Category Archives: Finance

Senators Kiko Pangilinan And Risa Hontiveros File Bill To Abolish 13th Month Pay

MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – When you get your 13th month pay this December, don’t spend it all for your Christmas shopping.  This could be your last.

Opposition Senators Kiko Pangilinan and Risa Hontiveros have co-sponsored a bill that would abolish the 13th month pay beginning next year.

Many will recall that the law requiring employers to pay their employees a 13th month pay equivalent to their monthly salary was a brainchild of the late President Ferdinand E. Marcos.

Hontiveros told The Adobo Chronicles that the rationale behind their bill is to correct Philippine history and to nullify as many proclamations and executive orders issued by the late dictator.  She and Pangilinan believe that many of the laws passed under the Marcos regime were  unconstitutional.

Other Opposition Senators like Antonio Trillanes, Franklin Drilon, Bambam Aquino and Leila De Lima have indicated that they will support and endorse the new bill.

 

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Leni Robredo Laments Slowing Down Of Philippines’ Inflation Rate

D4FD59BC-C1AD-4AD8-B441-D2B828B54D0FMANILA, Philippines (The Adobo Chronicles, Manila Bureau – In a statement critical of the Duterte administration, Vice President Leni Robredo today said that the reported slowing down of the inflation rate to 6% in November is very concerning. “Nakakabahala.”

In a prepared statement sent to local and international news outlets, Robredo said that the Philippines cannot afford a slowdown in growth. “We must continue to set our sights upwards, not downwards,” she said.

Robredo says that the slowing down of the country’s inflation rate does not bode well for the economy, and called on the Duterte government to always make sure that the numbers go up, not down or come to a halt.

 

Maria Ressa Puts Up Rappler For Sale; PCOO Is Highest Bidder

MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – Some things must to come to an end. Such is the case for Maria Ressa’s start-up online news source, Rappler.

Now that she has been charged with tax evasion, not to mention Rappler’s failure to raise funds through crowd sourcing to help sustain its continued operations, Ressa has made the difficult decison to throw in the towel.

Rappler is now for sale at just about half of its net worth.

Among the first to make an offer to buy out Rappler is the Presidential Communications Operations Office (PCOO). So far, it is considered to be the highest bidder.

PCOO Undersecretary Lorraine M. Badoy told The Adobo Chronicles that the Malacañang office would like to use half of its P1.4 Billion budget for 2019 to buy out Rappler.

”It just makes sense for PCOO to  take over Rappler.  It would make our job easier, not having to counter any anti-government reporting originating from Ressa’s outfit,” Badoy said.

The Adobo Chronicles spoke with Ressa tonight and she said that proceeds from the planned sale of Rappler would help take care of the hefty legal fees that she expects to cough up as a result of the court case now pending in the Court for tax evasion charges against her.