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The government has abandoned its previous plan to privatize United Coconut Planters Bank (UCPB) and instead jacked up control over the state-run lender so it can assist farmers and help ensure food security amid the COVID-19 pandemic. In a statement on Friday, the Department of Finance (DOF) said the government's stake in UPCB was hiked to 97 percent from 75 percent previously through the conversion into special preferred shares of P12 billion in capital notes that the lender earlier issued to the state-run Philippine Deposit Insurance Corp. (PDIC). To recall, the government had provided UPCB capital and income support as well as regulatory relief under the financial assistance pac...

Keep on reading: Gov’t hikes UCPB stake, abandons privatization

Widely acknowledged as a pioneer in installation and environmental art, Luis Enano Yee Jr., better known as Junyee, is one of 12 recipients of this year's Gawad CCP Para sa Sining, the highest award granted every three years by the Cultural Center of the Philippines (CCP) to artists and cultural workers. "I am specially honored to be the first artist from Mindanao to receive this award," says Yee, who was born in 1942 in Barrio Sanghan, Cabadbaran City, Agusan del Norte. Yee was selected for his work in the Visual Arts. The other Gawad CCP awardees are Lualhati Bautista (Literature), Kenneth Cobonpue (Design), Clodualdo del Mundo Jr. (Screenwriting), Rafael Catalino "Nonoy" Fro...

Keep on reading: Junyee 1st Mindanao artist to bag Gawad CCP award

Clients of some of the country's biggest banks will be able to use the services of two major digital payments channels for free until the end of the third quarter, while some financial institutions have decided to suspend these fees for the rest of the year. Thus said Bangko Sentral ng Pilipinas Gov. Benjamin Diokno, who welcomed this move by bankers in response to the regulator's call for relief measures that would benefit the general public and deepen the use of digital payments during the COVID-19 pandemic. According to the BSP chief, Union Bank of the Philippines, Asia United Bank, Land Bank of the Philippines, Development Bank of the Philippines, Security Bank, Sterling Bank, ...

Keep on reading: Banks extend fee waivers for digital transactions

Property giant Ayala Land Inc. has obtained approval from the Securities and Exchange Commission (SEC) to bring to public hands the country's very first real estate investment trust (REIT) that will raise as much as P15.1 billion in fresh capital for more local real estate ventures. In its July 9 meeting, the SEC en banc approved the registration statement of Ayala Land-sponsored AREIT Inc. for an initial public offering (IPO) of as much as 502.57 million common shares at a maximum offer price of P30.05 each. The offer consists of a primary offering of up to 47.86 million new common shares and up to 409.02 million secondary shares, with an overallotment option of up to 45.69 millio...

Keep on reading: SEC approves first ever listing of a REIT company

The local stock barometer ended marginally higher on Friday after falling most days of the week due to concerns on rising coronavirus infections locally. The main-share Philippine Stock Exchange index (PSEi) added 4.8 points or 0.08 percent to close at 6,197.38 on selective buying of large-cap stocks. Explaining the PSEi's sideways movement, PNB Securities president Manuel Lisbona said the market started out sluggish during the session as sentiment was dampened by the apparent resurgence of coronavirus cases in the United States. "Bargain-hunting bulls came in toward the end of the session bidding up the likes of SMC, SM Prime and First Gen," Lisbona said, noting, however, that ...

Keep on reading: PSEi inches up on bargain hunting

The Federation of Free Farmers (FFF) urged the Department of Budget and Management (DBM) on Friday to immediately release the remaining funds under the Agricultural Competitiveness Enhancement Fund (ACEF) to address the urgent need of farmers for credit given the adverse effects of the COVID-19 pandemic. The ACEF, put up in 1996, was created as a safety net for farmers and fisherfolk affected by trade liberalization policies of the government. It is funded with duties collected from the importation of agricultural products under the minimum access volume as committed by the Philippines to the World Trade Organization. DBM records showed that the ACEF had a fund balance of P5.15 ...

