Philippines Today

Switch to desktop
Philippines Today

Philippines Today

Pernia, experts see inflation rate hike

Published in Business

MAKATI CITY – Socioeconomic Planning Secretary Ernesto Pernia is one with private economists in saying the country’s inflation rate is expected to increase in the coming months due to the tax reform program but will slow down toward the end of the year.

 

“In the coming months, we will feel the effect of price increases but then in the later part of the year, we expect the inflationary impact to taper out,” said Pernia, the National Economic and Development Authority (NEDA) Director-General.

 

The country’s inflation rate accelerated to 4 percent in January 2018, 7 percentage points higher from previous month’s 3.3 percent.

 

Pernia attributed the 2 percentage point increase partly to the implementation of Tax Reform for Acceleration and Inclusion (TRAIN) due to increases in fuel prices and sweetened drinks, as well as to the lingering effects of last quarter’s typhoons to food prices.

 

“But it’s going to be short-lived. It’s going to taper out over the months, in the next quarters. That is just the initial reaction. And maybe, merchants may have been taking advantage of the increase in prices because it’s expected,” he said.

 

The NEDA chief further said the Development Budget Coordinating Committee (DBCC) had no plan yet to revise its 2018 inflation target.

 

The DBCC maintained the target inflation range for 2018 to 2020 at 2 to 4 percent.

 

“We will see how persistent the inflationary pressures are,” Pernia said.

 

The TRAIN law, which was implemented starting January this year, lowered personal income taxes resulting to higher tax home pay but imposed higher taxes also on automobiles and tobacco.

 

Meanwhile, a private economist sees Philippines 2018 inflation rate peaking in the first half of the year due to the expected second-round effects of the government’s tax reform program.

 

ING Bank Manila senior economist Joey Cuyegkeng told reporters after the bank’s economic briefing for clients Wednesday that inflation risks had risen as proven by the unexpected faster inflation rate last January at 4 percent from month-ago’s 3.3 percent.

 

Economists are attributing this uptick partly to the implementation of the first package of tax reform, which hiked excise taxes on oil and sugar-sweetened beverages, among others, to counter the cut in workers’ income tax.

 

Cuyegkeng said second-round effects, or the market reaction on the rise in the prices of oil and some commodities, was seen to go up, especially in the next three months.

 

“But this depends on how much regulators will allow it,” he said, citing that monetary officials, for one, would not allow inflation to go beyond their target range.

 

Oil prices continue to go up as a result of the same trend in the international market, with Asian crude oil prices seen to rise by around 20 percent this year.

 

Since the start of the year, most domestic oil companies have increased prices by at least six times, with gasoline prices up by about PHP2.30 per liter.

 

There remain pending wage hike petitions since last year, but regulators have yet to act on it.

 

With inflation seen to go beyond the government’s target following the inflation rate level last January, Cuyegkeng also revised his projection for the increase in the Bangko Sentral ng Pilipinas’ (BSP) key from 50 basis points this year to 75 basis points, or three rate hikes at 25 basis points each.

 

He said the rate hikes may start this March instead of the earlier projection of May.

 

“(The rate hikes will be done) to anchor inflation expectations and remove the anxiety of the markets,” he said.

 

Aside from faster headline inflation rate last January, core inflation, which excludes adjustments of the volatile food and oil index, also registered a faster rate of 3.9 from last December’s 3 percent.

 

Inflation rate last January is already the higher end of the government’s 2 to 4 percent target for 2017-19.

 

With this development, Cuyegkeng revised the bank’s average inflation forecast for this year from 3.7 percent to at least 4 percent while next year’s average is projected at 3.5 percent on lesser pressure amid the additional excise tax increases.

 

 

Pernia, experts see inflation rate hike

Published in Business

MAKATI CITY – Socioeconomic Planning Secretary Ernesto Pernia is one with private economists in saying the country’s inflation rate is expected to increase in the coming months due to the tax reform program but will slow down toward the end of the year.

 

“In the coming months, we will feel the effect of price increases but then in the later part of the year, we expect the inflationary impact to taper out,” said Pernia, the National Economic and Development Authority (NEDA) Director-General.

 

The country’s inflation rate accelerated to 4 percent in January 2018, 7 percentage points higher from previous month’s 3.3 percent.

 

Pernia attributed the 2 percentage point increase partly to the implementation of Tax Reform for Acceleration and Inclusion (TRAIN) due to increases in fuel prices and sweetened drinks, as well as to the lingering effects of last quarter’s typhoons to food prices.

 

“But it’s going to be short-lived. It’s going to taper out over the months, in the next quarters. That is just the initial reaction. And maybe, merchants may have been taking advantage of the increase in prices because it’s expected,” he said.

