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Globe closed on an additional P1.16-B in tower sales
Globe Telecom, the Zobel Family’s telecommunications company, disclosed that it closed on the sale of another 91 cell towers to Frontier Towers to raise approximately P1.16 billion in cash......»»
Government cuts borrowings to P203 billion in January
The Marcos administration slashed its borrowings by 45 percent to P203 billion at the onset of the new year in the absence of new global bond offerings.......»»
DMCI Homes earmarks P16 billion for capex in 2024
DMCI Homes, the property development arm of the Consunji Group, is allocating around P16 billion in capital expenditures this year to expand its portfolio......»»
Abalos: P21 billion drugs seized since BIDA’s start in 2023
At least P21 billion worth of illegal drugs were confiscated since the start of the government’s BIDA or Buhay Ingatan, Droga ay Ayawan flagship program last year, Interior Secretary Benjamin Abalos Jr. said yesterday......»»
First Gen income up 4 percent to P15.4 billion in 2023
Lopez-led power firm First Gen Corp. grew its income by four percent to P15.4 billion in 2023, from the previous year’s profit of P14.3 billion, mainly due to contributions from its geothermal subsidiary Energy Development Corp......»»
Asialink eyes P2.4 billion in truck loans as e-commerce grows
Asialink Finance Corp. is looking at lending as much as P2.4 billion this year to the fast growing market for brand new and used trucks that are essential to the growth of e-commerce and logistics......»»
Insurance penetration rate slips further to 1.6 percent
The insurance industry saw its net income rise to P48 billion last year, but its contribution to the overall economy slipped further for the second straight year to only 1.6 percent......»»
CLI allots higher capex, partners with Japan firm
Cebu Landmasters Inc. is hiking its capital spending to P14.5 billion this year as it gears up for growth and expansion following a strong financial performance in 2023......»»
Losses to Philippine agriculture due to El Nino reach 31 mln USD
MANILA, March 20 (Xinhua) -- The El Nino dry spell and ensuring drought have caused over 1.75 billion pesos (roughly 31 million U.S. dollars) in damage to Philippine agriculture, a senior government official said Wednesday. This year's losses due to El Nino are still low compared to 2009 when the damage to agriculture reached 17 billion pesos (302 million dollars), Presidential Communications Office Assistant Se.....»»
Cebu Landmasters FY23 profit: P4.6-B (up 29%)
Cebu Landmasters [CLI 2.85 unch] [link] teased its FY23 performance at an analyst briefing where it revealed full-year net income of P4.6 billion (up 29%) and total revenues of P18.8 billion (up 20%)......»»
Manila Water signs P10 billion term loan with Metrobank
East zone concessionaire Manila Water Co. Inc. has closed a P10 billion term loan facility with Metropolitan Bank and Trust Co. to partially fund its projects......»»
Meta quarterly profit jumps but it sees volatility in ad market
Meta on Wednesday reported that its quarterly profit more than doubled from last year's figure as it looks ahead at a volatile ad market and lawsuits accusing it of profiting from "children's pain." "Meta earnings looked pretty good," said independent tech analyst Rob Enderle. "They have clearly cut back on the bleeding surrounding their metaverse efforts and the company appears to be on a more even keel right now." The tech giant said it made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier. "We had a good quarter for our community and business," said Meta chief executive Mark Zuckerberg. The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users of Meta's "family" of apps was 3.96 billion a 7 percent increase from the same quarter in 2022, the company reported. Meta said it had trimmed costs, with layoffs and other belt-tightening measures started last year providing "greater efficiency." Meta had suffered a rough 2022 amid a souring economic climate and Apple's data privacy changes, which allowed users to block ad targeting, the pillar of Meta's business. Meta's vow of austerity on spending brought an unprecedented round of cost-cutting that saw the company lay off tens of thousands of workers since last November. Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50. Chief financial officer Susan Li said during an earnings call that Meta is seeing "volatility" in an ad market that started to soften when the conflict between Israel and Hamas began. "It's hard for us to attribute demand softness directly to any specific geopolitical event," Li said. "We have seen broader demand softness follow other regional conflicts in the past, such as in the Ukraine war, so this is something that we're continuing to monitor." Lawsuit peril Analyst Enderle maintained that Meta is at risk from lawsuits poised to damage its image and its wallet. Dozens of US states this week accused Meta of profiting "from children's pain," damaging their mental health and misleading people about the safety of its platforms. "In seeking to maximize its financial gains, Meta has repeatedly