MARCOS SAYS 'LOSING SLEEP' OVER PH INFLATION

MANILA — President Ferdinand Marcos Jr. on Monday said that he has been “losing sleep” over inflation, but is working to pull the Philippines out of its P13.6-trillion debt by improving the country’s growth numbers, calling the strategy the “guiding principle in our economic plan.”

Marcos Jr. gave the statement after he was asked why he frequently describes the Philippine economy in a favorable light overseas, while the country remains debt-ridden and inflation remains high.

“That’s what I lose sleep over: How to bring down inflation,” he told journalists.

“Hindi naman ‘yan magpasok ako ng ilang toneladang sibuyas, bukas bababa na. It takes a little while pero hindi naman ganun katagal,” he said.

While Filipinos remain burdened by rising prices of basic commodities, Marcos Jr. said inflation is only one part of the economy.

The Philippines has an outstanding P13.6-trillion debt, while its debt to GDP ratio skyrocketed to 62 percent in 2022 as government revenues fell due to the COVID-19 pandemic.

The administration plans to reduce this debt “via growth,” the President said.

“We will pull ourselves out of debt via growth. That is the guiding principle in our economic plan,” he said.

Having one of the highest growth ratings in Southeast Asia is crucial as investors are keeping an eye on these numbers, Marcos Jr. said.

MARCOS: PH MAY CONTINUE TO FILE DIPLOMATIC PROTESTS VS CHINA IF WPS INCURSIONS CONTINUE

MANILA — President Ferdinand Marcos Jr. on Monday said the Philippines may continue to file diplomatic protests against China if incursions and alleged harassment of Filipino fishermen in the West Philippine Sea continue despite a verbal agreement with Chinese President Xi Jinping earlier this month.

While Marcos and Xi met in Beijing in the first week of January, the Filipino leader noted that the 2 countries “haven’t come to that compromise yet” with regard to issues surrounding the disputed waters.

“If the timing of what we refer to as shadowing… that incident happened right after I returned from China,” Marcos Jr. said, referring to a recent incident at Ayungin Shoal where Chinese vessels tailed Filipino fishing boats who were sailing within Manila’s exclusive economic zone.

“That does not preclude us from continuing to make protest, send note verbales, concerning this… I just hope we can come to some kind of arrangement,” he said.

Marcos Jr. added that he does not “see the utility for the Chinese” to continue “shadowing” Filipino fisherfolk as “these fishing boats do no pose a threat to anyone.”

“I think the actions that are needed are really from the Chinese side. We do not send coastguard boats into what we consider their waters or international waters,” he said.

During his state visit to China, Marcos Jr. said that he and Xi agreed to “raise the level of discourse bet the Philippines and China” to the ministerial level to quickly address misunderstandings and miscalculations in the disputed waters.

Despite the agreement, Chinese incursions in the West Philippine Sea have continued.

NO MONEY LAUNDERING IN MIF

President Ferdinand Marcos Jr. assured the country on Monday that public funds to be invested in the proposed Maharlika Investment Fund will be protected and will only be used on very specific and accountable projects.

He also invited the Senate, which began deliberating its versions of the sovereign wealth fund bill on Monday, to carefully study the proposal already passed by the House of Representatives, stressing he preferred that the law emerging from it is well thought out rather than hastily passed.

In a televised one-hour interview with broadcast journalists, the President allayed fears of possible money laundering being caused by the proposed bill, saying while private money will be involved in the fund, the MIF is not a savings account where people park money and where it stays.

The multibillion-peso Maharlika Fund will serve as the seed money for the country’s sovereign fund, Mr. Marcos explained.

“Now, whenever we come into partnership, we do a G2G (Government-to-Government) with Japan, for example, or we do a PPP (public-private partnership) with some big outfit, then that is only the time that the money has come into the fund to be used for the program,” he pointed out.

“It’s not like, OK give me a billion dollars then we’ll put it carelessly anywhere. It’s not like that at all. And in fact, even on our end, we will only deploy funds when there is a very specific project to be paid for. So, money laundering just won’t come into it,” Mr. Marcos said.

The President also responded to comments by some lawmakers about the use of money coming from government-owned and controlled corporations (GOCCs) for the sovereign fund, saying it is not allowed under the law.

