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Monday, July 27, 2015

Joining China-led bank will benefit PH




Joining China-led bank will benefit PH

July 27, 2015 9:09 pm
SHARED FROM
IF PNoy really wants to do well by his fellow Filipinos during the final year of his term, he should resist the pressure being exerted by the United States and set aside his narrow-minded anti-China stance by signing up for the Asian Infrastructure Investment Bank (AIIB) organized by China. The way we see it, the country’s membership in the newly-established multilateral lending bank will be beneficial to the country in the long run.
With an authorized capital of $50-billion (to be raised eventually to $100-billion), the AIIB will provide a new source of funding to build much needed infrastructure in poorer parts of Asia, including the Philippines, to help meet our region’s enormous infrastructure needs. The Asian Development Bank (ADB) has previously estimated that developing Asian countries have an infrastructure demand of about $8 trillion over the ten years to 2020.
At present, however, the current crop of multilateral development banks cannot fill Asia’s enormous infrastructure funding gap. The ADB has a capital base of just over $160 billion while the World Bank has $223 billion. Moreover, big institutions like the ADB and World Bank are spread too thinly, giving out loans around the world on everything from environmental protection to gender equality. In contrast, the AIIB will concentrate its financial muscle on infrastructure and only within the Asian region.
With $3.8 trillion in foreign currency reserves, China is well-positioned to take a leading role in the world’s newest multilateral development bank. As the biggest shareholder in AIIB, China can extend its influence in the region with its “soft power” as one of the top three major industrial economies in the world.
This is why the United States has been lobbying its allies not to join the China-led bank, which is seen as a direct challenger to the Washington-based World Bank and the Japan-dominated Asian Development Bank. Although the US says it welcomes new multilateral financial institutions, it has covertly been putting pressure on countries around the world, the Philippines included, to keep away.
Notwithstanding America’s backdoor efforts, several of its key European allies like the United Kingdom, Germany, France and Italy have joined as founding members of AIIB. Our Asia-Pacific neighbor, Australia, also joined the new multilateral bank as the bank’s sixth largest investor with its $719 million initial contribution. Even Asean economic powerhouse Singapore signed on as an AIIB founding member.
The Philippines, which is locked in a territorial dispute with China, is still hemming and hawing on whether to join the AIIB. PNoy says the country needs to be “very, very cautious” about becoming a member of the China-organized bank saying that the funding extended by AIIB could be used as a political tool by China. He cited how Export-Import Bank of China (China Eximbank) called in the loan on the Northrail project (the rail line project to Clark) after the incident in Scarborough Shoal crisis of 2012 where
But PNoy wasn’t being entirely truthful. What prompted China’s Eximbank to call in the loan was the nullification of the Northrail contract by the Supreme Court, which said that the award of the Northrail project to China’s Sinomach without competitive bidding was against the law. Northrail then notified Sinomach of its inability to carry out the agreement, prompting EximBank to declare a default event.
PNoy should also stop using our conflict in the Spratlys to justify our non-participation in AIIB. If the conflict in the Spratlys were to define our relationship in AIIB, why did Vietnam – which is also at odds with China over latter’s incursion into the areas being claimed by Vietnam in the Spratlys – sign up with the AIIB as founding member?
Although China has the biggest stake in the AIIB, it cannot afford to run the bank like its personal fiefdom, especially with member-states like Australia who joined on the assurance that China would run the bank with “appropriate transparency and accountability.”
The AIIB will be a test of China’s capability to run an international financial institution at par with the likes of ADB and WB. China can ill afford to lose any member-state on account of its shoddy governance since that would deal a severe blow to its credibility.
The way we see it, the biggest plus to the country’s membership in the AIIB is that it will cut down government’s over-dependence on public-private partnership (PPP) schemes to finance infrastructure projects.
For the past two decades, PPP projects have only increased the costs of public services for ordinary consumers. This outcome is inevitable because private companies must maximize its profits to survive. But the focus on profits is fundamentally incompatible with government’s obligation to provide cheap, affordable and universal access to basic public services.
Besides, public finance (or government borrowing) is cheaper than PPP funding. Governments can almost always borrow money more cheaply than private companies because there is very little risk of defaults.
It’s time the government stopped passing the financial burden of expensive and bloated PPP projects to our countrymen. That’s not only unfair, that’s also anti-Filipino.