 

The NEDA chief further said the Development Budget Coordinating Committee (DBCC) had no plan yet to revise its 2018 inflation target.

 

The DBCC maintained the target inflation range for 2018 to 2020 at 2 to 4 percent.

 

“We will see how persistent the inflationary pressures are,” Pernia said.

 

The TRAIN law, which was implemented starting January this year, lowered personal income taxes resulting to higher tax home pay but imposed higher taxes also on automobiles and tobacco.

 

Meanwhile, a private economist sees Philippines 2018 inflation rate peaking in the first half of the year due to the expected second-round effects of the government’s tax reform program.

 

ING Bank Manila senior economist Joey Cuyegkeng told reporters after the bank’s economic briefing for clients Wednesday that inflation risks had risen as proven by the unexpected faster inflation rate last January at 4 percent from month-ago’s 3.3 percent.

 

Economists are attributing this uptick partly to the implementation of the first package of tax reform, which hiked excise taxes on oil and sugar-sweetened beverages, among others, to counter the cut in workers’ income tax.

 

Cuyegkeng said second-round effects, or the market reaction on the rise in the prices of oil and some commodities, was seen to go up, especially in the next three months.

 

“But this depends on how much regulators will allow it,” he said, citing that monetary officials, for one, would not allow inflation to go beyond their target range.

 

Oil prices continue to go up as a result of the same trend in the international market, with Asian crude oil prices seen to rise by around 20 percent this year.

 

Since the start of the year, most domestic oil companies have increased prices by at least six times, with gasoline prices up by about PHP2.30 per liter.

 

There remain pending wage hike petitions since last year, but regulators have yet to act on it.

 

With inflation seen to go beyond the government’s target following the inflation rate level last January, Cuyegkeng also revised his projection for the increase in the Bangko Sentral ng Pilipinas’ (BSP) key from 50 basis points this year to 75 basis points, or three rate hikes at 25 basis points each.

 

He said the rate hikes may start this March instead of the earlier projection of May.

 

“(The rate hikes will be done) to anchor inflation expectations and remove the anxiety of the markets,” he said.

 

Aside from faster headline inflation rate last January, core inflation, which excludes adjustments of the volatile food and oil index, also registered a faster rate of 3.9 from last December’s 3 percent.

 

Inflation rate last January is already the higher end of the government’s 2 to 4 percent target for 2017-19.

 

With this development, Cuyegkeng revised the bank’s average inflation forecast for this year from 3.7 percent to at least 4 percent while next year’s average is projected at 3.5 percent on lesser pressure amid the additional excise tax increases.

 

 

Helping Pinoys on deed of donation

Published in Health and Wealth

QUESTION: My father is giving a parcel of land he owned in the Philippines to my older brother in consideration of his love and affection to my father and our family. My father can't go to the Philippine Consulate Office. He wants to accomplish his desire while he is still mentally and emotionally capable. Can you help us? - Joel Garcia, Daly City, California.

 

ANSWER: Yes Joel, through the Notary Public Accreditation Program of the Philippine Consul General in San Francisco, our Mobile Signing Services can help your father. The Notary Public Accreditation Program is a great help for those who can't go to the Philippine Consulate Office like your father.

 

Through the assistance and partnership with a paralegal and/or a lawyer, we can prepare a draft of Deed of Donation with your father as the Donor and your older brother as the Donee. To be able to do this, we need the complete name, address, telephone number of your father here in California; and the complete name, address and telephone number of your older brother in the Philippines. We also need the exact location of the land parcel and description of the property.

 

After the draft of the Deed of Donation is reviewed and approved by you and your father, our accredited Notary Public can visit your father at home for notarization. Your father will sign the Deed of Donation. He will also sign the Journal of Notarial Acts and affix his right thumb mark. The accredited Notary Public will notarize the signed Deed of Donation. Prepare three copies of your father's I.D. (e.g. California I.D. or Passport) for the submission and follow-up of authentication (with red ribbon) in the Philippine Consulate Office in San Francisco, California.

 

If you are available, you can submit the notarized Deed of Donation (two copies, one original and one duplicate with copies of your father's I.D.) at the Front Desk,  2nd floor, Philippine Center Building, 447 Sutter Street, San Francisco, California 94117 for review. Then, pay for authentication fee. ($25 in cash) at the Cashier (on the sixth floor) and follow-up for the authentication (with red ribbon) of the notarized document. Wait for the release of the authenticated document at the adjacent release counter. Be prepared to wait for 4-5 hours for the submission of notarized document and release of authenticated (with red ribbon) document.

 

If you are not available, our Mobile Signing Services can handle and take care everything for you. Most of the time, it is more convenient and economical for you to avail of our complete Mobile Signing Services than for you to do it yourself.

