DuterteNomics Unveiled First Subway in The Philippines, Completion of 4 railways in 2022 New Airports, Seaports, Railways, Roads & Bridges

Slide presented at the "Dutertenomics" forum on Tuesday, April 18, 2017 where President Rodrigo Duterte's top officials introduced planned construction projects. DOTr/Released

DuterteNomics blueprint unveiled the build, build, and build for the “golden age of infrastructure,” in the Philippines.

• ₱227 Billion - First Subway in the Philippines for Quezon City to Taguig City a 25 kilometer underground railway system to finished year 2024
• ₱225-million PNR North Rail systems, 100-kilometer Tutuban - Clark to be completed in 2021
• ₱55.478-Billion – First Mindanao Railway (Circumferential) project, a 2,000 kilometer railway to finished 2021
• PNR South Rail that would connect Manila with Calamba and Los Baños in Laguna, and the Bicol region to be completed by the fourth quarter of 2021
• Manila International Airport – Quezon City – Clark International Airport Bullet train system interconnecting the first Subway in QC to finished before 2021
• ₱23.3 billion North Luzon Expressway-South Luzon Expressway connector road, which starts from C3 Road in Caloocan through Manila, crossing Espana towards PUP, Sta. Mesa connecting Metro Manila Skyway Stage 3.
• The completion of the SLEX-NLEX connector road, projected to take place in 2020, is expected to reduce vehicle congestion along EDSA, C5 Road and other major thoroughfares, and cut the travel time between NLEX and SLEX to 15-20 minutes from more than an hour.

First Metro subway's first phase to link Quezon City, Taguig

Transportation Secretary Arthur Tugade said at a forum on Tuesday that the subway system, pegged at an initial ₱227 million for the central section, will pass Mandaluyong City and Pasig City.

The transport system, the first subway project the country will undertake, is foreseen to accommodate around 300,000 commuters daily, Tugade said.

The proposed subway stems from an ongoing Japan International Cooperation Agency's feasibility study, which will be subject to the approval of President Rodrigo Duterte and his officials. The study is expected to be completed in July this year.

The Japanese agency's proposal aiming to ease road congestion includes an expansion of the subway to start from San Jose del Monte in Bulacan to Dasmariñas City in Cavite to be completed by 2024.

Economic, Development  Blueprint

President Rodrigo Duterte's economic managers made the announcements at an event hosted by the Department of Finance and the Presidential Communications Operations Office (PCOO) at the Conrad Hotel, Pasay City.

According to the PCOO, DuterteNomics includes the current administration's main governance and fiscal policies, comprehensive big-ticket infrastructure programs and upgraded social services targeted to accelerate growth. The economic and development blueprint also aims to transform the Philippines into a "high middle-income economy" by 2022.

Executive Secretary Salvador Medialdea said the economic and development plan is anchored on the 10-point socioeconomic agenda of the Duterte administration that focuses on "the production of a progressive tax reform package and measures designed to bring about increased competitiveness, accelerated infrastructure spending, and improved social amelioration and development programs."

Finance Secretary Carlos Dominguez, in a keynote speech, said the Philippines had trailed behind other countries with good economy, but stressed that it is about time to rebuild the country’s competitiveness by pushing for programs such as tax reform package and infrastructure projects. "An investment-led growth pattern creates job and opens more economic opportunities for our people," he said. "We must build a truly inclusive economy. To do so, our economy should be investment-led, creating new jobs and opening opportunities for all." 

Dominguez said the government is also looking forward to what has been called a "demographic sweet spot," as the populations of some of the more mature economies in Asia begin to age. He said that the administration has to invest in the Filipino youth.

Ongoing projects are being implemented by the Department of Public Works and Highways (DPWH) that are either locally funded, with Official Development Assistance (ODA), or through Public-Private Partnership (PPP) projects, the following: 

1. Mandaluyong Main Drainage Project (Phase II)
2. Central Luzon Link Expressway, Phase I,
3. Tarlac-Cabanatuan, Nueva Ecija; Integrated Disaster Risk Reduction and Climate Change Adaptation Measures in the Low Lying Areas of Pampanga Bay
4. Tarlac-Pangasinan-La Union Expressway (Binalonan-Rosario Section)
5. Flood Risk Management Project (FRIMP) in Cagayan de Oro River
6. Sen. Gil Puyat Ave.-Paseo De Roxas / Makati Ave. Vehicle Underpass Project
7. Bonifacio Global City-Ortigas Center Link Road Project
8. UP-Miriam-Ateneo Viaduct along C-5/ Katipunan
9. Metro Manila Priority Bridges Seismic Improvement Project (Guadalupe Bridge and Lambingan Bridge
10. Widening/Improvement of Gen. Luis St.-Kaybiga-Polo-Novaliches
11. Cavite-Laguna Expressway
12. NLEX-SLEX Connector Road
13. Metro Manila Interchange Construction Project VI
14. Davao City By-Pass Construction Project (South Section (Road) and Center Section (Tunnel)
15. Panguil Bay Bridge, and Phase 1 of the Metro Manila Flood Management Project

PPP awarded projects

1. Integrated Transport System (ITS) Project
2. South Terminal
3. Integrated Transport System (ITS) Project
4. Southwest Terminal
5. LRT Line 1 Cavite Extension and Operations and Maintenance
6. Contactless Automatic Fare Collection System
7. Mactan Cebu International Airport Project
8. MRT Line 7

PPP projects that are either undergoing or about to undergo bidding

1. The Development, Operations and Maintenance of Bacolod-Silay, Davao, Iloilo, Laguindingan and New Bohol (Panglao) Airports;
2. LRT Line 2 Operations and Maintenance;
3. Road Transport Information Technology Infrastructure (Phase II);
4. LRT Line 6;
5. Philippine National Railways – South Line (previously, the North-South Railway Project – South Line);
6. NAIA Development

The DOTr, through a combination of ODA and PPP, is implementing and developing a total of 23 rail projects which will greatly expand the country’s rail system from the current 77 kilometers to over 1,750 Km.

The 10 ongoing rail projects includes the following:

1. PNR North (Manila-Malolos),
2. PNR South Commuter PPP Project (Manila-Los Banos),
3. PNR South Long Haul PPP Project (Los Banos-Legaspi,Matnog,Batangas Port),
4. Line 1 Cavite Extension PPP Project (Baclaran-Niog),
5. Automated Fare Collection System PPP Project (Beep Card),
6. Line 2 O&M PPP Project,
7. Line 2 East Extension (Santolan-Masinag),
8. Line 2 West Extension (Recto-Pier 4),
9. Line 6 PPP Project (Niog-Dasmarinas),
10. Line 7 PPP Project (San Jose Del Monte-North EDSA).

Rail projects are being developed by DOTr

1. Mindanao Railway (Circumferential),
2. Cebu Railway (5 lines),
3. Panay Railway,
4. Line 4 (Taytay-Manila) PPP Project,
5. Line 5 (Pasay-Makati-Taguig) PPP Project,
6. Line 8 (Quezon City-Manila) PPP Project,
7. PNR North Phase 2 (Malolos-Clark),
8. Mega Manila Subway Project,
9. Subic-Clark Railway

DOTr 3 Bus Rapid Transit (BRT) systems:

1. Cebu Bus Rapid Transit (BRT)
2. The Quezon Avenue Bus Rapid Transit (BRT)
3. The Central Corridor (EDSA) Bus Rapid Transit (BRT).

Other DPWH projects:

1. Panay-Guimaras-Negros Link Project
2. EDSA-Taft Flyover
3. Central Luzon Link Expressway, Phase II
4. Cabanatuan-San Jose, Nueva Ecija
5. Flood Protection Works in the Marikina River including Retarding Basin
6. Dalton Pass East Alignment Alternative Road Project

FUNDING FOR THESE PROJECTS

The government is spending 5.3 percent of the country’s gross domestic product in 2017 to finance the building, Finance Secretary Carlos Dominguez said. This will be raised to 7.1 percent by 2022.

This is higher than the 2.6 percent annual average of the past six administrations in the last 50 years, he said.

