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Philippine Update WeeklyPhilippine Update WEEKLY UPDATE WE TELL IT LIKE IT IS VOLUME VII, NO. 5 Feb. 01 - 05, 2016 _______ ___ _ ____ __ ___PHIL. Copyright 2002 _ THE WALLACE BUSINESS FORUM, INC. accepts no liability for the accuracy of the data or for the editorial views contained in this report.__ Political Poe panel recommends graft raps vs Abaya over MRT... For entering into contracts that may endanger the safety of Metro Rail Transit (MRT) 3 "Quotes commuters, a Senate subcommittee recommended the filing of graft charges against top of the Week" officials of the Department of Transportation and Communications (DOTC) led by Secretary Joseph Emilio Abaya. The Senate’s subcommittee on public services chaired by Senator Grace Poe recommended the filing of charges for violation of Republic Act 3019 or the Anti- Graft and Corrupt Practices Act against Abaya and other officials “directly involved” in forging “The latest Pulse Asia survey is both contracts in the DOTC. Sen. Poe’s panel cited the “badges of negligence and inactions of the overwhelming and humbling. It echoes DOTC led by Secretary Abaya indicating insensitiveness, callous indifference and acts the voice of the people who trust and disadvantageous to the commuters, the Filipino public and the government.” believe in my capacity to be a leader no matter what hurdles are thrown my ... as Vitangcol wants to know why ombudsman spared Abaya way.” Former Metro Rail Transit Line 3 (MRT-3) general manager Al Vitangcol III has asked the Sandiganbayan to order the Office of the Ombudsman to produce the records of its Senator Grace Poe on regaining the top investigation pertaining to Transportation and Communications Secretary Joseph Emilio spot in the latest Pulse Asia survey. Abaya. Wanting to know why Sec. Abaya was cleared of graft charges while he was indicted, Mr. Vitangcol said the anti-graft court should direct the production of documents relevant to "Mining, the best that I can see now is the case. He claimed that the department chief’s counter-affidavit when the case was still the Australian standard, just follow the Australian standard. Just take care of under investigation would help “negate the wrongful accusations of the ombudsman.” the environment." MILF decommissioning won’t continue sans BBL Davao City Mayor Rodrigo Duterte The decommissioning of the Moro Islamic Liberation Front (MILF)’s combatants and weapons expressing his support for responsible will no longer continue without the passage of the Bangsamoro Basic Law (BBL), the mining during last week’s dinner with government said. But Presidential Communications Operations Office Secretary Herminio the Wallace Business Forum. Coloma Jr. welcomed the statement of MILF’s chief negotiator Mohagher Iqbal that the non- passage of the BBL was not the end of the world for the MILF and that they would continue to “These results once again affirm our pursue a peace settlement. Presidential Adviser on the Peace Process Teresita Deles said belief that good governance is good “the political-legal track centered on the passage of the BBL is at the heart” of the economics.” Comprehensive Agreement on the Bangsamoro (CAB) signed by the government and the MILF on March 27, 2014, concluding 17 years of peace negotiations. The BBL is the legal Presidential Spokesperson Edwin translation of CAB. If enacted, the BBL will be the legal basis for the creation of an Lacierda on the country’s improved autonomous Bangsamoro region to replace the Autonomous Region in Muslim Mindanao ranking in the 2016 Index of Economic Freedom. (ARMM). Makati court issues arrest warrant against Trillanes The Makati Regional Trial Court Branch 142 has issued an arrest warrant against Senator Antonio Trillanes IV in connection with the libel complaint filed by dismissed Makati City Mayor Jejomar Erwin “Junjun” Binay, Jr. The warrant was issued after the court found probable cause to charge the senator for the criminal offense. Sen. Trillanes’ lawyer, Atty. Reynaldo Robles, said the senator is on an official trip abroad for an international forum. But upon his arrival, he will “voluntarily submit himself to the jurisdiction of the Honorable Court, if so required.” For his part, Sen. Trillanes was quoted as saying he will continue to “expose the truth” about the supposed anomalies in Makati City under the rule of the Binays, regardless of the libel charge. DISCLAIMER The articles in this Philippine Weekly Update (PWU) have been culled from various media sources. We cannot, therefore, vouch for the accuracy of what is reported. The Wallace Business Forum, Inc. 1 Feb. 01 - 05, 2016 Weekly Update Binay