Good day. Here are the stories for The Manila Times for Saturday, December 10, 2022.
READ: Economic managers back Maharlika fund
PRESIDENT Ferdinand "Bongbong" Marcos Jr.'s economic managers have endorsed the proposed Maharlika Wealth Fund (MWF), saying it will help usher in the country's inclusive and sustainable growth. In a joint statement on Friday, the President's economic team thanked him for "recognizing the benefits of a Sovereign Wealth Fund," which included both direct and intergenerational benefits. Finance Secretary Benjamin Diokno, Budget Secretary Amenah Pangandaman, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, and Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla called for the swift passage of the bill on the proposed sovereign wealth fund.
BUSINESS: Bangko Sentral hikes BoP deficit forecasts
Meanwhile, the country's balance of payments (BoP) position will likely end in wider deficits this year and the next given persistent external risks, the Bangko Sentral ng Pilipinas (BSP) said on Friday. New 2022 and 2023 BoP projections approved by policymaking Monetary Board "continue to be influenced" by risk factors such as high inflation, the Russia-Ukraine war, and the continuing impact of the Covid-19 pandemic, the BSP said in a statement. The end-2022 BoP deficit forecast was raised to $11.2 billion from $8.4 billion previously. The shortfall was already at $7.8 billion, significantly higher than the US$665 million posted a year earlier, at the end of the third quarter. The 2022 estimate, meanwhile, was also increased to $5.4 billion from $2.5 billion. Expected yearend gross international reserves (GIR) levels for both years were also revised downward, to $93 billion each from $99 billion and $100 billion.
READ: Rights abuse issue crucial to mending PH-EU relations
In other news, President Ferdinand "Bongbong" Marcos Jr. will put his skills as the "best salesman" of the Philippines to the test when he visits Brussels to take part in the Association of Southeast Asian Nations-European Union (Asean-EU) Summit next week. Last July, European Council President Charles Michel wrote to Marcos inviting him to visit the EU headquarters in Belgium for bilateral talks. The high-level meeting will center on how to restart the negotiations for a free trade agreement between the Asean and EU that has stalled for almost 10 years.
READ: CHEd assailed for memo on in-person classes
A GROUP of teachers and personnel from private universities and colleges has assailed the latest memorandum by the Commission on Higher Education (CHEd) mandating the return of in-person classes by next year, describing it as an "encroachment to academic freedom." CHEd's Memorandum Order 16, issued on November 11, gives higher education institutions (HEIs) the option to adopt either onsite learning or hybrid learning starting the second semester of the School Year 2022-2023. The memo also states that HEIs can only implement full-distance and full-online learning if the CHEd approves it. In a statement, the Council of Teachers and Staff of Colleges and Universities of the Philippines (Cotescup) said the memo is a "clear violation of HEIs' freedom to determine how lessons shall be taught, and hence, unconstitutional."
READ: Govt ready to help family of OFW killed in Qatar
DEPARTMENT of Migrant Workers (DMW) Secretary Susan "Toots" Ople is reaching out to the family of the Filipino who reportedly died at a World Cup football training base in Qatar. Based on reports from foreign media, the unidentified Filipino, who was in his 40s, fell off a ramp while repairing lights at a resort used as a training base by Saudi Arabia's national football team. The date of the accident was not specified. The reports said the victim was not wearing a safety harness.
READ: Singer Jovit Baldivino passes away
DAYS after he reportedly collapsed while attending a party, singer Jovit Baldivino passed away Friday morning in a hospital in Batangas City. He was 29. News of Baldivino's death spread after his fiancé, Camille Ann Miguel, posted their picture with a caption that says: "Asawa ko" (my spouse) followed by several crying emoticons. The singer became widely known for his version of the songs "Faithfully" and "Too Much Love Will Kill You." A couple of his songs "Pusong Bato" and "Ika'y Mahal Pa Rin" rose to popularity and went viral on social media.
SPORTS: Ginebra, SMB go for the kill
Over to sports, Barangay Ginebra and San Miguel Beer go for the kill against their respective opponents — NorthPort and Converge — in Game 2 of the 2022-23 PBA Commissioner's Cup best-of-three quarterfinals series today, December 10, at the PhilSports Arena. The Gin Kings came out smoking in the series-opener, finishing with 16 triples as they routed the Batang Pier, 118-102, to get the all-important head start in the short playoff series.
Antonio Contreras, Yen Makabenta and Danton Remoto are today's front page columnists. Contreras talks about the difference of decriminalizing the use of and legalizing drugs, Makabenta believes climate alarmists have no fallback plan to replace vital products from fossil fuels, and Remoto discusses his New York travels in a whirlwind.
Today's editorial discusses the Department of Transportation's failed transport experiments. Read the full version in the paper's opinion section or listen to the Voice of the Times.
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On behalf of The Manila Times, this is Aric John Sy Cua reporting. Have a safe weekend ahead.