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News

  • Manila Water takes blame for shortage The president of Manila Water Co. apologized to the public saying he was taking full responsibility for Metro Manila’s water woes, as he, along with waterworks officials and other stakeholders, faced a hostile House panel. But Ferdinand dela Cruz, also Manila Water’s chief executive officer, was silent on his company’s willingness to refund thousands of inconvenienced consumers in the east sector, where many households had either been suffering from no water or low water pressure since March 6. Mr. Dela Cruz’s words drew praise from a number of House leaders, who assured him the hearing was not intended to put Manila Water in the hot seat. But that did not stop antagonistic questions directed by other lawmakers at Mr. Dela Cruz on whether he would be stepping down or if his company would be refunding consumers for its shortcomings.
  • PH books 4th straight month of BOP surplus The country’s external payments position strengthened for the 4th straight month with the balance of payments (BOP) surplus hitting $467 million in February, a complete reversal of the $429 million deficit recorded in the same month last year due to strong inflows, according to the Bangko Sentral ng Pilipinas (BSP) or central bank. Data released by the BSP showed the country’s BOP position has been recording a surplus since November last year with $847 million, December with $2.44 billion, and January with $2.7 billion. The BOP is the difference in total values between payments into and out of the country over a period. From January to February, the BSP said the country’s BOP position yielded a surplus of $3.17 billion due to higher remittances from Filipinos living and working abroad as well as net inflows from foreign portfolio investments or hot money. This was a turnaround from the $961 million deficit registered in January and February last year.

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