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Soft launch of wealth fund set PBBM picks World Economic Forum in Switzerland to pitch for it
By Vince Lopez
RESIDENT Ferdinand Marcos Jr. will present the country's economic performance and its plans to establish a sovereign wealth fund before global leaders and chief executive officers (CEOs) of the world’s biggest companies at the World Economic Forum (WEF) in Davos, Switzerland.
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CEOs,” Foreign Affairs Undersecretary Carlos Sorreta said in a press briefing Thursday. "At the briefing this morning, the President said that we are developing all these excellent fundamentals, and there’s
much that we can offer investors, and he said 'You know, let’s talk about the sovereign wealth fund that’s being set up,'" Sorreta added. The DFA official said that the President's plan to introduce the
Philippine's sovereign wealth fund is just a "soft launch." “It’s really more of a soft launch, it’s to introduce it. I understand it is evolving, we have the fullest respect for the congressional Next page
"The President will be leading our will present the country’s economic economic team composed of government performance, which tops growth in the officials and business leaders and we region, before an audience of international
VOL. XXXVI • NO. 331• 3 SECTIONS 12 PAGES • P20 FRIDAY, FRIDAY JANUARY 13, 2023 • www.manilastandard.net • mst.daydesk@gmail.com
Galvez admits ‘valid issues’ at AFP but ‘no unrest’ NEWLY appointed Defense Secretary Carlito Galvez Jr. on Thursday admitted that some "valid issues" such as delays in the promotion of some officers are being resolved even as he denied reports of unrest in the military.
Galvez made the statement shortly after his joint command conference with the officials of the Armed Forces of the Philippines, the first this year, at the AFP General Headquarters in Quezon City. In a press conference, Galvez said the
Department of National Defense (DND) is working on fast-tracking the process of promotion and the deployment of concerned commanders. “There is no truth to the unrest. Maybe Next page
ONE DEFENSE TEAM. Defense Secretary Carlito Galvez Jr. and Armed Forces of the Philippines chief of staff Gen. Andres Centino hold a joint command conference at Tejeros Hall in Camp Aguinaldo on Thursday, Jan. 12, 2023. Manny Palmero
No more onions at Kadiwa, Airport mess trigger: Faulty needs new FTI supply deal circuit breaker
By Joel E. Zurbano
LAST BATCH FOR THE MEANTIME. People line up at the Department of Agriculture's Kadiwa Center for red onions that fetch only for P170 per kilo or about a third of the prevailing price in public markets. The DA, however, said it willl temporarily halt selling cheaper onions starting today, Friday, until it renews its agreement with its supplier, the Food Terminal Inc. (FTI). Manny Palmero
KADIWA stores run by the Department of Agriculture will stop selling cheaper onions beginning today, Friday, as its agreement with Food Terminal Inc. (FTI), the supplier of the precious commodity, ended last December 31, 2022. Meanwhile, Customs agents have seized shipments of smuggled red and white onions worth more than P153 million from China. Also, Albay 1st District Rep. Joey Salceda blamed a cartel for the rising prices of onions and other goods in the country, saying onion prices in the Philippines are the highest in the whole world.
In an interview Thursday, Agriculture Assistant Secretary Kristine Evangelista said the department needs to ensure it has a supplemental memorandum of agreement with the FTI before Kadiwa stores sell onions again. “Starting tomorrow, there will be none for the meantime. We have to make sure if we have to have supplemental MOA, then everything has to be in order to start the second cycle,” Evangelista said. “The first cycle (of onion stocks) is already sold out,” she added. “We’re in the second week of January… We also took into consideration that the price will go down,” Evangelista said. Next page
By Darwin G. Amojelar, Joel Zurbano and Macon Ramos-Araneta A DEFECTIVE circuit breaker worth P10,000 caused the New Year’s Day air traffic mess that grounded more than 300 flights that affected about 65,000 passengers and cost airlines more than P100 million, the Civil Aviation Authority of the Philippines (CAAP) told the Senate Thursday. At a hearing before the Senate public services committee, CAAP Director General Manuel Antonio Tamayo said the air traffic control system went down after a circuit breaker failed due to overNext page
NCRPO calls China still to pursue joint oil probe 43 Metro cops with PH despite SC voiding deal for drug links By Rey E. Requejo and SOME 43 Metro Manila cops were summoned by National Capital Region Police Office chief Maj. Gen. Jonnel Estomo over their inclusion in a watchlist of police personnel with possible links to illegal drugs. In an exclusive report, ABS-CBN showed a video clip of the meeting with Estomo at Camp Bagong Diwa in Taguig where the cops also underwent a surprise drug test. "This is painful. I never imagined this even in my wildest dreams," one policeman said. Next page
Macon Ramos-Araneta
CHINA on Thursday reaffirmed its commitment to joint maritime exploration with the Philippines in the South China Sea despite a decision by the Supreme Court striking down as unconstitutional a 2005 deal among the Philippines, China and Vietnam. The Department of Foreign Affairs (DFA), for its part, said it is setting the parameters to guide negotiations on oil and gas following the Supreme Court ruling.
“China remains committed to properly handle maritime disputes in the South China Sea with countries directly concerned, including the Philippines, through dialogue and consultation, and to actively explore ways for practical maritime cooperation including joint exploration,” China’s spokesman for its Ministry of Foreign Affairs, Wang Wenbin, said in a press conference in Beijing. Wang also recalled President Ferdinand Marcos Jr.’s recent state visit to China, where he and Chinese President Xi Jinping discussed joint exploration. Next page
Heavy rains in South to ease as La Niña ends THE La Niña phenomenon is expected to end by February, a specialist with the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said Thursday.
However, the municipality of Basey in Samar was placed under a state of calamity on Thursday amid the massive flooding triggered by the heavy rains dumped by the low-pressure area (LPA) and the shear line.
A resolution for the declaration was passed by the Office of the Sangguniang Bayan following the recommendation of the Municipal Disaster Risk Reduction and Management Council Next page
SORRY FOR THE AIRPORT FIASCO. Civil Aviation Authority of the Philippines director-general Manuel Tamayo (right) apologizes for the New Year’s Day air traffic mess that grounded more than 300 flights and affected about 65,000 passengers. Tamayo was joined by Transportation Secretary Jaime Bautista during yesterday's Senate hearing on the airport mess. Lino Santos