BOP deficit widens to $2 billion in Q2

 

 

By Rose de la Cruz

 

The country’s balance of payment deficit widened to $2 billion in the second quarter of 2018 compared to $1.2 billion in the first quarter. This also reversed the $289 million surplus recorded in Q2 2017.

 

The deficit was due mainly from the current account, which reversed to a deficit of $2.9 billion as the trade-in-goods deficit widened and the net receipts in the primary income account declined. Imports of goods continued to expand driven primarily by increasing domestic production and consumption brought about by the country's solid growth dynamics.…

Read more: BOP deficit widens to $2 billion in Q2

Economic cluster submits EO to address inflation

 

 

By Rose de la Cruz

 

The Economic Development Cluster submitted to President Duterte a draft executive order that would remove administrative and non-tariff barriers on importation of food items to temper inflation, for implementation this month.

 

The EO was recommended to the President before Tuesday’s Cabinet meeting to zero in on fish, rice, sugar, meat and vegetables—considering that the rise in prices of these items has been the major contributor to inflation for the past two months. Fish and seafood, rice and meat, and vegetables accounted for 2.4 percentage points out of the 6.4 percent inflation…

Read more: Economic cluster submits EO to address inflation

Master franchise for solar firm opposed in Congress

 

 

By Rose de la Cruz

 

Two bills filed in the House of Representatives seeking to grant master franchise to Solar Para sa Bayan Corp, a company found by a senator’s son, is being opposed by at least 15 congressmen citing that it violates the Constitutional provision against monopolies and the Electric Power Industry Reform Act or EPIRA law of 2001.

 

Rep. Michael Romero of 1-PACMAN partylist, filed House Resolution 2182 seeking to have HB 8013 and 8015 sent back to the committee on legislative franchises for further deliberations and scrutiny. He said the bills virtually grants…

Read more: Master franchise for solar firm opposed in Congress

Ompong’s entry highlights need for bill on anti-power lines disturbance

 

 

By Rose de la Cruz

 

With the entry of super typhoon “Ompong” (international name Mangkhut) in the country, power lines will surely be among the first to be downed by the howler that carries big volumes of rain. Thus, the urgency of passing the anti-power lines disturbance bill (HB 6276) to ensure as little disruption in power lines as possible.

 

Rep. Carlos Roman Uybarreta, 1st Consumer Alliance for Rural Energy Inc. partylist and vice chair of the committee on energy in the House, said typhoon Ompong approaching Luzon with powerful winds exceeding 200 kph pose a…

Read more: Ompong’s entry highlights need for bill on anti-power lines disturbance

 Congress’ concurrence needed to change Trillanes’ amnesty

 

 

By Rose de la Cruz

 

Any changes—whether to void or alter the terms—in the amnesty program granted by the Chief Executive with the consent of Congress requires the concurrence of Congress.

 

Thus it is clear that President Duterte cannot, on his own or through his lawyers, revoke or alter the terms of amnesty granted to Senator Antonio Trillanes, Duterte’s arch rival and staunchest critic whom he wanted jail at all cost.

 

Rep. Salvador Belaro Jr., 1Ang Edukasyon partylist and assistant minority floor leader, said in a statement that the Chief Executive cannot make changes to…

Read more: Congress’ concurrence needed to change Trillanes’ amnesty

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