misled the public about the substantial dangers of its Social Media Platforms," argued a joint lawsuit filed in federal court in California. The states accused Meta of exploiting young users by creating a business model designed to maximize time they spend on the platform despite harm to their health. In total more than 40 states are suing Meta, though some opted to file in local courts rather than join in the federal case. Meta said the states were singling it out unfairly instead of working with social media companies to develop universal standards for the whole industry. "This landmark lawsuit could herald a seismic shift in how social media platforms approach product features and user engagement," said Insider Intelligence principal analyst Jeremy Goldman. "That said, even as tech stocks face uncertainty, Meta's consistent performance cements its leadership in the digital realm." Meanwhile, the European Union is seeking details on measures Meta has taken to stop the spread of "illegal content and disinformation" in light of the conflict between Israel and Hamas. The AI race The tech giant is putting artificial intelligence into digital assistants and smart glasses as it seeks to gain lost ground in the AI race. "I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio," Zuckerberg said in the earnings release. The second-generation Meta Ray-Ban smart glasses made in a partnership with EssilorLuxottica have a starting price of $299. "Smart glasses are the ideal form factor for you to let AI assistants see what you're seeing and hear what you're hearing," Zuckerberg said. Meta has taken a more cautious approach than its rivals Microsoft, OpenAI, and Google to push out AI products, prioritizing small steps and making its in-house models available to developers and researchers. "The majority of the world's population will have their first experience of generative artificial intelligence with us," Meta chief technology officer Andrew "Boz" Bosworth told AFP in a recent interview. Meta recently unveiled AI-infused chatbots with personalities, along with tools for creating images or written content using spoken prompts. The post Meta quarterly profit jumps but it sees volatility in ad market appeared first on Daily Tribune......»»
Immigration officer convicted
The National Bureau of Investigation yesterday revealed that a Bureau of Immigration officer has been convicted for the falsification of travel records showing that former Wirecard chief operating officer Jan Marsalek was in the Philippines even if he did not arrive and leave the country in 2020. The NBI said BI officer Marcos S. Nicodemus has been found guilty by the Pasay City Regional Trial Court of violations of Republic Act 10175, the Cybercrime Prevention Act, and RA 3019, the Anti-Graft and Corrupt Practices Act. Though the RTC decision was not provided by the NBI, it said that Nicodemus “was sentenced by the court to a maximum imprisonment of nine years for each of the criminal cases with perpetual disqualification to hold public office.” Marsalek, an Austrian national, has been wanted by the German government for his involvement in the $2.2 billion Wirecard fraud. In 2020, the Philippine government joined the hunt for Marsalek due to Wirecard’s links in the country and discovered travel records that showed that the Austrian came to the Philippines in 2020. Then Department of Justice Secretary and now Solicitor General Menardo I. Guevarra ordered the NBI to conduct an investigation. In August 2020, the NBI “recommended to the DoJ the prosecution of subject Marcos Nicodemus for falsifying the travel records of an Austrian national.” “Investigation conducted by NBI-IAID (NBI-International Airport Investigation Division) revealed that based on Marsalek’s travel records, he arrived in the Philippines through NAIA Terminal 1 on 23 June 2020, processed by Immigration Officer Darren Ilagan but with a mysterious ‘canceled by user’ remark and departure on 24 June 2020 at Mactan-Cebu International Airport processed by Immigration Officer Perry Michael Pancho,” the NBI said. “However, NBI-IAID discovered thru CCTV (closed circuit television) footages that Marsalek never entered the Philippines and he did not even depart through MCIA,” the NBI said. The records of Marsalek were found to be spurious due to the following: Existing immigrations protocol as of that date disallowing passengers from entering Philippine territory due to Covid situation; absence of actual scanned data page of the passport; existing protocol that incoming flights of airlines disallowing the boarding of a passenger who will be prevented entry based on the destination country’s protocol as of flight date. The NBI said that Ilagan testified that Nicodemus, who was his supervisor, “ordered him to conduct a derogatory check upon Marsalek despite the fact that he was already not on duty on that date and that Marsalek is not present during checking.” Guevarra in 2020, said that the travel records of the Marsalek were falsified possibly as “diversionary tactics to mislead his pursuers.” The post Immigration officer convicted appeared first on Daily Tribune......»»