“In the decades when we neglected our infrastructure, we lost out on competitiveness,” Dominguez said.

“This is the time to move decisively. Fortunately we have a leader capable of much audacity.”

Budget Secretary Benjamin Diokno said the government under Duterte would spend P8.4 trillion for infrastructure.

A government portal (www.build.gov.ph) was also launched to help the public guard the infrastructure projects against corruption.

Presidential spokesperson Ernesto Abella said the website would be regularly updated to reflect the progress of every project.

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China, Japan, Korea, Russia compete for $2 Billion Nuclear Plant, LNG Philippines Gas project

Russia Floating Nuclear Power Plant Technology. illustration: popsci.com

China, Japan compete for $2bn Philippine gas project

China and Japan are competing for a $2-billion liquefied natural gas (LNG) project in the Philippines, Energy Secretary Alfonso Cusi told the Nikkei Asian Review.

Over 20 companies from eight countries have proposed partnerships with state-owned Philippine National Oil Corp. for an LNG receiving terminal at the southern part of Luzon Island. Cusi said his team is still reviewing funding and technology options.

"We are talking to China [and] Japan," he said. "We are looking at which can offer the best in terms of funding. It's too early to say who is more advanced -- there are so many things to look into."

Countries that offer the best financing options usually pick their own domestic contractors. Cusi said Tokyo Gas, Osaka Gas, and a number of Chinese state-owned and private companies have shown interest.

Cusi is vice chairman of President Rodrigo Duterte's PDP-Laban party. He has traveled to Beijing and Tokyo this year to solicit energy investments for the Philippines, which runs into alerts and price spikes for electricity whenever the country's lone LNG facility undergoes maintenance.

Cusi said he plans to travel to South Korea and Russia, and does not favor any particular power-generating technology. He said Malampaya, the only source of natural gas in the Philippines, is expected to be exhausted by 2024. The gas field operated by a consortium led by Royal Dutch Shell provides 40-45% of Luzon island's power requirements. Luzon accounts for two-thirds of gross domestic product in the Philippines.

The proposed terminal could import LNG from other countries while alternate Philippine resources are being developed. These include gas fields in the South China Sea in dispute with China. The terminal's plant will initially generate around 200 megawatts, but can expand to 800MW. Cusi hopes to find an investor this year.

Duterte is targeting total household electrification before he leaves office in 2022. As of December, over 90% of households had access to energy. Cusi also said he is studying the possibility of activating a $2 billion nuclear power plant on the Bataan peninsula. The project, initiated under President Ferdinand Marcos in the 1970s but never activated, is located near an earthquake fault line.

Sulu Province of Southern Philippines could have the first ever operating 100 MW Nuclear Power Plant this year according to the report (see here) - Nikkei Asian Review

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Malaysia inspects North Korean coal ship for possible U.N. sanctions breach

North Korean Cargo Ship "KUM YA" (former Lucky Star 7)

By James Pearson, Rozanna Latiff and Tom AllardKUALA LUMPUR, March 29 

(Reuters) - Malaysia briefly prevented a North Korean ship carrying coal from entering its port in Penang because of a suspected breach of United Nations sanctions, a port worker and Malaysian maritime officials told Reuters on Wednesday

The KUM YA (Formerly Lucky Star 7) was carrying 6,300 metric tons of anthracite coal, according to a worker at Penang Port who spoke to Reuters on condition of anonymity. It was later allowed to dock, where an inspection team accompanied by an armed escort boarded the ship.
 
A December 2016U.N. Security Council resolution placed a cap on exports of North Korean coal, and urged member states to apply extra scrutiny on North Korean ships.

Production of coal in North Korea is state-controlled and its exports are a key source of hard currency for the isolated country's banned nuclear and ballistic missile programs.
 
Relations between North Korea and Malaysia, which have been friendly for decades, have soured following the February assassination of North Korean leader Kim Jong Un's half-brother at Kuala Lumpur International Airport.
 
The North Korean ship had been initially prevented from entering Penang Port due to a possible breach of U.N. sanctions, MMEA deputy director-general of operations Zulkifli Abu Bakar, told Reuters without offering further details.
 
It was unclear what the inspectors were checking on. The United Nations in its annual reports on how members have complied with sanctions have cited a number of instances over the past decade in which North Korean missile parts and coal connected to sanctioned entities were trans-shipped through Malaysia.
 
Malaysia is one of the few countries in the world which buys North Korean coal, with China by far the biggest importer.

LUCKY STAR
 
The KUM YA was recently re-flagged as a North Korean ship, changing its name from Lucky Star 7 in November last year, according to the Equasis shipping database.
 
 It was registered on Feb. 13 to North Korean shipping company Sonchonggang Water Transport, according to copies of the ship's registration documents, which were issued by North Korea'sMaritime Administration, and seen by Reuters.
 
The ship was carrying 20 crew members, and was scheduled to sail onto Singapore, the port worker said.
 
The ship listed its port of origin as Busan, South Korea. However, shipping data in Thomson Reuters Eikon shows the cargo was loaded at the Huaneng Shandong Power Station Weihai, a coal-fired power plant. It then sailed to Penang through the South China Sea and the Malacca Strait, the data shows.

Source: (http://tmsnrt.rs/2ofxNXe)
 
China halted all coal imports from North Korea starting on Feb. 26, amid growing tensions on the Korean Peninsula following one of a series of Pyongyang's missile tests.
 
Malaysia's foreign ministry told officials at Penang Port not to let the ship dock before an inspection team had it "declared safe," the port worker said.
 
The Malaysian Maritime Enforcement Agency (MMEA) confirmed the ship had been stopped following instructions from Malaysia's foreign ministry, which did not immediately respond to requests for comment.
 
 "Many North Korean ships call on our ports and we never had problems. Just over the recent months, there have been problems," the port worker told Reuters. "We have never received directives to stop North Korean ships before."

NOT CONFISCATED
 
The KUM YA was first stopped at sea before being allowed to dock in port where it was immediately cordoned off, the port worker said.
 
 "Minerals and Geoscience Department officials were then called to inspect the cargo on board. The department officers were told to confirm it was indeed coal on board," the port worker said.
 
The coal was being unloaded on Wednesday afternoon and has not been confiscated, the port worker said.
 
Since 2011, Malaysia has imported over 2 million metric tons of coal a year, according to government statistics, which are not broken down by country of origin.
 
The KUM YA shipment was handled by Malaysian freight forwarding company Alim Maritime Sdn Bhd, the port worker said. An Alim Maritime official reached by telephone declined to comment.
 
The KUM YA can hold up to 6,843 metric tonnes of cargo, according to Equasis, meaning it was 92 percent full when it arrived in Penang.

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Duterte early lead in “TIME: No. 1 Most Influential Person in the Universe” VOTE NOW! For his Crown

Philippine President Rodrigo Roa Duterte takes early lead in TIME 100 poll.

The TIME 100— annual list of the most influential people in the world—features a number of leading artists, politicians, lawmakers, scientists and leaders of tech and business. Although TIME's editors will choose the final list of honorees, we want readers to share their choices with us as well.

Did football player Colin Kaepernick or Oscar-winning filmmaker Barry Jenkins strike you as most influential this year? What about the Women's March co-chairs, Linda Sarsour, Tamika Mallory, Carmen Perez and Bob Bland? Or perhaps Steve Bannon or Kellyanne Conway, close advisers to President Donald Trump?

How about the Philippine' most popular President and  illegal drugs buster Hero "Rodrigo Roa Duterte"? will you cast your vote for him?

Cast your vote below. Voting closes at 11:59 p.m. E.T. on April 16, 2017, and the winner of the reader poll will be announced immediately after. This year's official TIME 100 list will be announced April 20.

VOTE HERE!

If you want Philippine President Rodrigo Roa Duterte to be crowned as Time 2017 most influential person in the Universe then give him an unrivalled VOTE just him alone. But if you want others to compete his crown then vote the others as well as his challenger. To vote click “YES” for approval and “NO” for disapproval or if you don’t like the candidate to be crowned as most influential person. Click START POOL

Your vote counts! just vote accroding to what your heart's says.

