AllHome Corp., a retail chain of home furnishing and construction supplies owned by the country’s richest man, Manuel Villar, is raising up to P20.7 billion from an initial public offering in September this year.
AllHome said in a filing with the Securities and Exchange Commission it planned to offer up to 1.12 billion primary and secondary shares with an over-allotment option for another 168.750 million shares at a price of P16 apiece.
The company plans to hold the maiden share offering in September.
Net proceeds from the offering will be used for capital expenditures and initial working capital to fund store expansion and debt repayment.
The company had 25 stores with a net selling space of 196,327 square meters across 20 cities and municipalities as of end-June 2019.
Its product offering spans seven key categories from more than 800 local and international brands, including 18 in-house brands. These product categories are furniture, hardware, appliances, tiles and sanitary wares, homewares, linens and construction materials.
AllHome plans to open 19 new stores in the second half of the year and another 19 stores in 2020.
It is also expanding its Alabang branch to increase its net selling space from 5,845 sqm to 12,340 sqm.
The company tapped UBS, CLSA and Credit Suisse as the joint book-runners and PNB Capital and Investments Corp. and China Bank Capital Corp. as local underwriters for the offering.
All Home saw its net income expand by 354.2 percent in 2018 to P511.4 million from P112.6 million in 2017 as revenues jumped 46.9 percent to 7.19 billion from P4.89 billion.
The company also booked a net income of P207.1 million in the first quarter of 2019, up 375 percent from P43.6 million recorded in the same period last year.
First-quarter revenues surged 67.8 percent to P2.38 billion from P1.42 billion in 2018 following the opening of six new stores.
All Home will be the fourth listed company of the Villar group which also owns Vista Land & Lifescapes Inc., Golden Bria Holdings Inc. and Star Malls Inc.
Villar, a former senate president and presidential candidate, was named as the country’s richest man by Forbes in March for having a net worth of $5.5 billion.
All Home is also the second company to file for an IPO this year. In June, Axelum Resources Corp., an export-oriented manufacturer of premium coconut products, filed its IPO application with the SEC with an intention to raise up to P7.7 billion.
http://www.manilastandard.net/index.php/business/business-stocks/300151/villar-s-allhome-prepares-p20-7-b-ipo-in-september.html
Thursday, July 18, 2019
[ANALYSIS] The poor quality of economic growth under Duterte
It's been a jobless, ruthless, voiceless, rootless, and futureless growth
One of the high points of my college days was taking a course under “Mareng Winnie” Monsod called Development Economics. I learned there that economic growth is not the be-all and end-all of development. Growth is but a means to an end, not an end in itself.
After all, growth can be antithetical to development in so many ways. The 1996 Human Development Report warned that growth can also be jobless, ruthless, voiceless, rootless, and futureless.
More than a decade later, this lesson has stuck with me, and it could not be a more appropriate lens through which we can (and should) assess the current state of the Philippine economy under Duterte, especially now that we’re past his midterm.
In this article we show that not only has the economy weakened in the past 3 years, but – more importantly – it’s also of poor quality.
Weaker growth
In the pre-SONA event organized by the government's economic managers, Finance Secretary Carlos Dominguez III trumpeted that the growth of the nation’s income – as measured by GDP or gross domestic product – clocked in at an “impressive” and “robust” 6.5% for the first 11 quarters of the Duterte administration.
But a closer look shows that growth has weakened.
From 7.1% when Duterte came into office, growth has foundered to a dismal 5.6% in the first quarter of 2019, the lowest in 4 years (Figure 1). It’s also below the government’s target of 6% to 7%.
Government economists blame Congress’s failure to pass the 2019 budget on time, which set back many government infrastructure projects for the first third of 2019. In a way, Congress derailed Duterte’s own infrastructure project called Build, Build, Build.
Note that 2019 is also an election year, and growth should be higher than normal. I shudder to think how much lower growth would’ve been last quarter had it not been for the elections.
Threats to future growth also lurk nearby.
For instance, we might soon feel the effects of the escalating trade tensions between the US and China.