The TRUTH will set you FREE.

#Shell is a crook, COA ruling confirms





June 22, 2015 9:25 pm

shared from


The recent 11-page decision of the Commission on Audit (COA) confirmed that Shell and company screwed and swindled the country out of P53-billion in royalties for seven years from 2002 to 2009. And this does not include the royalties when the Aquino administration took over in 2010.For the longest time, many Filipinos suspected that the country got the short end of the stick when we gave the exploration rights to the Malampaya gas field to the Shell consortium. Well, the cat is out of the bag.
This COA ruling is long overdue.
We recall that sometime in September 2010, there was already a COA auditor’s report on the Department of Energy (DOE), which found that Shell and company had understated the proceeds from the Malampaya Gas Project to the tune of P53 billion because they were deducting their corporate income tax from the 60 percent share of the government in the project.
Apparently, the original report of the COA auditor on the P53 billion shortfall was appealed by Shell to the Commission proper. It was only around two weeks ago that the COA commissioners resolved Shell’s appeal.
The Shell consortium had long been insisting that its corporate income taxes should be taken out of the government’s 60 percent allotment rather than from the contractor’s 40 percent share.
Ironically, the DOE sided with the oil giants in the controversy, arguing that the government assumed Shell and company’s income taxes as it was allegedly permitted under Presidential Decree 87 (or the Oil Exploration and Development Act of 1972). In fact, Energy Secretary Carlos Jericho Petilla – who is sounding more and more like the spokesman for Shell – even warned that the COA ruling may set a bad precedent and imperil other service contracts.
But as theCOA ruling said, there is no provision in the law which specifically provides that the income taxes of the contractors will be taken from the share of the government. “The supposed tax assumption…cannot prevail over the express provision of PD 87 which categorically states that contractors are subject to income tax,” the COA ruling stated.
“In this case, the government’s share ultimately became less than 60 percent as a result of the supposed tax assumption, in clear violation of the provisions of PD 87 and PD 1459. As a result, the 60 percent government share was reduced by the amount equal to the corporate income tax of the contractors, while the 40 percent share of the contractors remains undiminished,” it added.
The COA thus correctly concluded that since “the government is being made to shoulder the tax liabilities of private entities, these contractors [i.e. Shell and company] are, in effect, not paying anything.”
Perhaps this is why Shell is so eager to hold on to the Malampaya gas project that it’s already pushing for the 15-year extension of its service contract to 2039 even though the contract won’t expire for nine more years or until 2024. With its virtually income tax-free status, Shell would be stupid to give up its Malampaya “gold mine.”
On the other hand, we (Filipinos) are being fried in our own lard (ginigisa tayo sa sarili nating mantika) by Shell.
This is not the first time that Shell tried to pull a fast one on our countrymen.
For the past 17 years, Shell has also refused to follow the Oil Deregulation Law requiring oil refiners to publicly list “through the stock exchange…at least ten percent of its common stock.” The obvious intent of the public listing was to allow ordinary Filipinos to own and share in the profits of these oil refiners.
Since 1998, Shell has been giving a litany of excuses on why it could not do an IPO, ranging from alleged poor market performance, purported volatility at the Philippine Stock Exchange, to the supposed pendency of a final investment decision on its Tabangao, Batangas refinery upgrade.
How this Dutch oil giant managed to put off its initial public offering (IPO) all these years – through four different presidents (including PNoy) – without facing any government prosecution, is a case study on regulatory capture, political impotence and corporate greed and corrupt practices.
As expected of a Shell toadie, all Petilla did was to ask Shell (headed by country manager Edgar Chua) to “explain” the status of its compliance with the Oil Deregulation Law. “We will ask them again [on the] status of IPO rather than compel [them],” Petilla said. Seriously?!!
By allowing Shell to charge its income taxes from the government’s share – and to delay its public listing/IPO – in clear violation of our laws, Petilla is not only causing undue injury to the government but is also giving a private party (i.e. Shell) unwarranted benefits, advantage or preference.
Perhaps it’s time Ombudsman Conchita Carpio-Morales erased her PNoy loyalist tag by immediately filing graft charges against Petilla and other DOE and Shell officials involved in this massive irregularity before the Sandiganbayan.