Bourse, peso fall amid elevated inflation
The stock market ended yesterday in the negative territory after the release of the September 6.1 percent headline inflation data, while the peso moved sideways on Thursday. The Philippine Stock Exchange index lost 119.6 points to close at 6,178.60, while the broader All Shares also dropped 49.81 points to 3,348.75. “Philippine shares fell towards closing as the latest inflation print came below expectations,” Regina Capital Development Corp. head of sales Luis Limlingan said. Red hot prices Headline inflation accelerated to 6.1 percent last month from 5.3 percent in August. All sectors dropped, led by Mining and Oil, which shed 184.98 points. Volume reached 676.7 million shares with a total value of P5.4 billion. Decliners led advancers at 119 to 67, while 45 shares were unchanged. The peso, meanwhile, closed at 56.67 to the dollar, slightly higher than the 56.71 finish on Wednesday. It opened the day at 56.6 from the previous day’s kick-off at 56.82. The currency pair traded between 56.59 and 56.69, bringing the day’s average to 56.63. The total volume of trade amounted to $1.23 billion, lower than the previous day’s $1.52 billion. The post Bourse, peso fall amid elevated inflation appeared first on Daily Tribune......»»
Better services seen after GCash acquires ECPay
Customers can expect better services from financial service provider Gcash after its parent firm Globe Fintech Innovations Inc. or Mynt acquired 77 percent of Globe Telecom Inc.'s stake in Electronic Commerce Payments Inc. or ECPay for P2.31 billion. In a stock report on Monday, Globe disclosed that ECPay’s minority stakeholder, Payment One, Inc., is also a party to the transaction — effectively making it a full acquisition of ECPay by Mynt. The deal is still subject to regulatory approvals but once it is closed, ECPay will have access to GCash's platform which would translate to easier and more seamless services for users. “Mynt’s digital savviness will spill over to ECPay, maximizing its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up," Globe’s Chief Finance Officer, Rizza Maniego-Eala said in the report. "With ECPay in Mynt’s capable hands, Globe can better steer its ventures and synergistically grow the entire Globe Group ecosystem,” she added. Meanwhile, for Globe President and CEO Ernest L. Cu, GCash's "aggressive expansion" presents a "perfect environment for strategic synergies with ECPay." "Mynt’s acquisition of ECPay will enable more efficient and effective sharing of each other’s strengths and resources, thus creating a seamless and upgraded experience for their customers," Cu said. Incorporated in 2001, ECPay is one of the leading electronic payment service providers in the country. It was acquired by Globe in 2019 to enhance its distribution network. The ECPay Platform enables merchant partners to process bill payments, electronic prepaid mobile phone top-up loading, electronic pins, e-wallet and cash card reloading, airline ticket payments, online shopping payments, and credit card payments in their various outlets. Aside from boosting payment services, GCash, through its subsidiary Fuse Lending Inc., is also improving its lending services to its end-users. The recently said it expects to disburse hundred million pesos more loans to Filipinos in need — a move that will uphold digital and financial inclusion nationwide. Since 2016, Fuse has disbursed P100 billion in loans and has helped over 3 million Filipinos achieve their dreams. The post Better services seen after GCash acquires ECPay appeared first on Daily Tribune......»»