Investors are also reportedly holding off their expansion in the Philippines – or flocking to more competitive counties like Vietnam – at least until the cloud of uncertainty surrounding the Trabaho bill is dispelled.
Poor-quality growth
Even more disturbing than its downtrend, economic growth has also been of poor quality. It’s been jobless, ruthless, voiceless, rootless, and futureless.
1) Jobless growth
Job creation in the past 3 years has been deplorable.
Official data show that between 2016 and 2018 the Duterte administration saw only 81,000 new jobs each year. Since 2017, annual job growth averaged at just 0.2% (Figure 2).
The Palace dismissed this as a “mathematical impossibility” concocted by the economic think tank IBON Foundation. But the data in fact came from the Philippine Statistics Authority itself.
2) Ruthless growth
Growth has also been ruthless since many of Duterte’s policies are anti-poor.
Luckily for the administration, the country’s poverty rate has gone down from a fourth to a fifth of the population – from the first half of 2015 to the same period in 2018.
But runaway inflation last year (Figure 3), caused in part by the government’s rice mismanagement and the TRAIN law, also impoverished Filipinos by reducing the amount of goods and services they could buy with their incomes.
Duterte’s pet project – the war on drugs – has also killed tens of thousands of Filipinos, almost exclusively among the ranks of the poor. Is this government eradicating poverty by eradicating the poor?
It seems that the government is turning its back on the very idea of “inclusive growth.” In the recent pre-SONA forum, one slide said tellingly, “Our ultimate goal is to bring down poverty rates and create more opportunities for all law-abiding Filipinos” (emphasis mine).
This is hypocritical on two counts. First, inclusive growth is clearly stated as a goal in the Philippine Development Plan. Second, Socioeconomic Planning Secretary Ernesto Pernia himself coined the term “inclusive growth” in a paper published in 2000.
3) Voiceless growth
Even if the economy continues to grow, the Filipino people’s ability to speak out and air their grievances has palpably shrunk.
A large part of it is due to the climate of fear spawned by Duterte’s war on drugs.
The situation is so bad that the United Nations Human Rights Commission is now calling for a probe on the war on drugs, concurrent with the “preliminary examination” of the International Criminal Court.
Checks and balances in government are all but gone. Duterte enjoys tremendous influence in the executive, legislative, and judiciary, which are supposed to check on one another. Duterte is also attacking independent constitutional agencies left and right, such as the Commission on Human Rights and the Ombudsman.
And then, of course, we’re all familiar with how the government is stifling independent media, with Rappler currently facing numerous legal battles and ABS-CBN risking the non-renewal of its franchise next year.
4) Rootless growth
When growth impinges on minority groups or cultural identities, you might call it rootless growth.
For instance, more than two years since the Marawi siege, many Maranao evacuees still live in tent cities and cannot return to their homes. Rehabilitation was stalled largely because Chinese firms were vying to build a new Marawi, even without the consent of the Maranaos.
Meanwhile, the lives and communities of the Dumagats are now under threat from the Chinese-funded Kaliwa Dam project in Quezon.
Although the dam is touted to be a major solution to Metro Manila’s water woes, the Dumagats were also not consulted even if their communities face inundation. Local government leaders were also “totally unaware” of the project until after the signing of the loan agreement with China.
5) Futureless growth
Finally, growth is unsustainable (or futureless) if pursued at the expense of the environment.
Perhaps the most glaring instance of this would be China’s aggressive expansion in the West Philippine Sea. Several reports repeatedly show their overfishing, their destruction of coral reefs, and their reclamation of new islands.
Yet even with such environmental atrocities, Duterte refrains from invoking (even mentioning) our victory in the arbitral tribunal in 2016. In the wake of the recent boat ramming incident, Duterte also did not come to the defense of the Filipino fishermen, and even seems to be lawyering for the Chinese government.
Where on earth is his famed “tapang at malasakit” (courage and compassion)?
It’s alarming enough that economic growth in the first 3 years of the Duterte administration has been trending down. Yet, at the same time, growth has been jobless, ruthless, voiceless, rootless, and futureless.
