Philippine Good News

On his first day in office, President Ferdinand Marcos Jr. vetoed a house bill which creates a special economic zone and freeport in conglomerate San Miguel Corp.'s (SMC) Bulacan Airport City, over the project's fiscal risks.  The measure was earlier passed by both chambers of Congress on May 31.  The veto of the measure, known as House Bill No. 7575, is among the first official acts of Marcos Jr., who earlier took his oath of office.  The bill would have created a Bulacan ecozone authority with a corporate life of 50 years. The economic zone would have covered San Miguel Corp.’s P740-billion New Manila International Airport, which can serve up to 100 million passengers per year and is expected to decongest the Philippines' main gateway, Ninoy Aquino International Airport. Marcos said Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act already allows eligible enterprises to apply for and avail of tax incentives outside economic z

  Ferdinand Topacio, legal counsel of Pharmally executives Mohit Dargani and Linconn Ong, told CNN Philippines'   The Source   just moments before the release that all paperwork is done. His clients are eager to reunite with their families and go on with their lives, he added. "Si Mr. Linconn Ong po ay sabik nang makita ang asawa, medyo gigil na gigil na nga po ito,"  he said.  "Meron po silang bagong silang na anak that he’s also very eager to see and to hold in his arms." [Translation: Mr. Linconn Ong is so excited to see his wife, he is trembling with excitement. They have a newborn child that he's also very eager to see and to hold in his arms.] "He (Dargani) is in good spirits. Mr. Dargani is considered the head of his family. His mom, as we all know, raised him as a single parent. He is also eager to be reunited with his sister whom he is very fond," he added. Donn Kapunan, who also serves as the Pharmally officials' counsel, told the med

  The special anti-graft Sandiganbayan court sentenced Marcos, 89, to serve 6 to 11 years in prison for each of the seven counts of violating an anti-corruption law when she illegally funneled about $200 million to Swiss foundations in the 1970s as Metropolitan Manila governor. This shows how the Philippine Justice system works for the rich and powerful. Now that Bongbong Marcos was elected president, definitely a good news to the citizens that Imelda Marcos will never be sent to prison. 

The Land Transportation Franchising and Regulatory Board (LTFRB) has approved a provisional fare increase of P1 for public utility jeepneys in the National Capital Region, Central Luzon, and Calabarzon. “In sum, the fare is now provisionally adjusted to TEN Pesos (P10.00) for the first four (4) kilometers.” Covered PUJ operators are required to display a notice of provisional case increase inside their units.

  Oil companies will increase fuel prices again this week, this time by PHP2.15 per liter for gasoline and PHP4.30 per liter for diesel. Caltex, Seaoil, and Shell will also hike kerosene prices by PHP4.85 per liter. The peso hit 53 to a dollar last week, its weakest in more than three years. On the other hand, oil prices fell on Monday amid risks of slower demand due to increasing Covid-19 cases in Beijing, as well as inflation concerns.

  Pablo Picasso's lost painting 'Reclining Woman VI' has been spotted in the home of Imelda Marcos , raising fears that the family will use their power to recover ill-gotten wealth. Marcos won a landslide in May 9 presidential election, horrifying those who survived his father's rule. The Marcos family continues to face dozens of court cases over their looted wealth on top of criminal and graft and corruption convictions certified by the Supreme Court of the Philippines.  Filipinos are excited for looting, graft and corruption to be the new normal. Truly a good news towards golden age of corruption.

As debt piled up at a faster pace than first-quarter economic growth, the Philippines' outstanding obligations as a share of gross domestic product further climbed to 63.5 percent as of March. The elevated debt-to-GDP level could put the country's investment-grade credit ratings at risk. Separate data showed that locally issued government securities climbed to a fresh record-high of P8.64 trillion as of end-April, while long-dated treasury bonds breached the P8-trillion mark for the first time to P8.01 trillion. Oxford Economics said that Marcos Jr's campaign promise to distribute more cash aid would result in expansionary fiscal policy, which could lead to bigger debts as well as budget deficits. Oxford Economics said the new administration would inherit a "very limited" fiscal space and could announce a more expansionary fiscal agenda than currently forecast. This would increase borrowing costs and weigh on the projected recovery in domestic demand. The outgoing