Author: malaysiang

MANILA: A further cut in banks’ reserve requirement ratio (RRR) is still possible, the Bangko Sentral ng Pilipinas (BSP) said.

“We want to eventually reduce the reserve requirement, but we’re trying to figure out the right timing. We will raise it at the Monetary Board meeting at some point soon and that is another thing,” BSP Governor Eli Remolona Jr. told reporters in a briefing late Monday.

In June last year, the RRR of universal and commercial banks and non-bank financial institutions with quasi-banking functions were slashed by 250 basis points to 9.5 percent.

However, Remolona said the 9.5 percent is not low enough, adding the said RRR puts the Philippines as the highest in Asia.

“So, when to do it, and how much would be reduced to the requirement, that’s one of the things we want to look forward to,” he said.

Sought to comment on whether a cut in RRR is possible within the third quarter of this year, Remolona said “it is unlikely.”

Meanwhile, Rizal Commercial Banking Corporation chief economist M
ichael Ricafort said on Tuesday that the BSP could cut RRR this year or in 2025 if the economic and monetary environment are already conducive to do so.

“Reserve requirements cuts, if already allowed by well anchored inflation and would not lead to higher inflation at some point in the future, would increase banks’ loanable funds,” he said.

Ricafort said this will help reduce intermediation costs with lower cost of reserve requirements that will help stimulate more demand for loans, increase investments and other business activities which will lead to faster overall economic growth.

“Every 1 percentage point cut in large banks’ RRR is equivalent to about PHP142 billion infused into the banking system that can be used for more loans, investments, expansion, among other uses of funds,” he added.

Source: Philippines News Agency

KUALA LUMPUR, Muslims in Malaysia will celebrate Hari Raya Aidilfitri on Wednesday, April 10, Keeper of the Ruler’s Seal Tan Sri Syed Danial Syed Ahmad announced tonight.

‘In keeping with the command of the Yang di-Pertuan Agong, following the consent of the Rulers, I hereby declare that the date for Hari Raya Puasa for the states in Malaysia has been set for Wednesday, April 10, 2024,’ he said.

The announcement was broadcast over local television networks.

Meanwhile, Minister in the Prime Minister’s Department (Religious Affairs) Datuk Dr Mohd Na’im Mokhtar, in a statement today, said Malaysia uses the methods of ‘Rukyah’ (moon sighting) and ‘Hisab’ (astronomical calculations) based on the criteria of ‘Imkanur Rukyah’, to determine the beginning of Syawal.

He said the criteria refer to the condition where the new moon is considered visible if it is at a position not less than 3 degrees and 6.4 degrees above the horizon when the sun sets.

Mohd Na’im said this following the announcement of the date of Aid
ilfitri for Saudi Arabia, which will celebrate 1 Syawal on Wednesday, as announced yesterday that caused speculation among the public.

According to him, Saudi Arabia conducted the moon sighting on Monday evening, April 8, (a day earlier than Malaysia) as 1 Ramadan in that country is earlier than in Malaysia.

‘As we know, the country is located further west than Malaysia,’ he said.

Source: BERNAMA News Agency

LAOAG CITY: Expectant mothers and children can get vaccinated for free against pertussis at the Provincial Health Office (PHO) in Ilocos Norte and at municipal health offices.

A six-week old is already eligible for the pentavalent vaccine while those aged 1 to 6 years may get booster doses.

The vaccine protects against diptheria, tetanus, pertussis, hib (influenza B) and hepatitis B.

‘We are doing our best to prevent the entry of this disease to our province and the best way to prevent it is to get vaccinanted,’ PHO officer-in-charge Dr. Rickson Balalio said in an interview Tuesday.

Balalio explained that pertussis, or whooping cough, causes clean, squeezed breathing after coughing.

Affected children may experience apnea or shortness of breath, difficulty in breathing, and vomiting.

“Pertussis disease is a respiratory infection caused by a bacteria, Bordetella pertussis. It is highly contagious and the symptoms can be felt in seven to 10 days,’ he added.

Latest Department of Health (DOH) data showed 1,
112 recorded cases from Jan. 1 to March 30, with 54 deaths.

There were only 32 cases during the same period last year.

Of the total cases, 77 percent were children not older than 5 years.

The DOH said it has enough vaccine supply until May while new deliveries are expected in June.

Source: Philippines News Agency

KUALA LUMPUR, Traffic flow on the main highways exiting the Klang Valley was congested this afternoon as many city folks began leaving for their hometowns to celebrate Hari Raya Aidilfitri, besides taking advantage of the free toll on all highways until 11.59 pm today.

A spokesperson from the Malaysian Highway Authority (LLM) said traffic flow towards the north was congested at the North-South Expressway (PLUS) from Bukit Lanjan to Rawang; Rawang Rest and Service Area to Bukit Beruntung; Bukit Tagar to Lembah Beringin; Tapah to Gopeng and Menora Tunnel to Kuala Kangsar.

‘Four Smart Lanes have also been activated until 7 pm today for the northbound routes involving the Rawang Rest and Service Area to Sungai Buaya; Slim River to Sungkai; Gua Tempurung to Gopeng; and Bukit Tambun to Juru,’ he told Bernama.

