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Maharlika fund board overhauled; President won’t be chairman

The President of the Philippines will no longer become chairman of the board of directors of the proposed Maharlika Wealth Fund (MWF).

Instead, the Department of Finance (DOF) secretary will sit as chairman of the board that will oversee the use of the controversial Philippine sovereign wealth fund.

This key ammendment to the proposed MWF measure, as contained in the unnumbered bill tackled by the House Committee on Appropriations, was approved Friday, Dec. 9 during a public hearing of the panel.

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Brewing storm to bring rains over parts of PH this weekend

The low pressure area (LPA) east of the country, which has a potential to become a tropical depression, will bring scattered rain showers and thunderstorms over several areas this weekend, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said on Friday afternoon, Dec. 9.

PAGASA said the LPA was last spotted 245 kilometers east-northeast of Surigao City around 3 p.m. and may move west-northwestward and pass close to Eastern Visayas or Bicol Region this weekend.

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Meralco rates up by P0.3297/kWh in Dec. billing

Customers of Manila Electric Company (Meralco) will not experience relief in their electric bills this month, as the utility firm’s overall tariff will go up by P0.3297 per kWh to P10.2769 per kWh from last month’s P9.9472 per kWh.

That upward adjustment will then result in overall increase of P66 in the electric bills of end-users in the typical 200-kWh consumption bracket.

According to Meralco, “this month’s overall rate increase was mainly due to the completion of a distribution-related refund equivalent to P0.4669 per kWh for residential customers.”

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Marcos meets with 10 Euro leaders in ASEAN-EU Summit

President Ferdinand “Bongbong” Marcos Jr. will be conducting bilateral talks with at least 10 state leaders from the European Union to bolster the Philippine ties with the Western world, an official of the Department of Foreign Affairs (DFA) said Friday.

The countries whose leaders the President will talk with are: Belgium, Estonia, Czech Republic, Spain, Denmark, Germany, Poland, Finland, the Netherlands and the European Union.

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Marcos’ Belgium trip to generate investments, jobs

President Ferdinand “Bongbong” Marcos Jr.’s first participation at the ASEAN-EU Summit is expected to generate billions of investments for the Philippines as well as hundreds of new jobs for the Filipinos, an official of the Department of Foreign Affairs (DFA) said Friday.

DFA Assistant Secretary for Association of Southeast Asian Nations (ASEAN) Affairs Daniel Espiritu said Marcos will be “very busy” during his trip to Belgium next week as he is set to deliver speeches, hold bilateral talks with fellow leaders and more importantly, pitch for investments from European companies at the sidelines of the ASEAN-European Union (EU) Summit.

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UP Board of Regents elects Angelo Jimenez as next UP president

The University of the Philippines (UP) Board of Regents (BOR) on Friday, Dec. 9, elected former regent and private lawyer Angelo A. Jimenez as the next and 22nd UP president.

This was confirmed by the university’s official student publication, Philippine Collegian.

It was reported that UP BOR favored Jimenez over five other nominees after three rounds of voting.

He will take over outgoing UP President Danilo Concepcion in February 2023 and will serve the office until 2029.

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