“The success of any tourism plan or program does not depend entirely on slogans or high-sounding plans”
Another con is the proposed merger will create such a behemoth financial institution for the government that could well impact against the private sector banking system with thousands of branches at almost every nook and corner of the country as a result of the merger. Recall that the DBP used to be the Rehabilitation Financing Corp., created after the war to provide assistance for the rehabilitation of the Philippines.With the creation of a behemoth financial institution with the merger of the LBP and DBP, I see no benefit at all for the government.This and aside from the fact that since both the LBP and the DBP were created by separate laws by Congress, the proposed merger simply cannot be done by an executive order.
The new consortium given the 15-year extension are Ricky Razon’s Prime Energy Resources Development B.V, UC38 LLC of the Udenna Group of Dennis Uy of Davao City, and the state-run Philippine National Oil-Exploration Corp .Through the project, the government was able to generate P374 billion revenue, P26 billion of which was earned in 2022 alone.
But, what is disturbing is the latest word from DOE Secretary Raphael Lotilla that the remaining gas reserves may not last long. The positivity rate in fact hit more than 25 percent requiring hospitals to reopen their COVID-19 wards. Somebody asked me if there’s a need for all these precautions, after the World Health Organization lifted its Public Health Emergency of International Concern for COVID-19.
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