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After impounding P89.9 billion in “savings” of the Philippine Health Insurance Corp. along with billions more from other state-firms to finance the new congressional pork barrel, Finance Secretary Ralph Recto is now trying to control the monster the government itself has created.
MANILA, Philippines — A week after monsoon rains enhanced by Typhoon Carina devastated Metro Manila and nearby provinces, President Marcos instructed agencies to provide timely advisories of upcoming cyclones to ensure public safety.
Mr. President, I consider it as a privilege to have been given the opportunity to serve this chamber alongside Senator, now Secretary, Sonny Angara. Today, it is my honor to co-sponsor Senate Resolution No. 1070, expressing gratitude and commendation to Senator Juan Edgardo "Sonny" Angara, for his invaluable contributions to the Senate and to the nation as a Senator of the Philippines.
The Department of Agriculture (DA) has allocated P350 million for the procurement of vaccines to combat African Swine Fever (ASF), a stubborn virus that has severely undermined hog production and food security since 2019.
MANILA, Philippines — The House of Representatives is eyeing to approve the proposed 2025 budget before the October recess while allowing for ongoing committee inquiries to continue uninterrupted.
The Second Congressional Commission on Education (EDCOM 2) Commissioners (EDCOM 2) Commissioners Senators Sherwin "Win" Gatchalian, Alan Peter Cayetano, Koko Pimentel III, and Joel Villanueva filed Senate Concurrent Resolution No. 21 today, urging President Marcos to create a cabinet cluster for education.
Jollibee [JFC 227.60, down 0.2%; 53% avgVol] [link] ended a rather uncharacteristic period of hesitation by announcing that it has withdrawn its offer of preferred shares. JFC originally filed the offer of up to 8 million preferred shares with the SEC back in June, and released its Preliminary Offer Supplement on June 27. JFC said that it withdrew the offer “after careful consideration of all relevant factors,” and that it would “explore other capital raising opportunities focused on shareholder value and optimization of our capital structure.” JFC had planned the proceeds of the sale of the preferred shares to refinance the company’s Series A Preferred Shares, but now says that the proceeds are “no longer needed for the refinancing” due to “the strong profit performance and cash flow generation of its Philippine business”. JFC also listed other factors that contributed to its decision, including its plan to “reduce its P23 billion CAPEX budget for 2024 by at least 20%”, the rate cuts that it expects to occur this year, and the “profit-accretive contribution from the consolidation of Compose Coffee.”
MANILA, Philippines — Government spending has improved its spending for 2024 following a year marked by underspending.