INFLATION SOARS TO 8% IN NOVEMBER, BEATING FORECASTS

MANILA — Filipino consumers did not get their much-needed respite from high prices last month after inflation quickened faster than expected in November.

At a briefing on Tuesday, the Philippine Statistics Authority reported that inflation surged 8% year-on-year in November. This was faster than the 7.7% recorded in the previous month and the highest print since November 2008, when the Global Financial Crisis affected inflation.

A BusinessWorld poll of 15 analysts had pegged last month’s inflation at 7.8%. However, the latest print still fell within the Bangko Sentral ng Pilipinas’ 7.4-8.2% forecast range for November.

Inflation, as measured by changes in the consumer price index, has proven painful for Filipinos in past months. A reopened domestic economy, coupled with expensive fuel prices and a weak peso, has forced consumers and businesses to grapple with the realities of rising living expenses.

Central banks, like the BSP, inject rate hikes to temper inflation within an economy. Ideally, rate hikes effectively control consumption, since higher interest rates would force consumers and businesses to think twice about borrowing money.

The Marcos Jr. administration’s economic managers forecast inflation would average 5.8% this year, meaning the government has conceded it would miss its 2-4% annual target this year. In the first 11 months, inflation averaged 5.6%.

The PSA reckoned that the prices of food and non-alcoholic beverages hit a milestone, rising 10% year-on-year in November from 9.4% in the previous month. Divina Gracia Del Prado, deputy national statistician, noted that vegetable prices were still reeling from the spillover effects of typhoons that flattened farmlands in the past months.

“The last time the prices of food and non-alcoholic beverages were at this level was back in September 2018. It amounted to 10.2%,” she said.

Meanwhile, data showed that price growth was already decelerating in the National Capital Region month-on-month to 7.5% in November due to lower utility costs. But prices were still surging in areas outside Metro Manila, as food prices such as rice and sugar are seen to be moving up.

"The Monetary Board will continue to assess the country’s inflation outlook and macroeconomic prospects in its monetary policy meeting on 15 December 2022. The BSP remains prepared to take all further monetary policy actions necessary to bring inflation back to a target-consistent path over the medium-term," it added.

The BSP is also expected to hike interest rates before the end of the year to fight inflation and to match the anticipated slower hike by the US Federal Reserve.

The Philippines' benchmark rate is currently at 5 percent.

REVENUE COLLECTION SEEN TO SURPASS PRE-PANDEMIC LEVEL IN 2022: DIOKNO

MANILA — Finance Secretary Benjamin Diokno on Tuesday said revenue collections would surpass pre-pandemic levels this year due to more robust economic activities and effective tax administration.

From January to October 2022, the total revenue collections reached P2.9 trillion, up 18.3 percent from the same period in 2021, the Department of Finance said, citing data from the Bureau of Treasury.

“We are now at 89 percent of our full-year target. Given this, we expect revenue collections to surpass pre-pandemic levels this year,” said Diokno said in a forum.

Out of the said total, P2.6 trillion or 90 percent was from taxes, while P299.5 billion was from non-tax revenue sources, data showed.

The government's medium-term fiscal framework will help sustain the gains and the country's fiscal stability, the agency said.

The framework is also meant to bring down the country's debt-to-GDP ratio to less than 60 percent by 2025 and further down to 51 percent by 2028. The Philippines' debt-to-GDP ratio ballooned to 63.5 percent earlier this year due to pandemic borrowings.

CONGRESS RATIFIES 2023 BUDGET

Congress on Monday ratified the proposed P5.268-trillion national budget for 2023 after it was approved by the bicameral conference committee in the morning.

The bicam panel also restored the P150 million in confidential funds of the Department of Education (DepEd), which was cut by P120 million in the Senate version of next year’s national capital outlay.

The copy of the budget bill will be transmitted to Malacañang for President Ferdinand Marcos Jr.’s signature.

Speaker Martin G. Romualdez, who presided over the Monday session at the House of Representatives, announced the bicam report as duly ratified after holding a voice vote. The affirmative votes won overwhelmingly.

COMELEC RESTARTS VOTER REGISTRATION, REGISTER ANYWHERE PROJECTS

The Commission on Elections is set to restart its voter registration and "Register Anywhere" projects later this month following the postponement of the 2022 Barangay and Sangguniang Kabataan Elections.