Five things to know about Pope Francis’ Synod
Pope Francis opened the Synod of Bishops' general assembly in Rome on Wednesday, which in a historic first gives women a vote, after a vast global consultation on the future Catholic Church. Here are five things to know about the event: Input from faithful Since 2021, the world's 1.3 billion Catholics have been invited to express their views on the Catholic Church and its challenges to help guide the institution through the 21st century. The "Synod on Synodality" was launched by Francis, 86, as a way to make the Church more inclusive and transparent as it sought input from the faithful around the world. Insights from local dioceses were submitted to episcopal conferences, all contributing to a 50-page working document called the "Instrumentum Laboris" that will be used during the discussions that will take place over the next four weeks. A second session of the assembly is scheduled for October 2024, after which a final document will be given to the pope. He will then decide whether or not to incorporate its findings into a papal document known as an apostolic exhortation. "It's an important forum for reflection for the Church, on its way of being, of moving forward," Italian priest Giacomo Costa, the special secretary of this assembly, told AFP. 21st-century issues The current Synod is the first time the Vatican has waded into so many of today's contentious social issues so openly. The topics to be addressed include the place of LGBT+ people within the Church, whether women should be ordained deacons, and whether married men can serve as priests in regions with insufficient clergy, among others. While there has been consensus on some issues, "there are other issues on which we disagree in substance," said Costa. Contributing to discussions will be theologians, experts, and sociologists, he said. Women and laypeople The Synod is a consultative institution created by Pope Paul VI in 1965 that meets regularly through assemblies. Francis presided over three previous Synods: those of the Family in 2014-2015, Youth in 2018, and Amazonia 2019 -- where he rejected a proposal to open up the priesthood to married men in remote areas of the Amazon. The current Synod marks a major break from the past, however, with Francis' decision to allow women and lay people to vote. "It's a total change from Paul VI: this time, the people of God are being summoned, not representatives," a Vatican observer told AFP. The source said the laymen and women in the assembly will be trying to push past the "ecclesiastic culture" pervading the event. "They won't be satisfied with good words, there will be a demand for procedure, the will to change, efficiency," said the source. Busy calendar For four weeks, the 464 participants, including 365 voting members, will meet every day, divided into 35 working groups divided into five languages (English, Italian, Spanish, French, and Portuguese). Among them are 54 women. The Synod will open and close with a mass presided over by Francis in St. Peter's Basilica and will be marked by periods of prayer. Francis said last month that discussions during the assembly will be behind closed doors to "safeguard" the synodal climate. Dissent Although Francis has warned that there is "no room for ideology in the Synod", there are likely to be differences. Vatican observers will be closely watching the conservative wing of the Church, which is hostile to the Argentine pope. Its members, which include Germany's Cardinal Gerhard Mueller and US Cardinal Raymond Burke, maintain that Francis risks creating confusion and division in the Church, given the Synod's reflections on possible doctrinal changes on thorny issues such as gay rights or celibacy. The post Five things to know about Pope Francis’ Synod appeared first on Daily Tribune......»»
MSMEs good payers — SB Corp.
The micro, small and medium entrepreneurs are being extolled by Small Business Corporation, an attached agency of the Department of Trade and Industry, for being good payers even though some of them have already closed shop because of the global contagion three years ago. During his guest appearance at the Daily Tribune’s digital show Straight Talk on Wednesday, SB Corp. president Robert Bastillo said almost one-third of the lenders catered to by SB Corp. have closed their businesses during the height of the Covid-19 pandemic. “The good thing is that these MSME lenders are still paying their debts even if their businesses were shuttered. These are indeed entrepreneurs as they want to have a good reputation and a good track record when it comes to debt. That is important for us. But still, the majority of the lenders are good payers even though some are delayed,” he said. The past-due rate of SB Corp. during the pandemic was 30 percent, considering that most funds in its portfolio were released during the pandemic. Past due rate manageable The past-due rate refers to the lenders who are delayed in their payments. Currently, the past-due rate of SB Corp. is from 20 to 25 percent, considered by Bastillo as healthy, considering that the country is just coping with the pandemic crisis. From 2019 to date, Bastillo said SB Corp.’s total direct MSME lenders are now at 55,000, while those courses through cooperatives, micro-finance institutions, and private financing companies — or what they call loan conduits — are now reaching 300,000. “SB Corp. lenders can borrow from P30,000 up to P20 million maximum. Lenders up to P5 million do not need collateral, but first-time borrowers can only borrow up to P3 million. If they are good payers, they can expand their loan after six months,” he said. No stringent requirements required In terms of process, SB Corp. does not require stringent requirements for MSMEs if they are only lending up to P100,000. “We only require other requirements, such as a Mayor’s Permit, among others if they are already asking more than P100,000. We have credit scoring in place based on the lender’s assets or annual sales. That’s a discipline in lending and a risk management procedure,” he said. SB Corp.’s fund being ushered to MSME lenders is coming from its corporate equity, being a corporation. Inadequate revolving fund “We have a capital of P10 billion, but what has been given to us for the past 28 years, was P2 billion. It’s a revolving fund that is not enough. The P10 billion was given in full in the last pandemic, but those are meant for dying MSMEs. It’s hard during that time,” according to Bastillo. He said even the salaries of their employees are coming from the revolving funds, as they are given by the government annual appropriations because they are a corporation that is supposed to earn money. “We live within what we earn. It is difficult in the sense that it is also challenging. How do you help and keep yourself afloat when everybody around you is struggling? That is our problem during the pandemic. But we are happy to say that despite that, we have a modest income, and we were able to serve MSMEs very fast,” he said. According to Bastillo, MSMEs with P100,000 to P3 million worth of assets are considered micro, MSMEs that have an asset of P3 million to P15 million are considered medium, while those with 100 million assets are considered large entrepreneurs. The country’s MSMEs dominate the entrepreneurial environment, accounting for more than 99.5 percent, 80 percent of which are micro. The SB Corp. is a government financial institution created in January 1991 under Republic Act 6977 or the Magna Carta for Small Enterprises, amended by RA 8289 in 1997 and RA 9501 in 2008. It has the primary responsibility of implementing comprehensive policies and programs to assist MSMEs in all areas, including but not limited to finance and information services, training and marketing. The post MSMEs good payers — SB Corp. appeared first on Daily Tribune......»»