 

For immediate help and assistance in the notarization, submission and authentication of various documents (e.g. Special Power of Attorney, Affidavits, DEED OF SALE, Deed of Extra Judicial Settlement, Quitclaim, Waiver, QUITCLAIM DEED, Etc.) needed in the Philippines and in California, just write or contact MOBILE SIGNING SERVICES, 730 Madrid Street, San Francisco, California 94112. 650)438-3531 or (415)584-7095 or email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 *****

NATIONAL BIBLE DAY: After a very successful 5th WE CARE Evangelism Campaign & Workshop in Cagayan Valley and Pangasinan, some members of the WE CARE Ministries Team were blessed and fortunate to have a brief visit and courtesy call with Senator Manny Pacquiao in the Philippine Senate last January 24, 2018. Through the arrangement of his staff Wendell Alinea and journalist/sports writer Eddie Alinea, those who met boxing icon and Senator Pacquiao include Roberto “Arvie” Indong, top Filipino graduate and Academic Excellence awardee, Class 2012 of Southeast Institute of Biblical Studies in Knoxville, Tennessee, USA and now minister of the Town Proper Church of Christ in Calasiao, Pangasinan; John Paul Agustin from Caloocan City; yours truly, member of the WE CARE Ministries USA Team and Evangelist at the Golden Gate Church of Christ in San Francisco, California and Alfred G. Gabot, book author, publisher, past president of the National Press Club of the Philippines and Editor-in-Chief, Philippines Today.

 

Senator Pacquiao co-authored with Senator Joel Villanueva Senate Bill No. 1270 declaring the last Monday of January a regular holiday to observe the “National Bible Day” and called all Christians to unite and celebrate the Holy Bible as the cradle of the Christian faith. Last year, President Rodrigo Duterte declared January of every year as “National Bible Month” and every last week of January as “National Bible Week” by virtue of Proclamation No. 124.

 

As Evangelist, I personally commend Senator Pacquiao, Senator Villanueva and President Duterte for declaring “National Bible Day,” “National Bible Week” and “National Bible Month.”

 

(ART GABOT MADLAING is a commissioned Notary Public and licensed Real Estate Broker (BRE#00635976) in California since 1981. He is accredited Notary Public by the Philippine Consul General in San Francisco. Art is the founder of FITNESS FOR HUMANITY (aka FITNESS FOR CHRIST) and ACAPINOY. He is active Evangelist with the GOLDEN GATE CHURCH OF CHRIST in San Francisco, California.)

 

It’s Happening Again

Published in On Distant Shore

One gets the feeling of déjà vu as students of the state-owned University of the Philippines prepare to hold massive protests against the country’s continued slide to dictatorship under the repressive regime of President Rodrigo Duterte.

 

The day after several UP students walked out of their classes to join the National Day of Walkout Against Tyranny and Dictatorship that was organized by progressive groups, Duterte threatened to kick out the protesting students and replace them with members of the lumad community from Mindanao.

 

Duterte lamented that UP students are frequently walking out of their classes although the government was subsidizing their studies.

 

It is important to note that the students were urging the people to fight the dictatorship under Duterte, carrying banners that said “No to Duterte’s Dictatorship,” “Defend Press Freedom,” “Fight Charter Change,” “Oust Duterte,” and “Uphold Civil and Political Liberties.”

 

The militant UP students under Stand-UP (Student Alliance for the Advancement of Democratic Rights in UP) barked back at the President and told him to give up his slot in Malacanang instead.

 

“His statement exposes the true nature of his ‘free education’ scam: not all will benefit; instead of guaranteeing the right of every child to education, he dangles it around every time there is opposition to his fanatical dictatorship,” Kabataan Rep. Sarah Elago said.

 

Anakpawis Rep. Ariel Casilao also slammed Duterte’s threat as an “act of oppression” and said that the youth and students “do not answer to Duterte but to the oppressed Filipino people.”

 

Duterte’s using the lumads as possible replacement for the protesting UP students exposes the hypocrisy of his stand vis-à-vis the indigenous people of Mindanao. It may be recalled that during the Marawi siege, he threatened to bomb lumad schools because, he said, they were being used to teach students to rebel against the government.

 

The students of the state university, long the bastion of militant activism in the country, responded to Duterte’s threats with a call to arms for more massive rallies starting on Feb. 23 to, in the words of Elago, “fight Duterte’s dictatorship and his tyrannical attacks against the youth and the people.”

Last week’s walkout and protest rally mirror similar mass demonstrations held in the first three months of the year during the regime of President Marcos that eventually altered the course of the country’s history.

