Latest news with #P1.4
GMA Network
2 days ago
- Business
- GMA Network
GSIS chief Veloso placed under preventive suspension by Ombudsman
The Office of the Ombudsman has placed Government Service Insurance System (GSIS) President Jose Arnulfo 'Wick' Veloso and six other officials under preventive suspension without pay for six months amid its probe on the P1.4 billion deal with Alternergy. In an Order dated July 11, the Ombudsman said it 'found sufficient grounds' to place Veloso and six other GSIS officials under a six-month preventive suspension 'considering that there is strong evidence showing their guilt' of possible grave misconduct, gross neglect of duty, and violation of reasonable office rules and regulations over the P1.4 billion stock purchase from AlterEnergy Holdings Corporation. 'The [Ombudsman's Results of Investigation] expounded that the provisions [of the GSIS Investment Policy Guidelines] were contravened by the respondents because: the Perpetual Preferred Shares were not listed with the PSE (Philippine Stock Exchange) on the dates of the execution of the agreement and the payment of the subscription, the investment was non-compliant with the Minimum Market Capitalization and exceeded the Free Float Market Capitalization Cap,' the Ombudsman said. Likewise, the Ombudsman said that the P1.4 billion worth of preferred shares were purchased by GSIS without the necessary endorsement from the Assets and Liabilities Committee (ALCO) and the Risk Oversight Committee (ROC) for the approval of the Board of Trustees (BOT). 'Their continued stay in office may prejudice the investigation of the case filed against them. [The suspension order is being issued] in order to preserve documents and evidence pertaining to this case which they have control and custody; and in order to avoid respondents' commission of further malfeasance and/or misfeasance in office,' the Ombudsman said. GMA News Online has reached out to Veloso for comment but he has yet to reply as of posting time. Meanwhile, the Ombudsman said the GSIS officials can appeal the suspension, although its immediate implementation cannot be interrupted. —VAL, GMA Integrated News
GMA Network
16-07-2025
- GMA Network
PNP 911 demo catches real-life police response in Davao del Norte
What was supposed to only be a simulation turned out to be a real-life police response as the Department of the Interior and Local Government and the Philippine National Police tested the country's latest 9-1-1 response technology on Wednesday. In Jun Veneracion's report in '24 Oras,' the police responded to a 9-1-1 call from Panabo, Davao del Norte which was witnessed by PNP chief General Nicolas Torre III from Camp Crame in Quezon City. The caller sought help because of a suspicious man who checked in at a small hotel. The man is also the suspect in an earlier shooting incident in Tagum City, the report said. The police response was caught in real-time through body cameras worn by responding cops. 'Despite the technology we are using, we are doing very well. But sa bagong sistema natin I think the PNP will have a better response time,' said Department of Interior and Local Government (DILG) Secretary Jonvic Remulla. The new 9-1-1 system will be operational by the middle of August. The system is from a technology provider that won the bid for a contract worth over P1.4 billion. Among the features of the latest system is the capability to detect the location of the caller. 'Ang features niya ay language sensitive. So kung tatawag ka sa Pampanga, Kapampangan ang sasagot sa iyo,' said Remulla. (Among the features is that it is language sensitive. For instance, if you call from Pampanga, you will receive a response in Kapampangan.) Police said prank callers will also be easily caught by the latest technology. — Vince Angelo Ferreras/RF, GMA Integrated News
GMA Network
15-07-2025
- Business
- GMA Network
Cebu Pacific passengers hit 2.2 million in June
