Following the green light from the Philippine Fisheries Development Authority (PFDA) and project awarding to a Tagum City-based firm, the construction of the PHP300-million fish port facility in Mati City, Davao Oriental is set to commence next month. In an interview Wednesday, Ben Jason Tesiorna, Mati City information officer, said of the estimated project cost, the PFDA has committed to allocate PHP150 million. PFDA general manager Glen Pangapalan informed the winning contractor that his office will initially shell out PHP69.3 million as part of the PHP150-million allotment. Tesiorna identified the winning project contractor as the Teddie Construction Development/Metro Gear Construction
Department of Energy (DOE) Secretary Alfonso Cusi said prices of petroleum products are expected to further increase until early next year with the current shortage in oil supply in the world market. In an interview with ABS-CBN News Channel Wednesday, Cusi attributed the oil price hike for the past eight weeks mainly to developments in the global market. Global supply is still lacking around 3 million barrels per day (bpd) as oil producers and exporters are only supplying 100 million bpd while demand is at 103 millions bpd. The Organization of Petroleum Exporting Countries and its allies (OPEC+) is sticking
Global outstanding government debt grew around $13 trillion in 2020 during the pandemic, carrying the total to over $83 trillion, due to increased spending to combat the virus and protect households and businesses from economic disaster, according to Moody’s on Tuesday. “The coronavirus pandemic led to an unprecedented surge in government debt levels,” William Foster, a vice president in Moody’s Sovereign Risk Group in New York, told during a podcast — Moody’s Talks — The Big Picture: Covid has pushed government debt to new heights. Now what? “Even before the pandemic, government debt levels have been climbing for a decade,”
A top business leader here on Wednesday expressed support to the Bangko Sentral ng Pilipinas’ (BSP) stand that raising interest rates too early will cause more harm to the recovery of the Philippine economy. “The Cebu Chamber of Commerce and Industry (CCCI) supports BSP Governor Benjamin Diokno’s analysis (on raising interest rates),” CCCI president Felix Taguiam said in a statement. Diokno earlier said the harm of “tightening monetary policy too soon exceeds the harm of moving too late” given that the Philippine economy is at its early state of recovery. “CCCI underscores that we are still in the period of
Operatives of the National Bureau of Investigation (NBI) arrested two alleged “investment scam” agents in an entrapment operation here on Tuesday afternoon. Lawyer Regner Peneza, head of NBI-Sarangani District Office (Sardo), said on Wednesday they collared suspects Leonard Patacsil and Christian Dave Ramilo as they were about to receive investment money from one of their victims at a convenience store in Barangay Lagao past 2 p.m. He said the operation stemmed from a complaint filed by a local resident who claimed to have already “invested” over PHP500,000 with the suspects. The amount was supposedly deposited to the “WIN 2 IT”
Following the easing of quarantine protocols and the continuous decrease of coronavirus infections, the Laoag City government has allowed the reopening of a wider night market with adherence to minimum health and safety protocols. After observing its dry run operation, Laoag City Mayor Michael M. Keon on Wednesday reminded vendors and consumers to strictly observe crowd control measures to ensure smooth operation of the night market. With the reopening of the night market on Tuesday, residents here are given more options where to buy food and vendors are also equally excited to go back into business. From Monday to Saturday,
