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BUSINESS HEADLINES THIS PAST WEEK...
(Mini Reads followed by Full Reports below)

PRESIDENT AQUINO SIGNS P3,002-T BUDGET FOR 2016


DECEMBER 22 -President Aquino (MB File) Philippine News Agency December 22, 2015 By Leslie D. Venzon - President Benigno S. Aquino on Tuesday signed into law the P3.002-trillion national budget for 2016, adding another record for the country for passing the General Appropriations Act (GAA) on time. “Sa pagtutulungan ng Ehekutibo, at ng Kongreso, at ng iba’t iba pang institusyon, panibagong rekord na naman ang ating nakamit. Ito po ang ikaanim na sunod na taon na naipasa ang Budget ng Bayan sa tamang oras,” the President said during the signing of the 2016 GAA. Pres. Aquino said passing the budget on time is important to enable the government to continuously provide services for more Filipinos and achieve inclusive growth. “Malinaw ang hangad natin: Inclusive growth. Sa paglalaan ng makatwirang pondo sa ating mga ahensiya at programa, nabibigyan ng pagkakataon ang ating mga kababayang makasabay sa pag-angat ng ekonomiya,” he said. The Chief Executive said his administration has been pushing for thorough consultations so the people themselves will determine key projects that should be funded. “Alam naman po natin, masusulit lang ang mga bumubukas na pagkakataon kung may sapat na kakayahan ang Pilipinong sagarin ang benepisyong dulot nito. Kaya patuloy ang pagbuhos natin ng pondo sa mga serbisyong panlipunan na nagbibigay-lakas sa ating mga Boss,” he added. For 2016, President Aquino said the Department of Education (DepEd) will receive the largest budget of PHP436.5 billion. The President stressed that the funding will enable the government address inherited backlogs in classrooms, books, school armchairs and teachers. “Bahagi nito ang pagpapatayo ng 47,553 classrooms, pagbili ng 103.2 million bagong textbooks, at pag-hire ng 79,691 positions para sa teaching and non-teaching personnel,” he added. The Chief Executive said PHP62.7 billion has been earmarked to support the expanded poverty alleviation program, the Pantawid Pamilyang Pilipino Program, to cover an estimated 4.6 million beneficiaries. READ MORE...

ALSO: APEC holidays pulled down BIR collections: Down for a fourth month, full-year target in Peril


DECEMBER 24 -According to preliminary figures, Customs collected P29.1 billion in November, 27.4-percent below its P40-billion target for the month and down 6.9 percent from last year. Philstar.com/File
Last month’s holidays due to the Asia-Pacific Economic Cooperation (APEC) meetings pulled down the Bureau of Customs’ revenue collections for a fourth month in a row. According to preliminary figures, Customs collected P29.1 billion in November, 27.4-percent below its P40-billion target for the month and down 6.9 percent from last year. Data could still be slightly revised once final collection figures are released by the Bureau of the Treasury. November marked the fourth month Customs recorded negative growth in collections after contractions in August (seven percent), September (0.8 percent) and October (five percent). “Despite expediting customs services several weeks before the APEC meetings, limited port activity had severely affected revenues,” Customs said in a statement. “Truck bans, road closures and traffic rerouting schemes within the ports’ perimeters further pulled down the daily average collection from P2 billion to as low as P50 million,” it added. READ MORE...

ALSO: Zobel de Ayala, APEC officials were conferred presidential merits


DECEMBER 23 -Ayala Corporation Chairman and CEO Jaime Augusto Zobel de Ayala (JAZA) was among the 11 honorees of various presidential awards for their respective roles in the country’s successful hosting of the 2015 Asia Pacific Economic Cooperation (APEC) Summit held in November.
President Benigno S. Aquino III conferred the Gawad Mabini with the rank of Commander (Dakilang Kasugo) on JAZA for his “vital contribution as chairperson of the APEC 2015 Private Sector Advisory Council and as co-chair for the APEC Business Advisory Council Sustainable Development Working Group.” The same honor was given to JAZA’s fellow Philippine representatives to the APEC Business Advisory Council (ABAC): Jollibee Founding Chair Tony Tan Caktiong, who was chairman of the APEC CEO Summit (not present at the conferment of honors), and A. Magsaysay President and CEO and ABAC Chair Doris Magsaysay-Ho. The Gawad Mabini, or Order of Mabini, is an honor given by the President to personnel of the Department of Foreign Affairs, or on other Filipinos “who have rendered distinguished service or promoted the interests of the Republic of the Philippine at home and abroad.” Established in 1974 as a regular order of merit of the country, it has three ranks: Dakilang Kamanong (Grand Cross), Dakilang Kasugo (Commander), and Kasugo (Member). READ MORE...