TECH, R&D, CROP SKILLS A MUST FOR NEXT AGRI CHIEF

“In terms of production, we have to help the farmers. We are trying to adopt new techniques for farming that will actually, I think, be able to use new technology, new varieties of crops. We have to start with the R&D,” Mr. Marcos said in a televised interview.

The President said he is coordinating with several other countries as he tries to develop non-traditional suppliers, particularly for the supply of fertilizer, wheat, rice, and corn.

“Hopefully, down the road, we no longer have to worry about non-traditional supply because we will be able to produce enough for ourselves,” Mr. Marcos said.

The President also acknowledged that scheduling importation is critical for both sugar and onion, among other agricultural produce.

“We are not producing as much as we consume, and therefore, we still have to import,” the Chief Executive said.

Mr. Marcos said that once he has addressed these items, “then, we will have a [DA] secretary who will then take my place and will implement that plan,” he said.

The President said he would appoint a permanent Secretary of Agriculture who is an expert in the field, stressing he wants to do the “old, hard things” at the department.

The DA chief should be an agriculture expert who understands the science and the solution, Mr. Marcos said, noting the sector is a very complicated subject.

The President’s “dreams” for the country’s agriculture sector are attaining sustainable livelihood for farmers, having affordable food for all, as well as food security.

PRESIDENT EYES PRIVATE FIRM TO MANAGE NAIA

While denying rumors of turning the Philippines’ busiest gateway over to the private sector, the Marcos administration is looking to hire a private company to manage traffic and increase movement at the Ninoy Aquino International Airport (NAIA).

President Ferdinand Marcos Jr. on Monday said he and other government officials met with the undisclosed company during their trip to New York last year.

“A private firm cannot own an airport,” Mr. Marcos told journalists in a televised interview. “At most, we will have a management contract… without changing anything.”

“They said that without new equipment, without building a new runway, they can increase the traffic from what is presently they refer to as 35 movements per hour to 45 movements per hour. We want that,” the President said.

“They have a huge experience in running ports and running airports,” Mr. Marcos said.

Representatives of the company were in Manila “last week to look at the operation of the airport,” the President said.

Marcos did not disclose how much the Philippines is expected to shell out for the outsourced service from the foreign company.

MAHARLIKA FUNDING PROPOSAL MUST UNDERGO SCRUTINY: GATCHALIAN

The proposed re-engineered version of the Maharlika Wealth Fund, which will get seed money from government-owned and controlled corporations and an initial public offering afterward, defeats the purpose of a sovereign wealth fund, a lawmaker said on Tuesday.

Albay Rep. Joey Salceda said he was tasked to "re-engineer" the House version. He said funding is proposed to come from dividends of GOCCs. It will also be up for listing on the Philippine Stock Exchange.

While senators are open to the measure, it must first be deliberated, Sen. Sherwin Gatchalian said.

"In my mind, the most important fundamental question is that do we have the funds to put in the sovereign wealth fund. And if we have the funds, is it enough to generate the returns," he said in an interview with ANC.

"Raising money from the market to co-invest with the fund, I think that defeats the purpose of the sovereign wealth fund. A sovereign wealth fund is our sovereign wealth, meaning our own wealth from excess cash, resources, and investments that’s the whole concept, we have excess funds to invest and that excess funds will yield certain returns the next generation will invest," he added.

Using GOCC dividends, meanwhile, might take out some vital projects under the General Appropriations Act, Gatchalian said.

"As a concept, it can be done but we have to make sure that it will not hamper the priority projects inside the GAA… If we take out the dividends, we take out some amount inside the GAA that’s what we need to study care," he said.

SENATORS BLAST PAGCOR'S HANDLING OF POGOS

Newly installed officials of the Philippine Amusement and Gaming Corporation (PAGCOR) received a mouthful from senators Monday on how they oversee the operations of Philippine Offshore Gaming Operators (POGO).

Senator Sherwin Gatchalian, chairman of the Senate ways and means committee, grilled PAGCOR over its contracted third party auditor which, according to his research, has questionable documents.

The hearing opened up with Gatchalian asking for PAGCOR’s update about the status of a kidnapping of a Filipina last year, allegedly involving employees of Brickhartz Technology, Incorporated and MOA Cloudzone Corporation – service providers of an unnamed POGO company.

The victim was only released when a relative paid her P250,000 ransom.

