Department of Finance (DOF) Secretary Carlos Dominguez III said Monday government debt and its share of domestic economic output rose last year due to pandemic-related spending but this remained fiscally viable and sustainable. In his speech during the virtual House of Representatives’ Ways and Means Committee briefing, Dominguez said the proportion of debt to gross domestic product (GDP) of the country rose by 15 percentage points last year from a record-low 39.6 percent pre-pandemic. “It is important to note that about 25 percent of our domestic economy consists of government spending. If we did not increase the level of public
A 20-story residential tower will rise in Quiapo District as Manila builds on its dream of a capital city free of informal settlers. On Monday, the San Sebastian Residences, located on Plaza del Carmen Street, broke ground. It will benefit 243 families. It is the city’s sixth housing project after Tondominium 1 and 2, Binondominium, Basecommunity, San Lazaro Residences, and Pedro Gil Residences. The townhouse-style Basecommunity was turned over to 229 beneficiaries in July and the construction of Phase 2 is already being discussed. The high-rise Tondominium expects completion by the end of the year. Officials previously stated the city
The Department of Transportation (DOTr) has given 1,732,158 free rides to vaccinated passengers of its railway systems since Aug. 3. In a Facebook post on Monday, the DOTr said that as of Sept. 5, more than 1.7 million free rides have been provided so far by the Metro Rail Transit Line 3 (MRT-3), Light Rail Transit Line 2 (LRT-2), and Philippine National Railways to vaccinated authorized persons outside of residence (APORs). LRT-1 did not join the free ride program but had short-term offers like free stored-value cards for a limited number of passengers. Free rides will be given until Tuesday,
The Department of Agriculture-Region 12, in partnership with the Office of the Provincial Veterinarian (OPVet), started Monday the distribution of sentinel hogs to villages affected by the African swine fever (ASF) in the province. Dr. Rufino Sorupia, the provincial veterinarian, said two villages — Barangays Linangkob in this city and Malungon in Makilala town — identified as pioneering areas will get at least 30 hogs. He said Barangay Linangkob will be the recipient of 22 sentinel hogs, while Barangay Malungon will receive eight hogs. In the next few days, Sorupia said the remaining 60 hogs will be dispensed to other
Treasury bill (T-bills) rates were either little changed or flat on Monday as demand remained high amid the huge liquidity situation in the domestic economy. The average rate of the 90-day paper, a day short because of a holiday on Dec. 8, moved to 1.078 percent, the 182-day to 1.405 percent, and the 364-day to 1.609 percent. These were at 1.077 percent, 1.405 percent, and 1.616 percent for the three-month, six-month, and one-year papers during the auction last Aug. 31. Dec. 8 is a nonworking holiday to commemorate the Feast the Immaculate Conception of Mary. The Bureau of the Treasury
The House of Representatives on Monday approved on final reading a measure that seeks to introduce essential activities that are required to minimize the danger and impact of acute public health events that endanger the collective health of the country’s population. With 191 affirmative votes, 6 negative votes, and no abstention, the chamber passed on third reading House Bill 9561, which seeks to establish a health security national action plan and strengthen institutional capacity to implement disease prevention, surveillance, control, and response systems. It also seeks to implement contingency plans to deal with public health events and emergencies, deliberate release