The TRUTH will set you FREE.

Zero Waste Remains a Dirty Business



Zero Waste Remains a Dirty Business

New York and Los Angeles are reforming their 

Zero Waste Remains a Dirty Business
New York and Los Angeles are reforming their waste-management systems, but there’s still a ways to go to clean up the sanitation industry’s labor standards.
MICHELLE CHEN

shared from

NATION DAILY: JULY 27, 2015
Could Japan Become America’s New Proxy Army?
Prime Minister Shinzo Abe wants to alter a key provision of Japan’s constitution to lift the country’s 70-year ban on foreign deployments.
TIM SHORROCK


For Republicans, the Real Nightmare Is a Third-Party Trump
For top Republicans, managing Trump is like “playing with nitroglycerine.”
JOHN NICHOLS
Donald Trumps the Media
We think he’s dead, but Franken-Donald keeps coming back.
LESLIE SAVAN
Bobby Jindal, Does Louisiana ‘Love Us Some Guns’ Now?
The Louisiana Governor and GOP presidential candidate bears much responsibility for the fact that his state has some of the laxest gun laws in the US—and leads the country in gun deaths.
ZOË CARPENTER
Ethiopia Claims US Precedent for Crackdown on Journalists
Now that he’s in Addis Ababa, President Obama should call for the release of those locked up by Washington's “war on terror” ally.
LAETITIA BADER



The Nation Magazine
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The TRUTH will set you FREE.

HILLARY CLINTON'S PLAN TO COMBAT CLIMATE CHANGE WITH HALF-A-BILLION SOLAR PANELS

The Party of Death is Dying


San Diego Free Press

Link to San Diego Free Press




Posted: 27 Jul 2015 05:35 AM PDT

By Bob Dorn  

For years now the Republican Party has been the party of death. Now it may itself be dying. More about that later. For now, some numbers. In 2014, 1,100 of 1359 executions performed by the states were the work of "Republican-dominated states," according to Republicanviews.org on Oct. 26 of that year. Just more than 508 of those executions were in Texas, according to the Death Penalty Information Center, which did the report. Last May, the Quinnipiac poll taken on attitudes toward the war in Iraq, asked the question, "Do you think going to war with Iraq in 2003 was the right thing to do or the wrong thing?" Overall, 59% of Americans responded that it was wrong and 32% said it was right. Among the Republicans those numbers were more than reversed; 62% of them said it was right to go there and kill, while only 28% said it was wrong.   [Read more...]


Posted: 27 Jul 2015 10:23 AM PDT
By Doug Porter The Republicans appear to have settled on their wedge issue for 2016. You know, the thing that drives fear and/or disgust in a certain class of voters so they’ll ignore all those pesky economic policies they’re likely to get screwed by. In 2008 a loosely organized entity named ACORN fit the bill. Manufactured imagery of  brown people doing something wrong was perfect for an election where the leading candidate was a person of color. Most people still don’t realize the charges brought against the community organizing group turned out to have been false. The Donald has been busy co-opting the GOP’s immigration issues and Gays have kicking ass in the courts (both legal and popular opinion). Black people have been fighting back lately and there just aren’t enough Muslims to go around. And besides, the lone wolf mostly male libertarians constituting the party’s future are scared to death of female empowerment.   [Read more...]
   
