AFTER MILITARY AND POLICE OFkCIALS POINTED OUT THAT THE TWIN explosions in a military checkpoint last month
ÂłBombersA2
What’s inside BONG GO SEEKS SALARY HIKE FOR GOV’T WORKERS THE HUGE GAP BETWEEN US MARKETS AND INTERNATIONAL TRADE REALITIES
NewsA2
ANGAT DAM LEVEL MAY HIT BELOW CRITICAL ANEW NewsA3
Dan SteinbockA9
KAWHI, GEORGE JOIN CLIPPERS IN NBA BLOCKBUSTER DEAL
SportsD1
CALL HIM SECOND LIEUTENANT GUIDICELLI
EntertainmentE1
ÂłDuesA6
CBCP: Sainthood beckons ‘heroic’ Filipino nun THE Catholic Bishops’ Conference of the Philippines (CBCP) announced over the weekend that Pope Francis had recognized Mother Francisca, founder of the Dominican Sisters of St. Catherine of Siena, as she had lived the Christian virtues in a heroic way. According to the CBCP, the Pope would have to recognize a miracle attributed to Mother Francisca’s intercession in order for her to be beatified. “After the beatification, another miracle would be needed for canonization,� it said. Mother Francisca, founder of the Dominican Sisters of St. Catherine of Siena, died in Manila in 1711.
ÂłNunA6
Age of renewable energy dawns in PH BY EIREENE JAIREE GOMEZ COLOGNE, Germany: For the longest time, the Philippines has heavily depended on coal as its main energy source. While it has long served industries, it cannot be denied that burning coal has detrimental effects on the environment as it produces harmful byproducts and gas emissions. And this has
pushed experts to rethink about how the country’s energy sector should generate power for public consumption. In 2018, the Philippines had a total installed capacity of 23,815 megawatts (MW), of which coal has remained the dominant energy source with a share of 52.1 percent, according to the latest data from the Department of Energy (DoE). ³EnergyA6
SPECIALREPORT
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MONDAY JULY 8, 2019
What’s inside EMPLOYERS BUCK 14TH MONTH PAY
ÂťBusinessB2
PALAY PRICE CONTINUES TO FALL
ÂťBusinessB2
GINEBRA SHARES UP 146% IN FIRST HALF
ÂťStock WatchB3
SEC RELEASES DRAFT RULES ON CROSS-BORDER REPORTS Corporate NewsB4
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PH borrowings up to P126.08B in May BY MAYVELIN U. CARABALLO
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ROSS borrowings made by the government reached P126.08 billion in May with the bulk coming from external creditors, according to the Bureau of the Treasury.
Data released over the weekend said month last year. THE -AY AMOUNT WAS A PERCENT Gross external borrowings, which rise from P57.96 billion in the same accounted for 59.6 percent of the total,
surged to P75.17 billion from P2.53 billion a year ago. $URING THE MONTH kNANCING FROM GLOBAL BONDS REACHED 0 BILLION Those raised by project loan amounted to P6.33 billion, while program loans reached P6 billion. Borrowings from domestic creditors, MEANWHILE DROPPED TO 0 BILLION from P55.43 in May last year. &INANCING FROM kXED RATED TREASURY
ÂłInfra B2
BONDS REACHED 0 BILLION WHILE 0 BILLION WERE SOURCED FROM treasury bills. Year-to-date, gross borrowings rose BY PERCENT TO 0 BILLION FROM 0 BILLION IN THE SAME PERIOD IN %XTERNAL kNANCING SURGED BY percent to P211.59 billion, while DOMESTIC INCREASED BY PERCENT
ÂłP126.08 B2
SHARES OUTLOOK FOR THE WEEK:
Govt seen to hit infra spending target THE government is likely to hit its revised infrastructure spending target this year, according to HSBC. In a report released on Friday, the banking giant said it believed the target was “achievable,� referring to the government’s goal to spend 5.2 percent of the country’s gross domestic product (GDP) on infrastructure this year. The target was previously set at 7.1 percent of GDP, equivalent to P1.359 trillion, but was lowered on account of budget issues in the kRST HALF OF A dispute between Congress’ two chambers over alleged insertions resulted in the four-and-a-half-month
B1
Inflation, H1 earnings to sustain market rally
PACIFIC ALLIANCE SUMMIT
Colombia’s President Ivan Duque (front) signs a copy of the Lima Agreement accompanied by Mexican Secretary of Foreign Affairs Marcelo Ebrard (left), Chile’s President Sebastian Pinera (second from left) and Peru’s President Martin Vizcarra at the end of the Pacific Alliance Summit, in Lima on July 6, 2019. AFP PHOTO
