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67 million children missed out on vaccines because of Covid: UNICEF
Some 67 million children partially or fully missed routine vaccines globally between 2019 and 2021 because of lockdowns and health care disruptions caused by the Covid-19 pandemic, the United Nations said Wednesday. "More than a decade of hard-earned gains in routine childhood immunization have been eroded," read a new report from the UN's children's agency, UNICEF, adding that getting back on track "will be challenging." Of the 67 million children whose vaccinations were "severely disrupted," 48 million missed out on routine vaccines entirely, UNICEF said, flagging concerns about potential polio and measles outbreaks. Vaccine coverage among children declined in 112 countries and the percent of children vaccinated worldwide slipped 5 points to 81 percent -- a low not seen since 2008. Africa and South Asia were particularly hard hit. "Worryingly, the backsliding during the pandemic came at the end of a decade when, in broad terms, growth in childhood immunization had stagnated," the report said. Vaccines save 4.4 million lives each year, a number the United Nations figures could jump to 5.8 million by 2030 if its ambitious targets to leave "no one behind" are met. "Vaccines have played a really important role in allowing more children to live healthy, long lives," Brian Keeley, the report's editor in chief, told AFP. "Any decline at all in vaccination rates is worrying." Before the introduction of a vaccine in 1963, measles killed approximately 2.6 million people each year, mostly children. By 2021, that number had fallen to 128,000. But between 2019 and 2021, the percentage of children vaccinated against measles fell from 86 percent to 81 percent, and the number of cases in 2022 doubled compared to 2021. Declining vaccine confidence The slide in vaccination rates could be compounded by other crises, Keeley warned, from climate change to food insecurity. "You've got increasing number of conflicts, economic stagnation in a lot of countries, climate emergencies, and so on," he said. "This all sort of makes it harder and harder for health systems and countries to meet vaccination needs." UNICEF called on governments "to double-down on their commitment to increase financing for immunization" with special attention on accelerating "catch-up" vaccination efforts for those who missed their shots. The report also raised concerns about a drop in people's confidence in vaccines, seen in 52 out of 55 countries surveyed. "We cannot allow confidence in routine immunizations to become another victim of the pandemic," Catherine Russell, UNICEF's executive director, said in a statement. "Otherwise, the next wave of deaths could be of more children with measles, diphtheria or other preventable diseases." Vaccine confidence can be "volatile and time specific," the report said, noting that "further analysis will be required to determine if the findings are indicative of a longer-term trend" beyond the pandemic. Overall, it said that support for vaccines "remains relatively strong." In about half of the 55 countries surveyed, more than 80 percent of respondents "perceived vaccines as important for children." "There is reason to be somewhat hopeful that services are recovering in quite a few countries," said Keeley, who added that preliminary vaccination data from 2022 showed encouraging signs. But even getting numbers back up to pre-pandemic levels will take years, he said, not including reaching "the children who were missing before the pandemic." "And they are not an insubstantial number." The post 67 million children missed out on vaccines because of Covid: UNICEF appeared first on Daily Tribune......»»
Latin America to bear worst impact from coronavirus: World Bank
Latin America and the Caribbean will suffer the worst economic and health impact from the coronavirus, the World Bank said Friday, forecasting a nearly 8.0 percent drop in regional GDP. “Our region is suffering the worst economic and health impacts of Covid-19 of anywhere in the world,” according to Carlos Felipe Jaramillo, the Bank’s regional vice president. He said the findings in the report “calls for clarity on how to combat the pandemic and put the economies back on track for a swift recovery.” In its report, “The Cost of Staying Healthy” the Bank addresses the impact of the pandemic in a region with with high Covid-19 mortality and infection rates such as Brazil, Mexico and Peru. “The number of deaths per million people is as high as in advanced economies, if not more, but the resources available to counter the shock are much more constrained,” it said. The bank forecasts a recovery with growth of 4.0 percent in 2021. The report forecasts a region-wide 7.9 percent drop in GDP, a slightly more negative outlook for 2020 than its last assessment in June of a likely 7.2 percent contraction. Crisis-wracked Venezuela — in acute recession for several years and with a government that at least 50 countries refuse to recognize — is not taken into account in the figures. The Covid-related economic crisis follows “several years of disappointing economic growth and limited progress on social indicators, and right after a wave of social unrest,” the report said. “The social damage is immense” the institution warned, adding that unemployment rates had soared across the region, “sometimes substantially.” Surveys conducted in 13 countries in the region showed that the share of households suffering a decline in income is higher than the share experiencing job losses, it said. The findings suggest that “the impact of the crisis is not only severe but also potentially long-lasting.”.....»»