See Who Is Winning the 2017 TIME 100 Poll here 

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Philippines to Build First Operational 100 Megawatt Nuclear Power Plant in Sulu this Year

Modern Nuclear Power Plant Diagram

Department of Energy considering Sulu as site for nuclear plant this year

Sulu Archipelago in western Mindanao is non-typhoon and non-earthquake prone areas with almost Zero fault line an is among the areas being eyed for a modular nuclear power plant as the Department of Energy (DOE) targets to complete a nuclear energy program within the year.

The Nuclear Energy Program Implementing Organization (NEPIO) is currently studying the nuclear program of the country and has scheduled scientific visits and capacitating programs to come up with a national policy, Energy Undersecretary Donato Marcos said.

“Within this year, we will come up with a comprehensive report. Of course it will be presented to the Office of the President,” Marcos said.

NEPIO was created by the DOE to unify the conduct of various studies and research on nuclear energy development in the country.

It was designed to work in three phases, starting with a comprehensive study on the overview of the country’s energy needs which will lead to forming a policy decision on nuclear.

Phase 2 calls for the preparatory work for the construction of a nuclear power plant while Phase 3 pertains to the activities to implement the said power facility.

The study is expected to undergo a long process to iron out every detail for the country’s nuclear program, Energy Secretary Alfonso Cusi said.

“What makes it longer is process because of course, a due process for everybody…So we have to go through the process every step of it. Unlike when you have a country that is willing or a host province that would be willing to do it, then the process will be faster,” he said.

Cusi said there is still a lot of opposition to  the operation of the Bataan Nuclear Power Plant (BNPP), which has been mothballed since the 1980s.

$2.3 Billion USD Dollar Mothballed Nuclear Power Plant in Bataan. Bataan Nuclear Power Plant is a nuclear power plant, completed but never fueled, on Bataan Peninsula, 100 kilometers west of Manila in the Philippines. It is located on a 3.57 square kilometre government reservation at Napot Point in Morong, Bataan. 

“We are going in to the process of resolving all the concerns that are being raised against it,” he said.

Sulu province has been very aggressive in pitching to host a nuclear power facility, Marcos said.

“They usually visit the secretary and proposing that they will be hosting a SMR, a small modular reactor, so they can finally have stable, secured, predictable and reasonably priced electricity in the region,” Marcos said.

Since it’s modular, it can have a capacity of 100 megawatts (MW) at most, the DOE undersecretary said.

Putting up a nuclear modular reactor in other provinces is also part of the study.

“As long as the provinces are willing. That’s why were forming a national policy… Once it is in place, and there is a host province, we can do it,” Cusi said.

If materialized, Sulu, Mindanao could be the first province in the Philippines to have the operational nuclear powerplant after the mothballed Nuclear Powerplant in Morong, Bataan in Northern Luzon.

Western countries are promoting the Nuclear Power Plant as clean, cheapest and safest renewable source of energy.

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Smartphone boom driving jump in digital payments in the Philippines

A motorist pays toll at the North Luzon Expressway with a PayMaya-issued card. PayMaya offers a smartphone app that allows users to create a "virtual" credit card, without needing a bank account.PHOTO: PAYMAYA


In the Philippines, cash is still king.

Just one in 10 Filipinos transact online via their bank accounts, although half the nation's population of 102 million are already using the internet.

Out of 2.5 billion bank payments worth US$74 billion (S$105 billion) each month, only 1 per cent, or about US$740 million, are electronic and most payments involve small amounts. This equates to roughly US$60 a month for the 11 million people who make online payments via their bank accounts. The vast majority of bank transactions, by value, are still by cash or cheque.

"It's more 'cashlite' than 'cashless' in the Philippines," said Ms Nick Wilwayco, head of communications at e-commerce firm PayMaya.

A boom in mobile phone use, though, could soon change things.

The Philippines is the fastest-growing smartphone market in South-east Asia. There are currently 40 million Filipinos with smartphones and that number is forecast to hit 90 million by 2021.

"Filipinos are more adept at mobile. It is easier for them to discover and to use it," said Ms Wilwayco.

Using Apple, Android and Facebook apps, as well as "digital wallets", mobile phone users can open credit and debit accounts that they can use to transact online, without needing a bank account or even an internet access; just the SIM card.

Voyager Innovations, a unit of telco Smart Communications, currently has over 11 million customers using its smartphone apps to pay for internet and in-store purchases, transfer money, and even secure loans. They declined to give exact growth figures, only saying they were in the "triple-digits".

For Ms Geraldine Rodriguez, 47, a freelance writer, going cashless has meant convenience and peace of mind, even though only a fraction of her daily transactions are online.

She pays about 1,650 pesos (S$46) worth of phone and internet bills each month online via her bank account, and uses a prepaid card when taking the MRT. Most of her bills she still has to pay at a centralised payment centre, though.

With less cash on her, there is less anxiety that she may get mugged or her wallet snatched.

"Is it convenient? Very," said Ms Rodriguez.

Banks have long been a hurdle to greater take-up of online payments. Only three in five Filipinos have bank accounts and among these are the 11 million who pay their bills, order takeout and buy plane tickets, gadgets, clothes, and fashion accessories online, using their ATM, credit and debit cards.

Many still worry about security and privacy.

In a report released in July last year (2016), internet security firm Trend Micro said the Philippines is the third most affected country when it comes to online banking fraud.

Which is why smartphone apps have proved so appealing because it frees up people from having to use bank accounts to make payments or indeed even having a bank account. by rdancel@sph.com.sg StraitsTimes

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Wilcon to raise ₱7 Billion Php in Philippines’ 1st IPO this year

Wilcon Depot San Pablo. Photo: Inquirer

WILCON Depot, Inc. is raising ₱7 billion in the first initial public offering (IPO) this year after pricing the deal at the low end of its target range.

In a statement released on Friday, First Metro Investment Corp. (FMIC) Executive Vice-President Justino Juan R. Ocampo said the IPO price of the home improvement and construction supplies retailer was set at ₱5.05 per share, giving the company a market capitalization of more than ₱20 billion after listing.

“We convinced Mr. Belo to price at lower end to ensure discount to comparables and give upside to investors,” BDO Capital & Investment Corp. President Eduardo V. Francisco said in a separate mobile phone message, referring to Wilcon Chairman William T. Belo.

Wilson had earlier set a price range of ₱5-₱5.68 apiece.

The offering was more than three times oversubscribed on the back of strong demand from “quality” institutional investors and offshore investors attracted to the strong prospects of the country’s construction and housing industry, FMIC said.

“The success of Wilcon’s IPO demonstrates the investment community’s continued confidence in the Philippine retail market. As disposable income of Filipinos increases, a lot more people are now buying houses or improving their existing homes,” Mr. Belo said in the same statement.

Proceeds from the IPO will be used to bankroll store network expansion, debt retirement and general corporate purposes, according to Wilcon’s prospectus.

Since opening its first store in 1977, Wilcon has transformed itself into a one-stop shop for construction supply and home improvement. It has 37 depots and small format stores across the country, 17 of which are in Metro Manila, 16 more in Luzon, 2 in Visayas, and 2 in Mindanao, with over 2,000 employees.

Wilcon is banking on the continued expansion of its store network to sustain double-digit growth in sales and earnings. In the first nine months of 2016, it booked a 10% year-on-year increase in net sales to ₱11.73 billion and netted 50% more or ₱483 million.

Wilcon kicks off the domestic tranche of the maiden share sale on March 20, with its debut on the Main Board of the Philippine Stock Exchange slated on March 31. The equity offer is selling 34% of its outstanding capital to the public.