The spokesperson said congestion has also been reported for the southbound routes from Nilai to Bandar Ainsdale, Port Dickson South to Pedas Linggi and Kulai to Sedenak.

‘Smart Lanes have also been activat
ed at areas involving, among others, Nilai to the Seremban Rest and Service Area; Ayer Keroh to the Bemban Rest Area; and Kulai to Senai,’ he said.

Traffic heading towards the East Coast is still under control and there is congestion only after the Gombak Toll Plaza until the Genting Sempah Tunnel.

‘There is a 13-kilometre traffic snarl due to rain, in addition to an increased number of vehicles and uphill conditions at the location,’ he said.

Source: BERNAMA News Agency

MANILA: A local franchisor is urging Filipinos to go into the business of rice retailing as payback could be seen within eight to 10 months.

Goldmine Farm to Market president and founder Orlando Manuntag said rice retailing is a viable business in the country that offers early return-on-investment (ROI) because rice is a staple food in the Philippines, thus demand is stable.

Goldmine Farm to Market, one of the pioneers in rice retailing franchising, is participating in the upcoming Franchise Asia Philippines (FAPHL) 2024 at the SMX Convention Center, Pasay City from Apr. 12 to 14.

Manuntag said the company is targeting to add 100 new franchisees in its participation in FAPHL this year.

‘As goodwill, we are offering as much as PHP100,000 rebate for potential franchise owners,’ he added.

Currently, Goldmine Farm to Market has 10 franchise holders across Metro Manila and Calabarzon, mostly overseas Filipino workers’ (OFW) families.

‘We have procured a powerful POS (point-of-sale) system that allows franchi
se owners to supervise their stores anytime, anywhere,’ Manuntag said, adding it has end-to-end operational and functional assistance to deliver a complete functional solution to daily transactions.

He said the Goldmine Farm to Market’s franchise package is in two phases.

The initial phase involves retailing of 12 rice varieties, including staples like regular and well-milled rice, alongside premium, fancy, and colored varieties such as brown, red, black, glutinous rice, and imported jasmine and Japanese varieties.

The second phase expands the franchise to include other agricultural products, such as organic products and corn coffee.

Manuntag said aside from providing a business to Filipinos, the company also ensures livelihood for local farmers.

Source: Philippines News Agency

IPOH, The operation to extinguish a forest fire at a 10-hectare hill area near the Anti-Smuggling Unit (UPP) post in Gerik is still ongoing, involving 70 firefighters from the Perak Fire and Rescue Department (JBPM).

Perak JBPM Assistant Director of Operations, Sabarodzi Nor Ahmad said currently about one hectare of the total area is still burning but the situation is under control.

“The fire has been ongoing since Sunday (April 7) and monitoring and operational actions are still ongoing today involving firefighters from the Fire and Rescue Stations in the Kinta, Kerian, Larut Matang and Selama (LMS), as well as Gerik districts.

“The remaining fire is estimated to cover approximately one hectare, involving several locations where there are still flames and smoke at the scene,” he said when contacted by Bernama here today.

Sabarodzi said the firefighting process takes some time due to the porous soil structure and many fallen trees blocking the passage.

“This makes it difficult for our four-wheel drive ve
hicles to access the burning areas, and assistance from air units (helicopters) cannot be used as they are involved in forest fire operations in Pahang,” he said.

Source: BERNAMA News Agency

MANILA: President Ferdinand R. Marcos Jr. on Tuesday turned over housing units to 216 informal settler families in Balanga, Bataan affected by the cleanup and relocation operations in hazard-prone areas.

The relocated settlers used to live along the Talisay River.

The Balanga City Low-Rise Housing Project of the National Housing Authority (NHA), located in Barangay Tenejero, features six condominium-style buildings.

Each unit, measuring 27 square meters, is equipped with two bedrooms, a kitchen, toilet, bath, and fully operational water and power supplies.

In his message, Marcos said the project is part of the government’s Pambansang Pabahay para sa Pilipino Housing (4PH) program, which aims to address the six million housing backlog by 2028.

‘Sa loob ng maraming taon, humarap kayo sa peligrong dala ng pagtira sa tabi ng ilog. Kaya narito tayo upang bigyan ng lunas ang kanilang suliranin (For years, you faced the dangers of living by the river. So, we are here to give a solution to their problem),’ Marco
s said in his speech.

‘Kayo ngayon ay maninirahan sa sariling bahay na ligtas, de-kalidad, at komportable. Ngayon pa lamang po ay binabati ko na ang ating mga benepisyaryo ng congratulation sa pagsisimula ng panibagong yugto ng inyong buhay (You can now live in your own house that is safe and comfortable. As early as now, I am extending my congratulations to our beneficiaries for starting this new phase of your life)!’ he added.

The President also assured that the government remains committed to building more safe, quality, and comfortable housing units.

The NHA also plans to build basic facilities in the housing community, such as a four-story school building with 20 classrooms, a multi-purpose building, and a covered basketball court.

A community center building has also been constructed within the housing project to ensure that beneficiaries will have access to basic commodities, educational facilities and other community needs.

It houses a health center, daycare center, barangay learning hub, offices
of the homeowners’ association and a local government unit housing satellite office.

Source: Philippines News Agency