Due process vowed in Pogo assets forfeiture By Samuel P. Medenilla @sam_medenilla
M THE WORLD | A10
DEATH TOLL IN GAZA SURGES TO 45,000 AS CEASEFIRE TALKS GAIN MOMENTUM
ALACAÑANG on Tuesday gave assurances there will still be due process in the forfeiture of properties used for illegal Philippine Offshore Gaming Operators (POGO) operations. Executive Secretary Lucas P. Bersamin made the remark in an interview with reporters on Tuesday amid ongoing efforts in the Senate to fast-track the
government seizure of POGO properties. “I’ve read that in the newspapers. I know that it is the Senate that will look into it, but we are already doing everything to hasten the process,” Bersamin said. “Except that we have to give due process to whoever appears to be the holder of those assets. We cannot just grab [the properties], but they already have in place laws of regulations about forfeiture,” he added. During the weekend, Senator Sherwin T. Gatchalian said the
proposed Anti-POGO Act will allow the government to take over the facilities used for illegal online gambling activity. Bersamin, however, noted that there are existing laws that will allow the government to seize the POGO assets. “There are already laws that will forfeit [such properties], but the forfeiture process is very slow. It comes usually at the end of the proceedings,” he said. Some of the laws that allow forfeiture of properties in favor of the state are Republic Act No.
1379 and Republic Act No. 9160. Bersamin said the proposed new law from the Senate may help fast-track the forfeiture process of the said POGO properties. Last Sunday, the Philippine Amusement and Gaming Corporation (Pagcor) revoked the license of the remaining POGO and Internet Gaming Licensee nationwide in line with the instruction of President Ferdinand Marcos to ban the said activities before the end of the year.
A broader look at today’s business www.businessmirror.com.ph
n Wednesday, December 18, 2024 Vol. 20 No. 70
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BSP SEEN TO CUT RRR IN ’25 ALONG WITH POLICY RATES By Cai U. Ordinario
A
@caiordinario
PART from reducing policy rates by 100 basis points next year, the Bangko Sentral ng Pilipinas (BSP) could also reduce the reserve requirement ratio (RRR) by mid-2025, according to Nomura. In its Global Macroeconomic Outlook, Nomura said the BSP will continue its easing cycle to reduce policy rates to a neutral rate of 5 percent by May 2025. The think tank also said this will be in tandem with a 200-basis-point reduction in RRR which is expected to improve the BSP’s transmission policy. “We expect growth to gradually improve in 2025 but still undershoot official targets. The economy is vulnerable to Trump policies but public investment and election-related spending will support domestic demand,” Nomura said. “Because of our forecast for inflation to stay at the lower end of BSP’s target, we expect BSP to deliver an additional 100 bp of cuts in this cycle successively, taking the policy rates to BSP’s estimate of neutral by May. We also pencil in another 200 bp RRR reduction by mid-2025, which should help to improve policy transmission further,” it added. See “BSP,” A2
WHEELS BREACHING LIMIT? Motorcycle taxis ply Commonwealth Avenue in Quezon City on Tuesday, December 17, 2024. The Land Transportation Franchising and Regulatory Board (LTFRB) issued a show cause order (SCO) to two of the three ride-hailing companies operating in the capital for allegedly exceeding the government-imposed cap on motorcycle taxi riders. NONOY LACZA
OPENING OF 27 NEW ECOZONES HELPS NET P9-B PEZA APPROVALS
T
HE national government drew in over P9 billion in investment approvals after the opening of 27 new economic zones, according to the Philippine Economic Zone Authority (Peza). In a presentation, Peza Director General Tereso O. Panga told reporters the Marcos administration’s new ecozones saw committed investments reach P9.175 billion in the first two years of the Marcos administration. A total of 16 economic zones were created, leading to
commitments of P5.637 billion this year. This is higher than the 11 ecozones created with commitments reaching P3.538 billion last year. “So [the investments include] a mix of IT and also manufactur ing ecozones,” Pa nga sa id . “ So [t h i s i s] another dimension of our good governance and performance, having sound financial performance, 2024 is the highest by far in the past four years since 2021.” See “Peza,” A2
DOF: Even sans subsidies, PhilHealth can fund benefits By Reine Juvierre S. Alberto @reine_alberto
T
HE Philippine Health Insurance Corporation (PhilHealth) has “adequate resources” to finance its obligations and improve benefit packages despite having no subsidies for next year, according to Finance Secretary Ralph G. Recto. “They have adequate reserves and they have a huge surplus, which they can use for 2025. And yet, they will have P250 billion at least of reserve funds,” Recto told reporters on Tuesday. PhilHealth President and Chief Executive Officer Emmanuel R. Ledesma Jr. said on Monday night
that PhilHealth’s financial position and “strong and sufficient” to sustain its operations. “PhilHealth will continue to pay for the health benefits of all Filipinos, with or without government subsidy. It is our goal to finance the best care and benefits available,” Ledesma said. The choice of the Bicameral Conference Committee, which decided to allocate nothing in budgetary support to PhilHealth, reflects its wisdom and understanding of PhilHealth’s capacity in managing the National Health Insurance Program given its surplus funds, Ledesma added.
NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S) Notice is hereby given that the following companies/Employers have filed with this Regional Office application/s for Alien Employment Permit/s: ESTABLISHMENT / ADDRESS No.
NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION
QUALIFICATION AND SALARY RANGE
1NNOVATION INTERNATIONAL TRAVEL CONSULTANCY INC. Unit 9a3 9/f Ety Building., 484 Quintin Paredes St., Barangay 289, Binondo, City Of Manila
1.
WANG, HUAWEI Chinese Consultant Brief Job Description: Overseeing projects to address issues and needs.
Basic Qualification: At least college level, fluent in Mandarin and English languages and excellent communication skills. Salary Range: Php 30,000 - Php 59,999
See “dole ncr” on A6-A9 See “DOF,” A2
PESO EXCHANGE RATES n US 58.6850 n JAPAN 0.3807 n UK 74.4243 n HK 7.5489 n CHINA 8.0572 n SINGAPORE 43.4768 n AUSTRALIA 37.3823 n EU 61.7014 n KOREA 0.0408 n SAUDI ARABIA 15.6202 Source:
BSP (17 December 2024)