ALSO: Humble immigrant builds foundation for charity and change


DECEMBER 23 -Wong Chu King: A legacy of humility, hard work, and charity
The Wong Chu King Foundation is named after a humble immigrant from Amoy, China, who sought greener pastures in the Philippines. Mr. Wong Chu King built a business empire through hard work, fierce determination, and great sacrifice. Success did not come easy for him—he lived through the fears and uncertainties of World War II.
These traits were evident during the war when King started a small cigarette business. With the help of four assistants, King peddled his produce in the side streets of Divisoria. King survived the war and learned valuable lessons that would serve him well in the coming years. One lesson that stood out: as a sign of gratitude to God for sparing his life during the war, he pledged to do all he could to improve the lives of other war survivors. Generosity and compassion became his tenets in living a life dedicated to providing opportunities for others. After the war, King established La Campana Fabrica de Tabacos. With the help of his wife, Nelia, and his children, King nurtured his small business into a thriving empire. But though focused on growing his business, King continued to live by the lessons he learned in his earlier years, during the turbulent times when survival was uncertain. His commitment to business leadership and success was also his way of fulfilling his pledge of helping as many people as possible by providing them with jobs and opportunities for personal growth. Today, King’s legacy of humility, charity, and love of God and country is lived through the Wong Chu King Foundation, Inc. which his heirs set up on March 30, 1990. The Foundation symbolizes King’s commitment to charity and compassion. It believes in taking small but necessary steps to help the needy and provide opportunities to the deserving but less fortunate, thereby changing the world—and doing the impossible—one small step at a time. READ MORE...

ALSO: Peso gains strength after US data releases


DECEMBER 23 -The peso on Wednesday closed at its strongest in a more than week against the dollar following the release of latest US economic data. The Philippine currency gained 11 centavos to close at P47.22 to $1 from Tuesday’s P47.33. Wednesday’s finish was the strongest since December 10, when the peso stood at P47.19. “The dollar remained broadly lower against the other major currencies after the release of downbeat US economic reports, dampening demand for the greenback,” Metrobank Research said. US gross domestic product (GDP) grew at an annual rate of 2 percent in the third quarter, better than expectations of 1.9 percent but down sharply from 3.9 percent in the second quarter. US existing home sales, meanwhile, tumbled 10.5 percent to a 10-month low of 4.76 million units last month from 5.32 million in October. The peso opened at P47.25 to $1 at the Philippine Dealing System before trading between P47.20 and P47.31. Total transactions rose to P427 million from P394.3 million on Tuesday. THE FULL REPORT

ALSO: Holiday Greetings from the Commission on Filipinos Overseas (CFO)


DECEMBER 18 -One of the real joys of the holiday season is the opportunity to say​:​ Thank You! Commission on Filipinos Overseas ​ (CFO)​ Office of the President of the Philippines SEE, READ MORE...


READ FULL MEDIA REPORTS HERE:

Pres. Aquino signs P3.002T budget for 2016


President Aquino (MB File)

MANILA, DECEMBER 28, 2015 (MANILA BULLETIN)Philippine News Agency December 22, 2015 By Leslie D. Venzon - President Benigno S. Aquino on Tuesday signed into law the P3.002-trillion national budget for 2016, adding another record for the country for passing the General Appropriations Act (GAA) on time.

“Sa pagtutulungan ng Ehekutibo, at ng Kongreso, at ng iba’t iba pang institusyon, panibagong rekord na naman ang ating nakamit. Ito po ang ikaanim na sunod na taon na naipasa ang Budget ng Bayan sa tamang oras,” the President said during the signing of the 2016 GAA.

