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News
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Duterte names BJMP official new BuCor chief
President Rodrigo Duterte has designated Jail Senior Superintendent Gerald Bantag of the Bureau of Jail Management and Penology (BJMP) as the new head of the Bureau of Corrections (BuCor), citing his competence and integrity. Mr. Bantag will replace former Marine Captain Nicanor Faeldon at the helm of the BuCor after he was sacked by the President over the controversial release of heinous crime convicts under the Good Conduct Time Allowance (GCTA) law. Prior to his designation, he served as BJMP regional director in the Mimaropa (Mindoro, Marinduque, Romblon, and Palawan) region. He also previously served as jail warden of the Parañaque, Manila, and Malabon city jails.
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BSP may delay rate cut due to rising oil prices
The upsurge in oil prices arising from the recent drone attacks on Saudi Arabia’s oil fields is seen to temper the ability of the Bangko Sentral ng Pilipinas (BSP) or central bank to release more liquidity in the financial system. Bank of the Philippine Islands economist Emilio Neri, Jr. said that with the recent attacks reducing oil supply in the global market and putting upward pressure on oil prices, inflation in oil-importing Philippines might start climbing faster than expected in November and December of this year through 2020. A higher import bill resulting from higher oil prices is also seen to put pressure on the peso exchange rate against the dollar. With higher inflation and a peso-weakening bias, the economist said the BSP might not be able to cut either the overnight borrowing rate (reserve repurchase agreement or RRP) or the reserve requirement ratio as much as the markets had originally anticipated.
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