Xinhua world economic news summary at 0900 GMT, Feb. 6
SINGAPORE -- Singapore's fintech sector amassed total funding of 2.2 billion U.S. dollars in 2023, a 68 percent decline compared to 2022, according to a report issued by accountancy giant KPMG Tuesday. Deal activity also saw a sharp drop, halving to 189 in 2023 from the previous year, the report said. (Singapore-Economy-Investment) - - - - SYDNEY -- The Reserve Bank of Australia (RBA) on Tuesday ke.....»»
Philippines Records Drop in November Inflation at 4.1%
In a promising turn of events, the Philippines experienced a noteworthy decline in inflation, with the rate dropping to 4.1% in November 2023, as revealed in the latest report from the Philippine Statistics Authority (PSA) on December 5, 2023. This marks the second consecutive month of a slowdown in the country’s headline inflation. In October […].....»»
Margin of Philippines banks may drop next year
The margins of Philippine banks may decline next year as the Bangko Sentral ng Pilipinas (BSP) is expected to cut interest rates on easing inflation, according to Fitch Ratings......»»
Approvals drop
Double-digit drops were seen in the trust and approval ratings of President Ferdinand R. Marcos Jr. and Vice President Sara Duterte, as published by Pulse Asia. These numbers may have been normal for certain officials of past administrations, but for Marcos and Duterte, these figures could be unsettling. We must be reminded that our top officials were elected by the majority of the voting public in a virtual landslide against their competition. Further, this steep decline was not realized by our previous populist president. Thus, this should be taken seriously by our leaders. President Marcos Jr. downplayed the decline, saying he was “not surprised” by it. He correctly pointed out that among the reasons for the drop would be the government’s failure to lower the price of rice — a campaign promise often repeated. Another reason could be his concurrent holding of the Agriculture Secretary position, which is a delicate Cabinet post since it relates directly to bringing food to the table of every Filipino. Rice matters in the Filipino household. The United States Department of Agriculture reported that the Philippines is now the world’s top rice importer, overtaking China. According to its report titled “Grain: World Markets and Trade,” the USDA projected that the Philippines would reach 3.8 million metric tons of rice imports for the marketing year 2023-2024, compared to China’s decreased projection of 3.5 million MT. This is a sad statistic, considering the Philippines used to be known as a leading rice producer, even the go-to country for our neighbors to learn about rice production. Our Banaue Rice Terraces is a heritage and tourist site that may very well belong in a museum since rice irrigation may be a thing of the past. Food security was a campaign promise that should be endeavored to be achieved. There is no rice crisis because of the incessant importation of rice by prominent businessmen, but it has become difficult to encourage other investors to put their capital into rice farming. The government should provide the answer by incentivizing farmers and businesses to invest in rice farming, but all this is easier said than done. As for our Vice President, her ratings drop should be related to the controversial confidential and intelligence funds she defended heavily in the budget hearings. I cannot fathom a worthy explanation for why the Office of the Vice President and the Department of Education should have P650 million in these funds without proper accounting and explanation. As for the reported realignment of these funds by the House of Representatives to agencies tasked with the protection of our national sovereignty in the West Philippine Sea, we are still waiting to see if this will happen after it hurdles the Senate and is later signed by the President. The ratings drop may be ignored, but it’s continuing cannot be risked. The ratings can be expected to rise, especially if the surveys are taken during the Christmas season when the Filipino nation becomes forgiving. The leadership should take concrete action on how to cause an uptick, such as by providing concrete solutions to the promises made during the campaign. If something can be learned from former President Rodrigo Duterte, it would help to be very visible locally to show your genuine and sincere compassion and empathy for your countrymen. But as I have written before, it is unfair to compare two leaders with varying styles. Let’s trust our President, and he has the privilege of time to make a huge turnaround. For comments, email him at darren.dejesus@gmail.com. The post Approvals drop appeared first on Daily Tribune......»»
