INFLATION LIKELY AT 7.4 TO 8.2 PERCENT IN NOVEMBER: BSP

MANILA - Inflation in November may settle between 7.4 percent to 8.2 percent range, a Bangko Sentral ng Pilipinas think tank said.

November's forecast could exceed the 7.7 percent inflation the previous month.

Last month's consumer price index is also expected to remain above the government's 2 to 4 percent target range.

Upward price pressures are from higher electricity rates, higher prices of agricultural commodities due to Tropical Storm Paeng as well as higher LPG prices, the BSP's Department of Economic Research said in a statement.

Meanwhile, the reduction in petroleum and pork prices as well as the stronger peso against the US dollar may offset the price pressures for the month, it said.

Although expected to remain elevated for the rest of the year, "inflation is projected to gradually decelerate in the succeeding months as the cost-push shocks to inflation due to weather disturbances and transport fare adjustments dissipate," the BSP said.

"The timely implementation of non-monetary measures will also help temper price pressures in the months ahead," it added.

The BSP in November implemented a 75-basis points interest rate hike to match the US Federal Reserve, cool down inflation and stabilize the peso. This brought the benchmark borrowing rate to 5 percent.

MARCOS URGES FILIPINOS TO CONTINUE BONIFACIO'S LEGACY OF HEROISM

MANILA — President Ferdinand “Bongbong” Marcos Jr. commemorated the 159th birth anniversary of Philippine national hero Andres Bonifacio, hoping the public will be inspired by his service for the country.

Bonifacio founded the Katipunan, who led the rebellion against former colonizer, Spain. He is called the “Father of the Philippine revolution.”

“May his life serve as a reminder that each one of us may be a hero in our own ways,” Marcos said in a speech on Wednesday.

In a separate statement, Marcos also reminded the public of the challenge the nation faces in ensuring that the freedom Bonifacio and his people fought for remains intact. The chief executive called on the public to “remain vigilant in protecting our country from the social ills and other elements that threaten our liberties.”

Romualdez: ‘Contribute to nation-building’

Meanwhile, House Speaker Martin Romualdez also called on Filipinos to play a part in nation-building by being law-abiding citizens and ensuring that they fulfill their duties to their communities and their respective families.

“We honor the sacrifices of our heroes by performing our respective civic duties and each contribute to nation-building and in doing so, we become heroes of our time,” Romualdez said in a separate statement.

MARCOS JR. ON NEW AGRI SECRETARY: THE LIST KEEPS CHANGING

LOS BAÑOS — President Ferdinand Marcos Jr. on Tuesday said he has yet to pick a new agriculture secretary because “the list keeps changing.”

Marcos, who concurrently handles the agriculture portfolio, said he has a “timetable” on when he would turn over the office but there were “some things he would like to achieve before leaving the department.”

“Ayaw pumayag nitong si Usec eh,” he joked, referring to Agriculture Senior Undersecretary Domingo Panganiban. “Sabi niya masyadong mabigat ang trabaho.”

“So hindi pa tayo nandun, but of course maraming lumalabas na pangalan, tuloy tuloy ang pagtingin namin. Hopefully by the time yung checklist ko natapos na, meron na tayong pwedeng i-nominate na DA."

When asked how many officials are included, Marcos said, “Well the list keeps changing. May nawawala, may natatanggal, may nawawala, may natatanggal.”

A farmers’ group last month urged Marcos to quit his post as agriculture secretary and appoint a full-time one.

Senators Koko Pimentel and Risa Hontiveros earlier made calls for Marcos to appoint a new DA chief.

But Marcos had said he would let go of the DA portfolio “when we are able to say that the DA’s functions are properly institutionalized and the structural changes that we need to make in the DA have been made.”

PRESIDENT CALLS ON AGRI SECTOR TO MODERNIZE OPERATION

President Ferdinand Marcos Jr. on Tuesday rallied various stakeholders to support the government in elevating the current condition of the local rice industry and pushing for sustainable rice value chains.

In his visit to the International Rice Research Institute (IRRI) headquarters in Los Baños, Laguna, the President raised the need to adopt supportive policies to modernize the rice sector as part of a vibrant agri-food industry in the Philippines.

“There are new technologies that address the problems that we are facing, and those technologies are beginning to be disseminated down to the local farmers,” Mr. Marcos said in his speech.

