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OSLO: A major landslide destroyed homes overnight in a village in Norway close to the capital Oslo, leaving 12 people unaccounted for and 10 injured, police and local media said on Wednesday. Video footage from the scene showed a whole hillside had collapsed in Ask, in the municipality of Gjerdrum, 25 kilometers (15 miles) northeast of the capital. Homes were left crushed and buried in dark mud. Snow fell throughout the morning as the emergency services evacuated the injured and attempted to secure those homes still standing. Some houses had been left teetering on the edge of the crater left behind by the slide, with a few falling over the edge as the day went on. Norway’s Prime Minister Erna Solberg, who traveled to the village of around 1,000 people on Wednesday, described the landslide as “one of the largest” the country had seen. “It’s a dramatic experience to be here,” Solberg told reporters, expressing particular concern for those still missing. “The situation is still so u

RCBC sees country’s GDP to grow 6-7% in 2021 The timely signing of the 2021 national budget and the widening distribution of coronavirus disease 2019 (Covid-19) vaccines would help the Philippine economy return to growth next year, according to the Rizal Commercial Banking Corp. (RCBC). In a report late Tuesday, RCBC chief economist Michael Ricafort projected the country’s gross domestic product (GDP) to grow by 6 to 7 percent in 2021. He expects GDP to shrink by 9 to 10 percent this year. Next year’s outlook falls below the government’s revised 6.5- to 7.5-percent growth forecast, and compares with the Asian Development Bank’s 6.5 percent, Nomura’s 6.8 percent, and DBS Group Research’s 7 percent. It is lower than the Security Bank Corp.’s 7.1 percent, ANZ Research’s 8.1 percent, the Atram Group’s 10.9 percent, and Capital Economics’ 11 percent, but higher than Sun Life Philippines’ 4.5 percent and the World Bank’s 5.9 percent. The “timely approval of the P4.5-trillion 2021 nation

Despite the severe impact of the coronavirus disease 2019 (Covid-19) pandemic, the country’s banking system remained strong this year, according to the Bangko Sentral ng Pilipinas (BSP). Latest central bank data showed that the system’s total resources hit P19.34 trillion at end-October, up 8.26 percent and 0.41 percent from a year and a quarter ago. Banks’ balance sheets sustained moderate quarterly growth in assets and deposits, the Bangko Sentral said, but noted that “asset quality mildly deteriorated” and “capital adequacy ratios stayed above international standard.” Lenders also remained dominant, with universal and commercial banks accounting for about 92.3 percent of total resources. Bank lending growth slowed by 1.9 percent in October from the revised 2.6 percent in September, which the BSP said “reflects the combined effects of muted business confidence and banks’ stricter loan standards, attributed mainly to [the] continued disruptions in business operations.” Nonperform

The government has received more than P160 billion in dividends from state-owned firms as of mid-December, the Department of Finance (DoF) reported on Wednesday. In a statement, the Finance department said 62 government-owned and -controlled corporations (GOCCs) remitted P160.62 billion to the Bureau of the Treasury (BTr) as of December 15. The dividends, it added, aim “to help fund the government’s continuing efforts to curb the spread of Covid-19 (coronavirus disease 2019) and provide economic relief to pandemic-hit businesses and individuals.” Of the amount, P133.50 billion are cash dividends from 55 GOCCs, as ordered by Republic Act (RA) 7656, or “the Dividends Law.” The law requires these firms to remit at least 50 percent of their net earnings to the national government (NG). Unutilized subsidies, payment of guarantee fees and NG advances, and other forms of remittances account for the remaining P27.12 billion. The dividends are “almost double the actual full-year collection

Community quarantines imposed by the government to curb the spread of the coronavirus disease 2019 (Covid-19) resulted in at least 65 percent of local businesses laying off employees. This is according to a study by researchers from the University of Asia and the Pacific (UA&P), the results of which were presented in a recent Management Association of the Philippines (MAP) forum. The study showed that of the 33 economic-sector representatives that researchers polled online and the over 10 companies they interviewed, 67 percent of businesses reduced their workforce, 27 percent kept it intact, and six percent added more employees. Firms that retrenched workers are those in the construction, food and nonfood manufacturing, hotel and accommodation, recreation, and travel and recreation industries. Those that hired more are into food retail and manpower procurement. The coronavirus pandemic also forced firms to adopt measures to safeguard livelihoods, the study found. “To avoid fur

