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News

  • Magic 12 proclamation deferred The Commission on Elections (Comelec) deferred anew the proclamation of the 12 winning senators and party-list groups amid the delay in the transmission of certificates of canvass (CoC) from Washington. Comelec spokesman James Jimenez said the proclamation may be held in a day or two. The poll body is looking at proclaiming the winning senators and party-list groups at the same time, Jimenez said. He added that the ERs from the District of Columbia represent over 200,000 votes. The transmission of CoCs from Washington was delayed because the Special Board of Canvassers (SBoC) is still awaiting the ERs from Los Angeles, according to the Comelec spokesman.
  • PH economic growth seen to recover The UK-based Oxford Economics expects Philippine economic growth to rebound as the government finally spends its P3.7-trillion budget for 2019 after months of delay. The state planning agency National Economic and Development Authority (NEDA) has estimated that if not for the budget impasse, 1Q GDP would have had grown by 6.6%, while the Department of Finance  had expected a 6-year high economic expansion of 7.2% during the January-to-March period if only this year’s appropriations were passed and implemented on time. Due to squabbles among legislators for “pork” funds, it was only last April 15 that President Rodrigo Duterte signed the 2019 national budget—but after he vetoed P95.3 billion in projects that were not included in his administration’s priorities. Oxford Economics added that it expected monetary policy to become more accommodative as the Bangko Sentral ng Pilipinas (BSP) or central bank is seen cutting rates by 50 bps (basis points) in 2019.

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