Atty Abigail Claire Carbero-Llacuna, Comelec Education and Information Dept Director III, said regular voter registration will restart on December 12, 2022 and will last until January 31, 2023.

Voter registration will be conducted Mondays to Saturdays, 8-5 p.m., except on December 24 and 31, 2022.

Regular voter registration will be conducted in all Comelec offices.

Carbero-Llacuna said Comelec is also reactivating its "Register Anywhere" project for people who are from from their permanent residences by reason of occupation, business or study. Registrants must bring any valid ID except cedula and police clearance.

The Register Anywhere project will start on Dec. 17 and will only run for 8 dates.

December 17

December 18

January 7

January 8

January 14

January 15

January 21

January 22

The Register Anywhere project will have the following satellite registration sites:

SM Southmall

SM Fairview

SM Mall of Asia

Robinsons Place Manila

Robinsons Galleria

There will also be a satellite registration at the GSIS main office for 2 straight weeks in January. Carbero-Llacuna said Comelec will announce the dates in the coming weeks.

There will also be one-day voter registrations in the Senate and the House of Representatives.

Carbero-Llacuna said the Register Anywhere project is only for new registrants and those who want to transfer registration.

"All others such as reactivation, correction or change of entries must do it at regular registration at election offices from Monday-Saturday," she said.

ADB OKs $100M LOAN TO HELP PH MODERNIZE TECHNICAL, VOCATIONAL EDUCATION

MANILA - The Asian Development Bank said on Tuesday it has approved a $100 million (P5.6 billion) loan to help modernize the Philippines' technical and vocational education training (TVET) ecosystem to prepare for new labor demands.

In a statement, the ADB said it would help improve training facilities and equipment in 17 selected technology institutions across the country and transform them into "industry-responsive innovation centers."

ADB will also assist in designing new training courses, reskilling and upskilling of trainers and in strengthening the institutional capacity of Technical Education and Skills Development Authority (TESDA), it said.

“Industries have become increasingly globalized and are now driven by technological innovations and the rising knowledge economy amid the Fourth Industrial Revolution, which in turn is creating a skills mismatch in the Philippines,” said ADB Senior Public Management Economist Sameer Khatiwada.

“TVET reform has become even more urgent to raise the skills and employability of Filipino youth and returning migrant workers so they can compete for highly skilled jobs in the post-COVID-19 economy...This new project addresses that need," he added.

The COVID-19 pandemic has accelerated digitalization and increased demand for new expertise such as digital and cognitive skills, Khatiwada said.

GOVERNMENT EYES HIGH-RISE BLISS BLDG. TO ADDRESS PH HOUSING BACKLOG

The government would prefer building high-rise housing units instead of replicating the BLISS mid-rise housing program in the 1980s to address the country’s backlog and catch up with the rising need for decent shelter, President Ferdinand R. Marcos Jr. said Monday.

Speaking during the ceremonial turnover of house and lot units from the National Housing Authority (NHA) in Naic, Cavite, the President noted there was a shortfall of some 3.5 million housing units when he was a senator from 2010 to 2016.

The NHA also granted certificates of eligibility for lot awards (CELAs) to 30,000 qualified beneficiaries under the shelter program of the Marcos administration.

When he assumed the presidency, Mr. Marcos said the shortfall of housing units was at 6.5 million based on government estimates.

According to the President, the government may replicate the Bagong Lipunan Improvement of Sites and Services (BLISS) project during his father’s administration from the 60s to the mid-80s, which spearheaded the construction of mid-rise housing units, particularly in urban areas.

“But at present, because times are tough, we might build them higher (than mid-rise). We could bring it all the way up to high-rise (level).

However, we are still studying the possibility, maybe case-to-case,” the President said.

Mr. Marcos, along with NHA general manager Joeben Tai, spearheaded the awarding ceremony to the informal settler families affected by a Supreme Court mandamus to rehabilitate Manila Bay, and to remove ISFs living along danger areas, and those affected by government infrastructure projects.

Tai said he wanted to fast track the occupancy of the vacant houses to give more Filipino families a home of their own, especially before Christmas Day.