camp downplays Blue Ribbon report on graft raps FINANCIAL INDICATORS Latest Week Week-ago Year-ago The camp of Vice President Jejomar Binay downplayed the recommendation of the Senate Blue Ribbon subcommittee to file criminal T-Bill Rates (February 01, 2016 average) charges against him and his son, dismissed Makati mayor Jejomar Erwin 91-day N.T. N.T. 1.541 “Junjun” Binay. The charges stemmed from the alleged anomalous 182-day N.T. N.T. 1.758 construction of the Makati City Hall Building II. The Senate subcommittee 364-day N.T. N.T. 1.947 said there was “plunder through grand conspiracy” in the overpricing of the building, which was constructed when the elder Binay was mayor. The subcommittee report was presented in the plenary on Monday (Feb. 1), 2 PESO DEPOSIT RATES (% p.a., January 18 – 22, 2016) days before Congress adjourned. Sen. Aquilino Pimentel III, chairman of Savings Deposit 0.00 0.00 0.00 the subcommittee, previously handed out copies of the partial report to Time Deposit the media after getting the signatures of 10 senators who were members Below 1 year 1.51 1.60 1.27 of the Blue Ribbon committee. He only presented the partial report to the 1 - 2 years 3.46 2.08 2.11 2.40 Over 2 years 3.81 3.15 3.18 plenary for debates last week. DOLLAR DEPOSIT RATES (%p.a., January 18 - 22, 2016) Sereno grills Comelec on foundlings Savings Deposit 0.18 0.18 0.22 Chief Justice Maria Lourdes Sereno’s interpellation of the Commission on Time Deposit Elections (Comelec) centered on the implications of Senator Grace Poe’s 60 days & below 0.54 0.58 0.61 case on the rights of foundlings. Even then, Commissioner Arthur Lim, 61-90 days 0.62 0.61 0.71 who represented the poll body, said it would rather not “lose focus” on the 91-180 days 0.72 0.71 0.81 181 days & above 0.95 0.92 1.00 core issue that led to the cancellation of Sen. Poe’s candidacy -- material misrepresentation. “Let us not lose sight of the fact petitioner is seeking LIBOR/SIBOR (% p.a., February 01 - 02, 2016) the highest position in the land,” Commissioner Lim said during the 3rd round of oral arguments. “The sad life of foundlings is not the issue in this Libor 90 days 0.62 0.62 0.25 case.” But Chief Justice Sereno questioned the notion that the high court Sibor 90 days 1.25 1.25 0.66 Libor 180 days 0.86 0.87 0.36 should treat the case by zeroing in on just Sen. Poe’s alleged lapse. She Sibor 180 days 1.31 1.31 0.73 said any ruling on the senator’s status as a natural-born citizen will not only apply to her but to other foundlings too. Pointing out the wide FOREIGN EXCHANGE RATE (% p.a., February 05, 2016) reaching implications of the case, she wondered if the high court could “canalize and quarantine the effects on foundling rights to only one PDS Weighted Ave. (P/US$) 47.71 47.69 44.16 Blackmarket (P/US$) 48.00 47.95 44.25 person.” PDS Weighted Ave. (P/EURO) 53.53 52.32 50.67 Comelec division junks disqualification cases against PRIME LENDING RATE (% p.a., February 05, 2016) Duterte Bank of America 5.84 5.84 5.54 Voting unanimously, a division of the Commission on Elections (Comelec) BPI 5.40 5.40 5.25 dismissed all disqualification cases filed against presidential aspirant Citibank 5.43 4.71 4.79 Davao City Mayor Rodrigo Duterte. In its resolution, the commissioners of BDO 5.34 5.34 5.27 the 1st Division denied for lack of merit the 4 petitions seeking to Hong Kong & Shanghai Bank 4.58 4.75 5.88 ING Bank 4.50 4.90 4.30 disqualify Mayor Duterte from the presidential race. The poll body Metrobank 6.25 6.25 7.00 consolidated the petitions filed by broadcaster Ruben Castor, University PNB 7.90 7.90 6.90 of the Philippines Student Council head John Paulo de las Nieves, and RCBC 6.75 6.75 6.75 disqualified presidential bets Elly Pamatong and Rizalito David. The Security Bank 6.13 6.13 7.40 petitioners questioned Mayor Duterte’s substitution for Martin Diño as Standard Chartered Bank 4.11 3.90 4.36 UCPB 6.00 6.00 6.00 standard bearer of the Partido ng Demokratikong Pilipino-Lakas ng Bayan Union Bank 6.00 6.00 7.50 since the latter indicated in his Certificate of Candidacy that he was running for mayor of Pasay City and not for president. L/C SELLING RATE-IMPORT (P/US$, February 05, 2016) Bank of America 47.75 47.73 44.20 Economy BPI 47.85 47.73 44.30 Citibank 47.65 47.64 44.08 Domestic spending to offset El Niño Equitable PCI Bank 47.90 47.85 44.25 Economic expansion will likely pick up this year despite a slump in farm Hong Kong & Shanghai Bank 48.47 48.42 44.45 output and a tapering of cash remittances as household and election- ING Bank 47.85 47.80 44.20 Metrobank 47.90 47.90 44.18 related spending push growth above 6%.
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