In other words, economic growth under Duterte bears all the hallmarks of bad growth.
Disturbingly, it did not figure in the recent midterm and local elections, which were dominated by Duterte's candidates. Why?
Remember we’re just halfway through the Duterte administration. How much worse could things get?
The author is a PhD candidate at the UP School of Economics. His views are independent of the views of his affiliations. Follow JC on Twitter (@jcpunongbayan) and Usapang Econ (usapangecon.com).
https://www.rappler.com/thought-leaders/235696-analysis-poor-quality-economic-growth-under-duterte
One of the high points of my college days was taking a course under “Mareng Winnie” Monsod called Development Economics. I learned there that economic growth is not the be-all and end-all of development. Growth is but a means to an end, not an end in itself.
After all, growth can be antithetical to development in so many ways. The 1996 Human Development Report warned that growth can also be jobless, ruthless, voiceless, rootless, and futureless.
More than a decade later, this lesson has stuck with me, and it could not be a more appropriate lens through which we can (and should) assess the current state of the Philippine economy under Duterte, especially now that we’re past his midterm.
In this article we show that not only has the economy weakened in the past 3 years, but – more importantly – it’s also of poor quality.
Weaker growth
In the pre-SONA event organized by the government's economic managers, Finance Secretary Carlos Dominguez III trumpeted that the growth of the nation’s income – as measured by GDP or gross domestic product – clocked in at an “impressive” and “robust” 6.5% for the first 11 quarters of the Duterte administration.
But a closer look shows that growth has weakened.
From 7.1% when Duterte came into office, growth has foundered to a dismal 5.6% in the first quarter of 2019, the lowest in 4 years (Figure 1). It’s also below the government’s target of 6% to 7%.
Government economists blame Congress’s failure to pass the 2019 budget on time, which set back many government infrastructure projects for the first third of 2019. In a way, Congress derailed Duterte’s own infrastructure project called Build, Build, Build.
Note that 2019 is also an election year, and growth should be higher than normal. I shudder to think how much lower growth would’ve been last quarter had it not been for the elections.
Threats to future growth also lurk nearby.
For instance, we might soon feel the effects of the escalating trade tensions between the US and China.
Investors are also reportedly holding off their expansion in the Philippines – or flocking to more competitive counties like Vietnam – at least until the cloud of uncertainty surrounding the Trabaho bill is dispelled.
Poor-quality growth
Even more disturbing than its downtrend, economic growth has also been of poor quality. It’s been jobless, ruthless, voiceless, rootless, and futureless.
1) Jobless growth
Job creation in the past 3 years has been deplorable.
Official data show that between 2016 and 2018 the Duterte administration saw only 81,000 new jobs each year. Since 2017, annual job growth averaged at just 0.2% (Figure 2).
The Palace dismissed this as a “mathematical impossibility” concocted by the economic think tank IBON Foundation. But the data in fact came from the Philippine Statistics Authority itself.
2) Ruthless growth
Growth has also been ruthless since many of Duterte’s policies are anti-poor.
Luckily for the administration, the country’s poverty rate has gone down from a fourth to a fifth of the population – from the first half of 2015 to the same period in 2018.
But runaway inflation last year (Figure 3), caused in part by the government’s rice mismanagement and the TRAIN law, also impoverished Filipinos by reducing the amount of goods and services they could buy with their incomes.
Duterte’s pet project – the war on drugs – has also killed tens of thousands of Filipinos, almost exclusively among the ranks of the poor. Is this government eradicating poverty by eradicating the poor?
It seems that the government is turning its back on the very idea of “inclusive growth.” In the recent pre-SONA forum, one slide said tellingly, “Our ultimate goal is to bring down poverty rates and create more opportunities for all law-abiding Filipinos” (emphasis mine).
This is hypocritical on two counts. First, inclusive growth is clearly stated as a goal in the Philippine Development Plan. Second, Socioeconomic Planning Secretary Ernesto Pernia himself coined the term “inclusive growth” in a paper published in 2000.