Meanwhile, in an interview with reporters, the President said he had a timeline for leaving the post of Agriculture Secretary, saying there were things he wanted to achieve before doing so. He did not offer any details of these goals or his timetable, however.

He also said vetting continues for the next Department of Agriculture chief.

Upon taking the post, Mr. Marcos said the “very deeply embedded” problems at the department were so difficult it would “take a president to… turn it around.”

PBBM AIMS TO STALL PRICE HIKES

President Ferdinand Marcos Jr. said Tuesday that Malacañang is working to slow down the rise in fuel and power costs at least heading into Christmas, saying Filipinos have already suffered much from the spiraling prices of goods amid worldwide inflation.

In a press conference in Los Banos, Laguna, the President admitted he was worried by the temporary restraining order (TRO) issued by the Court of Appeals (CA) on the Power Supply Agreement (PSA) of San Miguel Corp. (SMC) and Manila Electric Co. (Meralco).

The TRO could lead to a hike in electricity rates for 7.5 million Meralco customers in Metro Manila and its suburbs.

“We are focusing our work on not raising the price of fuels, at least for this Christmas. If we could postpone and slow down the increase of prices, making the rise slower and keep the prices of fuel down, and if it rises at least gradually. It’s very difficult—the people have suffered much” Mr. Marcos said in Filipino.

Meanwhile, the Office of the Solicitor General is studying all factual and legal issues surrounding the deal between SMC’s South Premier Power Corp. (SPPC) and Meralco.

This follows the appeals court TRO stopping the Energy Regulatory Commission (ERC) from implementing its decision denying the plea of the two power companies to increase their generation charges.

“The OSG is the counsel of the state in all litigations concerning the government. It is presently studying the factual and legal issues involved in this case,” Solicitor General Menardo Guevarra said in a text message with reporters.

Energy Secretary Raphael Lotilla earlier said the OSG is working with the ERC on ways to get the Court of Appeals to lift its order suspending the Power Supply Agreement (PSA) of South Premier and Meralco.

“What worries me is what happened to this TRO given by the CA at the PSA of San Miguel and to Meralco, that worries me,” the President said in a press conference at the International Rice Research Institute.

Senator Win Gatchalian also called on the Department of Energy (DOE), ERC, Meralco and San Miguel to ensure a steady supply of electricity.

LACUNA SIGNS P22 BILLION MANILA BUDGET FOR 2023

MANILA — Residents of Manila can expect better services as Mayor Honey Lacuna on Monday signed the city’s funding for 2023 amounting to P22.2 billion.

Lacuna said a big portion of the funding would be allocated for healthcare programs as well as subsidies for students of the city-run Pamantasan ng Lungsod ng Maynila and Universidad de Manila.

She said a Crisis Intervention Center for Women and Children as well as public libraries would be put up in the city.

“We will also earmark funding to improve the city’s peace and order,” Lacuna said.

Last week, members of the city council led by Vice Mayor Yul Servo approved the city’s executive budget for next year.

PNRI OFFICIAL: PH OPEN TO NUCLEAR DEALS WITH OTHER COUNTRIES

MANILA — The Philippines remains open to holding nuclear power talks with other countries even as Manila begins working on a possible agreement with the United States, an official said on Tuesday.

The "123 agreement" between Manila and Washington — which will provide the legal basis for the export of American nuclear equipment to the Philippines — was announced during the visit of US Vice President Kamala Harris last week.

“It does not lock us into the American negotiation policy. Bukas pa din tayo sa ibang bansa,” said Carlo Arcilla, executive director of the Philippine Nuclear Research Institute.

South Korea is among the countries that have offered to help the Philippines in the nuclear power sector, he said.

“Puwede daw nilang patakbuhin yung planta within 5 years. Yan po ang pinakamabilis na paraan para magkaroon ng nuclear power sa bansa kahit na 620 megawatts,” he said, noting that building a nuclear plant with more advanced reactors may be completed between 8 and 10 years.

France, China, and Japan are also known users of nuclear energy and may provide assistance to the Philippines should President Ferdinand Marcos Jr. decide to pursue the power option, Arcilla said.

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BI LINKED TO TRAFFICKING OF PINOYS IN MYANMAR

MANILA — Bureau of Immigration (BI) personnel were linked to trafficking of Filipinos who were forced into cryptocurrency investment scams in Myanmar, Sen. Risa Hontiveros disclosed yesterday.