Pres. Aquino said passing the budget on time is important to enable the government to continuously provide services for more Filipinos and achieve inclusive growth.

“Malinaw ang hangad natin: Inclusive growth. Sa paglalaan ng makatwirang pondo sa ating mga ahensiya at programa, nabibigyan ng pagkakataon ang ating mga kababayang makasabay sa pag-angat ng ekonomiya,” he said.

The Chief Executive said his administration has been pushing for thorough consultations so the people themselves will determine key projects that should be funded.

“Alam naman po natin, masusulit lang ang mga bumubukas na pagkakataon kung may sapat na kakayahan ang Pilipinong sagarin ang benepisyong dulot nito. Kaya patuloy ang pagbuhos natin ng pondo sa mga serbisyong panlipunan na nagbibigay-lakas sa ating mga Boss,” he added.

For 2016, President Aquino said the Department of Education (DepEd) will receive the largest budget of PHP436.5 billion.

The President stressed that the funding will enable the government address inherited backlogs in classrooms, books, school armchairs and teachers.

“Bahagi nito ang pagpapatayo ng 47,553 classrooms, pagbili ng 103.2 million bagong textbooks, at pag-hire ng 79,691 positions para sa teaching and non-teaching personnel,” he added.

The Chief Executive said PHP62.7 billion has been earmarked to support the expanded poverty alleviation program, the Pantawid Pamilyang Pilipino Program, to cover an estimated 4.6 million beneficiaries.

READ MORE...

“Talaga naman pong wala tayong hinayang na magbuhos ng pondo sa ganitong mga programa, lalo pa’t ngayon pa lang, nakikita na natin ang positibong resulta nito. Ayon nga po sa inisyal na pag-aaral ng DSWD (Department of Social Welfare and Development), 1.5 million na kabahayan o katumbas ng 7.5 million na Pilipino ang naiangat na lampas sa tinatawag na poverty line dahil sa Pantawid Pamilya,” President Aquino said.


PNoy

Meanwhile, the President Aquino said the Department of Public Works and Highways (DPWH) will receive PHP400.4-billion budget next year.

“Kabilang sa susuportahan nito ang pagtatapos ng lahat ng national roads at pagpapagawa ng flood control projects upang maibsan ang pinsalang dulot ng pagbaha,” he said.

The President reiterated his administration’s goal to increase infrastructure investments to 5 percent of the country’s gross domestic product (GDP) in 2016 from this year’s 4 percent.

“Ang bawat ipinapatayong kalsada, tulay, daungan, paliparan, paaralan, farm-to-market roads, at iba pang imprastraktura sa iba’t ibang bahagi ng bansa ay bahagi ng ating estratehiya tungo sa malawakang kaunlaran,” he said.

Moreover, Pres. Aquino said PHP38.9 billion has been also allotted for the National Disaster Risk Reduction and Management Fund meant to prepare the country for the effects of climate change.

“Bahagi po nito ay ipagkakaloob sa ating programang pangrehabilitasyon, kabilang na ang Yolanda Comprehensive Rehabilitation and Recovery Plan. Nariyan din po ang pagpapatayo natin ng karagdagang evacuation centers at pagsusuri sa kalidad ng mga pampublikong gusali upang matiyak ang kaligtasan ng mga kababayan nating apektado ng sakuna,” he added.


PHILSTAR

APEC holidays pulled down Customs collections: Down for a fourth month, full-year target in Peril By Prinz P. Magtulis (The Philippine Star) | Updated December 24, 2015 - 12:00am 0 0 googleplus0 0


According to preliminary figures, Customs collected P29.1 billion in November, 27.4-percent below its P40-billion target for the month and down 6.9 percent from last year. Philstar.com/File

MANILA, Philippines - Last month’s holidays due to the Asia-Pacific Economic Cooperation (APEC) meetings pulled down the Bureau of Customs’ revenue collections for a fourth month in a row.

According to preliminary figures, Customs collected P29.1 billion in November, 27.4-percent below its P40-billion target for the month and down 6.9 percent from last year.

Data could still be slightly revised once final collection figures are released by the Bureau of the Treasury.