Lauryn Hill, Red Hot Chili Peppers draw fans to rainy Central Park aid fest
Lauryn Hill, the Red Hot Chili Peppers, and Jungkook drew tens of thousands of fans to Central Park despite torrential rains, as part of a marathon concert urging global development aid. Majestic rap icon Lauryn Hill graced the stage as her seminal album "The Miseducation of Lauryn Hill" turns 25, performing her smash single "Doo Wop (That Thing)" and reuniting The Fugees during the Global Citizen festival in New York. The legendary hip-hop trio performed tracks including "Killing Me Softly" and "Ready Or Not." "Africa needs to control their own natural resources. Haiti needs to control their own natural resources. The world, we need to stop famine," said member Wyclef Jean to cheers, as fans waved their lit phones. The message was in line with the aims of the day, which marries musical performance with calls to increase funding against global ills including poverty and climate change. The Red Hot Chili Peppers closed out the night with a set throwing back to their classics including "Can't Stop," "Scar Tissue," "Dani California," "Snow (Hey Oh)" and "Californication." And Jungkook had the poncho-clad crowd screaming and swaying along as he serenaded them with hits including "Still With You." Wearing acid-wash jeans and a brown shirt, the megastar told fans it was necessary to "make an impact together to make sure everyone, everywhere has access to their basic rights like food and education." He wasn't billed as a headliner but Jungkook was a major draw of the night: many drenched concertgoers streamed out of the park just after his set ended, even though the evening at that point was scheduled to continue for another three hours. Earlier Anitta brought her impressive twerks and dance party of a show to the stage, performing hits including her recent "Funk Rave." Brazil's biggest pop star called attention to the importance of protecting the Amazon rainforest, reminding fans it's "the lungs of our planet." Just prior to kicking off her booty-shaking set, she said that governments must do more to "protect the people there, the indigenous people, the communities there... whose only reality is the Amazon." Rappers including Busta Rhymes and Common put on a tribute to the 50th anniversary of hip-hop, one of many the city has hosted in recent months. Fight against hunger Taking place since 2012 as world leaders gather in New York for the UN General Assembly, Global Citizen distributes free tickets to supporters who pledge to take action such as sending letters to their governments in support of development aid. Pledges came from leaders including French President Emmanuel Macron, who announced via video message a $150 million commitment to the International Fund for Agricultural Development (IFAD). "We have to fight together against poverty, climate change, and for biodiversity," Macron said. "This is why we want to take our part as well." The Rome-headquartered IFAD is an arm of the United Nations aimed at addressing poverty and hunger in rural areas of developing countries. Global Citizen welcomed Macron's commitment in a statement, adding that "much more needs to be done to provide crucial support to millions of smallholder farmers around the world, who produce 70 percent of food in low and middle-income countries." The institution urged governments to double their climate adaptation funding and make sure IFAD reaches its funding target of $2 billion by the end of 2023. Along with Macron, the organization said Norway had pledged $90 million to IFAD. The post Lauryn Hill, Red Hot Chili Peppers draw fans to rainy Central Park aid fest appeared first on Daily Tribune......»»