3) Voiceless growth
Even if the economy continues to grow, the Filipino people’s ability to speak out and air their grievances has palpably shrunk.
A large part of it is due to the climate of fear spawned by Duterte’s war on drugs.
The situation is so bad that the United Nations Human Rights Commission is now calling for a probe on the war on drugs, concurrent with the “preliminary examination” of the International Criminal Court.
Checks and balances in government are all but gone. Duterte enjoys tremendous influence in the executive, legislative, and judiciary, which are supposed to check on one another. Duterte is also attacking independent constitutional agencies left and right, such as the Commission on Human Rights and the Ombudsman.
And then, of course, we’re all familiar with how the government is stifling independent media, with Rappler currently facing numerous legal battles and ABS-CBN risking the non-renewal of its franchise next year.
4) Rootless growth
When growth impinges on minority groups or cultural identities, you might call it rootless growth.
For instance, more than two years since the Marawi siege, many Maranao evacuees still live in tent cities and cannot return to their homes. Rehabilitation was stalled largely because Chinese firms were vying to build a new Marawi, even without the consent of the Maranaos.
Meanwhile, the lives and communities of the Dumagats are now under threat from the Chinese-funded Kaliwa Dam project in Quezon.
Although the dam is touted to be a major solution to Metro Manila’s water woes, the Dumagats were also not consulted even if their communities face inundation. Local government leaders were also “totally unaware” of the project until after the signing of the loan agreement with China.
5) Futureless growth
Finally, growth is unsustainable (or futureless) if pursued at the expense of the environment.
Perhaps the most glaring instance of this would be China’s aggressive expansion in the West Philippine Sea. Several reports repeatedly show their overfishing, their destruction of coral reefs, and their reclamation of new islands.
Yet even with such environmental atrocities, Duterte refrains from invoking (even mentioning) our victory in the arbitral tribunal in 2016. In the wake of the recent boat ramming incident, Duterte also did not come to the defense of the Filipino fishermen, and even seems to be lawyering for the Chinese government.
Where on earth is his famed “tapang at malasakit” (courage and compassion)?
It’s alarming enough that economic growth in the first 3 years of the Duterte administration has been trending down. Yet, at the same time, growth has been jobless, ruthless, voiceless, rootless, and futureless.
In other words, economic growth under Duterte bears all the hallmarks of bad growth.
Disturbingly, it did not figure in the recent midterm and local elections, which were dominated by Duterte's candidates. Why?
Remember we’re just halfway through the Duterte administration. How much worse could things get?
The author is a PhD candidate at the UP School of Economics. His views are independent of the views of his affiliations. Follow JC on Twitter (@jcpunongbayan) and Usapang Econ (usapangecon.com).
https://www.rappler.com/thought-leaders/235696-analysis-poor-quality-economic-growth-under-duterte
ABS-CBN franchise renewal up to Congress, not Duterte: Palace
The renewal of ABS-CBN Corporation's franchise will be up Congress, not President Rodrigo Duterte, his spokesman said Thursday.
Presidential Spokesman Salvador Panelo made the remark when asked about the case of rival broadcaster TV5, whose franchise lapsed into law. A bill granting a fresh franchise to the Catholic Bishops Conference of the Philippines also lapsed into law without the President's signature.
"But ABS-CBN ang expiration next year pa eh, tsaka Congress naman. Nasa Kongreso ang bola niyan, hindi naman kay Presidente."
(ABS-CBN's franchise will expire next year and that will depend on Congress not the President.)
Duterte has criticized ABS-CBN for allegedly not airing a 2016 campaign that he paid for and instead showing a TV spot that was critical of him and was paid by his critic, former Sen. Antonio Trillanes IV.
The franchise of the Lopez-led network will expire in March 2020.
https://news.abs-cbn.com/business/07/18/19/abs-cbn-franchise-renewal-up-to-congress-not-duterte-palace
Presidential Spokesman Salvador Panelo made the remark when asked about the case of rival broadcaster TV5, whose franchise lapsed into law. A bill granting a fresh franchise to the Catholic Bishops Conference of the Philippines also lapsed into law without the President's signature.