During the hearing of the Senate committee on women, children, family relations and gender equality, Hontiveros presented a witness, who was illegally recruited to work in a telemarketing company in Thailand.

“Later on, the victim learned that it was, in fact, for a fake cryptocurrency company in Myanmar,” Hontiveros said.

The witness said his recruiter, Laisa Magallanes, told him that an “escort” from the BI would help expedite his departure at the Ninoy Aquino International Airport Terminal 3.

He said P30,000 would be deducted from his salary in exchange for the escort service.

“It’s like pastillas scam part 2, but worse. Are airport security and BI personnel involved in this scheme? Are the illegal recruiters in the pockets of the BI officials?” Hontiveros said.

“Without going through the immigration counter, his passport was stamped with the official BI exit. Someone gave him a fake ID to pretend to be a BI employee. Afraid of being caught, he declined the process,” she added.

In a privilege speech last week, Hontiveros said at least 12 Filipinos were promised jobs in Thailand, but were trafficked into Myanmar to become crypto scammers for a Chinese crime ring based in Shwe Kokko.

6,000 TOURIST COPS DEPLOYED FOR HOLIDAYS

MANILA — Starting tomorrow, at least 6,000 tourism-trained police officers will be deployed in areas where huge crowds are expected during the Christmas season.

According to Philippine National Police spokesperson Col. Jean Fajardo, the PNP would set up assistance desks in transport hubs and major thoroughfares.

Fajardo said more police personnel would be deployed in shopping malls, markets and bazaars.

“Police will be more visible in areas of public convergence during the holiday season,” she said.

Fajardo said police personnel would not be allowed to go on leave beginning Dec. 15, except for emergencies.

“We have to sustain our maximum police presence in public areas,” she said.

EO TO EASE DOING BUSINESS UP

President Ferdinand Marcos Jr. will be signing an Executive Order to promote ease of doing business in the Philippines and make it competitive with other Southeast Asian nations in terms of attracting Foreign Direct Investments (FDIs).

This comes after the Department of Trade and Industry on Tuesday presented to the President the proposed EO on the Creation of Green Lane for Strategic Investments after identifying the barrier across multiple regulatory agencies that hamper the smooth entry of FDIs in the country.

The EO will mandate concerned offices to establish a Green Lane to expedite and streamline the process and requirements for the issuance of permits and licenses, including resolutions of issues concerning strategic investments.

The proposed EO will cover all national government agencies and their regional and provincial offices, local government units and quasi-judicial bodies involved in issuing permits and licenses necessary for establishing strategic investments in the country.

Among the strategic investments identified by the DTI were projects of national significance, highly desirable projects endorsed by the Fiscal Incentives Review Board and FDIs endorsed by the Inter-Agency Investments Promotion Coordination Committee (IAIPCC).

These are priority projects or activities under the Strategic Investment Priority Plan, which are considered as projects of national significance or highly desirable that may be endorsed by the Board of Investments of the concerned Investment Promotion Agencies.

The EO mandates NGAs and LGUs to act on a permit or license application not longer than three working days in the case of a simple transaction, seven working days in the case of complex transactions, and 20 working days for highly technical transactions from the date of receipt.

A technical working group headed by the DTI’s BOI will implement the EO and a BOI-Investment Assistance Service (BOI-IAS) will become the single point of entry of investment availing of the Green Lane services endorsed as nationally significant or highly desirable projects.

ENTERTAINMENT & LIFESTYLE

JERICHO ROSALES, RYAN AGONCILLO TO STAR IN 'ON THE JOB' PREQUEL

MANILA — Acclaimed filmmaker Erik Matti is set to expand his “On the Job” universe of films, this time with a prequel starring Jericho Rosales and Ryan Agoncillo, according to Variety.

The prequel film, written by Michiko Yamamoto, is “set against the turbulent backdrop of the island of Mindanao where Pedring Eusebio, the corrupt mayor of a fictional city called La Paz, rises to power,” Variety reported.

“Eusebio, who started out in the rebel paramilitary group New People’s Army, has become the most influential politician and feared man in La Paz.”

Rosales has been cast as Eusebio, while Agoncillo will portray Rene Pacheco, described as a “high-ranking military official who makes his way into politics.”

Further cast members will be announced at a later date, the report said.

The still-untitled project will start rolling in the third quarter of 2023, with Ronald Monteverde co-producing with Matti under their company Reality MM Studios, and Dino Piacino as cinematographer.

