MIC eyes investments in 5 BCDA properties By Reine Juvierre S. Alberto
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BIDEN, NETANYAHU DISCUSS GAZA CRISIS AS INTERNATIONAL PRESSURE MOUNTS ON ISRAEL AND HAMAS TO REACH DEAL
HE Maharlika Investment Corp. (MIC) inked a memorandum of understanding with the state-run Bases Conversion and Development Authority (BCDA) on Monday to explore investment opportunities within five BCDA properties. M IC P resident a nd C h ief Executive Officer (PCEO) Rafael D. Consing Jr. and BCDA PCEO Engr. Joshua M. Bingcang signed the memorandum to embark on the collaboration, which entails the inclusion of BCDA’s programs and projects in MIC’s
portfolio. The five BCDA projects being considered are the Housing Project in New Clark City, Phase 1 of the Clark International Airport Expansion Project, Poro Point Seapor t Moder nization Pro gram, Clark Integrated Public Transport System, and the Clark Central Business District which entails an investment of around $4 billion. Bingcang said that 60 percent of the investment may come from the private sector while the remaining 40 percent can be discussed among government partners, one of which is MIC.
“The MIC’s role in these initiatives is multifaceted. We aim to serve as an anchor, providing the stability and security to attract much-needed private capital, particularly foreign direct investments,” Consing said. The purpose of the signing, Consing added, is for the MIC to further take into consideration the numbers and specific details of each of the five projects in the pipeline. “Furthermore, we wish to explore an innovative financial approach: the partial securitization of expected cash flows derived from BCDA’s earnings from the
Fort Bonifacio Development Corporation, the Subic-Clark-Tarlac Expressway, and Clark Airport,” Consing said. “We want to make sure that every investment they will put in BCDA will give the necessary returns as part of their mandate to be reinvested in national projects, to the government,” Bingcang said. Earlier, Consing said the MIC aims to raise about $1 billion in investments for the energy sector, particularly in solar energy, alone towards the end of the year. See “MIC,” A
ROTARY CLUB OF MANILA JOURNALISM AWARDS
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Tuesday, April 30, 2024 Vol. 19 No. 196
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GOCCS MUST REMIT 25% MORE DIVIDENDS TO N.G. By Reine Juvierre S. Alberto
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HE Department of Finance (DOF) has increased the mandated dividend remittance rate of government-owned and -controlled corporations (GOCCs) to the national treasury to at least 75 percent of their net earnings from the minimum 50 percent to improve non-tax revenue collections. Finance Secretary Ralph G. Recto told reporters in a Viber message on Monday the dividend remittance rate adjustment is one of the government’s strategies to increase revenue collection without imposing new taxes to earmark the current administration’s priority infra-
structure and socio-development projects. Although several provisions of the Republic Act (RA) No. 7656 or the Dividend Law have to be amended first for the dividend rate to be adjusted, Recto said, “[There is] no need [for it].” See “GOCCs,” A
‘STREET FOOD HAWKERS CAN BOOST CULINARY TOURISM’ By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
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OLLYJEEP Jamboree’ anyone? Senator Nancy Binay on Sunday batted for support for street food vendors, who can help raise the profile of local government units (LGUs) by promoting their respective cities and municipalities through culinary tourism. “More often than not, we look at hawkers as urban blights, eyesores, public nuisances, that cause traffic—but they actually play a significant role as a culinary attraction.” “Jollyjeep” refers to the ubiquitous jeepneys along the streets of Makati City, where affordable, home-cooked meals are available for the business district’s lower-salaried employees, similarly how a local fastfood chain offers popular meals to the masses. The lawmaker, who chairs the Senate Committee on Tourism, stressed in a news statement, “Actually, street food culture is an untapped tourism potential. We should support the small vendors because they are also an important part of the economy.” LGUs can help boost tourism in their respective areas by training street food hawkers in sanitation and safety practices, food preparation, handling and serving, to elevate the quality of the street food experience. “Isn’t it people go to Taipei, Bangkok, Singapore, Da Lat [Vietnam], Kuala Lumpur’s Bukit Bintang and Jalan Alor, Seoul, Hong
Kong, and other Asian countries because of their street food? We can organize and level-up our own food markets, and help promote them as a culinary destination. We have a lot of local flavors worth showcasing to the world,” said Binay.
ID no-vending zones FOR another, LGUs can help identify vending and no-vending zones for these food hawkers to also improve the flow of pedestrians and traffic. She pointed out that street food hawkers and vendors are almost always forced to illegally occupy sidewalks, pavements and public spaces because LGUs fall short in providing them with decent, clean, and safe vending zones. They live in constant fear of eviction, demolition, and harassments because they are regarded as illegal vendors without proper sanitation certifications and business permits, she pointed out. She also cited research that showed positive street food experiences significantly influence tourists’ perceptions of a destination, resulting in increased satisfaction, positive word-of-mouth recommendations, and a greater likelihood of returning to the destination. “In truth, we can draw valuable lessons from best practices observed in Iloilo, Bacolod, Pasig, or Makati, where strict adherence to food sanitation protocols ensures hygiene, food quality standards, and consumer safety, and blending it with tourism.” See “Street food,” A
TRANSPORT TURBULENCE Manibela and PISTON jeepney drivers launch a three-day transport strike on Monday, April 29, 2024. They’re urging the Marcos administration to rethink the PUV Modernization Program, which aims to replace jeepneys with electric vehicles. The deadline for operators to consolidate into transportation cooperatives is April 30. Expectations are high for militant labor groups and NGOs to join the strike on May 1, coinciding with Labor Day celebrations. NONIE REYES
Transport groups press SC for TRO on 1st day of strike By Joel R. San Juan @jrsanjuan1573
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RANSPORT groups led by PISTON on Monday made a last-ditch effort to persuade the Supreme Court to issue a temporary restraining order (TRO) enjoining the government from implementing its April 30 deadline for the full implementation of the Public Utility Vehicle Modernization Program (PUVMP). Its supplement a l pet it ion with urgent reiterative motion for the issuance of a TRO and/ or a writ of preliminary injunction cited the amendment in
Department Order (DO) No. 2017-011 issued by the Department of Transportation on June 19, 2017, which is also known as the blueprint of the PUV modernization program. The petitioners noted that in their original petition with prayer for a TRO, they called for the nullification of seven issuances, including DO No. 2017-011. However, on December 29, 2023, or nine days after they filed the said petition, DOTr promulgated DO No. 2023-022, providing the guidelines on the implementations of PUVMP, superseding DO No. 2017-011. See “Transport,” A
PESO EXCHANGE RATES Q US 57.8000 Q JAPAN 0.3661 Q UK 72.2211 Q HK 7.3835 Q CHINA 7.9763 Q SINGAPORE 42.4438 Q AUSTRALIA 37.7318 Q EU 61.8402 Q KOREA 0.0420 Q SAUDI ARABIA 15.4125 Source: BSP (April 29, 2024)