First ARTA chief welcomed WITH THE APPOINTMENT OF ITS kRST DIRECTOR general, the Anti-Red Tape Authority (ARTA) hopes to further its efforts in implementing reforms to promote ease of doing business in the country. ARTA, in a statement over the weekend, welcomed the naming of former consultant TO THE /FkCE OF 0RESIDENTIAL !NTI /RGANIZED Crime Commission (Paocc) Jeremiah Belgica AS ITS kRST FULL lEDGED DIRECTOR GENERAL “[The] Authority is further determined to CONTINUE FULkLLING ITS MANDATE TO IMPLEMENT a national policy on anti-red tape and ease of
doing business, and to promote reforms and initiatives aimed at improving the competitiveness ranking of the Philippines,� ARTA said. Belgica was appointed last week, July 3, which is already more than a year since RePUBLIC !CT 2! OR THE g%ASE OF $OING "USINESS AND %FkCIENT 'OVERNMENT 3ERVICE $ELIVERY !CT OF u WAS SIGNED AND TOOK EFFECT He is expected to take oath on July 9 and assume position the day after. Belgica served as the youngest consultant in 0AOCC FROM TO
ÂłARTA B2
Changes in old laws sought to boost foreign investments TO attract more foreign investments, Senate Minority Leader Franklin Drilon has sought TO AMEND THE YEAR OLD 0UBLIC 3ERVICE ,AW AND THE 2ETAIL 4RADE ,IBERALIZATION !CT OF 4HE VETERAN SENATOR kLED 3ENATE "ILL 3" and SB 14 to improve the quality of consumer goods and services in the country, as well as foster economic growth. Drilon said the restrictive requirements of both laws impede foreign investments in the country. He is optimistic that Congress will
PRIORITIZE THE PASSAGE OF THESE TWIN ECONOMIC measures. The Senate and House of Representatives (O2 WILL JOINTLY OPEN AS THE TH #ONGRESS on July 22. “I call on the Legislative Executive Development Advisory Council (Ledac) to include in THE #OMMON ,EGISLATIVE !GENDA OF THE TH Congress the amendments to the Retail Trade ,IBERALIZATION !CT AND THE 0UBLIC 3ERVICE ,AW TO
ÂłInvestments B2
Availing of the estate tax amnesty DELOITTE I ON THE DOT N its effort to unburden taxpayers, the government is forgiving past liabilities with a view towards MAXIMIZING THE COLLECTION of taxes and raising revenue. Republic Act (RA) No. 11213, or the Tax Amnesty Act, grants amnesty on estate tax, providing taxpayers a one-time opportunity to settle their estate tax obligations without any of the incurred PENALTIES AND kNES The estate tax is a tax on the right of a deceased person to transmit their estate to lawful HEIRS AND BENEkCIARIES AT THE TIME OF DEATH and on certain transfers, which are made by law as equivalent to testamentary disposition.
It is not a tax on the property itself but on the privilege of transmitting property upon the death of the owner. It is required to be paid before the heirs can take ownership of the property. In our country, not many are aware of the estate tax. The surviving heirs usually only learn about the required payment of estate taxes when it is too late and the amount of tax liability due is already too burdensome. As a result, many heirs resort to letting the title remain with the decedent if only to avoid paying the estate tax. Consequently, the obligation to settle the estate tax with the Bureau
JUDITH DE LOS REYES
ÂłDeloitte B2
THE local market is expected to breach its resistance level of 8,150 this year amid market optimism after a benign inflation for June. AAA Southeast Equities Inc. research head Christopher Mangun said in a market comment over the weekend the Philippine Stock Exchange index (PSEi) “finally might have a shot at breaking [the] heavy resistance� and sustain its steady rally for the past eight weeks. “The last week was extremely boring but nonetheless, this may be the calm before the storm. If it can successfully break above that resistance level, then we may see it back at all-time highs before the
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end of the year. This scenario may play out over the next few weeks,� Mangun added. In a separate comment over the weekend, online brokerage firm 2tradeasia. com said it also expects the market to stay afloat the 8,000 level with benign inflation and more conducive borrowing costs in place. Last week, the Philippine Statistics Authority said consumer prices in June eased to 2.7 percent from 3.2 percent in May, well below market expectations on account of continued decline in rice prices supported by the implementation of the rice tariffication law which levied duties on
ÂłEarnings B4
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