Investors’ confidence to Phl intact — Pascual
Trade Secretary Alfredo Pascual on Monday belied news reports that the investors' confidence in the Philippines has gone down, emphasizing that it remains solid as evidenced by high reinvested earnings and rising foreign investment approvals even if there was a slight decline in the foreign direct investment inflows in the first semester of 2023. Pascual issued the statement in response to a news report saying FDI declined by 20 percent to $3.9 billion in the first half of 2023 compared to the same period last year based on Bangko Sentral ng Pilipinas data. “In summary, although FDI in the Philippines declined in the first semester of 2023, there remains solid foreign investor confidence in the country, as demonstrated by the high reinvested earnings and the rising foreign investment approval by BOI and other IPAs (Investment Promotion Agencies),” Pascual said. The Trade chief noted that it is essential to recognize that FDI numbers reflect decisions investors made well before the actual funds’ inflow recorded by BSP. Further, he said global financial conditions, especially the high inflation and interest rates during the first half of 2023, contributed to the FDI decline but such decline is not a phenomenon unique to the Philippines. Other ASEAN countries also experienced drops in their FDI, he said. “Factors such as inflation rates and investment rates substantially influence FDI decisions. Stable inflation and competitive interest rates generally attract FDI, whereas high inflation and unfavorable rates can repel foreign investors,” Pascual noted. “Under the Marcos Jr. administration, a representative metric of investment performance is the foreign investment approvals by the DTI’s IPAs.” He emphasized that there are also foreign investments in the Philippines that are not registered with the IPAs and they happen without going for incentives. Pascual pointed out that since 2022, there has been a consistent increase in these approvals by the DTI-Board of Investments and other investment promotion agencies. Data from the DTI said from January to June 2022, total IPA approvals were at $1.06 billion; from July to December 2022, US$3.28 billion; and, from January to June 2023, US$8.45 billion. He said FDI in a particular year does not solely arise from recent investment leads. FDI inflows could be based on decisions made years prior and might be realized in stages over time. The gestation period, or the time from initiation to realization, varies considerably depending on factors like the project’s nature, the involved sector, and the host country’s regulatory environment. "However, it is crucial to understand the realization of timelines of these investments. FDI in a particular year does not solely arise from recent investment leads. FDI inflows could be based on decisions made years prior and might be realized in stages over considerably depending on actors like the project’s nature, the involved sector, and the host’s country regulatory environment," he said. Pascual said for instance BPO centers, if expanding or within established spaces, might only take months. Yet, if constructing a new facility, the timeline extends. Manufacturing projects, especially if new, can take 4 to 5 years. Renewable energy projects have varying timelines, with large-scale projects needing several years. “The future looks promising, given the rising trend in foreign investment approvals by BOI and our other IPAs and the continued efforts to promote the Philippines as an attractive investment destination,” Pascual added. The post Investors’ confidence to Phl intact — Pascual appeared first on Daily Tribune......»»
Luzon, Visayas power rates seen to drop
Power rates in Luzon and the Visayas may decrease this month as average electricity spot market prices are expected to decline due to higher supply and lower demand......»»
Farmers ask for subsidies as farm gate prices decline due to storms, wet season
Palay farmgate prices continue to decline and are expected to drop even more when harvest peaks in late September and October. This was the assessment made by the Department of Agriculture's Rice Industry Development that saw palay farm gate prices from a high of P22 to P25 a kilo in June and July, the onset of harvest in Nueva Ecija in early September, and continue to drop at P17 and P18 a kilo last week. DA-RID said a field survey done by the National Rice Program in several towns of Nueva Ecija this week showed palay farm gate prices continue to drop, which farmers said might drop to as low as P16 or P15 when harvest for the wet season crops begins to peak by mid- September. Farmers are also appealing to the President to intervene, so that they would get better rates for their produce and not be at the mercy of prices to be dictated by the traders, agents and millers. It added that farmers lamented that their production had been substantially decimated by the recent prolonged downpour caused by the typhoon and habagat, resulting in many of their standing crops bending to the soil, making them irrecoverable. "But for some who harvested earlier, they were able to benefit from the high prices from their palay and did not suffer losses, unlike the majority who would be harvesting in the coming weeks," the NRP reported. An inspection done by the DA-NRP also showed that heavily affected by the prolonged downpour from habagat and typhoons, were the farms of Licab, Quezon, Zaragoza and other areas. The field survey revealed that most of the Nueva Ecija farmers interviewed said they were saddened by the abrupt decline in palay farmgate prices from about P22 to P24 in late August to just P16 to P17 a kilo now, they said. Aside from the rains, another factor that led to the sudden decline in palay prices was the imposition of price cap on 5 September. “We’re afraid that traders, millers, and other merchants would buy our harvest at a uniform lower price,” they said. Many farms in Nueva Ecija are beginning to harvest their wet season crop, which is expected to peak by mid-September until late October. The National Food Authority does not buy fresh palay, but only those with a moisture content of 14.1 to 30 percent, clean and dry, which costs P19 per kilo. During the field interview, the farmers, a seed grower and members of a farm coop in Aliaga, Quezon and Licab, all in Nueva Ecija, also suggested that if rice vendors of Metro Manila are to be given subsidy for what they claim as “losses” for selling stocks they bought at high prices, but they must sell at P41 for regular milled and P45 for well milled, then they too should be given subsidies for the losses they have suffered from the reduced price ceilings of rice which caused palay prices to slides down. They also appealed to the President to order NFA to buy fresh (wet) palay at the farmgate level, which traders have been leaving them with no choice but to sell wet palay at a loss. With the recent prolonged rains from habagat, farmer Servillano Yabut, also director of the Farmer Business Service Cooperative of Aliaga said he expects to harvest only 60 to 70 percent of their planted palay with an average yield of 130 cavans per hectare and rice recovery of only 65 cavans. Five years ago, Marcelo Tudayan of Aliaga sold his palay at the farm gate price for as high as P22.50 but now he said he would be lucky to sell at P17 a kilo. He explained that back then, the cost of inputs was low which enabled them to still earn, but now that the cost of all inputs—principally fertilizers—has soared, he does not expect to earn any. The cost of petrochemical fertilizers soared with the global price hikes for oil as a result of the 2-year old war in Ukraine and the worldwide disruptions in the supply chain because of the pandemic. During the dry season crop of 2023, the top five production areas of Nueva Ecija: Guimba with 124,943.56 metric tons; San Antonio with 112, 126.97 mt; Munoz with 85,947.21 mt; Talavera with 72,681.60 and Gapan with 67,265.69 mt. But in terms of yield per hectare during the dry season crop, the top five LGUs were: Munoz with 9.5 mt; San Antonio, 9.2 mt; Sto. Domingo, 8.89 mt; Jaen, 8.55 mt and Sta. Rosa, 8.44 mt. These LGUs have yet to start the wet season harvest by mid-September to October, but a few harvests have already been made at Aliaga and parts of Quezon and Licab. The Masagana Rice Industry Development Program aims to raise farmers' income through better-yielding seed varieties (both inbred and hybrid) and increase their savings from production costs through a cocktail of fertilizers (organic, biofertilizer, and chemical nutrients) and linking them with potential buyers and credit facilities. The post Farmers ask for subsidies as farm gate prices decline due to storms, wet season appeared first on Daily Tribune......»»