FMIC was tapped as the issue manager and bookrunner, with BDO Capital also acting as joint lead underwriter for the IPO. RCBC Capital Corp. and Penta Capital Investment Corp. were mandated as co-lead underwriter and participating underwriter.- Business World Online

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Solar Philippines Breakground $150 Million USD Solar Farm in Tarlac

At the ceremonial groundbreaking of the 150-MW Tarlac solar farm, with the first ‘Made in the Philippines’ panels by Solar Philippines are (from left): Energy Secretary Alfonso Cusi, Solar Philippines president Leandro Leviste, Tarlac Governor Susan Yap and Concepcion Mayor Andy Lacson Photo: PhilSTAR

Solar pioneer starts 150-MW Tarlac solar farm

Solar Philippines has kicked off the construction of its 150-megawatt (MW) solar farm with battery storage here, its largest solar power project to-date, which can provide the province’s requirements in six months time, its top official said yesterday.

The whole solar farm will start operating as a merchant plant in the third quarter of the year, Solar Philippines president Leandro Leviste said during the ceremonial groundbreaking of the project.

“The output of the 150 MW plant that will be operating here by the second half of 2017 will be able to power the entire Tarlac province with cheap renewable energy,” he said.

The company official said this will heed Energy Secretary Alfonso Cusi’s call to put up more merchant power plants – or those generating facilities selling their output to the wholesale electricity spot market (WESM) – to further spur competition in the electricity spot market.

“What we want is to make this fast…(because) solar is now cheaper than coal and therefore get this online within 2017. And that’s why even without the contract finally approved by regulators, we’re doing this for most of the plant’s capacity,” Leviste said.

The Concepcion solar farm will comprise close to 450,000 solar panels and over 150 hectares, with room to expand as demand for solar with batteries increases.

Leviste said the cost to put up the solar farm is equivalent to $1 million per megawatt, or roughly $150 million for the entire project.

“With the battery… it can be an additional 20-50 percent of the cost of the project. But we’re not doing all the batteries all at once, it’s going to be phased incrementally,” he said.

Solar Philippines is the developer, investor, contractor and supplier for its projects – a strategy which the company believes is the key to making solar cost-competitive.

“Why do we expect lower price? One is vertical integration, by doing solar panel manufacturing in-house as well as the construction. the development, the financing will definitely lower the cost. Second is the economies of scale,” Leviste said.

Once completed, the power plant will have many firsts in its name - philSTAR

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Former U.N. General Assembly Hits Leni Robredo “IMPEACHABLE ACT”: Betraying Public Trust & Economic Sabotage

A former delegate to the United Nations General Assembly (UNGA) has assailed Vice President Leni Robredo for “misrepresenting” millions of Filipinos when she addressed the 60th annual meeting of the UN Commission on Narcotic Drugs via a video message that highlights alleged rights abuses in President Rodrigo Duterte’s so-called war on drugs. (Photo: Asian Journal )

Former UNGA delegate hits VP Robredo for ‘misrepresenting’ Filipinos

A former delegate to the United Nations General Assembly (UNGA) has assailed Vice President Leni Robredo for “misrepresenting” millions of Filipinos when she addressed the 60th annual meeting of the UN Commission on Narcotic Drugs via a video message that highlights alleged rights abuses in President Rodrigo Duterte’s so-called war on drugs.

“I am making this urgent appeal on behalf of each and every Filipino grossly misrepresented by our Vice President in the said video message, in reporting to the world what she failed to report to Philippine authorities,” said Michael Francis Acebedo Lopez, a Filipino and a former delegate to the UNGA.

Lopez noted that Vice President Robredo, whose own mandate has been called into question, with the country’s highest electoral tribunal considering the election protest against her win to be sufficient in both form and substance, “wantonly painted an impossibly grim image of the Philippine situation if only to attract international attention and action with unfounded claims and unsubstantiated allegations”.

Assuming there are actual reports received by the Office of the Vice President, Lopez said Robredo “has not only embarrassed our country, she has betrayed the public trust and committed economic sabotage, both punishable under Philippine laws”.

In the video, Robredo references the more than 7,000 people killed since the drug war began on July 1, 2016. The death toll has reportedly increased to 8,000.

“Our people have fought long for our rights and freedoms. We are not about to back down now,” she said.

Robredo also details in her video message other supposed human rights abuses occurring under the present administration — people beaten for requesting search warrants, and police detaining relatives in lieu of absconded drug suspects.

She also questions inconsistent figures on drug addiction reported by President Duterte.

Rather than a problem to be solved with bullets, Robredo said drug abuse “must be regarded as it truly is — a complex public health issue linked intimately with poverty and social inequality”.

In reporting to the world what the Vice President failed to report to Philippine authorities, Lopez said she “has not only embarrassed our country, she has betrayed the public trust and committed economic sabotage, both punishable under Philippine laws”.

“For her to say that ‘our people feel both hopeless and helpless’ is a brazen lie,” he said. “Confidence in the presidency is at an all-time high (while the same cannot be said of the vice president whose approval ratings continue to plummet). As a people, we feel hopeful and empowered like we’ve never felt before.”

“When the Vice President says 7,000 people have been killed in the President’s war on drugs, she fails to mention that this is set against the backdrop of around 700,000 to one million successful arrests and surrenders. So the figure she presents to you is not even 1 percent. And surely with the sheer number of those involved in the illicit drug trade, some police operations see suspects resisting arrest and fighting back and the police having to defend themselves resulting in casualties,” he noted.

“Every war has casualties. It is not a perfect war and I’m certain there have been abuses along the way, and these need to be looked into and those responsible must be brought to justice. But exaggerating things does not help at all.”

In responding to the call of the Vice President, Lopez said the international community “must tread carefully, lest it encroaches on our very sovereignty and our right to self-determination. And as a sovereign state, we have determined to wage an internal war (not a war against another nation) against the evils of drugs, a direction affirmed by our democratic processes when President Duterte, who included the war on drugs as one of his main programs of action, received an overwhelming mandate during the May 2016 Presidential Election. In short, the war on drugs, by extension, has the people’s mandate.”

“Any effort to disturb our democracy and sovereignty as a response to the Vice President’s irresponsible and unfounded claims will subvert the will of the Filipino people and violate our Human Right of Suffrage enshrined in both the Philippine Constitution and the Universal Declaration of Human Rights (Article 21 of the international covenant),” he stressed.

Lopez reiterated his appeal to members of the UN Body “to disregard the Philippine Vice President’s statement which is, I reiterate, a grave misrepresentation of the prevailing sentiments of our people and a gross perversion of the facts surrounding the war on drugs”.

“To my fellow Filipinos, let us remain vigilant in the face of threats to our democracy by the very people who claim to defend it,” he added. - By Lilybeth G. Ison of  Philippine Canadian Inquirer

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ASIA: China's Yuan Top, 2nd: Philippine Peso - Real effective exchange rate S&P Rating

China's Yuan and Philippine Peso - leading currencies in the Asia Pacific

China’s yuan strongest real effective exchange rate, PHL peso second

The Chinese currency rose as the strongest in terms of real effective exchange rates among nine Asia-Pacific countries, followed by the Philippines peso, Standard & Poor’s Global Ratings said in a report.

“In terms of real effective exchange rates, another indicator we studied, the Chinese yuan rose 45.0 percent over the past 10 years – the strongest performer in our sample. It was also the strongest performer since the Asian Financial Crisis,” S&P said in “Who’s A Currency Manipulator Now in Asia-Pacific? The Indicators Don’t Point To China.”

"The Philippine peso was second with 29.9 percent,"  the global debt watcher noted.
“The Chinese government has been loosening its control over the Chinese yuan to bring the currency closer to its fundamentals. This might be the reason why the yuan strengthened significantly,” Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, told GMA News Online.

“As for the Philippines, the country has grown tremendously in the past decade. The proportion of the country's foreign debt declined making the country less affected by external headwinds,” Dumalagan noted.

The Philippines has also accumulated a sizable amount of foreign reserves, giving it added buffer from external risks. “These have contributed to the peso's strength,” the LandBank economist said.
The International Monetary Fund defines real effective exchange rate (REER) as a measure of the value of a currency against a weighted average of several major currencies and adjusted to the effects of inflation.

In its study, S&P examined three external indicators of currency manipulation – REER, current account balances, and official (foreign) reserves – and found that China showed the least evidence of currency manipulation.