The Philippines’ international investment position (IIP) improved in the third quarter of 2020 on the back of financial asset growth, according to the Bangko Sentral ng Pilipinas (BSP). In a report, the central bank said the country’s IIP posted a net external liability position of $4.77 billion at end-September, down 64.9 percent from $13.58 billion at end-June. “The steep decline in the net external liability position quarter-on-quarter was supported mainly by the 6.3-percent growth in the country’s total financial assets (or residents’ outstanding claims on nonresidents) to $222.9 billion,” the BSP explained. This growth, it said, “more than offset the 2-percent increase in the total external financial liabilities (or nonresidents’ outstanding claims on Philippine residents) to $227.7 billion.” The Bangko Sentral credited the asset increase to the buildup of international reserve assets, which climbed by 7.5 percent to $100.4 billion as of the third quarter from $93.5 billion th

I’ll be honest: It feels like such a cliché to be writing a retrospective on this memorably terrible year that I initially swore I wouldn’t do it. However, as this column happens to fall on December 31, pretentious reflection — or, as an alternative, pretentious wishful thinking about 2021 — is mandatory, so I have no choice. That’s just how the media business works. I’ll try to make it worthwhile. According to the World Health Organization (WHO) — the subject is discussed by a short academic paper included in the WHO’s 2011 annual bulletin — a pandemic is classically defined as “an epidemic occurring worldwide, or over a very wide area, crossing international boundaries and usually affecting a large number of people.” Since this broad definition includes a number of illnesses that typically do not affect entire populations in a significantly disruptive way, such as the “normal” seasonal influenza, the WHO narrows it a bit by stipulating that a true pandemic is further identified by “

MIAMI: On Sunday, the Milwaukee Bucks endured their worst 3-point effort in just over a year. Miami Heat guard Tyler Herro (No. 14) drives to the basket as Milwaukee Bucks guard Pat Connaughton (No. 24) defends during the first half of an NBA basketball game on Dec. 29, 2020 (December 30 in Manila) in Miami. AP PHOTO On Tuesday (Wednesday in Manila), they set the NBA record for 3’s in a game. Go figure. The Bucks made a record 29 3-pointers in their 144-97 romp past the reigning Eastern Conference champion Miami Heat on Tuesday night. They shot 29 for 51 from deep, two nights after going 7 for 38 in a loss to New York. “Some nights, the basketball gods are with you a little bit,” Bucks coach Mike Budenholzer said. “It’s probably one of those nights.” Milwaukee used 13 players and 12 made at least one 3-pointer — the only exception being two-time reigning MVP Giannis Antetokounmpo. Khris Middleton had four 3’s and scored 25 points, Jrue Holiday made six 3’s in his 24-point nig

And just like that, 2020 is over. To be honest, 2020 came by and said goodbye very quickly. So much has happened globally that affected most aspects of our lives. We have seen activities transition to online, be it in education, retail or medical consultations and in holding learning and development training programs, among others. We have also witnessed some businesses, especially in the food-and-beverage space, close their doors for good because of the Covid-19 pandemic’s impact, and how people transformed the way they earn their living by getting into food and other thriving industries. In retrospect, it was, to say the least, a jampacked year full of highs and lows. Tomorrow, we will have a brand new year, which I’d like to think serves as a beacon of hope for all of us, and New Year’s Day is always the best day to take advantage of the momentum to self-reflect, assess and plan for the year. Back in the pre-Covid days, January 1 is considered the day where gym memberships are at

Behind every successful athlete is a great coach. After a second-round exit at the Ladies Professional Golf Association (LPGA) US Women’s Open, Filipino golf enthusiasts hoped for Bianca Pagdanganan’s big rebound at the CME Group Tour Championship. Coach Jaewon Kwak (right) receives the SM Anniversary Invitational Golf Tournament Ladies Division championship trophy from SM Prime Executive Committee Chairman Hans Sy. But lo and behold, the Philippines’ lone bet at the LPGA’s season finale slid to joint 68th place, and South Korean Jin Young Ko emerged as the champion, taking away the $1.1-million prize money. Apart from winning the CME Group Tour Championship, Ko stays at the No. 1 spot of the Rolex Women’s World Golf Rankings. Coach Jaewon Kwak (left) poses for a photo with her student, then budding golfer and now world No. 1 Jin Young Ko. PHOTOS COURTESY OF JAEWON KWAK The Manila Times had the chance to interview Ko’s first-ever instructor during her budding years as a golf