BARMM inflation down 5.1%
ZAMBOANGA CITY — The Bangsamoro Autonomous Region in Muslim Mindanao has recorded a decline in inflation in the region — 5.1 percent as compared to the 6 percent rate observed in June. Philippine Statistics Authority-BARMM released the data on 9 August 2023, indicating a decline in BARMM’s inflation rate to 5.1 percent in July 2023. PSA-BARMM director Engr. Akan Tula on Thursday attributed the drop in inflation to multiple factors, including reduced costs of food and non-food beverages, transport services, housing, water, electricity, gas and other fuels. “The continuous deceleration in the overall inflation rate in the BARMM during this period of July 2023 is again, a good indicator not only of the region’s economic impact but also of our communities in the region because the value of purchasing power of their money is becoming slightly higher,” Tula said. “Our people’s money now could buy a little bit more commodities compared to the previous months,” he added. Among the provinces that comprise BARMM, Lanao del Sur exhibited the lowest inflation rate at 2.9 percent, followed by Tawi-Tawi at 4.1 percent, Basilan at 4.6 percent, Sulu at 5.8 percent while Maguindanao was the highest with 7.0 percent. PSA-BARMM’s report also disclosed a decrease in Cotabato City’s inflation rate, measuring 4.3 percent in July 2023, down from June’s 4.7 percent. The headline inflation rate across the Philippines declined to 4.7 percent this month, as compared to the 5.4 percent rate in June. Bangko Sentral ng Pilipinas Cotabato City bank officer II Jherus de Guia said that the July 2023 outturn of 4.7 percent is within the BSP’s forecast range of 4.1 to 4.9 percent consistent with the overall assessment that the inflation will gradually decelerate back to the target range by the fourth quarter in the absence of further supply-shocks.Across the country, Region 8, or Eastern Visayas boasted the lowest inflation rate at 2.4 percent, trailed by Cordillera Administrative Region at 2.9 percent, and Region-IX or Zamboanga Peninsula at 3.0 percent. Meanwhile, Region 6 or Western Visayas recorded the highest inflation rate at 5.8 percent. The post BARMM inflation down 5.1% appeared first on Daily Tribune......»»
Another rate hike pause possible this month – FMIC
The continuous decline in the pace of price hikes will give the Bangko Sentral ng Pilipinas more elbow room to retain policy rates in its August meeting, according to a report by the First Metro Investment Corp.and the University of Asia and the Pacific.......»»
Strongest, most valuable brand
According to a study by a London-based brand valuation consultancy firm, Cebu Pacific Air is one of the most valuable brands in the Philippines overall and rates third among the country’s strongest brands for 2023. According to Brand Finance’s 2023 report on the most valuable and powerful Filipino brands, CEB scored 81.0 on the Brand Strength Index, which equals a AAA- grade. CEB also placed 20th among the Philippines’ most valuable brands for this year, the first time the airline made it on the list with a brand value worth $194 million. “This affirms our commitment to making air travel more affordable and accessible for every kind of Juan,” Candice Iyog, CEB chief marketing and customer experience officer, said. Brand Finance, the world’s leading brand valuation consultancy firm, published the annual list of the most valuable and strongest brands following a survey of over 100,000 respondents worldwide to assess their perception of more than 4,000 brands. The post Strongest, most valuable brand appeared first on Daily Tribune......»»
