The P1-billion penalty paid by Philex Mining Corp. for the tailings spill that occurred at its Padcal mine site in August 2012 may have been “low,” according to Sen. Sergio Osmeña III.
Employees of Philex Mining Corp. staged a protest ritual in front of the Mines and Geosciences Bureau (MGB) headquarters in Quezon City on Wednesday to press for the reopening of the company’s Padcal mine in Benguet that the government ordered shut after a massive mine tailing spill in August last year.
The country’s chief economist said the impressive 6.5-percent growth for 2012 should be sustained for several years to allow it to seep through the grassroots and benefit ordinary Filipinos.
Unless Philippine laws penalize a bank that accepts cash deposits of questionable origin, it would be useless to approve amendments to the Anti-Money Laundering Law (Amla), a senator has pointed out.
Creative ways of “dry cleaning” instead of merely laundering stolen money have urged senators to eye the expansion of the list of institutions required to report purchases and other transactions involving P500,000 and above.
Laws regulating financial transactions are “so loose” that the Philippines risks discredit among investors unless these are addressed, Sen. Sergio Osmeña warned on Sunday. Osmeña, chair of the Senate banks, financial institutions and currencies committee, also denied the charge of businessman Roberto Ongpin that the legislative committees looking into his allegedly questionable dealings with the [...]
MANILA, Philippines—Public Works Secretary Rogelio Singson has promised to spend 80 percent of the P90-billion budget for infrastructure in 2011, following pressure from senators anxious to raise the country’s economic productivity. Members of the Senate finance committee have complained that the Department of Public Works and Highway’s hesitance to spend has slowed down the growth [...]
MANILA, Philippines—The National Telecommunications Commission (NTC) has been studying all angles to protect the interests of the consumers in the proposed merger of the Philippine Long Distance Telephone Co. (PLDT) and Digital Telecommunications Philippines Inc. (Digitel), and would work to come up with a decision before the end of the week. NTC Deputy Commissioner Carlo [...]
MANILA, Philippines – Local units in Mindanao have been exaggerating the extent of their land areas in a bid to acquire bigger revenue allotments from the national government, Environment Secretary Jesus Paje warned senators on Monday. But if Congress supported his department’s move to finish the cadastral survey of the entire country, the government could [...]
Exporters and overseas Filipino workers must brace themselves for the adverse effects of the economic turmoil in Europe and the United States, senators warned Wednesday. Remittances received by families of OFWs are likely to decrease, if not stop altogether, according to Senate ways and means chairman Ralph Recto. Senate finance chairman Franklin Drilon added that [...]
The country’s economic managers on Monday assured senators scrutinizing the proposed 2012 budget that the credit-rating downgrade suffered by the United States would have a minimal impact on the Philippine economy. “Impact on the (gross domestic product) is relatively minor, about -0.1 percent. And impact on overall sectors is -0.5 percent,” Economic Planning Secretary Cayetano [...]
Increased infrastructure spending and a stronger domestic economy will buoy up the Philippines amid the crisis pummeling its biggest global trading partner, Senate leaders said on Sunday. Their assurance came in the wake of fears that Standard and Poor’s (S&P) downgrade of the US credit rating from AAA to AA+ could cause dramatic alterations in [...]