 

It all started with the UP General Strike in 1969 when various student organizations in the state university, later joined by the faculty members, walked out of their classes from January 31 to February 4 after then President Ferdinand Marcos failed to release the P9-million budget of UP. After negotiations, Malacanang and the UP management agreed to several of the students’ demands.

 

A year later, student activism, again led by UP students, reached a new high with the start of what is now known as the First Quarter Storm, a series of massive demonstrations that commenced on January 26, 1970 and ended with a violent dispersal of a major protest rally on Mendiola St. near Malacanang on March 17, 1970.

 

With the country falling into debt, the peso dropping incessantly, the prices soaring, and rumors circulating that Marcos, who had just been elected to an unprecedented second term, was setting the stage for a third term through constitutional change (sounds familiar?), militant students staged a mass protest outside Congress as Marcos was delivering his state of the Nation address (SONA) on January 26 that year.

 

Marcos was then apparently laying the groundwork for the declaration of martial law as his topic in that SONA was “National Discipline: The Key to Our Future” echoing what was to be the slogan of his martial law rule – “Sa Ikakaunlad ng Bayan, Disiplina ang Kailangan.”

 

As Marcos was getting outside of the building, somebody from the protesters’ ranks threw a cardboard coffin and papier mache of a crocodile to symbolize corruption in the government. After the demonstrators set an effigy on fire, policemen charged and dispersed them. But the protest continued elsewhere on P. Burgos Ave. until after 10 p.m.

 

Stung by the brutality of the dispersal, students marched again to Congress and later, chanting “Huwag Matakot, Makibaka!” marched on towards Malacanang, where they were again violently dispersed by policemen. Four students, including a classmate of mine in UP, were killed by police bullets and many others injured.  The protesters commandeered a fire truck nearby and smashed it against the Malacanang gate.

 

The UP demonstrators were joined by students from the Philippine College of Commerce (now Polytechnic University of the Philippines) and several other schools in Manila. As the protesters retreated towards Mendiola Bridge, students from nearby dormitories and schools joined them. They occupied the historic bridge until the military dispersed the protesters after 9 p.m.

 

Daily protests were held in various campuses and streets culminating in another massive rally at Plaza Miranda. Six days later, on Feb. 18, protesters staged another mammoth rally in front of the US Embassy where they accused the US of imperialism and of supporting Marcos.

On Feb. 16, the students massed again at Plaza Miranda but the police and Metrocom blocked them, causing the students to proceed to the Sunken Gardens and to the US Embassy where they clashed with policemen. The students regrouped on Mendiola and to the PCC campus, which the police stormed and hit several students and professors.

 

On March 3, students organized a “people’s march” through Tondo, Plaza Lawton and the US Embassy where they clashed again with gun-toting policemen. On March 17, they marched again through poor communities and on to the US Embassy, where they were dispersed by policemen with tear gas, guns and batons.

 

Almost a year later, from Feb. 1 to 9 in 1971, the students and faculty of the University of the Philippines did the unthinkable when they barricaded the UP Campus in Diliman, Quezon City and occupied it for nine days to support the transport strike again the oil price hike and to protest military intrusion in the state university.

 

The violent dispersals didn’t dissuade the students from staging more demonstrations and instead, resulted in the number of militant students growing exponentially. With tens of thousands of students taking to the streets almost everyday, and hundreds joining the underground, Marcos found a reason to suspend the writ of habeas corpus and later, to declare martial law in 1972.

 

It is important to note that the First Quarter also played a major role in bringing down the dictatorship 14 years later. After a highly contested snap elections on Feb. 7, 1986, the people rose as one to shout “Tama na. Sobra Na” and staged the People Power Revolution that toppled Marcos and installed Corazon Aquino as the new president.

 

We are now witnessing a similar pattern of repression and increasing affront to democracy with the Duterte administration’s crackdown on dissent, highlighted by the jailing of fierce critic Sen Leila de Lima, the impeachment moves on Chief Justice Lourdes Sereno and Ombudsman Conchita Carpio-Morales, the suspension of the deputy Ombudsman who is investigating hidden wealth charges against the President, the repeated attempt to change the Constitution, the threats against the Commission on Human Rights, and now the threat poised on militant students of the University of the Philippines.

 

The similarities in the events leading to the declaration of martial law by Marcos and the pattern of repression and dictatorial actions of the current president are so eerily evident to ignore. UP students are rising to the occasion again to lead the fight against tyranny and Duterte’s repressive regime is revving up its machine to curtail the students’ right to express their and the people’s grievance.

 

The need for vigilance has become even more paramount and the need to remind the people of the promise made on EDSA – “Never Again to Martial Law!” never more pronounced.

 

(This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Copyrighted for Philippines Today Tel: (650) 872-3200. Website developed by: SP3Media.com

Top Desktop version