Given the reemergence of currency manipulation in the US policy debate, the debt watcher said it examined three external indicators of manipulation over a 10-year period to see how the nine economies stack up.

"The big surprise is that China came in last place, showing the least evidence of currency manipulation," Paul Gruenwald, Asia-Pacific chief economist for S&P Global Ratings, said.

"This result derives from its having a sizable decline in the current account-to-GDP ratio; the strongest real effective exchange rate; and a relatively sharp decline in reserves,” Gruenwald added.

According to S&P, current account balances, the first indicator, have trended downward over the past decade for most of the nine economies, with Malaysia and China showing the largest declines.

"This suggests that the Chinese authorities allowed their currency to adjust more than any other economy in the region," Gruenwald said.

The level of official reserves is the most direct indicator of currency intervention, and a rising level is usually considered as evidence the central bank is in the market intervening to prevent the currency from appreciating.

Taiwan and Thailand, with the two largest reserves, saw their reserves-to-GDP ratios rise most over the past decade, S&P noted.

Two economies saw sharp declines in their reserves-to-GDP ratios over the past decade – Malaysia (-19 percentage points) and China (-12 percentage points), it said. — See more at:  VDS, GMA News

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Seven Japanese trading houses investing $3.9b in Philippines

Sumitomo Farming Technology

Seven major Japanese trading houses are looking at investing up to $3.9 billion (₱198.5 billion) in different industries in the Philippines.

After his recent trip to Tokyo, Department of Trade and Industry (DTI) secretary Ramon Lopez disclosed on Monday (March 13) that the Japanese companies who made the commitment (to invest in the country) were Mitsubishi Corp, Mitsui and Co Ltd, Sumitomo Corp, Itochu Corp, Marubeni Corp, Toyota Tsusho, and Sojitz.

Others present in the dialogue were Transportation Secretary Arthur Tugade, and Philippine ambassador-designate Jose Laurel — who got together with representatives of Japanese companies with a broad range of business activities.

Lopez noted Marubeni is willing to invest in additional coal power plants worth ₱75 billion over the medium term; Itochu and Sumitomo (through Philippines subsidiaries Dole and Sumifru respectively) willing to invest an additional ₱12.9 billion through 2018 to expand their integrated farming projects in Mindanao; Sumitomo, Sojitz, and Mitsui jointly invested in Coral Bay Nickle Corp and Taganito High Pressure Acid Leaching (THPAL) Nickle Corp in Surigao and Palawan, at a cost of ₱80 billion.

Mitsubishi, Sojitz, Mitsui, and Toyota Tsusho, and, all the seven trading houses are supporting the Philippines’ Comprehensive Automotive Resurgence Strategy (CARS) Program created in 2015 to attract new investments, stimulate demand and effectively implement industry regulations that will revitalize the Philippine automotive industry, and develop the country as a regional automotive manufacturing hub.

All the Japanese firms also expressed interest in the Philippines’ so called “Golden Age of Infrastructure,” like the railway and subway projects, the Clark Green City project, the Expanded Port and RoRo Building programs, and the Airport Development projects.

The Japanese trading houses were also encouraged to use their expansive business systems to help in planning an efficient set of economic infrastructure, such as farm-to-market roads, bridges, seaports, airports, railways for cargo, passengers and RORO vessels, and service providers.

“The fundamentals are there in terms of a fast-growing economy, a 109-million population base, standing trade agreements, and a young, talented, and dedicated work force,” Lopez said. - Tomas S. Noda III of Deal Street Asia

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Philippines to Attract Billion Dollars FDI with Halal Industry Road Map

Halal food processing to help attract investments from Qatar to Philippines

Developing the halal market, including the agro-industrial and food processing sectors, could further stimulate FDI inflow into the Philippines, particularly Qatari investments, a Qatari entrepreneur has said.

The Philippine government wants to tap opportunities in the halal market, touted as a growing billion-dollar global industry, and is currently building a roadmap for its halal industry.

To do this, the Philippines’ Department of Trade and Industry is working with other agencies like the Mindanao Development Authority (MDA), National Commission for Muslim Filipinos (NCMF), and the Department of Agriculture (DA).

Qatari businessman Farhan al-Sayed lauded the Philippine government’s plans to develop the southern island of Mindanao, which, he said, “has a huge, untapped potential.”

“Halal is a very interesting market… in the case of Malaysia and Indonesia, they are already making billions of dollars from the industry. As their Asean (Association of Southeast Asian Nations) neighbour, the Philippines should also benefit from this.

“And I think Mindanao would be the ideal location to setup these businesses and this is going to help the growth of the region, which is eight times larger than Qatar and it’s going to settle and bring up not just businesses but also peace and order in the area,” al-Sayed told Gulf Times.

Aside from the halal industry, al-Sayed said Mindanao would be “an ideal location” to develop agro-industrial and food processing facilities, which could help attract Qatari investments to the country.
Following his state visit to Brunei Darussalam last year, Philippine President Rodrigo Roa Duterte said the trip would benefit the country’s halal industry. He said Brunei has expressed its commitment to help develop Mindanao’s halal industry in the areas of certification and capacity building.

Aside from grooming Mindanao into a production and export hub for halal-certified products, Duterte also underlined the island’s potential as a potential producer of tuna, sardines, banana, coconut, fruits, and poultry and livestock products. In the recently-held ‘Philippine Investments Conference’ in Doha by the Philippine Economic Zone Authority (Peza), Mindanao Development Authority (MDA) chief of staff Abdul Alonto also underlined Mindanao’s capability to export processed halal meat.

During the event, Philippine Business Council-Qatar (PBC-Q) chairman Greg Loayon also cited other investment opportunities in the Philippines aside from the halal market.

“Other than economic zones, manufacturing, tourism, furniture export, and healthcare are other investment opportunities that Qatari investors can look into the Philippines both from an outbound and inbound perspective such as Qatari investments in the Philippines or business opportunities in the Philippines that can be brought to Qatar,” he said. - Gulf Times

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Malaysian Eyes to Construct 23 Buildings: $2.4 Billion USD For New Federal Government Capital Offices in Clark

Putrajaya Luxury Residence. Photo:worldarchitecturenews.com

AlloyMtd eyes RM11bil Philippine ‘Putrajaya’ job

AlloyMtd Group has submitted a bid to build a new administrative centre for the Philippines Government at an estimated project development cost of $2.4 Billion US Dollars.

Located in the city of Clark, approximately 96 kilometres from Manila, the proposed 1,000-hectare Clark Administrative City project will house the executive, legislative and judicial bodies of the Philippines federal government.

It replicates Malaysia’s Putrajaya and will serve as the centralised site for the national government.
Under AlloyMtd’s proposal, the project will consist of 23 buildings encompassing some 273,000 square meters. The estimated project cost will be around US$2.4bil (RM10.62bil).

Speaking to reporters during the inauguration of the Palayan City Government Centre and Central Business Hub in Nueva Ecija province, AlloyMtd president and chief executive officer Tan Sri Azmil Khalid (pic) said the proposal represented a gigantic leap for the company, which has had a substantial presence in the Philippines over the past 11 years.

“We have had success in creating ‘mini Putrajayas’ in the country, or new centralised administrative and business centres to spur growth. But with a project of this magnitude, we can build a ‘real Putrajaya’ for the Philippines government,” he said.

The proposal to relocate and centralise the country’s Government entities has been mooted for a long time.

The consolidation of national Government offices away from the congested Metro Manila city centre will enhance efficiency, while at the same time the new location would also become a new centre of operations in times of natural disasters.

The project would be overseen by the Bases Conversion and Development Authority (BCDA), a Government agency created to manage the conversion of former military bases into income-generating facilities.

AlloyMtd was invited by the BCDA to submit the proposal for the development of the project. A presentation of the master development plan was made to the BCDA chairman and board executives on Feb 2.