"But ABS-CBN ang expiration next year pa eh, tsaka Congress naman. Nasa Kongreso ang bola niyan, hindi naman kay Presidente."
(ABS-CBN's franchise will expire next year and that will depend on Congress not the President.)
Duterte has criticized ABS-CBN for allegedly not airing a 2016 campaign that he paid for and instead showing a TV spot that was critical of him and was paid by his critic, former Sen. Antonio Trillanes IV.
The franchise of the Lopez-led network will expire in March 2020.
https://news.abs-cbn.com/business/07/18/19/abs-cbn-franchise-renewal-up-to-congress-not-duterte-palace
TV5 Network’s franchise renewed for another 25 years
A bill extending the franchise granted to ABC Development Corp. — presently known as TV5 Network, Inc. — has lapsed into law after President Rodrigo Duterte failed to act on the measure.
Republic Act 11320 renewed TV5’s franchise for another 25 years.
According to a copy of the law released by Malacañang Thursday, the bill lapsed into law on April 22, 2019.
Under the Constitution, bills sent to Malacañang will lapse into law if the president does not approve or veto them 30 days after transmittal.
The extension of TV5’s franchise came amid Duterte’s threats to block the franchise renewal of media and entertainment giant ABS-CBN Corp.
ABS-CBN’s franchise expires on March 30, 2020.
Duterte first expressed his opposition to the extension of ABS-CBN’s franchise on April 27, 2017, which came days after he signed a law extending the franchise of rival GMA Network Inc.
In 2017, Duterte hit ABS-CBN and newspaper The Philippine Daily Inquirer for their supposed “unfair” and “slanted” reporting of his administration. — Ian Nicolas Cigaral
https://www.philstar.com/business/2019/07/18/1935786/tv5-networks-franchise-renewed-another-25-years
Republic Act 11320 renewed TV5’s franchise for another 25 years.
According to a copy of the law released by Malacañang Thursday, the bill lapsed into law on April 22, 2019.
Under the Constitution, bills sent to Malacañang will lapse into law if the president does not approve or veto them 30 days after transmittal.
The extension of TV5’s franchise came amid Duterte’s threats to block the franchise renewal of media and entertainment giant ABS-CBN Corp.
ABS-CBN’s franchise expires on March 30, 2020.
Duterte first expressed his opposition to the extension of ABS-CBN’s franchise on April 27, 2017, which came days after he signed a law extending the franchise of rival GMA Network Inc.
In 2017, Duterte hit ABS-CBN and newspaper The Philippine Daily Inquirer for their supposed “unfair” and “slanted” reporting of his administration. — Ian Nicolas Cigaral
https://www.philstar.com/business/2019/07/18/1935786/tv5-networks-franchise-renewed-another-25-years
CBCP broadcast franchise renewal, 13 other bills lapse into law
AT LEAST 14 proposed measures, including a bill granting 25-year extension for the congressional franchise of the Catholic Bishops' Conference of the Philippines (CBCP), have lapsed into law.
Even sans the President's signature, a bill automatically becomes a law if left unsigned 30 days after being received by the Office of the President.
Republic Act (RA) 11319, which extends CBCP's broadcast franchise for another 25 years, lapsed into law on April 22.
The last franchise of CBCP, a religious body that remains at odds with President Rodrigo Duterte, was granted in August 2017.
RA 11319 allows CBCP to continue operating and maintaining its radio and television broadcasting facilities "for religious, education, cultural, and commercial purposes."
Other bills that lapsed into law are RAs 11252, 11253, 11316, 11317, 11318, 11320, 11339, 11340, 11341, and 11342.
The said laws respectively extend the franchises of RMC Broadcasting Corporation, Advanced Media Broadcasting System Inc., PBN Broadcasting Network Inc., Andres Bonifacio College Broadcasting System Inc., Insular Broadcasting System Inc., TV5 Network Inc., Cebu Broadcasting Company, Radio Marine Network Inc., First Love Broadcasting Network Inc., and Tirad Pass Radio TV Broadcasting Network Inc. for another 25 years.