Higher oil and food prices, lower power rates, subdued rice prices, and a strong peso could have slowed the country’s headline inflation to 2.9 percent or picked up to 3.7 percent this month from 3.3 percent in November, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday. This Dec. 28, 2020 file photo shows shoppers checking out round fruits at an unidentified market in Quezon City. Bangko Sentral ng Pilipinas Governor Benjamin Diokno said on December 29 inflation could have decelerated to 2.9 percent or accelerated to 3.7 percent this month on higher food prices, among others. PHOTO BY RUY L. MARTINEZ “Higher prices of domestic petroleum products and key agricultural items contributed to upward price pressures during the month,” BSP Governor Benjamin Diokno told reporters on Viber, ahead of the release of official December inflation figures in early January. Local oil companies hiked gasoline, diesel and kerosene prices by 75, 85 and 80 centavos per liter, respectively, on De

The Department of Human Settlements and Urban Development (DHSUD) said on Tuesday 2020 was a banner year despite some “birth pains” and challenges posed by the coronavirus disease 2019 (Covid-19) pandemic. Eduardo del Rosario. PHOTO In a yearend report, Human Settlements Secretary Eduardo del Rosario voiced satisfaction with his department’s performance during its first year of full operations. “Despite some birth pains and Covid-19, the department managed to pursue its mandate of providing decent and affordable housing for the underprivileged, especially informal-settler families,” he was quoted as saying in the report. This comes after President Rodrigo Duterte signed Republic Act (RA) 11201, which created the DHSUD, on Feb. 14, 2019. Del Rosario is its first secretary. The department said it had started laying the foundations for the future of the housing sector by reviewing and amending housing policies, guidelines, and procedures. New policies and regulations governing the

Loans extended by banks’ foreign currency deposit units (FCDUs) fell to $17.26 billion as of the third quarter of 2020 from $17.96 billion and $17.82 billion a quarter and a year earlier, respectively, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday. Bangko Sentral ng Pilipinas Gov. Benjamin Diokno. PHOTO BY J. GERARD SEGUIA In a statement, BSP Governor Benjamin Diokno traced the $702-million or 3.9-percent quarter-on-quarter decline to principal repayments exceeding disbursements. “The decline in FCDU lending may be due to borrowing firms’ lower working capital requirements and lending banks’ tightening of credit standards, attributed largely to [a] less favorable economic outlook as…the Covid-19 (coronavirus disease 2019) pandemic continued to constrain domestic economic activity,” he explained. Year-on-year, FCDU loans eased by 3.1 percent to $554 million. As of end-September, the maturity profile of the FCDU loan portfolio remained medium- to long-term debt, or deb

The Philippine peso closed the last trading day of the year at P48.02 against the United States dollar, its best finish in more than four years. The local currency, which opened at P48.04, gained 3 centavos to end at P48.02, its strongest since its P47.99:$1 close on Sept. 23, 2016. Tuesday’s close also marked a 5.15-percent appreciation from P50.63 versus the greenback on Dec. 27, 2019, and settled within the government’s P48-to-50:$1 exchange rate assumption for the year. In a comment, Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the peso’s performance to “expectations of some accumulated OFW (overseas Filipino worker) remittances and conversion to pesos ahead of the upcoming long New Year holiday weekend.” “The timely approval of the P4.5-trillion 2021 national budget by President [Rodrigo] Duterte on Dec. 28, 2020 that supports increased government spending, especially on infrastructure that support economic recovery prospects, also supported the l

The signing of P4.5-trillion national budget for next year, as well as window dressing, helped the stock market recover from Monday’s losses and finish 2020 in the green on Tuesday. The bellwether Philippine Stock Exchange index (PSEi) gained 0.25 percent or 17.46 points to close at 7,139.71 while the broader All Shares added 0.43 percent or 18.34 points to end at 4,272.61. The index’s closing figure is 76.8 percent higher than its lowest finish of 4,039.15 on March 19 and 9.5 percent lower than its highest finish of 7,890.94 on January 3. Philstocks Financial inc. research associate Claire Alviar attributed the rally to President Rodrigo Duterte’s signing of Republic Act 11518, or the “2021 General Appropriations Act,” on December 28, boosting investor sentiment. “There’s no more fear about [a] reenacted budget next year that may have hindered economic recovery,” Alvair said, referring to earlier concerns of a repeat of what happened to the 2019 outlay, which Malacañang only appro

Government funds released to state agencies for their coronavirus disease 2019 (Covid-19) pandemic response programs have jumped to P500.69 billion, the Department of Budget and Management (DBM) reported on Tuesday. Budget data showed that of the amount released as of December 19, P217.41 billion went to the Department of Social Welfare and Development. Other departments that received more than P1 billion were the Departments of Labor and Employment with P28.98 billion; Health, P74.14 billion; Finance (DoF), P101.04 billion; Agriculture, P36.68 billion; the Interior and Local Government, P4.30 billion; National Defense, P2.92 billion, Education, P15.21 billion; Trade and Industry, P1.30 billion; Public Works and Highways, P5.54 billion; and Transportation, P10.30 billion; and Commission on Higher Education, P3.30 billion. Agencies and institutions that received less than P1 billion were the Departments of Foreign Affairs with P825.09 million and of Science and Technology, P53.23 mil

