Manila Standard - 2018 June 6 - Wednesday

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How your peso decreases in value (Factors affecting inflation)

VOL. XXXII • NO. 111 • 3 SECTIONS 16 PAGES • P18 • WEDNESDAY, JUNE 6, 2018 • www.manilastandard.net • editorial@manilastandard.net

11 centavos

TRAIN rolls on, Duterte team insists

(0.50 percentage point from oil price increases)

15 centavos (0.70 percentage point from external and domestic factors)

9 centavos

(0.40 percentage point from excise tax increase)

By Vito Barcelo, Julito G. Rada and Macon Ramos-Araneta

P

RESIDENT Rodrigo Duterte’s economic team said Tuesday they expect oil prices to come down and urged Congress not to suspend the Tax Reform for Acceleration and Inclusion Law because doing so would hinder growth. (Related stories on B1)

SOURCE: Department of Finance

Flood of rice imports coming

Duterte trip reaps $4.8b Sokor deals By Vito Barcelo

THE National Food Authority announced Tuesday that it would buy 250,000 metric tons of 25 percent broken, well-milled and long grain white rice from five suppliers from Thailand and Singapore under a contract recently awarded under an open tender bidding held in May. The announcement of the contract came as the government pushed for a law that would end the NFA’s monopoly on rice imports to lower prices for the staple. Nineteen suppliers joined the recent bidding, but only 13 passed the eligibility and technical requirements, the NFA said. Eventually, only five passed the post-

PRESIDENT Rodrigo Duterte’s trip to South Korea has recharged the economy with 23 business agreements valued at $4.8 billion and another additional $1 billion in development assistance from Korea to support the Duterte administration’s Build, Build, Build projects. Finance Secretary Carlos Dominguez III said the President’s foreign trip resulted in various deals such as the $50-million National Irrigation Administration facility project; $100 million to finance the new Dumaguete Airport Development Project; and $41million for the implementation of an electronic receipt, invoices and sales reporting system that will help the government monitor all the taxes paid by retailers in the Philippines. The Finance chief met with his Korean counterpart and signed a deal with Deputy Prime Minister and Minister of Strategy and Finance Kim Dong-Yeon that would double the Korean official development assistance (ODA) committed to the Philippines, from $500 million from 2011 to 2013, to $1 billion available from 2017 to 2022. “The first loan carved out from the billion dollar framework agreement, amounts to $172.64 million. It will be used to finance the new Cebu International Container Port [CICP] project. The loan agreement for this project was signed by myself and Export-Import Bank Korea chairman and president Sung-Soo Eun,” Dominguez said. The CICP project will help alleviate the road congestion in the Cebu-based port area and provide a more efficient

PRESIDENT Rodrigo Duterte urged South Korean investors to “kick in the ass” or slap government personnel who will extort money from them. “For those of you who come to the Philippines, [you have] our guarantee that you will be safe and sound. If somebody is asking for money, do not give anything. Maybe you can slap him and say, ‘Look idiot. I spent money to come here to invest. I have incurred expenses. Do not do that to me because your President says I can kick you in the ass,’” the President said in addressing some 400 Korean and Filipino businessmen in Seoul. The President threatened to run after government officials or personnel who will ask for bribes in exchange for faster business transactions. “Do not go into bribery. Do not ask for money because that is now allowed. And if you do that, as I promised before this

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qualification evaluation by the NFA’s special bids and awards committee. The fresh stocks will form part of the NFA’s food security stocks during the lean months of July to September, the agency said. Most or about 200,000 MT will arrive no later than July 31, while the rest will be delivered no later than Aug. 31, the NFA said. The total volume was divided into seven lots with corresponding discharge ports in Luzon, Visayas and Mindanao to facilitate distribution to the markets and intended beneficiaries. The NFA said it had no plans as yet to import more rice. Next page

Finance Secretary Carlos Dominguez said oil bought before prices climbed to $75 per barrel would come in soon, lowering the inflation rate. He also said that world oil prices were on a downtrend. “The price of future deliveries of oil is actually lower than the current prices, so we are seeing that trend going down,” he said. The scheduled summit between the United States and North Korea ought to calm the market and bring down oil prices, Dominguez said. “The Middle East would be calmer than what it has been past few weeks so fuel prices would not be too volatile,” he said. The inflation rate next year would fall below 4 percent, despite rising to 4.6 percent in May, he said. Dominguez acknowledged that higher prices for tobacco, rice, fish and corn

POLICE on Tuesday arrested one of two suspects in the killing of Assistant Special Prosecutor Madonna Joy Tanyag of the Office of the Ombdusman. Tanyag, who was five months pregnant, was stabbed three times Monday close to noon after attending a hear-

WASHINGTON—Howard Schultz, who built a small Seattle coffee chain into the global powerhouse Starbucks, announced Monday he was retiring from the company, fueling speculation he may seek the Democratic presidential nomination in 2020. Next page

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SoKor traders told: Give corrupt men a ‘kick in the ass’ It’s now or never for Cavaliers SPORTS A8

‘Wanted man’ arrested for prosecutor’s slay By Rio N. Araja

Starbucks chief retiring

Waterway choked with trash, plastic

ing at the Sandiganbayan. She bought milk tea from a store on Visayas Avenue and was about to board her vehicle when the suspect attacked her. Tanyag, 33, was declared dead on arrival at the East Avenue Medical Center. Police, who suspected a robbery gone bad, identified the suspect as Angelito Avenido Jr. and said they confiscated some of her belongings during his arrest. At a press conference after his arrest, Avenido said the stabbing was “an accident” and that he did not mean to kill Tanyag. Police said he robbed the lawyer to buy more drugs, and that he had tested positive for shabu. Philippine National Police chief Oscar Albayalde said he had Next page ANGELITO AVENIDO JR.

THE blanket of trash on a creek that flows between the makeshift homes of a Manila slum is so dense it appears one could walk across it like a paved street.

SOKOR-PH FORUM. President Rodrigo Duterte attends a South Korea-Philippines

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business forum in Seoul on June 5, 2018. Duterte is in Seoul for a three-day visit to discuss ways to bolster economic and other cooperation between the two countries. AFP

Go after 6 lawmakers in narco-list, PDEA dared By Maricel V. Cruz TWO lawmakers on Tuesday exhorted Philippine Drug Enforcement Agency Director General Aaron Aquino to file a complaint against six or seven lawmakers and other public officials included in the administration’s narco-list. Reps. Winston Castelo of Quezon City and Tom Villarin of Akbayan said Aquino should refrain from resorting to trial by publicity by making the entire 292-member House of Representatives suspected drug pushers. Next page

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