Category Archives: Economy

Economy, Government, Politics

PHILIPPINE TAXWOMAN CAN’T WAIT TO LAY HER HANDS ON MANNY PAQUIAO

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Henares, left, and Pacquiao
Henares, left, and Pacquiao

MANILA, Philippines (The Adobo Chronicles® ) – The Philippines’ tax woman, Bureau of Internal Revenue Commissioner Kim Henares, just can’t wait to lay her hands on Filipino champion boxer Manny Pacquiao, a member of Congress.

Pacquiao is the richest member of the House of Representatives and the only billionaire.

Based on his 2014 statement of assets, liabilities and net worth (SALN), Pacquiao is worth P1.6 Billion, an increase by P343 Million from the year before.

However, the figure does not include the reported $150 Million Pacquiao earned from his fight with American Floyd Mayweather last May. That alone is equivalent to P6.6 Billion which is six times his net worth in 2014.

In a statement following the release of Pacquiao’s 2014 SALN, Henares told reporters, “I want Pacquiao to pay up now and not wait for next year.  We need the money to cover the billions of pesos we lost in last year’s pork barrel scam involving businesswoman Janet Lim Napoles, senators and other elected officials.”

Henares said Pacquiao should show that he is sincere in his role as a public servant and elected official by voluntarily paying all taxes due.  “He should do it now, and not wait for next year,” she added.

Seven of the richest members of the House of Representatives have grown richer by a combined P1 billion, while former first lady Imelda Romualdez Marcos of Ilocos Norte has gone poorer by P5 million.

Still, Marcos is the third wealthiest House member and is worth P917.8 million, based on her 2014 SALN.  She became poorer because she increased her liabilities from P10 million in 2013 to P15 million. The value of her real properties remained the same at P920 million and personal assets at P12.8 million.

The second richest congressman, Speaker Feliciano Belmonte Jr., grew his wealth by P102 million, from P819.7 million to P921.6 million.

Economy, Government, International

PHILIPPINES LENDS $1 BILLION TO IMF, ASKS FILIPINOS TO BE AUSTERE

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Skyline of the affluent Makati City in the Philippines (background), slums (foreground)
Skyline of the affluent Makati City in the Philippines (background), slums (foreground)

MANILA, Philippines (The Adobo Chronicles® ) –  The Philippines is lending the International Monetary Fund (IMF) $1 billion to help stabilize the global economy amid the euro zone’s debt crisis, the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) said on Wednesday.

“The Philippines is supporting the global efforts to stabilize the world economy and maintain it on a growth path. This is the reason why the Philippines is extending a $1 billion loan to the IMF. We are a member of the global community of nations and it is also in our interest to ensure economic and financial stability across the globe,” BSP Governor Amando M. Tetangco Jr. said in a statement.

Tetangco said the loan to the IMF is the Philippines’ way of giving back to the world’s so-called lender of last resort after it helped the country address its financial difficulties in the past.

The Philippines had been a net borrower from the IMF for almost 40 years until the country finally settled its loans in 2006.

In order to lessen the negative impact of this loan on the Philippine economy, President NoyNoy Aquino asked the Filipino people to institute austerity measures, including:

  • Reducing their daily meals from three to two, and to avoid eating rice altogether
  • Turning off airconditioners in homes, malls, offices, and cars from 10am to 6pm, 7 days a week
  • Save on gasoline by driving their cars only on Tuesdays, Thursdays and Saturdays
  • Using candles or gas lamps to light up their homes  from 8pm to midnight
  • Avoid charging cell phones, tablets and other mobile devices on Mondays, Wednesdays and Fridays
  • Avoid taking long showers and,  if possible, limiting them to three times a week

In addition, Aquino issued an executive order mandating that all government offices and hospitals be closed on Wednesdays. Police and firefighters nationwide will be asked to take a mandatory day off every Friday. Also, all ongoing road repairs and improvement work on the MRT (light railway system), will be suspended immediately.

He also urged all elected officials and members of his cabinet to reduce their plunderous activities by at least 15 percent . At the same time, he asked the Philippine Catholic Church to donate 10 percent of its Sunday collections to the government.

Aquino said that this is a time for all Filipinos to do their share in ensuring that the country’s economy will continue to remain robust while maintaining the Philippines’ reputation as the new “Darling of Asia.”

 

Business, Economy, Government

SAN FRANCISCO TO BUILD RENT-FREE, 13-STORY BUILDING ON FORMER MCDONALD’S SITE

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From McDonald's to a 13-story complex
From McDonald’s to a 13-story complex

SAN FRANCISCO, California (The Adobo Chronicles ® )  – The City and County of San Francisco is trying its best to rid itself of the reputation of being one of the places in the U.S. with the most expensive rent, what with the monthly apartment rent averaging in excess of $4,000.

As more and more high-rise condominiums are springing up everywhere in the city, Mayor Ed Lee and the County Board of Supervisors announced the building of a new, 13-story complex at the former location of McDonald’s on 600 Van Ness Avenue (@Golden Gate) which recently closed its doors after more than three decades of operation.

Lee said that this is just the beginning of a 10-year strategic development plan to ease the critical housing shortage and sky-rocketing rents in the city.

Unlike other government housing projects,  the proposed high-rise will be rent-free for those who qualify.

Among other criteria, future residents of the new building will have to be convicted of a crime committed in San Francisco.

The multi-million high-rise project is a county jail.