Some of the country’s banks further waived their fees for PESONet and InstaPay transactions to give their customers relief from the impact of the coronavirus disease 2019 (Covid-19) pandemic. One of them, the Philippine National Bank, announced in a statement of Tuesday that it would waive them until March 31. PNB President and Chief Executive Officer Wick Veloso said the extension aimed to encourage more customers to use digital banking channels. “We see [that] digital banking is gaining ground as customers learn more about the benefits of these services,” he added. China Banking Corp. also extended its waiver until end-March, saying it “continues to make banking easier and lighter in these challenging times.” The Philippine Savings Bank likewise did the same for fees for PaSend, and InstaPay and PESONet interbank fund transfers made through its mobile app and online facilities until further notice. The extension, the consumer banking arm of the Metrobank Group said, aims to “fu

President Rodrigo Duterte has approved the recommendation of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) to ban flights from 19 countries with reported cases of the new coronavirus variant. President Rodrigo Duterte during a meeting with Cabinet members late night of Dec. 28, 2020. Contributed photo A memorandum released by Malacañang on Tuesday said that aside from the United Kingdom, the travel ban will cover Denmark, Ireland, Japan, Australia, Israel, The Netherlands, Hong Kong, Switzerland, France, Germany, Iceland, Italy, Lebanon, Singapore, Sweden, South Korea, South Africa, Canada and Spain. On Saturday, Duterte extended the travel ban imposed on all flights from the UK for two weeks. The order will take effect from Dec. 30 to Jan. 15, 2021. Filipino citizens coming from the countries mentioned can enter the Philippines, but they should undergo a 14-day quarantine period. Passengers who are already in transit and those who ar

OKLAHOMA CITY : Donovan Mitchell hit a go-ahead layup with 7 seconds left and finished with 20 points, lifting the Utah Jazz over the Oklahoma City Thunder 110-109 on Monday (Tuesday in Manila). Utah Jazz guard Donovan Mitchell (No. 45) drives against Oklahoma City Thunder guard Luguentz Dort during the first half of an NBA basketball game in Oklahoma City on Dec. 28, 2020 (December 29 in Manila). AP PHOTO Bogan Bogdanovich scored 23 points and Mike Conley added 20 points, 10 rebounds and nine assists for the Jazz, who ended a 17-game losing streak in regular season road games against the Thunder, including games in the NBA’s Orlando bubble last season. Utah’s last win in Oklahoma City came on Oct. 31, 2010. Shai Gilgeous-Alexander, who hit a game-winning shot in the Thunder’s season-opening win in Charlotte, missed a driving layup in heavy traffic at the buzzer. He had 23 points and seven assists while Luguentz Dort led the Thunder with a career-high 26 points. An 8-0 run by Okl

The Department of Trade and Industry (DTI) is hopeful that the Regional Comprehensive Economic Partnership (RCEP) free trade agreement would be ratified next year. In a recent briefing, Allan Gepty, Trade assistant secretary and Philippine lead trade negotiator, told reporters that his department planned to “finish the ratification process, including the Senate concurrence, by next year because we have the [national elections] in 2022.” Before the RCEP takes effect, “there should be at least six Asean (Association of Southeast Asian Nations) [members] to deposit the instrument of approval or ratification and at least three Asean external partners,” he explained. The 10 members of Asean — Brunei Darussalam, Cambodia, Indonesia, the Lao People’s Democratic Republic, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — as well as Australia, China, Japan, New Zealand and South Korea, signed the deal on November 15. The DTI has claimed that the RCEP would improve the co

LONDON: As more countries took steps to bar the entry of a new coronavirus variant, the head of drugmaker AstraZeneca, which is developing a vaccine widely expected to be approved by United Kingdom authorities this week, on Sunday (Monday in Manila) said researchers believed the shot would be effective against a new variant of the virus driving a rapid surge in infections in Britain. Jacques Collineau, 75, receives a dose of the Pfizer-BioNTech Covid-19 vaccine at Debrou nursing home (Ephad) in Joue-les-Tours, near Tours, on December 28, 2020 as France started its national vaccination campaign to fight against the spread of the novel coronavirus. AFP Photo AstraZeneca Chief Executive Pascal Soriot said researchers developing its vaccine had figured out a “winning formula” making the jab as effective as rival candidates. Some have raised concern that the AstraZeneca vaccine, which is being developed with Oxford University, may not be as good as the one made by Pfizer already being