HOUSE APPROVES ON 3RD READING BILL CREATING PH VIROLOGY INSTITUTE

With an overwhelming 216 votes, the House of Representatives has approved on the third and final reading the measure that would mandate the establishment of a virology institute to spearhead the country’s defense against pandemics like the COVID-19 global public health crisis.

House Bill (HB) 6452 seeks to establish a Virology and Vaccine Institute of the Philippines (VIP) that would primarily focus on the key science and technology applications in the development of vaccines for viruses and other pathogens.

Speaker Martin G. Romualdez, one of the principal authors of the measure, hailed the approval of HB 6542.

He also thanked his colleagues in the lower chamber for recognizing the importance of a virology center and prioritizing a piece of legislation that would help the country combat a pandemic of global proportions.

“What we learned from the last pandemic is that if a health crisis is on a scale that crosses international borders, we have to act fast and rely on our own resources. We need to respond to it effectively. A virology and vaccine institute can help us stop a deadly virus in its tracks,” Romualdez said.

According to the measure, the state will prioritize the establishment of an institute that “will conduct in-depth studies on viruses and their potential disease-causing agents that affect people, plants, and animals, in order to provide the scientific bases for the treatment of viral diseases …” for the prevention of its transmission within the community.

PBBM WELCOMES AMBASSADORS FROM 2 NATIONS

President Ferdinand Marcos Jr. expects to develop stronger ties with Mauritania and Mongolia as he welcomed in Malacañang the official ambassadors of the two countries to the Philippines.

Newly designated Mauritania Ambassador B.A. Samba Mamadou said he sees improvement in professional training and agriculture as the envoy begins his tenure in the Philippines, recognizing the country’s good history in rice cultivation, one of Mauritania’s main commodities.

“Mauritania is a very small country, population-wise, but we have natural resources, fishery. We have cooperation with countries like Japan, the European Union, China, and Turkey,” the Mauritanian envoy told Mr. Marcos in a courtesy call.

Mauritania also has minerals like coal, copper, as well as plutonium, and recently, it discovered huge gas deposits both offshore and inland, Ambassador Mamadou said.

According to the envoy, Mauritania is trying to diversify its partnership not only with its traditional partners but also with other partners for the benefit of its country and people.

“So, I am looking forward to meeting some Filipino businessmen and see how I can really talk about the opportunities and tap opportunities that are in Mauritania,” Mamadou said.

Responding to the Mauritania ambassador, the President said a list of Filipino businessmen who could invest in Mauritania is being prepared.

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EXPECT RECURRENCE OF POWER ALERTS – DOE

MANILA — The public should expect power grids to be on yellow and red alerts from time to time due to tight supply, the Department of Energy (DOE) said yesterday as it pushed its call for energy efficiency.

For the third time in two weeks, the Luzon grid was again placed on yellow alert yesterday due to forced outages of several power plants.

A red alert was initially raised on the Visayas grid, but was lifted immediately. It was then placed on yellow alert from 4 p.m. to 7 p.m.

“The yellow and red alerts that have been occurring these past few days are not going to disappear overnight,” Energy Secretary Raphael Lotilla said.

“But it is our responsibility together with the private sector to manage this transition. The energy efficiency and conservation part of it are important elements of this way forward,” he added.

LAPID MURDER: BANTAG SUBMITS COUNTER-AFFIDAVIT

MANILA — Suspended Bureau of Corrections (BuCor) chief Gerald Bantag has submitted his counter-affidavit in response to the criminal charges filed against him in connection with the murders of radio broadcaster Percy Lapid and an inmate of the New Bilibid Prison (NBP) in Muntinlupa.

Bantag submitted his affidavit on Friday before Baguio City prosecutor Conrado Catral Jr.

A video from News5 showed Bantag signing his sworn statement in front of Catral.

In another video from SMNI News, Bantag was seen raising his hand as he swore to the authenticity of his affidavit.

Bantag’s lawyer, Rocky Balisong, did not answer phone calls when sought for details about his client’s affidavit.

Bantag, former BuCor deputy officer Ricardo Zulueta as well as several imates in the NBP and other personalities were tagged in Lapid’s murder.

Bantag was also charged in connection with the murder of Cristito Villamor Palaña, an NBP inmate who allegedly brokered negotiations for Lapid’s killing.

During previous interviews, Bantag vehemently denied he was the brains in Lapid’s murder despite the radio commentator’s exposé on his supposed ill-gotten wealth.

