KEY members of the Cabinet-level Development Budget Coordination Committee brief the Senate’s finance committee on the macroeconomic assumptions behind the 2009 budget. From left, BSP Governor Amando Tetangco Jr., Neda Director General Ralph Recto, Budget Secretary Rolando Andaya Jr. and Finance Secretary Gary Teves. --NONIE REYES

Growth targets need to be cut

DUE to the slowdown in the global economy and high inflation, National Economic and Development Authority (Neda) Director General Ralph Recto is recommending to the Development Budget Coordination Committee (DBCC) a further lowering of its macroeconomic targets.

Government to adopt CVM in computing GDP in 2009

THE national government is targeting to adopt Chain Volume Measures (CVM) in computing for the country’s gross domestic product (GDP) by 2009, according to the National Statistical Coordination Board (NSCB).

In a televised forum on ANC tackling the issue of questions about government data, NSCB Assistant Secretary-General Estrella Domingo said that adopting the CVM may work to reduce the errors that usually come with GDP computation, as well as the quarterly revisions.

Senators eye ‘dubious funds’ in 2009 budget

SENATE leaders on Monday vowed to closely scrutinize the P1.4-trillion proposed budget for 2009 to ensure that “no dubious funds” are inserted in the annual appropriations bill.

The senators made the call amid a challenge by the opposition’s stalwart, Makati City Mayor Jejomar Binay, for Congress to account for the P2.6-billion pork barrel reportedly released by Malacañang to certain lawmakers on the eve of budget deliberations, and without requirement of such basic details as project listings.

Favila scolded for ‘sloppy’ report to House

TRADE Secretary Peter Favila got a dressing down from legislators on Monday for his failure to properly present the department’s performance, which is being sought to justify the approval of its proposed P2.8-billion budget included in the National Expenditure Program for 2009.

‘Higher flour prices inevitable’

ILIGAN CITY—The president of the country’s second-largest flour miller, which is based here, said flour prices will again rise in the months running into the Christmas holidays not only because of higher demand but more so because of a corresponding tightening of supply worldwide.

Literally, a one-stop shop for DTI and its subunits

TO save on some P200 million in annual rentals, the Department of Trade and Industry (DTI) is purchasing a 1.2-hectare lot on Macapagal Avenue where the DTI and its 14 attached agencies that are currently occupying several buildings will be relocated under one compound.

LGUs’ role in risk mapping cited

MALACAÑANG said on Monday the identification of landslide-prone areas through geohazard mapping will be useless if the people involved—residents and local officials—do not tailor their actions in accord with the mapping danger signs.

“The warning system or device that is being set up by our government would be useless if the stakeholders, such as members of the community and the local government units, including the different government agencies, will not agree to cooperate,” said deputy spokesman Anthony Golez Jr.

Metrobank plows in funds to development partners

METROBANK marked its 46th anniversary on September 5 by awarding, through its corporate social responsibility arm, Metrobank Foundation, a P10-million grant to 38 social development organizations in the country.

The ceremonies were led by Metrobank’s founder and group chairman George S.K. Ty.

“Metrobank’s grants exemplify the bank’s commitment to make a contribution to nation-building amid the economic crisis the country is facing,” Metrobank Foundation president Aniceto Sobrepeña said in his welcome remarks.

All local execs in Pampanga town sued

CITY OF SAN FERNANDO—All elected officials of Santo Tomas town were charged with graft at the Office of the Deputy Ombudsman for Luzon for the alleged illegal sale of a lot owned by the City of San Fernando.

The complaint was filed by Regino Mallari, resident of barangay Santo Matias, Santo Tomas, against Mayor Lito Naguit, Vice Mayor Gloria Naguit, Sangguniang Bayan councilors Carolina T. Mercado, Yayadin A. Quiambao, Cecilia N. Cunanan, Roy O. Lumba, Magno T. Canlas Jr., Melanio M. Nuqui, Romeo P. Bondoc, Dominador T. David, local association of barangay captains president Valeriano C. Lingat and Sangguniang Kabataan president Ara Czarina P. Ronquillo.

Del Rosario, 90

FORMER ambassador Ramon V. del Rosario Sr., founder of the Management Association of the Philippines, passed away on Sunday owing to a lingering illness. He was 90.

His remains lie at La Salle Greenhills Chapel in San Juan City, Metro Manila.

THE Department of Trade and Industry (DTI), long a landmark on Makati’s Sen. Gil Puyat Avenue (Buendia), will, in a couple of years, be relocating to a permanent home at the reclamation area on Macapagal Boulevard in Pasay City, where DTI officials want the agency and all its attached units to be housed in one compound. --RHOY COBILLA