RAs 11252 and 11253 lapsed into law on March 30, while RAs 11316, 11317, 11318, and 11320 lapsed into law on April 22.
Meantime, RAs 11339, 11340, 11341, and 11342 lapsed into law on April 27.
It is no secret that Duterte has been attacking the media for their supposed "biased" and "false" reporting.
RA 11329, which establishes a campus of the Bulacan State University in San Rafael, Bulacan, lapsed into law on April 22.
Bulacan State University-San Rafael Campus is mandated to offer graduate, undergraduate, and short-term technical-vocational courses to students, according to RA 11329.
A bill that also lapsed into law is RA 11309, which rectified the period to constitute the search committee for the presidency of the Palompon Institute of Technology and extends the deadline for its compliance with the requirements of the Commission on Higher education for conversion into a state university.
RA 11309 lapsed into law on April 20.
RA 11338, which seeks to create the position of assistant city administrator, emphasize the prohibition on illegal gambling, and establishes the city registry of deeds, is the other proposed measure that lapsed into law on April 27.
The copies of all the 14 laws were made public just on Thursday, July 18.
Presidential Spokesperson Salvador Panelo said the President is not opposed to bills that lapsed into law.
"Ibig sabihin, kung pina-lapse niya, ibig sabihin, okay sa kanya (It means that he is okay with the measures, if all of those lapsed into law)," the Palace official said, when sought for reaction on the President's failure to sign the proposed measures.
"That means, effectively, parang pinirmahan niya rin 'yun. Ganoon naman 'yun. Kasi when a President, who is supposed to sign, will let a law pass, ibig sabihin, okay lang sa kanya 'yun (That means, effectively, he also signed that. That's how it works. Because when a President, who is supposed to sign, will let a law pass, it means he has no problem with that)," he added. (SunStar Philippines)
Even sans the President's signature, a bill automatically becomes a law if left unsigned 30 days after being received by the Office of the President.
Republic Act (RA) 11319, which extends CBCP's broadcast franchise for another 25 years, lapsed into law on April 22.
The last franchise of CBCP, a religious body that remains at odds with President Rodrigo Duterte, was granted in August 2017.
RA 11319 allows CBCP to continue operating and maintaining its radio and television broadcasting facilities "for religious, education, cultural, and commercial purposes."
Other bills that lapsed into law are RAs 11252, 11253, 11316, 11317, 11318, 11320, 11339, 11340, 11341, and 11342.
The said laws respectively extend the franchises of RMC Broadcasting Corporation, Advanced Media Broadcasting System Inc., PBN Broadcasting Network Inc., Andres Bonifacio College Broadcasting System Inc., Insular Broadcasting System Inc., TV5 Network Inc., Cebu Broadcasting Company, Radio Marine Network Inc., First Love Broadcasting Network Inc., and Tirad Pass Radio TV Broadcasting Network Inc. for another 25 years.
RAs 11252 and 11253 lapsed into law on March 30, while RAs 11316, 11317, 11318, and 11320 lapsed into law on April 22.
Meantime, RAs 11339, 11340, 11341, and 11342 lapsed into law on April 27.
It is no secret that Duterte has been attacking the media for their supposed "biased" and "false" reporting.
RA 11329, which establishes a campus of the Bulacan State University in San Rafael, Bulacan, lapsed into law on April 22.
Bulacan State University-San Rafael Campus is mandated to offer graduate, undergraduate, and short-term technical-vocational courses to students, according to RA 11329.
A bill that also lapsed into law is RA 11309, which rectified the period to constitute the search committee for the presidency of the Palompon Institute of Technology and extends the deadline for its compliance with the requirements of the Commission on Higher education for conversion into a state university.
RA 11309 lapsed into law on April 20.
RA 11338, which seeks to create the position of assistant city administrator, emphasize the prohibition on illegal gambling, and establishes the city registry of deeds, is the other proposed measure that lapsed into law on April 27.