Azmil added that funding for the project would likely come from a sukuk issuance in Malaysia.
“We are seeking the backing of the Philippines Government in regards to the sukuk so the terms are more favourable for investors,” he said.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed, who was the guest of honour at the Palayan City project inauguration, lauded the proposal as it is wholly supportive of the Malaysian Government’s intention to boost economic and business relationships with its Filipino counterparts.

AlloyMtd has a track record in creating centralised business and administrative centres for local Governments in the country. Its projects include the Calabarzon Regional Government Centre and the ongoing Palayan City project, as well as the Bataan Government Centre.

The Malaysian conglomerate, which has a presence in 16 countries, has an entrenched presence in the Philippines in the infrastructure, institutional facilities and property development segments.

Building on the success of its RM1bil South Luzon Expressway project, the company is preparing for another major undertaking, as it had submitted an unsolicited bid for the Manila Mass Rapid Transit (MRT) Line 8 project last month.

The project, which was submitted by a consortium comprising AlloyMtd and East-West Rail Corp, spans about nine kilometres of elevated and depressed guideways with 11 stations along the route.
It runs from Quezon City to Lerma St. in Manila and the estimated project cost for the venture is around US$1bil (RM4.4bil).

The proposal is currently under review by the Philippines Department of Transportation and the National Economic and Development Authority (NEDA).

The MRT project is also the first project proposal from the private sector that was resubmitted to NEDA under the new Duterte administration, Azmil confirmed. - The Star Online

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Philippines' hits $7.93 Billion USD Foreign Direct Investments (FDI) in 2016

Philippines' hits $7.93 Billion USD Foreign Direct Investments (FDI) in 2016

Philippines’ FDI inflow hits record high in 2016

THE PHILIPPINES received a record $7.93 billion in actual foreign direct investment (FDI) last year, as sound macroeconomic fundamentals overshadowed the uncertainties brought about by leadership changes within and outside the country.
The net inflow of foreign direct investments (FDIs) soared 40.7% above the $5.64 billion recorded for 2015, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Friday.

The yearend result surpassed by 18.4% the $6.7 billion projected by the central bank. The forecast represented a new high in itself.

Intercompany borrowings accounted for more than 65% of last year’s net inflow, as foreign firms placed $5.19 billion -- 68.6% over the $3.08 billion recorded in 2015 -- in debt instruments of Philippine subsidiaries and affiliates.

Equity and investment fund shares accounted for $2.75 billion, a 7.1% increase from the $2.56 billion booked in 2015. Net equity infusion rose 12% to $2.04 billion from $1.82 billion, making up for the 4.9% decrease in reinvestment of earnings to $710 million from $747 million.

In December alone, the net FDI inflow more than doubled to $669 million from the $272 million registered in the comparable 2015 period.

More than half or $415 million of the net inflow in December came from placements in debt instruments. Lending to Philippine subsidiaries or affiliates almost tripled from the $139 million reported a year earlier.

Investments in equity and investment fund shares nearly doubled to $254 million from $133 million. Net equity capital infusion surged 2.7 times to $206 million from $77 million, offsetting the 16.1% drop in reinvestment of earnings to $47 million from $56 million.

Investors from Japan, Hong Kong, Singapore, the United States and Taiwan made most of the equity infusions largely to financial and insurance; arts, entertainment and recreation; manufacturing; real estate; and construction activities.

“FDI inflows remained robust, supported by strong investors’ confidence in the country’s solid macroeconomic fundamentals,” the BSP noted in a statement accompanying the data.

“NO FLUKE”

In separate e-mail interviews, economists noted how the growth story of the domestic economy cancelled out concerns over possible changes in policy direction both in the Philippines and its major trading partner, the US.

“It is clear that the Philippine economic growth story is intact despite all the uncertainties of US policies and the continuous noise of domestic politics,” Ruben Carlo O. Asuncion, chief economist of the Union Bank of the Philippines, noted in an e-mailed correspondence.

Mr. Asuncion had expected net FDIs to the Philippines to grow slower and reach at least $7 billion toward the yearend.

“This significant growth, I believe, is on the back of solid macroeconomic fundamentals for the past 18 years or 72 quarters. This clearly means that the Philippines’ growth story is no fluke. Foreign investors recognize this observation with the 40.7% FDI growth for 2016,” Mr. Asuncion said.

Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines, cited the bright prospects for the Philippine economy as well.

“Last year, FDI inflows were affected by the country’s political transition and the US presidential election. These factors, however, were not enough to overshadow the country’s strong economic prospects,” Mr. Dumalagan said.

Foreign investors have nevertheless raised concerns over inefficient government bureaucracy, inadequate supply of infrastructure, corruption and tax regulations last year, another economist noted, citing The Global Competitiveness Report 2016-2017 of the World Economic Forum (WEF).

“I also cite infrastructure as one of the most compelling reasons why it’s difficult to commit to investing in the Philippines,” the economist said.

“Imagine setting up a manufacturing plant here only to find out we have one of the most expensive and unreliable electricity, highways are bogged down in traffic, airports have only 1.5 runways and flooding is a problem in the region’s worst port system,” the economist added.

The economist further noted the retreat of the Philippines by 10 notches in the Global Competitiveness Index, ranking 57th out of 138 economies covered in the report released by the WEF three months after President Rodrigo R. Duterte took office in end-June 2016.

“Investors now have a stark concern about the level of institutions in the country going forward. This moves hand in hand with the upholding of the rule of law, which can get foreign players a little bit concerned,” the economist said.

Landbank’s Mr. Dumalagan, however, expects the Philippines to continue registering net FDI inflows this year on the sustained strength of the domestic economy along with the improving economic conditions abroad.

“Japan and the US, two of the country’s major sources of FDIs, are expected to show stronger growth this year, suggesting potentially ample investable funds from these economic giants despite possibly lesser monetary accommodation from the Bank of Japan and the US Federal Reserve,” Mr. Dumalagan said.

“The protectionist stance of the new US administration, however, poses a risk, as it could potentially reduce the amount of capital inflows from the US.”

FDIs in the Philippines, by Reuters’ reckoning, are minuscule compared with that in regional peers due to poor infrastructure, high power costs and foreign ownership restrictions in key industries. - Business World Online

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Finance Minister Dominguez III Asks Jack Ma to Remove Faked Tax Stamps from Alibaba

Fake BIR Stamps pre-printed by MEIKEI Printing Co., LTD in China for cigarette boxes sold online. The same case as the Mighty Corporation with pre-printed BIR Tax Stamps. Source: https://sc01.alicdn.com/kf/HTB1yKS.NXXXXXatXVXXq6xXFXXXl/Customized-OEM-cigar-label.jpg an image stored at Alibaba server aliccdn.com 

Philippines asks Jack Ma to remove fake tax stamps from Alibaba

Finance Secretary Carlos “Sonny” Dominguez III wrote a letter to Jack Ma, asking the latter to remove fake Philippine tax stamps on the Alibaba website.

“If you go to Alibaba.com, you can see there an item [option] to buy fake Philippine cigarette stamps,” Dominguez said during a tax reform forum in Metro Manila’s Makati City on Friday.

“I wrote a letter to Jack Ma to ask him to remove it from his website because that [online sale] is hurting the Philippine interests,” said Dominguez, adding he has started a campaign telling people not to buy the fake Philippine tax stamps online.

The Philippine government has been investigating Alexander Wong Chu King, president of Mighty Corporation, for allegedly using fake tax stamps worth P1.5 billion (Dh109 million) to avoid paying taxes. It is not yet known if he bought the fake Philippine tax stamps online or he had them printed in Manila.

Screen captured of zoom image of faked BIR Stamp taxed pre-printed in China. If BIR will examine these stamps would realy turned not exists in their databased because these are pre-printed. Source website address as appeared in the photo. ( https://goo.gl/Pzvw43 )

Dominguez asked Executive Secretary Salvador Medialdea and Justice Secretary Vitaliano Aguirre II to “move fast”for the lifting of a temporary restraining order issued by a lower court in Manila on Monday which prevented the Bureau of Customs (BOC) from raiding and inspecting the warehouses of Mighty Corporation.

The TRO would be good for 20 days, from March 3 to 23, 2017.