Budget carrier Cebu Pacific posted a 7.9% annual increase in the number of passengers it flew in June, as the company reported strong domestic demand during the month. The carrier said it flew 2.233 million passengers last month, up from 2.069 million in June 2024. The majority of the passengers or 1.675 million were on domestic flights, translating to a 7.3% growth from the previous year. International passenger traffic climbed 9.7% to 558,000. 'Despite the earlier onset of the academic calendar—moving the start of classes from late July last year to mid-June this year—passenger traffic and seat load factors remained resilient,' Cebu Pacific president and chief commercial officer Xander Lao said in a regulatory filing. The seat load factor for the month stood at 87.5%. The domestic seat load factor was recorded at 92.1%, and 76.1% for international flights. Cebu Pacific flew 13.905 million passengers so far this year—10.356 million domestic and 3.549 million international. The seat load factor stood at 85.4%, slightly higher than 85.3% last year. 'For the first half of 2025, our load factors have increased despite seat growth of more than 20%. This reflects the continued strength of air travel demand within our network,' Lao said. 'Capacity for the second half of June was reduced due to the commencement of the leaner season. This also aligns with ongoing proactive management of engine and supply chain issues, and as such, we would expect capacity growth levels to stay at similar levels through the third quarter before rising again in the fourth quarter,' he added. Cebu Pacific last year announced plans to purchase over 150 aircraft from Airbus for $24 billion or P1.4 trillion, making it the biggest aircraft order in Philippine aviation history. The company earlier said it expected to close 2024 with 95 aircraft, which will boost its full-year 2024 seat capacity by 12% to 15% compared with 2023. —VBL, GMA Integrated News
GMA Network
27-05-2025
- Business
- GMA Network
Cebu Pacific rolls out P699 promo fares for int'l flights
Budget carrier Cebu Pacific on Tuesday announced one-way promotional fares for as low as P699 for international flights as part of its 'Juander Far and Wide' campaign. In an advisory, Cebu Pacific said travelers can book one-way base fares for international destinations from Manila, Cebu, Clark, Iloilo, or Davao at P699 until Saturday, May 31, 2025. The travel dates covered by the promotional fares, exclusive of fees and surcharges, are May 16 to October 31, 2025. The carrier's network covers 26 international destinations across Asia, Australia, and the Middle East. 'This seat sale is part of CEB's latest campaign, 'Juander Far and Wide,' aimed at encouraging passengers to explore more of the world one flight at a time across the airline's growing international network,' the advisory read. Cebu Pacific last July announced plans to purchase over 150 aircraft from Airbus for $24 billion or P1.4 trillion, making it the biggest aircraft order in Philippine aviation history. — VBL, GMA Integrated News
Filipino Times
25-05-2025
- Business
- Filipino Times
DMW disputes Arnell Ignacio's claim OWWA land deal was aboveboard
The Department of Migrant Workers (DMW) has challenged former OWWA administrator Arnell Ignacio's claim that a P1.4-billion land deal followed legal procedures, calling the transaction 'anomalous.' DMW Secretary Hans Cacdac said any property-related decisions involving the Overseas Workers Welfare Administration must first be presented to the OWWA Board of Trustees, where the DMW sits as a member. But the land purchase and key changes to the deed of sale were made without board approval, he said. 'We flagged it as irregular and demanded the return of the funds. Only then was the money refunded,' Cacdac told GMA Integrated News. Cacdac pointed out that in September 2024, Ignacio altered the deed of absolute sale to shift the local transfer tax obligation, amounting to P36 million, without consulting the board. The original version of the deed made OWWA responsible for the tax. The DMW also revealed that the presence of a tenant on the property was never disclosed. As a result, OWWA unknowingly became a 'landlord' and was not receiving rent until the matter was investigated. 'I asked him, 'Where's the rent?' He said, 'We're asking the rent collector.' I asked, 'Who?' He said, 'The former landowner.' Why was the former landowner authorized to collect rent on OWWA's behalf, without board approval?' Cacdac said. He added that the same person who received the P36 million was also given P1.4 million in rent collections. 'And if we hadn't demanded it, the money wouldn't have been returned,' he said. The DMW emphasized that these actions violated financial protocols and transparency standards. In his defense, Ignacio earlier said that the board was informed and that the Land Bank of the Philippines had appraised the property. 'The price OWWA paid reflects LandBank's assessment,' Ignacio said.
