Chinese state-owned power firm to invest $3-B in PH

Power Construction Corporation of China, Ltd. (PowerChina) is investing some USD3-billion or roughly PhP154 billion, China's state-owned firm told Asia Pacific reporters Friday, 21 June 2019.

Deputy General Manager Liu Xianxing of PowerChina Asia Pacific Business Development Department said the USD3-billion investments of the company in the Philippines is for the 11 projects that are under construction now.

Liu said most of the projects are in the power sector, while other projects include railway transportation, highway bridges, and marine reclamation.

He said two of the firm's largest projects in the Philippines include the Kauswagan 4x135-megawatt and the Dinginin (Mariveles) 2x6660-MW coal-fired power station projects.  The company is also putting up a ±350 kilovolt direct current power transmission converter station project for Visayas and Mindanao.

Liu Xianxing, Deputy General Manager

"The potential of market development is huge, and regional headquarters need to invest more resources and focus on their development in various ways," Liu said, pertaining to the Philippines and Asia Pacific countries like Vietnam, Myanmar, Cambodia, Singapore, and Papua New Guinea.

PowerChina is operating in 31 countries in the Asia Pacific, creating more than 19,000 jobs in the region.

To date, the firm implements 125 projects in 13 Asia Pacific nations, said Liu.

PowerChina International Group, Ltd. Vice President Xu Jianglong said the company's investments in the past years are concentrated in countries participating China-led Belt and Road initiative (BRI).

"Our investments overseas are mainly concentrated in Bel and Road initiative countries.  By the end of 2018, our investments overseas exceeded RMB71-billion, which 85 percent of these investments are in the Belt and Road countries," Xu said.

"Our priority is an investment in energy and power.  Infrastructure is complementary," he added. [Kris Crismundo, PNA]

SSS to hike premium contribution to 12% in 2019

MANILA, Philippines - This year, Social Security System (SSS) members and their employers will shell out more for their contributions as the rate will increase to 12 percent, a move that the state-run pension fund's chief said would replenish the fund life by six years.

SSS president and chief executive Emmanuel F. Dooc said that the second tranche of pension hike would unlikely be implemented this year even as it will still be granted within the term of President Rodrigo Roa Duterte.

The amendments to the SSS's charter was signed by Duterte last February 7, 2019.

Dooc said the SSS will immediately craft the law's implementing rules and regulations (IRR), such that the provision mandating a one percentage (1%) point increase in the contribution rate every two (2) years, until it reaches fifteen percent (15%), can be implemented this year.


At present, the contribution rate stands at eleven percent (11%).

As such, this year's contribution rate hike will be followed by three more 1-percentage point increases in 2021, 2023, and 2025.

Under the SSS Rationalization Act, the Social Security Commission (SSC)--the pension fund's highest policy-making body--can implement contribution rate increases even without the President's approval, unlike the current charter wherein only the chief executive can green-light rate adjustments.

Two-thirds of the contribution rate increase will be shouldered by the employer.

With a higher contribution rate, the SSS's fund life will be extended until 2038 from 2032 at present, Dooc said.

This means that SSS members and pensioners can still enjoy their benefits for at least 20 more years from now.

To recall, the SSS's fund life was slashed by 10 years to 2032 from 2042 previously when the additional P1,000 a month were given away to pensioners starting 2017.

Dooc said the new law "will strengthen our fund life."

The SSS had initially wanted to implement a higher contribution rate right after the Tax Reform for Acceleration and Inclusion (TRAIN) Act was enacted into law, as the lower income tax rates would generate more take-home pay and still provide some relief despite a rate hike.

However, despite having the power to increase the contribution rate, President Duterte did not do so.

Instead, it was the SSS that sought amendments to its charter so that the SSC can implement the contribution rate increase on its own.

For the part of the SSS, Dooc said they will not just rely on the higher contribution rate to raise revenues that will cover the pension fund's also increasing expenses.

Dooc noted that the SSS had gradually increased its revenues--sourced from members' contributions as well as investments--from P132-billion in 2015 to P144-billion in 2016, P159-billion in 2017, and P181-billion last year.

For this year, the SSS targets to collect P19-billion a month or at least P228-billion for the entire year, Dooc disclosed.

Dooc noted that revenues have grown by double-digits in recent years--10 percent in 2017 and 13.9 percent in 2018.

However, expenditures were also ballooning partly due to the pension hike implemented since 2017.

Dooc said the SSS shells out an additional P25-billion a month to 2.5 million pensioners to cover their additional P1,000 in pension benefits.

If the second tranche of another P1,000 in addtional pension will be implemented, the fund life will be cut by about six years, hence offsetting the increase from the contribution rate hike, he said.

In this regard, Dooc said it would be up to the SSC to recommend to President Duterte when will be the best time to implement the second round of pension increase with his term, as it was a campaign promise of the President.

For Dooc, the timing for the additional pension benefits should be based on "our [the SSS's] capacity to absorb the cost."

Besides the mandated increase in contribution rate, the new SSS law will also make membership compulsory among overseas Filipino workers (OFWs).

At present, only about 550,000 OFWs were also SSS members, and the new law could jack up membership to at least two million, Dooc said.

The amended SSS charter also mandated a one-time, big-time condonation among delinquent employers within a six-month window period, which can be availed of without penalty, Dooc added.

The SSC will also have the power to implement future condonation programs, according to Dooc.

"The new law will wipe out a significant amount of delinquent accounts," he said.

Under the SSS Rationalization Act, the Secretary of the Department of Finance will also serve as the pension fund's chair. [Ben O. de Vera, Philippine Daily Inquirer] 

Duterte to tap Catriona Gray as PH tourism ambassador - DOT

MANILA - The Department of Tourism (DOT)  will continue working with Miss Universe 2018 Catriona Gray in promoting the Philippines as President Rodrigo Duterte seeks to tap the beauty queen as the country's tourism ambassador, Tourism Secretary Bernadette Romulo-Puyat said Tuesday.

"We want her to be our tourism ambassador.  According to the President he really wants to be our tourism ambassador," Romulo-Puyat told reporters when asked if the agency will ask Gray to serve the role after her reign as the Miss Universe 2018.

Romulo-Puyat said Gray herself was excited in further promoting the country's destinations.

"She wants to promote all, she was saying there's so much to offer, so much to show the world," Romulo-Puyat said.

Gray on Tuesday paid courtesy calls on Senate President Vicente Sotto III prior to her meeting with Romulo-Puyat and other ranking DOT officials in Makati City.

During her speech, Romulo-Puyat stressed that Gray has vigorously promoted the country even before she won the prestigious pageant in 2018.

The DOT has been instrumental in her introduction clip for the Miss Universe competition featuring the beauty of the world-renowned Palawan and Mindanao, among others.

"Cat has already been promoting the Philippines even before she won and thank you for that for promoting Luzon, Visayas, and Mindanao.  You have made our country proud," she said.

"Because of you becoming Miss Universe, the Philippines...there is now awareness all over the world," she noted.

Gray, meanwhile, said promoting the Philippines is "something she is very passionate about."

"I feel like if people will see what we have to offer, the level of interest will spike.  We have so much potential to share that with the rest of the world.  I hope that in my own way of being Miss Universe 2018, I could work in promoting the Philippines," she said. [Joyce Ann L. Rocamora, PNA]

DOH to hire 26,000 nurses for plantilla positions at P33,787 monthly salary

MANILA - The Department of Health announced that they are looking at hiring as much as 26,000 nurses for plantilla position.