Packs of cigarettes with fake tax stamps were also seized from Mighty Corp’s container vans in ports in Tacloban City, central Philippines; in a warehouse in Pampanga, central Luzon; and in General Santos and Zamboanga cities in southern Philippines, the BOC said.

Letter of Philippine Finance Minister (Secretary) to Jack Ma regarding the faked BIR Tax Stamps appearing in his Alibaba online store

Forged stamps found in King’s warehouse in Pampanga alone could amount to P1 billion in revenue losses for the government, said Bureau of Internal Revenue (BIR) chief Caesar Dulay.

Earlier, President Rodrigo asked King to double to ₱3 billion its tax liability of ₱1.5 billion in a compromised settlement, adding the money will be used for the repair of two public hospitals in the southern Philippines and one in Metro Manila.

“The taxes that he did not pay, whether intentionally or not, can be settled or compromised. That’s the word [used] in law. The ₱1.5 billion worth of fake tax stamps that he has printed, double that amount [in paying back the government], and I’ll forget to press charges [of tax evasion against him],” explained Duterte, adding, “His [King’s initial] offer to pay ₱1.5 billion, that’s not acceptable for me. He should make it ₱3 billion.”

Chief Presidential Legal Counsel Salvador Panelo, adding that King could also be charged with economic sabotage and bribery, said King sent to Duterte a package with a pile of cash.

On March 7, when Duterte ordered the arrest of King, the latter met with National Bureau of Investigation (NBI) Director Dante Gierran and Justice Secretary Vitaliano Aguirre.

Both the BIR and the BOC have started to prepare an air-tight case against King, said Finance Secretary Dominguez. -with sources from Manila Bulletin and the Gulf News

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Philippine Export Rose Up 22.5% to $5.1 Billion USD - Fastest in 3 Years

Electronics Export in the Philippines Rose up 22.5% January to $5.1 Billion US Dollars

Exports from the Philippines grew at their fastest clip in three years in January as shipments of electronics took off.

Exports rose at their quickest pace in three years in January on demand for technology goods and commodities, while continuing strong imports underlined a buoyant domestic economy.

The Southeast Asian economy is one of the fastest growing in the world and strengthening global trade could complement robust domestic consumption as President Rodrigo Duterte's government aims to sustain annual growth above 7 percent during his six-year term.

Exports in January rose 22.5 percent from a year earlier, gaining for a second month in a row, while imports jumped 9.1 percent, data from the Philippine Statistics Authority showed on Friday.

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Country’s exports jumped 22.5 per cent year on year to $5.1bn in January, coming in above a median forecast from economists compiled by Bloomberg of 10.5 per cent growth.

Shipments of electronics, the country’s top export accounting for 46.1 per cent of total export revenue in January, increased 10.4 per cent year on year to $2.4bn.

Japan remained the Philippines’s largest export destination accounting for 17.3 per cent of total exports or $887.7m with the US its second largest market accounting for $847m.

Imports rose 9.1 percent year on year to $7.4bn, which was slightly below economists’ median estimate of a 10 per cent increase.

This resulted in the trade deficit of$2.3bn, coming in below estimates of $2.9bn and improving on the $2.56bn deficit in December.

Vishnu Varathan, senior economist at Mizuho Bank, said the spike in exports was largely in line with the strength in shipments elsewhere in Asia.

"There is a confluence of low-base effect and also seasonal uptick that went into the end of last year," he said.

Eight of the country's top 10 export products rose in January, with electronics up 10.4 percent from a year earlier. Electronics remained the country's No. 1 export, accounting for 46.1 percent of total revenue in January.

The country's biggest imports for the month were electronics, mineral fuels, transport equipment, industrial machinery, and iron and steel.

Exports to the country's top trading partners such as the United States and China increased 21.2 percent and 23.6 percent, respectively, in January from a year earlier. Shipments to Japan, the biggest export market, fell 6.6 percent.

While the Philippine economy is largely driven by domestic consumption, Varathan said it would also be buffeted by any change in external trends.

"We want to see how trade negotiations between the U.S. and China pan out and the corresponding knock-on effect that you'll see in Asia," Varathan said. With reports from Financial Times and Reuters 

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Duterte Approved ₱200 Billion National Broadband for “Faster Internet Philippines”

President Duterte Approved the ₱200 Billion National Broadband for “Fast Internet Philippines”. illustration photo: Techblade.ph 

Cabinet secretary: Duterte approves national broadband program

President Rodrigo Duterte gave the go signal for a national broadband program, Agriculture Secretary Manny Piñol announced.

The approval came during latest Cabinet meeting, after Information and Communications Technology Secretary Rodolfo Salalima gave his presentation.

"President Rody Duterte has approved the establishment of a National Government Portal and a National Broadband Plan during the 13th Cabinet Meeting in Malacañang today," Piñol shared on Facebook during the meeting.

Average Internet Speed of the Philippines slightly rise from 1.4Mbps in Q1 2013 to 3.5Mbps in Q1 2016. Illustration Photo: Inquirer.net

Piñol quoted Duterte as saying he would like DICT "to develop a national broadband plan to accelerate the deployment of fiber optics cables and wireless technologies to improve internet speed."

Salalima promised last year that 2017 would mark faster Internet for social media-loving Filipinos.

In November, DICT proposed setting up a national broadband network that would primarily cater to rural areas. The project, which could cost as much as P200 billion, was estimated to take three years to complete.

Gov't wants to build ₱200-B national broadband network

It is still unclear if this is the exact plan that Duterte approved.

The Philippines marked one of the lowest Internet speeds in a State of the Internet Report released last year by U.S.-based content delivery network Akamai Technologies Inc.

Top 12 World's fastest Internet, South Korea rank no. 1. Illustration Photo: businessinsider.com

In the third quarter of 2016, it had an average connection speed of 4.2 Mbps, ranking at 103rd globally. South Korea, which was recorded to have the fastest Internet speed worldwide, averaged 26.3 Mbps. - CNN

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Bitcoin Traders Still Bullish As Price Nears $1,300 Highs

Bitcoin prices hits higher than Gold

Bitcoin traders remain optimistic that the digital currency's price will increase, even as it continues to reach new all-time highs.

A perfect sign of this bullish sentiment is the recent increase in trading volume, a development that helps illustrate the strength of bitcoin's current, upward trend.

Bitcoin's 24-hour trading volume surpassed $365m today, more than 150% higher than the session low of close to $140m attained 1st March and more than 200% above the figure of roughly $110m reached 27th February, CoinMarketCap figures reveal.

Bitcoin's price has repeatedly set new record highs over the last several sessions, rising to a fresh record of $1,284.33 today, according to the CoinDesk Bitcoin Price Index (BPI).

The digital currency's price has been following this trend since 23rd February, when they broke through the previous record of $1,156.89 set in November 2013.

At the time of report, bitcoin prices had retreated slightly, falling to $1,259.59, BPI figures show.

Long data

Another strong indicator of the market's bullish nature is long-short data. Bitfinex's market for BTC/USD trading has been heavily long today, BFX Data reveals.

When measured in terms of long and short exposure, this currency pair has fluctuated between roughly 66% and 75% long during the session, pointing to the optimism that traders have about bitcoin's future price gains.

Bitcoin Prices keept getting momentum

These bullish indicators could point to a continued rally in which bitcoin keeps reaching new all-time highs, which contrasts starkly with the period of more than three years when bitcoin prices failed to set a new all-time high.

Bull/bear image via Shutterestock / Coindesk 

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SMART CONDOM Counts How Many Rounds, Measure your Sizes, Performance and Detects HIV AIDS

iOS/ANDROID Smart condom with built-in nanochips that detects HIV AIDS, meaure your sex performance, sizes and sex positions. Check your iPhone and Android phones to know your overall performance. 

A UK based company has designed the “world’s first smart condom” — which uses nano-chip technology to measure performance and detect STIs.

The i.Con Smart Condom, which markets itself as the "world's first smart condom," is actually a ring that fits over a boring, dumb condom and claims to track the exercise of your man bits, as well as detect chlamydia and syphilis.