Cebu Pacific among strongest, most valuable Filipino brands for 2023: Study
According to a study by a London-based brand valuation consultancy firm, Cebu Pacific Air is one of the most valuable brands in the Philippines overall and rates third among the country's strongest brands for 2023. According to Brand Finance's 2023 report on the most valuable and powerful Filipino brands, CEB scored 81.0 on the Brand Strength Index, which equals a AAA- grade. CEB also placed 20th among the Philippines’ most valuable brands for this year, the first time the airline made it on the list with a brand value worth $194 million. "We are humbled and honored to be named among the strongest and most valuable brands in the Philippines. This affirms our commitment to making air travel more affordable and accessible for every kind of Juan," said Candice Iyog, CEB Chief Marketing and Customer Experience Officer. Brand Finance, the world’s leading brand valuation consultancy firm, published the annual list of the most valuable and strongest brands following a survey of over 100,000 respondents worldwide to assess their perception of more than 4,000 brands. Iyog added that the survey was complemented with an analysis of the companies’ investments in marketing and research and development, as well as ratings by review sites, social media engagement, customer churn and market share, among others. According to Brand Finance’s report, the Philippines’ strongest brands are determined based on a balanced scorecard that evaluates the marketing investment, shareholder equity and business performance of each company. Brand value, on the other hand, relates to the brand’s "present value of earnings specifically related to brand reputation," it added. "We are also grateful for the trust and confidence of our passengers. In this dynamic and challenging industry, this distinction will further motivate Cebu Pacific to constantly improve our services and ensure the best travel experience for our passengers, along with our commitment to provide safe, reliable, and affordable air transport for every Juan," Iyog said. With its signature seat sales and year-round low fares, CEB has maintained a market share of 52 percent as of July 2023. Since 1996, the airline has flown over 200 million passengers, with more than 4.8 million passengers serviced in the first quarter of 2023 alone. CEB also offers the widest domestic network among Philippine carriers, currently flying to 35 local and 23 international destinations across Asia, Australia, and the Middle East. The post Cebu Pacific among strongest, most valuable Filipino brands for 2023: Study appeared first on Daily Tribune......»»
Phl has widest employment gap in STEM
New data from LinkedIn reveals that women continue to be significantly underrepresented in Science, Technology, Engineering and Mathematics roles globally, making up 29 percent of the STEM workforce, with 8 in 10 leadership roles filled by men. LinkedIn data finds that the widest STEM gender gap in APAC is in the Philippines, along with the US and UK, at 22 percent. In the Philippines, women comprised 58.8 percent of the workforce in non-STEM fields but only 36.3 percent in the STEM workforce. Gender gaps in STEM employment in the Asia Pacific region were also seen in Australia (21 percent), Singapore (15 percent), and India, with the smallest gap at five percent. As STEM roles are among the fastest growing and most in-demand, professionals will likely be more resilient to economic pressures. With the increasing importance of STEM to the global economy, it is imperative to take steps toward leveling the playing field for women to ensure they will benefit from industry advancements. LinkedIn’s new data highlights two trends: Women in STEM are graduating but not staying in the field. While women graduate globally with STEM degrees, fewer are entering the STEM workforce. The sharpest drop in female representation (7 percentage points) happens between graduation and entering the STEM workforce, which only decreases as they start climbing the leadership ladder. In the Philippines, women comprised 4 out of 10 (41 percent) of STEM graduates in 2017, but only slightly more than three out of 10 (36.6 percent) were in the STEM workforce a year later. The drop in representation between graduation and joining the workforce has been stable at around 11 percent from the 2017 graduating batch, but it spiked to 14 percent in 2021. Lack of female role models in the field contributes to the drop off of women working in the STEM industry. LinkedIn data shows that in countries where the decline in female representation from graduation to joining the STEM workforce is less significant, the disparity between men and women in STEM jobs tends to be minor. The average drop off in female representation between graduation and entering the STEM workforce in Singapore (8 percent), India (4 percent), and Italy (10 percent) are smaller, which results in negligible gender gaps in STEM jobs at 15 percent, 5 percent, and 12 percent, respectively. Meanwhile, countries like the Philippines (14 percent), Australia (17 percent), and the US (20 percent) show higher dips in female representation post-graduation, resulting in broader gender gaps in STEM employment at 22 percent, 21 percent, and 22 percent, respectively. The Global Gender Gap Report and LinkedIn’s data show that systemic change is needed to make workplaces more fair and equal to future-proof women’s careers and be more resilient to labor market uncertainty. “While action is already being taken to close the gender gap, we need to go further and faster to level the playing field. Enabling more women to enter and advance in rapidly growing sectors such as STEM will help make them more resilient to external economic shocks,” Atul Harkisanka, Head of Emerging Markets and Country Manager for the Philippines of LinkedIn, said. “Furthermore, our data shows that women tend to stay in STEM if they have role models to look up to. Organizations can create mentoring and training programs for women in STEM, where they can support women to stay in the workforce and further their careers. They also provide invaluable guidance and support networks, facilitating a path toward leadership roles through the influence of inspiring role models. Inclusive hiring practices, visibility of women in top jobs, and upskilling and career growth opportunities for women, particularly in high-growth and high-earning sectors like STEM, will help correct this worrying trend. Still, we need to act now,” he added. The post Phl has widest employment gap in STEM appeared first on Daily Tribune......»»