According to Bantag, it would be illogical for him to hire Bilibid inmates for the hit job on Lapid.

“Kung totoo na ako ang nagpapatay, uutusan ko ‘yung galit sa akin?,” Bantag said, referring to the inmates at the NBP.

EX-BATANGAS VICE GOVERNOR RICKY RECTO DIES, 59

MANILA — Former Batangas Vice Gov. Ricky Recto has died at the age of 59, his brother, House Deputy Speaker Ralph Recto, announced Tuesday without disclosing the cause of death.

“Words are hard to come by to express the sorrow of losing him, but we take comfort in our fond memories of him to overcome the pain we feel,” the House lawmaker said in a statement.

He added: “We are touched by your kind words and prayers, but in the meantime, we ask for the time and space to grieve in private.”

He said their family is discussing a simple memorial for his older brother, the details of which may be announced soon.

The older Recto was among the challengers for Batangas governor in the 2022 polls, but backed out in April without giving a clear reason and instead supported incumbent Gov. Hermilando Mandanas.

Three months later, Ricky faced complaints for allegedly assaulting an agent of a person in authority and violation of Republic Act 10591 or the Comprehensive Firearms and Ammunition Regulation Act.

Ricky also faced complaints of two counts of murder and frustrated murder in connection with the 2006 bombing of the vehicle of former Batangas Gov. Armand Sanchez. These raps were dropped by the Department of Justice in 2014 for lack of evidence.

VHONG NAVARRO ALLOWED P1M BAIL FOR RAPE

MANILA — Taguig Regional Trial Court has allowed Kapamilya host Vhong Navarro to post bail for his temporary liberty.

According to an official court document obtained by Philstar.com, Vhong can have his temporary liberty for P1 million.

"Viewed in light of all the foregoing, and taking the evidence presented in the bail hearings as a whole, this court is not convinced at this point, that there exists a presumption great leading to the inference of the accused's guilt," the court said.

"It must be emphasized, however, that a grant of bail does not prevent the Court, as trier of facts, from making a final assessment of the evidence after full trial on the merits," it added.

Last August, model Deniece Cornejo was given another chance by the Court of Appeals (CA) to air her side on the sexual harassment and rape allegations she filed against the actor.

In a 26-page decision signed by Associate Justice Florencio M. Mamauag Jr., the appeals court ordered the Office of the City Prosecutor of Taguig to file Rape by Sexual Intercouse under Article 266-A of the Revised Penal Code and Republic Act 8353, and Acts of Lasciviousness under Article 336 of the Revised Penal Code against Navarro.

Vhong has been transferred to the custody of the Bureau of Jail Management and Penology (BJMP) in Taguig City Jail last November 21.

ENTERTAINMENT & LIFESTYLE

'KASAL?': DOMINIC ROQUE REACTS TO WEDDING WITH BEA ALONZO

MANILA — Actor Dominic Roque revealed that Bea Alonzo is "the one" for him, though there are no wedding bells yet ringing soon for them.

In an interview with the media during the Esquire PH Man At His Best event recently, Dominic was asked if there are wedding plans already.

“Kasal? Secret,” he said.

He, however, said that he is seeing Bea as "the one."

"Of course, oo naman. We were doing good now together. Ayokong sabihing super happy but we're happy now,” he said.

“Lalo na no'ng nagbakasyon kami, nakilala naming maigi 'yung isat-isa. From there, sa mga experience namin together, ang dami pa naming gustong gawin,” he added.

It was in April 2021 when Bea revealed that she and Dominic are dating, adding that "Dominic is a good guy."

When she transferred to GMA network in August 2021, Bea confirmed that they are officially together.

The couple most recently visited Verona, Italy, the setting of William Shakepeare's "Romeo and Juliet."

Bea shared on her YouTube channel that they toured around the city, visiting Juliet's Balcony, the apartments in the film "Letters to Juliet," and the pilgrimage site for couples, Pozzo Dell' Amore.

The couple previously toured Milan and Lake Como. Bea's vlog will then feature their trip to Lucerne, Switzerland.

Bea bought an apartment in Spain recently.

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THOUGHT FOR THE DAY

The only solutions that are ever worth anything are the solutions that people find themselves. - Satyajit Ray