In short, the i.Con ring promises to answer every burning question you've ever had about your sex session. Don't worry, it will pair with an app for all your data visualization needs.

Rulers and tape measures are obsolete ti answer what is mmy size? According to the preorder page, the ring will answer questions such as:

1. What's my thrust velocity?
2. How fast are my thrusts?
3. How many calories did that sesh just burn?
4. How many times did I just have sex?
5. What's the average skin temperature of my... eggplant?
6. What's my girth/size? 
7. How many different positions did I just conquer?

How much is the Smart Condom?

The most advanced and first in the world Smart condom is not that expensive than your first thought because it could have only the same cost as the Nokia 3310 (2017) version and even more cheaper than buying a second hand smart phone where the app that monitors your performance would be installed. Smart condom would be soon available in the Philippines that you could buy at your favorite condom shops, 24/7 stores or at your favorite pharmacies.

For advance order and want to try, send us an email and we will give you update how to buy and where to by in the Philippines (email address: info @ pesoreserve.com )

The ring, first announced last July, is currently available for preorder on British Condoms for £59.99 (about $70 USD or ₱ 3,500.00 Philippine Pesos) with an unknown release date. But you can't actually put a ring on it yet -- the company says it won't take your money until the product has a firm release.

Plus, it aims to answer that age-old question: How do I stack up at sex to everyone else around the world? Because sure, let's gamify sex. What could go wrong?

The i.Con is described as a wearable, Micro-USB charged condom ring that can provide six to eight hours of “live” usage.The device uses a nano-chip and sensors to catalog numerous variables during sex — including penis girth, the “average velocity” and total number of thrusts per session.

The ring, which will come with a one-year warranty, will have a Micro-USB charging port to provide six to eight hours of "live" usage (not clear if this means thrust usage or something else). It will work with a combination of "nano-chip and sensors," and pair with your device via Bluetooth. (I thought it would charge kinetically, but maybe that's just a pipe dream.)

With zero pictures of the self-styled "future of wearable technology in the bedroom" on the site, it's hard to say just how all this technology will fit into a tiny ring. The company did not immediately respond to a request for comment. British Condoms does say the i.Con will be available in one size with a "band adjustment feature."

Boasting that you are the best in bed? Smart Condom shows the evidence

It will also log other info pertaining to one’s health, such as calories burned and average skin temperature. British Condoms also claims that the i.Con can work as an STI indicator, thanks to it’s “antibodies” filter” — which alerts the user when proteins or antigens, typically found in STIs, are detected.

Each device is made from synthetic rubber and contains a waterproof carbon fiber unit, which holds the nano-chip and sensors, Mashable reports.

They will be made in one size, with a “band adjustment feature,” the company says.

Once the user is done doing the deed, the data from their session is loaded onto their phone — either through the i.Con app or micro USB port.

“All data will be kept anonymous but users will have the option to share their recent data with friends, or, indeed the world,” British Condoms says. “You will be able to anonymously access stats that you can compare with i.Con users worldwide.”

Worried about privacy, the data kind? British Condoms says "all data will be kept anonymous, but users will have the option to share their recent data with friends, or, indeed the world."

Forget dick pics. Now we have to worry about dick status updates.

So, are you curious of your friend's and favorite actor's performance and sizes? stop asking.. just follow their account and ask them to share it!

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President Duterte at the Ground Breaking of ₱27 billion Cebu-Cordova Link Expressway in Cebu Philippines

Ground Breaking of Cebu-Cordova Link Expressway

Around 300 officials in Central Visayas joined with  President Rodrigo Duterte in the groundbreaking ceremony for the ₱27 billion Cebu-Cordova Link Expressway.

The event will take place in Cordova town at 3 p.m. but prior to that, Duterte will hop on a chopper to inspect from the air the site in Cebu City where the other end of the bridge will land.

Jonjie Gonzales, chief of staff of Presidential Assistant for the Visayas Michael Lloyd Dino, said Dino will join the President during the aerial inspection.

During the groundbreaking, Secretary Adelino Sitoy, the Presidential Adviser on Legislative Matters, will deliver the welcome message, which will be followed by speeches from Cebu City Mayor Tomas and Manuel Pangilinan, chairman of the Metro Pacific Tollways Development Corporation.

From Cordova, Duterte will proceed to Waterfront Mactan Airport Hotel and Casino to induct the new officers of the Cebu Chamber of Commerce and Industry at 5 p.m. The President is expected to speak at the gathering.

He is scheduled to fly to Davao after the event.
Meanwhile, Pangilinan together with Rodrigo Franco, president of MPTDC, Osmeña, Cordova Mayor Mary Therese Sitoy-Cho and former Cordova Mayor Adelino Sitoy are expected to media briefing on the bridge at Radisson Blu in Cebu City.

Pilipog Bridge
(Pilipog is a binisaya term which means "small kind")

Because the groundbreaking ceremony is just a few meters away from the Pilipog Bridge in Cordova, the bridge will be closed to all vehicles from 12 noon until 4:30 p.m., said the Cordova Response Emergency And Traffic Enforcement (CREATE).

The bridge connects Cordova and Lapu-Lapu City.

All vehicles from Lapu-Lapu City can travel up to the Tacan market area in Babag 2 while those coming from Cordova town proper can travel to the corner of Barangay Ibabao.

Motorists going to and from Cordova are advised to take the Gabi Bridge in going to and from Lapu-Lapu City.

New Route

Spanning eight kilometers, CCLEX will connect Cordova to Cebu City and will serve as an alternate route in going to and from the Mactan Cebu International Airport.

Being a toll bridge facility to be built under a private-public partnership (PPP) scheme, the project will enable the LGUs of Cebu City and Cordova to provide its constituents badly needed infrastructure with private sector funding.

The MPTDC, through its subsidiary, the Cebu Cordova Link Expressway Corporation will design, build and operate the bridge.

MPTDC is one of the Philippines’ investment holding companies with proven track record in designing, constructing, financing, and operating toll facilities and expressways.

It currently operates some of the countries’ major expressways such as the North Luzon Expressway, Subic-Clark-Tarlac Expressway and Manila Cavite Toll Expressway, paving the way for faster and more efficient movement of transportation, goods and services in central areas of the Philippines. (FREEMAN)

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Cebu Travel Bullish: 12 % Up - Chinese Tourists Visiting the Islands

Paradise Island of Cebu, Central Philippines

More Chinese tourists seen visiting Cebu on better ties

The management of the Mactan-Cebu International Airport is bullish that the volume of Chinese tourists coming in the Philippines via Cebu will continue to increase this year, due to much-improved relations between the two countries.

GMR-Megawide Cebu Airport Corp. President Louie B. Ferrer said China has proven to be a significant market for the airport operator, as Chinese tourists now make up 12 percent of the total passenger count at the Cebu air hub from just 8 percent in 2015.  “China is a really an important market for us. Our focus is on China because of the opportunity of the Chinese market,” he said. “We expect a lot from the tourism side, and even businesses.”

Currently, there are two Mainland Chinese airlines flying in and out of Cebu: Xiamen Airlines and Sichuan Airlines.  “China Eastern has also signified its interest,” Ferrer said.

As such, the company is hoping that the Chinese government will set up an embassy in Cebu to further support growth in the Queen City of the South.

“Were also hoping to have visa on arrival for Chinese visitors,” Ferrer said.

GMR-Megawide is targeting to breach the 10-million passenger mark for the airport by the end of 2017. The airport clocked in a 11.5-percent increase in passenger volume to 8.9 million passengers in 2016, from 7.98 million passengers the year prior.  The Filipino-Indian joint venture started operating the airport in Mactan in November 2014, after winning the deal to modernize the existing facility while building a second terminal to support projected growth.

Slated to open in June 2018, Terminal 2 will increase passenger capacity to 12.5 million. The new terminal, spanning 65,500 square meters, will not only lessen congestion but will also offer an exciting and wide-ranging retail environment. The architectural design is inspired by Cebu’s island heritage. - Lorenz S. Marasigan Business Mirror

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