KOREA WINS MISS EARTH 2022, PHILIPPINES IN TOP 20

MANILA — Mina Sue Choi of Korea was crowned Miss Earth 2022 after besting 85 other Earth warriors at the culmination of pageant rites in The Dome of Okada Manila. She was crowned by outgoing queen Destiny Wagner of Belize.

Her elemental court included:

Miss Earth Air 2022 Sheridan Mortlock of Australia,

Miss Earth Water 2022 Nadeen Ayoub of Palestine,

and Miss Earth Fire 2022 Andrea Aguilera of Colombia.

The other delegates who made it to the final round [Top 8] were the delegates from Zimbabwe, Netherlands, Puerto Rico, and Belgium.

The show began with all the delegates in a production number, choreographed by dance group G-Force, with Miss Earth 2021 Destiny Wagner. This was followed by the announcement of the Top 20.

Donning identically-cut swimwear from Ricky Abad, the other lucky delegates who made it to the Top 12 were: Brazil, Cuba, Nigeria, and Portugal.

While the candidates from Ethiopia, Namibia, Ireland, Slovenia, Vietnam, Norway, Czech Republic, and Miss Philippines Earth 2022 Jenny Ramp made it to the semifinal round. Jenny was also adjudged the Best in Fauna Outfit from Asia and Oceania earlier in the evening.

SPORTS

FILIPINO REFEREE ADMITS TO CHEATING, HELPING PACQUIAO WIN FIGHT IN 2000

MANILA – Boxing icon Manny Pacquiao could have ended up with one more loss in his storied career.

This after renowned referee Carlos Padilla, who officiated Pacquiao’s fight with Australian Nedal Hussein 22 years ago, admitted to knowingly aiding Pacquiao avoid an upset loss.

Pacquiao was defending the WBC international super bantamweight title against Hussein on October 10, 2000 at the Ynares Sports Center in Antipolo City in a bout where he was expected to cruise to a win.

But Hussein proved to be a tough customer, knocking Pacquiao down in the fourth round with a short, stinging jab that had him dazed.

It was where Padilla, then already veteran of several high-profile boxing matches, did his dirty work.

“That fight, I’m about to go and leave the following day. They told me, ‘Carlos, please… this is an important fight for Manny Pacquiao because the winner will have the chance to fight for the world championship,'” Padilla recounted in a recent interview during his induction to the Nevada Boxing Hall of Fame, a video of which has been posted by the World Boxing Council on its YouTube channel.

“So, you know the opponent, Hussein, or whatever his name was. He is taller, younger, stronger, and [a] dirty fighter, managed by Jeff Fenech.

“So in the seventh round [it was the fourth], I think, Manny got knocked down. I thought he was going to get up, but his eyes were cross-eyed,” he continued.

Padilla then said he administered the mandatory eight-count — a standard practice when a boxer is knocked down — longer than usual, which gave Pacquiao the chance to beat it and eventually recover.

“I’m Filipino, and everybody watching the fight is Filipino, so I prolonged the count. I know how to do it. When he got up, I told him, ‘Hey, are you okay?’ Still prolonging the fight. ‘Are you okay?’ ‘Okay, fight!’” Padilla said.

“Then Hussein, because Manny was not like Manny is now, and he wasn’t trained by Freddie Roach yet, he holds on for his dear life. The guy throws him, and he goes down again.

“I said to the opponent, ‘Hey, you don’t do this.’ You know, I was prolonging the fight. ‘You don’t do that. Okay, judges, [point] deduction [for throwing an elbow].'”

Padilla then admitted to another wrongdoing when he declared an ugly cut under Nadal’s left eye as being caused by a Pacquiao punch instead of a head butt — which is crucial in boxing as gashes caused by legal blows will result in a TKO win for the fighter who dealt it if the fight gets stopped by the doctor.

“Because he [Pacquiao] is shorter, he head-butted the other guy. There is a cut, but I declared it a punch,” Padilla continued.

“If there is a head butt, you have to stop the fight and declare to the judges a point deduction. But I didn’t do that, meaning the fight could continue.”

Pacquiao indeed ended up being declared winner by TKO in the 10th round after the ringside doctor deemed Hussein unfit to continue because of the cut.

INDICATORS

FOREX $1 = P 56.56

THOUGHT FOR THE DAY

A lot of people approach risk as if it's the enemy when it's really fortune's accomplice. - Gordon Matthew Sumner