November marked the fourth month Customs recorded negative growth in collections after contractions in August (seven percent), September (0.8 percent) and October (five percent).

“Despite expediting customs services several weeks before the APEC meetings, limited port activity had severely affected revenues,” Customs said in a statement.

“Truck bans, road closures and traffic rerouting schemes within the ports’ perimeters further pulled down the daily average collection from P2 billion to as low as P50 million,” it added.

READ MORE...

Metro Manila hosted this year’s annual APEC meetings with the culmination held from Nov. 18 to 19. Special non-working holidays were declared in the capital, although Customs said then its operations would be business as usual.


PNoy APEC 2015 PHOTO: 'Swelling up wih pride'. PHILSTAR FILE

Aside from the holidays, Customs said collections declined due to lower value of imports driven by weak commodity prices in the global market.

Specifically, average import values decreased 7.2 percent for the month even as their volumes rose 12.8 percent.

Low import values, in turn, result into lower valuation where Customs duties and levies are based.

“For non-oil, volume of imports grew 19.4 percent. However, the effect of low world price oil that reduce production cost (lowered) value of imports by 0.8 percent,” Customs said.

For oil imports, meanwhile, both shipment volume and value dropped 10.2 percent and 47.2 percent, respectively. Oil accounts for about 30 percent of Customs revenues.


MANILA BULLETIN

Zobel de Ayala, APEC officials conferred presidential merits December 23, 2015 (updated) Share0 Tweet0 Share0 Email0 Share5 image: http://www.mb.com.ph/wp-content/uploads/2015/12/jaza.jpg


Ayala Corporation Chairman and CEO Jaime Augusto Zobel de Ayala (JAZA) was among the 11 honorees of various presidential awards for their respective roles in the country’s successful hosting of the 2015 Asia Pacific Economic Cooperation (APEC) Summit held in November.

President Benigno S. Aquino III conferred the Gawad Mabini with the rank of Commander (Dakilang Kasugo) on JAZA for his “vital contribution as chairperson of the APEC 2015 Private Sector Advisory Council and as co-chair for the APEC Business Advisory Council Sustainable Development Working Group.”

The same honor was given to JAZA’s fellow Philippine representatives to the APEC Business Advisory Council (ABAC): Jollibee Founding Chair Tony Tan Caktiong, who was chairman of the APEC CEO Summit (not present at the conferment of honors), and A. Magsaysay President and CEO and ABAC Chair Doris Magsaysay-Ho.

The Gawad Mabini, or Order of Mabini, is an honor given by the President to personnel of the Department of Foreign Affairs, or on other Filipinos “who have rendered distinguished service or promoted the interests of the Republic of the Philippine at home and abroad.” Established in 1974 as a regular order of merit of the country, it has three ranks: Dakilang Kamanong (Grand Cross), Dakilang Kasugo (Commander), and Kasugo (Member).

READ MORE...

In addition to his leadership in ABAC, JAZA was also cited for his “exceptional and laudable philanthropic services as co-chairman of the board and executive committee of Ayala, the Ayala Foundation; and for his consistent efforts in fostering improvement in the fields of education, youth development, sustainable livelihood, and inspiring pride and awareness of the talents and culture of the Philippines.”


In the ceremony held December 22 in Malacańang, National Competitiveness Council Private Sector co-chair and Ayala associate director Guillermo Luz was also conferred the Presidential Medal of Merit as APEC CEO Summit chief operating officer.

Other awardees this year are APEC National Organizing Committee Chairman Executive Secretary Paquito Ochoa Jr. and NOC Members Secretary Voltaire Gazmin and Secretary Mel Senen Sarmiento (Order of Sikatuna); NOC Co-Chair Secretary Albert del Rosario (Order of Lakandula); Philippine National Police Chief Gen. Ricardo Marquez, Armed Forces of the Philippines Chief of Staff Gen. Hernando Iriberri, and BGen. Apolinario Alobba (Philippine Legion of Honor).