Qatar Airways reports lower profits despite World Cup
Qatar Airways on Wednesday reported a 21 percent drop in annual profits for 2022-2023 despite flying huge numbers of fans to watch the World Cup in November and December. Net profit registered 4.4 billion riyals ($1.21 billion) for the fiscal year, a statement said, compared with $1.54 billion for 2021-2022. Profits were down despite revenues rising 45 percent to $21 billion, and passenger numbers soaring 71 percent to 31.7 million for the year. "This year's strong financial results are attributed to the strong passenger demand recovery and the team's ability to cater to this demand," group chief executive Akbar Al Baker said in the statement. The national flag carrier said it transported 1.4 million fans to Qatar for the World Cup. No explanation was given for the lower profits, and the full earnings report was not immediately available. Last year's profits were a record for Qatar Airways after two years of sharp losses when the Covid-19 pandemic decimated the aviation industry. Gas-rich Qatar stepped in to support the flag carrier during the shutdown, injecting about $5 billion in state aid. The airline reported losses of $4.1 billion in the 2020-2021 financial year. The post Qatar Airways reports lower profits despite World Cup appeared first on Daily Tribune......»»
Phl competitive ranking slides
The competitive ranking of the Philippines has even worsened in 2023 when it dropped four notches compared to its position in 2022 amid global inflation, public health crises, geopolitical concerns and other uncertainties. According to a report from the 2023 World Competitiveness Yearbook on Monday, the country’s current stance in terms of competitiveness is 52nd out of 64 economies for 2023 from 48th in 2022. It added that the Philippines’ competitiveness ranking remained stagnant in the Asia-Pacific region, staying 13th out of 14 economies for six consecutive years as it also revealed that the Philippines suffered declines in three out of the four main factors or dimensions of competitiveness. The country’s Business Efficiency factor dropped from 39th in 2022 to 40th in 2023, while its infrastructure factor, which continues to be a perennial challenge, also dropped from 57th in 2022 to 58th in 2023. Meantime, the country’s Government Efficiency factor suffered the biggest decline, suffering a four-place drop from 48th in 2022 to 52nd in 2023. All the sub-factors under Government Efficiency saw deteriorations, namely Public Finance (from 51st in 2022 to 55th in 2023), Tax Policy (from 13th in 2022 to 14th in 2023), Institutional Framework (from 53rd in 2022 to 56th in 2023), Business Legislation (from 52nd in 2022 to 57th in 2023), and Societal Framework (from 50th in 2022 to 53rd in 2023). However, a silver lining was seen as the country’s Economic Performance factor improved by 13 places from 53rd in 2022 to 40th in 2023. The sub-factors under Economic Performance that saw improvements include Domestic Economy (from 48th in 2022 to 30th in 2023), Employment (from 19th in 2022 to 9th in 2023), and Prices (from 58th in 2022 to 39th in 2023). “Some of the challenges that the Philippines faces in 2023 include sustaining economic recovery and growth momentum amidst global downside risks, strengthening social protection and health care systems for inclusive development, addressing learning gaps to improve the local education system, investing in sustainable infrastructure to reduce climate change vulnerability, and reinforcing efficient public management strategies to support fiscal responsibility,” the report said. The top three most competitive economies in the 2023 WCY rankings are Denmark (1st), Ireland (2nd), and Switzerland (3rd). In the Asia-Pacific region, the top three most competitive economies are Singapore (4th), Taiwan (6th) and Hong Kong (7th). The WCY has been published by the International Institute of Management Development since 1989 and has been ranking economies using 255 ranked criteria spread across four Competitiveness Factors: Economic Performance, Government Efficiency, Business Efficiency and Infrastructure. The 162 indicators are based on hard data gathered from national sources, while the remaining are perception-based indicators derived from an Executive Opinion Survey of mid and upper-level managers in each country covered. “This year’s results reflect the impact of different crises such as global inflation, the Covid-19 pandemic, and the war in Ukraine,” said Professor Arturo Bris, director of the World Competitiveness Centre. The post Phl competitive ranking slides appeared first on Daily Tribune......»»
