BSP: Foreign direct investments up 154% to $850M


FOREIGN direct investment (FDI) soared 154 percent in the first two months of the year, encouraged by strong macroeconomic fundamentals, the Bangko Sentral ng Pilipinas (BSP) said Thursday.

FDIs reached $850 million in January to February, up $515 million from $335 million a year earlier, BSP Gov. Amando Tetangco Jr. noted in a statement

“The respectable growth of FDI reflected favorable investor sentiment as the country’s macroeconomic fundamentals remained strong amid continuing concerns over the sovereign debt crisis in some parts of Europe and the moderation in global economic activity,” said Tetangco.

Equity placements surged 1,317 percent to $893 million from $63 million in the same comparable period, and withdrawals rose 266.7 percent to $77 million from $21 million.

BIR files P54.35-M worth of tax cases vs contractor, Puerto Galera property owners

THE BUREAU of Internal Revenue (BIR) yesterday filed P54.35 million worth of tax cases at the Department of Justice against a Manila City contractor and Puerto Galera property owners.

The BIR filed cases against Oscar Repuyan Badillo, sole proprietor of Royal Trust Construction, that was awarded a P54.26-million contract by the City of Manila to build a three-storey building of F. Balagtas Elementary School in 2009.

Badillo secured several tax identification numbers from various BIR revenue district offices which he manipulated in filing spurious tax returns to avoid the payment of taxes.

The BIR filed the complaint against Badillo for violating sections 254 and 255 of the National Internal Revenue Code for attempting to evade taxes and failing to file income tax returns for 2009. The BIR computed his total tax liability at P30.35 million.

PHL exports up 4.6% in Q1

THE PHILIPPINE merchandise exports went up 4.6 percent in the first quarter of the year to $12.856 billion from $12.286 billion a year earlier, the National Statistics Office (NSO) reported Thursday.

However, March exports declined by 1.2 percent to $4.302 billion from $4.356 billion posted in the same period last year, according to NSO.

NSO noted that month-on-month the exports reflect the 2.9-percent downtrend from February’s $4.430 billion.

In a, NSO Administrator Carmelita Ericta noted that electronic exports– accounting for 52.6 percent of total exports–inched up by 1.1 percent in March to $2.263 billion from $2.239 in the same period last year.

Month-on-month, shipments of electronic products went down by 3.1 percent from last February’s $2.334 billion.

5th District special polls on as TRO petition hangs at SC

By: Dolly Yasa

BACOLOD City – The Commission on Election will proceed with the special election in the 5th congressional district in Negros Occidental despite a pending petition for a temporary restraining order filed by lawyer Romulo Macalintal with the Supreme Court.

Comelec Commissioner Armando Velasco yesterday told reporters here that they reached the consensus in an en banc meeting May 1, 2012 even as preparations for the special election are on high gear.

Velasco arrived here yesterday together with Commissioner Christian Lim and Comelec lawyers for the Comelec-PNP-AFP provincial coordinating conference in preparation for the June 2 special election.

6 barangays in 5th District tagged as rebel-influenced



By: Dolly Yasa

BACOLOD City – At least six barangays in the 5th District of Negros Occidental where a special election is slated on June 2 were classified as “influenced” by the rebels but there is no area considered as an election hotspot.

This was revealed in yesterday’s Comelec-PNP-AFP coordinating conference held at the Governor’s Hall here attended by two Comelec commissioners and top officials of the Philippine Army, PNP and other government agencies involved in the special election.

Meanwhile, Comelec Commissioner Armando Velasco was designated as the commissioner election in-charge for the special polls.

Participants in the meeting included S/Supt. Manuel Felix, deputy regional director for operations of the PRO-6, Atty. Jessie Suarez, provincial Comelec supervisor, Col. Oscar Lactao-303rd Brigade commander, S/Supt. Allan Guisihan, police provincial director, and different chiefs of police in the five municipalities and one city in the 5th District.

Solon, city officials at odds on city Charter Day celebration

By: Dolly Yasa

BACOLOD City – While the Sangguniang Panlungsod of this city approved a resolution requesting President Benigno Aquino III to declare June 18, 2012 as a special non-working holiday, Bacolod Lone District Congressman Antonio Golez is pushing for a congressional inquiry into alleged violation of city officials on the issue.

Golez in a privilege speech last May 8, 2012 asked his fellow congressmen to conduct an inquiry in aid of legislation regarding what he claimed as the apparent violation of the rule of law being perpetuated by city officials.

Golez stated that in 2011, city officials spent funds for the celebration of a charter day in June, contrary to the mandate of Republic Act  7724.

PH gets 75,000 MT sugar quota

By: Dolly Yasa

BACOLOD City – The Philippines got an additional US sugar quota of 75,000 metric tons, according to US Agricultural Counselor Philip Shull who called on Negros Occidental governor Alfredo Marañon at his office May 9, 2012.

“We are pleased to announce that the Philippines is given an additional sugar quota. US is dependent on Philippine sugar,” Shulls said.

He said the agriculture potential of the province is wonderful and that he noticed various agricultural projects of the governor.

PEDC power deal best for Capitol

  By: Tara Yap THERE IS no basis in comparing the current electric rate of the Iloilo Provincial Capitol under the administration of Iloilo Gov. Arthur Defensor Sr. and during the term of former Iloilo Gov. Niel Tupas Sr. This was strongly emphasized by Atty. Dennis Ventilacion, chief of the Provincial Legal Office, on the allegations […]

9 nabbed in drug busts

By: Francis Allan L. Angelo NINE persons were arrested in Estancia, Iloilo and Roxas City, Capiz in two separate buy-bust operations mounted by the Philippine Drug Enforcement Agency (PDEA) Wednesday. The first buy-bust was conducted by the PDEA-Special Enforcement Unit (SEU) under Agent Gelly Robins Cataluña on a suspected drug den in Brgy. Banica, Roxas City […]