Winners and losers from peso depreciationThe depreciation of the peso has continued from the last time I wrote about it (Sept. 14 column). Winners and losers in peso depreciation. In this sense, the peso depreciation is also a driver of inflation in the economy. In the history of our country, we have experienced many episodes of peso depreciation. Thus, an improved performance can be expected which strengthens the overall economic response as a result of the current peso depreciation.
This concept is popularly known as the “5x5 Rule.” This rule implies that the number five has its own significance in different fields. In mathematics, five is the only prime number ending in “5”. From a tax perspective, five may be a dreaded number for taxpayers engaged in trade or business because it symbolizes the five-year validity period of their Authority to Print (ATP) or Permit to Use (PTU) computerized accounting system (CAS), cash register machines (CRM), and point-of-sale (POS). Hence, all PTUs to be issued shall be valid unless revoked by the BIR on grounds such as the following:1. While the number five may have different meanings, affected taxpayers may now rest easy, focus on what truly matters, and declare that to them, five is just a number.
Hong Kong reported its first case involving the new Omicron sub-variants BA.2.75.2 and the XBB.1, adding 4,874 new Covid-19 cases on Monday. The sub-lineage XBB.1 case was first reported in Hong Kong, involving a woman in her 50s who arrived in Hong Kong from the United States on September 25. The new Omicron subvariant BA.2.75 case also was first detected in the city, involving a 32-year-old woman who arrived from Singapore on September 23. For BA.2.75, a sub-lineage strain of Omicron subvariant BA.2, was first detected in India in early May. Hong Kong confirmed 4,874 new Covid patients reported on Monday, including 396 imported cases and ten deaths.
The elections come nine months before Parliament’s term expires, following calls for early polls from Ismail’s United Malays National Organization. He said he decided to call early polls to counter criticism over the legitimacy of his government — the third since 2018 polls. It is likely to be held early November before the year-end monsoon season that often brings devastating floods. Four of the country's 13 states had held polls earlier. Opposition leader Anwar Ibrahim’s Hope Alliance, which won the 2018 polls, is the main contender but without Mahathir’s support.
FDI inflows tank in July on growing recession fearsUnlike the so-called “hot money” which enters and leaves markets with ease, FDIs are firmer commitments that provide jobs for Filipinos, so the government wants to attract more FDIs and not only keep existing ones. Data from the Bangko Sentral ng Pilipinas released Monday showed FDIs raked in a net inflow of $460 million in July, slumping 64.4% year-on-year. A net inflow means more FDIs entered the country than those that left. Year-to-date, FDI posted a net inflow of $5.1 billion, down 12% on an annual basis. For this year, the central bank projects a full-year haul of $10.5 billion net inflow, lower than the actual $12.4 billion net inflow recorded last year.
Authorities should also avoid constantly tightening and relaxing the social distancing measures, he said. "We definitely don't want the social distancing measures to be tightened again. People also gathered at the West Kowloon Cultural District yesterday, despite the four-person social gathering cap and mask mandates remaining. "I hope there is no social gathering cap and wish we could resume normality. Although people are allowed to take off their masks when eating outdoors, they still have to follow the four-person gathering cap.
PHOENIX coach Topex Robinson commended the Fuel Masters for "playing like true professionals" in the 2022-23 PBA Commissioner's Cup amid the recent news on the financial woes that team owner Dennis Uy is facing. And their efforts were handsomely rewarded as Phoenix subdued NLEX on Friday, to finally break into the win column after opening the conference with three straight losses. We don't have control over what is happening around us, but we're professionals and we're just acting like one." But we owe it to the team also, to make sure we fight like hell," stressed the 47-year-old Phoenix mentor. They just stuck with us and we are just repaying what the management has been giving us."
Down by two points 79-77, Bravo buried his second three-pointer of the game with 58.2 seconds left that gave Lyceum the lead, 80-79. After a missed opportunity by SSC-R, Mclaude Guadana split his free throws that gave Lyceum an 81-79 advantage with 14.1 seconds to play. Fouled by Desoyo, Enoch Valdez made 1-of-2 free throws to put the Pirates up with a three-point cushion, 82-79, with 9.2 seconds to go. They are half-game behind College of St. Benilde (6-1), which is playing San Beda University (5-2) at presstime. Guadana also scored 14 points for the Pirates, while John Barba added 11 points.
