Category Archives: BUSINESS

SAGITTARIUS MINES’ US$5.9-B TAMPAKAN GOLD/COPPER PROJECT IS DEAD; SOCOT GOVERNOR VETOES LIFTING OF OPEN-PIT MINING BAN

Opponents of open-pit mining hailed South Cotabato Governor Reynaldo Tamayo Jr. for shooting down an amendment to the province’s 2010 Environmental Code that lifted the ban on the ming prac tice.

To suffer a fatal low fromTamayo’s veto of the amendment approved by the Provincial Board early last month, is the $5.8-B Tampakan Gold/Copper Project inTampakan municipality of the multinational Sagittarius Mines Inc. (SMI).

Tamayo said allowing open-pit mining is ‘prejudicial to the public welfare and inimical to the overall interest of all South Cotabateños,”in a letter to the Provincial Board explaining his veto.

DOLE set to issue 13th month pay computation advisory

MERRY CHRISTMAS FOR PINOY WORKERS

The Department of Labor and Employment (DOLE) is set to come up with an advisory on the proper computation of 13th month pay for private-sector workers amid the coronavirus disease 2019 (Covid-19) pandemic.

“So we will issue that labor advisory to clarify exactly how much amount a worker will receive, especially now during the pandemic,” Labor Undersecretary Benjo Benavidez said in a Laging Handa briefing on Tuesday.

Benavidez added that since many workers have not reported to work and numerous establishments have either ceased or downgraded operations, the computation of the 13th month pay will be different.

“The understanding of most of our employers is that the 13th month pay is the total monthly salary of the worker but the computation of the 13th month pay is not like that because many workers did not report to work and we implemented suspensions of work. I think it is only proportionate that we have a correct computation,” he added.

Given this situation, Benavidez said it is likely that employers would spend less for the 13th month pay of their workers.

Benavidez reminded that the payment of the benefit is a statutory obligation.

Meanwhile, he said that in 2020, the agency has logged an 85 percent compliance rate of employers or companies in giving 13th month pay.

Under the law, private-sector employees have to receive their 13th month pay on or before December 24. (PNA)

P11.64-T DEBT

Philippine total national outstanding debt now at ₱11.64-T

The Bureau of the Treasury office (Photo Courtesy of Bureau of the Treasury Facebook page)

The Philippine government’s current total outstanding debt stands at ₱11.64 trillion.

According to the Bureau of Treasury (BTr), as of the end of August 2021, the national government’s total debt increased by ₱32.05 billion or 0.28% due to the domestic debt issuance which is part of government financing.

Out of the total debt amount, 29.4% or ₱3.42 trillion was sourced externally while 70.6% or ₱8.22 trillion were domestic borrowings.