Outages, no wonder
Going by the timeframe that electricity network concessionaire National Grid Corp. of the Philippines or NGCP had presented to the government, the oppressive yellow and red alerts on peak demand periods will end by next month. In a recent statement, the NGCP said more consumers benefited from lower power rates and “better services” since private companies took over transmission operations from the government in 2009. The claim was that its investments had led to a 77-percent decline in transmission outages in the country. NGCP’s statement presented the idea that had the private contractor followed all the requirements in its 2009 contract, problems in the power network would be a thing of the past. The private firm, however, has a sordid record when it comes to keeping its commitments in the concession agreement. It pledged to the Department of Energy that the Visayas-Mindanao interconnection will be completed by next month which the energy department said would immediately add 450 megawatts to the Visayas region. NGCP also indicated that the Cebu-Negros-Panay interconnection will be completed by 30 June. Energy officials estimated that the Visayas region will have more available power with the interconnection plan as a result of the huge volume of stranded power among the islands. The DoE’s rule of thumb is that for every one-degree increase in temperature, around 100 megawatts of additional power would be needed, which explains sudden shortfalls, particularly when it triggers power plant shutdowns. The delayed projects along with the absence of reserve power, thus, has resulted in the predictable alerts when the weather temperature simmers. Another project, albeit delayed, is the Bataan-Pagbilao interconnection with more than 1,000 megawatts, or electricity equivalent to about two heavy power plants that could prevent brownouts in the Luzon grid within the immediate future. NGCP has a long list of pending projects — 32 in Luzon, 39 in the Visayas and 12 in Mindanao — that all affect the supply levels in the regions. Even the worn-out excuse that the projects were delayed because of the pandemic does not hold up since all of these were committed to being completed before the global health emergency happened. An automatic load drop which acts like a circuit breaker is triggered whenever the power supply falls short of demand and the reserve can’t plug the deficit. The procedure is necessary to prevent the tripping of a large plant. NGCP has consistently tried to deflect the blame for the frequent electricity shortage by pointing its finger at the DoE, saying that it has not done enough to bid out new contracts to suppliers. Experts, however, said NGCP contributes to low supply because it cannot complete its transmission projects on time. NGCP also tries to frighten consumers by saying that complying with its contract commitments will mean higher prices for electricity. “These projects involve building transmission lines to power plants so that they can start operating to produce power for the benefit of consumers,” an expert noted. Even before the pandemic, the DoE had been seeking transparency from NGCP and had badgered the private group about securing firm ancillary services. Another excuse for project delays was right-of-way issues that NGCP can’t invoke since its franchise gives it the power to expropriate that the consortium of taipans had abused. An energy official said the purchase of properties were made without informing the National Transmission Corp. or Transco which owns the electricity backbone. They acquired the properties in their name which is against the law. Will wonders never cease for the National Transmission Corp. contractor who seems to have grown too big, in its influence, for comfort? The post Outages, no wonder appeared first on Daily Tribune......»»
PNP logs near 11 percent crime drop
The Philippine National Police has recorded a 10.59 percent drop in crime index incidents from January to 13 May 2023, according to PNP chief Police General Benjamin Acorda Jr. on Monday. Acorda said the first week of May showcased the continuing decline in peace and order indicators, particularly crime index which dropped by 10.59 percent from 15,064 in January to 13 May 2022, to 13,469 in 2023 of the same date, while the average monthly index crime rate decreased by 8.51 percent, from 13.87 in 2022 to 12.69 in 2023. He added the focus crimes, which include murder, homicide, physical injury, robbery, theft, rape, and carnapping of motor vehicles, also decreased by 10.66 percent, from 14,990 cases in 2022 to 13,392 cases in 2023 while notably incidents of physical injury recorded the highest decrease of 25.68 percent, from 2,142 incidents in 2022 to 1,592 cases in 2023. “This continuing decrease of incidents is attributed to the consistent implementation of numerous policies, such as intensified police visibility, intelligence-driven operations, community-based programs, strengthened partnerships with other agencies, and improved crime reporting and monitoring systems,” Acorda said. The PNP chief also said a similar in the anti-illegal drugs campaign, police units continue to conduct outlawing operations against big-time drug pushers and street-level drug personalities, resulting in the confiscation of a sizable supply of illegal drugs estimated to be worth PHP5.68 billion that resulted in the arrest of 22,826 drug offenders from 1 January to 13 May 2023 during the 17,202 operations conducted. The post PNP logs near 11 percent crime drop appeared first on Daily Tribune......»»
