The Philippine Alert

July 2010 Issue .

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Political

EO creating Truth Commission signed
President Aquino on July 30 signed an executive order (EO) – his first – creating the Truth Commission. To be headed by former chief justice Hilario Davide Jr, the 5-member commission will investigate allegations of anomalies during the past 9 years of the Arroyo administration.

More officials in the Aquino administration named
The 1st month of the Aquino administration saw more government position filled up. 

Abu Sayyaf behead 3 Basilan loggers
Abu Sayyaf terrorists beheaded 3 loggers in Basilan on June 12 in apparent retaliation for government offensives in Mindanao, security officials said. 

Economy

P-Noy exposes funds misuse, presents solutions in SONA
President Benigno “Noynoy” Aquino III (P-Noy) exposed a number of anomalies in the use of funds under the previous administration, reported on the early accomplishments of his management team, mentioned some of the work being done in keeping with his campaign promises, and outlined a list of bills which he asked Congress to pass during his first State-of-the-Nation Address on July 26. 

Budget deficit P196.7Bn in 6 months
The budget deficit reached P196.7 billion in the first half of 2010, exceeding the ceiling of P145.2 billion for the period set by the previous administration, and higher than the P153.4 billion recorded in 1H09. 

RP among the most restrictive on FDI
A study entitled “Investing Across Borders 2010” released by the World Bank on 87 countries concluded that “the Philippines imposes foreign equity ownership restrictions on more sectors than most other countries,” and when foreign firms are allowed in, they face among the most tedious registration processes in the world. 

Business

Banks fail to comply with agri-agra rule
A report by the Bangko Sentral ng Pilipinas showed that local banks have failed to comply with the 25% mandatory credit allocation to the agricultural sector.

Profits of listed firms in ’09 up by 79%
The combined net earnings of listed firms surged by more than three-quarters in 2009 due to one-time gains from asset sales, better performance by most of the sectors and low base effect when the listed firms’ profits dipped in 2008. 


Energy Dept. plans to import ethanol
The Energy department announced it is planning to adopt a temporary scheme of ethanol importation next year to meet the mandated 10% ethanol mixture in gasoline. 

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