At the hearing which centered about the government’s revenue interest and “social cost” of POGO operations in the country.

Gatchalian failed to hide his disappointment upon learning that PAGCOR only slapped Brickhartz with a half-a-million peso fine, while Cloudzone has yet to be investigated by the agency on the said kidnapping incident.

MARCOS REVEALS PLANS FOR TULFO, NAIDA ANGPING

President Ferdinand Marcos Jr. considered the “personal decision” and situation of former Presidential Management Staff Secretary Naida Angping before appointing her as Ambassador to France and Monaco, he said in a televised interview with a panel of broadcast journalists on Monday.

The President also said he would not turn former Social Welfare Secretary Erwin Tulfo into one of his advisers, noting he had other plans for the former TV and radio anchor.

“Well, the situation with then Secretary Naida Angping was that it was a personal decision in her part. She had some personal issues that she had to work through, and she said ‘I cannot do my work while I’m having to go through this. And that’s why I need to go and think about it,’” Mr. Marcos said in the interview in Malacañang Palace yesterday afternoon.

“(Angping) came back, and she said maybe I can just find something that will not—that I will be able to handle. And I said, ‘What do you think?’ And she said, ‘If you could appoint me to a diplomatic position?” the President added.

Mr. Marcos cited the accomplishments of the former PMS Secretary and his history for her new position in his administration.

“She has not held formally a diplomatic position, but she has been working with the foreign service for years, and years, and years. She’s a former staff member of my Uncle Kokoy,” the President said, noting Angping was a staffer of his uncle, former Leyte Governor and US Ambassador Benjamin Romualdez.

“And she worked in the American embassy, the Philippine embassy in the United States. She worked in—she worked well in China. She worked in all the areas that we were slowly opening up. So, she’s no different for that job,” he added.

As for Tulfo, he said: “No, that’s not been—that’s really not been part of the plan for Erwin. No, we have other plans for him. Not as a presidential adviser.”

Mr. Marcos is still inclined to give a position to Tulfo, whom he said did a “very good job” during his stint at the Department of Social Welfare and Developments before he was denied by the Commission on Appointments.

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PHILIPPINES LOGS 1,891 NEW COVID-19 CASES LAST WEEK

MANILA — Close to 2,000 additional COVID-19 cases were recorded in the country in the past week, 35 percent lower than the cases recorded from Jan. 9 to 15, the Department of Health (DOH) said yesterday.

The latest COVID-19 Bulletin issued by the DOH showed there were 1,891 new cases logged from Jan. 16 to 22, while daily average number of new COVID-19 infections is 270.

Meanwhile, there are four new patients in severe and critical conditions, while 104 deaths from COVID-19 have been verified – seven of which occurred from Jan. 9 to 22.

On Jan. 22, the DOH recorded 432 severe and critical COVID-19 patients who sought admission in hospitals, or 9.4 percent of total COVID-19 admissions in the country.

COMELEC: NO MORE EXTENSION OF POLL REGISTRATION DEADLINE

MANILA — The Commission on Elections (Comelec) yesterday urged eligible voters to file their application for registration for this year’s Barangay and Sangguniang Kabataan Elections (BSKE) as this would not likely be extended.

“Don’t expect an extension. The deadline is Jan. 31 so come out and register,” Comelec Chairman George Garcia said in an interview aired over CNN Philippines.

Garcia said the Comelec does not see anything that could prompt any extensions beyond the deadline, saying the information drive and registration programs intended to drum up more voters have been more than sufficient.

“We have fully informed our people on the registration. So, we don’t see anything except if there will be some areas that suspended registration because of floods. Maybe we can extend in those areas,” he said.

NURSING SCHOLARSHIP SA PILIPINAS, KAILANGAN PALAWIGIN: PNA

MAYNILA – Kailangang palawigin ng gobyerno ang scholarship program para sa mga PIlipinong nais mag-aral ng nursing, ayon sa Philippine Nurses Association (PNA).

Ito’y matapos sabihin ng grupo na nakakaalarma na ang umano’y “pamimirata” ng mga Pinoy nursing students para mag-aral at kalauna’y magtrabaho sa ibang bansa.