Posted: 27 Jul 2015 05:35 AM PDT
By Jim Miller Every year I make an effort to find my way to the deep woods. Living in California, we are lucky to have access to some of the world’s precious dwindling areas of real wilderness, including the last vestiges of old growth redwoods. There, if you are intrepid enough to get out of your car and go a few miles past the first markers, you can still lose yourself in the ancient forest. Take a difficult trail and, after a while, you just might find yourself alone with the tall trees, banana slugs, birdsong, and bear scat. From a vista you might spy a lush green ocean of ferns and fallen logs bathed in ethereal light filtered through the dense canopy overhead. Inside the husk of a giant downed by lightening or flood, you discover a new universe of fungus, flowers, and thick moss whispering to you that there really is no death.   [Read more...]
   
Posted: 27 Jul 2015 05:34 AM PDT
By Ernie McCray I will forever remember "The San Diego Pride Parade of 2015," not just because of it's history, but for the rain. And I'm talking some serious rain. I mean Mother Nature just flat out let it all hang out. And there I was, along with hundreds of other waterlogged folks in every kind of colorful regalia known to man, standing and walking and practically treading in that downfall for a good three hours or so. Soaked to the skin and bones! When my group got the go ahead to march in the puddles and streams and through a "mini-lake" just around the corner, a man said over a microphone "It's raining on our parade and we're loving it."   [Read more...]
   


The TRUTH will set you FREE.

SONA ni PNoy, sinalubong ng protesta shared from dzmm.com.ph



The TRUTH will set you FREE.

Big oil to sharpen focus on costs after $200bn of cuts

Big oil to sharpen focus on costs after $200bn of cuts

Screen Shot 2015-07-23 at 07.42.45
Screen Shot 2015-07-27 at 22.08.30

Screen Shot 2015-07-27 at 08.40.27Europe’s biggest oil companies have to find deeper cuts as oil prices expected to weigh on earnings

By Andrew Critchlow, Commodities editor: 27 July 2015
Three of Europe’s biggest oil companies will report weaker earnings this week and the City is looking for guidance on how to mitigate a sustained slump in Brent crude prices beyond the cost cuts already in motion.
In a market defined by oil prices 60pc lower than they were a year ago, energy giants are running out of options to protect their bottom line and all-important progressive dividends.
The brakes have already been put on 45 oil and gas development projects worth $200bn (£129bn) since prices started to fall towards the end of last year, according to a new report from Edinburgh-based consultancy Wood Mackenzie. Combined, these projects account for around 20bn barrels of reserves. The danger is that international oil companies will reveal this week that even deeper cuts are planned, tipping the industry into a form of atrophy.


The TRUTH will set you FREE.

SHELL CIRCUMVENTED RA 7641

SYNDICATED ESTAFA


MY QUEST FOR SWINDLED 

RETIREMENT PAY BY SHELL



SWINDLING ITO, SYNDICATED ESTAFA


HOT PURSUIT
DUTY OF LAW ENFORCEMENT ENTITIES


SHELL SWINDLING OF RETIREMENT PAY 5TH YEAR

1001counts
SEE BELOW FOR THE 1001ST   TIME THE REITERATION OF DEMAND PAYMENT OF RETIREMENT PAY WHICH SHELL REFUSED TO HONOR IN THE PRESENCE AND DEEMED APPROVAL OF THE HONORABLE MAGISTRATES OF THE SUPREME COURT OF THE PHILIPPINES


Dishonest scales are an abomination to the Lord, but a just weight is His delight... Proverbs Chapter 11  v. 1
Retirement Pay Law circumvented by Shell subject to penal provision provided for by Article 288 of the Labor Code of the Philippines.





CONTENTS

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