Audio book narrators say AI is already taking away business
As people brace for the disruptive impact of artificial intelligence on jobs and everyday living, those in the world of audio books say their field is already being transformed. AI has the ability to create human-sounding recordings -- at assembly-line speed -- while bypassing at least part of the services of the human professionals who for years have made a living with their voices. Many of them are already seeing a sharp drop off in business. Tanya Eby has been a full-time voice actor and professional narrator for 20 years. She has a recording studio in her home. But in the past six months she has seen her work load fall by half. Her bookings now run only through June, while in a normal year they would extend through August. Many of her colleagues report similar declines. While other factors could be at play, she told AFP, "It seems to make sense that AI is affecting all of us." There is no label identifying AI-assisted recordings as such, but professionals say thousands of audio books currently in circulation use "voices" generated from a databank. Among the most cutting-edge, DeepZen offers rates that can slash the cost of producing an audio book to one-fourth, or less, that of a traditional project. The small London-based company draws from a database it created by recording the voices of several actors who were asked to speak in a variety of emotional registers. "Every voice that we are using, we sign a license agreement, and we pay for the recordings," said DeepZen CEO Kamis Taylan. For every project, he added, "we pay royalties based on the work that we do." Not everyone respects that standard, said Eby. "All these new companies are popping up who are not as ethical," she said, and some use voices found in databases without paying for them. "There's that gray area" being exploited by several platforms, Taylan acknowledged. "They take your voice, my voice, five other people's voices combined that just creates a separate voice... They say that it doesn't belong to anybody." All the audio book companies contacted by AFP denied using such practices. Speechki, a Texas-based start-up, uses both its own recordings and voices from existing databanks, said CEO Dima Abramov. But that is done only after a contract has been signed covering usage rights, he said. Future of coexistence? The five largest US publishing houses did not respond to requests for comment. But professionals contacted by AFP said several traditional publishers are already using so-called generative AI, which can create texts, images, videos and voices from existing content -- without human intervention. "Professional narration has always been, and will remain, core to the Audible listening experience," said a spokesperson for that Amazon subsidiary, a giant in the American audio book sector. "However, as text-to-speech technology improves, we see a future in which human performances and text-to-speech generated content can coexist." The giants of US technology, deeply involved in the explosively developing field of AI, are all pursuing the promising business of digitally narrated audio books. 'Accessible to all' Early this year, Apple announced it was moving into AI-narrated audio books, a move it said would make the "creation of audio books more accessible to all," notably independent authors and small publishers. Google is offering a similar service, which it describes as "auto-narration." "We have to democratize the publishing industry, because only the most famous and the big names are getting converted into audio," said Taylan. "Synthetic narration just opened the door for old books that have never been recorded, and all the books from the future that never will be recorded because of the economics," added Speechki's Abramov. Given the costs of human-based recording, he added, only some five percent of all books are turned into audio books. But Abramov insisted that the growing market would also benefit voice actors. "They will make more money, they will make more recordings," he said. The human element "The essence of storytelling is teaching humanity how to be human. And we feel strongly that that should never be given to a machine to teach us about how to be human," said Emily Ellet, an actor and audio book narrator who cofounded the Professional Audiobook Narrators Association (PANA). "Storytelling," she added, "should remain human entirely." Eby underlined a frequent criticism of digitally generated recordings. When compared to a human recording, she said, an AI product "lacks in emotional connectivity." Eby said she fears, however, that people will grow accustomed to the machine-generated version, "and I think that's quietly what's kind of happening." Her wish is simply "that companies would let listeners know that they're listening to an AI-generated piece... I just want people to be honest about it." The post Audio book narrators say AI is already taking away business appeared first on Daily Tribune......»»
Shell Pilipinas bankrolls growth with P6B war chest
Shell Pilipinas Corporation is allocating around P5 to P6 billion in capital expenditure to finance the expansion of its mobility stations and other services as well as sustain growth momentum throughout the year. Shell Vice President for Finance and Chief Risk Officer Reynaldo P. Abilo disclosed yesterday that the budget will also support the company’s target to reach 60 mobility stations by the end of the year. Last year, Shell also spent P5.6 billion on network buildup. In a stock report on Wednesday, Shell Pilipinas reported that it booked P800 million in core earnings in the first quarter, up 45 percent year-on-year despite oil price volatility, high inflation and elevated interest rates. Shell Pilipinas noted that the growth was driven by strong marketing delivery, as sales volume rose by 8 percent and the premium product mix remained healthy. However, this was overshadowed by the P1.1 billion inventory holding loss arising from the decline in oil prices closing the quarter with a P300-million net loss. “We create value for all our shareholders by growing our reach and impact, profitably. Guided by our Powering Progress strategy, we sustain our momentum of recovery quarter by quarter,” Shell Pilipinas president and CEO Lorelie Quiambao-Osial said in the report. “We are pleased to report that growth in fuels and lubes sales volumes continued across businesses such as Mobility, Lubricants and Aviation, while our Non-Fuel Retail business maintained its double-digit growth,” she added. The company recently changed its name from Pilipinas Shell Petroleum Corporation to Shell Pilipinas Corporation. It said the change in corporate name signified that the company “goes beyond petroleum and will deliver more options to its consumers to provide sustainable and cleaner energy solutions to the country.” The post Shell Pilipinas bankrolls growth with P6B war chest appeared first on Daily Tribune......»»