BusinessMirror September 15, 2018

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MEDIA PARTNER OF THE YEAR

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A broader look at today’s business

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Saturday, September 15, 2018 Vol. 13 No. 336

2016 EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK

CEMENT-FILLED drums (above left) are used to anchor small private planes ahead of Ompong, to ensure no planes “take off” without pilots when Ompong deals its worst. Commercial planes of PAL (left) and other airlines are parked in precautionary fashion at the Naia. Above, the literal battening down: steel cables ensure the gates of private hangars don’t get ripped open by the typhoon. RECTO MERCENE

BATTEN DOWN Traumatized by Yolanda and Ondoy, the PHL prepares better and smarter for 2018’s strongest typhoon, Ompong

H

OUNDED by the bitter lessons and sad memories of Supertyphoon Yolanda (international code name Haiyan) and how it dealt the past administration one of its most serious public-relations crises, the Duterte administration led the nation on a three-day exercise to prepare everyone for the strongest typhoon to hit the country this year, Ompong (international code name Mangkhut). DPWH teams (left) prepare for deployment with their equipment, while bancas (right) in coastal areas in southern Metro Manila are preventively fastened. DPWH PHOTO/NONIE REYES

The great battening down was punctuated by a nationally televised command conference in Camp Aguinaldo late Thursday presided by President Duterte, with key Cabinet members and

heads of relevant agencies in attendance. His marching orders, among others: members of his Cabinet who come from the Northern Luzon areas expected to be hardest-

hit by Ompong must go to their home provinces to personally supervise preparations and poststorm action. At least 4.3 million people live in areas directly threatened by

Ompong. On Friday, 24 hours before Ompong was expected to hit land in Cagayan Valley, the battening down went into full gear, following a checklist of sorts that the Na-

tional Disaster Risk Reduction and Management Council (NDRRMC) had drilled into everyone, taking a leaf from past experience. Especially, it was obvious, from the bitter lessons of 2013’s Yolanda

(death toll 6,000 plus) and 2009’s Ondoy, where the casualty count was lower at 300-plus but where images of massive, prolonged flooding stunned the world. Continued on A2

NO DERAILMENT

Hope springs eternal for finance chief amid protests, concern over TRAIN 2

T

By Rea Cu

HE Department of Finance (DOF) has expressed confidence that the second package of its Comprehensive Tax Reform Program (CTRP) will still be passed within this year, despite senators earlier expressing concerns that the hoped-for timeline of the administration—passage of the bill by Christmas—may not be met. “I am still confident of passage this year [of the Trabaho bill],” Finance Secretary Carlos G. Dominguez III said on Thursday, when sought for comment on a BusinessMirror banner story about a bipartisan consensus emerging in the Senate for a more careful deliberation of the Tax Reform for At-

tracting Better and High-Quality Opportunities, as it is called in the House of Representatives. The House voted 187-14 on Monday to approve the Trabaho bill on third and final reading, with three members abstaining. On Tuesday President Duterte, in a televised “tête-á-tête” with

PESO EXCHANGE RATES n US 54.0040

PRESIDENT Duterte listens to a question from Chief Presidential Legal Counsel Salvador Panelo during a state TV talk show at Malacañang on September 11, 2018. Duterte expressed hope the Trabaho bill can be approved before Congress’s Christmas break. ROBINSON NINAL JR./ MALACANANG PRESIDENTIAL PHOTOGRAPHERS DIVISION VIA AP

Presidential Legal Counsel Salvador Panelo, expressed hope the bill can be approved before Congress’s Christmas break. However, separately interviewed on Thursday, senators said they will give it (passage by Christmas) their best shot but added that it may be difficult to pass the tax bill before the Christmas break. Several senators both from the majority and the minority told the BusinessMirror that rushing the next-round reforms, which would cut corporate income taxes and “rationalize” fiscal incentives to business, is made difficult by three factors. The first is time constraint, since the lawmakers first have to work on the 2019 General Appropriations Act, amid debates on the shift to cash-based from obligation-based budgeting, as well as the political distractions from the October deadline for filing certificates of candidacy, with several senators as reelectionists. Continued on A2

n JAPAN 0.4825 n UK 70.7938 n HK 6.8814 n CHINA 7.8996 n SINGAPORE 39.4190 n AUSTRALIA 38.8397 n EU 63.1415 n SAUDI ARABIA 14.3988

Source: BSP (September 14, 2018 )


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BusinessMirror September 15, 2018 by BusinessMirror - Issuu