INQUIRER

Humble immigrant builds foundation for charity and change @inquirerdotnet
INQUIRER.net 09:49 AM December 23rd, 2015


Wong Chu King: A legacy of humility, hard work, and charity

The Wong Chu King Foundation is named after a humble immigrant from Amoy, China, who sought greener pastures in the Philippines. Mr. Wong Chu King built a business empire through hard work, fierce determination, and great sacrifice. Success did not come easy for him—he lived through the fears and uncertainties of World War II.

These traits were evident during the war when King started a small cigarette business. With the help of four assistants, King peddled his produce in the side streets of Divisoria. King survived the war and learned valuable lessons that would serve him well in the coming years. One lesson that stood out: as a sign of gratitude to God for sparing his life during the war, he pledged to do all he could to improve the lives of other war survivors. Generosity and compassion became his tenets in living a life dedicated to providing opportunities for others.

After the war, King established La Campana Fabrica de Tabacos. With the help of his wife, Nelia, and his children, King nurtured his small business into a thriving empire. But though focused on growing his business, King continued to live by the lessons he learned in his earlier years, during the turbulent times when survival was uncertain. His commitment to business leadership and success was also his way of fulfilling his pledge of helping as many people as possible by providing them with jobs and opportunities for personal growth.

Today, King’s legacy of humility, charity, and love of God and country is lived through the Wong Chu King Foundation, Inc. which his heirs set up on March 30, 1990. The Foundation symbolizes King’s commitment to charity and compassion. It believes in taking small but necessary steps to help the needy and provide opportunities to the deserving but less fortunate, thereby changing the world—and doing the impossible—one small step at a time.

READ MORE...

Transformation through charity


The Wong Chu King Foundation supports over 200 scholars who belong to families of tobacco farmers

The Wong Chu King Foundation, Inc. is a non-stock, non-profit donee institution duly accredited by the Philippine Council for NGO Certification (PCNC) in accordance with Bureau of Internal Revenue regulations and by the Department of Social Welfare and Development.

Driven by the tenet “transformation through charity,” the foundation is actively involved in educational and apostolic charities, primarily in areas in the country where tobacco farming is prevalent. It provides scholarships to deserving young men and women, especially to dependents and beneficiaries of Filipino tobacco farmers.

It also seeks to encourage and promote education and scientific research through its scholarship programs, focusing on high school and university scholarships.


A marker is unveiled at the Nuestra Seńora De Piat Elementary School (formerly known as Minanga Elementary School) in Tuguegarao, Cagayan Valley, citing the Foundation’s help in building classrooms for the school.

As devout Catholics, the Wongchuking family spearheads assistance programs through the foundation for restoration and rehabilitation work for churches, especially those with great and historical and cultural value to communities, in various provinces of the country. The foundation also holds outreach programs for institutions like the Home for the Elderly (formerly Golden Acres) and the White Cross Orphanage.

The foundation also addresses concerns in health and nutrition, youth and family welfare, and disaster relief. While its scholarship programs are managed directly by the foundation, other types of assistance are rendered through other nongovernment organizations. Its main sources of income come from donations and contributions of members of the Wongchuking family and from supporters.


FROM CFO (@ DFA PHILIPPINES)


 

 


 

 

 

 

 

 

 





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MANILA TIMES

Peso gains strength after US data releases December 23, 2015 11:51 pm by MAYVELIN U. CARABALLO

The peso on Wednesday closed at its strongest in a more than week against the dollar following the release of latest US economic data.

The Philippine currency gained 11 centavos to close at P47.22 to $1 from Tuesday’s P47.33.

Wednesday’s finish was the strongest since December 10, when the peso stood at P47.19.

“The dollar remained broadly lower against the other major currencies after the release of downbeat US economic reports, dampening demand for the greenback,” Metrobank Research said.

US gross domestic product (GDP) grew at an annual rate of 2 percent in the third quarter, better than expectations of 1.9 percent but down sharply from 3.9 percent in the second quarter.

US existing home sales, meanwhile, tumbled 10.5 percent to a 10-month low of 4.76 million units last month from 5.32 million in October.

The peso opened at P47.25 to $1 at the Philippine Dealing System before trading between P47.20 and P47.31.

Total transactions rose to P427 million from P394.3 million on Tuesday.


Chief News Editor: Sol Jose Vanzi

 


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