The copies of all the 14 laws were made public just on Thursday, July 18.
Presidential Spokesperson Salvador Panelo said the President is not opposed to bills that lapsed into law.
"Ibig sabihin, kung pina-lapse niya, ibig sabihin, okay sa kanya (It means that he is okay with the measures, if all of those lapsed into law)," the Palace official said, when sought for reaction on the President's failure to sign the proposed measures.
"That means, effectively, parang pinirmahan niya rin 'yun. Ganoon naman 'yun. Kasi when a President, who is supposed to sign, will let a law pass, ibig sabihin, okay lang sa kanya 'yun (That means, effectively, he also signed that. That's how it works. Because when a President, who is supposed to sign, will let a law pass, it means he has no problem with that)," he added. (SunStar Philippines)
TV5, CBCP franchise extension bills lapse into law —Malacañang
The bills renewing the broadcast franchise of TV5 Network and the Catholic Bishops Conference of the Philippines have lapsed into law as President Rodrigo Duterte did not act on them within the period set by the Constitution.
Republic Act 11319 extends for another 25 years the congressional franchise of CBCP to construct, install, establish, operate and maintain radio and or television broadcasting stations in the Philippines for religious, cultural and commercial purposes.
TV5 also got a 25-year franchise extension under Republic Act 11320.
Malacañang said the proposed measures actually lapsed into law on April 22.
Under the Constitution, any bill that is neither signed nor vetoed by the President will automatically lapse into law 30 days after it was forwarded by Congress.
Other bills pertaining to the franchise extension of the following entities have also lapsed into law:
Duterte has repeatedly lambasted the Catholic Church even though he considers CBCP president and Davao Archbishop Romulo Valles as his riend.
He even brought up the supposed misdeeds of clergymen and claimed to have been molested by a priest when he was a young student.
Last year, Duterte drew flak from religious groups and politicians after he remarked that God is “stupid.”
However, Duterte said the clergy should not use the pulpit to attack him and his policies, particularly the war on drugs.
Born and raised a Catholic, Duterte said on Wednesday that he is a “deeply religious person” who uses the Bible as guide in his daily life. —VDS, GMA News
https://www.gmanetwork.com/news/money/companies/701457/tv5-cbcp-franchise-extension-bills-lapse-into-law-malacanang/story/
Republic Act 11319 extends for another 25 years the congressional franchise of CBCP to construct, install, establish, operate and maintain radio and or television broadcasting stations in the Philippines for religious, cultural and commercial purposes.
TV5 also got a 25-year franchise extension under Republic Act 11320.
Malacañang said the proposed measures actually lapsed into law on April 22.
Under the Constitution, any bill that is neither signed nor vetoed by the President will automatically lapse into law 30 days after it was forwarded by Congress.
Other bills pertaining to the franchise extension of the following entities have also lapsed into law:
- Rizal Memorial Colleges Broadcasting Corporation (RA 11252)
- Advanced Media Broadcasting System, Inc. (RA 11253)
- PBN Broadcasting Network, Inc. (RA 11316)
- Andres Bonifacio College Broadcasting System, Inc. (RA 11317)
- Insular Broadcasting System, Inc. (RA 11318)
- Cebu Broadcasting Company (RA 11339)
- Radio Marine Network, Inc. (RA 11340)
- First Love Broadcasting Network, Inc. (RA 11341)
- Tirad Pass Radio TV Broadcasting Network, Inc. (RA 11342)
Duterte has repeatedly lambasted the Catholic Church even though he considers CBCP president and Davao Archbishop Romulo Valles as his riend.
He even brought up the supposed misdeeds of clergymen and claimed to have been molested by a priest when he was a young student.
Last year, Duterte drew flak from religious groups and politicians after he remarked that God is “stupid.”
However, Duterte said the clergy should not use the pulpit to attack him and his policies, particularly the war on drugs.
