The 22-man Consultative Committee (ConCom) tasked to craft a new charter unanimously approved the draft constitution of the proposed Federal Republic of the Philippines.
The ConCom chairman, retired chief justice Reynato Puno, said the panel would present the draft charter shifting to a federal form of government to President Rodrigo Duterte on July 9 in Malacañang, ahead of the State of the Nation Address.
Under the proposed new charter, the President’s term will end in 2022. “That’s it. It’s not open-ended,” Puno said.
Bureaucratic and financial reasons are the real cause of the influx of military troops into the Philippine Coast Guard (PCG).
There are three compelling reasons that forced the PCG to open its gates to the members of the military. The first one is the legal provisions of the Philippine Coast Guard Law of 2009, which defined the hierarchical distribution of the ranks of its officers and the required equivalent ratio to enlisted personnel.
The second reason is that the ongoing reorganization of the PCG gives high regards to the professional qualifications, specialized skills, and distinctive competencies of its personnel. Lastly, recruiting former and active military personnel with such experience is more cost-effective than recruiting civilians.
The Philippine island of Boracay will be closed to tourists for six months following concerns of damage to its once pristine shores.
The island, known for its white-sand beaches, attracted nearly 2 million visitors last year. The decision has prompted concern for the thousands of people employed in Boracay's busy tourist trade.
National government debt—which ballooned to P6.65 trillion last year—will see a short-term increase as the Duterte administration implements an ambitious infrastructure program, the Finance department said on Wednesday.
Funding support from higher taxes under Train will be complemented by concessional financing packages from development partners, which Dominguez claimed would be well managed to ensure fiscal stability.
The Philippine economy likely slowed as the year ended capping full-year growth to below the 6.9 percent recorded in 2016.
Estimates for the October-December quarter ranged from 6.4 to 7.1 percent with a 6.6 percent average, unchanged compared to the same period last year and below the third quarter’s revised 7-percent expansion.
Full-year estimates, meanwhile, ranged from 6.6-6.8 percent. The 6.6 percent average falls just above the lower end of the government’s 6.5-7.5 percent target for 2017.
A new tax reform package focusing on corporate profits and fiscal incentives has been submitted to the House of Representatives.
Package 2, which the DoF has said would be revenue-neutral, proposes to gradually lower the corporate income tax (CIT) rate to 25 percent from 30 percent while also modernizing incentives to make these “performance-based, targeted, time-bound, and transparent,” Finance Undersecretary Karl Kendrick Chua said.
The Philippines has retained the top spot in environmental sustainability in energy resources for the third straight year, the World Energy Council (WEC) said in a report.
“While not in the Top 10 overall,” the country “is leading the way on the environmental sustainability dimension,” WEC said in its World Energy Trilemma Index 2017, which covered 125 countries.
The index ranked these countries on their ability to provide sustainable energy through three dimensions: energy security, energy equity and environmental sustainability.
President Rodrigo Duterte has ordered the Philippine National Police (PNP) to return to the government’s war on illegal drugs but in a supporting role, with the Philippine Drug Enforcement Agency (PDEA) keeping the lead overall in the campaign.
The drug enforcement agency took over the reins of the campaign in October amid growing public concern over drug-related killings during police operations.
The Philippine government is looking to establish a community-based economic zone in Marawi City to help the war-torn city bounce back in terms of economic growth and job opportunities for returning residents, the Finance department said.
In a statement, the department said Finance Secretary Carlos Dominguez 3rd briefly detailed the plan during a recent meeting with Sumitomo Mitsui Banking Corp. (SMBC) officials led by group CEO and president, Takeshi Kunibe.
A celebrated playwright and coincidentally one of the founders of London School of Economics and Political Science (LSE), George Bernard Shaw once famously quipped “If all economists were laid end to end, they would not reach a conclusion.”
Speaking of disagreements, one concept that has been a frequent subject of passionate debate among economists is the implications of current account (CA) imbalances. This is a very timely issue for the Philippines as the country’s CA balance reversed to a deficit, after 13 years of consecutive surpluses.
Naturally, this triggered concerns among policymakers and economists alike. But what does this really mean and should we really be worried?