G20 members to unveil EU-MidEast-India trade plan
Major G20 partners will unveil ambitious plans Saturday to bolster trade between India, the Middle East, and Europe, a modern-day Spice Route to bind regions that account for about a third of the global economy. Washington, Saudi Arabia, the EU, the United Arab Emirates, and others will sign an agreement on the sidelines of the G20 summit in New Delhi, presenting an alternative to China's wide-ranging strategic infrastructure investments. Officials told AFP the plan would include a slew of data, rail, electricity, and hydrogen pipeline projects. One proposed project would link railway and port facilities across the Middle East -- including the United Arab Emirates, Saudi Arabia, Jordan, and Israel -- potentially speeding trade between India and Europe by up to 40 percent. "The India – Middle East – Europe economic corridor" is "nothing less than historic" European Union leaders are expected to say when the details of the plans are unveiled later Saturday. The agreement would boost trade but is also seen as another significant step towards Arab Gulf states normalizing relations with Israel. Washington is actively prodding Riyadh -- a major oil producer and security partner -- to normalize ties with Israel after decades of conflict and closed borders. US involvement could also help mend deeply damaged ties between Riyadh and Washington, which frayed after the US-Iran nuclear deal and the 2018 murder of dissident journalist Jamal Khashoggi. The initiative "has enormous potential", according to Jon Finer, US deputy national security advisor. He said the public announcement would come after "months of careful diplomacy, quiet, careful diplomacy, bilaterally and in multilateral settings". The Europe-to-India project is still in the early stages, with participants studying how best to link India's vast 1.4 billion population and quick-growing economy with markets to the West. According to details seen by AFP, the India – Middle East – Europe economic corridor would also develop infrastructure to enable the production and transport of "green hydrogen". It would also strengthen telecommunications and data transfers through a new undersea cable connecting the region. Michael Kugelman, South Asia Institute director at The Wilson Center, said the plan could be a significant response to China's much-vaunted Belt and Road Initiative. The so-called BRI has spread Chinese influence, investments, and commerce across Europe, Africa, Asia and Latin America. "If finalised, it would be a game changer that strengthens connectivity between India and the Middle East and would aim to counter BRI," Kugelman posted on X, formerly known as Twitter. The post G20 members to unveil EU-MidEast-India trade plan appeared first on Daily Tribune......»»
Hanna destroys crops worth P1B
As if the rising inflation has not hit Filipinos hard enough, monsoon rains worsened by typhoon “Hanna” resulted in at least P1 billion in agricultural losses and P130 million in infrastructure damage. “Hanna” yesterday left the Philippine area of responsibility, but not before forcing the cancellation of classes in some Metro Manila cities and Northern Luzon municipalities. The National Disaster Risk Reduction and Management Council said the rains affected a total of 514,153 people from 140,101 families. At least two people were reported dead from the calamity. The NDRRMC said at least 502 houses were damaged in the Ilocos region, Cagayan Valley, CALABARZON, MIMAROPA, Western Visayas and the Cordillera Autonomous Region. As of press time, 24 roads and nine bridges remained closed to vehicular traffic with three areas still reeling from the loss of electricity, while one still had no water supply. Seventy-nine seaports canceled operations in Cagayan Valley, MIMAROPA and Western Visayas on Monday, stranding dozens of passengers. Authorities said all affected domestic flight routes had resumed travel. Meanwhile, the Department of Agriculture reported that crop and other agricultural product damage and losses totaled P1.07 billion, up from P898.4 million in the previous days. Taiwan, China The DA recorded production losses of 46,811 metric tons, affecting 42,333 hectares of agricultural land and 31,060 farmers. Rice, corn, high-value crops, livestock and poultry were among the commodities affected. According to the Philippine Atmospheric, Geophysical and Astronomical Services Administration, “Hanna” will continue to strengthen the southwest monsoon, or habagat, in the next three days, while outside the PAR. “Hanna” will slowly move west-northwestward over the Taiwan Strait while gradually weakening. It is forecast to make landfall over the coast of Guangdong or Fujian, China tomorrow morning or afternoon as a severe tropical storm. PAGASA said rapid weakening will ensue as the tropical cyclone moves further inland over Guangdong late Wednesday or Thursday. The center of Hanna’s eye was 360 kilometers northwest of Itbayat, Batanes, outside the PAR. It packed maximum sustained winds of 120 kilometers per hour near the center and gustiness of up to 165 kph while moving north-northwestward at 15 kph. The post Hanna destroys crops worth P1B appeared first on Daily Tribune......»»