Interior Secretary Eduardo Año on Monday confirmed that some members of the Cabinet and the Presidential Security Group (PSG) had been injected with the coronavirus disease 2019 (Covid-19) vaccine. Interviewed on radio, Año did not name the Cabinet officials who were inoculated, saying it would violate their privacy. He defended the inoculations without the government having approved a vaccine, saying it was done through an emergency use authorization (EUA). Last Saturday, President Rodrigo Duterte revealed that soldiers had been injected with the vaccine developed by the Chinese drug company Sinopharm. In a press briefing on Monday, Palace spokesman Harry Roque Jr. said he did not know if the inoculation of soldiers was government-sanctioned and if it was the President who ordered it. He also refused to confirm whether PSG members had received Covid shots Roque, however, said there was nothing illegal in inoculating soldiers. What is illegal is the distribution and sale of unap

A personnel of the Department of Public Works and Highways installs new flags at Rizal Park in Manila two days before the country observes the 124th death anniversary of national hero Dr. Jose Rizal. PHOTO BY RENE H. DILAN Source: ManilaTimes

Manila policemen keep watch on shoppers as they enforce health protocols in Divisoria, Manila on Dec. 28, 2020. PHOTO BY MIKE ALQUINTO Source: ManilaTimes

President Rodrigo Duterte signs the General Appropriations Act as leaders in Congress and other government officials look on. The P4.5-trillion 2021 budget aims to boost economic recovery. CONTRIBUTED PHOTO Source: ManilaTimes

Policemen and personnel of the Department of Trade and Industry seize unlicensed firecrackers and fireworks at a stall in Bocaue, Bulacan on Dec. 28, 2020. Stores selling firecrackers sprouted as Filipinos prepare to greet the new year. PHOTO BY JOHN ORVEN VERDOTE Source: ManilaTimes

So long as there is no proof that the new coronavirus disease 2019 (Covid-19) variant has spread to the Philippines, a stricter lockdown is not necessary, Interior Secretary Eduardo Año said on Monday. Interior Secretary Eduardo Año “Para sa akin hindi pa naman kailangan na magkaroon tayo ng mas mahigpit na lockdown kasi wala pa naman tayong pruweba na nakapasok na dito (For me, no need to have stricter lockdown because there is still no evidence that the new Covid-19 variant has entered the country),” he said in a radio interview. The government is now focused on determining if there will be a rise in coronavirus cases after the Christmas holidays, when some people were still holding gatherings, Año added. He said some testing laboratories were closed during holidays, contributing to a drop in the caseload. Año said the huge crowds at certain markets such as Divisoria in Manila could trigger a super-spreader event. “I am very sure may epekto ‘yan. Hindi lang natin alam, ‘yung 

Source: ManilaTimes

Supreme Court Associate Justice Marvic Mario Victor Leonen has racked up the top spots in his division and the court en banc in terms of pending cases. Marvic Leonen Documents from the court show that aside from 82 unresolved en banc cases, Leonen also has 899 pending cases in the Third Division as of March 31, 2020. The division’s Statistics on Judicial Pending Cases was signed by Division Clerk of Court Misael Domingo Battung erd. Leonen has 199 cases classified as “aging” and 700 “non-aging” cases in the Third Division which he heads. Non-aging cases are cases which are waiting for other pleadings to be submitted. Other members of the Third Division at that time when the statistics were made were Justices Alexander Gesmundo, Rosmari Carandang, Rodil Zalameda and Samuel Gaerlan. Leonen has been with the Supreme Court for eight years, having been appointed by President Benigno Aquino 3rd on Nov. 21, 2012. He turns 58 years old on December 29. He is the division’s most senio

SEN. Maria Imelda Josefa Marcos wants the government to explain why it will pay “more than double” what rich countries have negotiated to buy the same vaccine for coronavirus disease 2019 (Covid-19). Sen. Imee Marcos. FILE PHOTO Marcos noted that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) expects to sign an agreement with AstraZeneca to buy 30 million doses of its vaccine at $5 or about P240 per dose, as soon as the United Kingdom’s health ministry authorizes its use. She said Belgium’s budget secretary Eva De Bleeker had disclosed that European Union (EU) members would be buying the AstraZeneca vaccine for only 1.78 euro or about P105 per dose, which is 2.3 times less than what the Philippines will be paying the British-Swedish pharmaceutical firm. “The purchase price doesn’t match the promise sold. Why has the government agreed to be shortchanged?” Marcos said in a statement on Monday. She cited statements by AstraZeneca’s Chief E