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Saturday, July 13, 2019 Vol. 14 No. 276
2018 EJAP JOURNALISM AWARDS
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SWEET 18, BUT FACING HARSH TRUTHS
KOTENKO | DREAMSTIME.COM
If Epira were a person, she’d be coming of age. And confronting hard realities of life. Such as, in this case, lingering questions of conflicts of interest among power players and some unfulfilled promises to consumers.
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By Lenie Lectura
HE Electric Power Industry Reform Act (Epira), on its 18th year, is in a state of stagnation, a lawmaker who chairs the Senate energy committee observed, citing delays in the implementation of some of the segments of the law and the need to further improve some of it.
“We stagnated. We did not move forward. We did not move backward. I say we stagnated because WESM [Wholesale Electricity Spot Market] prices are healthy and WESM prices are low. “But even if WESM prices are low, if you ask ordinary Filipino consumers, they can’t feel it. May kulang pa [Something else is missing] and one is the RCOA [Retail Competition and Open Access]. We need to understand bakit kulang pa [why we’re still missing it],” said Sherwin Gatchalian, Senate energy committee head.
RCOA is meant to give consumers the right to choose their own supplier of electricity to encourage competition in the generation and supply sector. A Supreme Court order on February 21, 2017, stopped the Department of Energy (DOE) and Energy Regulatory Commission (ERC) from implementing the mandatory migration of large power consumers to RCOA. RCOA requires power users consuming an average of one megawatt (MW) per month to source power from a licensed retail
electricity supplier (RES). At present, a majority of power consumers are being supplied by Manila Electric Co. (Meralco), the country’s largest distribution utility (DU) firm. The migration was supposed to take effect on February 26, 2017 while customers with at least 750 kilowatts (kW) of power consumption a month were scheduled to source electricity from their chosen RES on June 26, 2017. The case remains pending. Gatchalian said the incoming 18th Congress will review Epira
once it resumes session on July 22. “We will have another review of Epira. We will find out where we are in terms of its implementation. Bottom line, our rates should further go down because that is the thrust of Epira,” said Gatchalian, adding that the review will be done through the Joint Congressional Power Commission (JCPC). The JCPC, which serves as the country’s primary watchdog in the power sector, will be renamed Joint Congressional Energy Commission (JCEC) once the 18th Congress Continued on A2
China’s brightest graduates find high-paying jobs harder to land
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By Bloomberg News
HINA’S economic growth is the lowest in a decade. A trade war with the US drags on with no end in sight. In this uncertain environment, the country’s largest-ever batch of college graduates is hitting the job market. Even the best and brightest among the record 8.3 million graduates this year are struggling to land the prestigious jobs they had hoped for. More than 20 students from top Chinese and overseas universities told Bloomberg News they’re pessimistic about the job market. Some have deferred graduation, or taken internships rather than jobs because they can’t find the right role. Two said companies have withdrawn offers. Among them is David Yang, who was set to graduate last week
with a finance degree from Tsinghua University—China’s No. 1 school according to Times Higher Education’s world university rankings—and start working at an asset management firm. The job fell through because the company didn’t have enough headcount. Yang has delayed his graduation to 2020 and will spend the coming year as an intern at another company. Jobs are a key issue for China’s leadership, which is extremely sensitive to any social unrest that large-scale unemployment could
PESO EXCHANGE RATES n US 51.2590
trigger. While official figures show employment is holding up, data from recruiters show positions for fresh graduates have fallen and popular sectors, including technology and finance, have come under pressure. Openings for graduates fell 13 percent this spring while job seekers also declined by 5 percent, according to online recruiter Zhaopin Ltd. The ratio of job vacancies to job seekers overall dropped to
1.68 in the first three months of this year, the lowest level since early 2015, when Zhaopin began releasing the data. “China’s job market will continue to see downward pressure next year as the country’s economy keeps slowing down and the China-US trade war is unlikely to end before the 2020 US presidential election,” said Hong Kong-based Bloomberg economist Qian Wan. “Finance jobs might improve next
year as the financial industry keeps opening up, tech firms could potentially see more headwinds.” High-paying jobs, which the government relies on to foster a shift to consumption-based growth, are also harder to come by. The proportion of entry-level jobs paying more than 10,000 yuan ($1,450) a month tracked by the Mastercard Caixin BBD China New Economy Index fell to 8.7 percent in May, the lowest in about two
years. The measure looks at human capital and technology-intensive industries that the government has identified as strategic. About 10 percent of graduates from the School of Economics at Fudan University, a major recruiting pool for top financial firms in China, say they might take a gap year after failing to secure a job upon graduation. That’s according to Laura Wang, an instructor whose responsibilities Continued on A2
n JAPAN 0.4725 n UK 64.1916 n HK 6.5527 n CHINA 7.4570 n SINGAPORE 37.7793 n AUSTRALIA 35.7429 n EU 57.6971 n SAUDI ARABIA 13.6669
Source: BSP (July 12, 2019 )