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SENATORS SLAM DOOR ON GSIS, SSS FUNDS IN MAHARLIKA, RIP DIOKNO By Macon Ramos-Araneta
VOL. XXXVII • NO. 112 • 3 SECTIONS 12 PAGES • P20 • WEDNESDAY, JUNE 7, 2023 • www.manilastandard.net • mst.daydesk@gmail.com
SENATORS stood firm on their position that state-run pension and insurance institutions are absolutely prohibited from investing in the proposed Maharlika Investment Fund. Senate Minority Leader Aquilino Pimentel III admonished Finance Secretary Benjamin Diokno for his “play on words” when he claimed the Government Service Insurance System (GSIS) and Social Security System (SSS) can
invest in projects backed by the Maharlika Investment Corp. to be formed out of the MIF law. “They are avoiding the words used in the law like initial capital, additional capital and bonds. If they say ‘subscribe to projects’ what does it mean? Financing means advancing the money needed. Isn’t that plain and simple ‘lending’ or ‘loaning money’ to the project?” Pimentel said. “It is just like buying a bond from the Next page
Inflation eases to 6.1 percent Drops for 4th month in row, dovetails with better job figures
By Julito G. Rada, Maricel V. Cruz, Vito Barcelo, and Vince Lopez
I
NFLATION eased further to a near one-year low in May 2023 at 6.1 percent, down from 6.6 percent in April due to slower increases in the prices of transport, food and non-alcoholic beverages, the Philippine Statistics Authority (PSA) said Tuesday. Data showed that the May inflation was the slowest since the 6.1 percent posted in June 2022. The May inflation remained higher than the rate a year ago of 5.4 percent. The May figure brings the average inflation in the first five months to 7.5 percent, well over the government’s target range of 2 to 4 percent. National statistician and civil registrar Dennis Mapa said in an online briefing that inflation declined for the fourth consecutive month in May 2023. President Ferdinand Marcos Jr. said the decreasing inflation rate is a welcome development and a sign of continued progress towards affordable prices of goods. “Today we received encouraging news that our inflation rate has now gone down – our headline inflation rate has gone down from 6.6 percent to 6.1 percent, and our employment figures are also improving,” Mr. Marcos said. “It looks like we’re doing the right thing. Let’s continue what we are doing so that we can see that we return to a good situation again,” the President said. Budget Secretary Amenah Pangandaman said the administration would continue carrying out its economic strategies. “This goes to show that the economic strategies of the administration...[are] on the right track. Our whole-of-government approach is working,” she said. Next page
HEARING GOOD NEWS. President Ferdinand Marcos Jr. presides over a sectoral meeting in Malacañang on Tuesday, as he welcomed news of the inflation rate falling for the fourth straight month according to the Philippine Statistics Authority. PCO Photo
PH: No more Kuwait shelters only if OFWs stop fleeing from bosses By Rey E. Requejo and Macon Ramos-Araneta
setting up more shelters for distressed overseas Filipino workers in Kuwait if the number of those fleeing their emTHE Department of Foreign Affairs on ployers declines. “It’s non-negotiable in a sense that we Tuesday said the Philippines will stop
have to operate them because there are Vega said in an interview with ANC. runaways. What is negotiable is, defiThe shelters have become a sore point nitely, not to put up more because we in the country’s relations with Kuwait, don’t want to see shelters sprouting,” which imposed a ban on the entry of Foreign Undersecretary Eduardo de Next page
Speaker lauds Gibo, Herbosa appointments
$3,500 VR HEADSET. Apple’s new Vision Pro virtual reality headset is displayed during Apple’s Worldwide Developers Conference at the Apple Park campus in Cupertino, California, on June 5. Apple is challenging Facebookowner Meta in a market that has yet to tempt users beyond videogamers and tech geeks. The release was the most significant product launch by the iconic iPhone maker since it unveiled the Apple Watch in 2015 (see story in Business page B2). AFP
“They are welcome additions to the President’s By Maricel V. Cruz, Vince Lopez, Charles Dantes and Macon Ramos-Araneta immediate official family. Their wealth of experience and knowledge in defense and health SPEAKER Ferdinand Martin G. Romualdez on strengthen the Marcos Cabinet,” he said. Their appointments also mean that the PresiTuesday lauded the appointment by President Ferdinand Marcos Jr. of Gilberto Teodoro Jr. as dent “is bent on finding the best and the brightest Defense secretary and Dr. Teodoro Herbosa as to join him in serving our people,” he said. Next page Health secretary.
‘LTFRB has no power over colorum vehicles’ By Rey E. Requejo
is the Land Transportation Office (LTO) and the Traffic Management Unit of the Philippine NaTHE Department of Justice has issued a legal opin- tional Police (PNP) which are authorized to enforce ion that the Land Transportation Franchising and traffic rules and regulations.” “We advise that LTFRB has no power to appreRegulatory Board (LTFRB) has no power to apprehend, impound and dispose of colorum vehicles. Its hend, impound and dispose of colorum vehicles. Justice Secretary Jesus Crispin Remulla said “it Next page
Phivolcs: Beware of ‘vog’ from Taal Volcano By Joel Zurbano and Charles Dantes
The Aboitiz Group joins forces with Connected Women to empower Filipinas with skills in artificial intelligence and data annotation (AIDA). Story on A3
activity and sulfur dioxide emission. “Sulfur dioxide is acidic and if it blends with waRESIDENTS near the Taal Volcano were urged ter vapor, it becomes vog, and this would cause irto remain indoors after the Philippine Institute of ritation of the eyes, throat and respiratory tract. The Next page Volcanology and Seismology observed increased