“Katulad po ng sa atin pong medicine program, meron po silang doktor para sa bayan. Seemingly, sa ating Department of Health, yung ating scholarship na ino-offer po, para sa pharmacy program, medical technology, midwifery at kasama po ang medicine. At wala po sa listahan ang atin pong programa na nursing,” ani PNA President Melvin Miranda.

Una nang naiulat na nag-aalok ng libreng tuition at board and lodging ang ilang mga bansa sa Europa sa mga Pinoy nursing students na nais magtrabaho doon bilang nars.

Ani Miranda, maaaring magkaroon ng epekto ang ganitong sistema sa healthcare sector ng bansa.

“Alam naman po natin na nagpahayag po ang Department of Health that we are really need of 106,000 nurses as per World Health Organization reference. Na we need to have 8 nurses for every 10,000 population.”

“So I think yung ganitong agresibong pagpapalawig pa ng scholarship offering…ay somehow pwedeng magkaroon ng epekto in the future. Dahil po ang arrangement is after they earn a egree, they will be assured of a job placement doon sa bans ana nag-offer ng scholarship grant,” aniya.

MAYNILAD SAYS TO COMPLY WITH P27.47 MILLION REBATE ORDERED BY MWSS

MANILA — Maynilad said on Tuesday it would comply with the penalty imposed by the regulator due to water service interruptions.

The Metropolitan Waterworks and Sewerage System said the concessionaire was directed to rebate P27.4 million to consumers who were affected by the water services interruption due to the problems in its Putatan Water Treatment Plant in Muntinlupa City.

"We will comply with the P27.47 million penalty imposed by the MWSS Regulatory Office due to the water service interruptions in the South brought about by problems in the Putatan Water Treatment facility," Maynilad said.

The MWSS said the number of beneficiaries has yet to be determined.

FILIPINA WORKER FOUND DEAD IN KUWAIT: DMW

MANILA — The Department of Migrant Workers on Monday condemned the death of a Kuwait-based Filipino worker, who was reportedly found burned in a desert.

The agency said Migrant Workers Secretary Susan Ople has talked to the family of 35-year-old OFW Jullebee Ranara, whose death was reported by Kuwaiti media over the weekend.

According to reports, Ranara’s burned remains were found in the desert late Sunday. Kuwaiti authorities have arrested the son of her employer, the DMW said.

The DMW said it was waiting for the official report from Kuwaiti authorities and is working closely with the Department of Foreign Affairs.

“Secretary Ople and the entire DMW condemns this heinous crime and urges the Kuwaiti government to work on the early resolution of the case,” said the agency.

Ople has informed Ranara's family that the DMW would provide them all the necessary support, it added.

Some 1.8 million Filipinos work abroad and close to 6 percent of them were based in Kuwait in 2021, according to government data.

ENTERTAINMENT & LIFESTYLE

‘THE WAY OF WATER’ SURGES PAST GLOBAL $2B MARK

Avatar: The Way of Water gave no sign of relinquishing its box office domination, taking in an estimated $19.7 million in its sixth weekend out in North America, industry watcher Exhibitor Relations said Sunday.

The James Cameron sci-fi epic thus sailed past the $2 billion mark globally, the best in the pandemic era, with accumulated ticket sales of $598 million domestically and $1.42 billion internationally.

That makes the Disney/20thCentury film only the sixth movie ever to surpass the $2 billion mark (not adjusted for inflation), though it still trails the all-time leader, the original Avatar, by $1.5 billion.

Showing considerable buoyance after five weeks out, Universal’s family-friendly Puss in Boots: The Last Wish rose one spot from last weekend to place second, at $11.5 million for the Friday-through-Sunday period.

Down one spot was scary-doll thriller M3GAN from Universal and Blumhouse Productions, at $9.8 million. The film’s title doll, created as a companion to a young orphan, gradually takes on a creepy life of her own.

In fourth spot was Sony’s new release Missing, at $9.3 million. Storm Reid stars as a teenager desperate to find her mother (Nia Long) after she disappears during a vacation in Colombia.

And in fifth, down one spot from last weekend, was Sony’s feel-good A Man Called Otto, at $9 million. Tom Hanks plays the title curmudgeon, a character based on popular Swedish novel A Man Called Ove.

INDICATORS

FOREX $1 = P 54.54

THOUGHT FOR THE DAY

Morality is of the highest importance - but for us, not for God. - Albert Einstein