Keep on reading: Group seeks release of P1.4B in farm credit fund

Manila Electric Co.'s (Meralco) overall rates will decrease by 2.86 centavos per kilowatt-hour in the July billing, the fourth reduction in as many months, as the distribution giant continues to enjoy relief from its take-or-pay schemes with suppliers. Meralco began invoking force majeure in April as the new coronavirus disease (COVID-19) pandemic stunted demand. This spared it from paying a minimum contracted volume of electricity, thus resulting in an adjustment in consumer bills beginning that month. The July round will allow residential customers of Meralco consuming 200 kwh to see a decrease of about P6 in their bills. The distribution giant's latest overall rate is pegged ...

Keep on reading: ‘Force majeure’ sets off another drop in Meralco rates

Jada Pinkett Smith and Will Smith "never ever thought that we would make it back."

After successfully mounting the Miss Philippines Earth online recently, organizer Carousel Productions is considering taking the same route for its international Miss Earth contest. "I don't think flights will be available by November, we will not be able to go around," Carousel executive vice president Lorraine Schuck told Lifestyle. "I also do not want to take the chance to expose the girls to the risk of infection. I find it a little insensitive having the international delegates come here. I don't want to put them in trouble, or get sick because I got them all together," she added. Carousel Productions has been staging Miss Earth and Miss Philippines Earth since 2001. The be...

Keep on reading: Miss Earth to go virtual in November

Inquirer Academy will conduct "QuaranTeen: A Virtual Mindfulness Workshop for Teenagers to be Self-Aware, Confident, Empathic and Resilient," July 14, 16 and 20. Though not strict with age, the virtual workshop is designed for ages 13-15 years old. There will also be a virtual workshop titled "Speak Your Mind: Expressing Freely with Respect and Realness" July 29, designed for ages 16-19. Because of the the coronavirus pandemic, there have been many changes in the way we live every day. It is understandable that these changes can be frustrating for teens seeking autonomy from parents, and try to make real connections with peers and achieve excellence in school, sports, advocacies or...

Keep on reading: Inquirer Academy holds virtual workshop on confidence, resilience for teens

Amazon has instructed its employees to remove the short-video app TikTok from their devices immediately, according to a person familiar with the matter.

CNN's Anderson Cooper asks CDC Director Dr. Robert Redfield about President Trump trashing the agency's guidance for reopening schools.

The Democratic National Committee warned Democratic campaigns, committees and state parties Friday to take additional security precautions when using TikTok.

Ghislaine Maxwell, the confidant of accused sex-trafficker Jeffrey Epstein, argued in a court filing Friday that she should be granted bail while awaiting trial, claiming she wasn't in "hiding" while under criminal investigation, as prosecutors allege, and hasn't left the country in more than a year.

If you've been in contact with your state lawmaker in Mississippi, you may want to get a coronavirus test.

SAN DIEGO --- The Honduran woman was nine months' pregnant and exhausted with stomach pain when the Border Patrol found her in the Southern California mountains with her longtime partner and their 9-year-old son. What happened next illustrates how difficult it has become to seek asylum in the United States during the coronavirus pandemic. Alexy, 32, and his son Samuel were whisked to the border in the wee hours of June 28 and returned to Mexico. Two days later, after giving birth at a hospital in Chula Vista, California, 25-year-old Karina was returned to Tijuana in similar fashion with her newborn son, a U.S. citizen by birthright. In normal times, the family would probably ha...

Keep on reading: Border authorities use pandemic powers to expel immigrants

Public health professionals around the world have lauded Taiwan's response to the coronavirus pandemic. Along with nearby countries such as South Korea and Singapore, Taiwan has employed policy responses to Covid-19 that are worthy of emulation around the world. Taiwan, in particular, effectively contained Covid-19 by springing to action early, coordinating a government-wide response to the virus, and clearly communicating with its citizenry.

MIAMI --- President Donald Trump suggested work on the second phase of a U.S.-China trade deal has become a low priority, saying the two nation's relationship has been "severely damaged" by Beijing's handling of the coronavirus pandemic. Trump, speaking aboard Air Force One on his way to Miami on Friday, repeated his persistent criticism that China could have done more to stop the spread of the virus, which originated in Wuhan province. Trump did not completely rule out working on phase two of the deal but made clear that it was not a top concern. "Honestly, I have many other things in mind," Trump said. The United States and China signed phase one of a trade agreement in Jan...

Keep on reading: Trump swipes at China for virus, trade deal