He also said the national security law will help improve the business environment and the status of Hong Kong as a financial center. There was no need to overreact to measures proposed by the US President Donald Trump on Friday, Chan assured. He said authorities were confident in defending the Hong Kong dollar exchange rate, with foreign exchange reserves twice the size of the entire monetary base and liquidity in the banking system "very healthy and strong," Reuters reports. Chan added capital will continue to flow freely in and out of Hong Kong. “We are not too surprised by the move and don’t expect the Hong Kong financial markets to be either.”
June 01, 2020 05:15 UTC
Related Stories Banks ready to extend loan payment grace period if lockdown gets lengthened“Congress should be cautious not to unduly weaken them,” he added. Diokno made the statement in response to Philstar.com’s query on whether the central bank supports plans to extend provisions under Republic Act 11469 that defer payment schedules for loans falling due during the quarantine period. BDO hikes loan loss buffersThat said, banks appear to be in stable footing for now and gearing for a long battle against unpaid loans. There is also the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) measure to provide wider loan guarantees to small firms. Diokno said BSP supports both FIST and GUIDE bills.
June 01, 2020 05:15 UTC
Time has run out for the Tokyo-based Sunwolves to join a Super Rugby competition that has been revamped because of the coronavirus pandemic. The regular Super Rugby tournament was suspended in March after seven rounds of matches, leaving teams from five countries in limbo. "There are significant challenges facing the Sunwolves' participation in this modified competition model which Rugby Australia, SANZAAR and the Sunwolves have been attempting to work through,'' Rugby Australia interim chief executive Rob Clarke said. ``Following the decision ... the Super Rugby challenge of the Sunwolves, after five seasons, will be over. It has been an honor and privilege for us to be part of the toughest rugby competition in the world.``-AP
June 01, 2020 05:15 UTC
MANILA, Philippines — Due to the continuing threat of coronavirus disease, activities for the Philippine Environment Month this June will be observed online, a first in its more than three-decade history, the Department of Natural Resources (DENR) said. The month of June was declared Philippine Environment Month by virtue of Proclamation No. For this year’s 32nd Philippine Environment Month, the DENR’s Environmental Management Bureau (EMB) has lined up virtual activities for the celebration with the theme: “Protect Nature. On June 5, Envieducasong, a song cover of the EMB Kantalikasan Singing Ambassadors will be posted online. Cimatu said an online storytelling for kids will be held on June 12 featuring stories on environmental awareness and protection of nature.
June 01, 2020 05:15 UTC
MANILA, Philippines — The city government of Taguig is planning to implement cashless payment methods using cellphones for tricycles to lessen physical contact and possible infection to the new coronavirus between tricycle drivers and commuters. “The different TODAs (Tricycle Operators and Drivers’ Associations) will implement cashless payments methods using cellphones with the guidance of the city government,” read an advisory from the local government unit (LGU) on Monday. ADVERTISEMENTRegistered TODA drivers and pedicab drivers will also receive P4,000 allowance under the second tranche of social amelioration from the local government. “The Safe City Task Force urges all businesses in the City of Taguig to provide transportation for all their employees. As of Sunday, the city has already recorded 425 confirmed cases of the coronavirus disease.
June 01, 2020 05:03 UTC
MANILA, Philippines — More than 24,000 overseas Filipino workers (OFWs) have been sent home after staying in different quarantine facilities, Malacañang said Monday. In a televised Palace press briefing, presidential spokesperson Harry Roque said 24,028 repatriated Filipino migrants workers had been released as of May 31. ADVERTISEMENTBut figures released by the Department of Labor and Employment (DOLE) showed that over 25,000 have so far been released from quarantine facilities. Thousands of OFWs, however, have complained of the slow release of their COVID-19 test results and clearances, which resulted in weeks of an extended stay in quarantine facilities. Around 200 of these seafarers, however, remain on board as they await their test results, and for safe manning purposes, DOLE added.
June 01, 2020 05:03 UTC
Officials here made it clear that the missiles were to replace expired ones and that no additional launchers were brought in. The defense ministry rejected the report as groundless. The integrated operation of THAAD and Patriot missiles would signify a substantial reinforcement of the U.S. missile defense system, according to experts. "It is not for THAAD launchers, but the U.S. military's vehicle to transport guided missiles," the deputy spokesperson said. Any additional measures regarding the THAAD system are subject to prior discussions between the two sides, he added.
