2019 BUDGET TO BE SIGNED APRIL 15 By Bernadette D. Nicolas @BNicolasBM
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RESIDENT Duterte is scheduled to sign the 2019 budget on Monday (April 15) after its passage was stalled for about three months in the Legislative branch. The ceremonial signing of 2019 General Appropriations Act is set to happen in Malacañang, according to Chief Presidential Legal Counsel and Presidential Spokesman Salvador S. Panelo. “The Palace confirms that the ceremonial signing of the General Appropriations Act 2019 has already been calendared on the President’s
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schedule on April 15,” Panelo said in a statement. “This year’s national budget—our third under the Duterte administration—is a continuation of our narrative of genuine change and meaningful progress, among others, through our intensified infrastructure development programs, expanded policies on human development and poverty reduction,” he added. However, it remains to be seen whether the President vetoed the alleged post-ratification changes on the budget bill, which the Senate said were illegal and unconstitutional. Cabinet Secretary Karlo Alexei B. Nograles earlier said this week that
Reenacted budget THE government is still operating under a reenacted budget for the meantime that the 2019 budget is still up for President’s signature and is yet to be effective. It was only two weeks ago that Senate leaders agreed to withdraw their reservations on the P3.757trillion 2019 national budget that had left both chambers of Congress See “Budget,” A2
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Thursday, April 11, 2019 Vol. 14 No. 183
FDI inflows dropped by 38.2% in January L
By Bianca Cuaresma
@BcuaresmaBM
ONG-TERM foreign investments in the Philippines shrank in January, as fewer businessmen placed their bets on the local wholesale and retail trade sector during the period, the latest data from the Bangko Sentral ng Pilipinas (BSP) showed. The BSP reported on Wednesday that foreign direct investments (FDI) fell by 38.2 percent to $609 million, from last year’s $986 million. FDI is the type of investment
that is often more coveted, as it stays longer in the economy and creates job opportunities for locals. It is also not easily pulled out of the market unlike its shorter-
term counterpart, the foreign portfolio investments. The BSP attributed the decline in the country’s FDI net inflow to the drop in equity capital placements, which slid to $184 million from
The amount of foreign direct investments that flowed into the Philippines in January
See “FDI,” A16
By Cai U. Ordinario @caiordinario
OVERTY worsened in 17 provinces and cities, including districts in Metro Manila in the first half of 2018, according to the latest data on poverty incidence released by the Philippine Statistics Authority (PSA) on Wednesday. Despite this, the results of the Family Income and Expenditure Survey (FIES) for 2018 showed that the huge cuts in poverty incidence in other areas caused the overall rate to improve to 21 percent, from 27.6 percent in the same period in 2015. Using PSA data, the BusinessMirror computed that the highest increases in poverty incidence were recorded in Basilan and Isabela City, where it worsened to 65.3 percent and 52.6 percent,
respectively. The rate rose by 36.5 percentage points from 28.8 percent in Basilan and by 31.97 percentage points in Isabela City compared to the first half of 2015. Other provinces and cities that recorded increases in poverty incidence were Tawi-Tawi which recorded an increase of 6.34 percentage points; Bataan, 5.79 percentage points; Davao Oriental, 4.68 percentage points; Batanes, 3.26 percentage points; Zamboanga del Sur, 2.02 percentage points; Biliran, 1.96 percentage points; and Zambales, 1.91 percentage points. The list also included the Third District of Metro Manila (Caloocan, Malabon, Navotas and Valenzuela), which recorded a poverty rate of 8.1 percent, or 1.57 percentage points higher than the figure recorded in 2015; and the First District of Continued on A2
PESO EXCHANGE RATES n US 52.1820
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Bridging the gap in social protection and socioeconomic policies in Asean
$609M
$531 million in January 2018. Data indicated that the drop could be traced to the decline in investments in the wholesale and retail trade and repair of motor vehicles and motorcycles sector. Larger equit y w ithdrawa ls were also seen during the month, particularly from investors in Japan.
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N paper, the Philippines and other member-states of the Association of Southeast Asian Nations (Asean) are all committed to the protection of their citizens against social and economic risks. However, the adequacy of the social protection extended to the ordinary people is still limited, as reflected in the social spending made by Asean countries on social protection, roughly 4 to 6 percent of the GDP versus the 20 to 24 percent in the developed countries. Continued on A15
‘Huge debt to imperil funding for SDGs’
Poverty rate down to 21% on higher income–Neda
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the budget is still under vetting stage. Malacañang has also since said that the President will review the budget bill thoroughly and sign it if it is constitutional.
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FROM left, Rosalinda P. Bautista, OIC-Deputy National Statistician, Sectoral Statistics Office of the Philippine Statistics Authority; Josie B. Perez, assistant secretary, PSA; and Adoracion M. Navarro, undersecretary for Regional Development at the National Economic and Development Authority hold the press briefing on the First Semester 2018 Official Poverty Statistics at the PSA conference hall. NONOY LACZA
UGE debts could hinder developing countries like the Philippines from financing the Sustainable Development Goals (SDGs), the United Nations said in its latest report. In the 2019 Financing for Sustainable Development Report, the UN along with the International Monetary Fund (IMF), World Bank and the World Trade Organization (WTO) said public and private debt levels have increased, particularly in many middle-income countries. Data provided by the report showed that the growth rate of nonfinancial corporate debt, loans and debt securities went up by over
n JAPAN 0.4696 n UK 68.1758 n HK 6.6548 n CHINA 7.7744 n SINGAPORE 38.5562 n AUSTRALIA 37.1640 n EU 58.7882 n SAUDI ARABIA 13.9144
See “Debt,” A2
Source: BSP (10 April 2019 )