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News

  • Congress to ratify national ID bill today The national ID system bill is expected to be ratified by Congress today, the final step before it is transmitted to President Rodrigo Duterte for his signature. First proposed during the administration of former president Fidel Ramos, the national ID bill has failed to take off due to lack of support in Congress and a general fear of the system because of privacy issues. But, with the backing of Pres. Duterte, the bill, which is also dubbed as the Philippine ID system, has been approved by both the Senate and the House of Representatives. The fears raised about the present national ID, according to Lacson, have been unfounded considering that the information that would be stored in the ID are basic details of an individual such as name, birthdate, address, gender, photograph and biometrics.
  • Moody’s flags weak peso’s credit risk A sustained peso depreciation would be “credit negative” for the Philippines as it pushes up the cost of foreign debt and triggers capital outflows, Moody’s Investors Service said. The Philippine peso is among the Asia-Pacific currencies which have been hit the hardest by a stronger dollar, the debt watcher said, even as it noted that the region has been “susceptible” to foreign exchange fluctuations. “For Indonesia and the Philippines, currency pressures will exacerbate already weak debt-affordability metrics and, to the extent that they are accompanied by capital outflows, may have wider repercussions for the balance of payments,” Moody’s said in a report.

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