Born and raised a Catholic, Duterte said on Wednesday that he is a “deeply religious person” who uses the Bible as guide in his daily life. —VDS, GMA News
https://www.gmanetwork.com/news/money/companies/701457/tv5-cbcp-franchise-extension-bills-lapse-into-law-malacanang/story/
Bills renewing TV5, CBCP franchises lapse into law
Presidential Spokesman Salvador Panelo cannot explain why Duterte did not sign the bill instead
The bills renewing the franchises of TV5 Network Incorporated and the Catholic Bishops' Conference of the Philippines (CBCP) lapsed into law on April 22, according to copies of the laws from Malacañang.
The Palace sent media copies of the laws 3 months after, on Thursday, July 18.
The laws lack President Rodrigo Duterte's signature and bears a stamp stating that they had lapsed into law on April 22.
This meas TV5 Network, which operates the TV5 television station and Radyo Singko, gets to operate for another 25 years. CBCP can also operate radio or television stations throughout the country for another 25 years.
Presidential Spokesman Salvador Panelo could not explain why Duterte did not sign the bill. He said in the Thursday press conference that Duterte probably did not object to TV5's franchise renewal, hence he allowed it to lapse into law.
Meanwhile, the CBCP is led by Duterte's friend, Davao Archbishop Romulo Valles even as it includes among its officers priests who have been highly critical of the President. This includes Caloocan Bishop Pablo Virgilio David, who himself has been a subject of Duterte's rants and threats.
Last January, the CBCP issued a statement that appeared to decry Duterte's slurs against teachings of the Catholic Church.
A president can either sign a law, veto it entirely or in part, or not act on it until it lapses into law.
Observers are closely watching the government's moves on the franchise renewal of network ABS-CBN, which Duterte has frequently railed against for supposedly "biased" reporting and for supposedly not airing his political advertisements as 2016 presidential candidate when his campaign team had paid for them.
Duterte has threatened to block ABS-CBN's franchise renewal. The network's franchise expires in 2020.
https://www.rappler.com/nation/235701-bills-renewing-tv5-cbcp-franchises-lapse-into-law
The bills renewing the franchises of TV5 Network Incorporated and the Catholic Bishops' Conference of the Philippines (CBCP) lapsed into law on April 22, according to copies of the laws from Malacañang.
The Palace sent media copies of the laws 3 months after, on Thursday, July 18.
The laws lack President Rodrigo Duterte's signature and bears a stamp stating that they had lapsed into law on April 22.
Bill renewing franchise of TV5 lapses into law. See last page of law lacking President Rodrigo Duterte's signature. @rapplerdotcom pic.twitter.com/3u36uPFOHc— Pia Ranada (@piaranada) July 18, 2019
President Duterte also lets bill renewing CBCP franchise lapse into law. @rapplerdotcom pic.twitter.com/jawfP6P2ya— Pia Ranada (@piaranada) July 18, 2019
This meas TV5 Network, which operates the TV5 television station and Radyo Singko, gets to operate for another 25 years. CBCP can also operate radio or television stations throughout the country for another 25 years.
Presidential Spokesman Salvador Panelo could not explain why Duterte did not sign the bill. He said in the Thursday press conference that Duterte probably did not object to TV5's franchise renewal, hence he allowed it to lapse into law.
Meanwhile, the CBCP is led by Duterte's friend, Davao Archbishop Romulo Valles even as it includes among its officers priests who have been highly critical of the President. This includes Caloocan Bishop Pablo Virgilio David, who himself has been a subject of Duterte's rants and threats.
Last January, the CBCP issued a statement that appeared to decry Duterte's slurs against teachings of the Catholic Church.
A president can either sign a law, veto it entirely or in part, or not act on it until it lapses into law.
Observers are closely watching the government's moves on the franchise renewal of network ABS-CBN, which Duterte has frequently railed against for supposedly "biased" reporting and for supposedly not airing his political advertisements as 2016 presidential candidate when his campaign team had paid for them.
Duterte has threatened to block ABS-CBN's franchise renewal. The network's franchise expires in 2020.
https://www.rappler.com/nation/235701-bills-renewing-tv5-cbcp-franchises-lapse-into-law