Korean Firm Loner Bidder for Malaya Thermal Power Plant

Korean firm Soosan ENS is the lone bidder to operate and maintain the 650-megawatt Malaya Thermal Power Plant in Rizal until its privatization, the Power Sector Assets and Liabilities Management Corporation said. PSALM held a virtual bid opening for the one-year operation and maintenance service contract of the Malaya plant on July 27. Soosan ENS emerged as a lone bidder …

Gov’t Plans to Borrow P170B in August

The government is planning to borrow 170 billion pesos from the domestic market this coming  August, nearly a fifth lower than the July borrowing program, the Treasury said on Wednesday.  The Bureau of the Treasury is also offering longer term papers next month as investors seek higher returns on their investments. In an advisory on Wednesday, the Treasury said it …

Emirates to Cover COVID-related Medical Costs

Emirates, the largest airline in the Middle East, will cover customers’ coronavirus-related medical costs in a bid to “boost travel confidence,” the Dubai Media Office reported. The airline said, “Emirates will cover its passengers for COVID-19 related medical expenses and quarantine costs when they travel on board Emirates, to and from the UAE and around the world, free of charge.” …

Surge in Global Rice Prices Boosts Tariff Revenues

A spike in global rice prices countered a drop in the volume of imported rice, benefiting state coffers with bigger revenues from tariffs, the Bureau of Customs reported. A total of 10.7 billion pesos was raised from rice tariffs as of July 17, up 8% year-on-year from 9.9 billion pesos. The amount already surpassed the 10 billion pesos mandated to …

DTI Wants Extension of Curfew For People to Dine Out

The Duterte administration does not only want to see more people eating out by July 21, it also wants more time for people to dine in restaurants as part of the country’s slow transition to looser movement restrictions enforced to control COVID-19. On July 14, Trade Secretary Ramon Lopez said the national government is requesting cities, towns and municipalities to …

DBM Says P374.9B Pesos Already Released for COVID-19 Efforts

The Philippines has so far released 374.9 billion pesos to finance efforts against COVID-19 efforts, the Department of Budget and Management reported. Budget Secretary Wendel Avisado reported a breakdown of the released amount, with the Department of Social Welfare and Development having the lion’s share. He said, “The DSWD received the largest share in the amount of 200.98 billion pesos …

Robredo Supports Passage of P1.3-Trillion Stimulus Package

Vice-President Leni Robredo expressed her support for the 1.3-trillion-peso stimulus package, saying such intervention is needed to help hard-hit sectors recover from the pandemic and ensuing economic crisis. Robredo said aid is urgently needed by micro, small and medium-sized enterprises which account for 90% of all businesses in the Philippines. MSMEs are expected to receive 10 billion pesos under the …

Senators Remind Government of Unpaid POGO Taxes

Some senators last Wednesday pointed out the unsettled tax obligations of Philippine Offshore Gaming Operators anew after the Department of Trade and Industry warned of launching a crackdown on online barter-trading amid the COVID-19 pandemic. Senate President Pro Tempore Ralph Recto said the new trend of bartering may be part of the coping mechanism of Filipinos after the health crisis …

Work From Home is Here to Stay

Companies’ work-from-home policies underline the long-term impact of the pandemic on the way many of us work. In May, Twitter said staff could work from home “forever” if they wish as the company looks towards the future after the novel coronavirus disease pandemic.  The social media platform said: “The past few months have proven we can make that work. So …