Free freight services sought for relief goodsMANILA, Philippines — A measure seeking free freight services for the transport of relief goods in areas devastated by calamities has been filed before the House of Representatives. House Bill 4809 states that the delivery of relief goods to areas declared under a state of calamity by the President or local government units should be at no cost to relief organizations. “Given these circumstances, the country is mandated to adopt a streamlined relief system that is expedient and responsive to affected citizens,” the bill said. “Having such a system is critical as the Philippines is an archipelago, requiring freight forwarders and other logistics companies to collect, sort, store, transport and deliver relief goods to calamity areas in the most economical, reliable, speedy and secured manner,” the measure said. Under the bill, the Office of Civil Defense should coordinate with all freight companies and logistics firms in providing free services to registered organizations that need to transport emergency relief goods and donations to calamity victims.
Elmo Magalona steps out of comfort zone with PNL SessionsElmo on hosting the Sunday tambayan virtual music fest Pie Night Long (PNL) Sessions with Vivoree: ‘This is actually my fi rst venture as a host, but I want to take on the experience, (and to) show a different side of me. In Pie Night Long (PNL) Sessions over PIE Channel, Elmo shows his gift of the gab, Sunday nights from 8 to 10. Here, in Pie Night Long Sessions, I’m able to express myself more. The tandem of Elmo and Vivoree is another highlight of the Pie Night Long Sessions. That’s all I can say.”Aside from the Pie Night Long Sessions, viewers are also treated to public service and relevant information in Brgy.
MANILA, Philippines — Three food trucks will be deployed by the Office of the Vice President (OVP) to address malnutrition in schools nationwide, the office said on Sunday. ADVERTISEMENT“The OVP Kalusugan Food Truck is a program that seeks to help children suffering from malnutrition, hunger, and poor development,” Baloro said. The three food trucks will each be deployed in Luzon, Visayas, and Mindanao in identified schools, following a 120-day feeding program menu. Apart from this, Baloro said the food trucks will also be used to transport food to those affected by calamities. “Our food trucks will also serve as mobile kitchen[s] during calamities as part of our disaster operations,” he added.
ASTANA: Novak Djokovic reached the final of the ATP tournament in Astana on Saturday (Sunday in Manila) as opponent Daniil Medvedev surprisingly retired at the end of the second set. With the score at 4-6, 7-6 (8/6), Medvedev called it quits before the deciding set, with Djokovic initially appearing surprised. "So here, on the second point of the tie-break, I felt a little bit (of a) strange pop in my adductor. Medvedev became the first player to take a set off Djokovic in a singles event since Nick Kyrgios in the Wimbledon final. But Medvedev signalled that he could not continue, sending Djokovic into his 128th ATP final.
MANILA, Philippines — Oil companies are poised to implement another big-time fuel price hike next week with prices expected to climb by P6 to P6.30 per liter while those of gasoline may increase by P1.10 to P1.40 per liter, oil companies and officials confirmed on Friday. Philippine prices of diesel and kerosene have been on the downtrend for five consecutive weeks. Last week, local gasoline prices went up by 40 centavos per liter, diesel by 45 centavos per liter and kerosene by 85 centavos per liter. Cumulative increases stand at P14.45 per liter for gasoline, P28.95 per liter for diesel and P23.25 per liter for kerosene, based on the Department of Energy’s monitoring. RELATED STORIESADVERTISEMENTOPEC+ agrees to deep oil production cuts, Biden calls it shortsightedOil heads for weekly gain after OPEC+ cut despite economy headwindsMeralco hike due to pricey fuel, peso fallRead Next
8 cops tagged in 3 scam suspects’ kidnapMANILA, Philippines — Eight police officers in Quezon City have been accused of kidnapping and extorting money from three suspected scammers, the Philippine National Police (PNP) reported yesterday. The alleged involvement of the police officers in the kidnapping was first reported by online news site QC News Today and radio station dwIZ last week. Instead of releasing the victims, the lawmen still filed charges against them. This prompted their relative to seek the help of the IMEG, which “took cognizance of the case,” Fajardo said. She said the police officers can present their sworn statements and other pieces of evidence proving their innocence during the preliminary investigation.
Deputy Secretary for Justice Cheung Kwok-kwan said law enforcement agencies will act according to the law if sufficient evidence is secured after police arrested four civil servants on Friday for suspectedly buying vaccine exemption certificates. If anyone breaks the law, law enforcement agencies will follow up on the cases equally and fairly if they obtain sufficient evidence, he added. Cheung called on citizens to remain vigilant and continue to practice the Covid curbs so that Hong Kong can return to normalcy as soon as possible. He pointed out that the Department of Justice will hold Hong Kong Legal Week 2022 from November 7 to 11. He also highlighted that the recent “0+3” measure can allow the city to invite more international professionals and scholars to the event and further reinforce the city's status as the leading center for international legal and dispute resolution services in the Asia-Pacific region.
