MANILA, June 29 – Malacanang on Monday cited the importance of President Gloria Macapagal-Arroyo’s side working trip to Hongkong, saying it is part of the Chief Executive's sincere efforts to look into the welfare of the overseas Filipino workers and to generate more investments.
Press Secretary Cerge Remonde said part of the President’s trip to Hong Kong is to interact with the Filipino community which he pointed, out is the administration’s “concrete way of finding our OFWs and showing them the concern.”
Remonde said it is the clamor of the OFWs for the President to make a stopover in Hong Kong from her working visit to Japan and state visit to Brazil.
He said the Chief Executive is giving much recognition to the OFWs considering that they are the modern day’s unsung heroes who make great contribution to the country’s economy.
The President will give awards to outstanding OFWs who have distinguished themselves in their respective fields in Hong Kong.
Aside from meeting with the Filipino community, Remonde said, the President’s trip in the former British colony is also an opportunity to entice more business groups to invest in the Philippines.
“In addition in her trip here, the President will have meeting with some business groups again to promote investments in the Philippines,” he said.
Remonde said the Chief Executive will discuss with the Kuok Group, from the Shangrila Group of resorts and hotels, its possible expansion plans and investments in the Philippines.
“In fact, there are talks that they (Kuok Group) are not only expanding business in hotels and resorts but also in palm oil and other investments,” he said.
He said the President is also scheduled to meet with the anti-graft consultant, Anthony Kwok, to review the government’s anti-corruption program in an effort to strengthen the anti-graft campaign.
Remonde said the President and her delegation will leave Hong Kong at 8 p.m. (Monday night) and arrive in Manila before 10 p.m.
BSP sees June ’09 inflation between 1.2%-2.1%
MANILA, June 29 – The Bangko Sentral ng Pilipinas (BSP) continues to see further deceleration of price increases in the country with the June 2009 figure forecast to range between 1.2 percent to 2.1 percent.
BSP Governor Amando Tetangco Jr., in a text message to reporters Monday, said the forecast “reflects our expectation for continued milder price increases and is consistent with our forecast for full-year 2009 and 2010 inflation rates that would both be within their corresponding target ranges.”
The government targets inflation between 2.5-4.5 percent this year and 3.5-5.5 percent in 2010.
BSP forecasts rate of price increases to average at 3.4 percent this year and 3.7 percent next year
“The continued decline in the inflation rate in June could have been due to lower electricity rates during the month and slower price increases in certain food items and in domestic pump prices,” Tetangco said.
BSP’s June 2009 inflation forecast is lower than the 3.3 percent actual inflation rate last May.
“The BSP will continue to monitor piece developments, both domestically and in international markets, to ensure that our policy stance remains appropriate and responsive,” Tetangco added.
DOF open to measure hiking discount for senior citizens
MANILA, June 29 – The Department of Finance (DOF) is amenable to the proposal to increase to 30 percent from 20 percent the discount to be granted for senior citizens.
In a position paper, Finance Undersecretary Gil Beltran said they support the said provision of a Senate bill but cautioned lawmakers against giving the national government the responsibility of giving the sector a P1,500 monthly stipend.
Beltran explained that saving portion of the VAT proceeds for this endeavor means P4 billion monthly revenue loss for the NG or about P53 billion loss in a year.
Aside from increasing the discount for senior citizens stipulated under Republic Act 7432, otherwise known as the Senior Citizen Act, and granting 20 percent discount to services and goods not covered by VAT, the proposed measure also wants senior citizens to be exempted from the payment of individual income taxes if their annual taxable income is not over the latest poverty threshold in the country.
No such thing as OPLAN:August Moon-Palace
By: Bradley de Leon
There’s no such thing as Oplan: August moon, Malacanang said on Monday. Reports reaching the palace said that Oplan:August moon, inspired by a Chinese festival, is a coup plot aimed at perpetuating President Gloria Macapagal-Arroyo in power beyond 2010.
Deputy Spokesperson Lorelei Fajardo belied such reports, she said that Oplan:August moon is just a figment of imagination of the opposition and destabilizers. The President, according to Fajardo, is focused on economic issues and managing the A(H1N1) crisis.
“The plotters target October as the finale of the three-month campaign wherein Bangit would replace General Ibrado…other key posts would be given to other members of the PMA Class of 1978,” a source said.
The AFP leadership said in a report that it had maintained that all promotions to key positions in the military go through the rigid selection process being conducted by the board of generals.
Shangri-la hotel chain plans to expand in the Philippines
By Bradley de Leon
The Kuok group, owner of Shangri-la hotel chains, plans on expanding their business in the Philippines This was laid during their meeting with president Gloria Macapagal-Arroyo in Hongkong.
Press Secretary Cerge M. Remonde said the officals of Kuok group announced their plans in expanding their hotel and resort business that will help the tourism industry in Philippines.
Remonde also said that aside from their hotels and resorts, the Kuok group will also invest on the Philippine Palm oil industry.