June 01, 2020 04:52 UTC
MANILA, Philippines —Solicitor General Jose Calida said Monday he will not answer queries related to his pending cases against media giant ABS-CBN before the Supreme Court. Furthermore, Calida cited the motion of the OSG to issue a gag order to prohibit the parties and their representatives from discussing the quo warranto case against ABS-CBN in public. “I maintain this position and thus I am not allowed to answer any questions involving matters pending on the Supreme Court,” said Calida. The solicitor general did not attend the hearing conducted on May 26, as he cited the pending petitions he had filed before the Supreme Court against ABS-CBN. READ: House panels to compel SolGen Calida to attend ABS-CBN franchise hearingsADVERTISEMENTRead NextEDITORS' PICKMOST READ
June 01, 2020 04:41 UTC
An infectious disease expert has urged the government to keep working on tracking down the source of coronavirus infection for the most recent patients in Hong Kong, so that targeted measures can be implemented to prevent silent transmission in the community. A 34-year-old Sha Tin woman is critically ill with the virus and her husband has also been infected, while two of the woman's colleagues have tested weak positive for the virus. The Sha Tin patient is a night-shift worker at a Kerry Logistics warehouse in Kwai Chung and labels food items from the United Kingdom. The woman had consulted a private doctor three tiems but had not been referred for a coronavirus test. “The problem of having these cluster outbreaks with unknown sources of infection is that it’s difficult for authorities to implement targeted measures to prevent similar incidents,” he said.
June 01, 2020 04:18 UTC
MANILA, Philippines — The Department of Health (DOH) should drop its plan of employing thousands of contact tracers and instead focus providing funds for treating coronavirus disease (COVID-19) patients, Senate President Vicente Sotto III said Monday. ADVERTISEMENT“It will be wiser and more practical to divert the P11.7 billion for the treatment of patients. Contact tracing can only be effective if you use people who are trained in investigation like how they handled it in Baguio. “The DOH does not need to hire new people to do contact tracing. Duque said the department plans to hire over 130,000 contact tracers for three months to cover a 1:800 ratio in the entire country.
June 01, 2020 04:07 UTC
A pro-Beijing alliance says it has collected over 2.92 million signatures in the past week or so in support of Beijing’s move to bring in a national security law for Hong Kong, RTHK rpeorts. Various pro-Beijing parties and groups under the alliance set up street booths across the city to collect people’s signatures, while employees at some mainland-owned companies were also encouraged to back the legislation. The alliance said today the response shows that the law to cover secession, subversion, terrorism and foreign interference has "widespread support" in the community. Tam said he did not know whether the legislation will be addressed during the standing committee’s next meeting in late June. So maybe later … But I hope it [the legislation] will be finished as soon as possible," Tam said.
June 01, 2020 03:33 UTC
Dr. Beatrice Tiangco, director of The Medical City’s Augusto P. Sarmiento Cancer Institute, compared COVID-19 and cancer. This means as of the end of May 2020, more people have died of cancer than COVID-19 in the Philippines. But COVID-19 and cancer patients can both have a “bad case” of the disease, leading to multi-organ failure, suffering and death. Tiangco stated that like the elderly, and those with diabetes, uncontrolled heart disease and hypertension, cancer patients are more vulnerable to COVID-19. Thus, she advised cancer patients to stay home unless it is necessary to go out.
June 01, 2020 03:00 UTC
A deputy director of the Basic Law Committee, Maria Tam, said today that people are welcome to comment on Beijing's planned national security law for Hong Kong, but it's pointless for anyone to oppose it. But when told that there is nowhere on the NPC website for people to submit comments on the national security law, she said: "I'll ask what happened." According to the Basic Law, the committee Tam sits on should be consulted in the law-making process for the new legislation. Maria Tam had also been asked about whether the new law will prohibit calls for an end to the "one-party dictatorship". But if people start shouting such a slogan at a rally or march in Hong Kong, other participants should leave to be on the safe side.
June 01, 2020 02:48 UTC
Force reels at third police death in four daysA traffic police inspector became the third officer to die a sudden death in four days after collapsing in his Fan Ling home yesterday. It is understood that Tam, who weighed more than 136 kilograms, suffered from chronic diseases including diabetes, high blood pressure and kidney disease. Yuen, a father of four, was rushed to Princess Margaret Hospital after his wife called the police, and was declared dead at the hospital. Yuen’s death followed that of another officer who worked at Tin Sum police station and also collapsed at home at Sha Kok Estate in Sha Tin on Thursday. The senior police constable, Ma, 56, was found unconscious in the toilet by his mother and was rushed to the hospital, where he was declared dead.
June 01, 2020 02:37 UTC
Christo Vladimirov Javacheff created massive works of art mostly outdoors. Their US$26 million Umbrellas project erected1,340 blue umbrellas installed in Japan and 1,760 blue umbrellas in Southern California in 1991. The year 1968 would prove pivotal for the couple with three endeavors: Wrapped Fountain; Wrapped Medieval Tower; and Wrapped Kunsthalle. Jeanne-Claude died in 2009 at age 74 from complications of a brain aneurysm. "But, like classical sculpture, all our wrapped projects are not solid buildings; they are moving with the wind, they are breathing,'' he said.
June 01, 2020 02:35 UTC